However, there are people who can assist you with managing your finances. A financial consultant might be a wise idea if you are currently not getting good returns on your assets. A psychologist might help rid you of your shopping/spending affliction.

Says Dr Sweta Anantharaman, psychologist: "For certain people, overspending is not a sporadic phase; it's more of a compulsion through which they seek comfort. It is advisable that they seek some medical help to treat the matter permanently." Some friend or relative might help you get a part-time job, or simply lend a comforting shoulder.

Staying away from all kinds of borrowings in the future isn't the brightest approach either. Borrowing has its pros and cons. And if approached with some professional guidance, the pros will show you the glitter behind borrowing.

A wise credit card user can milk it for all its benefits and save a bit of money in the process. Just bear in mind that one should borrow only as much as you are confident of repaying fully on time.