Is your spending out of control?
Do you ever find yourself in the soap aisle of the supermarket buying shampoo when you know you already have 3 bottles at home? Or do you ever feel the need to buy a new pair of shoes when you’re having a bad day? Or what about that new iPod to go with your new running shoes. After all, what self-respecting runner doesn’t at least match out there on the road? In other words, are you into retail therapy? Do you spend to soothe? Or do you justify your spending with sometimes questionable rationales? If so, your spending may be out of control.
The first step to financial recovery is to recognize that you may have a problem with your spending habits. Below is a questionnaire you can use to test your spending habits.
1. Are your debts making your home life unhappy?
2. Does the pressure of your debts distract you from your daily work?
3. Are your debts affecting your reputation?
4. Do your debts cause you to think less of yourself?
5. Have you ever given false information in order to obtain credit?
6. Have you ever made unrealistic promises to your creditors?
7. Does the pressure of your debts make you careless of the welfare of your family?
8. Do you ever fear that your employer, family or friends will learn the extent of your total indebtedness?
9. When faced with a difficult financial situation, does the prospect of borrowing give you an inordinate feeling of relief?
10. Does the pressure of your debts cause you to have difficulty in sleeping?
11. Has the pressure of your debts ever caused you to consider getting drunk?
12. Have you ever borrowed money without giving adequate consideration to the rate of interest you are required to pay?
13. Do you usually expect a negative response when you are subject to a credit investigation?
14. Have you ever developed a strict regimen for paying off your debts, only to break it under pressure?
15. Do you justify your debts by telling yourself that you are superior to the "other" people, and when you get your "break" you'll be out of debt overnight?
How did you score? ________
According to Debtors Anonymous, if you answered yes to eight or more of these questions, the chances are that you have a problem with compulsive debt, or are well on your way to having one. If this is the case, today can be a turning point in your life.
Debtors Anonymous: "We have all arrived at this crossroad. One road, a soft road, lures you on to further despair, illness, ruin, and in some cases, mental institutions, prison, or suicide. The other road, a more challenging road, leads to self-respect, solvency, healing, and personal fulfillment. We urge you to take the first difficult step onto the more solid road now."
Below are some websites where you might receive more information on financial crisis counseling.
Debtors Anonymous http://www.debtorsanonymous.org/
Unofficial DA site http://www.solvency.org/
Dana A. Ehrlich
Dana A. Ehrlich can help you evaluate whether your spending is out of control. He has lived in the ConchoValley and San Angelo, TomGreenCounty for many years. His practice is primarily consumer bankruptcy law and he is a board certified bankruptcy specialist for Chapter 7 and Chapter 13. He may be reached at 325-655-5351 or at email@example.com.