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Mugged By Wall Street And The Banks

Doctor Phil: Financial 911

Last week, the Dr. Phil television show broadcast a show to help consumers manage stress, manage their household finances, and deal with the financial, credit, and mortgage crisis affecting the country. According to the Dr. Phil web site:

"Has the current financial crisis left you frightened and confused? Do you know where your money is and if it is safe? Along with top financial experts, Dr. Phil gives advice on protecting your assets and weathering a major money storm!"

I watched part of this show on Thursday evening October 9th, and found it informative. The show included three experts who answered common financial questions:

  • Ben Stein, economist and author of How to Ruin the United States of America,
  • Amelia Warren Tyagi, personal finance expert and author of All Your Worth, and
  • Jim Cramer via satellite from his Mad Money cable TV show

Some of the questions answered during the show:

  • How will the economic crisis affect me when I don’t even deal with Wall Street?
  • How bad will it get? What’s next?
  • What should me and my family do now before it's too late?
  • If I have credit card debt, what should I do now?
  • If the crisis and credit freeze continues, am I likely to lose my job? What then?
  • Do I need to plan on working way past 65 in order to survive?
  • If times get tough, which bills should I pay first and why?
  • I am scared. How do I cope with the financial stress and fear?

In my opinion, a key message the experts warned was for consumers to pay off any credit card debt as soon as possible. Experts expect banks and credit card issuers to tighten access to credit cards, by using higher interest rates, lower card limits, and more. At the Dr. Phil web site, you can purchase a DVD or transcript of the show.

Some related I've Been Mugged posts:

  1. What Causes Credit Card Issuers To Raise Interest Rates
  2. Suze Orman And the FDIC Partner To Help Consumers With Determining Bank Account Insurance Status
  3. Emerging Identity Fraud Scam: Credit Card Shaving
  4. 5 Sneaky Ways To Ruin Your Credit Score

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