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

show examples

due to

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apply

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the effect of social media, the increasing number of shopping malls and the easier procedure in obtaining

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

Correct your spelling

besides

show examples

malls.