Customer Reviews:
Showing reviews 6-10 of 73
 Aboslutely life changing February 23, 2006
A thrilled reader (Balitmore, MD)
39 out of 39 found this review helpful
This book saved my life. Here is the thank you e-mail I sent to the author:
Dear Mr. Mundis,
I am writing to thank you for essentially saving my life. For the last 10 years, since I was 21, I have been drowning in debt -- student loans, credit cards -- and filled with anixety and depression. Every time I dug myself out, I did it by throwing every single penny I had into my debt, then needed to borrow again right away to pay for expenses that arose. Even though I make a decent salary, I haven't had money to buy simple things like clothes because I am putting all my money toward debts. I have put off graduate school and other things I really want to do in my life for years while I try to deal with this. I am guessing I am not that unusual, but I never really talked to anyone about it until a few weeks ago.
Someone I respect a great deal recommended "How to Get Out of Debt, Stay Out of Debt, and Live Prosperously," and I finished it in a single sitting. I was completely stunned when you said that I came first and my creditors came second -- those words really changed my life. I put needed expenses and expenses that make my life fulfilling back into my spending plan and started from there, as you recommended. And I decided to work with a reputable credit counselor to help negotiate my horrific credit card interest rates down from 31% and 29% to 8% and 9%.
I now actually have a completely reasonable plan to pay off all of my debt in 4.5 years -- and that assumes no increase in my income over that time, and I expect it to increase. I can also afford to take the prerequisites I need for graduate school and put $50 a month toward clothes. I can even put a tiny amount into savings for a contingency fund in case emergency expenses arise. I am again completely stunned.
Your book is so straightforward and blunt while at the same time completely compassionate. I was expecting scolding and shaming, which is basically what I've been doing to myself. Your advice was completely doable, and I really believe I am on my way to being debt-free.
Thank you, thank you, thank you.
This book changed my life April 9, 2005
Bookish Gal (Santa Cruz, CA)
35 out of 35 found this review helpful
After 6 months of really hairy, on-the-edge-of-my-seat finances, I picked up this book based on reviews here. I read it in one sitting, and it absolutely changed everything for me financially right then. One concept grabbed me by the neck: you can't get out of debt by creating more debt. Not rocket science but I'd never looked at it that way.
If you're a chronic debtor, this guy has your number, shoots down all your excuses before you can even make them, and offers hope when you most need it. I've gone back to re-read bits when I'm feeling doubt, and I feel better right away.
The only thing I had trouble with was the idea of putting all your unpaid bills in a box and not looking at them for a month. A week maybe, but a month?
I bought several other books on debt at the same time, but this one far and away was the one that motivated me to take control of my situation. Worth way more than I paid, because I haven't felt this relaxed and sane in a long time, and in no way do I feel deprived either.
March 5 2006-since I wrote this review I've paid off all my unsecured debt, lived on a cash-only basis, and even created a budget (and stuck to it more or less!) I've also managed to build a nice savings account. I credit this book for a complete, and sustainable, financial turnaround. Never thought I'd see the day when I didn't rely on credit cards, but my way of thinking has totally changed on that.
 If you live paycheck to paycheck....or even if you don't February 7, 2006
K. Corn (Indianapolis,, IN United States)
32 out of 33 found this review helpful
First off, If you make minimum wage or live paycheck to paycheck, this book may NOT change your immediate situation. IF every cent you have is going to necessities (food, clothing, utilities, rent/mortgage), you may not have a penny left over. You may even be living with the help of credit cards and getting deeper in debt.
So you have to start with two basic principles and THEN you may be able to use the very valuable info in this book.
Those principles are:
1. If you don't make enough money to pay your bills (for necessities, not just wants or "luxury items"), then you simply HAVE to find a way to increase your income - whether it is by seling your house, downsizing, taking a second job, taking extra courses to move up at work...whatever. In short, you have to either invest in yourself (become more skilled and desirable as an employee) or you have to cut expenses and put all the extra towards getting (and staying out of debt.
DO NOT BUY THIS BOOK UNTIL YOU MEET THE CRITERIA for Principle one #1 (above).
2. Next principle - reduce spending, eliminate debt, be pro-active and aware as a consumer about how to save and spend your resources wisely. Know where your money is going and don't underestimate the power of saving even a dollar a day ($365.00 a year..so you can imagine what saving $5-10 dollars a day does - you do the math).
Put aside enough for retirement. Have an emergency fund (or a source of emergency funds that won't put you deeply in debt). When it comes to principle 2, this book could be a major asset. I would NOT advise throwing your bills in a box for a month and giving yourself a "break" from the worry. That might not be so good for your credit rating or Fico score and could backfire with even HIGHER interest rates on debt you are trying to eliminate. Lower interest = quicker repayment, slower buildup of debt - if you play our cards right.
I do think becoming aware of what you spend money on - and whether it is necessary - is very worthwhile advice. Also, balance immediate goals with longterm ones. Eventually, the odds are high you'll retire and you might want a nicer lifestyle...or at least enough to eat, sleep in a safe place and pay for the basics.
Keep track of your progress from month to month, year to year. Have you reduced your "average" grocery bill? Seeing it in black and white might help. Cut clothing costs? Again, helpful to see. And, of course, everyone gets a thrill to see their debt evaporating.
Whatever your goals, this book has valuable advice. Just don't buy it until you have a bit of "give" in your budget. If you don't, then don't fool yourself and work on increasing your income so that you have enough money to cut debt. No book is a miracle worker.
Still, this one has valuable info. But people in the lower middle class or those who are struggling to get by with no backup money to cover an emergency are fooling themselves to think this book can immediately change their situation. It can't.
It CAN, however, get you the info you need to get on the right path. It might take hard work to get there...but get there you can...one step at a time.
We can Be Debt Free no matter what our financial situation September 19, 2004
Sarah Luciani (Phoenix, AZ)
31 out of 31 found this review helpful
This book has been an amazing experience for me. I have read a lot of "how to" books on Finances and have never put the book down feeling like I had actually gotten somewhere.
With all the talk about investing, IRAs, 401ks and savings, or the other extreme of clipping coupons and reusing saran wrap I wondered was there anyone else out there like me?
This book actually was for me! There ARE others. I am a hard working person with a compiling debt situation, just trying to make it. As my bills have been piling up and I am working full time, I don't have time to go to extremes to save 5 pennies, and I don't have the extra funds to put into 401ks and special savings.
This book has completely opened my eyes to my financial situation and BIG changes have happened in just the several weeks since I got this book. I do see a way out. I have not incurred any new debt. I haven't paid off all my debt, but I see a light at the end of the tunnel. It will take time, and it is not easy, but it CAN be done!
This book is practical, motivating and gives useable solutions for everyday people. It is worth every penny and time spent reading it.
August 26, 2005 Follow up: Just to let you know I have not obtained anymore unsecured debt from the date of the review almost a year ago. A slow process, but getting out of debt!!!
How to Get Out of Debt, Stay Out of Debt and Live Prosperou December 25, 1999
Scott (Denver)
26 out of 27 found this review helpful
Seven years ago I purchased this book. At that time I was in what I considered at the time real financial trouble. I passively read the book twice before taking the time to concentrate on what it was really saying. Five years after my third reading of the book I was completely debt free and I can tell you that the feeling of relief was incredible. For those of you who are looking for step-by-step instructions, you won't find it in this book, but with a good head on your shoulders and some determination, you shouldn't need that type of approach. You will generate the method on your own. As I mentioned before, it has been seven years since I last read this book. I still remember the basic principles but plan to brush up on it again. I was married two years ago, we now have a home, a baby, and several cars. Before I find myself in a familiarly uncomfortable position, I'm going to share this with my wife, and make sure it doesn't happen ever again. I would suggest this book to anyone willing to work hard to get themselves out of debt.
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