Compulsive Buying

According to the University of Richmond in Virginia, almost 9% of the American population may be classified as compulsive buyers. This number is up from 5% a few years ago. An interesting fact is that it isn’t just women who are considered to be compulsive shoppers. According to a 2006 Stanford Study, men are just as likely as women to suffer from compulsive buying. Given that the average U.S. credit card debt is $10,000 and comprised mostly of unnecessary purchases, we decided to take a look at this issue to find out what it entails and how to combat compulsive urges to shop.

Compulsive spending is defined as an obsession with shopping that significantly interferes with the functioning of the individual and is thought to afflict close to 17 million Americans. Once dismissed by doctors and psychologists, compulsive buying is now thought to be more closely based with a psychological disorder. At first glance, some of the symptoms seem a bit indicative of the spending habits of young, financially unaware students and teens. However, actual compulsive spending tends to be backed by deep feelings of of anxiety, insecurity, sadness, and depression.

Symptoms of Compulsive Buying include:

• Repetitive Breaking of Budgets
• Purchasing multiples of items
• Hiding purchases
• Returning purchases often
• Feeling withdrawn from credit cards when they aren’t available
• Purchasing with credit rather than cash
• Feelings of guilt, shame, or embarrassment after buying something
• Transferring bank account funds to accommodate spending and juggling past due bills

Breaking a habit or addiction is never easy and requires a rock hard dedication and a steady support group. But for those hard-core spenders, there are some tips to help you break away from the grips of compulsive shopping.

• Focus on what emotions trigger the onset of spending sprees
• Start keeping a shopping diary of every cent you spend to give yourself a visual on spending patterns
• Cut up credit cards and move to a cash based system
• Avoid temptations — steer clear of malls, stores, and friends who encourage these behaviors
• Substitute exercise for shopping — it will help alleviate anxiety and reduce stress
• Write out detailed shopping lists and follow them closely — or have someone shop with you to help you stick to the list
• Join a group like Debtors Anonymous

There are ways to combat feelings of anxiety, stress, and depression, but they start with being able to be honest with yourself about your spending habits and your debt. With budgeting being a major U.S. concern, it’s in everyone’s best interest –not only compulsive spenders — to learn how to change their financial mindset and take charge of their finances.

Related posts:

1. To Charge or Not to Charge: Should Credit Card Spending be Restricted for Young Adults?