Credit Card Debts Fueled by Shoporexics
Credit card debts are being fueled shopping addicts (dubbed “shoporexics” by financial firm Kensington). Apparently this addiction is wide spread, even though the credit crunch has made it increasingly difficult to get accepted for loans or credit cards.
Being a sufferer of Shoporexia is characterised by an intense reoccurring desire to purchase unnecessary goods, regardless of any personal debt worries. Approximately half of respondents said they had credit card debts of over £2,500 as a consequence of their shopping habits, and the same percentage admit that they lie to their partner about how much they have have spent.
A representative from the company said: “We wanted to investigate the extent of shopping-related debt and to give people a gentle reminder of the more serious issues involved. Shopping can be fun, frivolous and great escapism, but serious addiction – and escalating debt – is a very different story.”