Definition of Compulsive Buying Disorder
Shopaholics is a slang term for Compulsive Buying Disorder (CBD). This addiction is characterized as an obsession with shopping and buying and is listed as a personality disorder under Axis II Disorders. This type of disorder can cause adverse consequences and becoming bankrupt is one of the primary results from the addiction.
CBD, a chronic addiction, is found in 5.8% of the United States population. Interestingly, approximately 80% of those affected by compulsive buying are female. The disease usually is accompanied by other disorders like mood shift, anxiety, substance abuse, and eating disorders. Compulsive buying is not limited to people who spend beyond their means, but it also includes people who spend an inordinate amount of time shopping or who chronically think about buying things but never purchase them. In the end, compulsive buying is a mood enhancing mechanism that ultimately can best be understood as a form of identity seeking.
Compulsive Buying Disorder and the Relationship with Bankruptcy
For the compulsive buyers who have a chronic addiction, the end result is often buying beyond their means and leading to bankruptcy. It is not uncommon for compulsive buyers to max out numerous credit card limits beyond their ability to pay. Job loss often accompanies such hardened buyers, and a cure from such addictions usually takes intervention and psychological counseling over a period of time. Some psychiatrists offer chemical relief from the symptoms with modest success.
Studies on Compulsive Buying and Bankruptcy
In the acclaimed book I Shop, Therefore I Am, Donald W. Black, M.D., writes in Chapter 9, entitled Assessment of Compulsive Buying, that there are wide disparities of compulsive buying which produce an abundance of opportunities for those afflicted with the disease to go bankrupt. The chapter highlights numerous real testimonies of patients who ultimately go broke because of this addiction.
In other studies, results ranged from “where compulsive buying addicts did not seek sales or use loans significantly more than others” to “compulsive buying in the U.S. has contributed to a record number of personal bankruptcy filings and credit card debt.” Overall, there have not been enough scientific studies made on the statistical subject to come up with any concrete conclusions about the relationship between bankruptcy and compulsive buying.
Where You Might Seek Help with Either
One thing is for certain, if you are bankrupt because you have a shopaholic addiction, you will eventually know it. If you have a compulsive buying disorder and you become bankrupt, you may not only need professional psychological counseling, you might need counseling from a bankruptcy attorney as well.
Bankruptcy laws are complicated, so are Axis II disorders. Most of you cannot overcome these deficiencies by yourself. Most of you will need professional help in order to determine what can be done for your particular situation.
If you live in the metropolitan area of Dallas, Texas, and you have a compulsive buying disorder that has left you bankrupt, let us help you find a bankruptcy lawyer in your area.
- Holidays can fuel shopping addiction for some (seattletimes.nwsource.com)
- Shop ‘Til You Stop: How to Treat Compulsive Spending (online.wsj.com)
- Law and Answering Collection Agency Calls After Filing (betterbankruptcy.com)
- 7 Famous People with Obsessive-Compulsive Disorder – Anxiety (healthcentral.com)