Life 50 years back was calm, sedate and moved at a leisurely pace. There wasn’t much of competition then and everyone used to manage in whatever they earned. However, changing times have made life far more complicated with newer problems cropping up.

Read on to know about 6 financial problems that weren’t around 50 years back but which we have to deal with on an almost daily basis.

Online Fraud

Though impersonation and fraud always existed, today it has reached mammoth proportions. Online burglary, when someone hacks somebody else’s online account and steals his money was certainly not around 50 years back but with the advancement of technology, such things have become part of our lives today.

Health Care Expenses

Fifty years ago, health care was mostly affordable to a large part of the population. However, it has reached an astronomical level today with the prices shooting through the roof. Health care has indeed made huge scientific advancements but all that has come at a very high cost which was not the case 50 years ago.

Credit Cards

Credit cards are a recent phenomenon and have really taken off. However, this concept of buy now pay later that promote impulse buying did not exist all those years ago. With credit cards has come credit card frauds and credit card debt which add to the financial woos of modern times.

Cost of Living

Fifty years back a family of four could have lived comfortably in one income. However, today even with 2 people working it has become increasingly difficult to repay the loans and manage household bills. In the last few decades, the cost of goods and services has grown exponentially while the wages growth has been tepid. No wonder income inequality has reached mammoth proportions today which weren’t the case all those decades back.

Net of Debt

The world moved at a relaxed pace 50 years back. Life was simple and expectations were not very high. The need for a loan was therefore less. However, life moves at a frantic pace today. Cutthroat competition for everything be it education, healthcare, job, career has become the order of the day which has led to tremendous pressure and people are left with no other option than to opt for loans. No wonder a large part of the earnings today is eaten up by credit card loans, mortgages, auto loans and student.

Online Impulse Buying

50 years back internet did not exist and therefore online purchase and social media hadn’t arrived. Today social media has made its presence felt and has become an integral part of our lives that even dictate our tastes and preferences. Targeted advertisement on social media lures people and has emerged as a major reason for online impulse buying. More time one spends online the temptation of impulse buying grows and the individual finally gives in.

Click here to avail loans at the most competitive rates and from the leading lenders of the country.