on December 3, 2012
When the economy tanked in 2008, all of a sudden in July 2008 I was faced with the fact that I could not pay my debt. I ended up at Consumer Credit Counseling and learned I should pay my mortgage before everything else. I had so much debt I couldn't even qualify for their program.
As time went on I learned to steel myself against and ignore the mail and phone calls from bill collectors. I settled some from time to time but had a mountain of it to deal with. I sometimes wished I had the money to take advantage of some really good settlements but I didn't!
Then in 2012 I got sued a couple of times. That was a whole new adventure. I had to get on top of this subject and I got this book and one other one. In 5 months I was able to settle my remaining $64,000 in debt for $16,000.
Caveat emptor, you can read a lot of good stuff on debt boards and things, but you need a book by a pro like this one to guide you through this world.
If you want to learn more, learn to read the lawsuits posted on your county website. The plethora of lawsuits filed by JDB's and CA's are dismaying, but take heart in that you can also find actual defenses by real lawyers used against them too.
on August 2, 2011
This book is compelling on several levels.
1. If you are having problems paying off your debts, it can be an emotional and overwhelming experience. The author captures the feelings you are going through and inspires you to take action. He helps you avoid the wild unconstructive steps that can make the problem worse, and stick to the rational and practical actions that will eliminate the threat over time.
2. If you are fascinated or appalled by the psychological manipulations conducted by credit card issuers, this book will expose their tactics and make it easier to say "NO" to the temptation of "buy now, worry later".
3. If you simply enjoy the story of a little guy who took on the system and won, this book comes with a happy ending.
I give the author credit for giving real answers for people in trouble. He sincerely cares about their plight and wants to guide them back to financial stability.
I have seen other books & videos written for people in debt that take advantage of their emotions and provide simplistic answers. While other advice-givers may try to cash in on your fears, this book empowers you to overcome your debts in a permanent and enduring way.
on November 11, 2012
I purchased this book in the hope that it would provide a viable alternative to ridding myself of my extreme credit card debt, however once I read it through I found holes in the basic theory that the author touts as a workable solution. I even went as far as writing an email to the author with direct questions regarding his process and possible repercussions if the process was followed as directed. I have yet to get my response.
My main concern with his process was that he directs readers to stop their payments completely, save that money for six months along with putting yourself on a strict budget and saving additional money. You then take all of that money and make an offer to the credit card company to settle for around $0.25 on the dollar. The problem is, I am all ready on a strict budget and have no additional funds to contribute to the payoff amount and the money saved from not making my payments does not give me enough after six months to offer the $0.25 on the dollar. The other issue I have is, how do I know if the credit card company will actually accept your offer? Again, I would have had a little more confidence in this process if I had received a response to my email, but alas, it was not to be.
My suggestion would be to save your money and try to figure out another way to get your debt issues resolved. This process just seems too sketchy with too many open questions. Good luck!
on February 12, 2011
I've been looking for books on this topic. Although there seem to be lots of credit card debt books out there, they all tend to cover more or less the same thing. I prefer the approach in this book, blending history and theory over a solid "hands-on" game plan - written by someone who's evidently gone through it all himself.