Gino Arcangioli

Betty Lau

Dave Maciulis

Jennifer Horvath

Gail Vaz-Oxlade

Early-thirtysomething married couple Leona and Mohamad are relatively well off, earning a combined income of $150,000 annually. They generally like material possessions that have character, which in a house means older. They purch...

Michael Sheehan

Dream House, Nightmare Debt

Early-thirtysomething married couple Leona and Mohamad are relatively well off, earning a combined income of $150,000 annually. They generally like material possessions that have character, which in a house means older. They purchased their dream home, which required some maintenance work to bring it up to a standard where they could be insured, some of that work which has not yet been done. Instead, they did some cosmetic renovations, bought some expensive items to furnish the house, and took an $8,500 vacation to the Middle East and southeast Asia, when and where they bought some expensive Persian rugs and silk curtains. Everything was paid on credit. Mohamad handles all the household finances, he shielding their money situation from more emotional Leona, who does however know they have a money problem. They know that selling the house is a solution but one they don't want to do. Mohamad has started to pay off their debt, but he still supports their spending to live their dream life. They have put off having children until the debt problem is resolved, which above the mortgage sits at $100,000. In doing their budget and in handling their finances, Leona has to be an active participant in the processes, which may be more difficult for Mohamad than Leona. Gail makes them do a cosmetic project, something in their back yard, on a budget to show them that they can accomplish their goals on a budget and over time, instead of throwing money at the issue to get it picture perfect overnight. And Leona, who is the one who generally deals with contractors, is given a lesson on how not to be taken advantage by those trades-people, who often see her as the helpless and thus easily taken advantage of female. This last item is all in an effort to get the need be items in their house fixed in a timely manner so that they can be fully insured.

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Dream House, Nightmare Debt

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