“The Debt Diet” series offers good Financial Help to Get out of Debt
February 26th, 2006
Oprah has just
aired part 2 of the 3 show special called “The Debt Diet”. This
show offered advice on how families are struggling with debt because
of poor management on spending. The 3rd in the series
will air on ABC on March 10th.
It was good to
watch the process that the professional money managers used to
approach the debt consolidation. What each family did was determine
there monthly bills and expenses. When looking at the totals for
their expenses they found that there were a lot of hidden expenses.
over spent on TV and cable bills. They also wanted the best for
their children and had a nicer upright piano. The financial planner
wanted it gone. They settled for a smaller upright. The big screen
TV went back. They couldn’t give up their cable but they downsized
to a cheaper plan.
had spent roughly $13,000 a year on things like eating out and
frivolous purchases. They had a soft spot for their children, who
doesn’t? But it points out the reality that even though we want to
help our young adult children, the parents are also in a financial
crunch. The daughter was not being responsible because her parents
took care of the problems for her. She got a parking boot ticket of
$80 for parking in a no parking area, the daughter probably would
have been more careful if she knew she would be responsible for the
ticket. The parents were working on how to get the money together
and it caused a lot of stress on the other family members. I think
this hits home for many people because too many times we want to
help our children and do the best for them even if it gets us so far
in debt that we get into trouble.
What was done
in the last family was to cut up the credit and debit cards and live
on cash only. With every one having a budget and everyone writing
on an envelope what they spent it on. It wasn’t easy for this
family. But I don’t think it is a journey anyone wants to go on.
But I have a feeling after a while doing this there financial
situation will improve and they will feel a big relief.
You can visit
Oprah’s website for more information on the financial planners and
their books. This series points out the reality of being in control
of your finances and not being out of control. This series have
also taught us how to budget by forcing yourself to pay cash for
everything. This series reinforce the idea that there is a good
chance that your financial crunch is due to lack of budgeting. You
can check out our website for more debt and finance articles.
Best Syndication Staff Writer
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