Debt Calculator
Sunday May 5, 2024
Sunday May 5, 2024
There are many reasons that individuals get into debt. It could be due to underemployment, the lose of a job, not having good financial sense, or simply blowing money on purchases that one cannot afford. Another reason that individuals accumulate a lot of debt that may not get as much attention is depression or having the blues. Many people feel sad or depressed and so they spend more money then they have. Often times this is an attempt to self-treat their depression or sadness with shopping or retail therapy. Individuals may also experience feelings of hopelessness and no longer care about their finances. Also, individuals who tend to be depressed, have less impulse control and will make purchases on impulse without considering the consequences..
Retail therapy is a pretty well known term, and it is often used in jest. However, for people who are depressed, it's very real. They may attempt to lift their spirits by shopping. Buying something new tends to make us all feel better, temporarily. Once that feeling goes away, an individual may try to get it back with more shopping and spending additional money. Before they know it, they have gotten themselves into quite a bit of trouble a financially.
Feelings of depression can lead to hopelessness. When individuals no longer feel hopeful, they may not care about the things that they used to. They may no longer care about keeping a budget or spending wisely, and subsequently, they go out and make many purchases because they really don't care during times when they are feeling bad.
Individuals who are feeling depressed or have the blues also tend to have less impulse control. Subsequently, if they see something that they want, they buy it. It's not until after the fact that they realize what they've done. The resulting financial mess triggers more feelings of regret and sadness. They then attempt to make themselves feel better by going out and purchasing more things and it just becomes a vicious cycle.
Individuals that are depressed may use shopping as a way to help themselves feel better. Because they are in a bad place emotionally, they are not really concerned about the impact of their choices and how it will affect their finances. When individuals feel hopeless, they are not concerned about the future and so they will spend money now not considering the damage they are doing to their finances. When individuals feel depressed, it is very important that they speak to the doctor or to a psychologist to treat the underlying issue. Excessive shopping is typically the symptom of a much bigger problem.