Although the Federal Reserve Bank reports that the number of credit card accounts has declined since 2008, we’re still putting more than $1.9 trillion a year on our credit cards, averaging at about $9,000 per household. Some feel it could be the sign of an improving economy or just a way to make ends meet, but Nasdaq.com reports that rampant credit use is most likely a psychological issue.
So what’s really driving it? The emotional transformations that people get out of buying such as self improvement, improved relationships, a newfound sense of adventure, or greater effectiveness. “Wanting new things isn’t a bad thing,” says Dr. Marsha Richens, a business professor at the University of Missouri who studies materialism, “but when stuff owns us instead of the other way around, there’s a problem.” When that’s the case, consumers can get help from organizations such as Debtors Anonymous, or perhaps…one can freeze the credit cards.