Advocating For Consumers In Bankruptcy Filings For More Than 25 Years

Compulsive shopping disorder could easily lead to bankruptcy

On Behalf of | Aug 14, 2020 | Credit Card Debt

Compulsive shopping isn’t just a bad habit. It can be a mental health disorder. People can become addicted to the thrill of shopping and the short-term rewards that purchasing produces.

From the social pleasure involved in going to stores with others to the reward chemicals that fill your body when you find that perfect gift or pair of shoes, shopping can be entertaining. Unfortunately, if you can’t control your desire to shop or your spending habits, you can easily find yourself struggling financially.

Compulsive shopping often involves putting off the payments for purchases

If you went to the bank and cashed your paycheck, it would likely require significant mental effort for you to hand over an entire week’s worth of wages for a suit, coat or a handbag.

However, when the money is just theoretical because you pay with a credit card or have a line of credit with the store, you won’t necessarily consider how much time it will take for you to pay off those purchases.

The lower your monthly payments toward your credit cards and the higher the balance you carry, the more you will end up paying for those compulsive purchases in the long run.

You may need help to stop shopping

If you are truly a compulsive shopper, you may make purchases without considering the long-term impact and struggle to resist temptation, whether you find yourself shopping online or in physical stores.

Getting counseling or joining a support group can help you put your shopping desires into perspective and make it easier for you to control your spending habits. Once you have your impulses under control, you can take steps to reduce the debt that you accrued because of your shopping habits.

Bankruptcy can be the light at the end of the tunnel for those with huge debt

Unless you just recently made the purchases in question, you will likely not be able to return the items. Additionally, expensive items may not command a reasonable price on the resale market, which means that you don’t have any real options to liquidate the items as a means of repaying your debt.

Depending on the assets that you hold and your current income, you may need to consider whether bankruptcy might be a solution for your situation. If you secure a discharge, you can potentially avoid repaying all of that overwhelming credit card debt.

Getting help both in addressing your shopping habits and taking control over your debt may feel embarrassing, but it will be better for you in the long run than trying to hide, lie about or ignore the problems that stem from compulsive shopping.


Our Blog