Podcast
Questions and Answers
According to a Federal Reserve report, consumer debt decreased by 7.5% at the end of last year.
According to a Federal Reserve report, consumer debt decreased by 7.5% at the end of last year.
False (B)
A significant portion of the increase in consumer debt is attributed to increased mortgage lending.
A significant portion of the increase in consumer debt is attributed to increased mortgage lending.
False (B)
The Federal Reserve report specifically highlights Ronnie Herring as an example of someone struggling with extreme debt due to compulsive shopping.
The Federal Reserve report specifically highlights Ronnie Herring as an example of someone struggling with extreme debt due to compulsive shopping.
True (A)
The term 'Shopaholic' is used to describe individuals who dislike shopping and avoid it whenever possible.
The term 'Shopaholic' is used to describe individuals who dislike shopping and avoid it whenever possible.
Compulsive shopping impacts approximately 6% of the American population.
Compulsive shopping impacts approximately 6% of the American population.
The experience of compulsive shopping only involves feelings of satisfaction and pleasure.
The experience of compulsive shopping only involves feelings of satisfaction and pleasure.
Ronnie's total credit card debt amounts to more than $50,000.
Ronnie's total credit card debt amounts to more than $50,000.
Ronnie considers winning the lottery as her 'rock bottom'.
Ronnie considers winning the lottery as her 'rock bottom'.
Ronnie believes her compulsive shopping is unrelated to her self-esteem or feelings of insecurity.
Ronnie believes her compulsive shopping is unrelated to her self-esteem or feelings of insecurity.
Ronnie shops as a way to fill an emotional void caused by feelings such as anger, sadness, or emptiness.
Ronnie shops as a way to fill an emotional void caused by feelings such as anger, sadness, or emptiness.
Ronnie believes that the emotional void she tries to fill with shopping is easily satisfied.
Ronnie believes that the emotional void she tries to fill with shopping is easily satisfied.
Consumer debt is primarily driven by an increase in student loan obligations, as reported by the Federal Reserve.
Consumer debt is primarily driven by an increase in student loan obligations, as reported by the Federal Reserve.
According to the report, compulsive shopping is a relatively rare condition, affecting less than 1% of Americans.
According to the report, compulsive shopping is a relatively rare condition, affecting less than 1% of Americans.
The emotional highs associated with compulsive shopping are sustained and lead to long-term happiness.
The emotional highs associated with compulsive shopping are sustained and lead to long-term happiness.
Ronnie's personal experience suggests that facing severe consequences, such as incarceration, can sometimes serve as a turning point in addressing compulsive behaviors.
Ronnie's personal experience suggests that facing severe consequences, such as incarceration, can sometimes serve as a turning point in addressing compulsive behaviors.
Compulsive shopping is primarily driven by a desire to acquire valuable items for investment purposes.
Compulsive shopping is primarily driven by a desire to acquire valuable items for investment purposes.
The Federal Reserve report indicates a decrease in credit card interest rates, contributing to the rise in credit card usage.
The Federal Reserve report indicates a decrease in credit card interest rates, contributing to the rise in credit card usage.
The term 'shopaholic' is a medically recognized diagnosis, classifying a specific psychiatric disorder.
The term 'shopaholic' is a medically recognized diagnosis, classifying a specific psychiatric disorder.
Ronnie's strategy for managing her compulsive shopping involved isolating herself from social interactions to avoid triggers.
Ronnie's strategy for managing her compulsive shopping involved isolating herself from social interactions to avoid triggers.
The Federal Reserve concluded that compulsive shopping is unrelated to consumer debt.
The Federal Reserve concluded that compulsive shopping is unrelated to consumer debt.
Flashcards
Consumer Debt Increase
Consumer Debt Increase
An increase in the amount of money owed by consumers to lenders.
Cause of Consumer Debt Increase
Cause of Consumer Debt Increase
Increased credit card usage is a major contributing factor.
Shopaholic
Shopaholic
A person who loves to shop, sometimes excessively
Prevalence of Compulsive Shopping
Prevalence of Compulsive Shopping
Signup and view all the flashcards
Compulsive Shopping Experience
Compulsive Shopping Experience
Signup and view all the flashcards
Root Cause of Compulsive Shopping
Root Cause of Compulsive Shopping
Signup and view all the flashcards
Motivation for Shopping
Motivation for Shopping
Signup and view all the flashcards
Nature of the Void
Nature of the Void
Signup and view all the flashcards
Study Notes
- Consumer debt rose 7.5% at the end of last year, according to a Federal Reserve report.
- Much of the increase in consumer debt is attributed to credit card usage.
- The report focuses on Ronnie Herring, who is described as someone with extreme debt due to compulsive shopping.
- "Shopaholic" describes people who love to shop.
- Compulsive shopping affects approximately 6% of Americans.
- The compulsive shopping cycle includes endorphin-fueled highs and guilt-ridden lows.
- Ronnie's credit card debt totals more than $50,000.
- Ronnie identifies her arrest and jail time as her "rock bottom."
- Ronnie believes her compulsive shopping stems from low self-esteem and insecurity.
- She shops to fill a void caused by feelings of anger, sadness, or emptiness.
- She describes the void as unfillable.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
