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Debt consolidation may be an option for some, though for others spending is an addiction
11/30/2009
For some people, debt is more than a matter of poor planning. It's a matter of having an addiction.
A recent report from the Chicago Tribune noted that there is help for people who find that being in debt is an addiction. The efforts of Debtors Anonymous were featured in the paper's story. The program, similar to ones for those with alcohol addition, provides support for people who feel their spending has gotten out of control.
The paper notes the first step is for members of the program to keep track of their spending for 90 days.
"At the end of three months, a new DA member is paired with two veterans who help devise a spending plan," the Tribune said. "The new member learns how to set aside funds for predictable expenses, like car insurance or mortgage payments, and bigger goals like vacations or college."
Not every consumer is a compulsive spender, though there are many people who are having problems paying off their credit card debts. One option for these people is to consider debt consolidation. Through debt consolidation, consumers can find some relief in the interest rate they pay while keeping creditors at bay.
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