There are a lot of misconceptions around bipolar disorder – mainly that it’s almost like a drastic change in the weather, going from happy one moment to sad the next.
But this is untrue.
While bipolar disorder is a mood disorder – extreme highs (manic episodes) and extreme lows (depressive episodes) don’t happen that quickly, and they can last from weeks to months at a time.
And it isn’t just feeling happy or sad. When it comes to mania, loads of symptoms come out to play.
This can include heightened irritability, feeling incredibly elated, talking quickly, feeling full of energy, feeling self-important and having a million new ideas, becoming delusional, not sleeping and indulging in risky behaviours, and doing things with disastrous consequences – like impulsively spending lots of money.
Though it isn’t talked about all that much, the latter is a huge one.
Many people with bipolar disorder struggle with debt, due to their impulsive spending and bad decisions.
According to a study by the Office of National Statistics back in 2000, 33% of those with a diagnosis of bipolar disorder or schizophrenia, were in debt, compared to 9% of people without any mental health problems.
Ray, 36, from Portsmouth, has been diagnosed with bipolar disorder since March 2017, but has had the condition for his whole life. He built up £18,000 worth of debt because of his impulsive spending, associated with his condition.
Compulsive spending has always played a large part and according to Ray, it is a ‘huge indicator’ of when his mood swings.
He tells Metro.co.uk: ‘The spending starts and then gets gradually more out of control until me or my finances burn out. When I’m on a high, I’ve always been pretty good at getting hold of money.’
Most of the spending, borrowing money and relying on credit started when Ray was around 26.
He only signed up with a catalogue account, but everything went downhill from there.
He said: ‘I ran that up fast buying a TV, games console and all sorts of other things. But then I signed up for an creidt card which started with a £100 limit.
‘They upped that to £1000 within a month. Then I got another three credit cards, four store cards and an online credit account. I even bought a sofa on credit.
‘Over the years they all just kept offering increases and more credit. Usually, £1000 jumps at a time.
‘The catalogue companies were used for materialistic things and the cards for my huge alcohol binges at bars where I would be buying everyone drinks like I was rich.
‘I’d just spend spend spend, just to show off. It was all pointless. I’ve given most of what I bought myself away to people.’
In total, Ray found himself in £18,000 of debt. He has lots of mixed feelings about it. Throughout his spending sprees, he was manic and felt amazing.
Often, after a manic episode, a person with bipolar disorder may crash, into a deep depression. And this is when all of the guilt and realisations set in. This is when you realise you might actually be in a lot of trouble.
He added: ‘I did seek every increase, I couldn’t help it. My mindset wasn’t in the consequence game. I lived like there was no future sometimes. But then I’d crash and that’s when I felt scared or worried, even guilty.’
But, even when Ray was feeling depressed, his spending didn’t stop.
He said: ‘I had the extroverted spending as the party hard no holds barred guy. Then the introverted spending as the sad debt-riddled person hiding at home for weeks on end drinking all day with a fear of leaving the house.
‘I kept spending because I didn’t see money, debt or consequences. I just rolled with it.’
Eventually, it got to the point where things got so out of control and this year, Ray finally sought help.
He applied for an IVA – an individual voluntary arrangement – which is a formal agreement between you and your creditors that can help you repay your debts at an affordable amount.
He had been spending and building up debt for 10 years.
All of the information on his debt was collected, and all of the lenders were contacted to set up a payment plan – which so far Ray has been able to stick to.
He also explained that because of the IVA, luckily he can no longer get credit – and that’s part of the agreement.
He says this is a really good thing – however, his spending still fluctuates.
Ray said: ‘I still struggle, my bipolar is still here. My partner is supportive. But I’m still making bad choices.
‘Relatively my debt is under control at the moment.
‘I pay £150 every month for the next five years. The monthly amount is worked out yearly depending on how much I earn.
‘Technically I’m still in upwards of £17k debt, but as long as I pay the IVA the money they require for five years, they will write off the rest of the debt.
‘When the five years is up, I won’t be able to get credit for another year. After that my credit rating is reset and the slate is totally wiped clean.’
Ray feels there should be more precautions when it comes to spending for people with bipolar disorder.
He explained: ‘Maybe on the lenders’ side of things, there could be ways of recognising spending patterns of vulnerable people.
‘Throwing out £1000 credit card increases to someone with a serious mental disorder isn’t ideal.
‘But then I know I wouldn’t have admitted my problem so they would have a hard job knowing my spending was fuelled by my mental state and their profits.’
How can you limit excessive spending during a manic episode?
There are several things you can do to avoid getting yourself into thousands of pounds worth of debt during an episode of mania.
It is good to have things set into place for when you feel like you are going into a manic episode – so create a savings account which can be locked, and put money away in there so that you cannot spend it when you are high.
Alternatively, give your cards to someone you trust, so that you are unable to use them during your episode.
Alert your bank and let them know about your condition so that they can keep an eye on your spending, and freeze your account if you appear to be using it too much.
If you have found yourself in debt and are struggling to pay it off, you can contact the debt charity Step Change for advice.
MORE: Debt Diaries: I racked up 13k of credit card debt from shopping
MORE: Can you go to prison for not paying off your debt?
source https://metro.co.uk/2019/11/26/how-bipolar-disorder-left-one-man-in-18000-of-debt-11215220/
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