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Does shopping addiction contribute to bankruptcy?

From just browsing to picking out the perfect item, shopping can be a fun experience. For some people, though, it can also be addictive. Shopping addiction is a real and serious affliction that affects many people, including some in Ohio who may find themselves in need of debt relief through bankruptcy. 

Personal debt is at an all-time-high in the United States. Student loans recently topped out at $1.5 trillion, and credit card debt now totals more than $1 trillion. Experts believe that all consumer debt -- including student loans, credit cards, personal loans and car loans -- will hit $4 trillion before the end of 2018. For some people, unexpected bills, medical emergencies and other financial disasters will contribute to those personal debts. For others, it will be uncontrollable spending. 

People who struggle with shopping addiction often do so to fill a void in their life. Like any other illness it can manifest differently in different people. A shopping addict may be a person who earns a large income but makes large purchases, leaving little leftover for living. Others earn average or smaller incomes but amass significant debts as they move through life. 

When individuals in Ohio are no longer able to pay their bills and are constantly fending off harassing creditors, it may be time to look at bankruptcy. Although the reasons that people find themselves considering bankruptcy may be incredibly varied, the need is still the same -- debt relief. By discharging debts through this process, most people can lay a better, more secure financial foundation for their futures. 

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