Stuart A. Vyse

Vyse examines the question why so many Americans are so deeply in debt. He looks at the psychological reasons and the behavioral economics influencing people to overspend. He identifies 5 variables that affect the way a person spends: the availability of the spending opportunity, a person’s wherewithal (or perceived cash available for spending), the time it takes to purchase something, the effort it takes to purchase something, and social barriers. He feels that since 1970 most of the five variables have changed in such a way that expose people to more spending opportunities and simultaneously required people to spend less time and effort spending. In addition, the constant and ubiquitous barrage of advertising and exposure to new goods and technologies sets up a situation that can lead to overspending disaster. In his final chapter, he suggests some ways people can help themselves deal with the urge to spend and avoid overspending.… (mere)