How people fall into debt Essay Example | Topics and Well Written Essays - 500 words

How people fall into debt - Essay Example In the contemporary age, the world has become dangerously materialistic. Success is associated with the achievement and possession of material. Possession of material incurs cost. The more the material, the more successful a person is considered, and the more money gets spent. More often than not, people tend to maintain a life standard that is much above what they can afford in their income. Even if a person does not value material, he is supposed to do that in order to comply with the norms, trends and traditions of the society. This change in attitude can be attributed to the fact that people tend to associate respect with materialism. A person possessing the latest model of technology of any sort is praised and appreciated. It is this praise that man longs for, thus ends up overspending. In addition to being materialistic, people in the present age have become increasingly impatient and intolerant. What matters the most is present. Past is gone, and future is unseen. People can not wait to become richer. Therefore, they purchase things or facilities without having resources to compensate for them. Many people acquire loans to construct homes. The most commonly employed financial institutions that serve the purpose are banks.