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

Nowadays, many people are busy in showing off and upgrading their social status which leads them to buy unnecessary things which they may not be in proper use. The solution to
this
problem is discussed in
this
essay. Individuals always try to be ahead in society to be honoured, and gain more attraction by doing lots of unwanted shopping and that leads them into liabilities. The root cause of
this
problem is human psychology and more use of plastic money over paper money, but
this
problem can be resolved by keeping in mind the main use or benefit of the product before making any purchase.
For instance
, thousands of people in UAE upgrade their car by taking an easy auto loan from a bank so, unwanted buying brings them in to borrowings.
Moreover
, usage of social media and other online platform leads many persons to buy unnecessary items in order to feel special or different from others,
although
they should keep in mind about the drawbacks and advantages of those items. Somehow changing the mindset and lowering the credit card usage will assist them from falling into borrowings.
For example
, in USA people upgrade their phones as soon as it is launched and paying by bank cards as they offer easy instalments. To sum up, over buying leads many people into debt, but can be controlled by measuring the need and want in the line of its usage,
however
, they do have modern class products and luxurious lifestyle, but the financial obligation is a long term hassle in life.
Submitted by MK on

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