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Researchers find correlation between Facebook and credit card debt

Out of control credit card debt often leads people to seek out debt relief. This can include discharging debts through a Chapter 7 bankruptcy or reorganizing what is owed with a Chapter 13 bankruptcy. However, some go with the route of debt consolidation hoping that combining multiple debts into one payment will lead to better control of their financial situation.

But just how do people end up in such bad debt in the first place?

While there is not one answer, as everyone's situation is different, job loss, unexpected medical bills and overspending without even realizing it are just some of the many reasons often listed among Florida residents.

In terms of overspending, researchers recently released the findings from five experiments pointing to the fact that there is a correlation between the amount of time spent on Facebook and the amount of credit card debt a person has.

On first read this may not make sense considering the fact that Facebook is free for individuals to access. However, sources point to the fact that keeping up with close friends has a positive impact on a person's self-esteem. An increase in self-esteem can actually lead to a decrease in self-control. This can lead to overspending.

This is why a recent article in the Business Insider points to taking control of spending now, especially before the holidays officially hit. This means making a holiday shopping list before going on Facebook and seeing friends' puppy pictures. Also, actually calling a person on the phone or meeting face-to-face for coffee instead of browsing their profile page may help.

But what do you think? Is there a correlation between Facebook and spending? Have you ever made sporadic unplanned purchases after checking Facebook?

Source: Business Insider, "There's Definitely A Link Between Social Media And Bad Spending," Alden Wicker, Nov. 6, 2012

  • Our firm helps Florida residents who are struggling with debt. To learn more, please visit our Orlando credit card debt page.

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