Some people get into debt by buying things they do not need and cannot afford. What are the reasons for this behavior? What actions can be taken to prevent people from having this problem?

These days people are becoming more materialistic as many of them purchase luxurious goods and things which they don’t really need debt common among such people. There are numerous reason because of which people have to face such situation. people facing debt problem because of rich lifestyles. first of all, with increase number of malls, people are spending more money on secondary needs such as Electronic gadgets, fashion, jwellery Such Expenses are really worthlees people should think twice before buying such stuffs. Secondly as we all know that credit cards are the most easiest mode of payment due to which people are unable to keep control on their purchasing power and buy expensive things which they really do not need it. Last but not least is the existence of social media such a facebook, Instagram Snapchat whatsapp, and many madd. Some people have a mindset of showing their things to public and owing to which they always invest huge amount on heavy products. They click some photos and upload them into the application such habits leads to unnecessary. expenditure and might create a debt problem. There are few things Which people could do to solve this issue is that there should a clear regulation that both banks and consumer should follow also banks should not issue the cread cards just like that they should first check the income statement of the customer and accordingly they should set the limit of the card and then issue that it to the clients. To conclude, i strongly agree that the individuals are facing debt troubles as they buy deluxe goods and have fancy lifestyles but humans should try and understand the situation and should keep a pace on buying powers by minimising the expenses instead of maximising it.