Season 8
13 episodes
22 min. per episode
Where to watch
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Couples confront financial chaos with tough-love guidance, risking everything to save their relationships while learning hard truths about money.
Episodes
Julia and Guy, married for five years with an infant child, are both teachers who have vastly differing outlooks on money. Julia believes one should not spend money one does not have. Guy believes money is for spending, not for saving for a rainy day. Guy not only spends money on almost daily sports outings followed by wings and drinks with his friends, but it is generally money he doesn't have as he uses credit and cash advances, which he does not see as being an issue. Because of their differing outlooks, Julia acts more like the mother to Guy in their relationship, while Guy doesn't think Julia has any fun in her life. In addition, Guy went through a phase of gambling, he ultimately admitting it was an addiction which he has now kicked... or so he says. At the time, he was handling the household finances, the lies about the money for the gambling which has caused a further issue of mistrust between the two. They have consolidated some of their consumer debt into their mortgage, that total consumer debt which sits at $63,000, again which Guy does not see as a problem. Guy also admits that Gail will have to do something drastic to make him change his point of view. Gail thus has a conundrum in dealing with the pair as she solely sees their financial issues as Guy's doing, and thus may have to act more as marriage counselor in dealing with their relationship and getting them on the same correct page before their financial house can be fixed.
There has always been an imbalance in Ingrid and Jamie's twelve year marriage, that imbalance, especially as it relates directly or indirectly to money, which is placing strain on their union to the possible point of no return. When they first got together, Ingrid, the A-type personality, already owned a house, whereas younger Jamie, the laid back one, brought three guitars as the material possessions into their relationship. Now, Ingrid, who handles all the finances for the family, which includes two adolescent children, works freelance as a location scout, earning about $70,000 a year, that money which is sporadic depending upon jobs. Jamie also works freelance as an electrician, earning about $35,000 a year, also sporadic based on jobs. Ingrid believes their money problems, $42,000 of consumer debt, are largely Jamie's fault for not working harder to bring in more money, he who is prone to waiting around for the jobs to come to him, and not for him to look for jobs. That work also applies to around the house, those responsibilities falling solely on Ingrid's shoulders. Beyond joint expenditures for such things as family vacations, Jamie believes their money problems are largely Ingrid's fault as she controls the household money and thus is somehow mismanaging it. Gail falls squarely in the middle, seeing it as both an income and expenditure problem, the latter as demonstrated by the fact of their house being filled with stuff from one corner to another. She feels that the crux of the problem is their relationship, which is what needs to be saved before the finances can be fixed.
Together for ten years with three children, Hollie and Sean are in a common law relationship. They have divided their expenditures as his and hers, which includes Hollie's student loans as solely her own (while Sean's education was funded through a scholarship). Generally, Sean pays the bigger items - all which he handles through automatic deductions, so he doesn't even see the bills - but has fewer of them, while Hollie handles smaller expenses but far more of them. The two don't communicate about their finances, which bothers Sean as he feels Hollie is mismanaging her money, while Hollie doesn't want Sean telling her how she should spend her money. Although Hollie does overspend on stuff, Sean in general underestimates the burdens Hollie faces both financially and emotionally with her "half". One example is groceries - Hollie's side of the budget - which Sean believes should cost no more than $150 a month for the five of them. Hollie is going through added stress as her father is terminally ill, and she wants to take time off to be with him as well as get married before he dies. Sean, however, does not want to get married until their financial house is in order. Their debt currently sits at $31,000 not including their mortgage. Gail wants them to look at their finances more as a team and for them to work as a team. And she wants them to look at their immediate future, most specifically how they can have a wedding on a budget taking into account Hollie's reduced income while she looks after her dad.
Liz and Will, who were high school sweethearts, are relative newlyweds with an infant son, Jack. Will has made a conscious decision that he doesn't want to know about or thus manage their collective finances. Beyond their mortgage, they have had a number of big expenditures of late, such as their wedding and renovations to their small house, which still requires many renos and which they have outgrown, and thus they would like to sell soon. Liz has rolled much of this debt into their mortgage to keep it out of mind so that she can justify more spending. Their mortgage is now more than the house is worth. Some resentment has crept into the marriage over money. Liz is an impulse shopper on credit, she who often hides the evidence of her shopping trips from Will who does know about the overspending on "stuff". As a passive-aggressive move against Liz, Will takes out cash advances for his few indulgences, such as golf and and drinks and meals out at the pub, Liz who treats him more like a disrespectful son than a husband because of it. Including the $40,000 that Liz has consolidated into the mortgage, they have $56,000 of consumer debt. Gail wants them to: feel the weight of the debt in their lives; see what it will take to make the necessary renos to make their house more salable; and proactively deal with what is sure to be their next emergency, transportation, as their two cars are near their last legs. She also has individual tasks for the two, Will's which is to get involved in the household finances, and Liz's which is to spend on her indulgences on a budget, which means buying second hand. But Gail also realizes their relationship needs mending if any of these other measures are to work.
Married couple Lisa and Paul, who have a combined income of $114,000 annually, have an infant daughter and a dog, Ella and Pumpkin respectively. Lisa pampers both their daughter and the dog, buying them anything to make them look cute to the world. The clothes for Ella often are for two or three years down the road, Lisa who will often make her purchases look like they have always been in Ella's closet. Lisa recently took a pay cut so that she could spend more time at home with Ella and Pumpkin. Paul's spending is on the larger ticket item of a car, which he replaces once every year or two. The car dealerships convince him using the fancy term of "negative equity" from his previous car, which just means he's going into deeper debt with each successive car purchase. They are trying to move money around to pay off their debt, while they still spend. Their consumer debt alone sits at $117,000. Showing them that they have a net worth of -$40,000 - their assets minus their debt - makes them realize for the first time how deep their problem is. Much like the car salesmen were hiding the debt under the term negative equity, Lisa and Paul first and foremost have to display their debt for what it is, both for themselves and for the world, including their loved ones, to see.
Money can't buy you love. But keeping love alive without money can be pretty tough. In fact, ninety percent of marriage breakups are due to money problems. And to get advice on how to manage money usually costs money! Til Debt Do Us Part, is a series that offers tough-love solutions to those willing to face their financial troubles head on. In each episode we meet a couple in crisis. Some are on the verge of bankruptcy, hounded by creditors or facing eviction. Others are just getting by, but in the midst of a personal meltdown or relationship breakdown because of money issues. With the sensitivity of a therapist and the toughness of a CFO, our host, renowned financial author and columnist, Gail Vaz-Oxlade reveals what she's found in a couple's finances - and then she'll dig a little deeper. She asks some tough questions and then they'll be forced to face reality. Where will it end if they continue on this rocky road? To get things back on track, Gail takes control of their finances for one month. She devises a strict budget and enforces some dramatic changes. A two-car family may become a one-car; or no-car family. The new hair salon may become the corner barbershop and goodbye fancy lattes - hello thermos. All credit cards and debit cards are taken away and their only discretionary cash is a weekly allowance. Gail makes regular house calls to deliver the week's allowance and assigns a new challenge for the couple to make them confront bad money habits and to help get their relationship back on track. At the end of the month, we find out how well they've done - how much did they save, what did they learn about money, themselves and each other? What is the new forecast for their finances and relationship? Gail can reward them with cash based on how well they did on their challenges. In addition, she always surprises them with a small but thoughtful gift, certain to generate hugs and the occasional tear. Til Debt Do Us Part is a dramatic and fun series that shows how bad it can get and how to get out from under.