Debt Info Site

I recently watched an Oprah episode that featured the famous financial consultant and author, Suze Orman. (I’ve briefly read through her book Young, Fabulous & Broke that I received as a gift from my parents.) During the show, she told two couples who were deeply in debt how to repair their financial life. Both couples were close to the point of bankruptcy, and avoiding calls from collections. They needed to completely change their lifestyle to keep their homes and help their family.

For instance, one couple had the wife controlling the budget. Unfortunately, she hid her out of control spending from her husband, taking cash advances on his credit card without him knowing. Her overspending left the children with few clothes and no health insurance, which one of her daughters desperately needed. It also left them close to losing their home.

Suze Orman explained to both couples that they need to live within their means. She told each of the couples that they need to be financially responsible, checking that each person doesn’t overspend.

For those looking to get out of debt, Suze Orman does offer some good advice. Most people try too hard to keep up with the latest trends. Everyone can live frugally, without buying the new car or big TV. You can save your money to buy these items, which eliminates paying more interest on items than they are really worth. Most people need to consider if the interest they will pay is worth the item. More often than not, it’s better to have  patience and appease the appetite of “always having more” that is common in the world today.