Are You on Oprah's "Debt Diet?"

Dear Link Lover,

Oprah's recent five-part "Debt Diet" had a lot of folks facing the reality of their financial woes; and deciding to do something about it! This show was quite an eye-opener. Featured were three families literally drowning in bills, and they had no idea how to fix their problem. In fact, they seemed content to simply ignore it or go on as if there was no problem. It took some drastic changes in their lifestyles to begin to turn things around. One good piece of advice: don't throw unopened bills into a corner or drawer somewhere. Out of sight, out of mind? Nope.

The biggest problem was credit cards. Not the cards themselves, of course, but the people who carried them in their wallets. The credit card concept is pure genius, actually. I mean, think about it! A credit card allows you to make purchases without carrying a lot of cash, and the monthly bills let you plan a budget. You can use a credit card to make online purchases, as well as catalog order payments and purchases by phone. You use a credit card to rent a car or reserve a hotel room. And, where might one be without a credit card in a roadside or medical emergency?

Now, I ask you... how can something so absolutely vital create such havoc to the finanical well-being of so many? How can we become so reliant on that little piece of plastic, that we use it as money we don't have instead of the convenient way to pay for things it was meant to be? Do you see what I'm getting at? Do you see where I'm going with this?

"Convenience" is one thing, but let's stop pretending to have money we don't have!!! Of course, the credit card companies are on to us. Have you looked at your credit card interest rates lately? It used to be that an 18% interest rate was outrageous! It still is. However, now you might find rates up to 30% or more on your bill, if you even bother to open it. First suggestion, I think, would be to look for new low rate credit cards. These can make a huge difference in what you ultimately pay for the convenience of having credit.

Take a good look at Oprah's "Debt Diet." You can even download a contract and sign it, promising to follow the "debt diet" and clean up your act. Okay, okay, what would Oprah know about finanical problems? you ask. Actually, she once had a normal paycheck like everyone else, and she recalls that when she was in debt over her head, she felt sick to her stomach when she tried to sleep at night.

You know that feeling? You do?

So do I.

Time for the Debt Diet!

S.K.B.