How To Stop Inner Shopaholic & Become Debt Free

Most of us had some experience with debt, especially when it comes to girls and their love for shopping. I think this is a serious issue, considering that many women experience some kind of depression if they go out shopping and actually don’t buy anything or don’t find what they were looking for.

I was laughing when I read that book “Confessions of a Shopaholic” by Sophie Kinesella, where main character was actually writing letters to a bank manager, trying to avoid paying of her debt: not only her bank account was overdraft but her credit card was in terrible shape too. Therefore, her overall credit history was in really bad condition and she didn’t know how to correct the problem. How to get rid of debt was everything that her life was focused on. That was hard considering that she loved to shop.

I am sure lots of us can identify ourselves with main character of “Shopaholic”. I was wondering what would be a quick fix to this problem. How to stop our inner shopaholic and not drive ourselves crazy?

Well, here’s the thing: If you have a source of income, then it shouldn’t be too bad. It depends how much in debt you actually are. The best would be to get rid of credit cards. Lots of people have far too many of them. Limit yourself to one, and close all others. If you have money owing on all of them, try paying of the smallest amounts first and once you pay it off, close the account and cut the credit card. And then proceed same process with all the other. Be prepared to live on a budget for period of time, but this is for better future, and you don’t want to go bankrupt either. So, once you’re down with one credit card, you can keep that one, and use it periodically and pay it off every month, so you don’t have to pay any interest. In case if you need more time to pay off your bill, call credit card company, I’m sure they will be more than happy to help you manage your payments, or maybe pay it off in some kind of installments.

While you’re trying to get rid of debt, most important thing is to stop shopping. Solution is easy, find something else to do, but don’t go to a shopping mall. As soon as you enter, you’ll find something new to buy, and once you buy it, there is another bill you’ll have to pay off. Therefore, don’t go to a mall at all. See your friends and do something else, find a 2nd job and keep yourself busy.

Once you get rid of all your debt and start saving some money, then you can go and buy yourself something. Treat yourself to the things you like as you have no debt anymore. But be careful not to spend more then you have on your bank account and you will be ok.

I know that my solution to debt problem seems rather impossible but if you have a strong will and know you must get rid of debt, then something radical needs to be done. Invest your money on money market, bonds, all kinds of savings account, and soon enough you will have good credit. Your credit score can be changed every few months, if you pay off few extra credit cards. To find out more about your credit score, check www.equifax.com and if you don’t know how to get rid of debt on your own, contact licensed professional who can help you manage your money and improve your credit score.

You must be patient, money problem cannot be solved overnight as it didn’t happen overnight. Seek help if you have to, and allow your credit rating to improve. If you are financially stable, then it is easy to obtain a credit for bigger things in your life, such as a house or a car. In my opinion, good bank account is the one with no overdraft on it. Make sure you don’t have overdraft either - if you do, it is easy to spend money from there, but again, you have to pay it off, otherwise interest will start accruing.

There are also books that can help you how to get out of debt, speak to your bank representative or licensed professional and you’ll see it is not such a big deal if you’re ready to commit and pay off all your debt. Once your debt is paid off, you’re free. And that is the best feeling in a world!