IELTS Writing Task 2: Personal Finance

People today increasingly use credit cards to make monthly purchases.

Do the advantages of this outweigh the disadvantages?

Answer:

Credit card use has experienced a dramatic spiked in the last few months as the world struggling for survival with the threat of coronavirus pandemic. Many people opt to rely on electronic payment for items purchases as they are wary of touching surfaces from everyday items including cash currency. Although, credit card transaction can definitely make life easier, but it has also a fair share of disadvantages. Nevertheless, I believe that the advantages of using electronic card outweigh the drawbacks. 

First of all, credit card offer numerous benefits to cardholders as the world dramatically shift to contactless payment methods. The primary advantages of having a credit card is convenience, it gives cardholder a tool to bolster purchasing power to procure huge price tag items without the hustle of carrying large amount of cash. Further, due to the recent governments’ stay-at-home and social distancing orders, consumers reliance on digital payment went up. In the midst of the pandemic, most shoppers are turning to online shopping as many shops were closed or refusing to accept cash.

On the other hand, one disadvantage why there are people strongly against the use of credit card is the large responsibility coupled with the potential trouble that might get them if misused. In the past, many consumers tend to accumulate huge amount of debt because they failed to manage their lifestyle with credit cards. Some debtors even rationalize that credit cards are also serve as a security blanket and a protection against misfortune. As a result, many cardholders end up struggling under the weight of excessive debt burdens. Despite all the negatives, it is still a useful payment tool especially during emergency situations or uncontrollable life events and other legitimate necessity. 

To sum up, using credit card posses an endless advantages and at the same time present certain challenges. In my opinion, as long as the cardholder use this card responsibly, there are multiple benefits to using it that will surely outweigh the disadvantages. 

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