"If we don't change the way we're doing things, we will definitely lose our house," says Jeremy.
Amy agrees. "The fear of our debt is overwhelming, it's boiling up inside of me and has nowhere to go," she says. "I feel like there's nothing I can do to fix it because we've gotten in so far."
Jeremy and Amy got in this situation because they took out a wedding loan that promised no payments and no interest for a year. "We figured we'd have time to save up the money, but we just can't save money," says Amy.
Things became even more difficult when Amy was laid off from her job the first day that their mortgage payment was due.
"We cannot afford to pay all of our monthly bills," Amy says. "We've gone from the frying pan into the fire."
"It's embarrassing seeing the things we buy," Jeremy says.
Dr. Phil reminds the couple that they said, "We just buy what we want."
"If there's something that we want, we find a way to buy it," Amy says.
"Did anyone ever introduce you to the concept of self-control and delayed gratification?" Dr. Phil asks the couple.
"I grew up knowing that you can't have everything, but once I hit 18 and realized that I could buy anything I wanted, I got out of control," Amy says.
Dr. Phil asks, "Has it ever occurred to you that if you want a $600 La-Z-Boy, you should save up for it?"
"I think our problem is that we were both working when we bought our house ... and then Amy got laid off from work. We had to use every dime we had in savings to pay our bills," Jeremy says.
Dr. Phil says, "You get free furniture now, but the future does get here, and did you look at what the interest is once it gets here?"
"It's incredible, something like 22 percent," Jeremy says.
"These are candidates for bankruptcy," she says. "You guys counted on your incomes only going up, but one went away."
Elizabeth then warns the couple, "Bankruptcy can only fix yesterday ... but if you don't have a plan for what you're going to do going forward, you're going to be in as much trouble as you were in before."