Some people get into debt by buying things they don’t need and can’t afford. What are reasons for these behaviors? What action can be taken to prevent people from having this problem?

Nowadays, as the economy is growing at

such

a rapid rate, people’s income is increasing like never before, leading people to consume more goods than ever.

However

, some have spent way more than they could ever make, creating loopholes of debt that has caused many issues to their financial management.

Although

there are many factors leading to

such

issue, many solutions

also

been implemented to handle the problem.

To begin

with, there are two significant reasons for

this

issue.

Firstly

, being the glamourous advertisement that we get from TV or social media commercial, which only talks about the benefits and features of the product, create a false glamour which deceive the buyer’s mind into buying the item.

As a result

, people tend to love the physical beauty, which will make

this

the perfect psychological strategy in telling them to

by

obtain by purchase; acquire by means of a financial transaction

buy

the product.

Second

, the existence of buying instalment and credit card pushes people into not really spending time to think about the

money

that they would spend on the product. These types of cards and payments allows people to buy things that they would never be able to afford before. And when these people start repaying the

money

back, they eventually realized that they are now trapped in

this

debt of

high interest loan

Suggestion

a high interest loan

high interest loans

that they could never finish paying it.

However

, there are many solutions to the two problems mentioned before.

First

of all, schools should implement many

money

management lessons to educate people on how to spend their

money

correctly. At the same time, governments could apply new laws and policies to the restriction of credit card, giving out warnings for the users to know what their current budget is. Punishments should

also

be applied

for

Suggestion

to

those

that can’t pay in

Suggestion

that can’t pay

their required time by the bank. In conclusion, the growing concern of debt getting out of control due to people buying needless products without knowing what their current budget is. As it is very concerning for everybody to be spending

money

like that, many solutions have

also

been implemented to stop

such

behavior

manner of acting or controlling yourself

behaviour

from keeping on ruining people’s lives.