"Where'd the Money Go?"
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.
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.
This phenomenal family has their finances under control and challenges America to live their modest lifestyle.