shopping addict

Advice for a shopping addict

Shopping addict Jocelyn Stengel asks on Quora: I am a shopping addict, how do I go about freezing my credit and what other steps can your recommend I take to prevent myself from opening credit?

Victor Fong, Licensed Insolvency Trustee in Toronto, Canada replies:

Freezing your credit – call your bank and ask them to cancel your loan accounts. Of course, you will still need to pay off the current balances.

Prevent opening new credit – lodge a written undertaking with Equifax, Trans Union and Experian (i.e., the credit reporting agencies) that you will not use, possess, apply for, acquire or obtain any credit for 3 years. Three years should be enough time to give yourself a break from credit and learn how to live on cash.