When Financial Stress Causes Chicago Shoppers To Overspend
When the bills pile up and the budget is stretched tight, cutting back on shopping sprees seems like the rational thing to do. But for emotional spenders, it's not so easy.
Debt causes emotional discomfort - no argument there. For many of us, that stress becomes a great motivator for finally getting our finances under control, whether it's by reworking our budget, making more than our minimum monthly payment, or seeking help from a Chicago bankruptcy attorney. But a portion of the population deals with financial stress a little differently - by doing more spending.
Similar to the way someone on a diet might go on an eating binge after falling off the wagon, some consumers deal with money problems by splurging on clothing, shoes, makeup, electronic gadgets, you name it, without so much as glancing at the price tag. Sometimes binge shoppers end up returning most or all of their loot - but there are still consequences.
You could wind up paying shipping costs if you're shopping online, you could increase the size of your bills while you're waiting for a credit from a return, you could forget to return items (many binge shoppers have a closet full of clothes with the tags still on) and, if you find yourself lying about purchases to family and friends, you could seriously damage your relationships.
The more you shop, the more you add to your debt - and the more you add to your debt, the more you feel compelled to shop. For emotional spenders, it's a vicious cycle. But while only you can make the decision to change your habits, there is a way to lower debt - and thus reduce the pressure that may be encouraging your shopping addiction.
Do you feel powerless over your debts? Bankruptcy offers a realistic way to take back control of your finances. With the right bankruptcy plan, you can reduce or completely eliminate your balance, avoid foreclosure, and find a fresh start. Feeling helpless will only make your situation worse - taking action has the potential to make it better. Learn more about what bankruptcy can do for you and your finances with a free one-on-one debt analysis courtesy of a Chicago bankruptcy attorney.