[Tucson]

I have successfully charged $12,000 to my credit cards.

What do all of you do to keep yourself out of bankruptcy? I have taken one of my two credit cards and froze it in a block of ice. I have another that I have been using. Unfortunately The card has a high credit limit. I now have converted all of this debt to a personal loan from my bank. This reduced the amount of outstanding debt on the card to zero. My FICO score has been going down due to the debt that I have been taking on.

Guess what? I have now have an additional $1000 charged to the card. This took me only a few weeks. I can just meet my monthly debt payments now. This has been all out of control. So I want to find out how all of you been handling the result of spending spree and the debt that this has created for you.

Tucson

[cashart10]

Is it because you are manic or is it poor management? If it is because you are manic, maybe just let your pdoc know and he can adjust your meds to ground you a bit? If it is poor management, is there anyone else you can put in charge of your finances? I know when I am manic I spend large amounts of money (that we don't have) but I am otherwise frugal. I hope you can get it under control!

[Cocosurviving]

Hi Tucson,

Thank you for posting this. I wanted to over the weekend but was too ashamed to do so. I'm not sure what we can do to help use threw this. I do not believe there is a med to cure spending sprees. I'm not getting a lot of my normal mania symptoms just the spending that's why I say that. I blew $2,500 in two days. Then a week later I bought a $280 watch. A day later a $290 coat. Two days later a pair of boats that cost $285. I did have enough left to pay my cell phone bill. But I'm on a fixed income...disability. I will not receive anymore money the rest of the month. I have not received my utility bills yet. Now I did receive $200 of that money as a Xmas gift. The $2,500 was back pay. I just have to get a better handle on this. I just started getting my check. I just want to let u know your not alone. I've also got in trouble with credit cards before I was dx'd. I plan on getting my credit report and working on that. Don't give up and i won't either.

[Tucson]

My spending is from hypomania. I need my medicine ochanged. Let's see..a desktop computer, a new iPad, and software for the desktop computer. About $1350 in two weeks. I am thinking of placing my bank account in something where I will not have immediate access. Also, I can freeze my other credit card. I will still have a credit card with a much more manageable $500 credit limit. I can sell a few of my prized posessions for about $1800 on E-Bay. I need allot of work on my teeth. Instead, I have been contemplating to have those teeth pulled. This can save allot of money.

You see, I am on a fixed income from monthly disability checks too. I have been this way for over ten years. I have gone through most of my bank account, which at one time was substantial. That was the money earmarked for retirement. Now I should be grateful that at least I have enough for emergencies and property taxes. But if I am not careful, that will all be spent too and lose my house. I can work some *flexible* part time job, but I need to carefully watch my monthly income. Otherwise, I will lose my disability. Right now, I am taking care of my mother full time. So I cannot have any job right now.

I need a permanent solution! But I do not think there is one.

Tucson

[Woolly Bugger]

If your mother has her own place, why not consider moving in with her for a while to save money? If she's living with you, of course that's a different story. I wouldn't sell your prize possessions on ebay. Why not keep them, now that you have them, and enjoy them? You deserve it. Perhaps you can try to earn some money with your laptop? I have no idea how to do this, but you always hear stories of people making a living on the internet. Therapy for your spending habits might be a good idea. Good luck.

[Mountainbard]

My spending was from hypomania too. I couldn't control it when hypomanic. It cost me everything, to the point where I became homeless. All I can say is cut up the credit cards, and get the meds changed. And since this is really serious, ongoing, and you are already on disability, consider getting a payee-- a third party who manages your finances and disburses money necessary for paying bills and the like. This totally eliminates any chance of your spending foolishly. I wish you luck with this. I'm approaching retirement age and I'm never going to be able to truly retire.

[LettinG0]

My spending is always from hypomania too. And, in some folks eyes it's not always a ton of money.......it's just a lot of money I do not have.

I'm currently drowning in a mountain of debt and it takes all my paycheck just to swim through it........I don't even have enough money left over for food and other necessities....

But, I am sucking it up and trying to get through it....take responsibility and all that....I just hope my current med combo keeps working and I don't go hypo again any time soon!

I hope you figure out a solution to managing your money or having it managed for you. I totally understand how devastating the financial consequences are. Hugs.

[Ocean Swimmer]

Dear Touson, I spend too. My houses are full and I have hard time completing projects I start. The only lucky thing is I'm extremely frugal.
You may want to go to a meeting. Spending is like being addicted to sex,alcohol or drugs.
It gets you high. You need another outlet to get your endorphins up. Use any discipline you can muster. Stay out of stores or online buying.
Read,exercise,get spiritual,maybe meditate. And have your meds evaluated.

[touched by fire]

You know you have a problem, you just admitted it.

If you want to change...

Give the cards to someone you trust with instructions about when/how you can use them.

More drastic, is cut them up.

If you just want to be dramatic and whine... nothing anyone can do for you until you want to help yourself.

See your doctor and get some help.

I've been exactly where you are, multiple times. Even emptied my retirement accounts multiple times. I always had a goal in mind, racing or a car build of some kind that I used to justify my spending. Eventually I ran out of money, lost my house, had accounts closed. Cut my cards up and paid them down, things are getting back to normal somewhat. Still have to finish paying thousands of dollars on my 2013 & 2014 taxes though... don't let it get that far. Cut those things up now and get help.

[Tucson]

OK. I have made my first decision toward financial independence from debt. I am going to cut up my cards and delete them from all of my online accounts. I still have to figure out how I will handle unforeseen expenses, like the automobile breaking down, or dental work that I have been delaying, not wanting to spend the money on that.

Tucson

Don't just cut up the cards. Contact the credit card companies and have the accounts closed. Only keep one card and have the credit limit reduced to something manageable.

[hopeless2015]

I understand your pain, currently filing for bankruptcy and I no longer manage my finances. My paycheck is deposited into my mom's account, she writes a check to my husband for bills and I get an allowance. I closed my checking account for now and it will be done time if ever I can manage money

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[Cocosurviving]

I got something from reading all the suggestions. I'll speak to my case manager abt my situation. I'm BP1 and when I think back I just have an urge to shop and I am starting new projects. I started knitting and I picked up on coloring mandalas again. The knitting started out to be to knit a scarf as a Xmas gift for someone. I did it. Now I want to just continue with it because I don't work. You guys might be right I might need to add another med. I'm afraid of changing bc I'm pretty stable and have been for quite sometime.

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[Cocosurviving]

Before being diagnosed (dx'd 2012) my spending was really bad and I maxed out three credit cards. One I owe $10,000. I get threatening letters. I haven't paid anything back since I haven't had a regular steady job since 2012. I do not have credit cards now. I can't get approved. The money I'm blowing threw is my actual disability check leaving me stuck from month to month. I have $25,000 in student loans and a $400 car payment. I want to pay off the debt I just gotta get my spending under control.

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[scatterbrained04]

Oh man, I know what you mean. I rang up around $17,000 in credit card debt between two cards. My accounts got closed out by the bank due to non-payment. One card I'm paying on, the other I keep dodging debt collectors because I have no money to put towards it. I'm so glad I don't have active credit cards anymore, but I do stress about what I would do if my car breaks down or something.

I'm glad you are being proactive and cutting up the credit cards.

[Tucson]

I am now making my second command decision...

My daughter's mother invented the word "frugal". I found that I can trust her when it comes to money. So I am thinking about giving her my remaining card to keep for me, the one with a very high credit ceiling. I will give her instructions that I want to use this credit card only for emergencies and unforeseen necessary expenses like fixing the car, necessary dental work, pay a hospital bill, and so forth. I will retain my credit card that has a $500 spending limit.

Thoughts?

Tucson

Originally Posted by Tucson

I am now making my second command decision...

My daughter's mother invented the word "frugal". I found that I can trust her when it comes to money. So I am thinking about giving her my remaining card to keep for me, the one with a very high credit ceiling. I will give her instructions that I want to use this credit card only for emergencies and unforeseen necessary expenses like fixing the car, necessary dental work, pay a hospital bill, and so forth. I will retain my credit card that has a $500 spending limit.

Thoughts?

Tucson

Don't use credit cards to pay off medical debt. Work with the hospital do set up a payment plan. Lower your credit limit. If you can't afford to pay down to zero within a few months, your credit limit is too high. Dentists generally also can set up payments on dental work spread out over a period of 4-6 months; hunt around until you find one that will do so. The error is in having more credit limit than you can afford to repay in a matter of a few months.

[BeyondtheRainbow]

I had about $70,000 of student loans when I went on SSDI and no way to make the payments. I was able to get my loans forgiven. It's a 3 year process in all (most of it is done at the beginning though, then you just send in statements that you are still on SSDI and not making other money) until it is totally forgiven. It resumes if you take out another loan.

I will caution you that it's supposed to be very difficult to get mental illness approved (but I did without problems so it can be done) and the rules may have changed since I did it 4 years ago but it's worth looking into. https://www.disabilitydischarge.com/home/

Originally Posted by Cocosurviving

Before being diagnosed (dx'd 2012) my spending was really bad and I maxed out three credit cards. One I owe $10,000. I get threatening letters. I haven't paid anything back since I haven't had a regular steady job since 2012. I do not have credit cards now. I can't get approved. The money I'm blowing threw is my actual disability check leaving me stuck from month to month. I have $25,000 in student loans and a $400 car payment. I want to pay off the debt I just gotta get my spending under control.

Sent from iPhone 6 Plus using Tapatalk

[touched by fire]

Originally Posted by Tucson

I am now making my second command decision...

My daughter's mother invented the word "frugal". I found that I can trust her when it comes to money. So I am thinking about giving her my remaining card to keep for me, the one with a very high credit ceiling. I will give her instructions that I want to use this credit card only for emergencies and unforeseen necessary expenses like fixing the car, necessary dental work, pay a hospital bill, and so forth. I will retain my credit card that has a $500 spending limit.

Thoughts?

Tucson

I think that's a reasonable solution if it's someone you know you can trust. The point about medical/dental payments with those doctors is valid too... Long as you are paying them, you shouldn't get a collection filed against you and it all stays off your credit data. To keep your credit rating positive, you need to make payments on time as agreed and aim to keep the balance at 30% or below. I learned to juggle how I pay stuff since all my bills are scattered throughout the month. I have one credit car now, it closes on the 15th... so I make sure the balance is below 30% on the 14th. The 16th or so, I pay other bills with the open balance. Do it all over again next month. My scores have been steadily climbing since I started doing this. My biggest dead weight is my damn tax debit I let accumulate for 4 years... yes 4 I'm a lot more stable and clear headed now. Being responsible sucks

I'm so introverted I couldn't ask for help if I tried. To get back on track... I just cut my cards up, swallowed my pride and decided if I couldn't pay with cash, I couldn't afford it. That's allowed me to get things back to a more normal status. It's a struggle everytime I have some extra cash between being responsible and buying things I want. Until I have everything I want, I can't afford the things I need