I'm a debtaholic

[cheapwine]

I'm not sure if there's such a thing as a debtaholic, but if there is one then I am. It has been very difficult for me to admit this, but I'm finally coming to terms with it. I know that recovery is going to be a long process and it will involve a lot of situations where I am sure that relapsing into debtaholicism would be the easy choice, but I am hoping to avoid that. I just wanted to announce that everybody to keep myself honest.

[JoshuaHeckathorn]

And you like "cheap wine" too...that sounds like a dangerous combination :-). All joking aside, I hope you can find some help and guidance here.

What exactly keeps getting you in debt? Have you found the root cause yet?

[jerrycates]

That is nearly sad to know. Getting yourself deep in debt is sad and problematic. More like problematic than sad I guess. Better keep your act together as soon as possible.

[snshijuptr]

There is something tempting about falsely increasing your standard of living through debt. I'm a bit of a compulsive person so I've focused my obsessions in positive ways. One of my methods is to focus on my numbers not my stuff. I keep track of my Liquid Net Worth every month. This means that every time we make a large purchase (or even go over budget with small purchases), it hurts our Net Worth. My other method is to live in a small space which means I'm constantly trying to make a little more room. I can't buy too much stuff without quickly creating an unsafe situation.Finally I obsess about not owning crappy stuff. I don't settle on ill-fitted clothing, low quality furniture, meaningless experiences, etc. I actually shop at thrift stores because I can find clothes that fit me better (the selection is way, way bigger than any department store) and the furniture is tough. This also means I carefully scrutinize all my purchases which gives me time to save up.

Basically I turn frivolous shopping energy into obsessive quality deal hunting. Good luck with finding your own method to refocus your energies to reduce your debtaholic tendencies.

[Joan.of.the.Arch]

That's cool, snshijuptr. I've always suspected that at least some people who are compulsive spenders have the potential to reposition their compulsiveness so that they become personal finance champions instead.

[wincrasher]

Sometimes we sabotage ourselves. Could be out of guilt or fear or low self esteem.

Sometimes we don't get positive reinforcement at work or at home and need to reward ourselves because we "deserve it" even though no-one else seems to think so.

Sometimes we crave attention and self gratification because we aren't getting it from anyplace other than the mall.

Whatever the reason, recognize it, address it, and move on.

Good luck!

[Eric80]

I'm pleased that you have been able to manage and admit this to yourself
I advised my friend to go to a debt company where they would be able to advise on not only his business debt but his household debt as well. They had suggested 2 options for him- debt consolidation and a plan which would help him manage his debts- It has helped him so much and you can see the difference on how it has affected him and his business - he is happier! It was tough at the beginning but he has got through it and is stronger.

[naomibatac]

Admitting that you are a debtaholic is already a good sign that you can fight temptation of being into heavy indebtedness. Finding out the root cause is a big challenge. Not unless you discover the cause, the best debt counselor can't help you settle your accounts and stop going into indebtedness. However, a reliable and competent debt counselor can help you discover the root cause.

[AceBarks]

As someone who has been in deep credit card debt more than once, I will tell you this...

No words can explain the mental, physical, and spiritual fulfillment and freedom you will experience WHEN you become debt free. No shirt, car, or dinner will ever feel as good as knowing you do not owe anyone money.

[Eric80]

the best thing to do here would be to go and speak to a debt advisor who will be able to arrange for a debt repayment plan that will sort out the best way in which you can pay back your debt- they may even suggest debt consolidation or even an IVA depending on your situation.

[YLTL_Dan]

Originally Posted by AceBarks

As someone who has been in deep credit card debt more than once, I will tell you this...

No words can explain the mental, physical, and spiritual fulfillment and freedom you will experience WHEN you become debt free. No shirt, car, or dinner will ever feel as good as knowing you do not owe anyone money.

I totally agree with this. Purchases can give you a short term psychological and even physiological boost, but it can't outweight the long term affect of debt on your life. You are on Earth for a purpose, and it will be much harder to find your purpose if you're busy working to pay off your debt.

[Eric80]

I really admire your honesty and i think that others need to recognise that its not easy to openly admit that this. I was in a horrific amounts of debt but then decided to sort it out- once and for all. I then decided that I would go and see a debt advisor where they advised that I consolidated my debt - this was probably the best thing i have ever done in my life!