In the modern era, people are well connected to other individuals in other part of globe, thus, they can virtually see life of other people too. There is a statement given that people get into trap of loans by purchasing items that they don’t require and can’t afford. There are causative factors as well as antidotes for it and I will be discussing it in the following essay.
To commence with, the reasons for the aforementioned situation are many but, the primary one is influence of celebrities and other famous people. Internet has provided people to view well-know people lifestyle, luxuries due to which a common man also desires to own it. Furthermore, they take debt to buy that article like branded clothes, watches, phones and so on. These objects acts awesome at beginning when people purchase it but, afterwards they had to pay interest on loans which is very frightening.
Additionally, other purpose for it is people wanted to showoff in front of other people like neighbours, colleagues and many more. The code of belief of that people is to show other people how affluent they are. Nonetheless, they are salaried person and had middle-class status .They feel exhilarated by doing the above act.
Apart from this, there are also remedial measures for this situation. Firstly, individuals should be inculcate by financial erudition,so,that they could know the working of money and to handle it smartly. As a result, people can prevent detrimental effects after owning unafforable luxuries. Secondly, people should overlook the livelihood lived by other celebrities and start focusing on themselves.
In conclusion, I would suggest that in this globalised world individual should ignore other expensive materialistic possessions and only live according to their own financial background.