Oprah's debt diet
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Oprah's debt diet
| Wed, 02-22-2006 - 11:26pm |
I just spent some time reading posts in Oprah's new message group re: her "debt diet" -- which, by the way, sound much like Dave Ramsey. Anyway, I was stunned at post after post of people drowning in debt and having really no idea where to start getting out of debt. I must say that this board has been such a life saver for me, and I have gotten such good advice. We have at least 18 months of very spare living if we are going to get out heads above water, but at least the end of debt is possible. But on the Oprah board, there were just sooooooo many messages of people who had no idea how to start. Much talk about how the people on the Oprah show should be able to get out of debt because they had good incomes. But many many many of the posters complained that they could never get out of debt because they just didn't make enough money. That might have been me too a year ago. But I have learned that the little things have a huge impact over time.
Anyway, just sharing my amazement at how many people on the board are really drowning in debt.
Megan
Anyway, just sharing my amazement at how many people on the board are really drowning in debt.
Megan

I was stunned as well..I missed the show (my local station shows the Olympics at that time which is just fine by me) but when several of the message boards I frequent started talking about it I thought I should check it out. I was surprised by several things-
How many people were drowning in debt and saw no way out. It makes me realize just how lucky I am-right now it does seem impossible but I'm getting to SAH and we have some luxuries I know we could cut in a pinch (another post on that in a minute).
How judgmental people can be-I so glad to have found somewhere like this where people are supportive and caring and avoid the just pull yourself up by the bootstraps attitude of some of the posters there.
So much anger at Oprah-this has been discussed on the Frugal Families board I frequent and I don't think the blame should be placed entirely on Oprah or her producers that they picked families that seem so far out of the norm with the wasteful spending. I think the authors of debt books are also targeting people who have obviously wasteful spending because that way even modest budget cuts make a big difference fast. There is no way book authors or TV show producers are interested in showing that debt plans can take years and require major cutbacks.
Taleyna
I haven't been over to Oprah's site. Maybe I should visit, but it doesn't surprise me that so many people are drowning in debt. And it doesn't surprise me that people are being nasty about it.
It kind of makes me sad honestly...no matter how much money these people are making they are still way over their heads. I think a lot of this problem stems for the fact that we aren't taught basic financial management any where any more and it is so easy to get in over your head. And we live in such a buy it, have it now culture that it's standard to use debt to be able to afford to do that.
And I can remember thinking there was no way out and I didn't know how to start. I'd pay extra here and there but it would strung out over several debts and it didn't seem like I was making any progress. Then I found this board and a few others and read some Dave Ramsey and began making little steps toward getting this under control.
It still surprises me that I have made any progress at all because I'm so used to not making any progress. In the past three months, I have paid off three credit cards. Of course, these were all small balance cards (less than $1,000 but between the three of them I have paid off a little over $2000) but they are paid off and more importantly cut up so I can't run them back up again. Of course, I have three more cards to go that are all close to being maxed out and that have rediculously high interest rates and crazy high balances. I never thought giving up the little things would make such an impact and it never ocurred to me in my wildest dreams to start selling things off that I had lying around the house.
Maybe I was just completely out of it but I figure there are a lot of people out there like me that got in over their heads and getting started is the hardest part. And honestly facing up to how much debt I have is not something that I ever want to live through again, nor do I ever want to be net worth negative again. I am starting to dig myself out of that hole though.