Similar to binge drinking or eating, binge debt is the act of accumulating debt at an excessive rate with no way to repay it. Binge debt has become an epidemic in both the United States and Great Britain. Though few people realize that binge debt is as detrimental to their financial health as binge eating and drinking is to their physical health, consumers continue to rack up debt at alarming rates.

Typically, binge debt occurs as a result of a learned spending habit. Consumers start out by purchasing items on credit and repaying only the minimum amount due on their bill. As their balance grows, their minimum payment increases and they become trapped in the vicious circle of repaying debt while still needing money for everyday expenses. The result is usually that an individual ends up owing more than a person could ever possibly expect to pay back, before spending thousands of dollars in interest and possibly even ruining their credit.

Many people blame the credit industry for binge debt, acquiescing to the belief that the credit industry extends more than a reasonable amount of credit to consumers, enabling them to become severely in debt. While the credit industry is nobody’s friend, poor spending habits are where the real blame lies. Millions of people have resorted to using credit as a means to get things they want but can not afford to pay cash for.

While it was once common practice to possess only one credit card for the purpose of purchasing airline tickets, rental cars, or covering an emergency, most consumers now have two, three or more credit cards. As a result of binge debt, many people also carry excessive balances on all their credit cards, with many finding their cards maxed out.

Putting an end to binge debt begins with changing your spending habits. If you are carrying excessive consumer debt, you must find a way to change your spending habits and bring your balances under control. Rather than wasting hundreds of dollars in interest each month, you should be in a position to save that money. The binge debt cycle can only be broken when you stop spending and start repaying your debt.

If you are having problems managing your credit and your monthly bills, you might want to look into assistance from a debt management company or a financial advisor. There are also many experts who have written books about debt management and who offer excellent advice on changing spending habits. People with binge debt are in essence committing financial suicide. If you’re one of those people, the best thing you can do is make changes towards a healthier financial future beginning today.