debt.pdf

Worksheet

Debt

Consumer debt in the UK has now passed £1 trillion. Is the problem of debt spiralling out of control?

1 Look at the word web. Which of the expressions do you know?

Third World

heavy

consumer

to reduce

Debt

to settle a

to be in

2 Scan the article below. How many other expressions with the word ‘debt’ can you find in two minutes?

New levels of debt

It’s official! Figures from the Bank of England confirm that

consumer debt in the UK has now passed £1 trillion. The last

few years have seen a huge increase in the volume of debt on

credit cards, loans, overdrafts and mortgages. About six

million families in the UK struggle to keep up with credit

commitments. 80% of the trillion pound borrowings are for

house purchases.

At the end of the most expensive Olympic Games ever, the

Greek government is still trying to calculate the cost, with

estimates at $9 to $12 billion. There is no doubt that the

country now faces a huge debt. Some argue that there will be

a big increase in tourism over the next few years. However,

studies say the cost of the Olympics is greater than the

business it generates.

So, why do we borrow so much? Many factors encourage

people to take out loans – low interest rates, a ‘buy now – pay

later’ attitude. Consumers are bombarded by advertisements

to take out large pre-approved loans. Being in debt is now a

way of life for many. While it is easy to blame the greed of

banks, ultimately it is the individual’s decision whether or

not to get into debt.

Borrowing is also at record levels internationally. The US,

Japan, Germany and Italy all have sizeable national debts.

Many feel more should be done to reduce the crippling debts

of the world’s poorest and most indebted countries. One

initiative by the World Bank and IMF has provided debt

relief and reduced their payments by about one third.

3 Read the article again. Summarise the key points.

4 Make sentences with the following verbs.

(a) to lend (b) to borrow (c) to overdraw (d) to repay

5 Work in small groups. Read the following advert for a loan. You are going to apply for this loan and must decide

what you will do with the money. Make sure everyone in the group is happy with the final decision.

• Borrow up to €30,000 with our fixed cost, unsecured personal loan

• Receive a competitive rate – from 7.9% APR – peace of mind with payment protection insurance

• Apply online for instant response

• Any purpose! a new car, kitchen, holiday, loan consolidation.…

This page has been downloaded from www.businessenglishonline.net.

It is photocopiable, but all copies must be complete pages.

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