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While we ran an article a while back on Oniomania which is commonly called <A HREF="http://www.savingadvice.com/forums/showthread.php?t=5540">Compulsive Shopping Disorder</A> and the symptoms, <A HREF="http://money.cnn.com/2005/07/20/pf/shopper_0508/index.htm">money.cnn.com</A> has a new article up on their site called <i>Confessions of a Compulsive Shopper</i> which shows how one women's obsession with kid's clothes help put the family in debt to the tune of $50,000.
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The article gives a first hand and personal look at how this addiction can get out of control and the consequences of such an addiction. It also shows that if you don't address the problem of where debt is coming from before paying off your credit cards, taking out loans to pay off credit cards will likely result in the credit cards being maxed out a short time later. The couple borrowed $28,000 from their parents to pay off $30,000 in credit card debt. Half a year later the cards carried an additional $26,000 in debt.
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The article gives a first hand and personal look at how this addiction can get out of control and the consequences of such an addiction. It also shows that if you don't address the problem of where debt is coming from before paying off your credit cards, taking out loans to pay off credit cards will likely result in the credit cards being maxed out a short time later. The couple borrowed $28,000 from their parents to pay off $30,000 in credit card debt. Half a year later the cards carried an additional $26,000 in debt.
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