Financial expert Jean Chatzky, author of Pay It Down!, coaches the Bradleys as they take the Debt Diet challenge.
Jean says the Bradleys can shrink their debt immediately by simply spending less.
- Instead of spending $7,000 a year on her hair, Lisa will have to spend half that amount.
- The Bradleys spend $30,000 eating out, but on the Debt Diet, they'll have to cut that amount in two.
- They spend $5,000 a year on their cell phone bill—that's 1 out of every 4 waking minutes! On the Debt Diet, the Bradleys will have to limit their phone chats and cut that bill in half.
- They will also have to give up 2 of their 5 cars.
- Jean also says the Bradleys need to start using real dishes and silverware, instead of disposable dinnerware.
- And that piano Lisa leased? It's going back to the showroom!
Lisa and Steven say they're on board with Jean's plan, and sign the Debt Diet contract
to prove their commitment. "Your entire life is on payments," says Jean. "You don't own your life. But when you are finished with this process, you are going to own