Articles From Previous Issues

Is Compulsive Spending Creating Problems in Your Life?

According to a Stanford University study, 17 million Americans or 6% of the population are compulsive spenders or shoppers. Researchers from the University of Florida reported that the average compulsive spender is carrying $23,000 in debt (not including a home mortgage). Compulsive spending can be thought of as a chronic tendency to purchase products far in excess of a person’s needs and resources. Are you a compulsive spender? At what point does a fun shopping habit become a problem behavior that needs to be addressed?

Consequences of compulsive spending

One of the main differences between compulsive spending and non-compulsive spending is that compulsive spending usually results in negative consequences. Some of these consequences are:

• Stress from increased debt or trying to figure out how to pay for everything
  
• Marital or relationship difficulties due to hiding overspending or lying about it
  
• Legal, family and relationship difficulties caused by massive credit-card debt
  
• Guilt and shame associated with the problem of compulsive spending
  
• Increased anxiety and depression

What’s behind compulsive spending?

Compulsive spending is a symptom of a bigger problem. Compulsive spenders use shopping as a way to improve their mood or avoid troubling feelings like depression, sadness, anger, emptiness, boredom or low self-esteem.

Do you have a problem?

Review the questions below. If you answer “yes” to more than one of these questions, you may be a compulsive spender:

• Do you shop as a means of relieving stress or escaping everyday problems?
  
• When you are shopping, do you experience feelings of euphoria and excitement?
  
• Do you feel guilty or remorseful after shopping?
  
• Do you ever hide your purchases from relatives or loved ones?
  
• Do you buy things on credit that you would not normally buy if you had to spend cash?
  
• Is your shopping habit causing emotional stress, financial debt or ruined credit in your life?