In times of stress, some people enjoy a temporary fix with “retail therapy.” Occasional unnecessary shopping trips pose little harm, but when spending money becomes a compulsion, it can cause serious problems. If spending more than you can afford becomes a chronic problem, it can interfere with your home or work life significantly.
Credit Card Debt
If you or a loved one has racked up credit card debt, filing bankruptcy can be a quick and easy fix to eliminate your unsecured debt. Once you have your finances back in order, it is wise to get control of your shopping habit, so you don’t end up in financial trouble again.
Debtors Anonymous (DA) is based on the principles of Alcoholics Anonymous with the 12 steps and group support. The nonprofit organization supports people from all walks of life and with all levels of income and debt. The website has a list of questions to determine if you have a spending problem.
If you can answer yes to at least 8 of these questions listed on the DA site, you may have a spending compulsion.
- Are your debts making your home life unhappy?
- Does the pressure of your debts distract you from your daily work?
- Are your debts affecting your reputation?
- Do your debts cause you to think less of yourself?
- Have you ever given false information in order to obtain credit?
- Have you ever made unrealistic promises to your creditors?
- Does the pressure of your debts make you careless of the welfare of your family?
- Do you ever fear that your employer, family or friends will learn the extent of your total indebtedness?
- When faced with a difficult financial situation, does the prospect of borrowing give you an inordinate feeling of relief?
- Does the pressure of your debts cause you to have difficulty sleeping?
- Has the pressure of your debts ever caused you to consider getting drunk?
- Have you ever borrowed money without giving adequate consideration to the rate of interest you are required to pay?
- Do you usually expect a negative response when you are subject to a credit investigation?
- Have you ever developed a strict regimen for paying off your debts, only to break it under pressure?
- Do you justify your debts by telling yourself that you are superior to the “other” people, and when you get your “break” you’ll be out of debt overnight?
You can find a meeting near you, listen to podcasts, order publications, or find phone meetings on the Debtors Anonymous website.
If your spending has gotten out of control and your debt is more than you can pay, contact a Hidalgo County bankruptcy attorney today to find out what solutions will work for you and your situation.