Today’s society puts an enormous amount of pressure on people to fit certain expectations and, as a result, ‘status anxiety’ is on the increase.
Status anxiety can also be affected by profession and living location. Status is desired more than money but money is thought to give status, as it enables a certain lifestyle and gives the ability to purchase material belongings that can lead to a desired status.
“Status anxiety can also be known as keeping up with the Jones”
Debts often arise because people’s incomes rarely allow them to buy items that would help them battle with their status anxiety. Credit can be obtained easily if an individual has a good credit rating or because of irresponsible lending, which provides so an easy way to help gain the status they crave.
Debts can easily spiral out of control if used to gain status as once their desired status has been achieved, debt may be the only way they can maintain it and continue to fund their lifestyle. Debts caused by this can be very difficult to acknowledge and when they are, it can often be hard to get out of the debt cycle as the debtor has got used to a certain lifestyle.
If you are struggling to pay your unsecured debts contact PayPlan for further advice on your options.
To find out more about Reasons for debt click here