Some people get into debt by buying things they don’t need and can’t afford. What are the reasons for this behavior? What action can be taken to prevent people from having this problem? Give reasons for your answer and include any relevant examples from your knowledge or experience.
Sample Answer of Some People Get Into Debt by Buying Things They Don’t Need and Can’t Afford
Mostly, individuals tend to purchase expensive things even though they do not need them, which lands them in the debt trap. There are many reasons for this nature of people, but there are ample measures that can be taken to discourage people’s overspending. These include encourage saving habits rather than spending unnecessarily.
Undoubtedly, this peril’s root cause is TV advertisement, which exaggerates products’ features have a significant impact on humans’ minds. To quote an instance, In the ad of automobiles, they show its very easy to buy four-wheelers with the help of EMIs, but when people are not able to pay installments, they fall into the debt trap.
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Furthermore, nowadays people like to show off because they spend a hefty amount on luxury things. But this dilemma can be resolved by taking some concrete but straightforward steps bt individuals and government like they have to make a proper budget of their routine expenses and save some amount for their future.
Another plausible stride to fix this dissuade is to discourage credit cards from preventing people from spending a more incredible amount on unwanted things. In addition to this government should motivate saving habits among natives by introducing some fascinating deposit plans.
In conclusion, a luxury lifestyle and plastic money make people extravagant. To overcome this problem, the Regimen should initiate an attractive investment plan that will inspire people to save their hard-earned money for their future.