7 Tips to Conquer Compulsive Spending
Signs, Symptoms and Treatments
-- By Stepfanie Romine, Staff Writer
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Shopping malls are meccas of entertainment and materialism, and when we're bored, many of us head to the stores. For most people, spending money is just another part of life. But for about 6% of the U.S. population, spending money becomes an addiction. And it's a costly one: According to researchers from the University of Florida, the average compulsive spender is carrying $23,000 in debt.
What is compulsive spending?
Like alcohol, food, or gambling, spending can become an addiction. Compulsive spenders don't shop because they need or want things; they shop for a pick-me-up or the emotional "high" that comes from spending money. They lose their ability to rationalize purchases, and out-of-control shopping sprees become the norm. It doesn't matter how much money they're spending or which stores they're visiting. The "out-of-control" feeling that accompanies those purchases is one sign of an addiction.
Spending "addicts" need not shop at the fanciest, most expensive stores to have a problem. Stockpiling tag sale finds, hoarding used books, or stashing knickknacks from garage sales are all compulsive spending habits.
