Workaholism Does Not Fix Debt
By Drew Johnson on Monday, October 22nd, 2007 :: 11:14 amCategory: Drew's Corner
According to the Alfred P. Sloan Foundation website, workaholism is defined as “a personal reluctance to disengage from work and a tendency to work or think about work anytime, anywhere.” This sort of behavior is indicative of the obsessive and impulsive habits that often lead to addictive spending.
In general, there are two ways people usually deal with mountainous credit card debt: 1) they ignore it, hiding from bill collector phone calls, avoid discussions of bankruptcy or debt consolidation with their families, and basically do nothing; or 2) they attack it in all the wrong ways, running themselves ragged through excessive work to try to compensate for their overspending.
Neither of these methods for dealing with debt is right, but here we’ll focus on the problem with using workaholism to deal with credit card debt.
The primary flaw with this method of dealing with overwhelming debt is that it exacerbates the problem rather than dampens it. When you immerse yourself in work to hide from your debt or to earn a lot of extra money to quickly pay off your debt, you run the risk of falling prey to stress, anxiety, sleep disorder and other physical problems like heart disease.
Though you may be earning extra money to pay down your debt, you could be creating physical and emotional problems that will be more costly down the road. Also, as alluded to in the first paragraph of this post, workaholism is just another side to the addictive coin. If you spend impulsively or addictively, then using addictive behavior to counter that spending is an ineffective way to stop it.
It is more important to get at the root of your financial problems. A credit counselor can help you sort out your spending habits and may suggest seeing a therapist to address the root cause of your impulsive behavior.
A credit counselor may also suggest a debt consolidation plan, or some other form of debt relief, to deal with your high-interest credit card debt in a healthy way.
Author Bio: Drew Johnson is an expert in the various methods of debt reduction and has successfully reduced his own debt. Read additional articles by Drew on debt management, credit management and more.
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