I almost couldn’t believe my eyes when a co-worker emailed me a link to "Maxed Out." This television show on the Style Network (of all places!) is all about counseling women with financial problems. Here’s the show summary:
Meet Aurora–she’s 21 and already $80,000 in debt. Can she put the manicures on hold and give herself a fresh financial start?Kathleen
is a single mother earning $37,000 a year. Can she dig herself out of
debt and give her children the security they deserve?In each episode of Maxed Out, finance coach Ayse Hogan
gets to the root of what is causing one woman’s unhealthy relationship
with money. Observing the subject’s behavior and putting her on a
strict budget, Hogan helps the cash-stressed gal by demonstrating the
basic tenets of wealth-building: debt reduction, savings and investment.Known for her blunt style and shocking visual metaphors, Ayse is dedicated to helped maxed-out women maximize their futures!
Ayse Hogan is a bookkeeper and self trained personal finance coach according to her website. Most of her basic advice seems solid, but I spotted a few issues with some of the specifics. Mainly, the problem is that Ayse is apparently Canadian. Therefore, the advice she gives is about the Canadian credit system (which is vastly different that the US credit system) and things like RRSPs (Canadian retirement savings programs). American viewers should keep this in mind when listening to her tips!
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I am Canadian and now live in the US. I would like to see you comments on how the Canadian Credit System is vastly different from the US.
Reading the tips on improving your credit score on Ayse Hogan website are not different from any of the US blogs I read.
I do know the Credit Score scale is slightly different
but that is minor.
Other than differences in names of various tax shelters the US and Canadian systems are vastly similiar. Canada tax rate is higher.
I beleive that there are fundemental basic principles for personal finance that if you follow them you will have finacial security and well being.
Hi Scott! When I worked for TransUnion, I helped to set up TransUnion Canada and learned first hand about the differences between the two systems. Most of the main features of the credit system are similar, but there are some notable differences:
- Only Equifax and TransUnion operate in Canada currently.
- Canadian credit reports include banking data that is not on US credit reports.
- Credit report data expires after six years in Canada. Negative records in the US remain on credit reports for 7-10 years and positive information can stick around indefinitely.
- Canadian credit scores do not use mortgage records in their calculations (although mortgage information does appear on credit reports).
There are also slight differences in the types and details of public record reporting. The rules also vary when it comes to consumer disclosures, the use of scores, etc. That and everything has to be produced in French and English! I hope this information helps!
I don’t really think it matters what the differences are between credit reporting in Canada and the U.S. These people have issues with debt, and that is the primary purpose for the show, helping people figure out how to live within their means.
A&E also has a similar show called Big Spender with a guy named Larry Winget hosting it and of course, serving as a financial counselor to those featured in the show.
My issue with these shows is that these counselors do the budget for these people and then attempt to force them into using it. It’s absolutely crucial that people learn how to do the budget themselves and do a budget that they create. Not that someone else did for them and then is forcing them to live on it. It gives the budget the bad connotation of bread and water when it should simply be a plan for spending the money you have. I understand there has to be a drama element for t.v. but these are real people with real issues.
I just found this show on Style and really enjoy it. Ayse Hogan is a kindler, gentler Larry Winget (A&E’s Big Spender), and her visual metaphors (tightrope walking, rock wall climbing) are fun to watch. I must be used to tough-guy Larry, though, because when Shelly, a recent Ayse makeover, was reintroduced in the follow-up segment, I couldn’t help but holler at her for buying the pricey Starbuck’s coffee. Maxwell House is cheaper, Girlfriend!
I dont think that Ayse Hogan is in any position to be giving out financial or any other advise. If people knew this womans life right now and the situation she is in personally . They would definatly think twice about contacting her for any type of help.