306 of 310 people found the following review helpful:
3.0 out of 5 stars
Good Credit? Then good book!, December 28, 1999
This review is from: Credit Card Debt: (Mass Market Paperback)
If you're "in deep", this is NOT the book for you. If you're credit card bills are basically high, but you still have available balance and essentially good credit, this book contains some good nuggets you can walk away with.
If you have high bills, no available credit, can't get more credit, and are paying as much as you can, this book won't help you much (and if you had to buy it here with a credit card, you're just making things worse!)
The basic premise is to use your available credit on your lower interest rate cards to pay your higher ones. It's much more detailed than that, but if you can't do that, then I'd recommend another book (I'm still looking). It does NOT tell you how to write to credit card companies asking for help (Hey, I can't pay that much, but I want to pay something..) It also does NOT give you instructions on what your rights are if you are overburdened by credit card debt. It gives BRIEF mention of bankruptcy, but that IS a book in itself.
In summary, if you have disposable income and some credit card debt, and are looking for ways to pay the debt off faster...get the book. If you're over your head, and looking for ways to stay afloat, don't get this particular book.
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127 of 129 people found the following review helpful:
5.0 out of 5 stars
If you use credit cards buy this book today, December 16, 1999
This review is from: Credit Card Debt: (Mass Market Paperback)
Want to be a freeloader? " 'Freeloader', in terms of financial lending, is a consumer who doesn't pay interest because he always pays off his balance due on time." (p.115)
If you have no credit cards or if you pay all your balances in full every month, then skip this review. For everyone else in the world, BUY THIS BOOK!
I've never come right out and blatantly said this before, but the amount of absolutely excellent information in this book coupled with the low price forces me to. Oh, let's not forget the money it will save you, either.
I've had this book on the 'to be read' shelf since August. I should have read it before I decided to close all our credit card accounts except one. I didn't know the leverage I was losing. I do now.
All the conventional teaching tells you to close accounts, pay off the card with the lowest outstanding balance (something psychological about clearing one thing), and then paying all the rest off. Daskaloff suggests paying off the card with the highest interest rate first & NOT close any accounts. Wait until you read why! You'll be completely surprised --well, I was.
Parts of this book will make you do some work. You'll need:
* enlarged copies of all the charts
* a few pencils with erasers
* a calculator or adding machine
* file folders or an expanding file
* all your credit card statements for the last year
Daskaloff walks you step-by-step through the process of seeing exactly what you owe, what your interest rates are, what your flexibility rating is (total credit limit/total balance due = flexibility rating -- anything above 2 is good), how to figure rates for purchases vs. cash advances, and so much more.
He tells you all the bad news about making minimum payments. I didn't know (or never paid attention) that when you make minimum payments the minimum goes DOWN each month, so your payments are less. But, what's happening is that you're actually putting less money on the principal. In some cases, you're not even covering the interest from the previous month. And you're paying forever.
Have you ever received a letter telling you that since you're such a good customer you can 'skip a payment'? That's another no-no. Interest is still accumulating and you're not really saving.
Daskaloff says you should never pay less than the previous months' interest charge. Pay much more if you can. It's the only way to eliminate the debt.
There's a really nifty section explaining how the same interest rate offered on a variety of credit cards can differ. Depending on the terms and how the finance charges are calculated what you pay might astonish you.
One example follows: you have a card with an APR of 19.2%, a balance of $1000. You pay $300 per month on it. Here are the calculations based on how the finance charges are figured:
1. Adjusted Balance --finance charge = $11.20
2. Average Daily Balance -- finance charge = $13.60
3. Previous Balance -- finance charge = $16 (p.103)
This book really will help you get back control of your credit card debt. There are URL's for all three credit bureaus, information about transferring balances, using cash advances, and when to use those checks you get to pay off other cards or buy things.
He also tells you about the various places to get help with your debt, such as credit counseling & working with each company to set up payments you can meet.
Because I used one of Daskaloff's suggestions I was able to have my credit card interest rate not only lowered, but a guarantee for it to stay that way for the next year.
I'm still in awe of all the information packed into 200 pages.
If you'd rather keep your head in the ground, not know how bad off you are, and hope it'll all just go away, then don't buy this book. It'll give you power over your credit, obviously something you don't want!
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50 of 52 people found the following review helpful:
5.0 out of 5 stars
Great Book, it will help you get out of debt!, October 8, 2000
This review is from: Credit Card Debt: (Mass Market Paperback)
What was nice about this book is the fact that the author provides step by step instructions on how to organize and reduce your credit card debt. It is very easy to follow, however, if you want the books tricks to work for you, you'll need to have more than one credit card, I had three cards. I especially liked the quotes he provides - what you can tell your creditors so that they lower your interest rates. Oh anf if you are the unorganized type (like me) you will find his charts very very useful, I know I did. Also, the author answered my question within a few days by email. You can't go wrong with this book!
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