Welcome back to GuideMeToDebtFree.com! Your source for unbiased reviews of the latest credit repair and debt elimination products & services.

As if the economy wasn’t bad enough, the Labor Department reported today, that the jobless rate  in the U.S. rose to an alarming 6.5% in October. It would seem from all indications that this economic downturn still has a long way to go, before we see any serious relief.

The average consumer is really starting to feel the pinch of higher costs for everything from groceries to  their electric  bill. It’s no wonder that Americans  are spending less  at their favorite  stores, and more at Walmart & Costco.

Higher prices are making it even more difficult for low income families and those on a fixed income, to meet their everday needs. Meaning more and more people are going to be faced credit problems, when they have to decide to by milk or pay the credit card bills.

Luckily we’re seeing at least some temporary relief on the energy front, but anyone who has gone to the grocery store lately can clearly see the results of inflation at work. Just look at pasta, an American staple, the price has more than doubled in the last year. That’s equivalent to over a 100% inflation rate. It would be one thing if there was a suitable alternative, but how can you replace pasta, when every substitute has increased as well.

It might be time to think about planting a garden next year, or other ways to offset food and living expenses, because by next summer many more of us may likely to be jobless if we’re not already.

~Gary

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Being a big fan of the Rich Dad, Poor Dad I decided that I would start off this category with a book by Garrett Sutton, ESQ. entitled The ABC’s of Getting Out of Debt. This book is part of the Rich Dad Advisors series by the famous author Robert Kiyosaki, who wrote the forward to this book as well.

This book is slightly different than the average “get out of debt ” book”. Robert Kiyosaki has a unique way of explaining why the rich are rich and the poor are poor. The book teaches the difference between good debt and bad debt, which is a striking difference to the usual All debt is bad debt theory.

The book is divided in two sections: getting out of debt and credit repair, which we will be discussing in the next post.

Garrett uses a mix of personal experiences as illustrations, backed up by legal knowledge, to make his points throughout the book. He empowers the reader to stand up against debt collectors, by knowing their rights and not being intimidated by their often ruthless, and illegal practices.

Garrett writes, ” You can be sure that the credit card company really doesn’t care about you as an individual, or about your unique concerns and issues. you are a billing unit, one of millions of indistinguishable billing units. You merely exist to provide profit.” Now thats putting things into perspective!

As mentioned the book is quick to point out that all debt is not bad. Although, Garrett points out that bad debt needs to be dealt with quickly so that people can get on with their lives.

What I like best about this book is chapter VII, “Emergency Measures for Special Debt Situations”, in which he lays out common scenarios like foreclosure or late car payments, with very specific actions based upon how far along someone is in the collection process. He is very quick to recommend speaking to a debt professional, when the situation calls for it.

I would highly recommend this book to people who have read some of the other Rich Dad books, as you will find this book fits well in the series, and will probably better understand where the author is coming from.

However, if not, or if you are of the mindset, that all debt is bad, and you are focussed on getting completely out of debt, then you might want to pass on it. There are many other books out there that cover this in greater detail.

Overall I give the book a “B”.

Stay tuned for tomorrows follow up, the credit repair section of, The ABC’s of Getting Out of Debt.

~Gary

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In this category  we  will feature  books  on the subjects of debt relief, getting out of debt and ways to rebuild or repair bad credit. Many of these books  are very reasonably priced and a great alternative to to credit counseling companies if you don’t mind the do it yourself route. Some are probably even available for free at your local library.

We have some great book reviews coming up,  with authors  like  Robert Kiyosaki,  Dave Ramsey , and  Kevin Trudeau.

Be sure to read up on the best books before you buy.

~Gary

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