The Psychology of Debt. Understanding the emotional impact of debt and strategies for overcoming it

Get holistic financial planning with 1 Finance - https://1finance.onelink.me/5Kxt/otep3Global debt has reached an astonishing $307 trillion in the second quarter of 2023. Surprisingly, this surge persists despite the tightening grip of rising interest rates on bank credit, with countries like the United States and Japan leading the charge, as reported by the Institute of International Finance (IIF).So, why is this number rising?There could be several reasons but we cannot deny the fact that we are living in a world where building anything substantial requires a loan. Moreover, We're constantly surrounded by the allure of shiny new possessions, and the convenience of credit cards and readily available loans only makes it easier to succumb to these temptations. Gradually, we find ourselves sinking deeper into debt, often to the point of feeling utterly lost.In this episode of "Temperament" by 1 Finance, we delve into the depths of debt psychology. We'll hear from leading behavioral scientists and credit experts, gaining insights into the intricate emotional and psychological forces that lead us to swipe our cards and embrace debt. Moreover, we'll uncover invaluable financial strategies to guide us back onto the path of financial stability. Join us as we explore the complex world of debt and discover how to navigate it successfully.*Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.Registration granted by SEBI, membership of BASL and certification from National Institute of Securities Markets (NISM) in no way guarantee performance of the intermediary or provide any assurance of returns to investors.