There are so many reasons why more people stay in debt. But most of the reasons as always considered to be the mindset of people and the love of fashion.
Reasons Why More People Stay in Debt?
Lack of awareness on what we need, to what extent we need is the first reason.
Peer Pressure: getting influenced by others is being a very bad habit in people nowadays. Imitating the people who maintain branded items and to show up false status in society causes more debts.
Anxiety to buy things in the festival offers. Lending money from others and buying gold in believing the traditions like Akshaya Tritiya.
People never use 70% of their wardrobe but still get clothes whenever there are new models in the market. Especially girls never use their clothes, all designer clothes and sarees always packed in their cupboards.
Believing the marketing things of Banks and applying for credit cards for Zero Percent Interest, from there getting luxury things like washing machines, Mobiles, refrigerators, gold, etc. on EMIs even though there is no such use of all those things.
The Irony is that people even drink phenyl if it comes for free, so people never understand the conspiracy behind the issue of credit cards from banks.
Getting influenced by favorite actors and buying things that they advertise without any necessity. Doing grand marriages for the name and frame in public. Nowadays Farmers from small villages are also offering dowry more than their income just because of this pride.
Many Companies link up with Banks and introduce offers. And people will buy those things without any awareness about inferior products they sell by introducing offers. We are supporting consumerism by doing such things.
Following the lifestyles of others like our relatives, friends, and neighbors we put ourselves into many depts. This leads to bad phases of life.
Last but not least, a person should always remember that happiness is always within us, it doesn’t come from any luxury things.