Discussion Some people get into debt 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 having this problem?‎

The number of people going bankrupt is increasing and many of them are so
due to
taking personal loans for unnecessary stuff. We are going to talk about the causes of
this
condition and what solutions
that
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apply
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can be taken to prevent it. Latest statistics showed that the percentage of loans in the Gulf region has grown to 7 Billion Dollars and
this
figure has doubled in the
last
five years. What's more surprising is that
this
debt was taken to purchase cosmetic and unnecessary goods like fancy cars or simply travel. There are many reasons ,but
definately
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definitely
the effect of good media teams is evident. Vivid and attractive advertisement pushes people to fall after desires and not needs. What's more important is the effect of bad role models and social media figures,
whom
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whose
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the
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apply
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focus of many of them is to exhibit expensive
lifestyle
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lifestyles
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, spend and show off what they possess.
On the other hand
, the solution
for
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to
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this
problem is very achievable if started early. Early education of young on how
to
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apply
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to use their money and
importance
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the importance
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of managing their
finacials
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financials
financial
through simple courses will make a huge
differance
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difference
. Start with your kid, allow him to manage his pocket money and train him to
safe
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save
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some, gradually introduce
biger
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bigger
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amounts to him and bigger tasks and eventually the saving and good balance mindset will grow. Governments can control
this
too by forcing strong
legistilations
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legislation
legislations
on banks,
such
as prohibiting loans
to exceed
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from exceeding
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40% of the basic income of any employee,
thus
making sure that the debt can be paid later on.
To sum up
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apply
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this
, the effect of
materialistic
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a materialistic
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lifestyle and
tendency
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the tendency
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to spend is a big issue, yet solutions for
this
problem exist and would make a big change if started early.
Submitted by e.g.slais on

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