Month: February 2017

If you want to get debt free and lead your life in peace, you should control your spending at all cost. If you feel the urge to spend even if you have limited cash in your hand it is a point to be worried as it is the sign of an addiction. Like all addictions, shopping addiction can also be cured and just like all addicts, you should be diligent and determined to get cured, to start with. in most cases debt is the result of compulsive spending and mismanagement of such credit and debt leads to debt accumulation and deteriorating financial health.

Ask Questions To Yourself

The most significant sign for addiction is that you do not know the limit and time to stop. You feel the high in such spending and have a sense of satisfaction to show your self-image to others, on borrowed money. You should know the point when such fun shopping becomes an addiction that causes debt. Knowing that you are a compulsive shopper would help you to plan out ways to rectify and control your spending spree. You can contact a credit counselor to know about it all but it is very simple when you ask yourself a few elementary questions so as to find out the level of your addiction.

Signs Of Addiction

The telltale signs of addictions can be judged when you ask yourself whether or not you buy for the need or jut for the fun sake or to get some …

When you buy impulsively it is time to be concerned as such shopping addiction may lead you to the black hole of debt. It is a feeling when you feel ‘high’ when you spend, on necessary and mostly on unnecessary objects. The most probable cause of such addition is that you are not able to distinguish properly between your desire and need. This results in buying things which you could have easily done without and keep your expense level to the minimum. In such addicted and impulsive buying you tend to use any possible option to get the required cash and do not even hesitate to use your credit card extensively.

Know The Beginning

It all starts with the urge to buy and spend even when you do not have the required money in hand. You start to borrow from people to quench your desire and due to the ever existent shortage on money; you cannot return the money, with or without interest on time. This leads to the constant pressure and stress for the requirement of money and if you use credit cards or avail other forms of loans then you are more into the debt trap. Such loans carry high rate of interest which gets accrued with the principle amount very fast and quickly reaches to an unmanageable limit. You ten start to get collection calls resulting in the increase in your anxiety and depression.

Items Of Purchase

The items of such addicted purchase include mostly wants and …

It seems very nice to buy a new item or to wear a new piece of cloth but if it comes with a price which is more to the tag attached then it has no value. You should not show your image depending on borrowed money as that you not only lead you to a debt trap but would also affect your health adversely resulting serious problems like heart attack and stroke. It is better to collect things in cash more than in credit so that you can limit your expense to a considerable extent. You can limit your credit card use to a single one and freeze all the other and also use it for only in case of emergencies only.

Be More Realistic

You should be more realistic in making expenses and only stick to your needs more than your wants. It is also not wise to use the debit cardeven as that can also spur more purchase. You could focus on more tangible objects and since you would not have any plastic in your hand you cannot make any expenses for your wants. Also think and consider your affordability to go for that after work shopping spree or for that expensive lunch and then avail it. Think about the embarrassing moments and the uncomfortable situations when you have to admit your friends that you are in debt. All this realistic realizations would help a lot in shrinking your debt.

Create A Budget SpreadSheet

Be honest with you …