This Business News Story Was Uncovered By Us From: https://www.laurencobello.com/is-spending-money-an-addiction/
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When I was in my 20’s I spent a lot. Some I was aware of; some was unconscious. Either way, one day I had to admit to myself I was over $40,000 in debt. It occurred to me that’s kind of how addiction works. Addicts often don’t realize there’s a problem until they are in way over their heads. I started wondering, is spending money an addiction?
I was living the dream with a beautiful family, dream vacations, a custom-designed home, a luxury car, and all of the trappings to go with it. On the outside, I had it all together and I was what everyone wanted me to be. Then I hit rock-bottom. Our car was repossessed, we owed more on our house than it was worth, and I was using my near-the-limit credit cards to figure out how to buy diapers and groceries each week.
It’s true, addiction is most often associated with things like substance use or gambling, but it can even extend to things like food, exercise, or spending money. Pardon the pun, but it’s a sobering place to be.
Is Spending Money an Addiction?
It’s said that 6% of the people in the US have a spending addiction. That’s almost 20 million people! While it’s common in our culture to “keep up with the Joneses,” and joke about a shop-till-you-drop mindset, the reality is the foundation of our economy fuels the idea of overspending with easy access to credit cards, marketing at every turn, and a consumer-driven economy. It’s socially acceptable to be a compulsive spender, and often, it seems to be encouraged.
Is spending money addictive?
Addiction is a cycle. It’s usually triggered by some type of event that brings up negative emotional feelings. Maybe these are associated with stress, not feeling good enough, or unhappiness. So it triggers a craving or an urge to distract yourself from the pain and make yourself feel better. You begin a ritual that leads to use. What follows are often feelings of guilt, remorse, shame, embarrassment, and stress. These… Read More
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