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Old 03-28-2015, 09:48 AM
 
9,302 posts, read 5,218,803 times
Reputation: 2180

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I struggled with depression since a junior in high school, just 10 year's. I was ashamed of seeking treatment but had a breakdown two to three year's ago. I made maybe 3 to 4 attempts, but stopped before the act. Always chicken out and rarely tell anyone because I an ashamed. Long story short depression and Bipolar hit hard three year's ago. I gained weight, stopped exercising, cried every day, didn't sleep, lost interest in activities I enjoyed, and a whole lot of other issue's. During that time went from $0 in debt to $8,000 in debt. I paid a $1,000 off, but the debt still looms over my head. Even when I lost my job had a bit of a lapse as well. I did treatment for about a year, but stopped with the job lost. I mean I have my moment's. I feel sad at times and have really bad day's. For the most part it feels in control.

Long story short wondering how many people with bipolar or depression racked up debt during a bad manic phase? Have you paid it off? Any tips? I was just going to chip away at it over the year's focus more on saving money in a rainy day fund. Then use my 401K to pay off my debt in two years take an early distribution. Figure enjoy life and not let dent ruin me from enjoying good moment's of life. I feel that would make me worse off.

Appreciate the feedback.
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Old 03-28-2015, 11:57 AM
 
26,690 posts, read 19,072,523 times
Reputation: 47596
Quote:
Originally Posted by RunD1987 View Post
I struggled with depression since a junior in high school, just 10 year's. I was ashamed of seeking treatment but had a breakdown two to three year's ago. I made maybe 3 to 4 attempts, but stopped before the act. Always chicken out and rarely tell anyone because I an ashamed. Long story short depression and Bipolar hit hard three year's ago. I gained weight, stopped exercising, cried every day, didn't sleep, lost interest in activities I enjoyed, and a whole lot of other issue's. During that time went from $0 in debt to $8,000 in debt. I paid a $1,000 off, but the debt still looms over my head. Even when I lost my job had a bit of a lapse as well. I did treatment for about a year, but stopped with the job lost. I mean I have my moment's. I feel sad at times and have really bad day's. For the most part it feels in control.

Long story short wondering how many people with bipolar or depression racked up debt during a bad manic phase? Have you paid it off? Any tips? I was just going to chip away at it over the year's focus more on saving money in a rainy day fund. Then use my 401K to pay off my debt in two years take an early distribution. Figure enjoy life and not let dent ruin me from enjoying good moment's of life. I feel that would make me worse off.

Appreciate the feedback.
Do NOT do this....you will not be happier being broke in your old age, and you will pay like 1/4 of it or more in taxes by taking an early distribution. You need a plan for your life, goals and a budget and small steps to get there. Dropping out of responsibility/escape from being a responsible adult, is not going to help you feel better about yourself or your life, in the long run you'll feel like a failure if you do this. Read a book like Dave Ramsey or Suze Ormon, which are written for financial novices. This is the time to start over and create a good life and future for yourself. You can do it, hang in there.
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Old 03-28-2015, 01:24 PM
 
9,302 posts, read 5,218,803 times
Reputation: 2180
I did it already so I am rebuilding my 401k right now. Took out $5,000 had to pay $400 on tax. I figure when 30 can restart by then hopefully be making more then I am now debt free. With that I can put in a goal of $3,000 to $4,000 a year in my account. With matching company does 3%...so rough estimate probably be able to have at least $200,000 in my 401K/IRA over a 30 to 40 year span. I only subtract $4,000 over next three year's.

I do understand what you mean with responsibility. I felt terribly put of control in those year's. I really hope one day can be financially stable to see a psych doctor again for therapy to talk really helped.
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Old 03-28-2015, 05:21 PM
 
Location: Cushing OK
14,545 posts, read 18,277,907 times
Reputation: 16829
I didn't go into debt, but was preoccupied with other things and over trusted my ex. We had a family business, in my name. I am dyslexic with numbers and he'd studied accounting, so he took care of that. When he left, we'd supposedly made a good amount of money (by my standards). The house desperately needed work he didn't want to do so I did that. Then get a call from someone saying he hadn't paid them for months, just a little, never the full bill, and I'd have to catch it up. Catching it up ended up with sending them most of what was left.

I realize now I was too much in my own world and SHOULD have noticed how he was acting. So I lost the house eventually.

I also should have taken the contract with the mobile to a lawyer to check, but didn't. They had a small hidden place where they could raise the rent as much as they wanted. And they did. Lost that too.

I was on meds part of this time as well, and they weren't working and I was so zoned as they kept adding more I don't think I could have noticed if I'd tried. Now on NO meds and doing fine.

My rule is list the bills, add them up and subtract. Subtract the amount for food. For the emergency fund. I have them set up for direct payment. What's left is for special stuff. I always allow myself to get something I don't necessarily need, but not something expensive. I can do a fund for that.

It works. I've actually save a bit of money and should I need to call a plummer, I can pay them.

Numbers are very concrete and it helps, along with having firm rules and NO other person in the way.

I find that since I can pay my bills, and I don't have any stress over that, a LOT of other stuff is which stressed me doesn't.
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