How to Get Out of Debt, Stay Out of Debt, and Live Prosperously (Mass Market Paperback)

by Jerrold Mundis (Author) "Collateral, in its primary definition, is something that runs side by side with something else..." (more)
Key Phrases: debting problem, free yourself from debt, spending record, Spending Plan, American Express, New York (more...)

Editorial Reviews

Amazon.com Review
Millions of consumers have become trapped in a spiral of debt, but there is hope. If you wants to free yourself from the shackles of debt, this book is for you--it can help you "get out of debt, stay out of debt, and live prosperously." Jerrold Mundis writes in a friendly, engaging style, urging readers to stop the cycle of spending. Mundis knows what he's talking about--he, too, was once thousands of dollars in debt and didn't know where to turn. Anecdotes from Debtors Anonymous folks, plus multiple examples from the writer's own life and ledgers, make How to Get Out of Debt an encouraging read, not a condescending one. Once you start your program, you may want to periodically reread some chapters for inspiration--and fun.

From Library Journal
Mundis flies a countercultural flag: debt is "wholly unnecessary," and "bankruptcy is not an option." He offers a brief discussion of formal debt-handling methods and several very practical money management techniques from his own hard-won experience. Solutions depend entirely on the use of personal resources, and many Mundis remedies would be hard to apply outside of single-person, middle-class households. Despite its narrow focus, the book's thorough coverage of the Debtors Anonymous approach makes it a useful addition to large personal finance collections. Justine Roberts, Univ. of California at San Francisco Lib.
Copyright 1988 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

See all Editorial Reviews

Product Details

• Mass Market Paperback: 272 pages
• Publisher: Bantam (March 1, 1990)
• Language: English
• ISBN-10: 0553283960
• ISBN-13: 978-0553283969
• Product Dimensions: 7 x 4.3 x 0.8 inches
• Shipping Weight: 5.1 ounces (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars See all reviews (81 customer reviews)
• Amazon.com Sales Rank: #92,183 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

346 of 348 people found the following review helpful:

5.0 out of 5 stars Worth at least 100 times the price, May 22, 2000

By	Michael Mendenhall "september17th" (Monterey, CA United States) - See all my reviews (REAL NAME)

I first read this book almost by accident in September of 1997. I was browsing through a bookstore out of town, and there it was. I thought $7 couldn't hurt. I've tried everything else. Why not this book?

Well, 2 1/2 years later, I've been able to pay off more debt than I care to mention. ($20,000+ comes to mind as a fairly accurate figure). I have often wondered what makes a self-help book really helpful. There are several things about this book that I really liked.

The first is that it is not a book about investments and how to get rich quick. It's not about depriving yourself either. It really doesn't give any specific financial advice which is why I liked it so much. There are other books for stuff like that.

Probably the single most important lesson in this book, and one which has changed my life immensely, is stop borrowing money. Just stop. Do it one day at a time. When I started on my debt repayment plan, I didn't worry so much about paying off my debt as much as not taking on any new debt. If that sounds simplistic, well it is. That's the whole point of this book. It's simple. It's not easy. If you want to heal, stop the bleeding. People who are in the rat race of juggling credit cards are bleeding cash every month. Stop the bleeding first, and then you start to heal.

Another lesson I learned is the monthly spending record. My friends howl when I suggest this. Keep track of every penny, yes every penny, that comes into your life and out of your life. I can say with conviction that that suggestion alone, coupled with not taking on new debt, will make your life so much different, you'll wonder in amazement. The author suggests keeping a weekly spending record and transferring it to a monthly record. I keep just a monthly record. It takes up very little time. It's also very eye opening how much money flows right out the expense column every month. The benefit of this is it allows you to make adjustments and find out where you are bleeding. It's not enough to guess. Until you write down everything, you will never fully understand where your money problems are. You can use a computer spreadsheet or you can do what I do which is write it down on old fashioned paper.

Another lesson this book taught me is that you don't need a credit card. Now there's a revolutionary concept. If you really think about it, how many people in your life including yourself say, "I need a credit card for emergencies." Hogwash! I've had two genuine emergencies in my life where I needed money and needed it fast. Well guess what? I had two choices, I could pay with a credit card or I could pay with cash. I paid with cash. Funny how many people accept cash as a payment these days. If you want to get out of debt, get out of the credit card habit. Use a debit card. I use my Visa debit card for all my amazon.com purchases, and it works beautifully. Same as cash.

One more thing, if you use credit cards and you pay interest every month, do you realize you're making the bank rich? Do you realize you're working for the bank? Whether you like it or not, that's true. Here's another lesson. Look over your credit card balances right now and ask yourself out of all the money you owe, how much stuff do you have to show for it?

Why do I give this book 5 stars? Well, I can divide my life into two time periods. The first time period was everything that happened up until september 14, 1997 which is the day I bought the book, and everything that has happened since then. I have no credit card debt at all since reading that book. I do have a credit card (okay, I cheat) with a $350 limit only to rebuild my credit. I pay it off every month. One word of caution, reading this book can be frustrating at times because you will come to the full realization that your attitude about money is completely wrong and that you are overwhelmed with debt that will take a long time to pay off. Relax. Once you start paying off your debt, it's all downhill. It picks up speed as you go along. I know, I've done it. Thanks Jerrold Mundis for writing this book. I've saved thousands of dollars in interest because of it.

219 of 221 people found the following review helpful:

5.0 out of 5 stars Feel like they didn't teach you how to spend money right?, December 23, 2000

By A Customer

At age 35, I felt like I never learned how to have a healthy relationship with money. This book helped me understand how to develop a healthy relationship with money, spending, saving, and earning it. My salary is 20% less than two years ago (chosen life style change), and yet I have more money now than then!

This book is geared toward those with very large debt who have creditors knocking down the doors. However, even those of us who can still manage to juggle the debt around (you know who you are), without having a late payment (yet) will greatly benefit from this book.

My financial advisor gave me this book when we began working together. After only 30 minutes with her, she told me that my net worth was badly in the red (yikes!) Gently, she recommended debt reduction BEFORE investing. This book opened my eyes to my relationship with money and spending. Only 4 months later, I have not incured new debt (credit card is in a jug of ice in the freezer - there for emergencies, but takes time to get to it - great for taking time to change your mind), I pay more than the minimum on my credit card, I'm paying off my student loans, putting money aside monthy to create a next egg, and able to invest in my 403b plan at work for the first time in 4 years! This on less money than two years ago!

This book is based on the principles of Debtor Anonymous, don't let that scare or intimidate you!, The premis is simple; Today, I will not incure new debt. It goes from there to include keeping close track of all spending, creating payment plans you can afford (not what the loan/bank is asking for), spending money well for yourself, and most of all, about impulse control skill development. That was essential for me!

If you are ready to change your relationship with money, spending, saving, etc. Then try this book. What's $7 when your debt is as big as yours?

BTW, this book also helped save my relationship with my fiance. I would get into panic attacks over my finacial situation and freak him out. Now, I'm calm about my money and he sees me with new respect and admiration for my desire to change and improve that aspect of my life. He has begun to review his relationship with money as well and we have become so much more secure with each other as a result!

Good Luck!

60 of 60 people found the following review helpful:

5.0 out of 5 stars Mundis' Practical Guide To Managing Money And Emotions, December 26, 2000

By	Anthony G Pizza "trivialtony" (FL) - See all my reviews (TOP 500 REVIEWER)    (REAL NAME)

Jerrold Mundis' practical book "How To Get Out Of Debt, Stay Out of Debt, And Live Prosperously" not only describes handling money properly, but what power money can and must not provide to those having or needing it. Mundis' precepts are easy to understand if not swift to accomplish. He acknowledges this in writing, "Anyone who has taken grade-school arithmatic or who can push the buttons on a simple calculator has all the technical mastery he needs to understand his personal money."

His steps: write each and every incoming and outgoing transaction into a weekly, then monthly account. Use those figures to create a budget to fit your lifestyle and repay your creditors, without hard-core sacrifice that only proves self-defeating. Know to the penny what you have, spend and owe. Do not debt, at all, just for today. Or, to quote Teddy Roosevelt, "Do what you can, with what you have, where you are."

The most interesting sections concern psychological and social implications associated with and leading to problem debting, and how to overcome and prevent them. Mundis encourages figuring out creative ways to handle money emergencies other than with a credit card. He encourages meditation, visualization, planning future successes beyond momentary highs or relief credit seems to provide. He explains how to handle the collection agency, lawyer, courtroom.

To achieve this, he encourages creative list making, re-evaluation of supposedly nevessary material things (his section, "Keel The Bool" most notably here) or ideas that seemed zany. Most of all, he encourages dismissal of any emotions associated with money: it's no mood changer, nor love declaration when spent, nor sell-out to materialism and selfishness when saved.

His opening chapters, describing the types and warning signs of problem debting, were chillingly accurate and uncompromising. ("And everybody bounces a check now and then, don't they? No. Most people without a debt problem hardly ever do.") Mundis writes with the compassion and reassurance of someone knowing the issues of problem debting. His three things to remember when debt worry becomes overwhelming are among the most useful worry defusers I have heard. Yet Mundis also speaks with the zeal of the recovered addict, knowing the road to and from disaster and letting no one cross or return. His personal stories and case studies from Debtors Anonymous (including that of the young woman who tearfully gave up her American Express card), are sweepingly sad.

Like all self-help books, "How To Get Out Of Debt" can only be judged successful if those reading it apply its precepts and achieve its promised conclusion. (Obviously, those for whom debting is not an issue probably do not read or review, these books.) Suffice it to say that Mundis has provided possible emotional and practical tools to achieve financial freedom, and has done so in re-readable, instructional style. Debtors Anonymous, quoted liberally as inspiration and support source, would do well to endorse this guide in its program.