Social Pressure: A Cause Of Credit Card Debt

There are many reasons why people go into debt. Some say it is because of
unexpected expenses, others say it is just simply too expensive to live
these days. However, one of the most common reasons people sight for getting
into debt, is the need to feel like they are keeping up with everyone else.
Social pressure in other words, leads many people to unnecessarily spend
money on things that they don't really need so they can feel like they fit
in. It is an age old cycle with devastating consequences.

Socializing your money

All around us, people are spending money. Everyone has that friend who
always wants to pick up the tab for dinner or after work drinks. Some feel
that people do this just to be nice, others feel that people do this to show
off money. Ultimately it causes others to feel that they need to do the
same. It is the same thing with vacations, cars, clothing, and pretty much
every other material thing in life; every time you think you have what you
want, someone upstages you. "Keeping up with the Jones's," is in fact a very
real problem. However, people don't often stop and think how the Jones's are
actually affording all that they have. Do they have a lot of money? Or do
they just put in on credit cards like many of us do? If that is the case,
all we are doing is trying to keep up with the Jones's debt, a game which
should be left alone.

Shift your thinking

Instead of getting jealous every time your neighbor gets a new set of golf
clubs, think about how much you would pay in interest for those clubs. In
fact, maybe he is doing the same thing. New stuff doesn't sound nearly as
good, when you consider how much you are actually paying for it when you
charge it to a credit card. Instead, save up for big purchases, they will be
much more rewarding in the long run. While you are retired, living a life of
leisure, your neighbor is probably still working to pay off all of those
toys he put on credit cards.

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