It is no secret that many Americans are suffering from financial problems attributable to the ever steepening trend of the American credit card debt problem. What’s interesting, however, are the reasons why. According to a recent article, there are some pretty deep psychological and social factors contributing to our overspending. Some of the data collected for this study by Consumer Federation of America and Wachovia Corp can be found here:
+ 37% indicated that they were weak when it came to impulse spending
+ 29% said that it made them feel good to spend
+ 20% felt that social pressure from their family and friends caused them to overspend
+ 15% said that trips to the mall caused them to go into more debt
The survey also found that consumers between the ages of 18 and 24 were the least likely to save enough and were the most likely to spend because it feels good. They were also more likely to try to “keep up with the Jones’s” with their spending.
These statistics really shed some light on the true nature of the debt problems many people are facing in this country. It boils down to satisfying impulses and urges and conveying and projecting self-images that are so dearly important for many of us, but are mistakenly being financed with an overwhelmingly burdensome debt load that more and more people seem to be grappling with every day with in this country.
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