February 19, 2016

How Not to Let Your Fashion Addiction Lead You into A Debt Trap

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For most of the people around the world, fashion is a harmless indulgence that makes them feel good about themselves from time to time. For many women (and men) fashion is a craving that refuses to be controlled. For those who are unable to resist the allure of the latest fashion line-ups so extravagantly displayed by seductive models across all the media, it can lead to an uncontrollable addiction that can have a multitude of very grave financial complications. However, the fashion industry, already raking in billions, can only hope to continue on their high growth trajectory by making people addicted to shopping for the latest.

The Fix of the Fashion-Junkie

The fashion industry incessantly attempts to reinvent itself and exert increasing pressure on its customers to keep up with the latest trends. The customers are usually at the end of very high-profile and seductive publicity campaigns that force them to try and emulate the idealized images of the rich and the famous in the ever-elusive quest for the perfect look. The incessant pressure forces women and a lot of men too, to buy expensive articles of clothing only to discard them at the end of the season and buy new ones coming into vogue.

Spending hard-earned money on clothes and fashion accessories is bad enough, but it is made far worse with the easy availability of personal loans, credit cards, and store cards. Millions have discovered that it can be very easy to succumb to the charm of fashion with a quick swipe of the card. It’s only when you end up spending far more than what you can afford that the dreamy look on your face can get somewhat fixed.

Manage Your Credit Card Use

If you have already accumulated a lot of debt on your credit cards, then it is time to take urgent action. Make a list of all the outstanding balances on each card and try and identify a credit card that is offering a zero-balance scheme. Switch all you debt into that card and stop using all the other cards immediately. Make sure that you pay off as much as possible before the zero interest period runs out. If you have other personal loans outstanding then it may be a good idea to find out more about bill consolidation loans that will make the task of debt management far easier by leaving you with just one loan amount instead of multiple ones.

How to Keep Your Fashion Addiction in Check

With new style appearing on the catwalks of the fashion capitals of the world every season, it can be really tough not to succumb to the glitz and glamour of the make-believe world with a simple swipe of the credit card. The Internet has also made it very easy for people to know what exactly is happening all over the world and to buy exotic stuff from specialist online retailers. Unless you keep a strict watch, it is very easy to get ensnared in a debt trap that will engulf you slowly but surely.

Fast Fashion – Is It For You?

The amount of money that you could be spending on items that remain trendy only for a few months and have no use thereafter could be substantial. You need to ask yourself whether it is important for you to stay on top of the fashion curve, because if the possessions are no longer in fashion after a few months, it might be wiser to stay away from them altogether or seek cheaper substitutes. However, apparels that stay perennially in the fashion such as tailored shorts, jeans, fitted pants, knitwear etc. you may wish to pay a premium for the quality as you would be using them for a long time.

Getting fashionable items from end-of-season sales can also be a very good idea for saving money as you can expect substantial discounts.

Author bio: Susan Brown is a personal debt counselor at a leading debt consolidation company. Passionate about personal finance management, she has written a number of articles on bill consolidation loans in the online media.

 

 

 

 

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Comments

  1. Andrew Thompson says

    Nice article on “How not to let your fashion addiction lead into a debt trap.” It is true that for most of the people around the world, fashion is a harmless indulgence that makes them feel good about themselves from time to time. I had gone thorough the article and found that the most important is to manage your credit card use. This credit card is the main purpose of most people getting into debt. Make sure that you pay off as much as possible before the zero interest period runs out. Otherwise you can get into more debt. Debt relief companies can help you to get out of it. Thank you Susan for sharing the article.

  2. Alexander Fernandise says

    Thank you Susan for posting such a great article. Debt is the problem with millions of peoples in the world and the main reason for debt is credit card. If you have already accumulated a lot of debt on your credit cards, then it is time to take urgent action. You must have to contact genuine debt settlement company, so that you can get free from debt burden. This article explains the several tips about getting trap into debt due to fashion addiction. Overall the article was nice. Keep posting such articles in future. Well done!

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