Sunday, February 19, 2006

Oprah's Debt Diet

Mrs. RS and I just finished watching Oprah's Debt Diet show from Friday on our TiVo (one of the best inventions ever) and it was pretty good. The show featured 3 families, the Bradleys, the Egglestons, and the Widlunds that are financially out of control and included 3 financial experts, Jean Chatzky, David Bach, and Glinda Bridgforth to help the families get back on track financially.

I say that the show was just pretty good because it is just so hard for me to fathom that there are really people that live like that in the world. How does one go about amassing $170,000 in debt? I get nervous when I have a $2000 credit card bill during a month where we went on vacation and I know that I am going to pay it off that month. Doesn't something click at some point around $5000-$10000 in debt that tells you to start being more careful?

Oprah's money website also offers 4 steps from the financial experts to help get people on the path to financial freedom (these are only the first 4, there will be more coming soon). The steps may not be anything ground-breaking for many people that are into the personal finance scene, but they are helpful nonetheless.
The 3 financial experts from the show are going to use these steps to help the families get out of debt and get back their financial freedom. One thing that the experts did very well, was to stay positive and let the families know that they could help. Even with all of the debt that these families had, it wasn't the end of the world (it wasn't great either), with some work, they would be ok. I think that it is important that they know there is always time to change their ways.

It appears that Oprah will be holding at least one more Debt Diet show as their is a form on the site to attend the next taping. I am glad to see that Oprah is tackling these issues because I think that it is very important and with her talking about them, people will listen. I have always said that there needs to be more education when it comes to personal finance issues and having Oprah on the case can only help people.

1 Comments:

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