Credit Card Abuse During Manic Phases

[HB]

I would be interested to hear from other people who have racked up credit card debt during their manic phases. I currently owe $12,000. Gosh, just seeing that amount written down is depressing.

I am seeking a home equity loan to pay off the credit card debt, to help with my master's degree program, and to pay for my son's braces. I'll know in a few days if it's approved. I sure hope so.

I had two credit cards. I destroyed one, and will call to limit my credit amount to $1000 after I pay the other one off.

My question to you all is this: How else can I manage myself during these manic phases when I decide to do "projects?" Sure, the projects themselves are great - replacing light fixtures, painting, helping my son to get his new bedroom and bathroom looking more masculine, buying things for my classroom - but I can't afford this type of behavior!

Any suggestions out there? I live with my 15 year-old son (I'm divorced) and don't want to burden him by asking him to monitor my spending. My other two daughters are in college.

Thanks for reading!

Sandra

[Mr. J]

In my limited experience with debit cards, I've had a couple of unbridled spending episodes. I've put two of my three previous bank accounts in the red and subsequently declined to pay up.
For a variety of reasons, I use cash and money orders only. Checks suck and there's too much temptation to write hot ones. The very idea of credit cards is just insane to me.
If you must go on shopping sprees, spend on a smaller scale. In the past, I frequently went crazy at thrift stores. Wanton clothes shopping is less of a threat when garments cost less than $5. Limited means and shitty credit have prevented me from sprees greater than $100 so I'm not sure what more to tell you.

[fossil]

I know this is going to sound unusual, but when I go through a phase like the one where you spend spend and spend and rack up the bills, I always buy my stuff somewhere that I can take it back. I know that Wal-mart and Lowes don't particularly like me doing it - but after I have made my purchase, I have a bit of a let down and begin to feel guilty about the spending. After I think about it for a while - I am able to take the items back and get refunded the money and that way I stay out of trouble. I did get in trouble on ebay a few years back, and I am still hounded by that spree - I don't go there anymore.

[Perry]

*raises hand* Guilty.

While not $12,000 (ouch, that sounds painful!), I still owe money and it still hovvers over me annoyingly. Not as painful as it was in December, fortunately. Having a service cut off taught me a hard lesson, yet I'm actually glad to have had it. I appear to learn best the hard way.

The only technique I can offer to cope is that when you feel the mania rolling in, tell someone. Find someone who will spend some time with you, away from somewhere you can shop (including and especially online shopping!) I sometimes struggle with this, so it's not perfect advice, but it's worked before and if I catch it early enough, no harm done. I find going to somewhere natural like the beach, a park, etc., to be the most effective.

[Katherine]

I have the same problem with my husband who when manic spends tons of money he doesn't have. This Christmas he must have spend 4 thousand dollars just on the kids ( nothing for me).

My suggestion is not to use credit cards at all, try keeping limited amounts of cash. Maybe just having 2 accounts, one for saving that you cannot touch and one for everyday expenses...grocery , rent, whatever.

When you feel manic and the urge to spend are you aware you are doing it? Maybe like someone else mentioned before try finding someone that can help you control it.

Good luck to you

Katherine

[Hart]

Most of my debt is medical in nature at this point in time -- but I remember getting in trouble with my credit card when I DID have one. My big solution now is not to have one, and not just because I don't qualify for one anymore. It's just easier not to overspend when I don't have a credit card -- and it's easier not to go crazy on MY projects (I always have projects when I'm hyper) if I don't have "unlimited" funds.

I find if I stick to cash and what I have in my bank account, especially if things like food, gas and rent are pressing, that it's easier for me to keep track of what I'm doing.

That's not to say I handle my cash all that well sometimes -- but my spending sprees tend to be limited like J.'s are.

Saying I'm going to keep my credit card for emergencies only is a lot easier than actually doing so. I don't know that I can ever allow myself a credit card again.

[doedoe]

I avoid credit cards altogether. I am currently using a credit card because my HR dept. messed up my last paycheck and had to take 2 months of medical insurance premiums out at once. OUCH! I usually make about $800, that last check was $50. So, since I have new digs and lawyer fees etc. I have had to use the one and only credit card I have. Once my paychecks go back to normal, I will put my credit card in a safe place and walk away. I once heard that if you freeze your credit card in some water, that this is a good dederent from spontanious spending. I have never tried it though. Quite frankly, I don't have any desire to spend money now that I'm on meds.
Doe

[Luna]

Found this topic and thought it was worth resurrecting.
I'm friends with a couple (they're neighbours) both medical doctors, ie they understand about mania. I take ALL my access to money to them. I blew R8000 during my last episode (though I have to say I bought nice stuff! I'm still getting my 2 favourite US magazines from those subscriptions.. teehee ). It was fortunately not credit, but it was money I had saved. Since I was becoming unemployed at the end of that year, I had tried to build up a bit of a hedge. Well, a mighty sharp set of manic hedge clippers took care of that... I gave them my cards just before I was going to run over into debt; better late than never!

I've now vowed to myself that I will take all my cards to them BEFORE I get to the spending stage. It's not going to be easy to know when, since my insight dwindles as my mania escalates, but my solution is to do it EARLY, before I am actually manic. If I buy something impulsively, that's going to be a sign. I'll draw some cash just for food, and then hand every card over, debit, credit, store etc)

We'll see how well it works next time, I guess...!

[Luna]

Today is the day. I woke up and after just one cup of coffee, I'm now online and into my favorite bookstore (kalahari.net the SA version of amazon.com). My clicking finger is SOOO ready to go.

I'm putting them into my wishlist and not my basket, how restrained is that? And now to CLOSE THE WINDOW.

[wildcat]

I went to the my caisse pop for a debt consolidation. It was cheeper. the interest in a line of credit was way lower that a credit card and the credit manager was happy to see me!!! she got me and all $8000 with interest and my "sob" story rather than the 4 different companies - 3 credit cards and my credit union.

Shop around for who is willing to offer you the best interest and payment schedule!!! yup repayment schedule! up here you can pay a morgage weekly and at the end of the year it looks like you paid 13 months rather than 12 so you have paid one month of capital and 12 of interest in the first few years of a 25 year morgage - think of the savings!!! (we are house shopping and I am maggied to an accounting techn).

An yes because you are in a squeeze does not mean you have nothing! you are working, you have something. You need to have confidence that you are going somewhere with that ... so look-up your community center and find help making up a budget!!! and plan for leasure - all work and no play will set up up for cheeting like a YO-YO dieting. It is just you have to be modest; and even cheep! (we have nature parks that you have to pay for parking ... so we park a ways out and bike in!) We see 2nd run movies at promotional events run by radio stations and the smaller cinemas rather than the cineplex (and i bring milk & fruit- faking children health problems... Hey have you seen the price of soft drinks and popcorn! ).

There is a show on cbc with a financial planner that gives great advice. I think it can be streamed... I was watching her the biggest trouble for all seems to be keep track of every penny. Where is it going? And if it when away too fast how much is that trip going to cost you?

You know, I even spend too much when depressed! hoping to find some magic something that will make me happy!

[girlinterupted]

I had 3 huge spending sprees--each one more than the last. My problem is I don't recognize mania. All i know is I feel great!! The 1st time I went crazy with the checking account the second time I maxed out the Sam's Club to the tune of $700.00 and the last time I ran up several credit cards and bought a car by putting a down payment on my husband's Visa card. I keep my cards in a place other than my purse and now make it a habit of asking my husband if I can use it and for how much.This is working very well. So far, so good.

[Spirit]

Hi Girlinterrupted, nice to "hear" from you. Wondered how you've been doing. I like your solution to the credit card situation. My husband and I usually know what each other is using the credit card for. We only really use one. Hope to hear more from you.

[girlinterupted]

Hello Spirit----Good to hear from you too. I would love to get down to one card. It makes things so much simpler. I am all for simple.
I use to bake alot and really enjoyed doing it. Not so much any more. I tend to take alot of shortcuts. Today is my husband's bd. I went out and bought a cake. Felt a little guilty but it makes my life easier. I have to remind myself i can not do as much as I like because the Seroquel wears me out. I once told a pharmasist that my dose was 1200 mg and he replied that he was surprised I could even walk. I have had my dosage reduced to 800 mg, it still wears me out, just not as much.