It could also mean a relapse of the old bad financial habits.
Philadelphia, PA (PRWEB) November 29, 2013
Debt Consolidation USA, a web-based source of information about personal finance, discusses an important issue that involves debt addiction. In an article published on November 24 entitled “Are You Suffering From Debt Addiction?” the debt relief site reveals that this is a real condition that has to be attended to. It is as real as drug or alcohol addiction. It can be as destructive as both. The article goes on to say that it can even be strong enough to affect the economy in general.
Article discusses how the average household debt has risen - but not enough to cause anyone panic. In fact, the Debt Consolidation USA admits that it can be seen as an indication of consumer confidence. It could mean that consumers feel that they are financially secure to take on some credit. But then again, it could also mean a relapse of the old bad financial habits.
While it may seem like an indication of a stronger economy, the article cautions that too much debt is never a good idea - addiction or not. When it spirals beyond the consumer’s control, it becomes destructive. It can cause foreclosure, bankruptcy, failed relationships, stress and illness - among others.
The article encourages consumers to look over themselves to see if there are signs that they are addicted to credit. Finding out too late can cause them several financial difficulties that could have been avoided - had they detected the problem early on. Here are some of the signs that could mean a consumer has debt addiction.
1. Buying with credit even if cash is available.
2. Debt is constantly in the consumer’s thoughts.
3. Any solution to a financial problem immediately involves taking in more debt.
4. There is always the temptation to use debt to pay for another debt.
5. Borrowing more money without any idea how it will be paid back.
6. No savings.
7. Money is mostly spent on junk.
8. Living on paycheck to paycheck.
The article acknowledges that getting rid of debt addiction is not easy but with professional help, it can be done. The consumer has to admit that their is a problem first. That is usually the first step towards being free of the addiction.
To read what the article has to say about getting out of credit addiction, click on this link: http://www.debtconsolidationusa.com/personal-finance/are-you-suffering-from-debt-addiction.html.