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Topic : 01/02 Money Rescue: Extreme $pending

Number of Replies: 212
New Messages This Week: 0
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Created on : Friday, October 03, 2008, 02:13:32 pm
Author : DrPhilBoard1
(Original Air Date: 10/06/08) Has reckless spending left you in the red? With consumer debt in America now exceeding $880 billion, how much are you contributing to that statistic? Tantani describes herself as a big-time shopper who has accrued nearly $25,000 in credit card debt. When Dr. Phil reveals how much a $100 pair of shoes actually costs after credit card interest is tacked on, will she -- and you -- think twice about making another purchase with plastic? Then, Heidi admits to getting a high from shopping and has even skipped paying utility bills to buy name-brand items. Heidi’s husband, Steve, loves to spend money on gadgets and tools. He recently lost his job, and you won't believe how he spent his severance pay! Dr. Phil gives the couple a money-spending quiz. Take it yourself to find out if you could be headed for economic disaster. Financial expert Loral Langemeier pays a visit to Heidi and Steve to get to the bottom of their financial mess. What makes Heidi reach a breaking point and end up in tears? Will the couple follow Loral's financial plan? Then, follow up with Brandy and Greg, a couple who was nearly one million dollars in debt before coming to see Dr. Phil. Have they made changes? Plus, learn how to determine your financial IQ. Join the discussion.

Find out what happened on the show.

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October 6, 2008, 2:28 pm CDT

Morons!!!

People like this make me sick.  Are we supposed to feel sorry for them?  Forget it!

 

My husband, son ,and I live on one teacher's salary.  We pay off our ONE credit card every month.  We paid cash for our USED cars.  The only interest we owe is on our mortage.  We never make any major purchases without doing tons of research to find the best deal, etc. 

 

We don't have all the latest gadgets because we know they are a waste of money. One example:   I may wish I had a DVR but can't justify the $15 monthly fee just for the convienience of not having to use a VCR. 

 

My 12 year old son is learning the value of money so when he is an adult, he will be able to support himself in a responsible way. 

 
October 6, 2008, 2:30 pm CDT

you missed the point

Quote From: cuddles05

WHY SHOULD HE NOT HELP THEM.THATS WHAT DR.PHIL IS ALL ABOUT.HE HELPS PEOPLE WHO IS IN TROUBLE.AND WHY SHOULD'NT HE.ITS EASY TO GET INTO DEBT.AND IF PEOPLE ARE ,LIVING IN THEIR CARS IS IS THE FAULT.IM LOW INCOME AND IM MANEING.SO WHJY CANT THEY.MAYBE THEY SPENT TOO MUCH AND THATS WHY THEY ARE IN THEIR CAR INSTEAD OF A HOUSE.I FIND THAT PEOPLE ARE VERY JELOUS.OF DR.PHIL HELPING OTHER PEOPLE INSTEAD OF PEOPLE LIKE YOU.ARE YOU JELOUS TOO.BECAUSE IT WAS'NT YOU HE HELPED.POOR GIRL I FEEL SORRY FOR YOU
you entirely missed the point!  And I do not think that poster is jealous. In fact she sounded very intelligent. Why should people who are spoiled and spend beyond their means (most likely to show off what they have!!) be helped?  This is very different from someone who needs help due to things beyond their control.  There is no jealously here or ont he part of the other poster.  We are just tired of spoiled brats spending money they don't have and then crying when they get into debt and then look for someone else to bail them out.   Sorry but I would much rather see a person who is struggling and really needs help get it than a spoiled brat with an out of control sense of entitlement as well as out of control credit cards!!
 
October 6, 2008, 2:44 pm CDT

I am so disgusted

 These people had already filed for bankruptcy 4 times between the 2 of them and they are out there spending like money grows on trees.  Where is the bankruptcy court that is in charge of their chapter 13 payment plan to their creditors?  People like them make me sick with their "poor me" attitude.  People like my husband and I that are trying to teach our children not to buy things on credit and always pay your bills on time seem to be the minority.  Banks should be ashamed of themselves when they are sending credit card applications to kids when they are in college or just turn 18.
 
October 6, 2008, 2:50 pm CDT

Can’t believe these people

I have just finished watching this episode of Dr. Phil as I have begun typing this, and I just have to shake my head at people like Steve and Heidi.  As a cerebral palsic, I have just moved to Winnipeg and am living at an apartment complex for the physically disabled/challenged called Ten Ten Sinclair, on a four-month assessment.  I am getting monthly checks of $513.50 from Employment Income and Assistance that must go to rent and other things taken care of by the complex, including heat, hydro, water, and the $30 going to Shaw Cable (basic cable, not the fancy 200-channel system) and maybe I can have some money leftover.  All I’ll have to pay for is my laundry (imagine, Steve and Heidi, having to put $1.00 in the wash your clothes and another $1.50 in to dry them) as well as my telephone and Internet.  (I’ve actually been put on a promotion deal, my Internet is free for the first month, and $33.55 per month for six months after that.  I’ve just got a debit card yesterday, and despite this, I’ll have to land some employment in order to help manage my finances.  (Fortunately, I have a business communications package that will hopefully come in handy in wowing employers, as well as lots of food in my pantry and some in my refrigerator.)  The only thing I may need to spend lots of money on – when I come to that employment bridge – is some professional clothing that will help land said job.  Also, when I grocery shop, I’ll need to buy products at the cheapest amounts.  Do you think I can afford to spend my money on electronics, games, frivolous clothes and other things that will be beyond my means?  NO!

 

That’s why it is difficult for me to understand and accept Steve and Heidi’s compulsive need to spend money on tools that never get used, and electronics and whole season’s wardrobes that they really don’t need.  I can’t even dream of doing the same thing; I’d be in a whole heap of trouble if I did.  In the words of Dr. Phil, “What were you thinking?”  This is something I’d like to know.  Heidi says she gets a high from buying things… um, would you care to explain this?  Is it some sort of thrill, a rush, like when you’re flying long distance in a plane?  Or is it like the same thrill you get if you had shoplifted.  I think such a high is ridiculous, and you need more help than you could ever get from Dr. Phil.  To Steve, if you were any kind of husband to your wife, you’d at least put your wife on a budget, put away as much as your savings as you can, hide all your credit cards, do whatever you can to help keep your finances from going under.  Instead, you add fuel to the fire by sharing her shopping addiction and “highs.”  Bloody disgusting.

 

Unfortunately, we are living in a society where people judge you by what you have in material things, in an effort to keep up with the Joneses, so to speak.  If you don’t have a Wii, X-box, DVD player, DVR with all the channels you pay for, a library of 600 DVD movies/TV serial box sets, a camcorder so you can put videos on Youtube, two or three fancy computers/laptops, a “decked out” stereo system, a 40 GB iPod, etc, then you’re nothing.  You get singled out and talked about or made fun of by your peers, because they think you’re so poor, that you live in a house that’s stuck in past decades with outdated stuff and old antiques (which is what some people in their financial situations should consider.)  That is so sad, if you ask me; no wonder people these days are so materialistic.  I’ve noticed everything that Steve and Heidi has in the home, garage and closets, and I have to agree that they don’t need more than half of it, especially since Steve’s lack of handy skills probably matches mine.  Perhaps we wouldn’t have this problem if only whenever people are lured into shopping temptations, they stopped and asked these three questions:

 

  • Do I really want this?
  • Do I really need this?
  • Do I absolutely have to have this?

 If the answer to two or all three questions is NO, then guess what, you DON’T NEED to spend any money on it!  It’s that simple.  Buy things that you’ll absolutely need, avoid things you don’t, and you’ll be much better off in the long run.

 

Perhaps Dr. Phil’s next project (or some other expert, maybe Loral Langemeier?) should be a self-help book on money management entitled, “Lock the Door, Honey, it’s the Joneses!”

 
October 6, 2008, 2:56 pm CDT

They made me sick!!!

I was disgusted at the couple that was on the show.  Give me a break you think that going bankrupt twice prior would give them a clue?  The thing that angers me the most is that they think it does not hurt them or anyone else. Who do you think pays for your shopping?  Not you apparently.  The truth is that we ALL pay for it in the end.  I completely agree with the previous message regarding giving help to people who realy need it.  As far as I am concerned these people need to fall on really hard times to learn a huge lesson.  Obviously they have not learned from their past.  And the worst victim in this story is their son who will not only learn the value of a dollar, but will not learn how to live within hi sown means and take care of his own responsibilities!!! 
 
October 6, 2008, 3:02 pm CDT

The Economy

I got degrees in English Literature, Art History & Education. I worked 2 jobs during the school year & one job in the summer to pay for my college. I graduated with no debt. I always paid in cash for everything until the 1990s.  Before 1991, my jobs kept paying higher & higher wages, giving better & better benefits. I began teaching in a very poor school district with a Jimmy Carter grant. I made $8,000/year & no health care insurance. I then got a job with a travel company, great pay, free travel, a condo.  Then I moved to Colorado & began working as a computer operator (in the early 1980s). Very few people then could do computer work, so I was well paid. I began teaching computers to professors at a university.  Great pay/great benefits.  Then I was in a bad car wreck.  Could not use my left arm for 6 months. In outpatient PT, very serious.  Head injury also.  I lost my job because I was unable to return within the allowed time period for health matters.  No job, no insurance.  The car wreck was because the wheel came off my car on ice, on a mountain.  No other car involved.  Our car insurance paid for repair of the car & 3 months of medical care.  But I was in bad shape for much longer than 3 months.  My husband was working at a brewery & got injured there.  Was fired.  We went through all our savings in that 6 month time period.  I went back to work after PT was finished but could not type as fast & my head injury resulted in more cognitive problems. From 1991-2006, my wage earning decreased every year because I could no longer think clearly. I went from being a high wage earner to a subsistance level worker.  Finally, my husband & I decided it cost us more for me to work than to retire early.  I had memory problems due to the head injury & the only job I got (after 52 interviews) paid $8.50/hour & offered NO benefits.  We would have to have a 2nd car for me to work and we couldn't afford another car.  With the help of a kind social worker, I got onto Medicare but could not get social security. I have always shopped at thrift shops, we have always bought older used cars.  Until my injuries, we were doing great.  No kids to worry about, paying everything in cash.  We went onto VISA credit & took out loans when I was recovering from the car wreck injuries, to cover my operations & PT.  Then for groceries.  We had to get food stamps at one point.  My husband now has a great job & we are able to live off his salary (under $35,000).  We have a large loan that we are paying off to recover from the VISA expenses.  Do NOT judge people who are in big debt.  It is not just spoiled whiners who waste money running up credit for fancy purses. I had two operations, one cost $33,000.  Sometimes, people's debt is due to health problems.  WHY are we bailing out these HUGE corporations who have put a gun to our heads, saying if the "Plan" isn't OK'd, the whole economy will fail---that's like saying it's OK to steal unless you are an average citizen.  Corporate theft is AOK.  Preach about that, Dr. Phil.  I would LOVE to be out of debt but nobody is going to bail me out!!!
 
October 6, 2008, 3:05 pm CDT

UNBELIEVEABLE

These are EXACTLY the kind of SELFISH SELF CENTERED people that helped cause this financial collapse of the credit markets. You have to PAY YOUR BILLS! There smug attitude of entitlement makes me very angry as my wife & I saved many years to marry & have kids then we saved 20% of the purchase price and bought a home. No one needed to help us we helped ourselves. That is the AMERICAN WAY! Shame on them and SHAME on anyone living beyond there means, we must get back to basics in this country & find our MORAL compass again. Obama will only make things worse but people feel they have to vote for him as they don't trust the GOP anymore and don't want to appear as racist.
 
October 6, 2008, 3:13 pm CDT

excess debt etc.

     I cannot imagine getting into the situation these people are in.   We have always been a one income family, raised 3 kids, own a home and two cars.   OK they are NOT brand new--The cars are nice and run.   The house is 100 years old, but we remodeled it with our own hands.    We always put aside $$ every week (sometimes it wasn't much)  had insurance, paid our bills on time and although we have 2 credit cards (one with very low limit to use online, and one for emergencies, which isn't used much)    Always had a buffer of $$ to cover emergencies.  Do use that card for reservations etc. but its paid off when the bill comes.    Have we lived high?   No, but we sure sleep well knowing what we own is ours and that we do not have debt.   
     Do we have designer clothes--NO, but manage to dress well.    Have you heard of thrift storesand tag sales?    I buy brand name clothes there with tags still attached, especially after holidays and spring and fall.     Sure it takes time to look, and you pass a lot of "junk" before you get to a bargain, but hey--Just purchased a new jacket--I know retail on it would have been several hundred dollars--paid $5.    And even got a Sr discount.   grin.   
     Shop for groceries with coupons and buy sale items,   keep the freezer stocked when things are on sale.  Keep a food pantry, which is always stocked when items are on sale.     Raise a garden in the back yard and have fruit trees (pear tree produced almost 30 bushel of fruit this year)    Traded with friends and neighbors for things I didn't raise.    Can and freeze excess produce.   Amazing what a person can do with a small square in the back yard.    
     Our income was never over $30,000 a year, yet we managed to invest and have around $400,000 in savings and be debt free.     Were able to do this by NOT going out,  doing without  "things" and always saving what we could each paycheck.    Now that we are retired, we live quietly and peacefully.   
     Last time I went to a movie  was when On Golden Pond was playing.    --check out movies from the library and read books from the library.   Costs nothing to do that.   
     We grew up during WW2 so learned early to not waste.   Goodness, we had ration books to buy shoes.   I wore my brothers hand me down overalls, because the folks couldn't afford "girl clothes".     Do I worry what someone will "think of me" if I'm not wearing designer clothes?    No,   if they do not like me for who I am--who cares.   This worrying what others will think is just nonsense.    If someone will snub you for not spending big bucks to "dress" or live in a fantastic house---   Sorry--they are not your friends.   And who needs them?    
     I suspect there are going to be lots of people learn a hard lesson soon.    With the economy tanking, there are going to be lots of young people finding out the hard way, that they should have saved instead of taking cruises and flying off for a week here or there.   
     Oh, yes, I forget, our kids learned to work at an early age and to save.    When they were old enough they had paper routes,   mowed lawns, worked at the local bowling alley and detasseled corn ( a hard and hot job)  All worked for elderly neighbors doing vacuuming, raking, snow removal etc.    Amazing how they always seemed to be called for  jobs because they were there and worked while they were there.    All are successful, own their own homes and have good jobs.     They were also expected to help at home.   Helping tend the garden, helping with cleaning and all learned to cook, bake  and how to do basic sewing repairs.  Yes, even the boys learned to do these things.     They were expected to get reasonable grades in school and if they didn't there were consequences.   
     Just hope these couples can see their way clear to not care so much what others think and just do whats right.     Put those unused tools and "stuff" on e-bay or have a tag sale.    Make a list when you go shopping and stick to it.    Buy what you need, not what you want.     I do have a suggestion for that.    I was taught that if you see something you want,   go home and sleep on it and go back in a week,   chances are that you really didn't need the item and when you go back you won't even want it anymore.    That works.    Impulse buying gets many people in trouble.     
A senior citizen who did save and now can sleep nights!

     


 
October 6, 2008, 3:17 pm CDT

Again about people that have it but don't use it wisely, Money

I'm in debt, have spent two years job searching, and disabled.  These people waist more money in one month than I have access to in a year.  Let them come and live off of my budget for a few months and let me live off theirs, please.

 
October 6, 2008, 3:22 pm CDT

Making me think....

I live in the SE and just finished the show.  My husband and I were interested in learning about fixes instead we got to watch a show about everyones debts.  The first thing we said to each other when it ended was that Heidi is not going to change!! She is in 2nd try at bankruptcy and not willing to change.

 

We have 3 children, Our oldest is 20 and in college, the twins are 13.  The twins is what we are having a hard time with.  My husband and I are not in over our heads.  We are both employed full-time, we both have retirement funds, We also have life insurance on ourselves as well as the children.

 

Our problem....Is my guilt...My kids are constantly asking for things that are just not necessities.  I always say when I buy somehting for my self..Do I need this for my survival?  If the answer is no then I dont purchase if I havent got the extra money.  But my twins on the other hand DO NOT GET IT.. they just ask and ask and ask.  Then they get angry and rebellious and say mean things and have massive attitudes.  End result their pay-off.. I buy it for them.  My husband HATES this behavior I have, but how do I get teenagers who are old enough to know better that money is forever and we have to save our money?

 

I think my guilt is that we used to live in Fort Lauderdale, FL and moved to GA because the financial stability and cost of living in FL was getting out of hand not to mention getting hit by hurricanes everyother  year.  We moved to GA to save money and stay financially ahead.  If we wanted to be like the couple on TV we could have easily stayed but decided for our survival and stability we had to make the move.  We have never ever been late on any payments for houses, cars, school etc... and we did not want to start so we moved.  The twins are always saying...we had more money and did things in FL.  They fail to realize we have the same money we just live in country now and not a big city.

 

How do i teach them ?? I believe i am reinforcing this behavior when i give in but I feel guilty, what my guilt is ?? I cant not figure it out? Why do I do it? What is the guilt for?  I am only at work 3 days a week 12 hrs a day, I have 4 days off a week.  I think they do not realize I am saving now for them later, and they really do not need hair coloring or cell phone or x-box 360's etc...

 

Maybe Dr. Phil will have a show on ideas on how this can be ovecome and how i can change this behavior and train my children to have respect for money.  I fear they will get jobs and just end up like the people on this show...BROKE and BUSTED/HOMELESS.

 

Please Dr. Phil have a show on similar financial suggestions/tips and strategies with raising financially responsible children. 

 
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