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The Newest Story of O: How to Legally Pay 0% Interest on the Money You Owe & Eliminate Your Debt in a Fraction of the Time -- Secrets to Making the Credit System Work in Your Favor Paperback – June 19, 2012
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About the Author
Harvard-educated Daniel K. Berman has studied consumer credit for more than 25 years. In this unique and informative guidebook, he brings to bear the knowledge acquired in the trenches as a credit counselor, as well as his training as an investigative news reporter and a social science Ph.D. The results of this practical, personal experience and meticulous research are presented here in a format that is both easy-to-read and entertaining.
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Helpfully, the book is constructed in such a way as to afford the reader two choices: 1 - to read the book from start to finish, or 2 - to regard the chapters as independent modules which can be delved into independently without the need to have comprehended preceding modules. I feel providing the second option will be a great benefit to many readers given the large number and variety of topics covered throughout the book.
And the topics are indeed many – from a comprehensive explanation of how the credit system works, to how to understand credit reports and scores, to a detailed, point-by-point guide on how to repair bad credit, eliminate debt and build good credit. All the credit card traps (and how to avoid them) are carefully explained in this comprehensive, easy to understand and entertaining narrative along with copious amusing relevant anecdotes and examples.
Beyond its comprehensive guide to completely eliminating crushing credit card debt and establishing zero interest credit, the book also covers in great detail many of the wider issues of debt, such as debt collection, bankruptcy, foreclosure, identity theft, saving money and so much more.
This book will be of great benefit to consumers of all demographics and income levels, although it may not be so well received by banks and credit card companies who themselves gain great benefit by the widespread lack of knowledge and understanding of these important financial topics and would likely prefer their customers to remain largely in the dark about such things.
This will be a lengthy review, even though it covers only about .01 percent of the great wisdom inside. It's as short as I could make it and do a job of it. I'm a great one for making notes while I read.
A side note. My wife worked in credit for more than twenty years and she had never heard of most of this stuff. So Berman's epic is good for credit professionals as well as the average Joe to which it is aimed.
The book is called: The Newest Story of O: How to Legally Pay 0% Interest on the Money You Owe & Eliminate Your Debt in a Fraction of the Time
It begins with an explanation of the title which refers to an obscure, yet semi well known book called "The Story of O." I mean, I have heard of it. It's probably available right here on Amazon.
According to Berman, it is a much banned erotic French novel written in 1954 having to do with bondage. It is with no small sense of humor that he goes on to say that his version of the "Story of O" will free you from financial bondage. He further contends that were it up to the "Banks <which> in effect thrive on consumer ignorance" they'd ban... him!
The power of Berman's book, as you'll quickly begin to discover is that if the completely legal tricks he teaches were generally practiced, then they wouldn't work. So, pray that his book doesn't become a #1 best seller. Sorry Mr. Berman. You're the one who brought it up.
This guy is just good. How often do you chuckle reading a book about credit? He uses homey "isms" to supercharge his advices. Like... "Thomas Edison is quoted as having observed that, `Opportunity is missed by most people because it is dressed in overalls and looks like work.' " Now how can you argue with that?
In the meantime Berman says up front that getting out of debt means generous quantities of two things; work and time. The pain incurred from the ensuing combination is balanced against the real possibility that by the time you die you're still going to be unhappily broke. He obviously feels that a better life can be achieved by being unbroke and happy at the same time, and he tells you precisely how to go about it.
It is worth noting that Berman is a Ph.D who comes from a credit counseling background and who insists on working within the system that brung yuh to where you are. What you're going to learn is not cheating. It's just good common sense things you probably had not thought of. It's getting up on your hind legs and fighting back and winning against a real life bankruptcy breathing credit dragon.
Quite frankly put, author Berman is going to suck you in at the top of the book and not let you go until he's done educating you. (For which you will be very grateful.)
So, what's some of the stuff I learned when I ponied up for my copy?
Among many other things, you'll find out about credit score creep. It affects MANY more things than just the interest rate you get for your shiny new car. You will be surprised. Guaranteed. Even hermits living in caves can't get away from it. It's worse than fleas.
Talking about having the deck stacked against us going into the credit market!
As an Amazon customer you already have some idea of how they work with their ads cropping up in unexpected places with stuff you might be interested in. This isn't even the tenth of it. Berman gives some particularly amazing examples of how far big biz will go to figure you out. It takes putting the candy at the checkout to an astronomical level. You haven't seen this stuff before. Trust me. You're going to be scandalized. But its stuff you need to know.
Later, in the chapter... You most probably know about the big three credit bureaus. But there are *more*and Berman rats them out. It's good to know the enemy.
About your credit score. The little known answer to life, the universe and everything isn't 42. It's 760. Remember that. What it means to you is going to come up a LOT in this book.
How to get your free credit report(s) the right way. Yes, there is more than one. And then, how to interpret them once you have them scattered out in front of you. It's not a thing like you think. Don't fall for "free" credit reports on the net. This chapter alone is worth the price of the book.
Do It Yourself Credit repair. Berman shows you not only what to do, but what not to do. In all cases, he says, there is nothing you can buy done that you can't do for yourself, and most probably better and definitely cheaper.
Ok, so I don't have any credit. How do I get some? Berman shows you what to do and also what not to do. Do you see a pattern emerging here? The man is trying to keep you out of trouble. As usual with this author, there is a whole lot more to getting started out right with credit than your daddy taught you. Credit companies are professional trickers. They are hugely more sneaky than you can imagine. Don't get tricked. Get the book. Let me add something here. Fathers, get a copy for your kids and MAKE them read it while they are young and without debt. A terrific thing! Then when a credit tricker comes up to them at college they'll just laugh and shoo them off.
Credit cards. Berman shows you how to card it up right. As with every other chapter he demonstrates what you thought the credit guys said wasn't actually what they said at all. Also what kind of cards to stay away from. You're going to be the smartest credit card consumer on the block after you finish this chapter, for sure!
Zero interest balance transfer. I can tell you from my own experience. This is some of the most fun you can have legally. Berman shows and tells it all. Getting a zero interest balance transfer need not be like winning the jackpot. There is an art and science to it. This is a big time chapter you can bank on!
Can't do the zero interest transfer thing? Then plan B might be a low interest loan. Everything you never heard of here.
Use this one only if you're jammed up beyond normal hope with a credit reporting bureau. Berman shows you high powered strategies to fight and win.
Making money and saving money. I think Berman offered this in the spirit of completeness. His many suggestions, at the worst, won't lose you money, and maybe you'll make even a poke of it too. Wouldn't that be a hoot? You get the book to read about credit and wind with a new career. There is more than one way to pay off a credit card, it seems. The chapter begins with the sound advice to turn off the darn TV and get busy. Even old Thomas Alva Edison couldn't argue with that!
Berman's saving money suggestions: Depending on how long you have been around, you will find more or less here. He reminds you of things you ought to already know about.
This chapter by itself is probably worth half the cost of the book. It gives a condensed version of ten different areas related to your personal credit that you are likely now or at some time to have questions about.
In summation, this book will serve your immediate needs today and will make a fine reference manual for years to come. It has the potential to make you an astronomical return on your investment for the price of the book if you apply the advice therein.
While as a book, it's not as fun, say, as a book about a French tart named "O", it's darn well more valuable. It gives a path to success for those just starting out with credit as well as those trying to dig out from under it.
In the meantime, there is nothing droll about it. Berman is a great story teller as well as a consummate credit counselor. Get this book. Study it. You'll be thanking me for the tip, and that's a high powered zero interest recommendation!
Most recent customer reviews
I love the simple and easy read of Mr. Berman's text, and I am convinced that it will save me a LOT of money....Read more
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