With the changes in our economic situations and constantly being bombarded by advertisements and sales, there are many people who are getting into trouble financially. Some have changes in their financial lives and may be having difficulties making changes in their spending. Others may shop to get away from their troubles but are actually making them worse by going deeper into debt.
There was a recent article about shopping addictions. According to the article, about 5% of Americans suffer from compulsive shopping and even more from with lesser forms of overspending.
On a lighter note, here is a clip of a Don’t buy stuff skit on Saturday Night Live.
By being able to purchase many things on monthly payments, it is easy to get into trouble when you get too many monthly payments. Also, some people think they are doing okay financially if they can make the minimum payments on their credit cards and payments. But if you only make the minimum payments, you are barely paying more than the interest charges and making very little progress to paying off the amount owed.