The Bank of Mom & Dad does it again! They have found one young woman amongst the lot of us who is in debt beyond imagination, and use her as an example from which we all can learn. In this episode, Carmela, a 26-year-old restaurant manager in Bayonne, New Jersey, makes enough every month to help her get out of the debt she is already in, but instead chooses to use it to get her in even more money trouble.
It is said that every female dreams of her wedding day, and that most females love to shop. But what if the one was jeopardizing the other? If only Carmela would realize that you cannot have your cake and eat it too. It is a wonder that her parents, Mary and Joseph, keep it together as well as they do. I, on the other hand, was yelling at the television in hopes of her taking this opportunity seriously enough to get her on the “money crunch” track. Before she conforms to a new way of life, Carmela has to work through changing the way of life she has become accustomed to.
You see, Carmela loves to shop — to the tune of $1200+ a month. Obscene, isn’t it? She has maxed out nine credit cards because of her love of this favorite pastime. Sometime after financial coach Farnoosh Torabi puts a plan into action by first moving in Carmela’s parents and leaving them in charge of every financial decision Carmela might make, Mary devises somewhat of a swap meet between Carmela and her cousins in order to give her a new outlet — how to shop without spending a dime. Even with this clever idea from Mom, Carmela finds a way to be despondent, commenting how she will miss the clothes she has swapped, knowing they won’t be in the house. Carmela’s cousins are astounded, to say the least. You will be, too!
The Bank of Mom & Dad still follows their regular outline of having Farnoosh Torabi lay out her three-step plan of the parents and the client acknowledging the debt (in this case, her fiancé as well), setting up a budget, and financially planning for the future. This is definitely a must-watch episode that will keep you on the edge of your seat. The idea of marrying while in debt is nothing new in today’s society, but when Torabi brings to the attention of Carmela and her fiancé what the true date of the wedding would be if she were to first get out of debt, it really brings everything into perspective.
Take the opportunity to watch The Bank of Mom & Dad: It’s a Matter of Life or Debt on Wednesday, November 4, at 10 pm on SOAPNET. This episode has a lot to teach (not only on paying down your debt); it even includes ideas on how to budget for a wedding and how not to overspend on a wedding, from a most unlikely source. And the ending will leave you in tears.