Favorite pastime or destructive addiction? For those who have crossed the line to addiction, experts say to look for the following: getting into deep financial trouble, compulsive buying (10 pair of shoes vs. 1), happens more than once a year, hiding and lying, guilt leading to returns, leading to more spending, negative impact on relationships, loss of control, using credit vs. cash, or juggling accounts to accommodate spending. If you or a friend find yourself in this position, a 12-step program such as Debtors Anonymous can be a lifesaver. Medications and a change in behavior can also help.
Read full article here: Shopping Spree, or Addiction?
Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.