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Task 2:

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 own knowledge or experience.

There are commonly several youngsters who have to borrow funds from everyone in order to pay for insignificant and unaffordable items, even though they do not tend to utilize them sooner or later. The causes and solutions to this tendency will be outlined in the following essay.

To begin with, the two visible factors that can blame consumerism which puts individuals into debt are the popular consumptive lifestyles and the parental pampered education. Firstly, observing friends purchasing various luxury products on Facebook, Instagram, or Tiktok,... the envious appears and urges them to owe the same objects so as to post on those applications. Hence, despite the fact that the financial budget is burned out, they are willing to waste money to satisfy their lust. What is more, this behavior has existed for a long duration, vitally in parents’ upbringing. The enhancement of the economy considerably affects the way parents teach their children about their own finances. Since parents recently respond to all children’s requirements instead of saving money for plausible articles, which makes children aware that they have to achieve all of their demands, by all means, many people are ended up with a serious problem of debts.

On the other hand, fortunately, there are numerous keys to this common question. First of all, they can create a budget planning, which involves what is necessary and what is not. The excessive finance should be saved in the bank account and eventually, their finances are not only incompatible but also gaining bank interest rates. Furthermore, changing parental education is also an effective method although it will take a long time. Teaching young children about the importance of possession will help children consider everything before getting something new.

Overall, needing a loan to buy inconsequential stuff is a serious issue, notwithstanding, it can be tackled by the changes in the saving habits and the children's ways.