The society is divided into different categories like upper class, lower class and middle class. So, some people of middle class and lower class get into trouble by buying unnecessary things, and it increases their debt. This essay will discuss the causes and the solution of problems.
To begin with, now a days people do lots of comparison with everyone. It is because they are trying to fit in a society and follow the ongoing trends. For example, people think iPhone is symbol of richness. So, those who could not afford, they also buy it because they want to look rich. On addition to that, accessing luxury items becomes a cup of tea. Nowadays lots of organization provide easy EMI and loan facilities. They pay the amount on monthly basis.
However, this problem can be fixed by adapting few steps. Firstly, people should plan their budget. They should divide their monthly income and buy what they need. Moreover, people should very well differentiate between their needs and wants. They should give more focus on their daily essentials, rather than following the materialism trend. Furthermore, people should mindful while shopping. This thing is very ordinary among women. They do not think before buying and waste money. So, they should think before buying and ask themselves first, it is important to buy these things or can manage without it.
To sum up, people now a days easily influence by the ongoing trends and try to fit into that. They do buy unnecessary things on EMI or loans. That lead to increase in their debt. They can come out from this problem with buying only necessities. They can make monthly budget and manage their spendings.