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Oprah’s Debt Diet series is Catching on across the Country – Positive Results for How to get out of Debt

April 7th, 2006

Oprah’s Debt Diet series is Catching on across the Country – Positive Results for How to get out of Debt

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On the Oprah Show today she showed what an impact her “Debt Diet” series had on many people.  Oprah showed people across the countries that have signed her “Debt Diet” contract.  Positive results are happening with families and people are turning around their financial situation.

Progress is being made in more than one way.  Families that were fighting and at the brink of divorce are getting along better now.  The couples all wanted to turn around their financial situation and work at it as a family.  This seemed to be a big element for success for these families and it worked!

Experts on the show recommended a chart for a break down for a monthly spending guide.  They recommend setting aside money for the following breakdown:  35% for housing, 15% for car including gas, 25% for other expenses including food, 15% to pay off student loans or other debt, and 10% for a savings or a retirement fund.

 

They showed a single mom that is not making enough income to make ends meet.  In addition to the shortages she went on vacation to exotic locations.  She is borrowing money from a student loan to make her payments.  It is a difficult situation that represents how many people that don’t have enough income manage by borrowing money instead of cutting back.  The experts still believe that there is a lot she could do to turn her situation around.  Just because you don’t have a lot of income, doesn’t mean that you can’t do something to improve your situation.

The families that have been on the show previously are moonlighting for extra income.  One mom is cutting hair, and another is selling some stuff sitting around the house on eBay.  One husband is painting on the weekends.  Another is a school teacher that has added coaching, and is increasing prices and adding customers for his summer lawn mowing services.

 

Many of these families that were on the show for the last few weeks are erasing the debt on their credit cards.  What was even more exciting is that when the debt is paid off they can turn it into a retirement savings plan and end up with a huge retirement fund.  It is great to see how working together as a family to solve a financial problem is making their relationships better.

One couple on the show decided live on the bare essentials without any luxuries for a whole year.  They lived in New York and gave up going to the movies, buying books, eating out.  What they discovered was that they had so much more time on their hands.  The lady was able to walk places instead of taking the subway as she found she had more time.  She also did not have fights about finances during this time period, because there was no one spending on frivolous items.  This would be extreme for most people, but it is a reminder that you can survive on less and still be happy.

 

There was a radio DJ from Chicago on at the beginning of the show.  He showed how he has taken the “Debt Diet” to heart.  A big problem with his wife was that she would by something that had a sale price.  She got a deal, but didn’t need so many baby outfits.  Watch out for those sales, and ask yourself if you really need that item.  He took the train instead of driving and paying for parking and saved a bunch.  He also did a transfer promotion with a credit card company to lower his interest rate to 0% for a temporary time period.  He carried a small memo book with him and accounted for all of his spending so he was aware of how much he is spending every day.

I think the Oprah show is offering a lot of inspiration with this series and it is a wonderful resource of information.  It takes both partners to work together to solve the financial problems and once a team effort occurs, it makes it more likely that you will not only succeed financially but also will succeed in your relationship with your spouse.

 
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Nicole Wilson
Best Syndication

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