Some people become addicted to accumulating things with uncontrollable spending. This often causes enormous debt. If the problem becomes too common, it can interfere will other parts of the consumer’s life. Chronic overspending can cause issues with your home life, work, and friends. Often compulsive spending leads to bankruptcy to eliminate the unsecured debt and start over with your finances.
Debtors Anonymous (DA) is a nonprofit group that provides support for people who have spending problems. Based on the Alcoholics Anonymous (AA) program, you attend meetings and work the 12 step program.
Questions to Ask Yourself
Debtors Anonymous has a questionnaire that will help you determine if you have a problem spending money:
- Are your debts making your home life unhappy?
- Does the pressure of your debts distract you from your daily work?
- Are your debts affecting your reputation?
- Do your debts cause you tho think less of yourself?
- Have you ever given false information in order to obtain credit?
- Have you ever made unrealistic promises to your creditors?
- Does the pressure of our debts make you careless when it comes to the welfare of your family?
- Do you ever fear that our employer, family, or friends will learn the extent of your total indebtedness?
- When faced with a difficult financial situation, does the prospect of borrowing give you an inordinate feeling of relief?
- Does the pressure of your debts cause you to have difficulty sleeping?
- Has the pressure of your debts ever caused you to consider getting drunk?
- Have you ever borrowed money without giving adequate consideration to the rate of interest you’re required to pay?
- Do you usually expect a negative response when yours subject to a credit investigation?
- Have you ever developed a strict regimen for paying off your debts, only to break it under pressure?
- Do you justify your debts by telling yourself that you are superior to the “other” people and when you get your “break” you’ll be out of debt?
If you answered yes to at least eight of these questions, you might have a compulsive spending habit. You may want to find a Debtors Anonymous support group, along with others who have compulsions to overspend.
If you have excessive credit card debt and are unable to make the minimum payments, contact a Dayton bankruptcy attorney to discuss your options.