Quiz 8: Social Class and Social Stratification

Sociology

It is assumed that the most stable class of living is the 'Middle class', being able to support their children education, owing a decent home and car, ability to afford the required goods and services and an annual vacation. But from the recent past, it is observed that the majority of the people who claim for bankruptcy are 'Middle class' people. The sociologists have discovered interesting facts behind the middle class people bankrupted in majority of the cases. The results reveal that uncertainty in the income, job loss, due to health reasons, and credit cards etc. It is also clear from the information that many does not possess their medical insurances, they end up spending huge amounts on it when affected. Owning a dream home always played a predominant role as it created financial commitments and in turn, the financial fluctuations. Credit cards have attracted the middle class people to spend beyond their capacity. They concluded stating that the control over the discussed aspects would bring back the glory of the middle class and in turn, the financial glory in the society. Credit card as the name depicts 'It is an short term credit available flexibly for the purpose of serving the customer's need and end up paying high interests, if failed to make a prompt payment on time'. I personally own a credit card, with the desired range of the limitation on the amount. It is quite easy to own a credit card, provided with certain basic norms of the banks or financial institutions need to be fulfilled. All the required formalities would be completed by the concerned personnel bringing it to one's footsteps, which depict the ease of process in applying for a credit card. The banks always strive to attract and encourage the customer to own a credit card for meeting their requirements during the times of financial weak situations or for the fulfillment of any undesired or unexpected need. The most advanced way of applying for a credit card involves the online application and acceptance, followed by the delivery of the card to customer through courier or bank personnel It is evident that any aspect in this world possesses both positive and negative impacts. Credit card is always a potential option for any individual, who is highly disciplined in paying back it promptly within the timeline. Since, it is always hard to procure funds on immediate basis during the needy times. Hence, the credit card consumer must be well aware about their limitations in respect to expenditure. On the other hand, the consumer who does not possess any control or estimation of their financial earnings and their expenditure should not go for the option of credit card. Since, it would end up launching that individual into financial crises with unequal income and leads to bankruptcy.

It is assumed that the most stable class of living is the 'Middle class', being able to support their children education, owing a decent home and car, ability to afford the required goods and services and an annual vacation. But from the recent past, it is observed that the majority of the people who claim for bankruptcy are 'Middle class' people. The sociologists have discovered interesting facts behind the middle class people bankrupted in majority of the cases. The results reveal that uncertainty in the income, job loss, due to health reasons, and credit cards etc. It is also clear from the information that many does not possess their medical insurances, they end up spending huge amounts on it when affected. Owning a dream home always played a predominant role as it created financial commitments and in turn, the financial fluctuations. Credit cards have attracted the middle class people to spend beyond their capacity. They concluded stating that the control over the discussed aspects would bring back the glory of the middle class and in turn, the financial glory in the society. The community of the fragility or stability of different social class groups would be evident from the following: • The disparities in the income earning groups are the prime reason for the poor classes, as they lack education in turn no employment, earning and each day would be a challenge of survival • Middle class people, being unable to sustain in the society as rich like high class people or cant compromise with low standard of living. They are inclined towards the portraying the wrong perception to the external world • These class of people tend to make commitments beyond their ability relying upon their source of income, any obstacle would disturb the complete life style • The same is the case with the credit holders from the middle class people, they tend to satisfy their requirement at that particular point of time and followed by financial imbalances • The most vital aspect for any human being is health, they does not get insured and end up pain much more the insurance premiums and fall into financial crises Thus, the stability of any class would fluctuate depending on the decisions made by that respective people. The balanced control over all the factors would result in prospective outcome.