A new show coming to Spike TV will tackle the problem of financial illiteracy among Americans. “Life or Debt” host Victor Antonio says Americans are struggling with a combined credit card bill of a trillion dollars.
“Let’s break it down. The average American is carrying $15,000 in credit card debt. Only 20 to 30 percent are actually making the payment on time. If they’re paying late fees then they’re paying out (what amounts to) 30 percent in interest.”
Antonio says the approach of the show is to encourage families to look at their income and spending like a successful business does, focusing on two things.
“It’s not only by reducing costs, that’s not what the show’s only about. Anybody can talk about cutting up credit cards and getting your debt down. But we also teach families about how to increase their income. Because if you can lower your costs and increase your income, then you have more money to play with to pay off your debt and create a savings fund.”
On the show, Antonio takes a close look at how the families they feature handle money.
“I actually walk through their house. I look at their furniture. I look at how many TV’s you have. I even go into your closet to see if your’e overspending. And that tells me everything I need to know.”
The show spends a week with each family before giving them a set of recommendations. They return 90 days later to check up on their progress.
“Life or Debt” premiers on this Sunday at 10 p.m. on Spike TV.
