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Topic : 10/09 Financial 911!

Number of Replies: 121
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Created on : Friday, October 03, 2008, 02:14:25 pm
Author : DrPhilBoard1
Has the current economic crisis left you frightened and confused? Do you know where your money is and if it is safe? With home foreclosures on the rise, stocks plummeting and job loss numbers growing, millions of Americans have questions about their money and the future of our country. Get the answers you need from Dr. Phil and his panel of experts. What do America’s money problems mean for you and your family? Are your retirement savings secure, or should you be doing something different? What about your credit card debt and your mortgage? Has the financial bailout left you worried about your personal finances? Get the advice you need to know before it’s too late! Plus, has the financial crisis affected you? Talk about it here.

Find out what happened on the show.

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October 9, 2008, 12:08 pm CDT

Today's show

Why is it that the only people featured who are "broke" are those with huge houses, BMW's, several vacaltions a year, etc.? What about the millions who haven't even been able to start the "American Dream" yet? Those of us in our forties who haven't had the opportunities to make it that far? I think it's a mistake to feature more affluent families when there are so many more that are no where near that affluent point who are far more affected by the financial crisis. I had to take my only week of vacation to have surgery on my shoulder because I cannot afford to take any real time off.

 
October 9, 2008, 12:09 pm CDT

Today's show

Why is it that the only people featured who are "broke" are those with huge houses, BMW's, several vacaltions a year, etc.? What about the millions who haven't even been able to start the "American Dream" yet? Those of us in our forties who haven't had the opportunities to make it that far? I think it's a mistake to feature more affluent families when there are so many more that are no where near that affluent point who are far more affected by the financial crisis. I had to take my only week of vacation to have surgery on my shoulder because I cannot afford to take any real time off.

 
October 9, 2008, 12:40 pm CDT

THANK YOU!

Thank you! Thank you! For telling people to minimize! To save! To live by your means!!

I was raised that way and my family is now living this way! We DO NOT NEED a $200 000  home, we keep our second hand cars until they are totally finished, we are not ashamed to shop second hand shops and we are happier than the average Joe who owes his A#$ to the bank! We are in our late 30's and we have 5 years left to our mortgage (a 115 000$ home) & vehicle payments, Our kids enjoy spending time with us instead of being in every activity out there! We are living life to the FULLEST without getting in debt. (and that's on a $50 000 salary!!) 

Just minimize!! You really don't need your hair done up every week, nails done, designer clothes!

 

 
October 9, 2008, 12:44 pm CDT

Credit Card Companies Aren't Sympathetic

Dr. Phil,

Financial expert Jim Cramer suggested on today's show that consumers call their credit card companies to explain their financial situtation & that they should be sympathetic. He said "They're human too."  Well that is just what my husband did just yesterday. He called Bank of America to request lower minimum payments on 2 of his credit cards. My husband is fully employed & his job is stable. I, however, am a teacher on Long Island & unfortunately more districts have been cutting their staff than hiring new teachers. I am substituting full-time but the pay is not what we're used to. My husband has had these credit cards for over 10 years & cannot remember EVER making a late payment. We are loyal, responsible customers & figured that in a time like this a big corporation like Bank of America would  appreciate our business enough to compromise. Boy were we wrong!!! Instead they decided to close both my husband's accounts just because he asked the question. I am furious & scared. once we have these cards paid off we will never do business with Bank of America again. I hope there are still banks out there who know how to value their loyal customers.

 
October 9, 2008, 1:16 pm CDT

What do I do now?

Dear Dr. Phil,

I am one of those people who lost their job of 22 years in 2002, after which I made the decision to go back to school and finish my college education.  I graduated in 2006 with a BS in Labor Studies, a Paralegal Certificate, and a Minor in Women's Studies, and I am extremely proud of myself for doing this in my mid 40's. However, I have not been able to secure permanent employment since graduating.  I have applied for any kind of job with no luck.  I worked for a candidate running for governor for 10 days until I and 12 others were terminated due to money problems. My father (bless his sainted heart) is paying my bills so I don't lose everything I have.  I worry that I am cheating him out of enjoying his retirement even though he says I'm not. (I live on about $600.00 per month)  I got hooked up with PPARX.org to get as much of my medication free as I could get, and I have cut back on cable (just basic now.  I need SOME kind of entertainment), phone (no long distance), Internet (Juno dial-up), and I no longer rent DVD's, go out to eat, shop, except what I absolutely have to have, and I have cut back on the heat, air conditioning, water, gas, and driving.  Selling my house is not an option because...and my father and I cannot live together since we are too much alike and fight.

 

So, why am I writing?  I NEED A JOB, but I keep getting turned down because of (believe it or not) no experience.  However, being over 50, I know I am being discriminated against because of my age, and I am overweight (I'm not a Barbie doll). I keep hearing that jobs are out there, but at my age, no one thinks I can do the job.  I am tired of just surviving and reminding myself that I am not spending my money, but my fathers'.  With the economy as it is now, I will never find a job, and I want to rid my father of the responsibility.  Any job hints? How can I reduce my stress level?  I am under so much stress right now; I either shut down, cry, am irritable, and it isn't getting any better.  I am losing hope, and am wanting to disappear.

 
October 9, 2008, 1:27 pm CDT

financial woes

I do not feel sorry for rich people who cannot afford their three lavish vacations this year,afford private school for their kids or who cannot buy their tenth Gucci bag this month.Go visit a homeless shelter or food pantry and see those really in need.Stop whining and your self pity.You have it pretty good.Stop paying your bills with a credit card.That's stupid.Stay home,put your kids in public school and move to a smaller house.You'll survive.
 
October 9, 2008, 1:29 pm CDT

the other side of all of this

I am frustrated with hearing about all of this money crisis and how it affects people.  All I hear advice for are the upper and middle class citizens who have credit cards and savings and stocks and bonds and all of those things.  What if you are in the lower class region?  I am a 23 year old woman have been married for six years have no children no credit cards no stocks no savings no anything.  My husband and I are both full time college students with full time employment on top of that.  Our income barely gets us by I'm talking paycheck to a few days before paycheck.  It doesn't even stretch enough to make it to the next payday.  How do we cope with this financial crisis?  How do we survive?  What bills do you decide are the most important and pay the ones you can afford?  How do you go to bed hungry every night because groceries were the easiest thing to go without because I need utilities in my house.  I don't take vacations I don't use credit I don't have mortgage payments or car payments.  I don't go to the movies I don't have me time or nights out or pretty things or even get what I need for my person and I still can't make it.  I own a mobile home that needs repairs that will never get done.  I would love to hear someone explain how people in my situation are to get through this and survive it all.
 
October 9, 2008, 1:57 pm CDT

10/09 Financial 911!

Bikercamper you have hit the nail on the head. People in this country think they must have everthing they see and want. People have lived on credit cards for to da$$ long and I have trouble frrling sorry for them. My wife and I make decent money, we are not rich by any means but our house is paid for and has been for ten years. We have put three children through college and paid for all of it there is no college debt all of our vehicles are paid for and we continue to put the max in our 401K plans each year. The secret is this......if we can not pay for it on the spot we DO NOT BUY IT!!!!!!  If it is not on sale we DO NOT BUY IT !!!! We eat at home and take our lunch to work on most days. Eating out is a treat at our house not the norm. Understand we do not need designer labels on our clothes, Kohl's sells very nice clothes for low prices when they are on SALE. My sons have learned and they are now doing very well for themselves and hopefully a more conservative country will emerege from the mess we are in now. I wish people who take care of their own business and do what is right could get a little pat on the back from time to time but I guess that does not make for good TV. Must draw better ratings to show case the ones who are not responsible and always need a handout to get by.
 
October 9, 2008, 1:58 pm CDT

Retired and Concerned

I watched your show today and no one addressed this concerned.  You mentioned about pension depletion.  Is the pension/Social Security funds in the pools of the "retired" in jeopardy?

And I agree and understand the economic ideas you suggested.

 
October 9, 2008, 2:21 pm CDT

Continue Doing Your Best

Quote From: jritter21

I am frustrated with hearing about all of this money crisis and how it affects people.  All I hear advice for are the upper and middle class citizens who have credit cards and savings and stocks and bonds and all of those things.  What if you are in the lower class region?  I am a 23 year old woman have been married for six years have no children no credit cards no stocks no savings no anything.  My husband and I are both full time college students with full time employment on top of that.  Our income barely gets us by I'm talking paycheck to a few days before paycheck.  It doesn't even stretch enough to make it to the next payday.  How do we cope with this financial crisis?  How do we survive?  What bills do you decide are the most important and pay the ones you can afford?  How do you go to bed hungry every night because groceries were the easiest thing to go without because I need utilities in my house.  I don't take vacations I don't use credit I don't have mortgage payments or car payments.  I don't go to the movies I don't have me time or nights out or pretty things or even get what I need for my person and I still can't make it.  I own a mobile home that needs repairs that will never get done.  I would love to hear someone explain how people in my situation are to get through this and survive it all.

I am proud to read that you are trying to make yourself better.  Keep praying and paying your tithes.  I have experienced the same situation but when I started going to Church and reading and living by the words of the Bible; my life has improved and my worries are few. 

 

Tiger Lily

 
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