Fashion Shopping Addiction May Lead To Debt Formation
Monday, January 23, 2017 • No Comment
Addiction towards anything makes you unreasonable, and you start to behave in an unrealistic way to cause further damage to the already fragile condition. It can be drug or bad food habits which may lead to further deterioration in health or can be in unnecessary expense in fashion and clothing which might compel you to find alternative sources to meet the expenses. This leads to your bad financial health and unmanageable debt condition. Shopping addiction is one such serious addiction which many seems to overlook and ignore just to find them in a big black hole of debt in a very short time.
Control Over Passion To control your shopping addiction, it is required to control your passion for fashion items like clothes, shoes, and other accessories. You should take this addiction seriously and believe that when it takes a severe form, then you may not be able to control or stop shopping. Ask relevant and very useful questions to you so that you make the necessary expenditure. Ask about the real necessity of the item which you want to buy, whether or not you can do without it currently, can you manage the cash to buy or would have to use your credit card and whether or not you are going to use the item frequently.
Concentrate On Savings If you concentrate more on savings rather than spending, then you can curtail some unnecessary expenses and save that amount to create a corpus for emergency requirements. You may also consider the payments upcoming next month for your debts or the insurance premium that you have to pay. This would help you to refrain from impulsive buying and help you to take more informed and educated decisions. It would restrict and limit the use of credit cards which are probably the most dangerous tool to acquire debt. With zero or nominal application fees, credit cards are available galore, some even have unreasonably high credit limits, which you tend to use to satisfy your passion and fall into a debt trap.
Debts Create More Debt You may be allured about the fact that you get interest free credit when you use your credit card to buy a certain item and therefore make the purchase. The thing that you do not realize is that the free period is limited, often for a month, and once it is over interest on the outstanding amount increases in leaps and bounds as the interest rate is higher than any normal and traditional personal loans. Non-payment or less payment than the minimum amount would result in penal charges which would further lead to an increase in outstanding debt amount.
Make Physical Visits Another apparently useful tool to make you indebted even more is the online shopping feature that most of the fashion brands come up with now. They offer alluring discounts and benefits along with the convenience of payment and shopping from home which results in reckless, excess and unnecessary purchases. Click here to know more about the benefit of online shopping. Therefore, if you want to keep your debt within payable limits, buy in cash, with a friend and always visit a physical store.