New Reality TV Show Steers Homeowners To Fiscal Responsibility

6783_burn New Reality TV Show Steers Homeowners To Fiscal Responsibility Move over, Snooki – the newest stars of reality TV are homeowners trying to pay off their mortgages in a fast yet responsible manner.

The Globe and Mail reports that the newest reality TV program, ‘Burn My Mortgage,’ will premiere Oct. 5 on Canada's W Network. The show features homeowner families that are put through a series of challenges designed to enhance their fiscal responsibility and, by extension, expedite the payment of their mortgages.

‘Burn My Mortgage’ uses game-show competitions to drive home its point of fiscal responsibility. In the first episode, a Toronto family learns how to control their luxury spending in a series of physical challenges, including carrying suitcases of money in an obstacle course. At the end of the episode, the family establishes a spending and savings plan that will help them pay off their mortgage 14 years sooner, with $55,000 in interest savings.

‘I think what 'Burn My Mortgage' does for families is it shows how much influence making small changes in their financial habits will have on their lives,’ says Kit Redmond, executive producer, who used her own experience of paying off her mortgage in seven years as the basis for the show.

There is no announcement of when ‘Burn My Mortgage’ will be broadcast in the U.S.

SOURCE: The Globe and Mail


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