Oprah show on Friday about getting out of debt.

[Free4Life11]

Wow! FIVE pages under the title about the Oprah show "Debt Diet" & not one post about the actual show when/after it finally came on.

Try scrolling up.

 

[dvcgirl]

For those who watched the show, does anyone think that Jean Chatsky's remedies are far too little to save that family?

The woman spends *$7,000* a year to have her hair done! Oprah commented that it is much more expensive for African American women to get their hair done, and it may be....but *please* $7,000??!!! She's going to way high end salons. And so Jean Chatsky's remedy....cut that in half! So now she can spend $3750 on hair? Are you kidding me? She needs to shave her head then...crazy.

The other expense...$30,000 (yes that's 3-0 thousand) on take out food! Chatsky said that needs to be cut in half.....in half?????

This family has to cut soooooo much deeper than that to even begin to pay down the *debt* that they have. They'd need to make the cuts that Chatsky suggested just to break even....

 

[Am_I_There_Yet]

So far I like this episode. Much better than the Dave Ramsey one beacuse this time they sound like they are actually going to give tips.

That one lady...UGH. I can't imagine anyone just THROWING AWAY the bills?

ETA -- did you see when she said, "You have FIVE CARS. Two of them? Buh-bye!" The lady looked like she had seen a ghost!!

None of it was as good as when the teenager was told she'd have to start paying for her own car.

I can't stand to hear someone say that they have someone wrapped around their finger. I hope she realizes the stupidity of her comment now.

 

[Free4Life11]

For those who watched the show, does anyone think that Jean Chatsky's remedies are far too little to save that family?

Yes, I felt that it was far too little! $14,000 a year on food is INSANE. It looks like it's just her, her husband, and her young daughter! She spends more on take out food than I EARNED all of last year! Judging from the preview of next week, it looks like even THIS is asking too much of this lady.

When she said 5 cars I was floored...this family is not going to be out of debt for a long time at this rate.

And Oprah shouldn't be egging her on. She can spend as much as she wants on her hair -- she's a billionaire! This women cannot afford $7000 or even $3000 on hair care. I understand black women have special hair care needs. That's no excuse to be spending so recklessly.

 

[kfeuer]

For those who watched the show, does anyone think that Jean Chatsky's remedies are far too little to save that family?

The woman spends *$7,000* a year to have her hair done! Oprah commented that it is much more expensive for African American women to get their hair done, and it may be....but *please* $7,000??!!! She's going to way high end salons. And so Jean Chatsky's remedy....cut that in half! So now she can spend $3750 on hair? Are you kidding me? She needs to shave her head then...crazy.

The other expense...$30,000 (yes that's 3-0 thousand) on take out food! Chatsky said that needs to be cut in half.....in half?????

This family has to cut soooooo much deeper than that to even begin to pay down the *debt* that they have. They'd need to make the cuts that Chatsky suggested just to break even....

I *totally* agree. That's her idea of a wake-up call? To say it's okay to keep spending over $300 a MONTH on HAIR?!?!?! Those people have gone way past the time for gentle measures, they need drastic measures, and her plan was not it. Heaven knows there are plenty of African-American women who manage to go about their daily lives without spending $300/mth on their hair! I did a quick mental calculation and I spend about $120/year on my hair. It was less then that until my hairkeeper (who worked out of her house and was extra cheap) moved away. I get all my shampoo, hair color, styling stuff for free after coupons and rebates.

And even if you don't like to cook, how tough is it to have some cereal or toast for breakfast? Even buying convenience foods from Costco would be a major step-up. I just don't get how they a sensible repayment plan could include over $1,000 a month on eating out.

I agree with the poster who said they had no sympathy for these people. I don't, either. It made me mad to hear that one family talk about how they almost filed bankruptcy--don't make the rest of us pay for your extravagance and stupidity! I don't understand people who just throw up their hands and say "I'm just no good with money". Grow up already and take some responsbility for your actions and for your life!

 

[littleEinsteins4]

just subscribing

 

[dvcgirl]

I *totally* agree. That's her idea of a wake-up call? To say it's okay to keep spending over $300 a MONTH on HAIR?!?!?! Those people have gone way past the time for gentle measures, they need drastic measures, and her plan was not it. Heaven knows there are plenty of African-American women who manage to go about their daily lives without spending $300/mth on their hair! I did a quick mental calculation and I spend about $120/year on my hair. It was less then that until my hairkeeper (who worked out of her house and was extra cheap) moved away. I get all my shampoo, hair color, styling stuff for free after coupons and rebates.

And even if you don't like to cook, how tough is it to have some cereal or toast for breakfast? Even buying convenience foods from Costco would be a major step-up. I just don't get how they a sensible repayment plan could include over $1,000 a month on eating out.

I agree with the poster who said they had no sympathy for these people. I don't, either. It made me mad to hear that one family talk about how they almost filed bankruptcy--don't make the rest of us pay for your extravagance and stupidity! I don't understand people who just throw up their hands and say "I'm just no good with money". Grow up already and take some responsbility for your actions and for your life!

Yes, the "I'm just no good with money" comment....GROW UP. Geez, get "good" with money. Write down what you make, what you spend, and what you owe. And then use a little maturity, some discipline, and live within your means.

I think that the two teachers and the third family are more classic examples of folks out there in debt. The teachers went down to one salary while the DH was in school...and just kept spending as though they had two incomes. And now they have 42K in CC debt, and what happens to people at that point...the interest charges are so great that they can't make the minimum payment and pay all of their necessary bills.

 

[mytwotinks]

For those who watched the show, does anyone think that Jean Chatsky's remedies are far too little to save that family?

The woman spends *$7,000* a year to have her hair done! Oprah commented that it is much more expensive for African American women to get their hair done, and it may be....but *please* $7,000??!!! She's going to way high end salons. And so Jean Chatsky's remedy....cut that in half! So now she can spend $3750 on hair? Are you kidding me? She needs to shave her head then...crazy.

The other expense...$30,000 (yes that's 3-0 thousand) on take out food! Chatsky said that needs to be cut in half.....in half?????

This family has to cut soooooo much deeper than that to even begin to pay down the *debt* that they have. They'd need to make the cuts that Chatsky suggested just to break even....

How does a person even spend $30,000 on take out????? That is definately not McDonald's or Burger King!?!?!?!?!? They should be allowed maybe $100 a month if they are REALLY wanting to get out of debt. Of course this is a woman who didn't even own dishes or silverware because she refuses to do dishes. I don't see that as someone who is willing to work real hard to sacrifice and make changes. Hopefully she will. Looks like it would save her family. Did they ever say how much that family made? I know that the teachers made $105 and I think that the third family made $70 but that might not be right.

 

[mytwotinks]

ETA -- did you see when she said, "You have FIVE CARS. Two of them? Buh-bye!" The lady looked like she had seen a ghost!!

I was wondering if anyone else noticed that! Did she really think that they were not going to tell her to get rid of the extra cars? That made me really wonder how serious she is about fixing her problems and digging her way out of this. Plus, she knew why they were taping her and she goes out and buys a piano. How irresponsible. They were getting ready to go on t.v. and tell everyone how in debt they are and she goes out and signs a lease on a piano?

 

[Lisa loves Pooh]

I'll play devil's advocate with the warning of I HAVEN'T SEEN THE SHOW.

NOw that being said--instead of debt..let's change it to an overweight person.

Someone who doesn't understand why they are overweight even though it is obvious to the rest of us.

Will they be more successful with increasing subtle changes in diet and a slow build up in exercise.....or by running a marathon tomorrow and curbing all spending cold turkey.

While I would probably have rolled my eyes at the family as well--something is better than nothing. Cutting their spending in half will be a HUGE shock to the system as would halving your calories on a diet---I don't think Jean Chatsky was a moron for suggesting what she did. I'm sure it was some reaction. Can you imagine if she said cut the spending by 95%?

I'm a self admitted idiot when it comes to finances. And yes--I am not good with money, I am not disciplined with maintaining my check book or a whole host of other "dumb" financial moves.

It was a life skill that I just wasn't taught. It is something I do hope to change...but man oh man..it's a bit hot in here--and almost "holier than thouish".


Can you do calculus? Can you paint a monet? Can you construct a home with your bare hands?

Isn't it just an itty bitty possibility--that what may easy to you--just isn't easy with other people no matter how you spell it out in plain English?

In my case--I surrendered my finances to my husband. I just could NOT grasp basic concepts. I see checkbook balance and we are caught up--I forget to look ahead. I've tried Quicken, MS Money, excel spreadsheets---everything.

It just amazes me how if I were to (way back when) explain a calculus equation--to me it would be as easy as explaining 2 + 2, but not so to the person who felt like a monkey looking at a math problem.

 

[Am_I_There_Yet]

I'll play devil's advocate with the warning of I HAVEN'T SEEN THE SHOW.

NOw that being said--instead of debt..let's change it to an overweight person.

Someone who doesn't understand why they are overweight even though it is obvious to the rest of us.

Oprah actually uses the analogy of food dieting, to the debt diet.

ETA: I was once in debt up to my eyeballs and I get the biggest thrill out of watching it shrink! I've reduced my monthly interest from $500 a month to a little over $100 and it feels soooooo good.

There was a time where I would dread the mail coming; now I look forward to it!

 

[CarolA]

I am AMAZED!!!

I posted this the other night and then thought better of it, but...

I read on here every day how much SMARTER, RICHER etc you guys are then the average American... I have to admit I always wonder??? (And PLEASE don't PM with your personal financial details, I don't really care!) (I notice it's an overall DIS board afflication. On the DVC board I have noticed that that group has more overall health crisis that require bathtubs then the average American) I wonder if some of you "crow" as much in real life as you do here?

Now a few facts.... I just figured it out. I spend around $2,000 a year on my hair. GASP CALL THE POLICE!! LOL! I perfer to spend this on my hair so that I am happy with it. I have had it done cheaper and it looked it. I was not amoung those of you blessed with good hair.

I also have robe that was on the Oprah show (I didn't buy it, my boyfriend did. Of course the only reason he knew about it was he was out of work for a brief period and was stuck at home watching Oprah. Its a wonderful robe!) I use some of the products Oprah does (I assume that I will not be going to heaven with the worthy) All I will say is that I don't think any of these expenses are out of line with my income so why does it matter.


I am now prepared for all of you to deride me just as you did Oprah. I don't feel any need to give you any of my finanical details so you can assume what you want, but the fact that I spend money on my hair and on other goods does not automatically make me a bad person. Apparently Oprah is BAD for spending money she has. I don't recall Oprah telling anyone that they had to buy something. Sorry, but the Oprah is hypocrite speech is right up there with your 10 year old telling you "I did it because Johnny did" Do you accept that excuse???

I have watched Oprah's give away shows... I think they are fun. I have NO overwhelming urge to buy all that stuff and if someone does that's not Oprah's fault. I didn't watch her debt show and I dont watch the majority of her shows. (I have a job and I don't have the energy to tape her. I'd never watch anyway)

 

[DVC Sadie]

I have no sympathy for any of them. Even as the bills piled up, they kept spending. Too lazy to cook, too lazy to wash dishes. Nauseating. Who the heck needs FIVE cars? They all seemed to need some therapy to find out what is so lacking in their emotional lives that they need to make up for it with things.

The show certainly had merit, since so many Americans are on the road to ruin due to narcissism and materialism. However, I'd like to see a show about helping people recover financially from catastrophic losses that were no fault of their own.

ITA, They are so far on the outskrits of normal that it is hard to understand. If most AMERICANS are this far in trouble then all I can say is "God help us" because its the people that save and plan for the future who will get wshort shrited "or screwed".

 

[disneysteve]

I spend around $2,000 a year on my hair. GASP CALL THE POLICE!! LOL!

I don't feel any need to give you any of my finanical details so you can assume what you want, but the fact that I spend money on my hair and on other goods does not automatically make me a bad person.

I think I agree with you. But you left out the one vital piece of information for me to know for sure. Can you AFFORD what you are spending on your hair? If so, then do it and enjoy it. The woman on the show, however, was spending $7,000/year on her hair (3.5 times what you are spending) but she was tens of thousands of dollars in debt. I still wouldn't say it makes her a bad person, but it certainly indicates that she has a serious problem that she needs to deal with.

I have absolutely no problem with people spending money and enjoying wants and luxuries. Heck, we do it fairly often. But we do it within the bounds of what we can afford. When we earned less, we spent less on those things. If something happened to drop our income tomorrow, we would immediately go back to spending less on those things.

 

[imsayin]

All I will say is that I don't think any of these expenses are out of line with my income so why does it matter.

That's the difference between you & the people on Oprah's show. They obviously had expenses out of line with their incomes, even though their incomes are well above poverty level.

I think the vibe from this board is shock at major mismanagement of finances, probably from people that manage theirs' well. Ultimately, I don't care how people spend their money.

 

[DVC Sadie]

This womens salon debts weren 7000.00 a year and her family could not fix a meal at home. Oh please!!!

 

[disneysteve]

We just finished watching the show. I recorded it (VCR, not Tivo). And we watched it as a family - me, DW and DD-10.

I have about 5,000 comments to make - LOL. I'll start with just a couple. I'm sure more will turn up as the discussion goes on.

For those of you who think these people represent some outrageous extreme, you are mistaken. These families are all around us. They are people we know and work with and attend worship services with and have in our families. But as they said on the show, the difference between obesity and debt is that you can hide debt and pretend it doesn't exist.

dvcgirl - You asked if Jean Chatzky's plan was too little too late. I understand your point, but I think her plan is perfectly fine. By cutting the hair costs and food costs in half and getting rid of 2 of 5 cars, she is freeing up probably 25K/year that the couple can put into debt reduction and savings. They are 170K in debt. So I agree that they need to cut even more, but to be able to pay down 25K/year would certainly be a good start. And I think Lisa loves Pooh is absolutely right that they are more likely to succeed with this plan than a more aggresive, restrictive, deprivation plan.

I noticed on glaring similarity between all 3 families. One partner handled all the money and the other partner apparently knew absolutely nothing about what was going on. If that's the case in your house, change it right now and change it forever. In our house, I handle all of the finances but I regularly review everything with DW. She knows exactly what we have, where it is, what we owe to who, how much we earn, etc. And neither of us would ever make any significant purchase without discussing it with the other one. I think every couple should have some set spending dollar amount above which you need approval. The fact that Lisa Bradley went out and bought a car without asking her husband is insane (and don't even mention that she forged his name to do so).

 

[LoriMistress]

I don't think I even spend $1000 on a hair a year. But spending $7000 on your hair...that's a bit too much. Personally, I think spending $2000 on your hair is a bit too pricey, but if you can actually afford it, that's fine with me.

 

[disneysteve]

I don't think I even spend $1000 on a hair a year.

I know exactly how much DW and I spent on hair care in the past year: $15. DW cuts her own with a pair of scissors. I cut my own with a Conair trimmer that I bought last March for $15 at the Conair outlet store.

 

[LoriMistress]

I have no sympathy for any of them. Even as the bills piled up, they kept spending. Too lazy to cook, too lazy to wash dishes. Nauseating. Who the heck needs FIVE cars? They all seemed to need some therapy to find out what is so lacking in their emotional lives that they need to make up for it with things.

The show certainly had merit, since so many Americans are on the road to ruin due to narcissism and materialism. However, I'd like to see a show about helping people recover financially from catastrophic losses that were no fault of their own.

I completely agree with you. I can't believe this woman owes $79,000 in student loans, and that was just the UNDERGRADUATE!!! Didn't even include Grad School!!!