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Topic : 01/02 Money Rescue: Extreme $pending

Number of Replies: 212
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Created on : Friday, October 03, 2008, 02:13:32 pm
Author : DrPhilBoard1
(Original Air Date: 10/06/08) Has reckless spending left you in the red? With consumer debt in America now exceeding $880 billion, how much are you contributing to that statistic? Tantani describes herself as a big-time shopper who has accrued nearly $25,000 in credit card debt. When Dr. Phil reveals how much a $100 pair of shoes actually costs after credit card interest is tacked on, will she -- and you -- think twice about making another purchase with plastic? Then, Heidi admits to getting a high from shopping and has even skipped paying utility bills to buy name-brand items. Heidi’s husband, Steve, loves to spend money on gadgets and tools. He recently lost his job, and you won't believe how he spent his severance pay! Dr. Phil gives the couple a money-spending quiz. Take it yourself to find out if you could be headed for economic disaster. Financial expert Loral Langemeier pays a visit to Heidi and Steve to get to the bottom of their financial mess. What makes Heidi reach a breaking point and end up in tears? Will the couple follow Loral's financial plan? Then, follow up with Brandy and Greg, a couple who was nearly one million dollars in debt before coming to see Dr. Phil. Have they made changes? Plus, learn how to determine your financial IQ. Join the discussion.

Find out what happened on the show.

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January 9, 2009, 2:36 pm CST

01/02 Money Rescue: Extreme $pending

Quote From: trigreen

That is very nice of you to compliment me on my advice.  

I see that bailout as among other things one more attempt by the corporate criminals to try to harm and take out credit unions.  The irony is that most credit unions act responsibly so they don't need to be bailed out in order to survive.    Let me also tell people something about the credit unions the banks don't want people to know-money kept in credit unions is insured!    Credit unions also often have better interest rates on checking, savings, and cds because they are non-profits.  I believe the same is also true for borrowing money.    

People don't even realize how much money they would save it they just got rid of credit cards and paid cash.   

I'm pretty scared that all the next generation is going to learn from this is "the tax payers will bail me out".  
And now the porn industry wants a bail out.  Unbelie-e-e-vable!
January 11, 2009, 8:04 pm CST

Great Message for everyone

I think this is a great message for everyone of all ages. American society is made to have an appearance of happiness within your family is a sign of material wealth. Meaning if your family has the nice house, car and things, you must be happy. I think parents hide financial issues from their kids, at many times even themselves. But when they hide their ignorance to money matters and spending, they don't teach their kids good habits. Next thing you know their kids are caught up in the same cycle. At 25 yrs old, college graduate, I felt helpless and financial debt sucking me in a hole I didn't know how to get out of it. Embarrassed, I hide how much I was in debt from my parents and next thing I knew I was $30,000 in credit card debit with  5 different credit cards, and the average APR on the cards were about 20%. It was a hole I didn't know how to get out of and too embarrassed to ask for help.

After finally sucking up my pride and a push from a very strong mom asking me to let her help me I am finally getting out of my debt. She helped take out a loan to cover my entire credit card debt with a lower APR so I was able to pay off the principal a lot quicker. Although I am forever grateful she has willing and able to help me, I realize how many more of those were in my same position and had no one to turn to. In my culture, Family, Food, and Finances are the most important things in this world. If you can, you help family even though it causes you to make sacrifices in your life to help another member and share the load. I have shared my story to some of my American friends and they would say, " family would never help me like that". I think this is also a problem. Not only do people keep their finances under wraps, but when they finally give in to their pride, their family is not willing to help. I believe there needs to be more classes available for free to better educate our society on how to manage their money and have a turn in society to help each other with this problem. Maybe it will give hope to those that seem like their situation is hopeless.
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