You should spend about 40 minutes on this task.
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?
Give reasons for your answer and include any relevant examples from your own knowledge or experience.
You should write at least 250 words.
Sample Answer 1 :
It is a fact that people are becoming more consumptive and materialistic these days, as many of them purchase luxurious goods or things that they do not really need and debts are common among such people. There are various reasons that have caused the situation and the following essay will discuss them and some of the things that people could do to address the problem.
For a number of reasons, many people are facing debt problem nowadays due to the consumptive lifestyles. Firstly, with the existence of social media such as Facebook or Instagram, more people are showing off their luxurious goods, take some photos and upload them into the applications and it triggers them to buy fancy stuff. Secondly, with the significant growth in the number of elite malls, they attract people in spending more money on secondary needs such as fashion, jewellery or gadgets. And lastly, as applying and obtaining credit cards are easier these days, many people are buying expensive things which are greater than their income. As a consequence of this hedonism lifestyle, many people are ended up with a serious problem of debts.
There are several things that people could do to solve the problem. One of them is that there should be a clear regulation about credit cards that must be followed by banks and financial institutions, regarding the procedure of issuing credit cards to their consumers. It must be ensured that the credit limit that is given to credit card holders is aligned with the individual’s income. And then, instead of adding more malls in the city, the government should focus on building more public parks and children playgrounds. Therefore, people would have more options for entertainments besides going to the shopping centres.
In conclusion, it is true that a lot of people are having debt problems, as they purchase luxurious stuff and having fancy lifestyles. Some of the factors that trigger the problem are due to the effect of social media, the increasing number of shopping malls and the easier procedure in obtaining credit cards. And to solve the issue, the government should make a better regulation about credit card usage and build more public facilities; therefore people have more alternative places to visit beside malls.
[ Written by – Darwin Lesmana ]
Sample Answer 2:
Nowadays, as a result of economic growth, the incomes of people are increasing and they start to consume more goods than the past. However, some people get to be in debt because of buying goods, which they do not actually need and could not pay. In my opinion, it is very important to prevent people from getting trapped in this problem.
In the first place, there are several reasons for this behaviour. One of the most important catalysts is the psychological problem. For instance, when some people are upset and disappointed, they tend to go shopping and buy everything they want. In this situation, because of their loose of control, they could not consider the things whether they need or not. Equally important, another reason is their temporary desire. To specify, at some moments, people always have the ambition to possess something, which is not normally necessary for them and out of their financial situation. Therefore, they will make a purchasing decision without assessing the benefits and drawbacks. Credit cards, purchase cards, gift cards etc. are more available nowadays and having a credit card from a band is easier than ever before. These shorts of cards and loans allure people to purchase more luxury items they can live without. While repaying, people get trapped and the high-interest rates increase the loan amount significantly.
Admittedly, this behaviour could bring people into a very dangerous situation. Hence, the government, as well as the community, should take place some solutions to deal with it. Firstly, every store or shopping centre should control their customer purchasing by checking their financial status. As a consequence, it will restrict people in buying the items, which they cannot afford. Moreover, we should organise some psychological course for people, who have problems with shopping. Lastly, the sale staffs of shops should advise and give a good recommendation to their, which enable them to have the best choice. Banks should be more rigid while approving the credit card to a person and the credit limit should be within the affordable amount by the card holder.
In summary, to avoid getting into debt, everyone should consider both advantages and disadvantages of the products before buying it. Someone should not simply purchase a product because of pure luxury or pride. The repayment should also be considered at the time of purchasing.
[ Written by – Anishrma ]
Sample Answer 3:
Buying unnecessary things despite some people’s financial limitation and getting into debt have affected our society severely. There may be various reasons for this attitude, but in my opinion, competition, social tradition, greed, marketing tactics, and materialistic expectation are the influencing factors for such a trend. Prudent thinking, positive mentality and some laws can prevent it.
Firstly, some people feel an invisible competition and they try to prove their superiority by having more and thus made a habit of showing off. For instances, if someone buys a latest electronic gadget, many others, who feel the invisible competition, might get frustrated for not having the latest model. Many of them would actually buy the latest model just to be ahead of the competition. Sometimes, they will borrow from others to have those materialistic greed fulfilled. Thus they get into debts and cannot purchase things that they really need at a time.
Secondly, in countries like India and Nepal, dowry system still persists and in many cases, bride’s parents are compelled to take a loan and fulfil bride-groom parents’ demand. Besides, social trends often force people to maintain a lifestyle that they cannot afford, and those people are forced to get trapped in debts. Again, personal greed to own more and to have more often allure people to purchase things that they do not need and borrow money from others. Marketing tactics are meant to attract as many customers as possible and we are surrounded by marketing and it is quite tough for us to be prudent while purchasing. Finally, easy bank loans for fulfilling different needs can often trap people to fall in debts.
Reasons for our getting into debts explained above are deeply rooted in our society and have affected peace and harmony of many families. People should give up useless competitions and be contented with whatever they can afford rather than trying to have a lifestyle that they cannot manage. Government and concerned authority should make strict laws to abolish dowry system and bank loans should be made more rigid. Finally, our personal realisation is the most important factor to prevent ourselves getting trapped in debts by purchasing things we do not need. This is a personal choice and no one is going to stop us from purchasing unnecessary things unless we develop a self-realisation.
In conclusion, too much attraction towards materialism and competition bounds us to buy unnecessary things and there are proper measures to control this abominable habit and self-realisation is the most important one.
[ By – Abhiyan Basnet ]
Leave a Reply