Managing Debt: How Compulsive Shopping Undermines Your Goals

It seems obvious that compulsive shopping can ruin your financial goals, but its negative impact can go far beyond your bank balances. If you're a compulsive shopper, you have plenty of company. It's estimated that more than 60 million Americans are compulsive shoppers. Understanding what compels you to go to the mall can help you avoid bad credit and find debt help.

Bad Credit, Low Self Esteem Associated with Compulsive Shopping

You get a promotion, and treat yourself to a shopping spree to celebrate. Several hundred dollars (or more) later, you're horrified when the bills arrive. Nonetheless, you keep shopping. The reasons people give for compulsive shopping range from being depressed, lonely, or bored to treating themselves for an accomplishment, or celebrating an event. Others may say they "just like to shop," but psychotherapists assert that compulsive shopping stems from unresolved issues that interfere with an individual's ability to maintain a healthy self-image. Here are some questions to help you decide if you're a compulsive shopper:

Do you buy what you want, when you want it, regardless of cost and consequences? If you hide purchases from your spouse or partner, argue frequently about money and shopping, or if you wonder how you'll pay the bills for your purchases, you're likely a compulsive shopper.

Do you have little or no savings? You want to save, but somehow there's always something more urgent (that handbag that costs as much as your rent) and you never get around to saving. Find out if your employer offers a direct deposit option. You can allocate funds to be deposited to savings directly from your earnings.

Do you keep buying favorite items, regardless of whether you need orcan afford them? If you keep buying your favorite items regardless of need and affordability, you need help managing debt and shopping.

Do you shop to improve your mood, or to treat yourself? This demonstrates the potential relationship between emotions and compulsive behavior. Before you go shopping, tune in to how you feel, and ask yourself if you need to go shopping.

A major obstacle to getting debt help are social taboos against discussingmoney. If you're concerned about your shopping, talk with a trusted advisor, friend, or family member. You can also seek professional debt help through non-profit credit counseling agencies.

Source:
Is Compulsive Shopping Eating up Your Wallet?

About the Author:
Karen Lawson started writing stories about birds and surfing at an early age. For more than ten years, she enjoyed a productive corporate career in mortgage banking before moving to Reno, Nevada in 1997. Karen earned BA and MA degrees in English (specializing in writing) at the University of Nevada. Significant areas of research and writing include truth and ethics in creative nonfiction, medical humanities, and the symbolism and lore of birds in American literature and culture. Karen has taught English at a community college, is writing a collection of poetry, and enjoys birdwatching and walking her basset hounds.