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Are You Addicted to Debt?
Are you addicted to debt? Not sure? Well, there are some warning signs that could give you an idea, if you choose to pay attention to them. I recently wrote a popular post at Master Your Card about these warning signs, and let me tell you, there are a lot of people relating to debt addiction at the moment.
Sadly enough, this addiction isn't a product of the economy. It's been going on for awhile now. Debt has been increasing steadily over the last decade while the savings numbers have remained in the negative for the same period. It's time we take notice of our debt addictions and get rid of them! Here are just a few signs to get you started.
1. Unsure of your financial state.
Not taking the time to look into where you stand financially could mean you're in denial about your situation. Like most addictions, admitting there's a problem is the first step. Getting yourself organized would be the second.
2. Terrible savings habits.
This is for those of you who want to argue the 3-6 months saved expenses, or who simply refuse to save. There’s usually an underlying reason for this, though you may not be aware of it.
3. Living paycheck to paycheck.
By itself, this one doesn't carry a lot of weight. Sometimes it's just a matter of people being financially uneducated. But, in league with the other warning signs, it's a pretty big clue that you could be addicted to debt.
4. Spending just to spend.
This goes beyond just emotional shopping (which in the list of warning signs is considered ‘shop-a-holic‘). This is the debt junkie getting their fix. People who spend just to spend do so because it's what they've always done and they feel nervous or anxious when they don't. Money burns a hole in their pocket.
For more signs that you could be addicted to debt, be sure to visit Master Your Card. And let us know what you think here—are you or someone you know debt addicted? - Kristy Young