• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

The Indianapolis Star Real Life Column

Posted on: Friday, 14 October 2005, 21:00 CDT

By Dana Knight, The Indianapolis Star

Oct. 14--REALITY TV'S NEXT FORAY: CHECKBOOK MAKEOVER: Reality television makeovers make me jealous.

Those women who get nipped, tucked and lifted -- wow, they end up looking good.

That lack-of-style couple who gets its living room painted burnt sienna with a flashy area rug and handsome new furniture. I wish.

But what about this? A reality show featuring the nation's biggest financial losers. This is one made-for-TV makeover that won't leave me envious.

It's called "Broke Folk TV" and will feature desperate people telling the world that their temptations to spend money left them in a deep, dark hole. That they can barely pay bills. That they have miserable credit scores.

If you're sheepishly thinking, "That's me," then Peter Bielagus wants you.

The producer of "Broke Folk TV" is searching for "unusual, extreme and entertaining stories about real money messes."

He's looking for young people, poor people, people who want to learn how to make the right money decisions. The show is in development and will be pitched to ABC and NBC.

"We're not going to buy anybody's way out of their problems," Bielagus says.

The show may help participants find a cheaper apartment, even go on the job search with them. But it's not going to hand over $20,000 to someone who has $20,000 in credit-card debt.

"That's not the point," Bielagus says. The show is about teaching participants financial independence.

That fits in just perfectly with Achieve Financial Independence Week, which kicks off Sunday.

According to CNNMoney.com, the average household savings rate has fallen below 1 percent of disposable income, compared with 7 percent saved in the 1990s. About 1.6 million people are filing for bankruptcy each year. And average credit-card debt among U.S. households is $8,400.

So who can help you? Not your parents. Not your boss.

Only you. That's the theme for the week: "Who can you count on to take care of you?"

Jenna Sorenson isn't holding her breath for help from anyone. The single mother from Richmond spent days at the mall burying herself into credit-card debt. When she lost her job at a factory in May, before paying off the bills, she panicked.

"I knew I was done for," says the 24-year-old, who is a waitress and has $7,300 in credit-card debt. "I feel like I have nowhere to turn."

Her dilemma is one of the biggest challenges facing Americans, says Sam Goller, author of "Yes, You Can . . . Afford to Raise a Family."

"You have to count on yourself to get out of it," he says. "Because there is really no one else who can secure your financial future."

Here are his tips to getting out of credit-card debt.

-- Adopt a cash-only policy. Buy only the things you have the money on hand to pay for.

-- Cut up the credit cards.

-- Contact your credit card company to negotiate a lower interest rate or payment plan.

-- Determine what is important to you, whether it is taking a vacation each year or having $10,000 in savings.

-- Live within the means to achieve your goals and save, save, save.

For more financial tips, go to www.afiweek.com.

-----

To see more of The Indianapolis Star, or to subscribe to the newspaper, go to http://www.IndyStar.com.

Copyright (c) 2005, The Indianapolis Star

Distributed by Knight Ridder/Tribune Business News.

For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-6515, or e-mail reprints@krtinfo.com.

Source: The Indianapolis Star

More News in this Category