Suze Ormand on Oprah

[kfeuer]

I saw the program. The first family....forget it, there's no way that they'll put out of that mess. No way. She's got a serious problem though....I would bet that she's manic, the high that she got from shopping was obvious. She needs help. I think that there is a lot more than money issues going on here, a whole lot more.

If the wife doesn't get serious help, and if her husband doesn't get tuned back into his family NOW, they have no shot. None. I'll be shocked if they pull through this.

When she was talking about her garage sales, I was thinking "Wish I could be at your garage sale, lady!" That furniture looked nice But seriously, four garage sales a year?!? That's crazy.

One other thing that struck me was her saying that she was an only child who got everything she ever wanted. It's a good reminder that we're not doing our kids any favors if we indulge their every whim.

 

[Chicago526]

While I'm a huge believer in personal responsibility (these people should have known better, and shame of them for not pulling out of this debt spiral sooner), I feel that part of the blame for this are the banks and CC companies. How and why does a couple that makes 100k get a 600k+ mortgage, high dollar car loans/leases, and high limit credit cards? It used to be that a bank would say "no, you have no way of paying that back". These days it's "sure well give you the loan, we can always repo the car(s) or foreclose on the house or garnish you wages". Yes, these couples should have had the sense and will power to say "no", but at the same time the banks should have never said "yes".

Sometimes people do need to be protected from themselves, and I think the banking industry is due for some major regulatory overhauls. PBS just reaired their Frontline special "The Secret History of Credit Cards" (I think that's the title) and the crap they get away with is astonding (and it's interesting to see how the industry was in effect deregulated). The mortgage meltdown is another prime example of what can happen when an area of the banking industry runs amuck with little regulation or oversight. The 1st couple on Oprah yesterday had a negative amoritization mortgage, that means they pay less than the interest due every month, so not only does the principle not get paid down, but the interest that isn't paid gets tacked on to the loan, and they sink further into debt. Even in a houseing market that is going up, it's a crazy loan to have, and should not be given to people who are using it to finance their principle residence, it should only be given to investors (and short term ones at that).

It should be clear by now that the banking industry can't regulate itself, so I think Congress needs to step in, and I hope they do.

Okay, I'm off my soap box now!

 

[DVC Sadie]

The first family had a 0% mortgage for over 620,000.00 that goes up 20,000.00 per year, every year and this family had not paid one dollar towards the principal. They do need to sell the house and fast. They are over 100,000.00 in credit card debt. Even if they do everything SO suggests this family will continue to struggle until they seek and accept physchiatric help. When SO told husband that he would also need to get a part time job I thought he was going to have a major meltdown.

The second famiy is in debt over 200,000.00 due to student loans but will be able to get out of it as soon as the husband sells his car and the wife stops buying designer shoes and bags.

 

[Tiger926]

While I'm a huge believer in personal responsibility (these people should have known better, and shame of them for not pulling out of this debt spiral sooner), I feel that part of the blame for this are the banks and CC companies. How and why does a couple that makes 100k get a 600k+ mortgage, high dollar car loans/leases, and high limit credit cards? It used to be that a bank would say "no, you have no way of paying that back". These days it's "sure well give you the loan, we can always repo the car(s) or foreclose on the house or garnish you wages". Yes, these couples should have had the sense and will power to say "no", but at the same time the banks should have never said "yes".

Sometimes people do need to be protected from themselves, and I think the banking industry is due for some major regulatory overhauls. PBS just reaired their Frontline special "The Secret History of Credit Cards" (I think that's the title) and the crap they get away with is astonding (and it's interesting to see how the industry was in effect deregulated). The mortgage meltdown is another prime example of what can happen when an area of the banking industry runs amuck with little regulation or oversight. The 1st couple on Oprah yesterday had a negative amoritization mortgage, that means they pay less than the interest due every month, so not only does the principle not get paid down, but the interest that isn't paid gets tacked on to the loan, and they sink further into debt. Even in a houseing market that is going up, it's a crazy loan to have, and should not be given to people who are using it to finance their principle residence, it should only be given to investors (and short term ones at that).

It should be clear by now that the banking industry can't regulate itself, so I think Congress needs to step in, and I hope they do.

Okay, I'm off my soap box now!

I spoke to this in my post above as here in Canada this wouldn't happen. My banker hubby rejects people everyday for this reason (we don't have that negative mortgage either). Your country totally needs to revamp the banking industry and make it accountable to the government like it is in our country. Also, they could have a private loan/mortgage as Suze really didn't say, and so this would explain their situation as well.

Tiger

 

[MEM]

I wasn't able to see the show and watched the highlights on Oprah's website. Was there no mention of counseling for the first couple? Obviously the Mom of 6 needs psychiatric help but her husband also needs help removing his head from his posterior. I wish they had provided both couples with more of a detailed plan (long and short term) and qualified advisers - like the Oprah show where Jean Chatsky moved in with the couple for a few days.

 

[rcpae]

Thanks for bringing up this show. I have recently started to tape Oprah and didn't realize yesterdays topic. I had my daughters 13, 11 and 10 sit down and watch this with me. I wanted them to see that it is not always a bad thing when Dad and I say no.

I also wanted them to see that you can't judge a book by it's cover. More and more lately it seems that some of their friends and their families appear to have limitless resources, but that just may not be the case.

I also wanted to my oldest to see the segment about the student loans. As we begin in the next couple of years to talk college I wanted to her to see the end result of these loans.

This was very eye opening for kids and adults alike. Thanks!

 

[Married2theYeti]

Thanks for bringing up this show. I have recently started to tape Oprah and didn't realize yesterdays topic. I had my daughters 13, 11 and 10 sit down and watch this with me. I wanted them to see that it is not always a bad thing when Dad and I say no.

I also wanted them to see that you can't judge a book by it's cover. More and more lately it seems that some of their friends and their families appear to have limitless resources, but that just may not be the case.

I also wanted to my oldest to see the segment about the student loans. As we begin in the next couple of years to talk college I wanted to her to see the end result of these loans.

This was very eye opening for kids and adults alike. Thanks!

What a great idea to have your kids watch this. You are a smart mom!

 

[kaseyC]

I'm astounded by the fact that this Felice spent probably close to $2000 a month on maintaining her personal apearance and Starbucks but her family has no health insurance! I swear it looked like her teeth have been either capped or bonded and she has not gotten any dental care for her kids. I also cannot imagine a father letting his children go without medical and dental insurance.

Like others I believe that there is no real hope for this couple without psychological help. I would also be surprised if their marriage survives.

 

[staceyfe]

Sometimes people do need to be protected from themselves, and I think the banking industry is due for some major regulatory overhauls. PBS just reaired their Frontline special "The Secret History of Credit Cards" (I think that's the title) and the crap they get away with is astonding (and it's interesting to see how the industry was in effect deregulated). The mortgage meltdown is another prime example of what can happen when an area of the banking industry runs amuck with little regulation or oversight. The 1st couple on Oprah yesterday had a negative amoritization mortgage, that means they pay less than the interest due every month, so not only does the principle not get paid down, but the interest that isn't paid gets tacked on to the loan, and they sink further into debt. Even in a houseing market that is going up, it's a crazy loan to have, and should not be given to people who are using it to finance their principle residence, it should only be given to investors (and short term ones at that).

It should be clear by now that the banking industry can't regulate itself, so I think Congress needs to step in, and I hope they do.

Okay, I'm off my soap box now!

It's interesting that their payment is soon to go up from $1800/mo. to $3300/mo. I've never understood why people let themselves get so far in over their heads with a negative mortgage.

I read the properties in bankrupcy every week in our local paper. Something I've recently noticed is that so many of the loans originated a little over 2 years ago. Is it because people took out adjusted mortgages thinking they'd be able to afford an increase if it occured? Truly, you'd be amazed how many properties are being auctioned on the courthouse steps due to default. It's sad and irresponsible on both parties' end.

 

[Ciao Mickey]

I saw the show. I posted about it on the Community board.

Needless to say that woman is a screwball. None of what she did phased her in the least.

I truly free sorry for her kids. What rolemodels they got stuck with.

I didn't see any remorse from her at all.

All the suggestions Suze made to her where like "oh okay, let's move to Seattle and start the party all over again."

She was trying to appear as a sympathic figure but I ask you how can you do and live like she did and not think about your kids at all? They and her husband were only along for the ride.

Everything she did, she did for herself. She's a psychopath with no feelings except for herself.

 

[dogluva]

I saw the show and automatically thought of my sister. She is manic and spends all day long (works during her coffee breaks). She has bought houses, vehicles, clothes, toys, computers, etc. all sit there. She buys and then has no use for them. It is so sad. She parents by buying her children things. They have everything. Well, not everything, they didn't have a horse so she bought that. She spends more in a week than we do in years. And this is not a wealthy family (well off but not rich). She has recently filed for bancrupcy.

My sisters issues go way beyond trying to keep up with th Jones'. She needs serious help.

I have bags of clothes for my daughter that she have me from her girls. My youngest has never had an outfit that I have bought. I had so much stuff for her, I have most away to charity. You can only wear so many clothes.

This show was sad. I feel bad for those kids-what roles models. To them, this is normal behavior. My neices and nephews don't know any different. It is going to be a sad day since they have pretty much nothing.

 

[eliza61]

I saw the show and automatically thought of my sister. She is manic and spends all day long (works during her coffee breaks). She has bought houses, vehicles, clothes, toys, computers, etc. all sit there. She buys and then has no use for them. It is so sad. She parents by buying her children things. They have everything. Well, not everything, they didn't have a horse so she bought that. She spends more in a week than we do in years. And this is not a wealthy family (well off but not rich). She has recently filed for bancrupcy.

My sisters issues go way beyond trying to keep up with th Jones'. She needs serious help.

I have bags of clothes for my daughter that she have me from her girls. My youngest has never had an outfit that I have bought. I had so much stuff for her, I have most away to charity. You can only wear so many clothes.

This show was sad. I feel bad for those kids-what roles models. To them, this is normal behavior. My neices and nephews don't know any different. It is going to be a sad day since they have pretty much nothing.

That's why I hate these shows. These people don't have money issues. Any time you get on tv and say you almost lost a child and you don't make sure from that point on that your children have medical care, you are a negligent parent.
These are serious, "in need of mental help" problems. I once dated a guy who was in love with his car. I mean seriously would not let me touch the thing, I knew after he picked me up twice that the guy had serious problems. Talk about red flags.
These people needed way more than Susy Orman.

 

[disneysteve]

That's why I hate these shows.

These are serious, "in need of mental help" problems.

These people needed way more than Susy Orman.

ITA. This isn't a money problem. It is a psychiatric problem. It won't be solved by adjusting spending or moving or closing a credit card or two. It won't be solved without intense psychiatric care, counseling and, most probably, prescription medication. This was way out of Suzy Orman's field.

 

[Ciao Mickey]

ITA. This isn't a money problem. It is a psychiatric problem. It won't be solved by adjusting spending or moving or closing a credit card or two. It won't be solved without intense psychiatric care, counseling and, most probably, prescription medication. This was way out of Suzy Orman's field.

This couple should have been on Dr. Phil instead of Oprah.

 

[Tiger926]

[/B]


This couple should have been on Dr. Phil instead of Oprah.

Absolutely! This is what I was thinking the whole time I was watching it. As soon as they showed a bit of the woman's life, I immediately knew it would be over Suze's head in terms of the psychological issues at hand. The show actually did a disservice to this couple in that Suze thinks that a move to Seattle and getting a job at Starbuck's is going to fix that. For her as a financial guru, that is the only angle that she is presenting from, but honestly, Oprah then should have suggested that they seek counselling.

There are serious pathologies there that aren't going to be cured by moving to Seattle, and in fact, they could get worse as moving is going to be pretty stressful on all of them, especially those poor kids.

Tiger

 

[Chicago526]

ITA. This isn't a money problem. It is a psychiatric problem. It won't be solved by adjusting spending or moving or closing a credit card or two. It won't be solved without intense psychiatric care, counseling and, most probably, prescription medication. This was way out of Suzy Orman's field.

True, but it's going to take years for these two to get their heads screwed back on straight, meanwhile they have to eat. Suzze did tell them they both needed therepy, in fact the first thing she said was this wasn't really a money problem at all. The suggestions she made was to keep a roof over their heads and get the kids insurance ASAP while they work on getting their psychological acts together.

 

[Tiger926]

True, but it's going to take years for these two to get their heads screwed back on straight, meanwhile they have to eat. Suzze did tell them they both needed therepy, in fact the first thing she said was this wasn't really a money problem at all. The suggestions she made was to keep a roof over their heads and get the kids insurance ASAP while they work on getting their phycological acts together.

I never heard the word 'therapy' used at all. Hmm, not sure how I could have missed that?

Tiger

 

[Chicago526]

I never heard the word 'therapy' used at all. Hmm, not sure how I could have missed that?

Tiger

She spent the couple minutes talking to the wife about how she had no self worth etc. I believe she did state she needed help, unfortunatly I already deleted the show off my DVR or I'd go and get the exact quotes.

 

[bsusanmb]

This behavior IMHO is no different than any other addiction...drugs, alcohol, gambling...they all take the focus away from what is important. That woman just couldn't stop! It was all about her. It was her fix... and he had his head in the sand because he isn't a MAN and just expects someone else to take care of him...IMHO of course. That debt will never go away and I don't know how she slept at night...well, she didn't and to ease her mind she just kept spending.

 

[NY Disney fan]

The subject of this thread, FELICE, who was on the oprah show is on the oprah.com message boards giving people an earful on how her situation was exagerated and how they have it all wrong.