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March 16th, 2009
06:13 PM ET

Dr. Phil's debt advice

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DrPhil.com
Dr. Phil

If you are in debt — and still feel the need to buy all the time — pay attention to Dr. Phil's advice:

You don't solve money problems with money. You also don't solve emotional problems with money. Look at what your real problem is. Going shopping is not going to solve it.

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Filed under: Dr. Phil • Economy
soundoff (24 Responses)
  1. Michael "C" Lorton, Virginia

    Money may not solved money or emotional problems---but having money surely makes one "feel good."

    March 17, 2009 at 9:44 am |
  2. john reda

    hi anderson,i think your doing a great job!but please tell me when the homeless are going to be bailed out,they dont get bonuses.the homeless count has doubled in california,and you will see many more tent cities,how are we going to deal with that.i lost my home last year to a sub prime.will i be homeless soon? thank you sir

    March 17, 2009 at 9:24 am |
  3. Michael "C" Lorton, Virginia

    I disagree--if you have enough money--you shouldn't have any problems--it's when you don't have enough.

    March 17, 2009 at 9:01 am |
  4. gary savage

    Dr. Phil says keep looking for work ,what work.

    March 17, 2009 at 2:07 am |
  5. Dr. Phil get real

    Dr. Phil's out of touch celebrity advice is is pathetic. Like most I know, I didn't ever live beyond my means, buy fancy cars, take big vacations.. This insane "cover story" blaming the little people for the rip off by the privleged going on for decades just isn't gonna wash with us down here anymore. I've worked miy butt off for nothing all my life. My financial predicament is due to a broken healthcare system, a 20 year unstable economy, a society bankrupt of moral or ethical values and the abandonment of Christian values. Not radical fundamental Christian values. Just the basics like respecting each other, due unto others, being your brothers keeper, fair and equitable employment. Working hard and being modestly rewarded.
    All I can think of now is leaving this country. But the only option now is to work for the military industrial complex, like most of the young ones and my ancestors, be willing to die for an education and a job.
    You at the top will fall too Dr. Phil. Anderson dig deeper I think you are a good guy but you are not really getting at the truth because its too ugly.

    March 17, 2009 at 12:29 am |
  6. Nicholas

    Look the big problem in amercia that cause all this problem that no one seem to understand is people is working for $7:50 and $8:00 a hour that is what most company if not all employees been paid when these companys are making millions in profit so how would people be able to pay there on credit cards and mortgage and america will be in this problem always if that does not change minimum wage is the problem .

    March 17, 2009 at 12:06 am |
  7. sara

    Dr phil's debt advice? Seriously? Have 14 kids and leech off taxpayers??

    March 16, 2009 at 11:52 pm |
  8. Jen

    I love AC 360. But Dr Phil??? Come on.

    I'm can see the rest of the weeks line up...

    Tuesday will include Judge Judy on how to legally fight forclousures

    Wed is Martha Stewart with house hold cleaning tips that you can use while laid off

    Please go back to credible guests!

    March 16, 2009 at 11:42 pm |
  9. dawn

    Dr. Phil?

    You seem out of touch. With so many families lucky to put PB&J on the table 3 times a day, you might offer some advice about keeping their families together. We know that if we can't afford the latest game deck that we will have to find something else to do with our kids. Many of us have been there for a long time already. It's called the public library, also: little league, scouts, parks, museums (cheap
    ones)

    But, maybe you could talk about being kind to, and supportive of eachother. Looking out for signs of stress, or being overwhelmed by recent changes.

    Thank you,
    dawn carroll

    March 16, 2009 at 11:20 pm |
  10. Jo

    Dr Phil, you state that if you are in a situation you need to contact your creditor, well this weekend I found out that my American Express card had been cancelled the middle of last week. I have not received notification from AMX yet, but when trying to get gas the card would not approve. I've had the card for a year, the funny part is I pay the card off every month, $ 400.00 to $ 1800.00, for the past 6 months I have averaged $ 1094.00. I have contacted the bank, talked to supervisors got names contacted Experian as they suggested to no avail. You can't speak to anyone there. What do you suggest I do. I pay my bills, called the bank when I found out but am still not getting anywhere.

    Frustrated

    March 16, 2009 at 11:07 pm |
  11. James Dartnell

    What an example!! I couldn't believe the ex-investment banker you interviewed! He has problems allright. He lives in a make-believe world. He has a burn rate of $35,000 per month maintaining his ex-wife's house, his home and his apartment in Manhatten. Give me break...! He's finally met his comeuppance and this pretty well explains all that was wrong with the financial system...
    Jim D.

    March 16, 2009 at 11:01 pm |
  12. karen

    Debt? – I doubt many folks are spending away, Dr. Phil. All I see are greedy companies looking to fleece the last bit of lint from the average American's otherwise empty pocket.
    Despite all the forecloseures, I get a note from my mtg company – it's not a thank-you letter for being one of the blessed few who can still pay their mtg. – no, it's a letter about how US Bank notices some pending Florida legislation on sinkholes and how I better get some extra sinkhole coverage if my insurer doesn't offer it anymore.
    Gee, sinkholes are about as likely in this part of Florida as hurricaines are in Kentucky! If I can't get it from my insurer, I'll have to get it from USBank – No, I don't have the urge to spend – but my creditors do – for all those company junkets I suppose...

    March 16, 2009 at 10:28 pm |
  13. Carol

    Oh Contrare, Pierre,

    Retail therapy has done quite a bit for my troubled soul.

    -Carol

    March 16, 2009 at 10:25 pm |
  14. Earl Scott

    What the hell does Dr Phil know about economics--nothing!
    If you cannot find better commentators on the economy than Dr Phil, give up and shut up shop.

    March 16, 2009 at 10:19 pm |
  15. Angie

    Right this minute having some money would solve my money problems. Can I get an amen from the choir?

    March 16, 2009 at 7:48 pm |
  16. Annie Kate

    Growing up any purchase had two questions with it – first do I need it? If that was a yes (for school, for clothing, for meals, etc) then you got it. However if you couldn't justify the need then you had the question do I just want it? If the answer to this question was yes, you had to save for it yourself (on a quarter a week that took some time). It was a nice way for depression era parents to help impart the concept of limited resources to us kids.

    Now my family uses another technique as well – you have to sleep on the purchase idea. Many times the thing you thought you just had to have today doesn't appear as important tomorrow. We've eliminated a lot of purchases this way. Plus we have the "finance committee" – the parents which decide in the end whether our limited budget will stand the cost of the purchase.

    March 16, 2009 at 7:38 pm |
  17. JC-Los Angeles

    After watching Dr. Phil try to pimp out Brittany Spears and exploit her dire situation, it's quite apparent how he pays his bills.

    March 16, 2009 at 7:18 pm |
  18. Mari

    I agree you do not solve money problems with money, in PERSONAL finances.

    In the National landscape, one of the reasons that the Great Depression became so deep and took us so long to crawl out was that (GOP) Hoover and his government ...... did nothing!

    Did anyone watch the "60 Minutes" show (3/15) with Ben Bernake? He said it all.

    March 16, 2009 at 7:10 pm |
  19. Lucie from Canada

    I was bailed out twenty years ago. The person who bailed me out was my father. God bless his soul. It was the worst thing he ever did for me.
    I was getting married so really at the time it seemed like a fresh start for me and my new life with my husband. I found myself in trouble several times after that. The only way I learned was to put myself on a Budget. Only I actually followed it. I still do. Thanks to my husband who is so good with money it is insane.

    March 16, 2009 at 7:09 pm |
  20. c,ca

    Dr. Phil? Seriously?

    Please.

    March 16, 2009 at 7:02 pm |
  21. xtina, chicago IL

    If only Obama had the same sense as Dr Phil. You don't solve money problems with money.

    If the problem is over-spending, the solution isn't over-spending.

    March 16, 2009 at 7:01 pm |
  22. Timothy Gibson

    Although Dr. Phil, is in my opinion a joke to the title doctor that is beside the point. The point is, that as this item points out, you do not solve money problems with money, with spending, an interesting concept our government has yet to understand.

    March 16, 2009 at 6:40 pm |
  23. Mike, Zephyrhills, FL

    Dr Phil, The man with all the answers!! Notta!

    March 16, 2009 at 6:35 pm |
  24. Ilona, Tempe, AZ

    Geez, Dr. Phil...

    Buying one of your books sure will solve the problem...

    March 16, 2009 at 6:33 pm |
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