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Topic : 01/27 Money Disasters

Number of Replies: 281
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Created on : Friday, January 20, 2006, 03:14:14 pm
Author : DrPhilBoard1

Dr. Phil's guests are drowning in debt. It's tearing one marriage apart and causing a single mom to think about filing for bankruptcy. First, Deborah says she was raised with wealth and privilege, and she didn't expect to be flat broke and living in a trailer when she married Chris. Chris works 12 hours a day, but they can't even pay their monthly bills. Is Chris not demanding enough from himself, or is Deborah too demanding? Also, find out the secret Deborah's been keeping from her family back in England. Then, Kristine is a school teacher and single mom who  treats her friends to dinner and goes on expensive vacations even though she is over her head in debt -- to the tune of $137,000! Her sister, Stefanie, says she's tired of bailing Kristine out when she can't pay the bills, and thinks it's time for  an intervention. Plus, a financial expert shares her advice for avoiding bankruptcy. Talk about the show here.

 

Find out what happened on the show.

 

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January 21, 2006, 12:21 pm CST

Money, Money Money Money

I just wrote a super long email to Dr. Phil on this very subject.....I can't wait to see the show on Friday....What I would love to know is how in the hell, can credit card companies get away with raising your rates (I could care less that their reply would be..."It's in the agreement")  to astronomical rates (29%)  across the board because you were late with one payment, and are getting close to max on your credit limit....I knew what I was doing at the time, and could afford it.  What I didn't expect, and I know, it's my fault....to a point, is that they would raise my rates to nearly 30%....It's like they want me to file Bankruptcy.... 

  

I have had $80,000 in credit card debt for almost 4 years, paying $1,800.  a month in interest and getting nowhere on the principal....I simply can't pay anymore, and even when I have paid the debt down, they lower my credit limit, keeping me in a situation where my credit limit is almost 100% maxed....They're crooks, scum, and something needs to be done about them.   

  

Man I can't wait to see this show on Friday......Hammer44 

  

 
January 22, 2006, 10:57 am CST

how 'bout cutting up the credit cards??

Quote From: hammer44

I just wrote a super long email to Dr. Phil on this very subject.....I can't wait to see the show on Friday....What I would love to know is how in the hell, can credit card companies get away with raising your rates (I could care less that their reply would be..."It's in the agreement")  to astronomical rates (29%)  across the board because you were late with one payment, and are getting close to max on your credit limit....I knew what I was doing at the time, and could afford it.  What I didn't expect, and I know, it's my fault....to a point, is that they would raise my rates to nearly 30%....It's like they want me to file Bankruptcy.... 

  

I have had $80,000 in credit card debt for almost 4 years, paying $1,800.  a month in interest and getting nowhere on the principal....I simply can't pay anymore, and even when I have paid the debt down, they lower my credit limit, keeping me in a situation where my credit limit is almost 100% maxed....They're crooks, scum, and something needs to be done about them.   

  

Man I can't wait to see this show on Friday......Hammer44 

  

How 'bout cutting up your credit cards.  You are complaining about being in 80,000 dollars debt, and then you complain that they lower your credit limit to a point where you are almost 100% maxed out.  You need to stop spending money that you don't have.  The credit card companies are not crooks. The crooks are the people who continue to charge things they can't afford until they end up having to declare bankruptcy.  Quite frankly, I am tired of funding irresponsbile people by being charged high rates that help pay the companies for those who charge and then can't  pay their cards off.  Simple stuff here.  If you can't afford to pay the bills, stop charging things.
 
January 25, 2006, 6:55 pm CST

Bankruptcy>>>><<<<<

I was laid off, did not have a choice.  I had to file a bankruptcy. 

  

No other option. 

  

I know people look at you, and judge you, But you have to do whats right for you. 

  

TC  John 

 
January 26, 2006, 4:06 am CST

that is different

Quote From: johnk3493

I was laid off, did not have a choice.  I had to file a bankruptcy. 

  

No other option. 

  

I know people look at you, and judge you, But you have to do whats right for you. 

  

TC  John 

It's a different situation if you are laid off through no fault of your own.  I hope things will get better for you.  It is the people who just spend, spend , spend irresponsibly that I don't feel any sympathy for.  The people who have to have showy items like designer clothes and flashy cars and go deep into debt to obtain them and have no plan whatsoever as to how they are going to pay the debt off.  Then they whine about how they can't pay their bills and that it is the credit card companies' faults for charging high interest rates. Did they ever think they are charged high rates because they are high risk? Do they get the message?? Stop spending!!  

I went through my time of doing without when things were tight during the early marriage years and when the kids were young. But we were good savers and responsible spenders, and now have enough money to buy what we want and take nice vacations. Today's youth are not raised to understand about money.  A large portion of them have been given whatever they want by Mommy and Daddy and when they "grow up" they try to live a lifestyle that they cannot afford. My philosophy has always been that if you are unable to pay what you charge off, then DON"T CHARGE IT!!! 

Good luck to you.  I hope you will find employment soon. Julie 

 
January 26, 2006, 3:26 pm CST

money

 scary isn't it!!!  people getting laid off, spending at an all time high, savings at an all time low,!!!  My husband and i work hard for what we have which isn't a whole lot.  He had a credit card that raised his limit to $1000 and they charged him a fee for that increase even though he never asked for it!!!!!  He called them up and told them to drop the charge and they said no.  He told them where they can put the card!!!  These companies are slippery and if you don't watch your statement carefully they will slip in a charge whenever they can!!!!! 
 
January 26, 2006, 9:25 pm CST

01/27 Money Disasters

Quote From: juliebgg

How 'bout cutting up your credit cards.  You are complaining about being in 80,000 dollars debt, and then you complain that they lower your credit limit to a point where you are almost 100% maxed out.  You need to stop spending money that you don't have.  The credit card companies are not crooks. The crooks are the people who continue to charge things they can't afford until they end up having to declare bankruptcy.  Quite frankly, I am tired of funding irresponsbile people by being charged high rates that help pay the companies for those who charge and then can't  pay their cards off.  Simple stuff here.  If you can't afford to pay the bills, stop charging things.
I have worked for as long as I can remember.  I have spent many years living alone.  I am a responsible 55 year old woman, who filed bankruptcy last year.  I used my Credit Cards to purchase needed medication, to take care of my husband who had brain surgery then a massive stroke, hospital bills, gas so that I could get to work so that I could take care of my invalid husband and yes even for food.  I did not buy luxury items!  If I had been without those Credit Cards, I/we couldn't have lived.  I took responsibility and contacted a Debt Solutions Company and paid $800.00 per month for 3 years.  The stress was too much and yes, I filed bankruptcy.  I didn't want to, I was ashamed.  So please understand there are those of us, in debt, not because we just buy and buy beyond our means, but because of circumstances that life brings to us.  Now that I am "out of debt" I have just been laid off from a Company where I have worked for 22 years!  Will this ever end!
 
January 26, 2006, 11:17 pm CST

totally agree

I agree when a comment before mine said us young adults have never been shown how to properly spend money. See this is my case. I graduated in June of 2004 from High School. Well the college I was accepted at told me a few weeks before I was supposed to move that I was short on my bill (meaning that I didnt have enough to cover my bill from financial aid and my 2 stafford loans). Well I panic and tried to find any way to get into college. There was no way I could get a student loan because you need a co-signer for those and I dont have one. I filled out scholarships,but I never heard anything from them. Well a few people told me to get a credit card. Well I got approved. I have 3... my first two are $1000 limit and the 3rd is a $300. Well I took their advice and use those cards for college. I used the one to buy my computer, the other to pay for the rest of my college bill which was almost 1000 and the 3rd to buy things I needed for college. Well I was doing really good on paying all 3 of my credit card bills on time while I was at college. Well unfortantly I lost my staff job which pays 2/3 of my room and board. So since I lost my staff job I would have to come up with another $1000. Well I didn't want to get another credit card cuz I learn they are very pricy (no one ever sat me down and explain credit cards ... they just send get them and make sure u keep paying). Well I moved back home. Unfortantly I couldn't work when I came back home because I don't have my own car (my mom and I always fight about letting me get a car) and she wouldn't take me to work ( I could go back to my highschool job because my boss put me on temporary leave) because it was winter and my mom hates to drive in the snow. I was forced to stop paying my credit card bills. I tried to bug my mom to pay them for me till I started to work, and she always promise she would help me and would she no. Also... I got stuck with some bills from college. Since I lost my staff job the college charge me the last week I was there which was $100 and my phone bill I still had to pay. Well summer of 2005 came and I moved out of my parents with my boyfriend. I had gotten 2 jobs. The one I only get maybe 8 hours if I was lucky and the other like 33 hours. Well the college bills I owe were now $600 because they added interest. Well I am happy to say I FINALLY paid my college off!!! I worked my butt to get that off my credit report. Now I am dealing with the stress of these 3 credit cards because I never open up the letters from them cuz I hate to see how much I owe. I am struggling to go back to college because I want to go back soooooooooooooooo BAD!!!! I need help. I need some advice of how can I go back to college because I don't get enough financial aid, i tried the scholarship thing and my 2 stafford loans are enough and like i said I cant get a student loan. I can't work right now because it is winter and my mom won't drive. LUCKLY for me I have stayed up to date with my stafford loan payments. My mom owes me money so for right now she is paying my stafford loan payments. Well I can't wait to watch this show because I am only 20 years old going on 21 and I have seen my mom's life of not really having nothing. She is in debt and I always said I would never be like her and now I am because I took people's advice about getting credit cards to help pay for college. Dr.Phil how do I get out of this mess?!!!!! How can I convince my mom to let me get a car and get my own car insurance (thats one of her excuses of why i cant have a car) so I can go back to work so I can pay these damn credit card bills! Not only that, but is there ANY WAY they could combine the 3 credit cards into one so I only pay one payment ? Do you have ANY advice of how I can go back to college?  IT sucks sooo bad because I was a honor role student in highschool and I had good grades my first semester at Alfred State College... I mean there are 2 classes I plan to retake because I got C's and I know I can do alot better, but the problem is going back (financially). They already accepted me back there. HELP!!!! 

There are some of us that really do try to pay these bills off and we did for a short time, but these un expected things happen in our lifes. Plus I learned from this mistake and I have warned all my friends the dangers of credit cards. I told them my experiences and that they should ONLY use it if they know they can pay the whole card off. If any young adult is reading this and you just got your first credit card PLEASE PLEASE be careful!!!! try to pay as much of it off as soon as you can. Don't do just the minimal payments cuz trust me once you are stuck in this situation its so hard to get out!!!!!!!  

  

Need help here in NY ~Kim 

 
January 27, 2006, 12:28 am CST

01/27 Money Disasters

Quote From: hammer44

I just wrote a super long email to Dr. Phil on this very subject.....I can't wait to see the show on Friday....What I would love to know is how in the hell, can credit card companies get away with raising your rates (I could care less that their reply would be..."It's in the agreement")  to astronomical rates (29%)  across the board because you were late with one payment, and are getting close to max on your credit limit....I knew what I was doing at the time, and could afford it.  What I didn't expect, and I know, it's my fault....to a point, is that they would raise my rates to nearly 30%....It's like they want me to file Bankruptcy.... 

  

I have had $80,000 in credit card debt for almost 4 years, paying $1,800.  a month in interest and getting nowhere on the principal....I simply can't pay anymore, and even when I have paid the debt down, they lower my credit limit, keeping me in a situation where my credit limit is almost 100% maxed....They're crooks, scum, and something needs to be done about them.   

  

Man I can't wait to see this show on Friday......Hammer44 

  

I just thank GOD that I do not have a credit card.  I dont want one , I dont need one.  Growing up  poor made me realize that you dont need all the luxurys to survive. You guys taught me a lesson just by listening to you chat.
 
January 27, 2006, 12:37 am CST

Money

There is no reason for life to get as far as bankruptcy!  I was alone with 3 children.  I raised all 3 and no they didn't have everything they wanted, but they survived!  I think that is what is wrong with the world today.  Everyone is trying to keep up with the Jones'.  I saved changed to buy my first child's graduation ring.  Come on, if I can do it, other people can too!  IT IS ALL ABOUT COMMON SENSE.  YOU DON'T BUY IF YOU DON'T HAVE THE MONEY.   When family bails family out, the family member will keep on.  I would, wouldn't you?  I am happily married now.  I saved over $300.00 in change in 2005.  Anyone can do it!  My granddaughter who is only 3 years old is saving change.  People wake up! 

 
January 27, 2006, 3:37 am CST

01/27 Money Disasters

Quote From: oldhippie19

I have worked for as long as I can remember.  I have spent many years living alone.  I am a responsible 55 year old woman, who filed bankruptcy last year.  I used my Credit Cards to purchase needed medication, to take care of my husband who had brain surgery then a massive stroke, hospital bills, gas so that I could get to work so that I could take care of my invalid husband and yes even for food.  I did not buy luxury items!  If I had been without those Credit Cards, I/we couldn't have lived.  I took responsibility and contacted a Debt Solutions Company and paid $800.00 per month for 3 years.  The stress was too much and yes, I filed bankruptcy.  I didn't want to, I was ashamed.  So please understand there are those of us, in debt, not because we just buy and buy beyond our means, but because of circumstances that life brings to us.  Now that I am "out of debt" I have just been laid off from a Company where I have worked for 22 years!  Will this ever end!

Yes, I agree that sometimes people have legitimate reasons for using their cards, such as medical bills.  However, I do suspect that these people are the exception rather than the rule.  I am one of the smart ones who only has a $20 credit card debt (which I plan on paying of on Monday), and I acutally have money saved up that I invest regularly. 

  

I believe in only spending what money I have, so if I don't have the money I can't afford it.  Quite simple really.  I can sleep well at night knowing that I don't owe anything to anyone.  I do however believe in "good debt" such as a house loan, as the value of the asset increases in time and will be worth more than the debt itself.  I am saving to buy an investment property so that I can put that into practice. 

 
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