Getting Out Of Debt For Dummies

i was 5 he was 6
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Posted on November 4, 2009 at 1:04 am

Hello destroydebt, would you know if there's already a "getting out of debt for dummies" in that books for dummies series? They yellow black white book?

alreadygone
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Posted on November 4, 2009 at 1:07 am

I think there is..but the title is not exactly "getting out of debt for dummies"--

Another refugee, outsider refugee
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Posted on November 4, 2009 at 1:10 am

No it's not "getting out of debt for dummies" it's Managing Debt for Dummies.

binomial nomenclature
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Posted on November 4, 2009 at 1:14 am

Hey there, before you buy that book, and although I have not read it myself -- let me just tell you what managing one's debt means in the debt relief industry.

You can manage debt on your own of course - if you know how. But there is a whole industry out there that caters to helping consumers manage their debts. There is a program called Debt Management Plan run by credit counseling agencies that specializes in reducing the consumer's interest rates to get to the principle much faster.

Boom Box
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Posted on November 4, 2009 at 3:35 am

Getting out of debt for dummies -

First calculate how much it is that you have (income and debt).
Separate your debt by type (unsecured, secured)
For secured debts, I don't think there are debt relief companies that can help.
Unlike for unsecured debts.

i was 5 he was 6
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Posted on November 4, 2009 at 3:47 am

Oh I see. All these things that you're saying are they in that get out of debt for dummies book too? Also, what are these debt relief for unsecured debts?

jill
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Posted on November 4, 2009 at 3:55 am

Getting out of debt for dummies -

There are two popular and relatively effective debt relief programs for unsecured debts.

Credit Counseling (Debt Management Plan)
and Debt Settlement.

doctor crane
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Posted on November 4, 2009 at 4:02 am

Getting out of debt for dummies -

There are qualifications for the above mentioned debt relief programs:

For credit counseling your debt must be below $10,000 and your accounts current. Its aim is to reduce your interest rates so you can pay your balance much quicker. The program lasts for 3-5 years.

For debt settlement your debt must be above $10, 000 and your accounts past due. It's aim is to reduce your balance to more or less half. The program lasts for 12-36 months.

i was 5 he was 6
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Posted on November 4, 2009 at 4:04 am

Those sound awesome..and too good to be true..I don't know. I think I'll just buy the book. Thanks a lot for your replies, I appreciate them.

One last question though, if I ever change my mind..how much would it cost me? Debt relief.

Eric's Beach Mix
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Posted on November 4, 2009 at 4:05 am

Getting out of debt for dummies -

Credit counseling is non-profit but their Debt Management Plan would cost around $25/mo. after the one time set up fee.

Debt settlement companies would charge 15% of your total debt amount -spread over 18 months or they will take between 20-25% of the settlement amount.