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Overcoming a Spending Addiction

  • Broadcast in Finance
Cornerstone CU League

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The definition of addiction is "to devote or surrender oneself to something habitually or obsessively; behavior that impairs the performance of a vital function(s), a harmful development."  Addiction causes people to lose their sense of balance and rationality. And according to Dr. Susan Fletcher, people with addictions tend to be poor problem solvers; are unable to understand the long-term consequences of their decisions; suffer from accountability issues, and have difficulty being honest with themselves and others.

In the June 19 episode, Dr. Susan Fletcher will join radio personalities Rick Grady and Linda Webb-Manon, Texas Credit Union League; Todd Mark, Consumer Credit Counseling Services, and Courtney Moran, Texas Credit Union Foundation, to discuss spending addictions.

Dr. Fletcher speculates that a lot of consumer overspending is due to emotions.  It could be that a parent is trying to overcompensate for their feelings of inadequacy as a parent by overindulging their children with material things.  Or perhaps a woman struggling with self-image issues overspending on clothes and beauty products to make herself feel better.  It could also be a man who feels he is not measuring up professionally, so he embellishes his reality - this could be something as small as picking up an extensive lunch tab to impress his peers.

Unfortunately, a spending addiction can cause people to have serious debt problems. Tune in June 19, as Your Money, Your Matters dialogues on this important subject matter.  Share your thoughts; or gain helpful advice.

Your Money, Your Matters is a weekly show broadcasting every Tuesday from 11 a.m. to noon Central Time.