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| Tuesday, September 18, 2007 |
| How to create lasting financial change |
MP Dunleavey is finally getting tough on her Women In Red members in her article: How to create lasting financial change. Of course it has only taken her three years of watching members make zero progress on their debt reduction to start getting serious about it, but still - better late than never! That's not what happened. Stephanie plowed ahead and paid down more than half of her debt before proudly joining our first graduating class of 2007.
To my consternation, Lyndsey stalled.
Despite a total income bump of some $20,000 during her tenure, Lyndsey's debt remained the same. She acknowledged her shopping habit, her closet full of clothes -- some with the tags still on (a shopaholic's red flag). She vowed to make better progress.
Somehow, it never happened. More than disappointed, I was baffled.
During our final heart-to-heart this summer, Lyndsey decided to withdraw from the Women in Red. I supported her decision. Something wasn't right. While I am happy she is finally getting tougher with her members - I am not sure I understand the repercusions. If you stagnate, don't reduce your debt, and even manage to add to it you get kicked off the board? Is that really helpful?
Then there is the "success" story part of the article. Pay off half your debt and you graduate? What about holding the members to a higher standard and expecting them to pay off the full debt? |
| posted by Boston Gal @ 11:27 PM *
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| 6 Comments: |
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Pretty lame. But maybe getting out of debt is more exceptional than I think.
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I think Lyndsey needs serious help with a shopping addiction. I don't think her problems need to be broadcast over the entire planet via MSN.
I agree that it's hard to get out of debt. I've been there. But at the same time, stop making stupid decisions....a MERCEDES! Seriously! That's just crazy!
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The women just don't seem ready or driven to get out of debt. I wonder: did they join WIR for fame and glory instead?
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I use to read WIR but after a few months (3 years) nothing happened to any of them. They didn't manage to do anything. One would think that with the whole nation reading that MP would even be doing better.
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I was pretty impressed with "Frugal Fanny," but I wondered while reading the article why she was participating and what words of wisdom could MP Dunleavy offer her.
I hope the support will inspire them to take it more seriously.
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Yeah, I agree, WIR is pretty lame. I used to love MP before she started this WIR thing. Now I am so bored with WIR I hardly ever read her articles.
There are a few personal finance blogs I also stopped reading because people didn't seem to be changing their ways. Who wants to simply read a catalog of what people spent if there's no goal, no change, no improvement?
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Pretty lame. But maybe getting out of debt is more exceptional than I think.