January 24th 2024.
Dealing with financial problems is a common experience for many people. But for some, it can become a never-ending cycle of debt, no matter how much their income or financial situation changes. This could be a sign of debt addiction, and it's not something that can be easily fixed on one's own. Seeking professional help is the first step in facing this issue.
It's not easy for most of us to admit being addicted to debt. Even when we are struggling to make ends meet, we tend to blame external factors instead of taking responsibility for our choices. But it's important to ask ourselves, are we compulsive debtors? Here are some common signs of debt addiction that we should be aware of.
Do you find yourself worrying about your debts at night and having it affect your daily life and work? Are you avoiding calls from creditors and people you owe money to? Do you feel like using a credit card is a game of chance, never knowing if it will be accepted and constantly worrying about how to pay the bill? These are all signs of helplessness and lack of control, which are common in all types of addictions, including debt addiction.
Using credit to cover basic household expenses, avoiding facing the reality of our financial situation, and engaging in destructive behaviors like retail therapy, overeating, or substance abuse to cope with the stress of debt are all red flags of debt addiction. Additionally, constantly making excuses and hoping for a windfall to solve our problems is a dangerous mindset that can lead to further financial trouble.
Borrowing money from friends and family, lying to loved ones about our purchases, and not being able to pay our taxes are all harmful behaviors that can result from debt addiction. And even when we survive a crisis and receive unexpected income, instead of using it to pay off our debts and start fresh, we tend to splurge and put ourselves back in the same situation or worse.
Unfortunately, our society often encourages and normalizes compulsive spending and debt accumulation. But we must recognize that debt addiction is a serious issue that can have negative consequences for individuals, families, and communities. The number one sign of debt addiction is denial, which can lead to a refusal to seek professional help, even when it's clear that our financial health and stability are at risk.
It's not uncommon for people to turn to illegal activities to deal with their debt when they refuse to get help. That's why it's crucial to take action and seek professional assistance if we or someone we know is struggling with debt addiction. There's nothing to lose in seeking help, and it could prevent us from losing everything in the long run. Let's face the signs of debt addiction and get the necessary support to overcome it. This post was originally published on October 2, 2013, and can also be found on Black Enterprise's website.
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