SOME PEOPLE GET INTO DEBT BY BUYING THINGS THEY DO NOT NEED AND CANNOT AFFORD. WHAT ARE SOME REASONS FOR THIS BEHAVIOUR? WHAT ACTION CAN BE TAKEN TO PREVENT PEOPLE FROM HAVING THIS PROBLEM?
Credit
Card and Financing Companies provide false hope to the people
to live in more than the necessary world by providing money on a credit
basis or in advance. A few people
purchase unaffordable and unnecessary items and get themselves into financial obligations. Peer pressure and status symbol are the key reasons behind this
kind of behaviour. Although
serious problems have arisen as a result
of this
, there are solutions.
One
of the first
reasons for buying things on credit
is Peer pressure or an influential environment in which a person does without proper identification of his needs but as per others' choice. For example
, kids go to school and demand the same laptop that their friends have and parents have to buy them under pressure which leads to a stressful life. Additionally
, status symbol is also
one
of the vital causes of these kinds of actions. A recent research paper found that iPhone 13 Pro are purchased by 70% of people
in the United States not because of usability but because of maintaining social status.
However
, there are practical solutions for the aforementioned problems, one
's needs to keep a watch on oneself and inculcate financial discipline into one
's life so that individuals will not spend beyond their reach. Satisfaction can not be attained by buying the latest items rather it is inside of a person and he has to feel it from inside. Moreover
, Government should also
take some initiatives to make it difficult for people
to buy expensive or unnecessary things by increasing their Credit
Score. To illustrate this
, people
in Europe do not have the purchasing power to afford even a car so they have to commute by rail and leading to less pollution and providing stress-free lives to their people
.
In conclusion, with the advancement of technology, people
's needs and requirements will increase and the urge to become better and better will never be quenched, so self-control is the only way to come out of this
behaviour with some government measures.Submitted by daisyfromdelhi2310 on
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