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?

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Financialllll behaviour it has been a well-discussed topic recently in our society. Many
people
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claim that
this
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issue is caused by the economic and financial system.
Nonetheless
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, others explain that lack of financial education may be the problem of bad debt on
people
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. In
this
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essay I am going to explain what kind of actions can be carried out to avoid
this
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conduct.
First
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, buying things unpayable is a real trouble that it have the world's economy due to these measures destroy banking and commerce environment along with the personal finances who get into a indebtedness.
For instance
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: Many
people
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seek a loan to purchase something because they don´t have the
money
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to pay it at the moment.
Consequently
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, they will pay more expensive
this
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item since they have to pay loan's interest, so these
people
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won´t give
money
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back to the bank.
Therefore
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, these persons will stick in an unaffordable debt until somebody bent them
money
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.
On the other hand
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, I believe that
this
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behaviour can be solved with many intiatives.
For example
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: I strongly think that financial education can help
people
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for avoiding debt, and unnecessary bank-loan.
In addition
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, educating in
this
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topic is the key to teach to public that you should have a healthy finance before to spend your
money
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in unserved things. Another action is bank would improve their loan systems through better tools
such
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as risk management and machine learning algorithms. To conclude,
although
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,
this
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behaviour is common in our society, and the reasons are for lack of information, in my view,
this
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issue can be resolved with more education in schools, high-school and even universities.
Moreover
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, with the develop of technology
this
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conduct will be prevented and more
people
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won´t get into debts
Submitted by javiiercabrera on

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