"I just wanted to write and let you know how I much enjoy your site. It is a fantastic idea!" -Elizabeth
Read More Testimonials»

On the Finances Blog

Bankruptcy: The Power of the Clean Slate

It doesn’t take many clicks online to find writing and advice on how to shape up your finances, even First30Days has a great financial advice section found here. There are...

Read More About Bankruptcy: The Power of the Clean Slate»

Our Reducing Debt Experts

Dave Ramsey

Dave Ramsey

Host of "The Dave Ramsey Show" on Fox Business Channel and...

Shared by First30Days View Profile»
Scott Bilker

Scott Bilker

Author and creator of DebtSmart.com

Shared by First30Days View Profile»
Liz  Pulliam Weston

Liz Pulliam Weston

MSN Money columnist and author

Shared by First30Days View Profile»

Meet all of our Finances Experts»

News

The latest news on this change — carefully culled from the world wide web by our change agents. They do the surfing, so you don't have to!

Are You Addicted to Debt?

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

Posted: 12/29/08
Kristy101081

Absolutely, Laura! I work for a credit union in addition to my freelance writing and one of the biggest things I've noticed is that people get so overwhelmed by their debt that they just give up, even with a perfectly good plan in place. Actually, I think it's more their impatience then being overwhelmed. It's about instant gratification, which is usually the culprit for debt anyway. But, I definitely agree that if you have a plan in place, stick to it and trust that you will get there! Good luck.

LauraLee311

This one really grabbed me, but I'm glad to see that I don't have any of the signs of being addicted to debt, even though I feel like I'm never going to get out of it! I do have a plan in place, so I guess I should just relax and trust in that.