20/20 Debt Family
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  1. #1
    Registered User kaykwilts's Avatar
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    Default 20/20 Debt Family

    Here is an article on the Petersons who were featured on 20/20. They are in debt up to their eyeballs.

    http://abcnews.go.com/2020/story?id=2804927&page=1

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    Holy Cow! And the wife doesn't seem to want to get out from underneath it!

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    sounds like the lady on Oprah.
    she is the reason it won't work

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    Registered User NoDebtMom's Avatar
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    I would have panic attacks, I wouldn't be able to sleep, I would have severe anxiety over that... I would cut the lifestyle drastically and work 2 jobs.

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    Wow, thanks for sharing that story!
    Wife to Air Force DH for 7 years.
    SAHM to twin boys, Samuel and David!

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    that made me sick to my stomach to see someone living that far beyond their means. i hope they listen!
    Reba

    When you come to the end of your rope, tie a knot and hang on.
    Franklin D. Roosevelt

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    Registered User Dolores's Avatar
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    Wow, talk about living beyond your means! I see this kind of behaviour frequently with fellow working class stiffs, but when you factor in a 4,000 square foot house with pool, walk in wine cellar and movie theatre, it is enough to blind you. Who in the world were these people trying to impress?

    Any changes are going to be especially hard on the kids. They have been living high on the hog for so long that the kids grew up with that lifestyle. Any downgrades will make them feel 'poor' and probably resent their parents for having to move away from their neighbourhood and friends.

    How in the world do you lose $200k with two scrapbook stores? I have a feeling the wife went first class with all the trappings and then couldn't recoup the money.

    I hope they follow up on this story. I am putting my $1.25 on them actually declaring bankruptcy instead of making all of these changes.

    Dolores

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    I agree. I watched this 20/20 and it's obvious that Suzie has the same attitude as Marnie on Oprah. She just doesn't get it!

    I'll be surprised if this marriage lasts more than a few years more. These Moms think that they'll be depriving their kids if they don't give/do all the things they want. What they don't realize is that it's actually "child abuse". Before they didn't "technically" know better and were just living like everyone else, but NOW they do know better and they know how to fix it.

    What a sad shame! The equally sad thing is that there are so many other families out there living like this........... It's scary to think what's going to happen to the next generation. Those who've not been taught better.

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    Registered User my4littlebuffaloes's Avatar
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    From just reading the article, I kind of agree with 1 point made by the mom. yes they will be out of debt, but they will have about $3000 and no place to live. That has to be scary for a mom. Now, they could easily get a house that didn't have all of the extras, so i am assuming that is what they will do - with a much more reasonable mortgage payment. Y'all are all right, attitude about the whole process says a lot about the outcome.

    Jennifer
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    My blog - www.gettingaheadblog.com


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    I wish the 20/20 episode would have had several financial experts meet with this family and offer their solutions. It would have been interesting to compare Dave's aproach with the other financial counselor.

    I don't understand how you can be waking up at night with panic attacks and not be ready to make some drastic changes, but this lady clearly is not.

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    Registered User FrugalMomof3's Avatar
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    I read the article and I agree, she doesnt seem like she wants to change but on the last page she says something to the effect "No place to live but we have $3,000" like I dont believe she even said that but I dont know for sure.

    It just goes to show that people that make decent money sure as heck dont have to many smarts if they are that deep in debt but own a timeshare, rental property, nice cars and their own home. What example are they showing their children?

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    Super Moderator Michelle's Avatar
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    If that were me, one of the first things I would do would be to sell that house.

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    I agree with all of the other posters, but I wanted to know why the financial guy they brought in had an "all or nothing" attitude - maybe they could have sold their timeshares, rental property, downgraded the cars, and still kept the house? I personally would have sold it if I were in that situation, but it can be awfully hard to change your lifestyle overnight like that. I didn't see the show, but maybe that's why the wife is so upset over the plan.

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    did this show already air?

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    Registered User kaykwilts's Avatar
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    Quote Originally Posted by Sahmamma View Post
    did this show already air?

    Yes, it aired a few weeks ago.

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