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Is Your Teen A Compulsive Spender?
By Tammy Ruggles
Compulsive spending isn’t limited to adults. Teens can have problems managing money as well. Sometimes overspending stems from overindulgent parents who want to make sure their child has everything they want and have a hard time saying no, sometimes it’s because the teenager is only copying the spending style of their parents and friends. If your children are just entering the teenage years, you can start practicing good spending habits now. If your teen has maxed out the credit cards, it’s still not too late to make some positive changes. Communication and setting a good example yourself are the best ways to prevent teenage compulsive spending.
If four or more of the following 10 questions can be answered yes by your teen, she may be a compulsive spender, and if not checked, may carry these habits into adulthood:
1. Does she shop to lift herself up when she’s feeling down?
2. Has her shopping caused problems in personal relationships?
3. Does she feel a “buzz” when she shops, that is followed by a feeling of depression?
4. Does she own clothes she doesn’t wear, discover items she doesn’t remember buying, and have things she doesn’t use?
5. Does she appear rash, irresponsible, even disoriented when she shops?
6. Does she lie to family and friends about how much money she spends or what purchases she makes?
7. Does she continue to shop, even when she feels guilty and distressed about the debt she’s creating?
8. Does she hide receipts and purchases from others when she get home from a shopping trip?
9. Does she use your credit card without your permission, and minimize the fact that she overspends on the amount you‘ve specified?
10. Does she borrow money from family and friends to go shopping, and worry about how she’s going to pay them back?
If you think your teen may be a compulsive spender or would like more information, contact:
Consumer Credit Counseling: 1-800-687-0113 Debtors Anonymous Behavioral Health Services