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?
In recent years more and more
people
are getting into debt
, the cardinal reason for this
phenomenon is people
purchasing stuff that is
unnecessary or even unaffordable. In this
,essay
I will be discussing the main reasons for Add an article
an essay
the essay
this
habit and what measures could be taken to overcome this
issue.
To begin
with, many people
nowadays are facing debt
due to overspending which is mainly encouraged by advertisements. Advertisements are everywhere in the stress , TV, even in our mobile devices we receive advertisements messages. Moreover
, following famous people
and trying to live their luxurious life by buying the latest fashion trend and the most recent tech items will not only lead to bankruptcy but also
get into debt
. A recent study that was conducted in the UK showed that almost 60% of people
who have credit card debt
is due to buying fancy expensive thighs that they can not afford. Moreover
, making bad financial decisions plays a major role in many people
falling into debt
such
as buying an expensive car or withdrawing retirement funds. All of these things are disastrous financial moves that could lead to a person being in debt
.
However
, there are many measures that could be taken by individuals and governments to tickle this
issue. Firstly
, there should be a clear regulation that is
followed by banks and financial institutions. For example
, the credit card that is
given to the cardholder should be aligned with that individual income. Furthermore
, instead
of building more malls and shops that attract people
to spend more, governments should focus on building more schools or funding the health sector. And last
but not least one should have the self-discipline to be able to control overspending problems.
In conclusion, having debt
has become a major issue that is
affecting millions of people
so in order to overcome this
problem individuals should have self-discipline and awareness about what is necessary and what is a luxury, also
governments should make strict rules that should be followed by financial instructions.Submitted by ph.amal.just on
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