One definition of addiction is the repeated use of an activity or behaviour that causes self-harm, and there would seem to be no difference when it comes to managing personal finances. It is fairly clear to see how this applies to compulsive shoppers, internet buyers and gamblers, but someone suffering from debt addiction actually 'uses' debt like a drug with no thought for tomorrow or for the consequences.
Like any form of addiction the biggest initial hurdle to recovery is 'denial', and this denial can be seen as a complete inability to seek professional help despite the self-harm and threat to family stability'. Some of the symptoms of debt addiction might include the following:
- Use of credit as substitute for cash
- Avoiding calls in case they may be from creditors
- Avoiding the truth about affordability
- Engaging in 'retail therapy'
- Inability to pay taxes
- Inappropriate expenditure following windfalls
- Lavishing gifts
The Debt Drug Dealers
The problem of debt addiction is not made any the easier by the abundance of dealers happy to see you hooked. They lurk not just on every street corner, but at every strategic point up and down the high street (as well as on your mobile), and they will deliver to your door at the first sniff of temptation. The stronger your addiction, the more rapacious the creditor.
However, whatever your view of dealers, they only exist to fill a market need, and that need starts with the individual - it takes two to tango. Blaming the dealer is therefore not going to help, and infact might be an obvious mechanism for denial. The path to recover starts with the motivation to face the bank statement demons, get honest and seek help. As with any addiction, you cannot recover on your own. The question is - how much pain are you prepared to put yourself (and your family) through before throwing in the towel?
Pandemic Debt Addiction
The Daily Telegraph report that debt addiction is actually a global pandemic disease, which is now routed in the national psyche of some countries. Jeremy Warner commenting on an increasing habit for national indebtedness reports, "Only mass default will end the world's addiction to debt". He points out that the world has taken on far more debt than it is ever likely to repay. In terms of mental health, what he is saying is that, like many individual addicts, there will be no recovery prior to hitting crisis. It is no wonder therefore that the OECD now also use corporate mental health measures as a strategic economic indicator.
For further information on Recovery from Addiction or to ask an Addiction Consultant
