Maxed
Out

Tuesdays at 8pm E/P

EPISODE INFO

Plan

EPISODE 15 - Family Debt (Erin & Darryl)

Erin and Darryl have had a run of bad luck and have bad debt to prove it. They're in their twenties and won't make a dent in their massive 100K debt, unless they buckle down and tackle it. I gave them a tough plan.

Alison's recommendations:

  • Go on a penny-pinching budget and save hundreds of dollars
  • Open joint chequing and savings accounts to manage finances together
  • Sell one of their two cars and put the money on to their debt
  • Find an apartment that costs 25% of their after-tax income (down from 34%)