The Debt Trap is a road map to help you avoid life’s potential financial pitfalls. It delves into the historical, social, moral and economic reasons why so many Americans are in debt. It is preventative, not curative, in its approach. It teaches by exploring the mistakes of others in the areas of relationships, desires, spending and saving habits and values. It correlates how the breakdown of traditional values has created a society in which instant gratification, selfishness, and victimization has led to the disintegration of religion, family and love of country, while also destroying financial stability.
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About the Author
Steven N. Taieb has been practicing consumer bankruptcy law since 1985. He has helped over 5,000 people deal with financial problems over the last 17 years. He is one of ten attorneys in New Jersey who are Board Certified in Consumer Bankruptcy Law by the American Board of Certification.
The requirements for board certification require passing a written exam, handling a large amount of consumer bankruptcy matters, plus concentrating your practice in consumer bankruptcy law. The certification also requires 20 hours of continuing legal education per year.
Mr. Taieb has been producing quarterly newsletters, for his clients and other attorneys who concentrate on bankruptcy law, over the last seven years.
Excerpt. © Reprinted by permission. All rights reserved.
From the Introduction -- Why would I write a book about avoiding debt? I have been practicing consumer bankruptcy law for 17 years in New Jersey and Pennsylvania, and I have seen almost every reason why people get into debt. I have made every effort to help people save their property by either reorganizing their debt or helping them get a fresh start. The biggest problem I have is that, even though the vast majority of the people I have helped are honorable, hard-working people, they have made such crucial mistakes in their life choices that it is difficult to fix some deep-rooted symptoms. Most people I have dealt with lack any basis of money management. They get into debt because they have a basic misunderstanding of budgeting. Also, certain life choices have created consequences that make it much harder to live debt free. After meeting with several thousand people over the last 17 years, I have analyzed the reasons why people fell into debt and filed for bankruptcy. In addition, I have done extensive research, which backs up a lot of my theories. Over the past 17 years I have helped more than 5,000 people who have found themselves in debt, specifically due to the poor choices they have made. Some people end up in debt because of circumstances outside of their control, such as catastrophic illness or misplaced trust in the wrong people. However, if you adhere to certain fundamentals in life, the advice in this book can help you prevent getting into debt just as certain preventive health practices protect you from debilitating diseases. Too many people graduate high school, college, and even graduate school, without any understanding about budgeting. The American Dream is still alive and well, but most people have little or no knowledge of how to make the choices necessary to live a life free of debt. Since the media and advertisers hype instant gratification, it is no wonder over one million Americans had to use the bankruptcy process in 1998 to deal with financial problems. What is more amazing is how few Americans truly live a debt-free life — one in which they pay the full balance on their credit card obligations each month and own all their property free and clear. This book will be a road map to help you avoid life’s potential pitfalls. It will encourage you to consider a range of social, moral and practical financial issues that you will face as you grow older. A major issue that must be considered has to do with your relationships. Whether you have a successful marriage or end up being a single parent is crucial. Are you together with your partner, or are you stuck with a child support obligation that can drain you financially for years to come? Do you make the right choices regarding the person with whom you want to have children and start a family? Life frequently throws you curve balls, and you grow by learning from your mistakes. However, some mistakes make it much harder to get out of the debt trap. After relationship choices, you must consider conspicuous consumption and the "more is better" mentality. Are you satisfied with your material needs, or do you need to constantly get more material goods and incur more debt to fulfill yourself? Do you, the current generation of young people, understand the notion of savings and sacrifice, or is the media’s notion of instant gratification and "you can have it all" influencing your life? Do you really understand what you are getting into when you decide to purchase a home? Do you correctly anticipate the increased expenses that will come with a larger family? Do you save for a rainy day? Do you rely on the bank’s qualification for a mortgage? Do you think through all the costs involved with a home? What about your car? Do you own your car? Do you consider the payments, costs of insurance, repairs and equity? Is personal responsibility alive and well in you? For some people, the social programs — from the New Deal to the Great Society — have made them feel entitled. This book delves into the historical, social, moral and economic reasons why so many Americans are caught in the debt trap. You will learn what to avoid from the mistakes of others. It will teach you about life, something about which your schools, unfortunately, never trained you. There are several agencies and many books that deal with people who have amassed large debt and propose plans to eliminate that debt, but they provide assistance only to those who are already in trouble. This book is for the reader who wants to avoid trouble. It will help you rethink a lot of fundamental values and, hopefully, give you the opportunity for a life of real fulfillment in which debt does not exist. God bless you, and stay the course.
—Steven N. Taieb
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5.0 out of 5 stars
The Debt Trap,
By A Customer
This review is from: The Debt Trap: How Your Life Choices Impact on Your Financial Future (Paperback)
This book is a wonderfull book that teaches how life choices affect your financial future. The chapters are well written and easy to read. The author gives plenty of examples of how people get themselves into debt and how they can avoid getting into debt by learning from other peoples' mistakes. I read the book in one night and loved it!!!!!!!!
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