Signs of an Emotional Debtor
As we have emphasized on numerous occasions, filing for bankruptcy is the first step on your road to the financial fresh start you need and deserve. But one of the biggest problems that some bankruptcy debtors face is accumulating too much debt and ending up in bankruptcy again for the second or even third time. Many of these repeat bankruptcy filers are emotional debtors.
Below are a few signs that you too may be an emotional debtor:
- You shop as a form of stress relief and often max out your credit cards just to experience the release that shopping provides. Let's admit it; we live in a very stressful and fast-paced society. It is the nature of our society that sends many debtors looking for quick fixes to relieve the stress. That's why many bankruptcy filers fall into the "debt as stress relief" trap.
- You make extravagant purchases such as luxury clothing, cars and even houses to project an image of success, an image which often covers some feelings of inadequacy. Many debtors who have filed bankruptcy only to find themselves drowning in debt again a few years later are suffering from an emotional need to "prove" to others that they have arrived by making purchases on credit which they cannot afford.
- You are a people pleaser who ends up in debt and eventually bankruptcy because you cannot say no to other people's wishes. If you find yourself loaning money to friends, allowing your adult children to use your credit cards or succumbing to the extravagant spending habits of a spouse after bankruptcy, you may be an emotional debtor who simply cannot say no.
If you find that your debt issues are driven by emotional triggers such as the ones discussed you may want to seek the help of a professional so that you can get on with your financial fresh start after bankruptcy.