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.
Nowadays,
This
is becoming a trend to purchase
luxurious things. However
, People
get to be in debt because of buying goods that they do not need and could not buy. There may be various reasons for this
attitude like competition, social tradition, greed and marketing tactics are the influencing factors for such
a trend and Some logical preventions can be taken to prevent it.
Many physiological factors motivate a person to purchase
luxurious goods. For some consumers, a luxury good can go a long way in increasing self-esteem or providing a sense of belonging. They believe that they can impress others by showing their wealth. Moreover
, fancy advertisements also
attract people
to purchase
secondary items like fashion, jewellery and gadget. Lastly
, as applying for and obtaining credit
cards
is more effortless these days, many people
buy expensive items that are greater than their income. As a consequence of this
hedonistic lifestyle, many people
are ended up with a severe problem of debts.
There are several things that people
could do to solve the problem. One of them is that there should be a clear regulation about credit
cards
that must be followed by banks and financial institutions, regarding the procedure of issuing credit
cards
to their consumers. It must be ensured that the credit
limit that is
given to credit
card holders is aligned with the individual’s income. And then
, instead
of adding more malls in the city, the government should focus on building more public parks and children playgrounds. Therefore
, people
would have more options for entertainments besides
going to the shopping centres.
In conclusion, it is true that a lot of people
are having debt problems, as they purchase
luxurious stuff and having fancy lifestyles. Some of the factors that trigger the problem are
Correct your spelling
area
due to
the effect of social media, the increasing number of shopping malls and the easier procedure in obtaining Change preposition
apply
credit
cards
. And to solve the issue, the government should make a better regulation about credit
card usage and build more public facilities; therefore
people
have more alternative places to visit beside
malls.Correct your spelling
besides
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