Michelle Singletary from the Washington Post wrote a great piece about people who constantly cycle through debt and regret. It’s worth a read here.
“Here is how you can tell if you have this disorder:
— You stay in debt, mostly with credit cards. But it could also include personal loans or frequent borrowing from your retirement plan.
— You are rarely without a car loan. You repeatedly trade in your car for an upgrade because you feel entitled. Or because you’re tired of fixing your car even though the repairs are still far less expensive than buying another vehicle — new or used.
— You feel remorse about amassing more debt than you can handle.
— Your regret creates anxiety, weight loss or weight gain. You can’t sleep at night.
— If you’re married, you fight about the debt with your spouse, putting a strain on your marriage — which can manifest in more spending.
— You can’t take the stack of bills anymore, and you declare that you’re ready to be healed.
— You hunker down, aggressively cut expenses and maybe even get another job or work more hours to get out of debt.
— You finally pay off the consumer debt. You’re in remission. But because you haven’t dealt with why you got into debt, you’re right back in trouble.”