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The science of debt denial

Shoppingbags_2 The lead story in today's New York Times' Science section is about denial (yeah, I'm a bit slow getting to the paper today). It's not a topic I would normally read, but the article begins with a look at a shopaholic who was in serious denial about her habit and its resulting debt.

The rest of the article deals with the many other types of denial, which all of us engage in occasionally, for personal, work related and, yes, financial reasons. But, according to the article, "the ability to look the other way, while potentially destructive, is also critically important to forming and nourishing close relationships."

In the hypershopper's case, she apparently had some very fulfilling relationships with the sales clerks at high-end retailers. But eventually, she was able to break the cycle of overspending and debt denial.

You can read the full article here.


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