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This review is from: How to Get Out of Debt, Stay Out of Debt, and Live Prosperously*: Based on the Proven Principles and Techniques of Debtors Anonymous (Paperback)
Just 6 years ago (2001), I found myself under crushing student loan and credit card debt. You would be blown away by how much debt I'd amassed. I'd lost my job and the creditors were calling. My life quickly fell apart. I was depressed, anxious and mentally paralyzed, not knowing how to take back control. Creditors were calling every five minutes it seemed, yelling at me, threatening me. I was broke, and broken-hearted at where things were in my life. I even had to move back in with my parents which was humiliating. I read a lot of books on finances and two of them made all the difference in the world, "How to Get Out of Debt, Stay Out of Debt and Live Prosperously," and "Rich Dad Poor Dad." "Rich Dad" was about concepts and changing the paradigm of how I looked at money. "How to Get Out of Debt" was very, very specific with HOW to get out of debt and GET RICH SLOWLY. Reading "How to Get Out of Debt" was like my first day of sobriety. I had no idea that I even had this debting habit, as dumb as that may sound. I was reading the book, going "wow--that's me!" I applied the BACK TO BLACK principles, day by day, month by month, year by year. And now, 6 years later, I celebrate my first full year of ownership in my first home--which seemed an impossible dream just two years ago. I own my car outright. I have zero credit card debt. And my overall student loan debt has been reduced by at least 40%. I pay cash that I've saved for things that I need. I PAY MYSELF FIRST! (this is a key principle in both books). And believe it or not, I haven't had a credit card in about 10 years now--I use a Visa checkcard. Without a credit card I've traveled to Europe, Mexico and Central America, rented cars, and paid for emergencies. And I don't live impoverished. I just live within my means, and pay cash with money saved. It's a complete myth that you need a credit card to survive. This book helped me to understand that. It was also very specific as to what happens if a creditor takes you to court or ruins your credit, which are probably the two biggest threats they have over you. Knowledge made all those things less scary. Ultimately, I would say this book is about how to replace unhealthy money habits with healthier ones. If this book cost $1,000, it would still be worth it. At $10, it's a blessing.