Master Your Debt: Slash Your Monthly Payments and Become Debt Free (Lynn Sonberg Books) [Hardcover]

Jordan E. Goodman (Author), Bill Westrom (Author)

Book Description

Publication Date: January 26, 2010 | Series: Lynn Sonberg Books

Strategies and tools to live debt free

The world of borrowing and debt management has changed dramatically, leaving people confused about how best to secure their financial future. This book is the only guide with detailed advice to help you become debt free or master the debt you have, based on the latest laws and new government programs and policies implemented under the Obama administration.

Is the information and advice on debt management different than in years past? Definitely. In this savvy, engaging guide, bestselling financial expert Jordan Goodman will tell you how to

• Win the mortgage game: avoid foreclosure, obtain the best refi, and modify your mortgage even if it is "under water"
• Clean up your credit report and dramatically boost your credit score
• Negotiate new terms and payments for burdensome medical bills, student loans, and credit cards
• Protect yourself from the devastation of identity theft
• Master the new credit card rules, and avoid the rate and fee traps
• Learn a revolutionary strategy that will help you become mortgage free in 5 to 7 years, change the way you pay all your bills, and save hundreds of thousands of dollars

Master Your Debt recommends many pioneering strategies as it lays out an innovative plan for achieving the elusive goal of financial success. The book is filled with helpful web sites, toll free numbers, associations and government agencies, and vetted companies and services to help you implement this advice. In today's volatile economy, getting out of debt is the key to surviving and thriving, and author Jordan Goodman provides you with the strategies and tools to live debt free.

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)

See all Editorial Reviews

Product Details

• Hardcover: 208 pages
• Publisher: Wiley; 1 edition (January 26, 2010)
• Language: English
• ISBN-10: 0470484241
• ISBN-13: 978-0470484241
• Product Dimensions: 6.5 x 0.8 x 9.3 inches
• Shipping Weight: 15.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.2 out of 5 stars  See all reviews (13 customer reviews)
• Amazon Best Sellers Rank: #433,537 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

23 of 24 people found the following review helpful

4.0 out of 5 stars Good info but will be outdated quickly March 19, 2010

By Library Girl Reads VINE™ VOICE

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. Car loans and student loans are other topics with devoted chapters. There is one chapter on what to do if you are already in serious financial trouble and another on different financial strategies at different stages in life.

For the most part, I found Master Your Debt easy to read and understand with the advice given in a very straightforward manner. There were two main downsides to the book for me. First, Goodman regularly promotes companies and services to help with many different aspects of handling personal finances. While I believe that sometimes it can be helpful to work with experts, I am sure that many of these companies charge fees that many people simply cannot pay currently due to job loss or facing foreclosure. He even recommends credit counseling services despite acknowledging that this industry has been cited for promising much more than it delivers. Goodman also admits to having his favorites among these companies or personally knowing people involved in founding or running them. While this does not necessarily mean there are any type of kickbacks involved, it does raise red flags. The second issue, and this is one Goodman freely admits, is that this book will become outdated rapidly. Because Goodman discusses specific financial products and types of loans, there is no way of knowing if those products or loans will even be the same ones available in a few months. Washington and Wall Street are also rapidly changing the way our financial system works so the advice that is sound today may not work tomorrow. Goodman heavily promotes websites and the Internet is certainly not a static place for information.

Despite these flaws, I do think this could be a useful book if only for a limited amount of time and if the reader does a lot of his or her own research before making serious financial decisions.

5 of 6 people found the following review helpful

5.0 out of 5 stars "Master Your Debt" Review January 23, 2010

By Norma G Humphrey

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

1 of 1 people found the following review helpful

4.0 out of 5 stars Different From Most Money Books January 31, 2012

By R. Toro TOP 500 REVIEWER

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.

Basically, if you listen to Dave Ramsey, and you immediately noticed that his advice on paying off the lowest balance credit card first (as opposed to the one with the highest interest rate) will not result in the quickest way out of debt - then this book is for you. I'm not saying that Ramsey's advice isn't good - it is. It is just geared more towards people who need help prioritizing their budget and getting their spending under control, while this book is geared more towards people who understand budgets and living within their means, they just need help finding and using more specialized financial products to help pay their debt off quicker.