Mental illness behind Debt problem?

[Emily]

An extraordinary story in the Sunday Times....

A diagnosed psychiatric condition called Biopolar syndrome have been linked to excessive spending to overcome bouts of depression and debilitation.Such people have tthe urge to spend like there is no tomorrow when depressed.One in four of debtors may have this condition unkowningly.

In the 80s there was the infamous 'yuppie' flu 'diagnose' but that never got the medical community behind it. But this biopolar syndome is a sure thing. One case study had a women Doctor(PHD) brought a car with her credit card and racked up debts that had to be paid back through remortgage - the binge was then 'allowed' to continued and then more debt was racked up. The Banks rang 10 time a day to get the money back but the person felt she couldn't cope with answeing the phone and then seeked to spend more.

It was the depression that lead to the binge spending and fuelled further depression when the bank came calling.

I think creditors need to see this Biopolar syndrome as a real mental problem for some - at last a not so implausible answer as to why people binge on credit. The cure is counselling and ripping the card up....

[kallis3]

I really can't blame my spending on that. I always wanted everything instantly, did not want to save for it or for holidays, and calls from the bank certainly did not make me go out and spend more, indeed by the time it got to that situation, I was unable to get anymore credit.

Whilst I accept that bipolar is a very real and debilitating condition, I wonder how many people in debt will jump onto this bandwagon and blame it on their mental health even when they have nothing wrong with them?

[Skippy]

Same here Kallis - I wanted everything there and then. I can't believe how much more satisfying it is to pay cash for things.

It does make you wonder how many people will see this as an opportunity to blame an illness (and I'm not criticising people who are genuinely ill)

[kallis3]

Exactly Skippy. I am sure that some people, perhaps those in denial, will use it as an excuse. Apologies to those people who genuinely suffer from bipolar.

[cat 1]

Bi polar disorder (manic depression) is a serios mental illness .It is characterised my severe and crippling mood variation.A small aspect is disinhibited behaviour.Often people spend without concept of the consequences.Treatment is lifelong usually.It's affects on the individual and family are enourmous.This is very different than people who spend when they're just happy.Honest.Cat

[facingittogether]

i agree cat!

a member of my family has bipolar and it is such a terrible illness it can destroy lives and relationships!

barb x

[cat 1]

Totally agree Barb.Awful illness.Has to be properly diagnosed.Not something people can say they have because thier moods vary.I've worked with people experiencing bi polar for many, many years.It appeared to get abit 'trendy' a couple of years ago with celebs saying they had it...doubtful in my experience! Cat

[facingittogether]

my sister has it cat and it went undetected until a few years ago, she lost her marriage, custody of her children because no one including her family knew what they were dealing with! the spending money part was the least of the problem! thsnkfully now she is on medication and is alot better! having said that it seems to flair up every 3 or 4 years!

barb x

[Skippy]

I hope you didn't think I was being critical of people who are genuinely ill, I'm definitely not.

[facingittogether]

o skippy - dont be silly!

i know part of the illness can be the reckless spending!

i didnt think you were being critical at all!

barb x

[Skippy]

Thanks Barb, I know I can sound unsympathetic at times and I don't mean to!

[facingittogether]

skippy - its the psychiatrist who is barking mad if he thinks that the main element of bipolar is excessive spending! its a mood disorder they are either very high or very low! its terrible to watch and very hard to deal with, having said that my sister has never got into excessive debt - unlike me - maybe i have the spending part of the symptoms lol[:D]

barb x

[Moneystinks]

This is interesting thread.

My mother who too has Bipolar Disorder - once spent £1000 in a day on tat. We actually laugh now but at the time it was distressing. She arrived home in a mini bus taxi full of bags. She had bought bags and bags of those little coloured stone type pebbles from Au Naturel and candles, cushions, a push chair from Mothercare to name just a few items. We took her to A&E (as at the time we thought she was just being a bit strange as there were also other incidents over a few weeks) I had to stand in the middle of the waiting area and refuse to take her home, I had to stand there and tell them I couldn't cope and that somebody else had to take responsibility for her - it was the worst thing I have ever had to do up to that point (this IVA process is nearly on a parr).
On a good point though Au Naturel were brilliant and took everything we could find back, Mothercare did after I stood in the store shouting very loudly that they were irrisponsible and insensitive etc, etc.
Bipolar Spending is definately different, the way you spend the money is different and irratic and only if you have witnessed it can you see the difference.
Our debt has built up over 10 years, trying to juggle study with working full time, with holidays, and running a home along with illness. Some of it has been bad luck and some of it bad management and in one instance bad advice. We have got in more debt over the years trying to get out of debt! We are rubbish lol[:I]

[Viki.W]

You're not rubbish Marie, You're sorting it all out and that's something to be proud about. Sorry about your Mum, must have been awful. Viki X

[Moneystinks]

Ah ahh! It was, but as I say we laugh now, my sister was mortified! I made it worse in Motherare as they had let her have the credit card. She is on benefits as she has not worked since 1990 due to strokes and they allowed her a card. She was clearly not right when she applied for the card (acting and talking strange). So how irresponsible was that - well when they refused to take the push chair back I freaked lol.
Funnily enough when she was in hospital she sent myself and 2 sister a huge bunch of flowers each. Confused at how she had done it as the hospital had taken her money away from her we rang the florist who delivered them. She had only rang the lady - who she knew and told her she would pay when she got home!! I couldn't stop laughing she was good! She was still spending from her hospital bed. I wonder........is this who I get my spending habits from...........only joking.
We ended up paying £50 each for our own flowers lol! They were nice though I'll give her that she's got taste - Expensive taste lol.