A common lay explanation for debt isthat people get into financial difficulties through treating as necessities
goods whose only function is social display.that people get into financial difficulties through treating as necessities
goods whose only function is social display. In our interview study (Walker
et al., 1992) we found that people with serious debt problems regarded
certain kinds of expenditures on children (for example fashion goods and
substantial Christmas gifts) as necessities, and would run into debt in order
to maintain them, even though many people would classify them as luxuries.