The desire to “keep up with the Jones’s” has become more than a social status issue for many people.
Also, it is effortless to get caught up in a holiday season.
It has become a catalyst for overspending that has consumers running to banks and other lenders looking for ways to finance their purchases.
This issue also has countless consumers loaded up with credit card debt so steep it may take them a lifetime to get out of it.Give your financial literacy a good double-check, and if you are not already practicing the following financial practices, now is a great time to start today:
Pay bills on time and balance your cheque book each month. You can’t know how much you can afford to spend if you don’t know how much you currently have to spend.
Stop buying on impulse. If you want something, rather than charging it on your credit card and paying interest, save for the next few month and buy it when you have the money.
Continue reading “Does Consumer Obsession Lead Us to Over Spending”