20/20 show last night w/ Dave Ramsey

cheapdoggy · #1 (**permalink**) 01-20-2007, 08:12 AM

Did anyone catch 20/20 last night? They had Dave Ramsey on for about 15 seconds I was kind of disappointed in that since I watched the whole show to see what he would say.
They also had a family with (what seemed to be) the worst financial minds in America.I wish they would have fleshed their story out a little better. It seemed there was a lot that they weren't saying. The financial planner had wanted them to sell their house , a rental house ,plus time shares. Then turning around and renting a house. They owed 60k on credit cards but they didn't say how much on mortgages and car loans etc.....

veronak · #2 (**permalink**) 01-20-2007, 08:14 AM

Wow 60k on cc, I wondered what they bought. I like Dave, I would have been dissappointed if I stayed up to watch only for 15 seconds

kv968 · #3 (**permalink**) 01-20-2007, 08:24 AM

I was flipping around the channels and caught the show about halfway in. It was a pretty interesting piece but nothing too shocking. People are in way too much debt. I found myself wondering if others from this board were watching it also. What ever did happen with that family with all the debt? I know the financial planner said they had to sell everything immediately in order to avoid bankruptcy. The wife didn't look none too happy about it and I didn't catch what they actually did.

tinapbeana · #4 (**permalink**) 01-20-2007, 08:27 AM

Quote:

Originally Posted by veronak

Wow 60k on cc, I wondered what they bought. I like Dave, I would have been dissappointed if I stayed up to watch only for 15 seconds

hehehe! i bet dave was upset to only get 15 seconds, too

simpleyme · #5 (**permalink**) 01-20-2007, 12:20 PM

I did not think it was very helpful or informative

I think when they show people so heavily in debt it just makes others feel better about their debt since they are not as bad of as those people

it was pointed out in another forum I visit that the cheap couple were happy and smiling while the couple who appeared to have all were very unhappy

they hardly showed Dave Ramsey at all based on just his part in this program i would not have paid any attention to him at all ,which is a shame as people who are in horrible financial shape need to hear Dave Ramsey's simple message -spend less than you earn

poundwise · #6 (**permalink**) 01-20-2007, 01:31 PM

I thought the most striking part of the program were the recordings of the debt collectors. Wow.

I don't think the family in debt is so odd. Their situation, in one form or another, is common. People don't want to face facts, let alone take steps to resolve their problems.

I'm glad things like this are being put out there but I did think that this particular show was choppy and ultimately probably not very helpful for most people.

Ima saver · #7 (**permalink**) 01-20-2007, 02:33 PM

When most of the talk shows have these kind of programs, they always seem too brief and you do not get enough information from the experts.

creditcardfree · #8 (**permalink**) 01-20-2007, 02:45 PM

I enjoyed the show. I would have liked to have seen resolution for the couple that is 60K in debt. I think she is in denial.

I'm glad they balanced the show with a couple who is the opposite.

I agree with Ima that the shows are always too brief.

Hedy · #9 (**permalink**) 01-20-2007, 07:07 PM

Quote:

Originally Posted by simpleyme

I did not think it was very helpful or informative

I think when they show people so heavily in debt it just makes others feel better about their debt since they are not as bad of as those people

it was pointed out in another forum I visit that the cheap couple were happy and smiling while the couple who appeared to have all were very unhappy

they hardly showed Dave Ramsey at all based on just his part in this program i would not have paid any attention to him at all ,which is a shame as people who are in horrible financial shape need to hear Dave Ramsey's simple message -spend less than you earn

Agreed. I don't think people get "Oh, hey, we're not as bad as they are, but we do have a tedency to _________." I think they only see "Oh, we're only $5K in debt, bring on the plasma."

Snoopy2645 · #10 (**permalink**) 01-20-2007, 11:10 PM

Well I agree to brief not enough info. I watched it to & was also disappointed although this always does make me feel better to know thier are people that are that deep in debt I fell bad for them but better for myself LOL

veronak · #11 (**permalink**) 01-21-2007, 07:25 AM

There is always some one worst off than yourself

LuxLiving · #12 (**permalink**) 01-21-2007, 07:44 AM

I didn't catch the whole show, just the part of the guy telling the couple they needed to sell all and start over. The wife didn't appear to be on board with all that.

The other part I saw was the debt collectors. Ima and I were both debt collectors in the past and I was NEVER mean to people and was a top notch collector and brought my company in millions of dollars. Firm? Yes, but not mean. I know Ima would never be mean to people. That one guy was giving an entire industry of decent collectors a black eye. Shame on him!

KellyJef · #13 (**permalink**) 01-22-2007, 11:11 AM

I had taped the show and thought the Peterson's were one of the most ridiculous cases I have ever seen.

They owe $60,000 just on credit cards and they took more vacations this year than any other year! The wife said she took a cruise because she was "stressed".

I did not feel any sympathy whatsoever for them because they did not express any genuine interest in getting out of debt. I think they will just declare bankruptcy in the future and walk away scot-free after years of living high off the hog.

It was interesting that the one guy said that a lot of people run up their credit card debt as high as they can before declaring bankruptcy, i.e. they have one last fling.

sweeps · #14 (**permalink**) 01-22-2007, 11:22 AM

Quote:

Originally Posted by KellyJef

They owe $60,000 just on credit cards and they took more vacations this year than any other year! The wife said she took a cruise because she was "stressed".

I'd be stressed too if I had $60K in credit card debt.

KellyJef · #15 (**permalink**) 01-22-2007, 11:35 AM

Quote:

Originally Posted by Sweepsplayer

I'd be stressed too if I had $60K in credit card debt.

yeah, so would I -- but I don't think I'd add to the debt by charging a cruise

vsjhoc · #16 (**permalink**) 01-22-2007, 11:50 AM

I also watched the whole show and thought of all of you!

I didn't think the "cheapest family" segment was very helpful. It focused on the couple shopping for bargains in the grocery store who communicated by walkie-talkie. They mentioned once shopping at thrift shops and yard sales. That was it. Our frugalites could have added a lot more content. But it is more entertaining for the viewing public to sneer at people with $60k of debt than to be inspired by people turning off the lights and using coupons.

The financial planner was no brain surgeon either. His solution to this couple's problem was easy because they had sizeable assets to sell. The same was true for Lynette Khalfani (author of Zero Debt and The Money Coach's Guide to Your First Million) - she got rid of $100,000 of debt without filing for bankruptcy because she sold property she owned to pay it off. Most people do not have major assets they can liquidate to wipe out their large debts.

debt_free · #17 (**permalink**) 01-23-2007, 09:36 AM

Yes, I saw most of the program and thought that it was presented fairly well. I also
liked the piece about the debt collectors.
What really caused me to pause was the family that was so deep in debt who were advised
to sell their house and sell their time shares - these time shares were worth over $100K, and were portrayed as one of the worst investments one can make. Basically, these people had to almost start over again. Well, everyone makes mistakes, some worse than others.

Aleta · #18 (**permalink**) 01-23-2007, 10:48 AM

Timeshares aren't worth that much once you buy them. We paid $7,700.00 for ours in the Florida Keys. It is very nice but in reality, we could probably only get from 4-5,000. for it - if we sold it. Also, our maintenance fees, RCI fees, transfer or exchange fees make owning a timeshare an expensive proposition. Don't get me wrong, we love our timeshare, but we have often thought if it would have been a better investment to have bought a 2nd home and used it as a vacation property for a couple weeks a year.

Ima saver · #19 (**permalink**) 01-23-2007, 12:35 PM

They updated Oprah's debt diet yesterday. Two of the couples were doing much better but the third was even deeper in debt.

creditcardfree · #20 (**permalink**) 01-23-2007, 01:17 PM

Quote:

Originally Posted by Ima saver

They updated Oprah's debt diet yesterday. Two of the couples were doing much better but the third was even deeper in debt.

I saw that show too. I was amazed at the couple that was deeper in debt. I don't think they really see it as a problem. I think it was a good contrast for people to see. It does take discipline and hard work. One can't just refinance their mortgage and assume all will be fine.

I love the Smart Cookies. That was so cool what they did and are doing for each other. They keep each other accountable in financial matters. I'd love to have local group like that to hang out with. Good thing I have all of you here.