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Home > Ask The Get Out of Debt Experts > I Am a Shopaholic and I Have Learned My Lesson. – Michelle

I Am a Shopaholic and I Have Learned My Lesson. – Michelle

“Dear Steve,

I was a Shopaholic and charged everything and anything that I wanted. Vacation, dinner out…etc Then it became neccessary to charge food and gas….I owe 103,000.00 in charge cards… I am trying to convince my husband that we should File Chapter 13, so that we could get out of debt in 5 yrs. I went through credit couseling, they said to file bankruptcy. I ve learned a hard lesson…If I don’t have the cash, it doesnt get bought.

My question to you is do you think Chapter 13 is the way to go and what are the long term affects? Thank you!


Dear Michelle,

The real issue here is if the underling problem, the shopping, was addressed. If so then the method you use to deal with the resulting debt is of lesser importance.

Bankruptcy can give you a fresh start and allow you to start over again, but this time armed with the knowledge and awareness that got you in this spot to begin with.

If your underlying spending is not under control then bankruptcy will simply enable you to do it all over again. Ultimately only you can answer what the truth is in your life.

The long term impact of bankruptcy is that you will be a person that has been bankrupt and you will need to rebuild your credit after the debt is resolved. You will also need to maintain a vigilance over your shopping triggers to avoid falling back into the trap again.

If you don’t pursue bankruptcy how long is it going to take for you to dig your way out of this hole and while that’s an admirable desire, is it even a realistic possibility? I doubt it.

I always say there is no sense wasting a perfectly good mistake. Learn from it and move on. If you have not found one you can click here to find a local bankruptcy attorney.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • RJ

    Hey Michelle!

    My name is RJ and I’m a Casting Director at Iconic Casting and work in reality/docuseries. I’m working on a new show for people who are in debt and/or bankrupt…trying to help them win money! Can you shoot me an email to RJ[@]


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