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

A rising problem in today's society is that families fall into debt by making purchases they don't need and cannot afford. In

this

essay, I will be discussing the sources of

this

problem and

also

offer some possible solutions to it.

Firstly

, human beings are obsessed with statuses so much that they allow themselves to fall prey to the standards of what society believes to be successful. Due to

this

, they have an obsessive need to make purchases to impress people.

Therefore

, they end up buying expensive cars and other items which

subsequently

puts them into a debt that they cannot

payback

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pay back

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.

Secondly

, another reason why people end up owing payment is due to the fact that banks are offering loans to almost everyone at very

high interest

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high-interest

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rates. Since accessibility towards cash is easy, they take huge loans for personal reasons without focusing on the rate at which they are being charged,

as a

result

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,result

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they end up owing money to the lender. One way to deal with

this

challenge would be to make sure that individuals focus on themselves and not be concerned as to how others see them.

This

will reduce the issue we have at hand to a significant extent as most people buy things they don't need to impress someone they don't know. Admittedly, the offered solution is oversimplified.

However

, if parents focus on teaching their kids not to be impacted by outside influence

then

this

could be the way forward. Another possible outcome to deal with

this

situation would be to educate individuals to see the bigger picture with loans offered by banks.

For example

, if everyone becomes aware of how the interest rates work they will vary about taking larger amounts.

Subsequently

, leading towards the reduction in the amount being borrowed. In conclusion,

although

humans are prone to be influenced by an external force they need to be able to make decisions by themselves and try to avoid borrowing money from lenders as much as they can.