Master Your Debt: Slash Your Monthly Payments and Become Debt Free By Jordan E. Goodman

February 11, 2010

 

Jordan E. Goodman has been well regarded among consumer advocacy blogs such as The Consumerist for many years, and his latest work, “Master your Debt: Slash Your Monthly Payments And Become Debt Free” continues this trend. His approach is highly successful due to the fact that it does not rely on gimmicks or tricks, but instead a firm knowledge of debt law and anecdotal evidence as to which strategies to work. “Master Your Debt” is not a book that makes false promises, and it’s results come largely from the hard work of the reader, as opposed to any sort of “magic” formula. This separates it from many other “fad” books
The primary methods detailed in the book are those which have been advocated elsewhere online, including in Goodman’s own blog. In general they focus on breaking down debt into small, consistent payments, and avoiding the many “gotcha” fees by which mortgage companies increase a borrower’s monthly payment. Goodman has always been an advocate of strong and strict budgeting, and he continues his budgetary refrain in this book. However, in this book he also presents information key when negotiating better rates, decreased interest payments, and lower premiums. Since most debtors find themselves trapped by downright usury rates of interest in today’s credit market; the ability to negotiate down the capital or the interest rate and start making payments on the principal is invaluable for ending debt sooner.
The only downside is that the book fails to go into the necessary detail with some of these negotiating tactics. While it is certainly useful to inform readers as to particular laws and positions that may be in their favor, in general it defers to other books or legal authorities when dealing with the specifics of a case. While it is certainly useful to inform those who are unaware of specific loopholes and discrepancies within the law as to ways in which they may dig themselves out, the lack of depth in the book means that those trapped in debt will invariably need to purchase more books later on if they are to fight back in the ways proscribed. Still, this is a good book for those who want to tackle their debt and are unsure how to go about it, and it offers many insights into simple tactics that can pay off large debts without legal intervention.
The audiobook version is an excellent version for those who wish to have something to listen to on the way to or from work, however the actual book relies on diagrams and charts which the audiobook cannot replicate. It is read by Goodman himself and he has done an excellent job adapting his book to an audio format, however many readers may find themselves needing to write down some of the exercises he talks about since they cannot be conveyed in a purely audio fashion. Goodman has created audiobook versions of several of his other works, and his voice is practiced and pleasant, if at sometimes preachy.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: