Prompt: Some people get into debt by buying things they don't need and can'f afford. Ċ What are the reasons for this behavior? Ċ What action can be taken to prevent people from having this problem?

Some people end up incurring debt as a result of needless purchases, which they cannot afford. The reason for this tendency is a combination of aggressive marketing and living in a consumeristic society. There are a number of measures that can be taken to help people involved in this problem. Ċ People nowadays are racking up debt due to unnecessary purchases which are beyond their buying power. Firstly, this is due to the relentless advertising campaigns by companies, where consumers are flooded with commercials encouraging them to buy the latest gadgets, appliances and other expensive items. They use celebrities to lure people into indulging in impulse buying. Secondly, a majority of the people today are afflicted with the keeping up with the Jones’s syndrome. In other words, they have to keep with with the image and feel the need to have to have the same expensive and the latest things that their neighbours have. Finally, the easy availability and higher spending power provided by credit cards has resulted in the majority of the population feeling encouraged to use more plastic moneySuggestionthe more plastic money then they would have in the past. Ċ There are various actions that can be taken to help people come out of the habit of needless buying. All major companies should warn customers about responsible buying, and the government should make it mandatory for such messages to be broadcast, especially during prime time. Another effective method to help with this issue of overspending is the setting up of awareness campaigns and credit support helplines. They should make people aware about the dangerous consequences of not managing their expenses properly. Lastly, credit card companies should be pro-active in monitoring the credit filing habits of its customers and should discourage customers who have a bad spending and debt history. Ċ In conclusion, a combination of efforts of the companies, government and banking industry is required to educate and inform people of the pitfalls of spending beyond their means.