Please review my IELTS essay. Thank you so much.

What are your opinions on this?

In this day and age, it is true that people rely more heavily on credit cards when exchanging money and purchasing things. However, some cardholders are in trouble when they are unable to pay their debts back. While I accept that ordinary citizens need capital support from the banks, I also believe that a corresponding monitoring and regulating system should be established.

On the one hand, credit cards pose positive impacts on personal finance and the economy. First, it makes people’s lives easier and more convenient. Specifically, people do not need to carry a great deal of money everywhere if they had a credit card as they are accepted widely around the world. It also gives people access to the money and the facilities to pay it back later. As for those residents who do not have enough disposable budgets, this could be useful for emergencies or buying something expensive, like a house. And since the prevalence of credit cards stimulates consumers’ purchasing power, it also promotes economic growth.

On the other hand, using credit cards easily may give rise to some problems as well. First, it motivates individuals to spend the money that they do not possess. Additionally, having purchasing power at hand stimulates people to buy unnecessary things, which leads to a huge amount of debt and leaves people in extreme financial problems. In the worst circumstances, they will lose their home and their possession. Even the economy can be unsustainable and vulnerable after suffering these debt crises.

In conclusion, while having easy access to credit cards may beneficial to the individual and society, I am firmly convinced that relevant supervising measures should be taken ahead.