Compulsive Shopping Not Limited to the Holidays

‘Tis the season to spend. And therein lies one of the problems. Compulsive overspenders do not confine themselves to the holiday season, although it’s as good an excuse as any.

“Many of the people caught in this excess cycle are baby boomers who were raised on fancy birthday parties. And the ante ups as you get older,” Nancy Wallace said. In our easy-spending society, access to goods makes what Wallace calls “addictive spending” easy.

“Credit cards can be very convenient but from what I’ve seen, it’s just all too easy to let them get out of control. If something goes wrong emotionally and you decide to use spending to salve that emotion it’s really easy to wake up a month later and owe thousands more than you planned on. Pretty soon you can be pretty heavily in debt, as many of my clients have found out,” said Wallace, a Los Angeles psychological counselor who specializes in working with overspenders.

Wallace thinks we are encouraged to overspend by society in several ways.

“This consume now and ‘fess up to the responsibility of it later is what the credit industry is built on. It’s very easy for it to get out of hand to the bank’s advantage.”

Defines Compulsive Spender

How does Wallace define a compulsive spender? “Twenty percent is a warning mark. If you owe 20% of your take-home beyond car and mortgage payments, it’s time to put up a warning sign.”

Wallace sees similarities between overspending and other addictive behaviors in that it is tied into self-esteem.

“A lot of the people I work with are real doers and real givers who have a hard time giving to themselves in a nurturing way.”

Wallace means giving gifts such as time off from work and credit for what already has been accomplished in life. Spending does not address the problem.

“I don’t think that brings true inner satisfaction. The commonality is people who are searching for some peace. But peace is really an inner sense of self-worth tied to who you are and not just what you’ve done, what you’ve accomplished or what you’ve bought.”

Dealing with the problem of overspending may require professional help. In extreme cases, proper psychological counseling may be in order. For others, practical budget instruction may help curb the urge. Some people may benefit from the services of both.

But for those just beginning to deal with the problem, Wallace suggests making a list of credit cards and the amount of money owed on each card. Having an understanding of the severity of the situation can inspire action. Plot out a budget and attempt to stick with it. If necessary, seek the aid of a financial counselor.

Know When to Seek Help

“So I would advise people overall to do what they can on their own and to be wise enough to ask for outside help if they need it.”

It may be particularly difficult at this time of year, when the temptation is to use material objects to express value, emotion or accomplishment.

Wallace cautions: “It’s the thought that counts. There are a lot of things that can be more personal than an expensive gift.”

Anyone interested in participation in Wallace’s study on addictive spending may write to her: P.O. Box 6164, Altadena, CA 91001.