Giving Thanks for CNBC
As I was researching a post for ways our readers could economize on this year’s Thanksgiving feast, I ran across a timely piece at the CNBC website titled: “10 Tips to Get Out of Debt – Til Debt Do Us Part Slideshow”. I think it’s great that CNBC devotes the effort & resources to aid the little guy. CNBC is often rapped as beholden to the Too-Big-to-Fail crowd due to their sibling relationship with General Electric Capital Corp. Far from it, I say. This guide could be invaluable to average US consumers looking to deleverage their over-stressed balance sheets. This holiday season, I think we should all be thankful for CNBC’s thoughtfulness & generosity!
While the direct link is http://www.cnbc.com/id/33622613 , I thought we might read it together right here @ the OTCB blog and I’ll add comments where appropriate.
So on to CNBC’s first slide. I’m really quite thrilled to be shortly acquiring my financial freedom!
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(CNBC -intro - slide 1 of 13)
10 Tips To Get Out Of Debt
Take control of your money and your life! Renowned financial author and Til Debt Do Us part host Gail Vaz-Oxlade takes a tough-love approach to helping couples in a financial crisis to face reality.
How can you get out of debt and back on the road to recovery? Click to see Gail’s 10 Tips To Get Out of Debt.
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(OTCB -comment)
WHO? Who the hell is Gail Vaz-Oxlade? YIKES! Couldn’t they have gotten Suze? Seriously, the Dolan’s would have been better….ok….maybe not. Obscure Canadian self-promoter notwithstanding, I’m excited we’re going to get out of debt and firmly back on the road to recovery!
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(CNBC - tip 1 - slide 2 of 13)
Cut Your Credit Cards and Set A Budget
Every family that finds themselves in debt should cut up all their credit cards and live on a cash budget, keeping a log of each and every expenditure made. Use the following formula to set a budget. Keep in mind that the “life” category includes is everything from groceries, to gadgets to entertainment. Housing: 35%, Debt: 15%, Life: 25%, Transportation, 15%, Savings 10%.
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(OTCB-comment)
Not so fast, dear readers. Cut-up the cards you’ve maxed…really, what’s the difference? But the cards that still have some credit available – you need those for groceries! I DO like the idea of a log however – it’s a technique I’ve used successfully for some time to track my own expenses. Here’s a sample entry from my log from earlier this week:
Purchase: 1) Duct tape - $1.59, 2) Meow Mix - $6.72, 3)Garbage bags - $4.16
Other Expenses: Home improvement (see purchase #1 & #3); Apparel (see purchase #1 & #3); Transportation (shoe repair – see purchase #1);
I’m not sure if they’re counting this as one or two tips – cut up cards AND do a budget. And I’ve no idea what she’s talking about with allocating 25% to ‘Life’. Well, let’s see what other tips CNBC and this Ox van Slady woman have for us…..
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(CNBC -tip 2 - slide 3 of 13)
Reduce Your Interest Rates
Reducing your interest cost is one way to fast track your way out of debt. Some people have interest rates as high as 30%, when they pay their monthly minimum, all they’re doing is paying off interest rather than chipping away at the principal. By calling to negotiate with creditors, high interest rates can be brought down. If you call and a representative says they can’t help you, ask to be connected to a supervisor until you get to someone with the authority to reduce your rates.
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(OTCB-comment)
Well friends, I’m game. Let’s call up one of the ’prime plus 20’ offenders I have a card with: Shitibank. It’s ringing….Hello? Yes, I’d like to talk to someone with the authority to reduce my interest rates. Who? God? Very funny…..<click>….Hello?……Hello?….
I had hoped that would go better……Well let’s move on! There’s lots more to come….
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(CNBC -tip 3 - slide 4 of 13)
Bring In Extra Money
Do anything you can to bring in extra money to throw at your debt, even if you work a full time job. Consider overtime at work, dog walking, baby sitting, tutoring, or using any skill that’s unique to you to bring home the bacon…some creative ideas we’ve seen on the show: web designing, party planning, teaching music lessons and much, much more!
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(OTCB-comment)
We definitely agree with Ms. Van SchnizzleOxe on this point and you’ll be glad to know that Outside The (Cardboard) Box is out front providing new income ideas for our readers. Check out our previous posts on ‘Poultry Farming in Your Studio Apartment’ and ‘Best Shanty-Based Service Businesses for a Great Depression’. Rest assured, OTCB will continue to offer our readers new & innovative income ideas. With respect to using a unique skill to bring home the bacon, regrettably in my case I have only two: blogging and breaking wind. It’s a toss-up as to which I’m more prolific at and neither of them pays……….Oh well. Next tip!
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(CNBC -tip 4 - slide 5 of 13)
Get Your Priorities Straight
When deciding how to tackle debt and putting a plan in place to save for the future, you have to consider all of your options. Ask yourself the tough questions and prioritize…if going to grad school is important, then maybe you can be a student but take on a part-time job. If having a child is important, do you need to take a full maternity leave? Should you consider buying a home - maybe renting is a smarter option? Make a list of things you want to do and discuss them thoroughly with your partner to help make the best decisions for you and your relationship.
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(OTCB-comment)
This is a little confusing to me so perhaps if I write down my priorities it will help me to understand the objective here:
1)Keep breathing
2) Eat whenever possible
3) Go poopy
That didn’t help. Let’s skim down some on this tip.
I’d like to go to Grad school but I cut-up the Grad School credit card after reading the Oxe-woman’s first tip…. Just kidding! I haven’t finished my undergrad yet. But I DID cut up my credit card so I’m S-O-L anyways.……
Regarding buying vs renting, Ms. Glib Oxenblood neglects an obvious option: build. See our previous post on ‘Building With Tarps’ for some great affordable housing options.
Regarding discussing things with your partner, if you’re single like me, you may benefit from another previous OTCB post: ‘Dating Guide for the Economically Depressed’.
I have to admit to being pretty underwhelmed by ‘ol Sladzonoxley’s tips so far. Let’s hope for better things, shall we?
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(CNBC -tip 5 - slide 6 of 13)
Chip Away At The Debt
To reduce debt, make a list of every single debt that you have and rank them in order of the highest interest rate, not the highest balance. Pay off the highest interest rate card first. Every time you have extra money, throw it at the debt you’ve targeted until it’s gone and then stop using that card! Reward yourself by making a checklist and crossing out the debt, you’ll feel better as you start to see it disappear. When your debt is paid off, take the money you were allocating for debt repayment and put it towards savings.
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(OTCB-comment)
This tip seems to presuppose I’m PAYING my debt. HAHAHA! Ok, sorry…..let’s see….blah, blah,blah, targeted, blah, blah…huh? “Reward yourself by making a checklist…”? WTF is that? Jeez, if all I have to look forward to is crossing off a freaking checklist, I might as well go hang myself now…..sheesh…this bimbo has her head stuck seriously up her….oh…um…sorry….This tip doesn’t really apply to me but perhaps you’ll find it helpful, dear readers…Onward!
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(CNBC -tip 6 - slide 7 of 13)
Keep Things In Perspective
Getting out of debt isn’t easy, but you have to remember that you cannot let debt consume you and hurt your relationship. You and your partner need to work through the debt together, making sacrifices but focusing on what’s important as well - your family and your relationship. Get a babysitter and make time to do something special with your spouse so you can remember why you fell in love, set time aside to do group activities as a family to involve the kids as well. Don’t let your debt get the best of you.
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(OTCB-comment)
This is REALLY starting to bug me. I’m single, I can’t afford a babysitter and the only fun activity we have is to throw rocks at the rats in the vacant lot where we live…..<sigh>…..YEAH BABY!! BAM!!!! I just nailed one of the nasty vermin bastards…TWO POINTS!…HAHAHAHAHA!….That shit ALWAYS cheers me up!
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(CNBC-tip 7 - slide 8 of 13)
Getting Out of Debt Doesn’t Mean You Can’t Ever Spend Again
When working your way out of debt you can still spend on things that are important to you, you just need to plan and save for them. So for example, if you’re planning to get married, don’t rush out and cancel your wedding - re-think your wedding plans and see if there are cheaper alternative ways to spend on what you want. If you really love to travel, don’t cancel your trip for the year, figure out a way to do it on a tighter budget and save a little each month for it so you don’t have to put it on credit cards.
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(OTCB-comment)
Huh? I thought the whole idea of getting out of debt was so I COULD spend again……If I can’t spend, screw it…..This bitch is whack…and BTW, how does this balderdash constitute a tip to get out of debt, huh? This is bull…..
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(CNBC-tip 8 -slide 9 of 13)
Stop Eating Out
Eating out costs way more than buying food and cooking at home, not to mention that the latter option is much healthier as well. Make cooking dinner a family activity, something that can be done to together to make the experience more enjoyable — and when you’re done cooking, sit down and have dinner together, discuss the day’s events and catch up. Having dinner parties at home is also a way to cut down on entertainment with friends. If you’re planning a romantic dinner consider taking the kids to their grandparents’ and having dinner at home rather than in a restaurant. If you’re going to get together with friends, consider the same thing. Remember, it’s not about the food, it’s about the company.
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(OTCB-comment)
Oh…this…is…BRILLIANT! Who does she think I am, Oprah-Freaking-Winfrey? The only eating out over here is eating out of dumpsters! Yeah right, we’ll all gather around the wooden crate savoring our meow mix, and chuckle about the rousing match of ‘Kill the Motherfreaking Rat’ that we played earlier…..what a pinhead!
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(CNBC-tip 9 -slide 10 of 13 )
Get Organized
When it comes to working your way out of debt it’s all about organization — believe it or not getting your documents in order will help you pay down your debt because it puts you in control. Organize your paperwork so you know where every important document is and so that all documents are easily accessible. Use a collapsible file folder, label the tabs clearly and most importantly, do this with your spouse so you both understand the system.
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(OTCB-comment)
Speaking of getting organized, I think we should organize a little field trip to Canada for some important bitch-slapping of the purveyor of these suck-ass tips…..
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(CNBC-tip 10 -slide 11 of 13)
Be Willing To Part With Toys
Sometimes to get out of debt you’ll have to sell something that’s really important to you or that you love. The reality is dealing with the heartbreak of losing material things will be far less than dealing with the damage that these things can do to your finances. If you have to sell a car, house, piece of jewelry, artwork or anything else, take a deep breath and realize that what you’re doing will help your future and your finances — and just let it go.
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(OTCB - comment)
Ok, here goes… <deep breath>…Is anyone interested in buying my Rat Rocks??? Anyone? …<sigh>… What a dumbass tip..…
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(CNBC-tip 11? - slide 12 of 13)
10 Tips To Get Out Of Debt
In Til Debt Do Us Part, renowned financial author and columnist, Gail Vaz-Oxlade takes a tough-love approach to getting couples in financial crisis to face reality. With the sensitivity of a therapist and the toughness of a CFO, Gail asks hard questions and pushes couples to face each other and reality. Watch two episodes Saturdays at 10p ET on CNBC.
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(OTCB-comment)
This is a tip? “Watch my show” is a freaking tip???? And what’s this BS about “the sensitivity of a therapist and the toughness of a CFO”? How about “the size of a professional wrestler”? Unmitigated crap! I’d like to push her face into a little reality. If I HAD a TV, I’d have to go all Elvis on it now…..
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(CNBC-closing-slide 13 of 13)
More related to:
10 Tips to Get Out of Debt
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(OTCB-comment)
That’s it? Are you kidding? I count 3 weak tips that a 3rd grader could’ve come up with, PLUS a freaking commercial…..How lame. I guess the Peacock Network IS a bunch of Turkeys! That woman should be hauled in by the EPA for disseminating such raw feces into our environment.…..
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Well there you have it dear readers. CNBC has spared little in the way of time, effort or expense in bringing you this thoughtful, hard hitting, well-crafted & researched analysis on personal debt reduction. This should assuage ANY concerns that CNBC doesn’t have the little guy’s best interests at heart.
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And be on the watch for our next ‘feel good’ post: Goldman Sachs - Money Making Mother Theresas!
Now sally forth and spend no more!
Happy Thanksgiving from Outside The (Cardboard) Box
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