Jacoby & Jacoby Articles Do you have a shopping addiction?

Do you have a shopping addiction?

By Jacoby & Jacoby  Mar. 12, 2013 10:37a

A shopping addiction can lead to serious financial problems, especially for those who satisfy their shopping urges through continual credit card usage. This type of compulsive shopping has been labeled oniomania, which is characterized by impulse shopping that is out of control and is used as a way to cope with one's life. It often results in overspending and can lead to relationship problems with one's spouse, partner, parents, or children.

A shopping addiction can start in one's teens and continue into adulthood. It may coincide or be used as an outlet for anxiety disorders and other psychological problems, such as depression, self-critical thoughts, boredom, and other negative emotions. Experts estimate that approximately six percent of the population may suffer from such an addiction. Those who do can be recognized through the following habits: they generally shop alone, deny that they are addicted or are overspending, shop as a hobby, to feel better about themselves, or for the temporary thrill of the purchase, lie about what they have spent, rely on credit cards, and refuse to talk about their addiction. Quite often, they never use or use very little of what they purchase and, once the temporary high of the spree is over, begin planning their next shopping excursion, whether in person or online. A serious shopping addiction can lead to thousands of dollars in unsecured credit card debt and financial ruin.

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Most people who are forced to consider bankruptcy do so due to events such as job losses, reduced wages or hours, investment losses or failures, illnesses or injuries, costly divorces, and similar events beyond their control. Often such individuals agonize over the decision to file for bankruptcy and may even wait too long to seek this legal solution to their financial distress. Many have misconceptions about bankruptcy, the procedure, and the consequences. All of this can be debunked by consulting with a qualified attorney who can provide the information, education, and guidance you need to make an informed decision about how to resolve your financial scene.

The law firm of Jacoby & Jacoby, with five offices serving Nassau County and Suffolk County, is the largest bankruptcy firm in the Long Island area. Its attorneys have more than 50 years of combined experience in this field and have helped thousands of individuals and families get a fresh start after eliminating overwhelming debt. If you are in severe financial distress, get the legal help you need. Contact the firm to talk to an attorney about your debt relief options today.

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