November 12, 2004
Is compulsive spending ruining your life? According to a recent Gallup poll, the average American owes $29,000 in credit card debt, and last year, 1.6 million U.S. households filed for bankruptcy. Dr. Phil has advice for avoiding credit card catastrophes this holiday season.
Katie, a college senior, ran up $10,000 worth of debt on her father’s credit cards. “Katie knows how to play me like a violin,” says her dad, Ron.
Dan can't stop buying Star Trek and other collectibles, and has racked up nearly $30,000 in credit card debt. His wife, Jeri, is threatening divorce because his spending is out of control.
"We Live Like Millionaires"
Lynette, who lives the phrase "Shop 'til you drop," has over $38,000 in credit card debt. She bought 10 cars in five years, and worries that she's setting a bad example for her daughters.
The Simple Life
This phenomenal family has their finances under control and challenges America to live their modest lifestyle.
By Lynnette Khalfani