Impressing the neighbors is a constant battle. On the outside it’s a battle of who has more, but on the inside it’s a battle of who has incurred more debt.
The games have begun and the competition is on. You have the priciest SUV in the neighborhood. A 60″ plasma TV has just been just delivered to your two-story newly landscaped home. Your talking on one of the smallest and smartest high-tech phones on the market and the latest designer clothes fill your closet. You’re feeling fantastic with an almost euphoric air.
Then it happens: you glimpse across the street and see your neighbor pulling into his driveway. There in the gleaming sunlight, is a pair of powerful bright red jet skis. You neighbor smiles and waves at you. A panic sets in and everything that you were once feeling wonderful about has lost its appeal. Your euphoric air has been let out.
Comparing yourself to others based on the possessions you have acquired could drive you into financial despair. In today’s society, instant gratification seems to be the rule to live by without thinking about the future. Are you in a rivalry with your neighbors to see who can accumulate the most possessions or a competition to see who can accumulate the most debt? Exactly how sure are you about your financial means compared to the next guy?
Trying to Keep Up
People are going broke trying to impress their neighbors. Credit cards are being used to feed an obsession for luxuries which could not be afforded otherwise. According to MyFico, “On average, today’s consumer has a total of 13 credit obligations on record at a credit bureau. These include credit cards (such as department store charge cards, gas cards, or bank cards) and installment loans (auto loans, mortgage loans, student loans, etc.).”
A person who believes that his financial social status is dependent on how he measures up to the neighbor will eventually drown in the aftermath of his purchases. The powerful attachment to materialistic objects is often the trigger that pits neighbor against neighbor. At some point, anyone who tries to survive on this financial roller coaster of competitiveness will feel the repercussions.
Survival and Credit Cards
Consumers have a love for credit cards and a fixation with over-spending. This love often turns into panic when the credit cards are needed just to survive. The thrill of purchasing the latest gadgets or trendiest furniture starts to lose it appeal when the payments for such purchases come rolling in. Often ignored is the high interest rate that is being added to those ill-fated shopping sprees.
Every month the Federal Reserve prepares a monthly chart of American non-real estate consumer debt. Although this chart does not take into account population changes and inflation, it easily shows a staggering amount of revolving credit increasing each year. Yet Americans continue to go into more debt to keep up appearances.
Without having a cost of living plan, the” buy it now and pay for it later” philosophy is treading on consumer desperation. The rising costs of living expenses have forced some to rely on their credit cards. The Consumer Price Index gives an summary on the rise of inflation. Consumers who are running out of choices are using credit cards to pay for groceries, utilities, and other household expenses.
Outdoing Your Neighbor Can Make You Sick
If having to deal with high debt-related issues wasn’t enough to make you feel ill, you might also be battling stress and anxiety health issues. The American Psychological Association cites significant correlations between money and stress. Ironically, all the material things you bought to impress and show off with, are actually the very same things that will drive you deeper in debt with medical bills.
A survey conducted by the AP-AOL found that “those with higher stress levels were more likely to experience physical and mental conditions, including headaches, back pain, depression, severe anxiety, ulcers and heart problems.” So if your health is at risk and keeping up with the neighbors is making you sick, why not just quit?
Figuring out how to get what others have is both challenging and intoxicating, A rationalization is projected in the mind: if he can afford it why can’t I? The need to have better toys overcomes you and you’re off and running, forgetting that only a few moments earlier that you were reeling from the stress of your lack of financial well-being.
The Joke’s on You
Trying to maintain a lifestyle that keeps you in the cycle of debt is your own fault. Deciding to keep charging your way to impress your neighbors is also your fault. In reality, you have no idea what your neighbor’s income is, he may be in just as much debt as you are. You’re sacrificing your financial happiness on the assumption of what others have and that is nothing to laugh at.
Search on the internet and you can find all types of resources for help. Some are legit some are not. The Federal Trade Commission offers Facts for Consumers, some tips for consumers with debt. Keeping up with the neighbors is mentally and financially difficult. You can stop this cycle of debt.
Similar Posts:
- The Debt Cycle (Millionaire Myth)
- Bad Credit Visa Instant Decision Cards Discussed In Full
- Put Some Efforts For Getting Your Credit Score High Again.
- List Profits Formula
- Types of Credit Card Debt
- Credit Card Debt Advice -The Fastest Way To Get Out Of Debt
- Cash Reward Credit Cards – Uncovering the Ideal Deal
- Complaints About Collection Agencies Are On The Rise
- Chase Credit Cards – Advice for Finding the Most Advantageous Offer
no comment untill now