Certainly there are times when shredding is advisable. Where patient privacy is concerned I don't have a choice - so I load up the bins at work with that stuff when needed. My home financial stuff usually gets put in recycling. I handle all the bills and stuff and toss most stuff into the recycle bin - it gets turned into mulch soon enough. Call me un-paranoid. Our recycling program doesn't allow shredded paper as it clogs the sorting equipment. The shredder sits by my wife's desk in the office - I don't know what she feels the need to shred, but it gets filled up every month or two, during which time I might shred a credit card or bank statement. Online banking/billing helps.
Other options -
Our local landfill supposedly welcomes shredables at the beginning of the day, with the idea that it will be buried under tons of trash and dirt forever.
When my father closed his Psychiatric practice, he took all his records to Wheelabrator who burned them beyond ash and offered to pay him for the generating fuel. Usually they do wood pulp to make electricity.
I have a storage unit filled with boxes of records from our past billing service....and an engine stand, ATV lift, 2.7 case, 1975 heat exchangers, etc. that I pay 1/18th of via our group practice. It will be 7 years in 2 years and I have to give up my expanded storage and find a way to get rid of a minivan full, securely.