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Oprah Winfrey's Debt Diet - Author David Bach Talk About Loans Credit Cards and Consolidation and Repayment

July 12th 2006

Oprah Winfrey's Debt Diet - Author David Bach Talk About Loans Credit Cards and Consolidation and Repayment

David Bach

This week the Oprah Winfrey Show is revisiting the Debt Diet Series.  In this group of shows Oprah interviews various families to determine how each got into debt and how each can get out of debt.

The series breaks down getting out of debt into four steps.  The first step is to determine how much debt you have.  This is done by pulling out your bills and totaling your expenses and debt. 

The next step entails tracking your spending.  One of Oprah’s guests, David Bach, says one place to cut spending is the “Latte Factor”.  We need to review our luxury expenses like fancy cups of coffee, cigarettes, bottled water or fast food.  Not spending just $10 per day can put $3600 in your pocket after one year (or pay your debt).  

 

The third step is to work with your interest rates.  The experts recommended talking with your creditors.  Ask them for a lower interest rate.  Save all of the low interest promotional offers you get in the mail from credit card companies. 

Call your creditors and request a lower interest rate.  The they say no, ask to speak to their supervisor.  At that time tell the supervisor that if they don’t lower the rate you are going to pull your money from their card and use one of your promotionals.

The forth step is to stop spending.  Learn to cut expenses.  Do you need all of the cable channels?  Would you be better off on the dollar menu at McDonalds rather than the meal menu?  Put the money you save towards paying down your debt. 

 

More Stories: 

Debt Diet 1 Debt Diet 2 Debt Diet 3
Debt Diet 4 Debt Diet 5  
 
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Important:  The material on Best Syndication is for informational purposes only and is not meant to be advice. You should always seek professional advice before making financial decisions. 
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