The ABCs of Getting Out of Debt: Turn Bad Debt into Good Debt and Bad Credit into Good Credit
Authored by Garrett Sutton, this book is a great read to help you control your personal finances and stay out of debt. The ABC of Getting Out of Debt covers essential topics and concepts to enhance your financial knowledge and literacy, build good credit, and get rid of debt.
Concepts and Topics Covered
This book covers a wide range of personal finance topics to avoid credit scams, take control of your finances, repair or build credit, and avoid debt troubles. Readers learn more about essential concepts such as debt consolidation, mortgage and car loans, student loans, taxes, and debt collection practices. The author explores concepts such as credit repair and credit score and reports as well as scams and common credit and debt problems. The book begins with an introduction to the credit system and the story of a firefighter who commits financial theft by stealing social security numbers and splurging on big-ticket purchases. The story illustrates the problems of the credit system in developed countries and the consequences of financial scams and credit theft. A separate chapter focuses on scams to help readers identify identity theft and scams and to avoid future financial problems. The author also explains the main differences between bad and good debt and offers advice to get rid of debt through easy-to-use and practical techniques. This is a good read to avoid major financial problems and rebuild credit and gain access to a wide array of affordable financial solutions with attractive terms. The book helps readers to plan for a solid financial future in times of a challenging credit environment.
Here’s the problem with debt advice. Everyone gets advice on how to get out of debt. But nobody gets advice on how to get out of debt while living on a small income. Sometime this can be incredibly hard to achieve, as interest piles up. If you are in debt you should be very disciplined and methodical about getting rid of it.
Loans, Collection Agencies, Bankruptcy
There is a separate section on student loans and techniques to manage excessive loan payments. Another section deals with debt collection agencies and essential skills to negotiate with collectors. The author also focuses on credit reports, the ways they are compiled, and the role of credit reporting agencies. While bankruptcy is a last resort, many borrowers face the prospect of filing for bankruptcy to start anew. To this, Garrett Sutton offers a detailed overview of the process step by step as well as a description of the different types of bankruptcy. You will also learn about debt consolidation which is one alternative to declaring bankruptcy. The author also offers recommendations to avoid future debt and money problems and ways to deal with consumer debt. The book is packed with useful information and advice, tells stories that illustrate real-life problems, and comes in an easy-to-read format. This is a good read for consumers who are new to credit and those who have excessive debt. The author himself warns that the credit industry targets borrowers who are inexperienced, new to credit, and young. They are more prone to financial mistakes and more vulnerable to loan sharks and con artists who are constantly on the look for inexperienced cardholders and subprime borrowers.