LeslieR

Anyone see Dr. Phil's credit/money show?

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So Dr. Phil and another one of his no-name, self-appointed experts (where does he find these people??!!) did a show on debt and financial crisis. I think it was late last week - but I TiVod and just watched last night.

His "expert" recommended to one couple - who was one million dollars in debt and about 60% upside down on their home - that they get into a tiered mortgage!!!! The husband's income (he's a mortgage broker) has dropped essentially to zero, and the wife isn't working. I couldn't figure out why BK was not discussed at all. The house was their major debt - they owe about $700K on a house that's worth about $250K. Their credit card debt is only about $8K and they owe friends and family close to $30K. Their scores are in the low 400s.

So BK might not even be necessary for them. I say walk away from the house, move into a two BR apt., and both of them need to get paying jobs. They should be able to get their CCs paid down in no time and then work on the friends and family debts.

Oh BTW they have three children that they had to take out of preschool due to this mess.

It was a very weird episode with so little concrete advice given.

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BigSwangin, too true...

I think that these "experts," tend to follow the general gist of Dr. Phil's Agenda.

While I'm a liberal, I don't think the passive aggressive degrading that Phil tends to do so often, really has any beneficial value at all. I wouldn't expect his guests to have much insight on anything either.

He lives off generalities, because that's what the general television watching populace likes to hear. Padded advice that makes everybody feel good inside, when in actuality it does nothing but postpone them getting to the roots of their problems--self responsibility.

The guests would have been much better off coming to a site like CIC and hearing the opinions of Debt Guy, Nascar and Robert Nashville and WTC.

They're blunt, and at times, a lot of what they say isn't what people want to hear, but the advice is sound in any event.

Problem is, their advice wouldn't make for a good TV show...

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DP kept Oprah from freaking out when she was on trial for insulting TX beef.

If you have insulted TX beef and are on trial for it, he's the guy to lean on.

Otherwise ... not so much.

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I cannot stand Dr. Phil. He's a self-absorbed d**k. Notice how he never really lets anybody else talk or make points?

Just my humble little opinion. :lol:

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I think this is a broader problem. There is really poor financial advice being dished out all over the place. There was a guy on CNBC indicating that because of recent market turmoil, people should STOP making contributions to 401k right now....:shock:. Um, no. Now is the time to hunker down and buy good companies for the long-term.

Last night I read an article in Business Weekly about how BAPCPA bk law changes have backfired against lenders. The entire article hinged on the author's premise that "bankruptcy is now limited only to low income debtors because of a means test". Totally untrue. Its obvious this person did 0 homework before putting false info into circulation to millions of readers.

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Last night I read an article in Business Weekly about how BAPCPA bk law changes have backfired against lenders. The entire article hinged on the author's premise that "bankruptcy is now limited only to low income debtors because of a means test". Totally untrue. Its obvious this person did 0 homework before putting false info into circulation to millions of readers.

You are going to write in and tell him about this right? So he can retract what he wrote. I'm sure many people already have, but you never know.

I think you are right though, it's a broader problem. People read a financial article and suddently become experts! :lol: That's why I am usually reserved about financial advice I give on this board. Don't want to give anybody bad advice. I usually like to have laws, experience, and common sense on my side. :)

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I usually like to have laws, experience, and common sense on my side. :)

I'd rather have Tom Clancy's Mr. Clarke if it came right down to it.

The problem with that is that sometimes people can do illegal, unprecedented and nonsensical things to you longer than you are able to successfully resist. :confused: (a variation on "markets can be irrational longer than you can remain solvent")

Practicality often trumps legality. And crafty, vindictive stubbornness can trump both...

Just depends on what we're talking about and what the time frame is.

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Practicality often trumps legality. And crafty, vindictive stubbornness can trump both...

Just depends on what we're talking about and what the time frame is.

Agreed, don't forget that it also depends on "who" we're talking out. :)

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Last night I read an article in Business Weekly about how BAPCPA bk law changes have backfired against lenders. The entire article hinged on the author's premise that "bankruptcy is now limited only to low income debtors because of a means test". Totally untrue. Its obvious this person did 0 homework before putting false info into circulation to millions of readers.

'

I read that, too, and admittedly don't know much about BK (thank God) but I thought this was off, too.

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LMAO...Dr. Phil. Oh gawd, that guys an a$$ when it comes to emotional advice just imagine what he will do with your finances.

TV is and always has been "feel good" viewing with those types of shows.

For the life of me I cannot figure out why anyone would air the financial situation before millions of viewers. Perhaps it goes back to Morray Povich and the "100 different fathers" shows.

Perhaps it reflects the "me and now" mentality connected the American life style and huge debt. "I want someone else to fix my problems now" and not have to take responsibility for their actions.

As long as media continues to feed that mentality those debt quick fixes will be profitable. And the average American will continue to carry burdens of debt for generations.

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I cannot stand Dr. Phil. He's a self-absorbed d**k. Notice how he never really lets anybody else talk or make points?

Just my humble little opinion. :lol:

:lol:

That's my humble little opinion, too. My favorite was his weight loss book - when the guy's at least 40 lbs overweight.

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:lol:

That's my humble little opinion, too. My favorite was his weight loss book - when the guy's at least 40 lbs overweight.

I know! He's such an a$$!

It's like on one show I caught awhile back, he was "counseling" this married couple. They both had issues but he was letting the man talk as much as he wanted to and then when it was the woman's turn he would cut her off as much as possible. When the woman actually said something like "You won't let me talk or defend myself," he actually said, "You're absolutely wrong! I've given you plenty of chances to talk, you've just been saying the same thing over and over." (Cutting her off again :lol:) I think the woman actually walked off the stage at that point and I didn't blame her. :roll:

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For the life of me I cannot figure out why anyone would air the financial situation before millions of viewers. Perhaps it goes back to Morray Povich and the "100 different fathers" shows.

I'd rather watch Maury or Jerry anyday than sit through Dr. Phil's ego srtoking babble. :lol:

Jerry! Jerry! :lol:

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He would have gotten better advice on Jerry Springer. It certainly would have been more amusing.

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Dr Phil is definitely one person I would send a FOAD letter too. I would definitely highlight my "expert opinion" that he really should FOAD.

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Yeah Dr. Phill needs that letter alright...He is very irritating, I would never go on his show unless he paid me big bucks...I mean to put up with that guy yelling and making you feel like a POS....I have only seen a few of his shows and that was enough for me...:lol:

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This episode is on now.

I'm confused, because they aren't pushing them into a tiered mortgage at all. Dr Phil and the professional money person (or whatever she is) are actually encouraging them to dump the house and either get something smaller or an apartment.

:confused:

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Hmm maybe it's a different show. Or maybe he caught so much crap from his previous advice that he's doing another financial show...:lol:

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This episode is on now.

I'm confused, because they aren't pushing them into a tiered mortgage at all. Dr Phil and the professional money person (or whatever she is) are actually encouraging them to dump the house and either get something smaller or an apartment.

:confused:

Dr. Phil encouraged them to dump the house, but if you listened to the money expert's original plan, it included a tiered mortgage. Dr. Phil disagreed, but it was part of her original plan that she laid out for them and that was on the Powerpoint-type slides he uses. She agreed to disagree w/ Dr. Phil in the end and of course he had the last word. It is his show, after all.

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