Bipolar Disorder Support Group

Bipolar disorder is not just a single disorder, but a category of mood disorders marked by periods of abnormally high energy and euphoria, often accompanied by bouts of clinical depression. This is the place to talk about your experience with bipolar disorder, learn from others' experiences, and find support.

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Debt.

hope20z
hope20z

Since I began expiercing the ups and downs of Bipolar Disorder about 8 years ago I have been the worst when dealing with money. I don't know what's wrong with me and money, why can't I contorl myself from myself? Years ago I got myself into trouble. I maxed out about 12 or so credit cards and just pushed the bills and the collection attempts away. I was able to dodge everything until a creditor was able to garnish my wages and empty my bank account. I was forced to file for bankruptcy inorder to keep everything going. 


I was working as a mortgage lender at the time and this all was incredibly scary. i didn't know what to do or who to speak to. I couldn't tell my parents, they would kill me. One afternoon I called a bankruptcy attorney and began the process of fileing for Chapter 7. The process was smooth and it allowed me to start over completely. I was still living at home so it made the transaction a bit eaiser. When everything was discharded it was like a new opportunity to do everything correctly this time. 


During and after a bankrptcy I was receiving many emails and letters from credit card companies and auto dealerships. I started new and got a car that I could use to get me to and from work. Soon after I applied for a couple of the credit cards that came through the mail. The limits were lower than what I delt with in the past, so they were easy to max out at $200-$500. 


Now, I have about $3,000-$4,000 in debt from those small cards and the creditors are coming again. One of them aparently called my brother threatening and swearing at him over the phone. I made an arrangment to pay the balance the next time I am paid. I am not sure what to do about the rest of the collections that will be coming out of the wood work here shortly. 


Is it worth it to look into debt consolidation services? I know I can get all the information via my credit report, but I have not sure who needs to be paid off first and who can wait. My brother and my mom have suggested that I talk to my dad about loaning me some money to get through this, but I dont want to ne n anymore debt to my father than I already am. He still does not know aobut my bankruptcy years ago... my mother and brother do, however. 


I am looking ofr suggestions and wisdom. Please let me know if you've expierenced this as well and if there is anyway of getting out with as minimal damage as possible. Thank you in advance! 

irishwriter
irishwriter
Debt consolidation advice would be a good road to try (and chop up those credit cards!) Also if your dad is in a position to give you an interest free or low interest loan, that would be your better option (and chop up those credit cards!). It would be good to sit down with a money advice bureau and work out exactly what you can afford to live on within your means or you'll end up doing the credit card dance all over again. personally I had a 3000 euro overdraft about 7yrs ago which i turned into a loan and paid off over three years which was doable and I don't have even a small overdraft now. I wish I had had a dad who would help me but he would never even entertain the idea even when he was alive. try not to panic and write out a list of possible solutions and then work from there. it is not a huge amount of money and if you can pay them off and spread repayments that would be a load off your mind. Are you under the care of a pdoc? Have you Bipolar? maybe a med tweak is in order and get into a pattern of avoiding shops or leaving your purse at home except for a small amount when you go out to prevent this happening again. the best of luck with it. i know that feeling of panic! hugs.
irishwriter
irishwriter
sorry, you mentioned you have bp. try talking things over with your pdoc and see what he/she says - they know all about spending sprees! I limit myself to small ones and bargain rails only with a limit on the amount of cash i can use!
Community Leaderacuriousfish
acuriousfish
not sure whether we are talking about the same thing but any debt consolidation that involves moving from a number of small unsecured loans to a secured one is potentially disastrous.

The trap is that while you can be taken to caught re unsecured loans with a secured one you are likely to lose your house.

In the UK there is citizen's advice - don't know if you have that but there is some really good debt management advice out there.
arfie
arfie
Yup, even with something as simple as household math, maintaining consistency while riding the bi-polar pendulum is harder than hard. The bestest financial knowledge in the world is powerless against the continual agitation of mood swings.

I cope by insulating my finances from my mental illness. When I was at my most unstable, I gave my checkbook and credit cards to a brother-in-healing to guard for me. We met before or after our group meetings to take care of the budgeting, etc. I could call him any time for incidentals, but . . . Turns out every single one of my "emergencies" were not financial at all. He was a healing mystery in motion in the ways he helped me see that.
Community LeaderSunCloudJD
SunCloudJD
My advise is to get rid of the credit cards .... They are a huge downfall for me as well.... I now have a debit/credit visa so as long as I have the money in my account I can order something online however that's it... I had a bankruptcy as well and it's awful for your self esteem
I would get rid of the temptation..... I only deal in cash unless there's something I really want online so I don't overuse my debit card
This can keep on sinking you if you don't take steps to stay on top of it... If any cards come in the mail cut them up right away.... Big hug....xo
autumn8890
autumn8890
I also had a bankruptcy about 12 years ago. I chopped up my credit cards...truly those things will get you every time!! I keep one with a decent limit in case I have a car repair I can't afford but otherwise don't touch it. During mania I give it to my pdoc and he puts it in his safe and gives it back when I feel more baseline. It has been very helpful. If I had family that wouldn't cave in to my demands when manic I would give it to them but I don't. I pay my bills with a debit card and only after everything is paid do I allow any other spending...which is limited because I don't get that much money. I think if your dad would help you and you could pay him back without interest that might not be such a bad idea. Hope you get it all figured out. I know it can't help your emotions being in a mess. Hugs.
HopefulJacob96
HopefulJacob96
I agree with what others have said - I think it would be best to stop using credit cards. Maybe doing that, while gradually trying to pay off your credit cards would help your debt to lessen. All in all though, I'm not super knowledgeable in financial do's and don'ts like this, so if you think seeing a debt consolidation person about it would be best, then by all means go for it. Hopefully everything works out well for you in any event.
Sunshinegirl0228
Sunshinegirl0228
I too have credit card debt. And after months of ignoring the collection calls and credit card statements they sent my account to a collection agency who is willing to settle my accounts for less than the original balance. I'm also late on my car from being off work in the hospital and I have an arrangement with the bank who hold my car title.

My advice is to contact the credit card companies and see what they can work out for you. They want to be paid and should be willing to make some kind of arrangement with you. It's scary but you can definitely do it.
MusicLoveFaith
MusicLoveFaith
When I was younger, I used to spend recklessly. Now that I'm older, I'm able to engage in proper money management, through budgeting, recording expenses regularly, and a limited usage of credit cards. I hope you're able to get your finances back on track.
chris138
chris138
I would cut your lines of credit..only have one card..and use it very seldom. I have gotten into some debt but not super amounts of it. I tend to get a little nutty with the credit at times..I just don't carry the card with me..and don't use it too much. Online shopping is my weakness though ugh.. Good luck
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