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Spending Addiction

Big Spender: The Bachelor With $1 Million in Debt

Some guys will try to impress with slick cars, expensive dinners, and paid-for bachelor pads, but did you ever stop to wonder if your date can actually afford his extravagant lifestyle? This episode of Big Spender profiles Ian, real estate agent and bachelor, who has $1 million in debt. Casinos and creditors are calling him at home to try and collect, but Ian's too busy driving around in his brand new Bentley, 2007 Escalade, and 1960 Caddy covertible to deal with his debt. Ian acknowledges that he has a "self-destruct" button that drives him further into debt, and Larry Winget comes along to help him turn off those debt-inducing urges. To find out if Ian can start digging himself out of $1 million in debt just

.

Ian has closets full of clothes and some items even have dry cleaning tags from seven years ago. He's also spending $7,000 more than he makes each month — that's $85,000 a year. Larry makes Ian cut up his 27 credit cards, instructs him to sell his Bentley (that would reduce his debt by $100,000), cut down his dining out expenses from $2,400 each month to zero, and keep an expense journal so it's obvious where all of his money is going.

This was probably one of the most successful episodes of Big Spender that I've ever watched. Ian makes it clear that he understands the meaning of his debt when he says, "The stuff I own has ended up owning me." After being addicted to a lifestyle of excess for about 25 years, Ian is able to reduce his debt by $30,000 in just one month and put himself on course to living within his means and eventually becoming debt free.

So, have you ever known someone who lives an excessive lifestyle, only to later find out that the person is largely in debt?

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wonderwoman80 wonderwoman80 7 years
I don't even know how you get that deep into it...unreal.
moss1080 moss1080 7 years
I would have a heart atack if I was even a fraction in debt as he is
bellaressa bellaressa 7 years
He probably robs Paul to pay Peter in terms of paying things, paying the bare min. I can't believe he is in this much debt and still functioning.
RosaDilia RosaDilia 7 years
This guy is a real estate agent so he could be owning property that could make up part of his $1M debt. It's amazing how he was able to stick to a plan and cut off major expenses that were taking him nowhere.
Shopaholichunny Shopaholichunny 7 years
I was wondering the same thing hotstuff! How did they not check his credit? That's ALOT of debt. I would go insane with worry.
hotstuff hotstuff 7 years
The crazy part is that people keep approving him for this stuff even though he's a million dollars in debt! How the hell does THAT happen?
ktownpolarbear ktownpolarbear 7 years
$1,000,000? Holy crap. I wonder if this guy ever considered therapy or shopaholics anonymous or something.
shanimalcracker shanimalcracker 7 years
Yes, I know someone like that, but his spending isn't to that great of an extent. Haha, this someone is my ex-boyfriend.
DreaAST DreaAST 7 years
This is insane! I can not believe people would spend like this and have this much debt. I worry so much about everything so how do these people live like this?
Beauty Beauty 7 years
That *is* crazy. Just proves that wealth isn't measured by the car you drive or the clothes you wear; it's about what you save vs. spend.
Lovely_1 Lovely_1 7 years
Wow that is CRAZY! And yes I know someone who is like that! Sometimes you just wodnerful how people can let it all happen and not even worry!
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