TheKenOwens.com |
"Speaker, Author, Workplace Trainer" |
Lock Up Your Credit Card If You Are DepressedA current study published in Social Psychological and Personality Science reveals that when people are feeling low, depressed, or a lowered sense of self-esteem, they are more likely to make expensive purchases using credit to help make them feel better. This joint study between the London Business School and Cornell University validates why so many credit card companies are touting the use of their cards. There are so many people in depressed states of mind and feeling bad about themselves in this poor economy with the loss of jobs, cars, houses and the inability to find new jobs. That mentality forces people to look at purchasing materialistic items to uplift their sense of self worth. They feel that by owning luxury items that it reassures their value as a person. Look at how many spam emails you get per day from credit card companies offering high interest rates with additional yearly membership fees and relaxed approval policies; they are taking advantage of this dynamic and making millions of dollars off of people who should not be buying items because they can't afford them in the long term.
Just remember...NO big credit card purchases! |
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