Bankruptcy: Impulse Purchases Can Add Up in a Hurry

While many individuals in Ohio have encountered periods of struggle following a sudden and unexpected expense, not all financial concerns happen in the blink of an eye. In many cases, one’s debts may simply add up over time, and excessive spending is one of the most common causes of financial strain. One spending habit that experts suggest can prove troublesome is impulsive buying and similar concerns have left many in search of relief through bankruptcy.

When it comes to retail shopping, many companies are constantly developing strategies to increase profits. Some of these strategies are put in place to lure consumers into making impulsive purchases. While a person may normally skip out on adding certain items to the shopping cart, an item that is placed close to the checkout counter or offered at a reduced rate could entice consumers to make purchases they would otherwise avoid.

While these items might not necessarily be expensive on their own, constant impulse buys can add up quickly. Studies indicate that the average household spends nearby $5,400 each year on impulse buys. Studies also suggest that many consumers place these purchases on credit accounts, and mixing unnecessary purchases with high interest rates can be a devastating combination.

Excessive spending habits can have a catastrophic impact on a person’s finances. Those who encounter significant financial concerns due to similar habits may wish to take the necessary steps to protect their financial futures, and they could choose to consult with a bankruptcy attorney for guidance in making informed decisions. An attorney in Ohio can assist a client in developing a strategy to reduce or eliminate debts and provide guidance on how to avoid similar hardships in the future.