In recent years, more and more people have been carrying a lot of credit card debt. Many people are finding it hard to deal with their debt, but they don't want to look at whether or not they use credit cards too much. Denial can run deep. People who have a lot of debt don't want to admit that they might be obsessive and out of control with their money. It hurts too much to face it.
Most people who have a lot of credit card debt and find it hard to handle probably won't want to learn much more about this topic. This is how denial works. We'd rather not look at signs that we might be obsessive and out of control when it comes to money. It hurts too much to think about.
In fact, most people with bad money habits and compulsive tendencies won't start to look closely at their debting habits until they reach a crisis point. Only then, when panic starts to set in, will people start to become more willing to look at their relationship with money, personal finances, and debt.
When a personal financial crisis happens, the first thing people want to do is point the finger at others and act like they are the ones who got hurt. Obviously, this doesn't solve the problem and probably makes it worse. Then, the debtor might be willing to get help with their debt, and they might look into borrowing money from family or friends, bringing in people who don't deserve it.
If that doesn't work, other options are looked at, such as debt consolidation, refinancing a mortgage, or even bankruptcy. These steps can help reduce debt and give some relief, but they never get to the root of the problem of overspending.
There are a number of clear signs that you may be a compulsive debtor if you find yourself in this situation. Here are some things you might want to think about:
- Is it hard for you to say no to a really good deal that you could buy on credit?
Does being able to buy things with a credit card give you a boost of confidence, a feeling of being accepted, like you're a grown-up or part of an exclusive club?
- Are you unclear about your personal finances, like how much you owe, how much you spend each month, how much interest you pay, and so on?
- Is it hard for you to pay for your everyday expenses, and do you feel like you've accomplished something when you do?
- Is your life full of drama and chaos when it comes to money? Do you always have to deal with a crisis?
- Do you sometimes bounce checks?
- Do you pay off one credit card with another?
There are many other signs, but if you answered "yes" to more than one of these questions, you may be a compulsive debtor. You won't be able to get out of debt until you change the beliefs and actions that are making you broke. You probably need credit counselling, and a spiritual programme like Debtors Anonymous could help you.
