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?
Nowadays, more and more people loan money from banks to buy many goods which they interest although the goods are not really needed or have a significant value in their life. Therefore, I would argue that following lifestyle trend is one of key factors which encourage people to buy any companies' products regularly. However, a strict regulation from government to prevent advertisement of companies' goods which truly hypnotize people to buy any product is viable solution this problem.
With regard to the following lifestyle trend, people often tend to show up how many goods they have and how expensive they are. Result shows that 70% of people in some developed countries feel being as new richer man or woman if they can buy the most luxury goods. As a result, for filling lifestyle demands, many people are really keen on getting into debt from the banks.
As such, government has a significant role to solve the problem of people who like overbuying things with loaning money from the banks. To illustrate, formulating a strict rule about advertisement attitudes of companies is obvious solution. This can restrict activities of companies in promoting their products that tend to manipulate many consumers. Consequently, people have bad habit such as hunting money with dept for buying the product in advertisement though it is not needed for them.
The aforementioned evidence reveals that a serious effort of government in implementing the regulation can arouse awareness of people to change their habit.