"Where'd the Money Go?"

November 12, 2004

Is compulsive spending ruining your life? According to a recent Gallup poll, the average American owes $29,000 in credit card debt, and last year, 1.6 million U.S. households filed for bankruptcy. Dr. Phil has advice for avoiding credit card catastrophes this holiday season.


Retail Therapy
Katie, a college senior, ran up $10,000 worth of debt on her father's credit cards. "Katie knows how to play me like a violin," says her dad, Ron.

 


 


Will Ron get a wake-up call?

 



Compulsive Shopper
Dan can't stop buying Star Trek and other collectibles, and has racked up nearly $30,000 in credit card debt. His wife, Jeri, is threatening divorce because his spending is out of control.

 

 


What's behind Dan's obsession?

 



"We Live Like Millionaires"
Lynette, who lives the phrase "Shop 'til you drop," has over $38,000 in credit card debt. She bought 10 cars in five years, and worries that she's setting a bad example for her daughters.

 

 


Lynette's agreement with Dr. Phil.

 



The Simple Life
This phenomenal family has their finances under control and challenges America to live their modest lifestyle.
 

 

 

 

How do they control their spending?