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Saturday, February 27, 2010

Book Review: Master Your Debt

Master Your Debt: Slash Your Monthly Payments and Become Debt Free by Jordan Goodman is by far the best book on debt, debt elimination, and credit management that I have read in long time.

For Americans who feel like they may be a little over their heads in mortgage and credit card debt, the book has plenty of worksheets to show you where you stand now, everything about credit reports and how to fix errors, and an easy-to-understand chapter of every type of mortgage there is. If you don't know what an ArcLoan, a Harmony loan, a HELOC, or a reverse mortgage is, you will after reading Chapter 5.

Probably the more important part of the book is Goodman's discussion on how to become mortgage-free in seven years. This technique is only good for people that are good at money management, who don't need the mortgage interest tax deduction, and can't earn more on investments than what the cost of the mortgage interest is.

Goodman also covers extensive information about credit cards, how to find which ones to avoid and which are the best. There is plenty of other information including auto loans, education loans, avoiding credit fraud, and much more. The book has plenty of 'meat' which I like, in other words, plenty of very specific resources and web sites to go to for more information.

The book is very complete. If you have ever wanted to know anything about debt or debt elimation and didn't know where to turn, then Master Your Debt is for you.

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