As we kick off The Debt Diet—and introduce you to our five participants—first, let me say thank you to everyone who applied to be a part of this project. I know that sharing information on your financial lives, and your financial struggles, isn’t easy and I appreciate the trust and faith you have in me. I wish I could have chosen every one of you, but in the end I picked the five participants for a few reasons: I was looking for variety in the situations, readiness for change in the applications (because if you’re not ready, this program is not going to work), and—quite honestly—people I felt The Debt Diet could help.
My heart went out to one applicant in particular, a 52-year-old man who suddenly lost his mother a year and a half ago and has seen his spending out of control since then. He has over $130,000 in credit card debt on more than 30 different cards. The Debt Diet might be able to help him change his behavior and stop spending, but it isn’t the right tool for helping him deal with this credit card debt. He needs credit counseling. So although I didn’t pick him, I will be reaching out to him and finding him a counselor to work with.
Here’s a look at the people I did pick—in brief—and what I hope to accomplish with them over the next few months. They’ll be blogging their progress regularly and I’ll be writing as well, spotlighting the universal challenges we all face when trying to escape debt.
I hope you’ll follow along.