About Debt Diet On Oprah Winfrey Show

Yesterday I watched The Oprah Winfrey Show. The topic of discussion was "Debt Diet". It was about the spending habits of middle class Americans. Most families have huge amount of debt because they make purchases on their credit card and end up not having enough cash to pay the interest on the credit card. Most individuals have upto 10 credit cards with interest rates upto 30 %. And, there was also other issues attached with this like argument between husband and wife regarding the finance because stay at mother's end up shopping a lot on their husband's credit card. Hmmmmm as I was watching the show I was trying to relate the situation to India beacuse our financial institutions and banks are encouraging people to take loan for housing, purchasing car etc etc..And I was thinking to myself that it won't be long before Indians would be talking about Debt Diet. There is nothing wrong in taking loans or making credit purchases provided we have the income to service the debt. The take away from the show was to prioritize our spending and not to take credit to buy things that we don't require because after paying huge interest every month one might end up having to take debt to meet neccessities.