"'Till Debt Do Us Part" on CNBC

http://www.cnbc.com/id/33421145

Anyone else watch this? It's really scary how bad some people are with their finances- one couple was about $130k in consumer debt (which didn't include their mortgage). People are paying off one credit card with another (!) and relying on payday loans with huge interest rates just to make ends meet.

 

Yeah, my wife and I watch it sometimes on Saturdays, after Suze Orman. It's a good opportunity to realize we're doing pretty well overall, compared to some people.

But it's also getting kind of old because so many of the "contestants" portrayed on the show have made the same types of mistakes, and require the same common-sense strategies to get themselves out of debt - strategies which invariably eluded them up to this point.

Basically it seems like the expert tries to acclimate each of these couples into a simple "training wheel" program that they can learn to follow habitually for the rest of their lives. If they're not good at following directions, or sticking with a good habit, though, they'll likely find themselves back in debt in a few years.

Finally, the basic "training wheel" program invariably includes giving up credit cards for a "cash jars" system. While I completely agree that it's an essential strategy to get these people back on track, since they clearly have no ability to manage credit, it does put the show out of touch for those of us who can manage our credit responsibly.

I think that's the main reason my wife and I are not as interested in the show after watching it for a few months: if the show offered more useful advice for "the rest of of us," it might hold our attention for longer.

Craig.

 

We're big fans of Dave Ramsey. Following some of his suggestions my wife and I are about a year away from being debt-free (and that included $80K in school loans and $32 in credit card debt). Couldn't be happier since we started looking at money in such a different way!

 

So you've seen "Till Debt Do Us Part"? What do you think about the show?

 

Dave might offer great advice (local radio stations here dropped him years ago) but I prefer Clark Howard.

Either way; congratulations on doing so great in reducing your debt. That's really great.

 

The average Baby Boomer has $25K saved for retirement according to several reports I read over the past few years and things have only become worse as housing prices have declined quite dramatically and will continue to do so until the middle class does better in terms of income gains than it has been for the past 35 years - which is highly doubtful.

I am and always have been debt adverse except for education and a home.

 

Not a big fan of his stance on bankruptcy.

 

The average Baby Boomer has $25K saved for retirement. That may be true. More then a few of my BB friends through the years while I would take short, in state vacations they would do the 2 week cabo or a long cruise or new car every 5 years where I would stick with one and other things like that. Now they are looking at working tll 62 or longer and I'm retired and going to Maui every year. Funny but now they think it's a very bad idea that I do that or I bought an Infiniti G35 and that is too much car and I should spend less.

 

If I were an attorney who specialized in bankruptcies, I would too I don't follow Ramsey that closely; we took a thirteen-week course and that was that. I've come across his radio show here and there; it's a little too "churchy" for me and like many others in the biz he sells stuff. That's cool--everyone needs to make a living. I never got the charlatan vibe from him and you can't argue with the results we got!

 

I wonder if that's who I heard on the radio saying your a fool if you don't use your pensions and IRA's to buy property.

 

Ramsey always comes across as a bit too Holier Than Thou to me. I just can't listen to that sort of thing.

 

You must never turn on your radio then!

 

It was written slightly over the top for effect. I'm about opinions personally - probably turn more people away than I should but not everyone needs a bankruptcy to cure their ills. He has come out strongly against them (though he utilized it himself) even when it is a better (or best) opinion. It provides actual legal protections not available through mere settlement agreements, no tax complications among other things. I don't like watching people go through their retirement accounts to pay visa or live like paupers when other options are there. That's my bit of soapboxing for the moment.

 

Not very often, no.