9 of 10
Latasha is a single mom and part-time student with a salary of $31,000 and debt totaling $104,000. Her $1,200 monthly mortgage payment is more than she can afford. To get by, she borrows money from student loans to pay off her mounting credit card debt. She's been on four vacations in the past three years, spending an average of $2,500 per trip. "I'm living way beyond my means," she says. "I need to get out of the cycle of debt before it's too late."

"It is never too late," says Jean Chatzky. Instead of vacations and other material goods, Oprah and Jean tell Latasha that she can provide a better legacy for her children by getting her finances under control. If Latasha doesn't act soon, interest rates could double her debt in five years and almost triple it in 10.

Jean is going to work with Latasha to get her income and expenses in order.
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FROM: The Debt Diet: Part 5
Published on January 01, 2006
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.

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