Some people get into debt by buying things they don’t need and can’t afford. What are the reasons for this behaviour? What action can be taken to prevent people from having this problem? Give reasons for your answer and include any relevant examples from your own knowledge or experience.

Modernization has led people to buy unnecessary and costly products. In most of these cases,people fall into debt.
Thus
, changes in the banking system can bring a solution to
this
issue.
This
reasoning will be
further
detailed in
this
essay.
Initially
, people preferred to live a simple lifestyle but recent changes are forcing people to get adapted to the trend. In order to provide a standard living, they make decisions that are not affordable.
For example
, in
this
generation,people are judged based on their appearance.
As a result
to make a good impression both women and men buy luxury products like ornaments and clothing that are expensive.
Secondly
, advertisements play a major role in
this
problem. Most of the company promotes its products through media. When people see these products, they tend to buy the items out of curiosity without understanding its actual purpose.
For instance
, certain things like wall stickers or painting are brought by middle-aged women for decorating houses which are not compulsory need.
Thus
, resulting in wasting money on products which ultimately affects the expenditure to buy useful products. Since
this
becomes a major issue in recent days, the banking sector provides plans to save money by setting a limit to cardholders. For exemplify, a person is given a card with a limited transaction for a month. When exceded an alert of the expenditure made is intimidated to the users.
Additionally
, people must
also
improve their self-control and understand their financial status. These are some of the ways to prevent overuse of money and being debted. In conclusion, people must understand that buying luxurious products are not the solution to modernization
instead
only leads to increased debts.
Submitted by pavithirasrisubramani on

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