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Are You a Bulimic Spender?

20 March 2014

Are You a Bulimic Spender?

If you managed to refrain from spending your way out of the winter blues, congratulations, you're in the minority.

With figures released by the Bank of England showing that household borrowing has again hit a record high, it's interesting to note that our "you are because you have" society is now so firmly entrenched that most of us are programmed to believe the more we have, the more worthwhile we are. So much so that not being able to buy nice things, even for just a month, left many of us feeling depleted and incomplete.

The flip side is that spending feels good. So good that if the thousands of people contacting our Employee Assistance Programme (EAP) for help with debt are anything to go by, emotional spending is dramatically on the increase, giving rise to what we have noticed as, several new breeds of spender:

Experience spenders - spend to feel good. Most of what they purchase ends up in the back of the cupboard, destined never to be used, but the ritual of shopping helps them to avoid thinking about any problems and becomes a form of escapism, every bit as addictive as smoking, drinking or gambling. They avoid adding up how much they've spent and easily rack up debts.

'Bulimic' spenders -purchase only to rush back to the shops, guilt-stricken to return what they've bought, once they realise they can't afford it or that it's not actually going to give them the lifestyle they want. Although their 'reverse shopping' habit keeps their finances under control they expose themselves to high stress levels and feelings of self-loathing.

For full article please visit: The Huffington Post