How to Get Out of Debt, Stay Out of Debt, and Live Prosperously*: *(Based on the Proven Principles and Techniques of Debtors Anonymous)
by Jerrold Mundis
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Book Summary Information
Author: Jerrold MundisEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2003-01-01
ISBN: 0553382020
Number of pages: 336
Publisher: Bantam
Book Reviews of How to Get Out of Debt, Stay Out of Debt, and Live Prosperously*: *(Based on the Proven Principles and Techniques of Debtors Anonymous)
Book Review: Prosperity and abundance are states of being that describe the quality of a life, not numbers on a ledger sheet
Summary: 5 Stars
If you have credit cards or other loans that have been charged off and are in collections, I would suggest you read this whole book but start at Chapter 16, read to the end, and then start Chapter 1. There's also a book recommended in Chapter 24 that you may want to read, Solve Your Money Troubles: Get Debt Collectors Off Your Back & Regain Financial Freedom, to get a better idea of what you're legally up against. Debt collectors know plenty of dirty tricks, and they're liable to use them against you. To that end, I would also suggest settling debts if court papers have been filed and you are in danger of getting your wages or accounts garnished. Until you have the records used in this program to back you up in court, you'll have a difficult case to win.
That being said, this book and it's "Back to the Black" program will give you a road map to get out of debt. Mundis describes the program as "proven" several times. If you're like me, you may not like people using that word if they're talking about anything less than the results of several large double-blind randomized controlled trials. But, I will say that the basic tenets of this book--stop incurring unsecured debt, start paying off the debts you have, work to increase your income and take care of yourself--if followed, it stands to reason, will get you of debt.
There are plenty of tools in this book to aid you in the process, such as Spending Plans, Repayment Plans and templates to help you keep records. Although they aren't numbered, I counted about a dozen exercises. There are plans laid out for two-parent families, single-parent families, and single people (although every relationship can benefit from and should try the "Wet Tub Discussion" suggested on page 148). The real question is how are you going to get yourself to start following through with them?
What separates this book from others is that it's based largely on the practices of Debtors Anonymous (DA). When you start working the program in this book, you can go to any DA meeting around the world and find people doing the same things you are. You'll learn from each other, share ideas, reinforce each other, you'll practice the methods together, and eventually the program will become a habit. DA is the largest such organization, but if it isn't active in your area you might also check for Underearners Anonymous, Spenders Anonymous, Clutterers Anonymous (debtors are often also hoarders) or even Workaholics Anonymous (many debtors are workaholics but are not remunerated adequately).
More than just getting out of debt, this program is about changing yourself from the inside out. If you got this far, you've probably made some mistakes with money and have some regrets about how you spent it. In the process of getting solvent, you'll learn to manage your money while changing the thinking and behavior that got you in to debt. Bankruptcy, for many debtors, is an option. If you know that you can file bankruptcy and stop making the mistakes you did before, this program may not be for you. Remember, however, you only get one personal bankruptcy every seven years. An awful lot can happen in seven years.
More How to Get Out of Debt, Stay Out of Debt, and Live Prosperously*: *(Based on the Proven Principles and Techniques of Debtors Anonymous) reviews:
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Summary of How to Get Out of Debt, Stay Out of Debt, and Live Prosperously*: *(Based on the Proven Principles and Techniques of Debtors Anonymous)
A simple, proven-effective formula for freeing yourself from debt?and staying that way ? Revised and updated, with a new Preface by the author?If you?ve tried Dave Ramsey without success, read this.??Time, ?Top 10 Personal Finance Books?
THE CLASSIC GUIDE, REVISED WITH UP-TO-THE-MINUTE INFORMATION
OUT OF THE RED
? Do this month?s bills pile up before you?ve paid last month?s?
? Do you regularly receive past-due notices?
? Do you get letters threatening legal action if immediate payment is not made?
? Do the total amounts of your revolving charge accounts keep rising?
INTO THE BLACK
Whether you are currently in debt or fear you?re falling into debt, you are not alone. Sixty million Americans?from doctors to secretaries, from executives to the unemployed?face the same problem and live under the same daily stress. Based on the proven techniques of the national Debtors Anonymous program, here is the first complete, step-by-step guide to getting out of debt once and for all. You?ll learn
? how to recognize the warning signs of serious debt
? how to negotiate with angry creditors, collection agencies, and the IRS
? how to design a realistic and painless payback schedule
? how to identify your spending blind spots
? how to cope with the anxiety and daily pressures of owing money
? plus the three cardinal rules for staying out of debt forever, and much more!
This book is neither sponsored nor endorsed by Debtors Anonymous. A recovered debtor, the author is intimately familiar with the success of the Debtors Anonymous program.
Millions of consumers have become trapped in a spiral of debt, but there is hope. If you wants to free yourself from the shackles of debt, this book is for you--it can help you "get out of debt, stay out of debt, and live prosperously." Jerrold Mundis writes in a friendly, engaging style, urging readers to stop the cycle of spending. Mundis knows what he's talking about--he, too, was once thousands of dollars in debt and didn't know where to turn. Anecdotes from Debtors Anonymous folks, plus multiple examples from the writer's own life and ledgers, make How to Get Out of Debt an encouraging read, not a condescending one. Once you start your program, you may want to periodically reread some chapters for inspiration--and fun.
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