Category: Corporate Bankruptcy

Shopaholic Goes Bankrupt

My Partner is a Shopaholic: What Do I Do Now?

If you make lots of money or if your partner is a high income earner and only spends their own money chance are there is nothing for you to do. However, for the vast majority of the population this can create a problem if you do not deal with the spending over the long term. If someone goes out and treats themselves to something slightly extravagant once or twice a year (and can afford to do so) there is no problem. In fact I believe it is healthy to do so – if you work hard and earn a decent salary, you should treat yourself once in a while with something special. It becomes a problem when the shopping is frequent and the spending is beyond the ability to pay for it. The key indicator being that the purchases are put on credit cards which cannot be paid in full each month. Over time the interest charges mount up, the credit card balance increase, credit scores start dropping. This will result in the credit card companies increasing the interest rates on your credit cards. Eventually cards are maxed out, new cards impossible to obtain and the personal problems start. I have seen many people with emotional mental stress wind up having physical problems as a result of their mental problems. On top of this is the strain that will put on their (non-spending) partner, the family arguments and the inevitable effects on children.

The first step in recovery is to admit that there is a problem. It is very difficult to talk about money issues, but it must be done. If there are children who are old and mature enough to help, you might consider bringing them into the discussion. Treat the shopping/spending habit as an addiction. Perhaps not as bad as drugs or alcohol, but an addiction none the less. There are many self help groups which can be of great assistance in recovering from the addiction. Information to assist you can be obtained from most credit/debt/financial counsellors, trustees in bankruptcies, community organizations or by referral from the Province of Ontario (www.MentalHealthHelpline.ca)

There is an old Chinese proverb “the longest journey begins with the first step.”  You must be strong enough to take that first step.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.