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

Shopping is relaxation for many

on the contrary

, people are addicted

also

. The trend of unwanted shopping has increased badly. Due to

this

people face financial issues and most times they buy items which are not required and unaffordable.

However

, I will be discussing the reasons and actions to be taken to control

this

below. One of the major reasons is no proper financial planning. The majority of middle-income people used to buy unnecessary items without understanding their financial status. In most cases, the expense of an individual is more than their income.

For instance

, when some youth start earning, they try to buy a vehicle or asset without re-thinking whether it is required and affordable at that point

of

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time.

In addition

, they apply for financial supports from banks to buy

such

expensive material.

Secondly

, to show a better standard of life to society. The trend of materialistic love has increased drastically in recent years. Few people try to express gratitude or love by buying unaffordable items. They even take financial support from banks or friends like buying gadgets, vehicles and gifting.It is always better to avoid

such

practise as they are trying to show their standard of life like affluent people. Several actions can be taken to reduce

s

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the

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pending of money.

Firstly

, a person must take initiatives by thinking twice and understanding about the current situation.

Moreover

, the government must increase the tax on overpriced items

such

that people will buy it only if it is required.

For instance

, some people have 2 to 3 vehicles in their house,

such

people must be either taxed highly or provide a bar on

such

purchase.

Secondly

, restrictions on credit card usage. In many houses,it is seen that people do shopping using credit cards. Since the amount is in advance people spend and repay the amount. The credit card holders must be provided with limited facilities and

also

they must be restricted on spending by the providers,

such

as providing limit by checking the background of expense and income of each individual and increasing and decreasing whenever required. I summarise that at most cases middle income people fall prey to debt to show society about their standard of life .

Therefore

, it is the responsibility of an individual to think before they buy .

In addition

, the government must not support

such

people with loans.