I hadn't heard about the show Maxed Out until it was featured in a highlighted clip on On Demand, but I'm so happy that I was indecisive that day with my viewing choice; otherwise I'd have missed this thirty-minute Supernanny-meets-money show. The show features a "financial investigator," Allison Griffiths, who gives advice to women who are in financial trouble and explains the simple steps they need to take to ditch poor-spending habits.
I watched an episode entitled "Debt Distress," which was all about communication and the importance of being on the same page with your spouse when it comes to finances. The featured couple Stephanie and William were about $60,000 in debt and on the brink of bankruptcy when they called the show, which airs on the Style Network in the US, for help. They also had a new baby and knew their arguments about money could lead to divorce. To learn what happened and check out a video clip, read more.
Allison calculates that at the rate they're going, it will take eight years and $37,000 in interest alone for Stephanie and William to pay off their debt. She gives them four steps that would allow them to pay it off in half the time, saving $18,000 in debt.
- William needs to rethink his career; his $30,000 bartender job is a $30 cab ride away.
- Consolidate accounts to make tracking spending easier.
- Cut ties with William's mom's credit cards.
- Get a consolidation loan that would lower the interest rate on a current loan.
They followed Allison's rules and at the end of the episode, they were getting family portraits taken. This quote of Allison's stuck with me: "Money is a fundamental part of every relationship." I agree with her on this one; couples need to communicate about money. How do you feel?
Photos courtesy of the Style Network.
Bertie
Rm By Roland Mouret
Milano
If you really love someone, why should debt matter?
1If only life were that simple bellanatella!
2I have to agree with books and shoes on this one - having different views when it comes to money is so hard! And incredibly straining when you're trying to pay your bills every month...
3There's a show like this on A&E too, and it's very interesting to watch. As someone who has never had any debt, it's fascinating to see how much some people are in denial about it, and also how easy it is to spend way beyond your means. Scary stuff.
My best friend has had a lot of friction in her marriage due to money issues. It's very stressful on a relationship, even if there's an enormous amount of love between the couple.
4money is the
!
5Couples need to learn more than how to communicate about money. Coupled OR not, we should learn how to pay down debt, save & spend what we have versus what we think we want to have.
6I realize it's NOT the easiest thing to do. Coming out of debt is as difficult a task, as it is for a drug addict coming off a binge or a shopaholic resisting an impulse buy (ME). :{}
Alannah I totally agree. Money was the number one stressor in my last relationship which ended due in large part to money troubles/issues.
We were at complete opposite ends of the specturm, with me being very frugal and him spending like
there's no tomorrow. I think this show is a great idea.
7Hmm looks like an interesting show, over the last year I have really tried to clean up credit blemish something like this may have helped. I think its really important for women to monitor the spending habits in the long run it pays to budget...
8Money is the number one stressor in my marriage, right next to "why cant you friggin take the empty tp roll off, and put the new roll on the friggin holder?"
9Debt shouldn't be the only factor in divorce if you truely love someone yes but debt is a serious thing for couples when it is an enormous amount. When you are married your finances are combined and basically become one and if one of the people in the marriage has a huge debt it can prevent and hinder both of them from buying cars and homes. It should definitely not be the factor for divorce though, they should be mature enough to figure it out or get marriage counseling if they need it.
10My husband and I have only been married for about 6 months but in that time, he's totally changed my outlook on consumer credit. When we use our credit card for daily expenses like groceries and dry cleaning, we pay it off THAT NIGHT, so we still get the travel points but we don't go outside of our budget. And if there is an expense that we know will take us longer to pay off, like new appliances for the condo we're buying, we sit down and make a payment plan BEFORE swiping that credit card.
Consumer debt can be a slippery slope! And so can discussing financial matters like this with your spouse! I can tell you not every conversation has been a joy, but we're not in debt and hope to keep it that way.
11There's this book called, Your Money and Your Man: How You and Prince Charming Can Spend Well and Live Rich By: Michelle Singletary and it's awesome! I don't live with my boyfriend, nor do I share an account with him, but this book has helped me so much!
12Your ability to meet financial goals as a couple is a reflection of your communication and how well you work together.
13That's a really good idea, BearBoy. I'd just be afraid that the credit card would be too tempting...
14My marriage just went through learning how to communicate with money and facing how NOT communicating had let our finances and our credit card debt overtake our lives. We barely made it through still married. They totally would've taken us on that show. Fortunately we went through a financial workshop and made the same kind of changes as we would've on the show.
15the tp comment cracks me up
16money can stress a marriage
i'm sooooooooooooooo glad my hubby and i have a good system =)
This is a show I could/would be interested in watching...
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