Debt caused by social pressures
Social pressures to have the best car, the biggest house and designer clothes have been with us for centuries. School gate mums competing to have the latest 4 x 4 to chauffeur their kids to school; neighbours “Keeping up with the Joneses” and eyeing up each others materialistic possessions; family members showing off photos of their latest holiday in the Bahamas on Facebook.
The rewards of life every individual works 5 days for, should be realistic and achievable, without leaving one in debt and financial difficulty. ‘Having the best’ can create a feel good factor, where in today’s society, people judge you based on what car you drive or what clothes you wear, but losing everything in debt as a result of this, is not worth the temptation if you cannot afford it.
Consider buying second hand purchases from eBay, Auto trader and other second hand shops, instead of paying full price for something which will have its value depreciate so quickly over such a short period of time. Allow patience to pay off by waiting for the January sales to get up to 70% off many purchases; there is great satisfaction in bringing home a bargain, when you know many will have paid full price for that tailored suit at the start of the season. Payment options offering 0% finance make it easier to avoid debt in the long term, by spreading the cost in manageable chunks with monthly direct debits.
If you are under pressure to live a lifestyle you cannot afford, or you are in debt because your outcome is outweighing your income, you can get confidential advice to help you achieve a healthy financial balance in your life. Call 0800 634 7053 to speak to one of Debt Plan Direct’s advisors.