America’s Debt Diet on Oprah summary February 19, 2006
My wife showed me Oprah’s show on Friday titled America’s Debt Diet. Oprah is teaming up with Jean Chatzky, David Bach and Glinda Bridgforth, three of the nation’s top financial experts to create a step-by-step action plan that may help get you out of debt. I think it’s great that she is bringing attention to America’s personal debt problem. There are three families that are sharing their money problems with Oprah’s audience (i.e. half of the women in America). Watching this made me cringe. Here’s each family’s summary:
The Bradleys:
- annual income: $102,000
- debt: $170,000
- home value: $300,000
- jobs: case manager, government employee
- $100 a day on takeout
- $398.84 month cell phone bill
The Egglestons:
- annual income: $92,000
- debt: $115,000
- jobs: both teachers
- 12 credit cards that are all maxed out.
The Widlunds:
- annual income: over $75,000
- debt: $81,000
- $150 a week on take-out
I noticed while watching the show that each family says that they are “horrible with money”, but it’s not the lack of income or hardships, rather it’s more about their relationship with money and maybe it’s a way to escape their personal problems. From the outside these families are happy and successful, but on the inside, the money problems are tearing the couple (and families) apart. As Oprah noted, eliminating debt is about financial and spiritual freedom. I can’t imagine how much stress and anxiety that these families (and others) have about the amount of debt. Makes me wonder, do I know anyone like them?
- Posted in : Living Below Your Means, Debt
- Author : Kyle
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