Sometimes the road to bankruptcy stems from one or two major unexpected expenses—surgery or medical care, for example—and other times it’s more of a steady decline stemming from spending habits not suited to a particular income. But can shopping be one of those habits? Here are some surprising facts about shopping and how it can be an addiction that leads to financial distress for some.
Shopping as an addiction
The activity of shopping can be highly addictive because of how it affects the brain. More than just the occasional impulse buy, a person with a shopping addiction of some degree might compulsively make purchases when feeling emotional distress, or constantly be shopping for the perfect item. Other forms of a shopping addiction include the pressing desire to appear as a big spender, consistently buying things simply because they are on sale, or constantly buying and returning items. Here are some of the major signs of a shopping addict:
- Often spending over budget
- Regular compulsive buying, especially of unneeded items
- Hiding purchases
- An accumulation of unopened or unused purchases
- Shopping as an emotional outlet
- Feeling a rush of excitement after a purchase
Keeping a shopping addiction under control
There are ways to help keep your spending habits under control. First, look for healthy activities that might offer the same emotional high that shopping does—running, reading, or listening to music, for example. It is also helpful to write out a list before running errands and to carry only enough money for the purchases you need to make. Enlisting a friend or family member to hold you accountable for the purchases you make can also keep you from hiding purchases and thus keeping bad spending habits in the dark.
Compulsive buying disorder
A shopping addiction can be a mental health disorder in some, known as compulsive buying disorder. It is estimated to affect about 6 percent of the U.S. population. As with other compulsive disorders, the affected individual experiences a lack of control when faced with symptoms of the disorder. A person with compulsive buying disorder will feel compelled to spend money, regardless of financial means or need. In cases such as this, in addition to addressing debt issues, it is highly important to visit a psychologist.
If you’ve found yourself in a state of debt as a result of spending habits or of a major unexpected expense, don’t hesitate to contact us at Rulon T. Burton. One of our specialties is bankruptcy law, and we can guide you through the process of declaring bankruptcy and getting your finances back on track.