I was asking myself a very serious question "Why do people enjoy going to debt during the holiday period"? well, I hope you are not into this category but I might be wrong because 3 out of every five persons in Nigeria do not see anything wrong in getting into debt during the holiday season especially when it has to do with celebrating a particular day (Christmas, Easter, Sallah etc) during the holiday season and I can say that the probability of having 2 out of everyone in the universe not seeing anything wrong with getting into debt during a holiday period is 1.
I was shocked when I spoke to a young lady who told me she went into debt the previous year during the holiday because she took loans to shop and cover the holiday expenses which started from November till the year ended and she plans to take another loan again.
It becomes so disturbing when people have to get into debt because they want to get gift items and celebrate large only to pay back the debt the following year with interest which will eventually affect the budget and financial goal of the borrower the following year. Holiday periods are periods to be happy and share love with families, friends, and every other person and not a time to get into debts and loans.
Why do you buy what you cannot afford because you want to look cool during the holidays, thereby stretching the budget? Building wealth is not about spending what you do not have but rather, growing what you earn. Instead of getting into debt for this holiday season if you do not have the money, the right thing to do is get saving from now because there will surely be a next holiday next year the year after. If you keep going into debt because the holiday came up, then you might still get into debt because a birthday came up, or one thing or another came up. Things will keep coming up since human needs are insatiable and there is always something willing to take your money all the time.
Instead of getting into debt for holidays that will always come back, why not just make do with what you have and increase you asset portfolio. If you can now afford any of the spending, why then will you not do them.
@tipu curate 4
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Greetings friend @gbenga.
A very interesting topic, here in Venezuela many people used to do that, that is, get into debt during vacations, although nowadays with our deep crisis this is almost not observed anymore, but you are right when you express:
Thank you for sharing such interesting content.
Good point of reflection, certainly people forget that these dates are to share love with families and friends, humanity has become a closed circle full of banalities. Thank you @gbenga for socializing these reflective lines, and more importantly we are close to the celebration of Christmas.
Hello @gbenga
It's funny what you say, but it's also a reality in this part of the world, Latin America. November and December are the months when people spend the most on unnecessary things, and get into debt for things that are not really worthwhile, but they are like that. This is the reality.