Pay It Down! From Debt to Wealth on $10 a Day [Hardcover]

Jean Chatzky (Author)

Book Description

Publication Date: September 2, 2004

Jean Chatzky has been working with viewers of NBC’s Today show for a yearlong series on how to get out of debt once and for all. Her method, both on TV and in this book, is simple yet powerful: the key is saving just $10 a day that you currently waste. It doesn’t sound like much—a movie ticket or lunch for two at McDonald’s— but $10 really can take you from debt to wealth in just a few years. And because it doesn’t feel like an impossible goal, people are more likely to stick with Chatzky’s plan than an extreme regimen of spending cutbacks.

Chatzky is focusing on debt because it’s the single biggest threat to our financial health. The average American family has sixteen credit cards and high-rate debt of more than $8000, not even counting car loans and mortgages. They pay more than $1000 a year in interest alone. Debt makes people feel depressed and overwhelmed, leaving them without enough money for the truly important things in life—education, retirement, owning a home, feeling secure.

Chatzky, one of America’s most popular personal finance experts, writes in down- to- earth, woman-next-door language about how to get started right away, without giving up the things that truly give you pleasure. She offers practical, accessible strategies to help readers find the money to pay off their bills, lower their interest rates, and improve their credit scores. Featuring real-life examples of people featured on her Today show series, Pay It Down can transform debtors into future millionaires.

Editorial Reviews

From Publishers Weekly

The number one enemy of the American family's finances is debt, says Chatzky—especially credit card debt. The average American family, she reports, has 16 credit cards carrying a debt load of more than $8,000. In this terrific little book, the Today Show financial editor and author of You Don't Have to Be Rich and other titles offers a tough-minded but workable plan for getting rid of that burden.Chatzky's program builds from one simple premise: that it's possible for most of us to get debt-free by saving $10 a day for three years. Following the wisdom of knowing a problem in order to conquer it, Chatzky advises that readers first get their credit scores; she explains clearly how to do that, what the scores mean and how to improve them. She then recommends that readers learn what, exactly, they are spending their money on, and provides appropriate worktables and steps to accomplish that. A large section of the book is devoted to resourceful ways to find the $10 a day, with Chatzky suggesting that readers make hard choices regarding everything from eliminating the cost of their wireless device (their Palm Pilot, for instance), if they have one, to refinancing a car loan and putting on a garage sale. Instructions follow on how to "pay it down" intelligently, and the book concludes with lucid instructions on how to deal with worst-case debt scenarios and how to maintain and enhance one's debt-free financial status once it's achieved. Throughout, the text is personalized by brief stories of those who have worked their way into, then out of, crushing debt, as well as by glimpses of Chatzky's own story.This is that rare book that has the genuine ability to improve many lives. Its power lies in its simplicity and focus, and in Chatzky's caring and thorough but no-nonsense approach. It seems that even a financial naif can follow Chatzky's advice and turn night into day. If enough people do, this book may become the landmark title it has the potential to be.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

From the Back Cover

"Chatzky has a crisp and fast-paced style."
-USA Today

"This is that rare book that has the genuine ability to improve many lives. Its power lies in its simplicity and focus, and Chatzky's caring and thorough but no-nonsense approach."
-Publishers Weekly, starred review

"What I like about this book is its brevity in both size and solution. . . .This book is all about simplicity."
-Michelle Singletary, The Washington Post

"Pay It Down! is a great little book that shows you step by step how to save, how to make more money and how to stay ahead of the curve by bringing down your debt. . . . Chatzky's charm is her non-judgmental, optimistic tone."
-Susan Morris, Pittsburgh Tribune-Review

"Pay It Down! is much more than a book about reducing credit card debt. It's a how-to book with solid strategies on money management. Invest in a copy-it will be money well spent."
-Chris Stuckenschneider, The Missourian

"Jean Chatzky helps you change the way you think about your money-and shows that getting out of debt is not as hard as it seems."
-David Bach, author of The Automatic Millionaire

"Managing debt properly is a crucial key to getting rich, and Jean Chatzky is a great source for help."
-Donald Trump
--This text refers to the Paperback edition.

See all Editorial Reviews

Product Details

• Hardcover: 220 pages
• Publisher: Portfolio Hardcover (September 2, 2004)
• Language: English
• ISBN-10: 1591840635
• ISBN-13: 978-1591840633
• Product Dimensions: 6.9 x 5 x 0.9 inches
• Shipping Weight: 9.6 ounces
• Average Customer Review: 3.7 out of 5 stars  See all reviews (54 customer reviews)
• Amazon Best Sellers Rank: #865,945 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

213 of 220 people found the following review helpful:

3.0 out of 5 stars The facts, just the facts..., February 8, 2005

By 

K. Corn "reviewer" (midwest, United States) - See all my reviews
(VINE VOICE)    (TOP 100 REVIEWER)   

This review is from: Pay It Down! From Debt to Wealth on $10 a Day (Hardcover)

Find an extra ten dollars a day, apply it to your credit card debt, DON'T CHARGE ANY MORE on those cards and in 3 years you'll have paid off a huge chunk of debt....maybe even all of it.
That is the basic info in this book and it simply isn't reason enough to buy it. Like dieters who lost 10 or 20 pounds and then gain it back, those who are in debt are likely to fall back into debt again - unless they change their way of thinking bigtime.
That is why credit card companies love those customers who are paying 10, 12, even 17 percent interest. They might pay it down but odds are they'll also rack up the debt again. Plenty of credit card companies even INCREASE the credit limit for these folks. Why not? From their point of view, it may be quite profitable.
Finally, there is another problem that ISN'T addressed by this book - and that is the belief that there is an extra $10.00 a day to be found in the average budget. Truth is, some people are paying for the necessities of life with credit cards - food, home, medical bills. For them, not only is there no extra money to be found, there is not a single area in the bduget that can be cut. An extra job, better health insurance or some other type of solution might help them but until that comes along they aren't likely to shuck the credit card habit. And they certainly shouldn't spend their hard earned money on this book.
For the average person, buying this book won't hurt a thing...but it won't solve your problems, either, unless you are willing to take a good hard look at your spending patterns and make some PERMANENT changes - stop charging, get an extra job, don't buy a thing that isn't necessary. For those willing to examine every purchase in the light of a new, more spartan outlook, change is possible. But will this book be the only guide you need? Don't think so. Meeting with a good financial counselor on a regular basis (think of this person as " a personal trainer " for your financial life)could bring about more longterm results.

44 of 44 people found the following review helpful:

4.0 out of 5 stars It has the basics, November 6, 2006

By 

Keeley - See all my reviews

This review is from: Pay It Down! : From Debt to Wealth on $10 a Day (Paperback)

I agree with some of the criticism that this book is aimed at professionals with a relatively high income, no money management skills, and a high amount of credit debt.

However, I do think that it has some great basic information about paying bills, transferring credit card balances, understanding and improving your credit score, and creating a monthly budget. These are tips anyone can use.

I consider myself to be pretty fiscally responsible, but I picked up some good organizational tips and some interesting facts about transferring debts. The book is a quick read and written in a conversational tone.

Oh, and I did get the book from the library. I suggest borrowing it or buying it at a reduced cost, reading the chapters that pertain to your situation, and taking a few notes. No need to own this one.

76 of 80 people found the following review helpful:

2.0 out of 5 stars Not impressed!, January 16, 2005

By 

Missy (OH) - See all my reviews

This review is from: Pay It Down! From Debt to Wealth on $10 a Day (Hardcover)

I have to agree with the very first poster. There wasn't anything here particularly insightful to me. If I had an extra $10 a day I wouldn't be in debt. I've already done the suggestions on cutting back years ago so this wasn't helpful. I found Dave Ramsey's Total Money Makeover much more helful and doable.