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Master Your Debt: Slash Your Monthly Payments and Become Debt Free Hardcover – January 26, 2010

ISBN-13: 978-0470484241 ISBN-10: 0470484241 Edition: 1st

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Product Details

  • Hardcover: 208 pages
  • Publisher: Wiley; 1 edition (January 26, 2010)
  • Language: English
  • ISBN-10: 0470484241
  • ISBN-13: 978-0470484241
  • Product Dimensions: 6.4 x 0.9 x 9.3 inches
  • Shipping Weight: 15.2 ounces (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (16 customer reviews)
  • Amazon Best Sellers Rank: #248,725 in Books (See Top 100 in Books)

Editorial Reviews

From Publishers Weekly

Goodman (Everyone's Money Book), former Wall Street correspondent for Money magazine, offers a lifeline to Americans drowning in debt—with attention to explaining the new rules that the government has put in place since unveiling its stimulus package, including new borrowing guidelines by banks and new policies to avoid mortgage foreclosures. After a brief sketch of the origins of the credit crisis, the author provides a way to determine just how much debt one is in and shares tips on negotiating various payments. Addressing refinancing and paying off mortgages, avoiding identity fraud, selecting the right car deals and student loans, and surviving bankruptcy, the book covers virtually all the debt bases with hard-hitting advice. Goodman offers a detailed appendix with contact information for further reading as well as various resources to empower readers and help them regain their financial footing. (Feb.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Review

Goodman (Everyone's Money Book), former Wall Street correspondent for Money magazine, offers a lifeline to Americans drowning in debt—with attention to explaining the new rules that the government has put in place since unveiling its stimulus package, including new borrowing guidelines by banks and new policies to avoid mortgage foreclosures. After a brief sketch of the origins of the credit crisis, the author provides a way to determine just how much debt one is in and shares tips on negotiating various payments. Addressing refinancing and paying off mortgages, avoiding identity fraud, selecting the right car deals and student loans, and surviving bankruptcy, the book covers virtually all the debt bases with hard-hitting advice. Goodman offers a detailed appendix with contact information for further reading as well as various resources to empower readers and help them regain their financial footing. (Feb.) (Publishers Weekly, December 21st, 2009)

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Customer Reviews

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This book "Master Your Debt" is just what I need.
Norma B Goodman
For the most part, I found Master Your Debt easy to read and understand with the advice given in a very straightforward manner.
Library Girl Reads
I highly recommend this book for college students on up.
Sherri Rosen

Most Helpful Customer Reviews

24 of 26 people found the following review helpful By Library Girl Reads VINE VOICE on March 19, 2010
Format: Hardcover
When I received Master Your Debt by Jordan E. Goodman, I was expecting a finance book similar to one authored by Suze Orman or Dave Ramsey. However, instead of advice on creating a budget, lowering expenses, and paying off debt, Master Your Debt is more about helping you navigate today's financial landscape. Goodman explains how we got into our current mess of an economy and how that has changed the way loans, mortgages, credit cards, and even student loans are handled today.

Of course in order to figure out where you are going and how to get there, you still have to know where you are starting from. Goodman does provide the basics for getting a handle on the current state of your finances and emphasizes that the best way to move forward financially is to be completely honest about where you are. The next two chapters are dedicated to understanding how credit scores are calculated and what steps you can take to improve yours and how to reduce the risk of identity theft. Although identity theft can be devastating to one's finances, it is not a topical I have seen so thoroughly covered in a finance book.

Goodman offers some interesting advice on how to negotiate the best mortgage with the chances in lending practices and also on using a HELOC to repay your mortgage at a faster rate. I would caution that one must be very financially responsible to use his recommended payment methods because, unless you are paying very close attention, it would be easy to simply get deeper into debt instead of reducing it.

Goodman completely covers the new laws covering credit cards that recently went into effect and the impact those laws are having on even consumers who regularly pay their credit card bills in full and on time.
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5 of 6 people found the following review helpful By Norma B Goodman on January 23, 2010
Format: Hardcover
This book "Master Your Debt" is just what I need. The current world of debt has become so distressing and bewildering that it is almost impossible to follow the changes. Goodman's book is particularly straightforward and easy to understand the new laws and rules. Also,he provides excellent resources and 800 numbers to find additional information and web sites,so you can put his advice into action.
Norma G.Humphrey
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2 of 2 people found the following review helpful By R. Toro TOP 500 REVIEWER on January 31, 2012
Format: Hardcover
This book seems to be geared towards a more financially savvy demographic than Dave Ramsey or similar type books. I say that because some of the areas and ideas that the author explores and explains are not financial tools that Ramsey would ever recommend to the average consumer, yet they are helpful tools to get out of debt quicker and/or make the most of the financial resources available to you.

This is not a book about budgeting or balancing checkbooks. The topics covered are slightly more advanced and include credit card balance transfers, HELOCs, mortgages, alternative student loan options, and alternative borrowing/loans (such as prosper.com). I personally enjoyed the author's different and additional information on these areas. It is all information that you could figure out on your own researching the Internet, but it was nice to have it all together in book format (I read the Kindle version and it provides helpful links to some of the websites that the author suggests).

As I said, you could obtain all of the information provided in this book online, but for people who do not have the time to be researching varied financial options out there, this book is a good resource and quick read.

Yes, as others have said, in some regards this book was outdated before it was even published, but there are enough links to current websites and sources and enough of the information is fundamental in a way that the book is still a worthwhile read. As the author states, the credit and finance world has changed dramatically in the last few years. If you have not been able to keep up with the changes, this book will help you catch up.
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Format: Hardcover Verified Purchase
When we refinanced our two conventional 30 year compound closed mortgages, we began to understand the repercussions of our "debt sentence" the mortgage bankers had led us into. After five years of making payments, we refinanced both in order to save $300 a month while paying over $4000 in loan fees, but that only put us back to square one with nothing to show for the 60 months and over $120,000 of payments we had made, most of which was interest. MASTER YOUR DEBT helped us see the trees in the forest and find a path to financial freedom. The clear and precise prescriptions laid out by the authors, Jordan Goodman and Bill Westerman, helped us understand how loan sharks hide the burden of interest imposed by conventional mortgage contracts. The first battle has been to establish a HELOC, a line of credit which is an unconventional, open/revolving, simple interest loan to payoff the fixed closed contracts. Gone is the debt sentence of 30 years paying over $300,000 of just interest in order to retire $400,000 of mortgages. We used our excellent credit ratings and a $1000 of positive monthly cash flow to begin optimization of our equity that will enable us to payoff these two mortgages in less than 10 years, not 30! The revolving line of credit is simple interest at a variable rate that, even if double the unconventional mortgage's closed fix rate, is still multiple times cheaper than the amount of interest paid over the life of the conventional loan. MASTER YOUR DEBT, chapters 5 and 6, have made us into bankers whereby we earn interest rather than paying it by leveraging monthly income deposits to pay down the line of credit and paying balance due on credit cards in full each month thereby reducing the interest.
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