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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