Question

The number of individuals who experience credit problems has grown in recent years. What factors have contributed to this growth? What should be done to reduce this societal problem?

Answer 1

Hi!

A lot of times, credit problems arrive from pleasure shopping. These are things that we don't need, but rather want.

Instead of actually saving and buying something with real money, many people just say 'I'll just put it on credit'. They want it now, not later.

This is a very dangerous path which can lead to a lot of debt. In order to reduce this, proper education will have to be given.

People need to be educated on what they should and shouldn't use credit for.

Hopefully, this helps! =)

Answer 2

Answer:

• Many times, credit problems occur from satisfying shopping. These are those things which we don't need, but still, we want.
• Instead of purchasing and buying goods with real money, many people just say 'I'll just put it on credit'. They want it now, not later.
• This is not the safest passage this can lead to a lot of debt. To reduce this, proper education will have to be given.
• People need to understand what they should and shouldn't use credit for.