B1 – Intermediate
We need money for spending on various thing like house rent or a mortgage, cars, bills, travels, and a lot more. Some people owe huge amounts of money. Many of them can’t get out of the red.
Read more on how the South Korean government would try to assist those under a pile of debts.
https://breakingnewsenglish.com/1712/171202-debt.html
Vocabulary Questions:
- What does “scheme” mean? ” “The scheme was a big promise of a former South Korean president.” Use it in a sentence.
- What does “debt” mean? “The Korea Times newspaper said the government is, “preventing numerous working families from going bankrupt under a mountain of debt.” Use it in a sentence.
- What does the phrase “write off” mean here, “South Korea is going to write off the debts of as many as 1.6 million people.” Make your own sentence using this phrase.
Discussion Questions:
1. What are your thoughts on what the South Korean government is doing?
2. What do you think of how people are spending money in your country?
3. What is your government doing to help people with a lot of debts?
4. What comes to your mind when you hear the word ‘debt’?
5. What advice can you give someone who is in debt?
7 replies on “Help for People in Debts”
Discussion Questions:
1. What are your thoughts on what the South Korean government is doing?
I think is a good idea to help people with low incomes and write off their debts. The main South Korean government’s idea is to offer a specific set of people with huge problems, debts, and low incomes a new opportunity to start a new life without debts. The only problem that I have found in this policy is if the government will able to cover all people that are included in this range, with debts, and with low incomes.
2. What do you think of how people are spending money in your country?
I think most of the people in my country spend their money on travel around Spain and abroad, visiting different countries of the world. Another example of spending money is on buying clothes, Spanish people buy a lot in shops such as current shops, expensive boutiques, jewelry, watches, devices, and perfumes. And the last one for me, but not less important is going out home, for example, to have a drink, to have lunch or dinner, and one classic over here is to go to the disco for dancing or having a drink and to meet new friends.
3. What is your government doing to help people with a lot of debt?
In the last few years, I don’t remember any specific policy to help people to reduce their debts or to write off their debts. However, Spanish Government has carried out different policies to help people with economic problems with grants, pay, and extensions to pay their loans or mortgages.
4. What do you think of when you hear the word ‘debt’?
Sincerely, I haven’t had debts in my life, I have had just a monthly payment for my car a lot of years ago and I had a monthly mortgage with one of my ex-girlfriends ten years ago approximately. But apart from that I haven’t had any debt, loan, or credit in my life.
5. What advice can you give to someone who is in debt?
I think it is very frequent and ordinary that one part of people in our society, especially in under-development societies could be in debt by a loan or credit. My advice would be always for example in families, they would have a scheme with monthly incomes and expenses, and how much can save every month and pay to reduce the debt. That would be my advice.
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Vocabulary Questions:
1. What does “debt” mean? Use it in a sentence.
A debt means: “a sum of money that is owed or due”.
Example: My Company is in debt with the providers because it has not been able to pay the last deliveries.
2. What does “scheme” mean? Use it in a sentence.
A scheme means: “a plan or program of action, especially: a crafty or secret one, a systematic or organized configuration design”
Example: Spain Nestlé Company has a specific scheme for the next year to achieve their goals in all areas of the company.
3. What does the phrase “write off” mean here, “South Korea is going to write off the debts of as many as 1.6 million people. Make your own sentence using this phrase.
“Write off” mean in that sentence: “to cancel the debts” of as many as 1.6 million people.
Example: Spanish government writes off the debts to the logistics companies previous to the year 2020.
1. What are your thoughts on what the South Korean government is doing?
I think it’s an interesting approach to a big problem that exists in many countries, not only in Korea. Perhaps it’s better to make more efforts in teach financial educaton at school, because while you can help many people paying back their debts, it’s probable they will be in problems again in a short time.
2. What do you think of how people are spending money in your country?
Sadly we live in a world where capitalism is the force what rule over the people. Through mass media the big companies can force the people to want more things than they really need. In adition, many things have a planned obsolescence forcing to buy the same product again whit little improvements compared to the previous version.
3. What is your government doing to help people with a lot of debts?
Little things, I afraid. Finantial education is poor at school, and the luxury is still very attractive to many people. A new problem that rise nowdays is betting shops, where too many youngs spend their little money in gambling games and bets.
4. What do you think of when you hear the word ‘debt’?
The main problem of capitalism. It’s impossible to grown forever, and when something stops the growing the first problem that rise is the debt, both public and private. As long as the control the money, there will always be debts, because this is their way of live.
5. What advice can you give to someone who is in debt?
Don’t spend the money you don’t have. Try to reach an agreement with the bank (or financial company) and dilay the payments as long as you can. It’s better to pay more commissions but just in time than to have a non payment, because the penalty payment will be much higher.
1. What are your thoughts on what the South Korean government is doing?
I think it’s a good idea help people with debt problems, but I think isn’t the final solution. The goverment it would invest in financial education to evoid new problems in the future.
2. What do you think of how people are spending money in your country?
I think that most of people in my country are spending money to survive. They are spending nearley all their money in bills, rent, mortage, and taxes. They can’t save money for the future, only are working to pay.
3. What is your government doing to help people with a lot of debts?
In my country the governmet is always telling they will help people with debts lowing taxes, but never happens.
4. What do you think of when you hear the word ‘debt’?
Debt is the amount of money that you must to pay someone that lend it before.
5. What advice can you give to someone who is in debt?
My advice is be careful borrowing money. I would say him/her that never be borrowed more than you can pay.
1. What are your thoughts on what the South Korean government is doing?
I think the measure of the South Korean government is a good approach to the problem, but it is necessary to understand why there are a lot of people with debt.
The South Korean government should make to the country aware how they must spend money properly and when they should take out loans.
2. What do you think of how people are spending money in your country?
I think people spend more money that they have on things they really do not want or need. But, It is the money they had earned themselves by working so they can spend it as they want.
3. What is your government doing to help people with a lot of debts?
I really do not know if the government is doing something to help people with a lot of debts. I think the otherwise, the government is in favour of the banks.
4. What do you think of when you hear the word ‘debt’?
Debt as the amount of money that a bank or financial institution provides you waiting you return it with a possible extra amount called interest.
5. What advice can you give to someone who is in debt?
Quickly save money to cancel the debt.
1. What are your thoughts on what the South Korean government is doing?
It is not enough. Furthermore, I think it is the wrong approach, it shouldn’t be the case that people need loans to study at the university or buy a house. The government should invest money in higher education and real state.
2. What do you think of how people are spending money in your country?
People spend money in what they want, and it is fine. It is their work, it is their money.
3. What is your government doing to help people with a lot of debts?
Nothing, we do not get any help. In fact, the High Court is procrastinating a sentence in order to avoid ruling about who has to pay a transaction tax related to buying a property.
4. What do you think of when you hear the word ‘debt’?
That you have to pay back.
5. What advice can you give to someone who is in debt?
Carpe diem, don’t worry over money, just enjoy life, even if you are in trouble for whatever reason, there is light at the end of the tunnel.