The Mom With $135,000 In Credit Card Debt Who Spends $400 A Month On Starbucks
"I love new clothes. However, I like getting rid of the clothes just as quickly to go buy new ones."
This lady who appeared on Oprah lives the life of a big house in the burbs, new cars, six beautiful kids, and spending way beyond her husband's $5,000/month salary. Felice drops $400 a month on Starbucks, $240 on tans and manicures, and her children have no health insurance.
"I have six kids and I sell their toys sometimes just because I don't like them."When money runs dry, as it often does, she takes out cash advances. She handles the family finances and hides receipts from her husband underneath a baby blanket in a drawer.
When I do shop, I do kind of get a rush. It makes me feel good... but afterwards, though, I get depressed. I'll buy something even if I really don't like it because I have to come out with something.On page 5 you learn they're on the brink of being totally financially destroyed with $135,000 in credit card debt, $1,700 a month for three cars, two mortgages at $685,000, and are two weeks behind on their mortgage payment. Before you make Felice out to be the totally baddie, the husband is just as culpable for not asking more questions and making sure the numbers add up. He even says that he would get credit card bills and not know where $10,000 of it came from.
Suze Orman's solution for them? Sell the houses and cars, move to Seattle, and for Mom to get her ass a job. Perhaps at Starbucks, since she likes it so much and they offer health insurance to part-time workers.