Debt Reduction Reality TV - Big Spender

[jeffrey]

Debt reduction has joined the reality TV band wagon with the Arts & Entertainment (A&E) network introducing a new show called <i>Big Spender</i>. The show is on Sunday evenings at 5:30pm EST and looks at the finances of real people who are heavily in debt. Personal finance expert Larry Winget then tells the people in debt what they have to do to get out of it.

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While the focus is on debt reduction, the families in the first 2 episodes were so far in debt that their situations don't apply to the average person looking to get debt reduction advice. For example, the last episode featured
a couple "over $400,000 in debt and on the path to bankruptcy." Next week's episode seems to continue along the same path where a woman "has racked up over 50 credit cards and almost $94,000 worth of debt."

If you are free on a Sunday afternoon, it's worth checking out for the entertainment value although it won't be a must weekly see show for me.

[veronak]

Re: Debt Reduction Reality TV - Big Spender

Wow, $400,000 in debt I would be cutting my wrist. What did they buy? I hate I have to work my part-time job on Sundays but please keep us posted

[baselle]

Re: Debt Reduction Reality TV - Big Spender

"On the path to bankruptcy?..." They are there, my friend.

[Snoopy2645]

Re: Debt Reduction Reality TV - Big Spender

I am with veronak cutting my wrist is the first thing that comes to mind!!! But really 400k in debt I would think bankruptcy is the only option at that point!!

[StressLess]

Re: Debt Reduction Reality TV - Big Spender

I'm beginning to get very cynical about these kinds of shows. The purpose of a tv show is to get people to watch, so advertising can be sold. Advertisers want you to BUY STUFF. It's human nature to see debt this huge and think, well at least I'm not that bad. It makes you feel freer to keep spending, which just happens to be just what the advertisers want you to do.

It's not just the tv shows, either. In Jeffrey's interview on the MoneyBlogger Podcast he mentioned how there are different ways to look at statistics on credit card debt. One that's thrown around a lot in the financial media is that the average cc debt load is around $9000. When my debt was around $4000, hearing that our debt was less than half of the average made me feel like things weren't that bad.

However, there is another figure of around $2000 which indicates the midpoint of credit card debt, where half the people have debt below that amount and half have debt above. When I compare a $4000 personal debt to that, it motivates me to cut back and pay off debt, because my debt level is twice that midpoint.

The media who put out the higher figure all the time, such as magazines and newspapers, are also out to sell advertising to companies who want us to keep on buying.

Maybe I'm just being paranoid, but it sure seems like there isn't much motivation for anyone in the mainstream media to truly encourage spending less.

[Ima saver]

Re: Debt Reduction Reality TV - Big Spender

Well, obviously, some of us are not buying. At least not the ones on this site!!

[markio26]

Re: Debt Reduction Reality TV - Big Spender

i personally do not watch shows like this one... we do, however, know ppl. in this particular situation, they are the rich pals, we befriend several months out of the year on ki...... they make ppl. wait for pay, or simply complain about something and still do not pay ppl.. we have watched them do it to companies who installed concrete for them, the overspray hit the house from the new patio, the tar in the driveway has grass growing in it, they're favorite thing to say to ppl. is bill me... they asked to use my electricity and water to build a home across from us, several years ago, and we were told to bill them...we were also told by their accountant, not to bill them, then you will get along with them... we never billed them, and yes, they are nuts about us.....
they remodeled a home, by the airport from head to toe.. put in a new hanger, and hardly paid for any of it... i think they hide from corporations they own in nevada.... their personal credit is shot... don't know for sure... they also, take trips for free to gamble and such in fla...
i have observed their daughter spend over $4,000 in one day on school clothes for her child and bill it to the parents....
the new show is sad, suicide is not the answer to anything.. going bankrupt will not change their behavior....a repayment plan with reduced payments over time, is the proper way to repay... just my two cents.