An overspender's story
article from CNN
Fentress, 29, has thought seriously about pursuing a doctorate, but her academic and life goals are on hold. She first has to pay off an $85,000 debt.
Her financial troubles stem from a combination of emotional spending, a lack of financial savvy and bad luck.
Shortly after she earned her master's degree, Fentress had medical problems that required a scan of her stomach. Her insurance didn't cover the $5,000 procedure, which she charged to her credit card.
She was working as a freelancer so taxes weren't deducted from her paychecks. When tax season arrived, she put another few thousand dollars on her card.
Her problems worsened when depression became involved.
While juggling graduate school with three jobs, sleep took a backseat to writing her thesis. Fentress also became unhappy with her job and her life's direction, so she tried to fill "the void" with possessions.
"I had worked so hard and felt like I had so little to show for it and I just went a little crazy," she said.
A four-year binge added up to about 300 pairs of shoes, two trips to Europe, several pairs of designer jeans, spending $600 at an auction and lots of jewelry.
Fentress is one of millions of Americans with an addiction to shopping, said Olivia Mellan, a psychotherapist and author of "Overcoming Overspending: A Winning Plan for Spenders and Their Partners."
"Shopping like this is a compulsion ... It's not like people say, 'Do I have the money for this? What are my other goals?' They just want something and they go get it," Mellan said.'
Fentress had been issued about 15 credit cards. Her strategy had been to open new accounts to transfer growing balances.While Fentress' debt is above average, about half of America carries some credit card debt.
The average credit card balance for Americans was $5,100 in 2004, according to a Federal Reserve Board report. Slightly more than 46 percent of families carried a balance that year.
erms don't you think it only applies to women...
its simply a case of robbing peter to pay paul !!!
be cautious with your spending, WOMEN!
article from CNN
Fentress, 29, has thought seriously about pursuing a doctorate, but her academic and life goals are on hold. She first has to pay off an $85,000 debt.
Her financial troubles stem from a combination of emotional spending, a lack of financial savvy and bad luck.
Shortly after she earned her master's degree, Fentress had medical problems that required a scan of her stomach. Her insurance didn't cover the $5,000 procedure, which she charged to her credit card.
She was working as a freelancer so taxes weren't deducted from her paychecks. When tax season arrived, she put another few thousand dollars on her card.
Her problems worsened when depression became involved.
While juggling graduate school with three jobs, sleep took a backseat to writing her thesis. Fentress also became unhappy with her job and her life's direction, so she tried to fill "the void" with possessions.
"I had worked so hard and felt like I had so little to show for it and I just went a little crazy," she said.
A four-year binge added up to about 300 pairs of shoes, two trips to Europe, several pairs of designer jeans, spending $600 at an auction and lots of jewelry.
Fentress is one of millions of Americans with an addiction to shopping, said Olivia Mellan, a psychotherapist and author of "Overcoming Overspending: A Winning Plan for Spenders and Their Partners."
"Shopping like this is a compulsion ... It's not like people say, 'Do I have the money for this? What are my other goals?' They just want something and they go get it," Mellan said.'
Fentress had been issued about 15 credit cards. Her strategy had been to open new accounts to transfer growing balances.While Fentress' debt is above average, about half of America carries some credit card debt.
The average credit card balance for Americans was $5,100 in 2004, according to a Federal Reserve Board report. Slightly more than 46 percent of families carried a balance that year.
erms don't you think it only applies to women...
its simply a case of robbing peter to pay paul !!!
be cautious with your spending, WOMEN!
