IELTS ESSAY PROMPT
Some people get into debt by buying things they do not need and can not afford.
What are the reasons for this behavior?
What action can be taken to prevent people from having this problem?
In recent years, many people drawn into habits of spending more money than they make. A large number of people are suffering from the deep impact of this behavior. In this paper, we will go through to the variety of reasons why people are fallen into debt and identify measures to keep them away from accumulating more.
The modern society is increasingly becoming more materialistic, many people get trap into debt and continuously struggling to budget their monthly take home pay. There are several reasons why people get caught stuck into mounting debt. First, every person has individual human wishes and wants in life that need to satisfy. In order to survive, human being require shelter, water, food, among others. But because prices nowadays are surging up, many people buried into debt. Second, some individuals simply spoiled themselves with pleasurable expensive products. They are buying coolest gadgets available not knowing that it may leads to financial trouble.
Apparently, it is true that swiping credit card can be fun, but paying the bill is absolutely not. With prices of basic commodities are on the rise, getting out of debt might seem unfeasible. However, borrowers need to face the consequences and to start looking for ways to get out of debt. One of the many ways to prevent people from having high debt is to stop accumulating more. Someone need to get a grip on excessive spending to achieve long-term financial goals. Another way is to generate more income. Getting a second job or a side gig can help people to have multiple income streams that can support struggling finances.
To summarize, lavish spending typically put many people’s lives into financial woes. Although, there are some expenditure beyond their control but spending on wants more than one’s mean can potentially derail their financial stability. Therefore, before buying anything on credits, be sure that you can pay the maximum payment before the deadline.
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