Suze Orman on Oprah!

[PamsPride]

I am watching Oprah and Suze Orman is on giving financial advice!
One lady is $79K in debt on credit cards. She has 22 credit cards! She cashed $33K out of her 401K to pay off some of the credit cards and then charged them right back up!!!

 

[PamsPride]

Another couple is $95K in debt and it does not include their house!!

 

[PamsPride]

The DH thought their bills totalled $2500 a month....he actually owes $8K a month!!

 

[Cassandra]

That is so shocking to me. And I don't mean to make it sound like I am judging anyone, 'cause you never know what can happen to get people in trouble--and you never know what can happen to you.

But WHOA. It's hard for me to think in terms of that kind of debt. $8000 a month? That is WAY WAY more than we make a month. And it's not like we are destitute. We pay a mortgage and a car payment and insurance and all the regular bills. And we still manage to eat.

Our debt (not counting the house) is about $584 a month, which is about to go down. (We have committed to not borrowing again, so it's not going up.) And we live pretty good! I mentioned in another thread that people think we have money to lend. LOL

I realize that bad things happen, but what must people be buying to owe $8,000 a month. Scary thought.

Cassandra

 

[PamsPride]

The wife said they spent $35K in 10 months on stuff they did NOT need!!! She tried to blame it ALL on him! She eats pb&j everyday for lunch and he spends a ton of $$ on lunches eating out everyday.

Being that they are $95K in debt and that did not include the house I am guessing they do not 'make' $8K in a month either!!

 

[PamsPride]

That would be making over or around $150K a year to bring home $8K a month after taxes and stuff!!!!!! WOW!!! I would just love to take home $50K a year!!!!!!!

 

[momofdrew]

I cant believe anyone can spend 8000 a month on anything...I wonder how much he makes...

 

[PamsPride]

I am sure I could spend $8K a month....just give me a chance!!!!!!!!!!

 

[enjoy the ride]

I watched that show too, hoping for some useful info- but almost all of it was taken up with people with credit card debt. And the bottom line was , pay it off asap. Well- duh.............

 

[hoosier]

I taped it, but it sounds as if it won't tell me anything I don't already know.......