10 Ways To Get Rid Of Debt If You Are A Shopaholic

With the increase in eCommerce and wide accessibility to online platforms, more and more people worldwide are engaging in unwanted shopping sprees. If you also do compulsive shopping to get retail therapy, you identify as a shopaholic.

The group of people who often purchase stuff in the blink of an eye, without considering the actual need for the item, has a shopping addiction. Shopaholics have this irresistible urge to buy everything that seems appealing to them. This results in excessive spending more than the budget. This is why shopaholics tend to have more credit card debt or relatively shopaholic debt. Since a shopaholic cannot refrain from compulsive buying instantly, it is often difficult for them to write off debt fast.

Most compulsive purchases happen via online shopping. This leads to our first question about the debt category that shopaholics fall into.

Shopaholic and credit card debt

As stated, online shopping is the easiest way for shopaholics to express their shopping addiction. They spend more money online through credit cards or debit cards as they are accepted everywhere. One can make a quick payment via credit card even if there is a spending limit.

Shopaholics take advantage of credit cards by purchasing stuff over their budget and card limit. They believe that a small credit card debt amount can be easily covered when the due time arrives. However, a shopaholic can never cover credit card debt if the shopping addiction is not managed. Hence, they cannot write off debt fast even after the due date passes.

10 Tips to get rid of debt if you are a shopaholic

The likelihood of shopaholics getting into credit card debt is high. Thus, you can find a few ways to write off debt fast right ahead. The ways to get rid of your credit card debt or shopaholic debt involve financial and non-financial measures.

Whether you are a shopaholic or not, you must always find the most feasible way to write off debt fast. You can seek the assistance of a debt management solution that has expertise in insolvency practitioners and can design as well as forward you the necessary information.  Any obligation, including credit card debt, is harmful to your credit score and finance control. Other than the ways stated below, you can also seek advice from experts to get rid of your shopaholic debt if possible. By following ways to write off debt fast, you can maintain a healthy financial history and credit score.

On second thought, it will be pretty tricky for a shopaholic to write off debt fast. Since the debt piled up is due to excessive spending, getting legal debt help might be challenging for a shopaholic. Therefore, rather than seeking ways to fully get rid of their shopaholic debt or credit card debt, it would be best to find ways to prevent unnecessary debt.

1. Prioritise your spendings

For a shopaholic, prioritising spending is a challenge. However, to write off debt fast, the primary attempt should be minimising the urge to spend more or prioritising the spending. As you know, a person with a shopping addiction is scientifically subjected to a mental disorder. So, deciding whether to buy a particular item or not, if that item is of any use or not, will be difficult. Assuming you are a shopaholic looking for ways to write off or minimise your credit card debt, the first step is to spend where necessary. You can look for a good government debt help scheme that can help you a lot in minimising your potential debt as soon as possible.

2. Limiting the number of cards

The more credit cards or debit cards a shopaholic has, the higher the degree of unwanted spending. So, for a shopaholic to write off debt fast or minimise card spending, you should limit the number of cards under your name. The fewer cards you have, the lesser the willingness or urge to spend money on unwanted stuff. As a result, the credit card debt will be low and can be covered in due time.

Credit card providers often approach people with enticing offers and discounts on the card. Such appealing card offers tend to attract shopaholics. The “buy now, pay later” feature is worse for those with a shopping addiction. They keep on purchasing on credit and fall into a debt trap. Later, they find it hard to write off debt fast.

3. Draft a monthly budget

People who habitually create a budget for their spending and finance control tend to have minimum debts. If one is confident about following their budget, it is realistically possible to spend as per the budget. As a shopaholic, you should also create a monthly budget for your spending. By doing so, you can minimise your debts, save up extra money, and still express your shopaholic ways to a limit. Over time, you can get rid of your shopaholic tendencies and better manage your finances to write off debt fast. A practical budget plan can help track your expenses and shrink your debit card or credit card debt.

4. Talk with your card provider or bank.

If you cannot cover the credit card debts in due time, you can negotiate with the card provider or bank to allow exceptions or modify specific terms. Credit card debt involves an interest rate, so you can ask if the bank can reduce the interest rate. Or if they can lower the annual credit card fees. You should approach the card provider personally only if you cannot make payments to cover the outstanding credit card debt due to unavoidable circumstances. Providing additional proof would increase the likelihood of the bank accepting your excuse and granting you temporary relief to write off debt fast.

5. Enable auto pay facility on your card

It is not always necessary that a shopaholic end up with shopaholic debt. Suppose you have a reliable regular income source to afford your living expenses and shopping addiction. In that case, you can most likely afford to make timely payment of your credit card bill before it becomes a considerable debt. By enabling the credit card auto-pay facility, you can quickly write off debt fast. This way, you won’t have to bear the credit card late payment charges.

6. Prioritise your debt payments

It is unlikely that a shopaholic will have only credit card debts. There could also be loans and other credits that the person has under their name. But out of all the debts, credit cards tend to have the highest interest rate. So, while deciding to write off debt fast, clearing credit card debts first is advantageous. By writing off credit debts fast, you can improve your credit rating. Besides that, you can still fulfil your shopaholic urges by utilising various financial products and loans.

7. Choose the EMI payment option.

A shopaholic is not satisfied with purchasing a single item or at a low price. Research has shown that shopaholics tend to buy expensive stuff to ease their shopping addiction urges. That also contributes to the high credit debts of shopaholics. If they purchase multiple things by opting for EMI payments, the accumulated credit card bill will relatively be less every month. That is one of the easiest ways to write off debt fast for shopaholics. You can pay off less every month.

8. Opt for a balance transfer facility on your credit card

People these days have multiple credit cards and debit cards. There is a card facility that enables the individual to transfer the outstanding debt value from one card to another where the interest rate is seemingly low compared to another credit card. By choosing to enable a balance transfer facility on your credit card, you can write off debt fast where the credit due is highest. This facility demands the user to pay the credit card dues in instalments for at most 12 months duration. This duration gives the shopaholic to balance their finances temporarily.

9. Pay off the minimum credit card due on time.

Credit cards charge high-interest rates in the debt amount that is not made in due time. Shopaholics often ignore the accumulating credit card interest rates resulting in high credit card debt. So, if you want to write off debt fast, make a habit of at least paying the minimum due amount. If you keep defaulting in making minimum due payments, the outstanding bill on your credit card will keep on rising and may even suspend your card. Therefore, if possible, try to repay more than the minimum amount.

10. Seek debt help, if necessary

Credit counselling and debt help are easily accessible these days. If you cannot resolve your shopaholic or credit card debt, you can seek legal debt support to write off debt quickly. They can help you clear your debt as affordable by you and also assist in balancing your finances.

Conclusion

Getting out of credit card debt fast is not possible for a shopaholic. You have to understand the cause of such shopaholic debt and approach as needed. Since a shopaholic cannot write off debt fast, getting help is advisable.