Manic Money
I wish there were special laws to protect bipolar people against falling into obvious debt traps. This week my bank offered to lend me £5,000 at 20% APR and I'm always being encouraged to take out credit cards.
Fortunately my parents keep a close eye on my finances and I chopped up my only credit card shortly after I realised I had impulsive spending tendencies.
However, people in a manic phrase are prone to making unwise financial decisions, sometimes leading themselves and their families into bankruptcy. I think banks and loan companies should protect people with mental health problems by at the very least, not sending them attractive marketing materials for loans.
Obviously it would be unacceptable if people with bipolar disorder weren't allowed credit at all but I would really appreciate it if there was some optional system I could subscribe to to protect myself, for example something that prevented me from borrowing and spending large amounts of money without a counter signature yet allowed me to continue with my day to day activities like shopping for food. Perhaps there is something like this, but if so, I've never heard about it.
What do others with bipolar disorder think?
5 comments:
Knowing quite a few bipolar people, I find this post kind of offensive.
I don't think falling foul of the credit spending trap has anything to do with your condition - I think it's a very natural, very NOT 'mental disorder' desire simply not to take responsibility for your actions.
I am going to play devil's advocate and run the risk of offending you here - but I think it's utterly ridiculous for people with bipolar disorder to hold up their hands and say: 'it's not my fault! I have impulsive spending tendencies!'
What about the rest of the people who got offered out-of-whack credit by unscrupulous banks and spent wildly? They, too, had 'impulsive spending tendencies' but sadly don't have a mental disorder to hide behind to justify it.
Roland,
Manic spending sprees are well documented symptoms of mania.
If the colossal documentation on the subject doesn't convince you then consider the fact that many bipolar patients who overspend when manic are very sensible with money when in another phase of their illness.
And I am not trying to excuse anything I've done. I am not in debt aside from the usual student loans.
What part of my proposal to protect myself in advance, do you consider failing to take responsibility?
i never said mania is the only thing that causes people to make unwise financial decisions.
Perhaps your bipolar friends do not find that their condition affects their spending but I should be very surprised if they have never made a decision they wouldn't ordinarily have made, due to lowered inhibitions when manic.
I am going to run the risk of offending you here by saying that your views are utterly ridiculous in light of all the research on this topic. Also, unless you've personally experienced the recklessness of mania, how can you so boldly discredit the experience?
I'm just arguing that the problem of impulsive spending isn't limit to people in a manic phase of bipolar.
Or maybe, some of the people I know with wild spending impulses are just undiagnosed bipolar.
To be fair to both arguments a lot of people have never had decent financial guidance whilst growing up which is why most 'normal' or non bipolar people get into debt...
Myself and friends who have bipolar spend on a manic episode without even thinking about the consequences, my personal experience is I want to make everyone happy and I'll buy things for other people for no reason other than that elevates my mood even more and it makes me feel sooo happy at the time... Its all down to the old scenario of feeling invincible and fearing no consequence, or anything else for that matter...My mum on the other hand was bi-polar and she never spent a damn penny, but she was mainly depressed most of the time, but when she did have a manic episode she broguht herself 3 wigs!? she wasnt balding, she just felt like it lol bless her...
I have had some of my debts happily quashed by lenders who are sympathetic to mental illness and bipolar, I don't want credit, never have, Ive been brought up to keep ontop of financial issues, but all that goes out of the window when I'm 'on one'.
Non bipolar or 'normal' people tend to ovespend because they want or need things they cant afford, in my case and in some friends cases on a manic episode we buy things we dont need nor want nor have much use for...its just 'because'...
Thanks
Dannii xx
Lenders quashed your debts because of your mental health condition? That is very interesting. Tell me more...
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