Posted on
August 25, 2009
at
1:16 am
I am very interested in this phrase "debt into wealth" since I heard it from some guy in the pantry one time. Has anybody heard of it? How does it work?
Posted on
August 25, 2009
at
1:33 am
Yeah I've heard of it but haven't really formed an opinion on his Debt into wealth course (Lessons from My Journey To Debt Freedom). His website claims the following though:-Pay off all of your consumer debt!-Burn your 30 year mortgage 23 years early!-Save $140,355.25 in tax free interest!
Posted on
August 25, 2009
at
1:38 am
You mean Greg Moore's Debt Into Wealth manual? He also claims that his course can help consumers get out of debt in 5-7 years. Sounds like debt reorganization/repayment plan to me. Like Chapter 13 bankruptcy, minus its impact on the credit report, but a couple of more years of repayment. Chapter 13 takes 3-5 years to complete right?
Posted on
August 25, 2009
at
1:45 am
To answer your question "...how does it work?" I typed "Debt into wealth" on google and read some of the reviews. They're pretty good, people are saying that he's like Dave Ramsey (Total Money Makeover). They are called.."debt gurus."Don't we have a debt guru in these threads too? How does one become a debt guru?By writing a book?Conducting seminars?How do we know if this Greg Moore is a trustworthy guy? I've read some of the threads here about Dave Ramsey.
Posted on
August 25, 2009
at
1:49 am
So many questions Arquivos...and I do not know how to answer them. But I think that those "debt gurus" and their products/services talk about the same principles with regards to debt elimination and building up wealth from it. That you can't build up wealth unless you eliminate your debts. The question is- how can you achieve this "debt into wealth" dream?
Posted on
August 25, 2009
at
1:51 am
You may also be referring to a John Commuta model, the Debt Into Wealth program. He claims that this has been used by over two million people all over the world in eliminating debts and paying off all their loans, including mortgage payments, in a period of five to seven years. He also claims that this may bring about an increase in a person's net worth, and that this was a "fast-lane escape route" for consumers in severe financial situations.
Posted on
August 25, 2009
at
1:57 am
Debt Into Wealth.Mhmmm smells like...scam.Where can we check their profiles?Anyway, they basically are profiting from the following principles, that consumers, if they actively research, could learn from, for free:1. Limit or eliminate the use of credit cards2. Create a check and balance record of income and expenses.3. Do away with the extravagant life style. 4. Bring in extra income.5. Save.6. Apply more money into paying off debt.Can you guys add to this list?
Posted on
August 25, 2009
at
2:21 am
Interesting ...Thanks guysWell ... how does one get out of debt? I've heard of some debt relief solution or debt consolidation, how does it work?
Posted on
August 25, 2009
at
2:28 am
The right debt relief solution for you depends on your debt type. If it is secured - you might want to speak with your lenders and modify your payment terms so you can avoid penalties or complications. I do not know if there are professional debt relief companies that cater to secured debts. On the other hand, there are professional debt relief services for unsecured debts.There is credit counseling and debt settlement.The government has one too, bankruptcy.
Posted on
August 25, 2009
at
2:42 am
To add to Subliminal Glasses' -Bankruptcy ought to be the last resort in debt elimination as it has a really bad effect on the consumer's credit, after. If it can't be helped and the consumer needs to file bankruptcy, it has to be under sound advice.Speaking of which, please feel free to fill out a form here at destroydebt.com and speak with a debt consultant. It is free of charge.
