Oprah show on Friday about getting out of debt.

[dvcgirl]

The show title is "The New Diet that will change America" The teaser..."Americans are bloated, out-of-control and in big time denial. Three families will expose everything: the fights, the lies the secrets. Oprah is challenging you to go on the great American Debt Diet! Top experts reveal a step by step action plan for you!"

I'm betting the folks at MBNA, Chase and Capital One are quaking in their boots....I love it!

This is not the same show with Dave Ramsey on it (although I don't know if he's one of the experts). Jean Chatsky (sp?) was the one expert I saw in the teaser. I do really think that there is a movement happening in this area right now. People are beginning to wake up.....a very good thing!

 

[chewysmom]

Thanks for the heads up! I'm off to tivo it now!

 

[barbeml]

Thanks for the heads up! DH and I are great with our money and in good shape, but I always learn something new from shows like this and seeing other people in a mess keeps me motivated to be good.

 

[dvcgirl]

Thanks for the heads up! DH and I are great with our money and in good shape, but I always learn something new from shows like this and seeing other people in a mess keeps me motivated to be good.

I love these sorts of shows....and I'm in no debt and in great shape for retirement. We need to be talking about his more and more in this country because we are in such a huge mess, both debt-wise and in lack of savings for retirement. We are *way* overdue for a massive wake-up call. And I think that it's beginning to happen. I'm glad to see that these issues have become such a hot topic.

 

[TheRatPack]

Is there any way to watch it online? We're redoing the wood floors in the living room and my bedroom and so all the TVs were unplugged and moved out of the rooms

I hate to miss it though.....sounds like a good show.

 

[Chicago526]

Thanks for the heads up. I Tivo Oprah everyday but don't always watch it if I run out of time in the evenings. I'll be sure to watch this one! DH and I are already on a "money diet" and are paying off our CC's, but this sounds like it would be good inspiration to keep going!

 

[DVC Sadie]

Thanks for the information. Has anyone ever noticed how it's usually the people who are not in debt who watches all the financial shows? I just hope Americans wake up to the fact that being in debt is a horrible way to live. I always wonder how these families will live when they are retired if they have no savings now. I look on other boards and find it inconceivable that people will pay for a WDW vacation on credit with nothing in savings.

 

[Chicago526]

Well, maybe a lot of people DO watch, but just don't advertise that they are swiming in debt and don't have a lifejacket. A lot of people put on a show that "everything is just fine" when they are popping antacids and lay awake at night worrying that their company has just anounced possible layoffs and they're already living paycheck to paycheck. Remember that LendingTree.com comerical with that guy saying how he's a member of the golf club, has a new car, 4 bedroom house with all the trimings, then says "How do I do it? I'm in debt upto my eyeballs. I can barely make my minimum payments! Somebody help me!"

Even if the show only inspires a few thousand people to get their financial lives in order and get out of debt, it's still a step in the right direction.

 

[DizneyDogs]

Ugh I miss Oprah so much this week. I am having withdrawls. It's being preemted by the Olympics, will just have to wait for the rerun this summer.

 

[travelbug]

The show title is "The New Diet that will change America" The teaser..."Americans are bloated, out-of-control and in big time denial. Three families will expose everything: the fights, the lies the secrets. Oprah is challenging you to go on the great American Debt Diet! Top experts reveal a step by step action plan for you!"

I wonder if one of the guests on the show might be Ellie Kay, whose newest book is called "The Debt Diet." I think it was just released at the end of January.

I'm one of those people who doesn't owe anything except on my house, but I love to read, watch, or listen to anything financially-related. I lurk on the Budget Board a lot, even though I don't often chime in on the financial discussions.

I'd love to watch Oprah tomorrow to see this show, but I'll be at WDW by then. If I get in my room in time, I may try to watch it. If not, I'll be off to the parks.

 

[kydisneyfans]

Watching billionaire Oprah tell me how to get out of debt would be like watching Dick Cheney giving rifle lessons. If I made her money-I wouldn't be in debt either. Let's face reality-there are ways to get out of debt-but enjoy life too. Yes-I have some debt-still paying off a 3500 credit card-but I am not giving up a trip to Disney to do it.

If the Fed would stop raising interest rates-struggling Americans would be in a better position to pay things down. My HELOC is now over 10% interest-thanks to the Bush cronies.

Again-the rich get richer-the poor get poorer.

 

[CarolA]

Posted in error...sorry.

 

[dvcgirl]

Watching billionaire Oprah tell me how to get out of debt would be like watching Dick Cheney giving rifle lessons. If I made her money-I wouldn't be in debt either. Let's face reality-there are ways to get out of debt-but enjoy life too. Yes-I have some debt-still paying off a 3500 credit card-but I am not giving up a trip to Disney to do it.

If the Fed would stop raising interest rates-struggling Americans would be in a better position to pay things down. My HELOC is now over 10% interest-thanks to the Bush cronies.

Again-the rich get richer-the poor get poorer.

And your HELOC interest rate is likely to go higher because the new Fed chairman stated on Tuesday that rates are going to continue on up. How that is the Fed's fault, the President's fault, or Oprah's fault is beyond me. The terms of a HELOC are clear as can be.....and lots of folks who have pulled cash out of their homes when times were good (and rates were low) are beginning to feel the pinch.

 

[minnie1928]

And your HELOC interest rate is likely to go higher because the new Fed chairman stated on Tuesday that rates are going to continue on up. How that is the Fed's fault, the President's fault, or Oprah's fault is beyond me. The terms of a HELOC are clear as can be.....and lots of folks who have pulled cash out of their homes when times were good (and rates were low) are beginning to feel the pinch.

I like that rates are going up (to some degree). My house is a low fixed rate, no credit card balances, so the money in my savings accounts are just going to go up and up and up!

Now, I do know that when rates go up...the cost of goods goes up, etc. But I figure the price of goods are gonna go up for one reason or another, I might as well make a little more interest on the deal.

PS-loved the Dick Cheney rifle lessons crack!

 

[dvcgirl]

I like that rates are going up (to some degree). My house is a low fixed rate, no credit card balances, so the money in my savings accounts are just going to go up and up and up!

Now, I do know that when rates go up...the cost of goods goes up, etc. But I figure the price of goods are gonna go up for one reason or another, I might as well make a little more interest on the deal.

PS-loved the Dick Cheney rifle lessons crack!

Well, rates are going up for several reasons, but it can and probably will put a damper on the economy. One of the main reasons is that people will be less likely to pull out hoards of cash from their homes (a good thing...because we have so much debt in our nation), but of course, this will affect consumer spending which in turn hurts businesses....which in turn hurts job growth....and so on. When we go through these big run-ups, whether in the stock market, or in real estate, there's always a bit of a wake up call. And that's what is coming. Those who are over leveraged are the ones who will feel this pinch the most unfortunately. Businesses are also negatively affected by rate hikes, but this is a dose of reality that we'll all swallow to a certain degree I'm afraid. However, those of us without debt, an emergency fund and steady jobs will feel it less......

 

[Free4Life11]

Watching billionaire Oprah tell me how to get out of debt would be like watching Dick Cheney giving rifle lessons. If I made her money-I wouldn't be in debt either. Let's face reality-there are ways to get out of debt-but enjoy life too. Yes-I have some debt-still paying off a 3500 credit card-but I am not giving up a trip to Disney to do it.

If the Fed would stop raising interest rates-struggling Americans would be in a better position to pay things down. My HELOC is now over 10% interest-thanks to the Bush cronies.

Oh I hear you. I am *NOT* happy that my student loan interest rates are increasing steadily. If they are going to increase the interest rates they might as well compensate by increasing the Stafford limits! Every year I still have a balance after all my financial aid and have to take out a private loan to make up for it. My Wells Fargo loan has gone from around 7% to 10.5%!

I am going to record the show, but like you say, Oprah is a billionaire so she's not exactly the first person I want telling me to get out of debt. Still, I'm willing to see what the show has to say.

 

[kydisneyfans]

It's not Oprah's fault the interest rates are climbing-but again the people who pulled money from their home to live or improve things are not the well to do-they are people like my wife and I who wanted to paint our home and make other improvements.

As for Bush and the Fed-Bush picked the Fed chairman.

Also-rates have been steadily rising since Bush was put in office--those with tons of money in savings are now gaining more interest (getting richer)--while those with HELOCs and needing future credit are paying more (the poor get poorer).

One good thing is the more interest I pay-the more I can write off in taxes-I would rather the mortgage company and myself have the money over anyone in the federal government.

 

[MrsPete]

Watching billionaire Oprah tell me how to get out of debt would be like watching Dick Cheney giving rifle lessons. If I made her money-I wouldn't be in debt either. Let's face reality-there are ways to get out of debt-but enjoy life too. Yes-I have some debt-still paying off a 3500 credit card-but I am not giving up a trip to Disney to do it.

I totally disagree. Regardless of how much (or how little) we earn, we all have to live within those means. Just because Oprah has money doesn't mean she can't tell others how to budget; remember where she came from!

When we earned 25K between us, we only had one car and we ate lots of beans -- and we did "enjoy life" -- that has little to do with spending. As our income's increased, we've allowed ourselves some luxuries, but we still don't go hog wild.

 

[Jon99]

If the Fed would stop raising interest rates-struggling Americans would be in a better position to pay things down. My HELOC is now over 10% interest-thanks to the Bush cronies.

Again-the rich get richer-the poor get poorer.

Do you even begin to understand WHY the fed is raising rates?

 

[disneysteve]

One good thing is the more interest I pay-the more I can write off in taxes

Sorry but this makes absolutely no sense. Why would you want to pay more interest? You only get to write off a small percentage of your interest. For every dollar in interest, you only deduct about 25 cents. So you are spending 75 cents for every 25 cents you save on your taxes.