10 Sep Addicted to Debt? Here are the Signs
Debt affords us the ability to do what we could otherwise not, because of our financial limitations. It is easy to get swept up in the false comfort that borrowed money can offer at first – a credit card which allows us to dine in style or make elaborate purchases, a store card for a fun shopping spree or a loan to finance an exciting vacation. More and more people are developing an unhealthy relationship with debt that is causing them to quickly become over-indebted, and in over their heads as far as their finances are concerned.
Before you seek professional help, there are signs that you can look out for to know if you are addicted to debt:
Struggling to pay back debt in time: One of the first signs of an addiction to debt is the difficulty you face when it comes to honouring repayment contracts with your creditors. Even though you have the best intentions in paying back money owed, you simply cannot afford to repay the full amount when the date arrives. This indicates that you have too many financial obligations and debt agreements.
You are always stressed about debt: Despite your willingness to take out loans wherever possible, you know deep inside that you can’t afford what is expected of you at the end of every month. Your debt obligations keep you up at night and interfere with your personal and work life, and you’re always worried about how you will keep up.
You avoid your creditors: When you get a call from a private number or potential creditor, you avoid answering because you know that you’re in over your head. Not being able to afford your monthly payments could indicate over-indebtedness, and there is a solution to your problems.
“Retail Therapy” is normal: The thrill of a new purchase makes you feel powerful and helps you to excuse your rising expenses and justify your spending habits. This becomes a problem when you’re spending too much money on shopping sprees and rely on store accounts or credit cards for retail therapy sessions.
You lie and cover up to those you care about: One sure sign that you are a debt addict is when you feel the need to lie to your loved ones when it comes to money. You are dishonest about what you earn, how you spend your money and even how much you have acquired in debt.
You’re always borrowing money from family and friends: Once you’ve become reliant on loans as handouts to get through difficult times,you become comfortable with asking your close friends and family for help with money. Oftentimes, your personal relationships become compromised because of the money you owe and cannot repay.
These are just some of signs that can could mean you are addicted to debt. At Debtco Group, you can count on us for a reputable and personalized Debt Counselling service, which can start as soon as you are ready!