5 steps to stop compulsive spending
Are you addicted to shopping?
Has your shopping become an addiction? Are you unable to stop spending money even though you're up to your eyeballs in debt? Is shopping putting a strain on your personal relationships and leaving you feeling guilty and depressed?
If these problems sound familiar, you could be a compulsive spender. Psychologist April Lane Benson defines a compulsive spender as someone who puts so much time and energy into buying things and thinking about buying things that it impairs his or her life in some significant way.
Benson started New York-based Stopping Overshopping LLC, which works to help compulsive spenders. She's also the author of "To Buy or Not to Buy: Why We Overshop and How to Stop."
Compulsive spending can become a vicious cycle. Consumer research psychologist Kit Yarrow has found that guilt leads to more spending. "People think, 'Oh God, I've got a problem,' and they get worse," says Yarrow.
For those looking for help, Yarrow and Benson offer these tips on getting your spending under control.