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Oprah’s Great American Debt Diet
By JLP | February 17, 2006
Well, I just finished watching Oprah’s Debt Diet episode. I have to say that it is nice to have someone with Oprah’s clout get behind something important like this. I and all other personal finance bloggers believe that America is in a debt crisis. The only way to make changes is to do something about it.
Oprah’s experts for this series are Jean Chatzky, Glinda Bridgforth, and David Bach (who’s newest book I just reviewed). The show profiled three families: the Bradley’s, the Egglestons, and the Widlunds.
Watching the show I realized just how easy it is to get into trouble. These families didn’t even see it coming. It just snuck up on them. Fortunately for all them, things will be fine IF THEY MAKE CHANGES NOW!
At the end of the show, they offered four steps to take to begin the process of getting out of debt. The steps are:
1. Figure out how much debt you have. Lay it all out on the table. Don’t forget anything. It’s kinda like starting a diet: you need to know your current weight. For a lot of people, this will be a terrifying moment.
2. Track your spending. Each family on the show easily had thousands of dollars available to pay down their debt. Of course, they will have to make changes in their lifestyle but none of the changes seemed drastic.
3. Learn how to play the credit card game. Most people don’t realize that credit card interest rates are negotiable.
4. Cut your spending. Nothing is going to change unless you cut your spending.
Part 2 of the series will air next week. To find out more, visit Oprah.com.
Topics: Uncategorized | 12 Comments »
February 17th, 2006 at 10:33 pm
Thanks for the link JLP! I’m kind of hoping that with all the attention Oprah is giving this, that it might actually make a difference! I clicked through every bit of the Oprah site reading all about the different families etc. I find it riveting, but also mortifying how bad of shape some of the families are in. The common thread was that all of their relationships were suffering drastically. I have a neighbor in the same boat and I can see how it’s ruining their marriage too. I wish I could help them!
Hazzard
February 17th, 2006 at 10:34 pm
Thanks for the summary! I don’t have a TV so I went and followed the link to Oprah.com.
It’s so sad to hear that each of these families just went about their merry way spending themselves into massive debt. I’m really appalled at the lack of communication in some of these families. Forging your spouse’s signature is still forgery, and IIRC, that’s a crime!
I was struck by ‘the keeping up with the Joneses’. WAKE UP PEOPLE! Everyone is keeping up with the Joneses and most of you are now in debt to uphold a facade of propserity! I am reminded of the old Shaker hymn, ‘Tis a Gift to be Simple.’ It really is, because it leads to being debt-free and peace of mind.
February 18th, 2006 at 7:47 am
Your Great American Debt Diet is a wonderful gift. I was a combination of all three women shown on your show. Because of my husband’s salary, I never got us into debt but instead of having great vacations, etc. we paid our entire Visa bill every month and then I would envy friends for all of the travelling they were able to do. The Lord was my help in all of this and I quit spending “cold turkey”. This is the first month in which our credit card (always only 1) reflects only the items that we put money into savings to cover (utilities, gasoline, etc.) I sat and watched your show and my husband joined me and I felt free. I wish to join your Diet because there is always money to be saved. Thank you Oprah.
Sandi Madsen, Eden Prairie, MN
February 18th, 2006 at 12:18 pm
Thanks for mentioning this, JLP. I’d not heard of it. Now I’ll have to fire up the VCR for the rest of the series. Wish I hadn’t missed the first one.
February 19th, 2006 at 5:51 pm
Thanks Oprah……..Am looking forward to Part 11 on Friday. This program I am sure is going to help many people(I Hope) get out of debt. I am on my way now of freeing myself from 4 credit cards and am looking for all the help I can get. Thanks again and will be watching on Friday.
February 21st, 2006 at 1:26 pm
I WATCHED WITH GREAT INTEREST THE OPRAH SHOW ON DEBT DIET, AND REALIZED HOW MUCH INNFULENCE HER SHOW HAS ON THE AMERICAN PUBLIC. MYSELF INCLUDED. AND I COULD NOT AGREE MORE, THAT AMERICANS ARE A CREDIT CARD SOCIETY. HOWEVER, OPRAH, IS SENDING A DUAL MESSAGE, WHEN SHE SAYS IN HER TO DIE FOR VOICE LIVE RICHLY. THIS IS AN ENDODRESEMENT FOR CITI BANK. I AM CONCERNED THAT AMERICAN WILL SEE HER AS THE LEADER SHE IS, BUT FAIL TO REALIZE THAT NOT EVERYONE CAN LIVE RICHLY. WE NEED TO LIVE RESPONSIBILE, AND VALUE OURSELF AS HUMANS NOT AS MATERIAL PRODUCTS.
March 4th, 2006 at 9:15 pm
My husband and I lost everything three years ago due to disabilities. How can I have not
been able to find a house we can afford. We have been living in a single wide trailer with a landlord that is charging us to much. We pay $125 more a month because I have dogs. But all the damage is due to the landlord not fixing things that have done a lot of water damage. The
mold under the hallway floor and the bathroom floor is beginning to cause some health problems. We have also had a third bedroom have the carpet completely under water because the hot water to the washer leaks into the third bedroom. The air conditioner has water going down the
wall when it rains and also has actually shocked my dogs as they walk by two plugs located
under the air conditioner. It is a real hazard but I can’t get into another place because he charges so much, I can not get ahead. I need to know where to go. i have been working on getting my credit in proper order but I can not find a financial institute that will finance
me 100 %. If you have any suggestions, please call me (850-209-9078) or contact this email address. Because we are on limited income, we have to stay in the $40000 to keep the payments
close to what we pay now. Now $475 a month. Please help.
April 25th, 2006 at 8:19 am
I wanted to watch it, but alas since I work overnights I did not wake up in time for the 4 pm show. I agree though, that it is nice that she is talking about something this important.
- Kevin
owner of
http://www.debtfree4ever.net
July 10th, 2006 at 5:51 pm
I thought the show about debt was or should have been very eye opeing to many couples. I know that when we first married, the first 10 years was very hard. Noone ever helped us, and we were pretty darn proud to be so independent. If we had money to pay the bills with and thank God we did, all bills were paid first, then once and a while we would go out to eat. Since we didn’t go to the shows or party, our once and a while eating out was nice. My dear husband looked at me one day and said honey you are much of a woman, not knowing if he meant my size or what, I asked him what he meant. He said the men at work always talked about their wives buying big items for their home and children without asking them first. They said their wives kept them in debt up to their necks, he was simply telling me how much he appreciated my not doing things like that. We always discuss something to death before buying it, which is a good thing. I don’t think any family needs to have a member taking advantage of a poor hard working mate, as it only destroys their marriage. We have been very happily married now for 43 yrs. and it is because we don’t stress each other out by spending more than we should. Now days it is so hard to save any money but credit cards are not the answer. There has to be a pay day sometime and with all that interest, you may as well be throwing your hard earned money in the trash can. Buy what you can afford, not what you want and have the knowledge of what you need, not your wannts. Now days young people have to have a new house, new furniture and new cars, mostly to impress other people. Let me tell you, unless you work for it you don’t need it. Too many spoiled young people sink their marriages before it gets started. Debt problems kill a marriage quicker than a gun. A secure home is a happy home. There is an old saying,”the more you make, the more it takes.” Not true, make more, save more. You can do it if you go on the debt diet and keep life simple. Oh one more thing. If you eat a lot of fast foods, you are hurting your wallet as well as your health. If you cook at home, you save money and left overs are good too, my mom use to say that a woman could throw more out the back door faster than the husband could bring it in the front door. (scraps is what she meant.)
July 18th, 2006 at 2:05 pm
i think the pie chart and the entire week’s discussion was MISLEADING —– since NO ONE referred to what must be outlayed monthly for ; (6) really critical items!!!!monthly —–health care, insurance for house, cars , life — plus diability, plus long term health care –no one even referred to them!!
who has the answer to THIS ????
mef
October 30th, 2006 at 12:36 pm
Arrrrgg! Need dieting help!
OK, so about 5 weeks ago I began to change my diet. The first week and 1/2 were great, went from 225 to 215. However these last three weeks or so I've seen NO difference.
I've changed my eating habits a bit – used to eat fast food about 3 times a week, now maybe once every other week. Used to drink LOTS of soda, eat late late into the night, etc – basically bad eating habits.
I work out every other day – I ride my exercise bike for 20 minutes (yes not much, I'm building it up every time I ride) and run some during the week.
However I seemed to have hit a brick wall. Can anyone make some suggestions? I can list my diet if needed, however I don't think there is anything wrong with that and my goals. Anyways…
Thanks!
November 17th, 2006 at 12:37 pm
Hi,
I've had several friends mention that they lost weight during their recovery period. What is the average amount of weight most women lose? I can
understand a few pounds for not wanting to eat, but some friends mentioned more like 15lbs. Is this true?