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Thread: Debt

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    Non-Member highprfilerealty's Avatar
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    Debt

    What do you think why so many people fall into debt.

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    Theoretical Physics Student bronze trophy Jake Arkinstall's Avatar
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    I think the prime cause is that we are very much a "want want want, now now now!" culture.

    For example, many people take out loans to buy a car. They take out mortgages to buy a house.

    If you think about why we do things, it's always a weighing up of pros over cons. If it will give you more benefit than problems, you will probably do it, right?

    So, what happens when one takes out a loan? Suddenly, the problem of paying it back is postponed, and is therefore reduced. Because of this, pros will outweigh cons and we forget about how hard paying back will be.

    Of course, if you need a house then you need a house - but for alot of things you have to ask yourself 'why?'.

    Alot of people buy a new car for no real reason - they just want a new car, even if they can't afford it.

    I think the overall blame lies on happiness. People think that they need something to fill a void - thinking it will make them happier. If we address that at a lower level, there are two major causes: job satisfaction and life at home.
    Jake Arkinstall
    "Sometimes you don't need to reinvent the wheel;
    Sometimes its enough to make that wheel more rounded"-Molona

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    Non-Member geoholiday2009's Avatar
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    Quote Originally Posted by arkinstall View Post
    I think the prime cause is that we are very much a "want want want, now now now!" culture.

    For example, many people take out loans to buy a car. They take out mortgages to buy a house.

    If you think about why we do things, it's always a weighing up of pros over cons. If it will give you more benefit than problems, you will probably do it, right?

    So, what happens when one takes out a loan? Suddenly, the problem of paying it back is postponed, and is therefore reduced. Because of this, pros will outweigh cons and we forget about how hard paying back will be.

    Of course, if you need a house then you need a house - but for alot of things you have to ask yourself 'why?'.

    Alot of people buy a new car for no real reason - they just want a new car, even if they can't afford it.

    I think the overall blame lies on happiness. People think that they need something to fill a void - thinking it will make them happier. If we address that at a lower level, there are two major causes: job satisfaction and life at home.
    Good point, we should think not just ones, twice... but a hundred times if we really really NEED what we WANT.


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