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'Nikki & Sara Live' Star Sara Schaefer On Being $57,000 In Debt (VIDEO)

07/24/2013 01:09 pm ET

The stars of MTV's late-night talk show "Nikki & Sara Live" are riding high as they prepare for the show's second-season premiere July 30, but co-host Sara Schaefer still remembers the tough financial spot she was in before the series began.

The Emmy-winning comedian had a whopping $57,000 in debt, which came from losing control of her spending after life trauma, she told HuffPost Live's Mike Sacks.

"I had a lot of change in my life -- divorce, my mom died, all this stuff happened -- and I just spent money to try to make everything okay, like, 'I'm gonna live alone,' 'I need a big TV, I've never had a TV,' stuff like that. And it just spiraled out of control," Schaefer said.

Schaefer has now paid most of the debt, except for student loans. But her struggle with keeping her finances straight has kept her cautious, she said, amid the success she's enjoying now.

"I'm still scared of that happening again, and I haven't spent a lot of money on anything," Schaefer said. "To me, going out to dinner is the treat I'm giving myself, because that was something I had to stop doing."

Check out the full interview with the stars of "Nikki & Sara Live" at HuffPost Live HERE.

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