SIMPTOMS OF DEBT ADDICTION:
1. Difficult circumstances at home as a result of debts
2. Has one's daily job or professional life been impacted by the burden of debt?
3. Makes unachievable repayment commitments to creditors
4. Faced with financial difficulties, the possibility of taking out loans provides some solace.
5. Tell an untruth in order to get approval or acquire loans.
6. Borrows without first evaluating their ability to repay the interest they are charged.
7. Afraid that others will discover their tremendous financial strain?
8. Has encountered challenges in adhering to a repayment timetable.
9. Family welfare is neglected as a result of debt pressure.
Understanding the Addiction to Debt
A debtor's responsibility to pay it off is not suggestive of a debt addiction. When an individual loses their job, many of them incur credit card debts and obtain mortgages or auto loans. On the contrary, debt addiction is correlated with a mentality that disregards consequences and is unrealistic regarding one's financial situation. The struggling individual develops a disproportionate reliance on credit and a high tolerance for debts as a coping mechanism.
Furthermore, debt addiction is distinct from other types of addiction. While contending with compulsive gambling or spending, an individual might abstain from borrowing money. However, they frequently occur in together. Indebtedness for the support of these behaviours is an unmistakable indication of a loss of control. Moreover, mounting obligations may exacerbate preexisting addictions. To provide temporary relief, because of the stress of being harassed by creditors may drive the struggling individual deeper into debt.
What are common coping mechanisms for individuals experiencing depression?
We visit the stores and purchase another pair of shoes, a new outfit, or perhaps just some ice cream, anything that will boost your mood. There are individuals who turn to alcohol when they feel overwhelmed by life, and others who resort to drugs when life becomes too much to bear. Why not consider debt addiction for individuals who are addicted to accumulating debt?
Retail therapy as a solution to feelings of depression?
It seems that a significant number of individuals are unaware of the fact that indulging in retail therapy can lead to an undesirable addiction to debt. Making purchases beyond your means solely to seek emotional solace or conform to societal expectations. Is it truly farfetched to suggest that debt addiction is a real phenomenon? And if it is a genuine phenomenon, how can anyone recover from it?
Debt Rehabilitation
Individuals struggling with addiction often seek
help in rehabilitation facilities, where they sever connections with individuals who enabled their addictive behaviours. However, when it comes to addiction to debt, the approach may differ.
Many South Africans struggle with debt addiction. Excessive spending may lead to a dependency on debt. Many people buy products without realising the potential for future financial strain and over-indebtedness.
Instant gratification is a prevalent aspect of our society. In today's society, individuals have the convenience of using accounts to cover their expenses, which was not the case in the past. Back then, people had to rely on what they could afford and save up for items like a beautiful dress, a pair of shoes, or even a car. Alternatively, they would opt to make their own clothes, as it was more cost-effective to purchase fabric rather than buying a ready-made dress.
The reason why a significant portion of the population is grappling with over-indebtedness is due to the prevalent practice of buying now and paying later. Engaging in the practice of assuming credit and believing in the ability to defer payment may initially seem convenient. However, it is crucial to recognise that this behaviour can quickly lead to overwhelming financial obligations that become impossible to escape. To sustain that quality of living, you will continue to borrow and live beyond your means. When a situation like Covid arises, it becomes clear that a mistake has been made and one finds themselves in a difficult predicament.
Steps to overcome debt and regain financial stability.
1.
Select a debt relief solutions company that is registered with the relevant South African government agencies and work together to create a plan for settling your debt.
2.
Find a
solution that won't have long-term consequences and enables you to attain a debt-free life.
3.
Accept accountability for the debts and address the underlying emotions.
4.
Locate a company that can offer you the resources you need to reflect on your past mistakes and prevent future overspending.
5.
Search for an organisation that specialises in analysing your financial health and providing comprehensive assistance in debt elimination. They can also offer guidance on long-term debt avoidance strategies.
6.
Finally, it is crucial to reach the point where you refrain from accumulating debt.
7.
Develop the skill of managing your monthly income and avoid buying items that are beyond your financial means.
8.
Discover a method to eliminate your debt while also preventing the accumulation of new debt. This will allow you to regain trust in yourself and learn to avoid excessive purchases when you lack the funds from your monthly income.
Contact a debt relief specialist like CureDebt, because we can help you evaluate the different options before making the final decision.
Before deciding, it is vital that you consider all available options and weigh all possible outcomes.
