This episode of Maxed Out is about Christine and Ross, a couple in so much debt that it's extremely difficult for them to keep things afloat. Christine can't even speak without crying because she's so distraught and stressed over their financial situation. They are the only couple among their friends who are still renting, and their dream is to have a home and children.
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This episode of Maxed Out is about Karen, a single mom of a 9-year-old girl named Bailey, and she's in danger of having to declare bankruptcy for the second time. She says she'll feel like a loser if it happens again, and everything she cares about — her daughter, financial stability, and her home — is at risk. Karen has no savings for herself or for Bailey's future.
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This episode of Maxed Out made me feel for the in-debt participant more than any other. It's about a 27-year old single mom named Marybell who left her abusive ex-husband five years ago with her three children. Her ex doesn't provide any child support and Marybell used debt as a stepping stone to gain independence — the only trouble is that it's gotten out of control.
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"I do something I want even if I know I don't have the money. I don't see why I shouldn't buy a sweater or go out with friends." That's 23-year old Crystal talking, and she and her 25-year old husband Jeremy are $25,000 in debt.
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This episode of Maxed Out is about Brooke, a 32-year old who has given up hope on her financial situation and the stress has begun to affect her physical and mental health. Sadly, Brooke says that she comes home from work and cries alone every night about her debt, and proclaims, “My debt is killing me. I am my debt.” Financial guru Allison Griffiths runs the numbers and finds out that in fact, it appears Brooke has become her debt.
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We're familiar with money breaking up marriages, but this episode of Maxed Out featured another type of relationship threatened by debt: best friends. Christine and Meredydd bought a condo together so they could build equity and eventually get their own condos, but their debt is taking away from any equity and Christine says in six months they might not be friends if they keep fighting about money. These two 27-year-olds spend an insane amount of money on restaurants and take-out each month and both admit that it's their biggest spending weakness.
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While this episode of Maxed Out was filmed many months before the recent slew of economic news, the home equity credit trouble the couple has in the show is connected to what's going on today: According to The New York Times, Americans owed about $593 billion in home equity loans in 2003, but the current related debt is $1.1 trillion. The couple in this Maxed Out, Rhonda and Les, make a combined income of $104,000 but they've used up their total $100,000 home equity credit line and don't have a penny in savings.
When financial guru Allison Griffiths asks the couple why they came to her for help, Rhonda doesn't skip a beat with her answer that "he spends too much," to which Les turned the pointed finger back around.
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This episode of Maxed Out is about Alicia, a 30-year old woman who works in advertising and has trapped herself in a pattern of binge spending. A couple years ago she was $20,000 in debt and got a consolidation loan she got to help her pay it off. After paying down about $10,000, she started using credit cards again and increased her debt load to $20,000 once again.
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This episode of Maxed Out is about Sondra and Ashton, a couple who has been living together for about a year and share careers in counseling but have opposite money habits. Sondra is 28 years old and Ashton is 25, and while he is taking trips with the money he's saved she is tinkering on the edge of bankruptcy.
Ashton's saving ways have put him in a good financial place but Sondra's spending tendencies have put her $56,000 in debt.
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This episode of Maxed Out is about Karen and Caitlin, a mother and daughter pair who are struggling to save for Caitlin's college education because they're living beyond their means. Karen has no savings and too much debt (about $20,000 and growing) to help save for college, and Caitlin is copying her mom's bad money habits. Caitlin has spent every penny of her income from her Summer part-time job on eating out and wants to start culinary school in just one year.
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