Picks and Pans Review: Dollars and Debts
According to this disturbing documentary, personal bankruptcy filings are spiraling, and the average U.S. household debt amounts to 94 percent of annual after-tax income. Ouch.
In this special, Scott Ross reports on poor fiscal management, uninformed consumerism and runaway credit-card spending. The program includes bruised testimony from men and women on the street, many of whom admit to the ultimate form of borrowing from Peter to pay Paul: using one credit card to settle up bills from another. One woman says sarcastically, "Can you say wage garnishment? Yes, I knew you could."
The program's solutions—hard-headed realism, disciplined spending and patient planning—may not seem palatable, but it's advice worth hearing. Forget Robin Leach and watch this.