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Shop 'til you drop. Buy 'til you die. Spend 'til the end -- if any of these constitute a serious motto for you, then you may have an equally serious overspending problem.
A couple of years ago, researchers at Ohio State University formally recognized the link between debt, stress and our well-being. Their research concluded that although debt stress is not as significant as some other factors (like age, for example), it still exerts a major impact on our health. And if further information is required, a 1996 article by finance and wellness speaker Grady Cash offers us more evidence of the debt-health connection, including its impact on employee absenteeism, productivity, back pain and divorce rates. If you've ever been caught in a credit card squeeze, then you probably already know what the researchers are telling us. Being in over your head financially is NOT a good feeling: sleepless nights, irritability, anxiety and self-loathing take their toll on us physically and emotionally. And the longer you let it go on, the worse it gets. If it's any consolation, you're not alone in your suffering. There are plenty of other people in the same boat. (And they're not bad people, either. Mistakes happen -- especially where credit is concerned.) But the situation isn't going to change unless you make it change. So if you're in the midst of a debt crisis, the first thing you have to do is: Admit it. Take an honest look at your financial situation, and admit your mistakes. Once you've done the math, you may be able to find your way out of the maze on your own. But if the situation overwhelms you, the next thing you will have to do is: Get the help you need. And I'm not talking about another unsecured loan here. I mean credit counseling. Check your local government listings first to find out what services may be available in your area. If you can already hear the wolves at your door as you're reading this, you should probably surf over to an excellent online resource written by Jay MacDonald. Surviving a Personal Financial Meltdown offers step-by-step advice you can follow to regain control of your finances, and your life. Getting your debt under control will probably entail hard work and some personal sacrifice. And for some it may also require some permanent lifestyle changes. Overspending can be an addiction, and like anyone with an addiction, chronic overspenders may need some outside help. Debtors Anonymous offers a 12-step program to help overspenders get and keep control of their finances. Go To Page: 1 2
The copyright of the article The Urge to Splurge in Thrifty Living is owned by . Permission to republish The Urge to Splurge in print or online must be granted by the author in writing.
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