Universidad Tecnológica de El Salvador
Life After Debt
Book

Life After Debt

Free Yourself from the Burden of Money Worries Once and for All

Bob Hammond
Career Press, 2000
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Recommendation

Bob Hammond discusses how to reduce debts, repair credit and deal with creditors and collection agencies. He includes tips on negotiating debts downward and sample letters to creditors. The detailed appendix includes the U.S. Fair Credit Reporting Act, Equal Credit Opportunity Act and Fair Debt Collection Practices Act. This book is primarily targeted to small business owners, employees and the unemployed or underemployed who are having debt problems. getabstract appreciates the basic, "do this," tone of voice and the practical approach to helping someone climb out of debt. (While some of these strategies might be useful anywhere, only U.S. law is discussed.)

Summary

Debt Warning Signs

Debt has been increasing in the U.S. Credit card debt was about $1.3 trillion in January 1999. More than two million people in the U.S. have had their homes foreclosed and, after necessities, nearly 90% of the money earned by U.S. residents goes to pay off debts. The major warning signs that you should look at your budget and cut down on your debts include:

  • If you use credit to buy things that you used to be able to buy with cash.
  • If you are borrowing money or extending loans you took out to pay debts.
  • If you are paying bills from your savings account instead of your checking account.
  • If you are borrowing on your life insurance.
  • If you are juggling your rent or mortgage money to pay other debts.
  • If you are using credit card advances to pay for your regular daily expenses.

Take hope: If you feel in bondage due to debt, you can find a way out and start over.

The Cost of Credit

Before you borrow or use a credit account, determine the cost of this credit and whether you can afford the payments. Examine the finance charges and annual percentage rates (APR) you will be paying, since...

About the Author

Bob Hammond is the author of Credit Secrets: How to Beat the Credit Bureaus, Life Without Debt, Repair Your Own Credit, The Credit Repair Rip-Off and the editor of the Directory of Consumer and Credit Services. He is active as a consumer advocate and speaker in workshops, seminars and media interviews on the subject of credit and debt topics.

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