From the course: Tips for Overcoming Bad Spending Habits
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Behavioral factors
From the course: Tips for Overcoming Bad Spending Habits
Behavioral factors
One of the things that can lead to overspending is our current economic environment with credit. In the olden days, you were limited on what you could spend based on the amount of cash or money you had in the bank. The onboarding of credit cards, it allows individuals to spend more money than they have. They fill in the gaps of not having the cash with credit card debt, and your limit is what your credit limit is. So it's very easy to get consumer credit. And that allows the consumer, that allows us to spend more money than what we have. Well, one of the challenges in our system is that overspending has been normalized because you're trying to have the latest and greatest. So one of the things about debt and being in debt being normalized is that ongoing purchasing is fueling a need to always getting something new. And as long as you are still making minimum payments, you're able to continue that on. So how do people recognize that their overspending is emotional? Generally, it's…
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