Book Description
"Managing a Consumer Lending Business" summarizes the lore and the knowledge of the business as the new century begins. It covers many subjects a good manager should know: the importance of how to attract enough good accounts to offset the inevitable bad accounts that every lender will get, controlling line sizes, encouraging use by good customers/discouraging or controlling the bad customers, managing profitability with predictability, if he or she is to effectively run a high-volume consumer business.
Customer Reviews:
Managing a Consumer Lending Business.......2007-07-14
I was looking for a solid foundation of facts and tried practices for retail banking employees could use to attrack new business. This book didn't offer that
Excellent book for beginners.......2006-12-10
To people who are entering the profession of consumer lending, this is an excellent primer. It gives a 360 degree view of the business from acquisition and management of accounts to collections, recoveries and profitability analysis. While it doesn't cover any one topic in great depth, it is an ideal book for people starting off in this exciting business. I wish David Lawrence would write many more books. He has the art of explaining concepts in a clear manner. I really enjoyed this book.
An Excellent Guide for Retail Banking Marketers Entering Lending Business.......2006-10-22
In market place, there are few books that are easy to understand but comprehensive to cover all respective area of consumer lending business. I have to say, this is one of the few. In the past, I acquired the personal lending knowledge from some credit scoring books with difficult math and serious multi-variable statistics. This title is not only easy even for marketing or sales persons to understand the basic concept but also good for new credit analysts or college/graduate students who just joined the business to have a whole concept. Strongly recommend this title to those who are in the marketing or business planning roles in retail lending business. It could help bridge the knowledge gap about the lending business and create some common langague with other functions, especially credit and collection. However, for those in credit function, this title is good for overall understanding but not detailed or comprehensive enough for risk management.
Good primer for analysts looking for more domain knowledge.......2006-09-06
Managing a Consumer Lending Business by David Lawrence and Arlene Solomon is a good primer I recommend for the readers of S4SAS.com and analysts working in the areas of consumer lending in general.
This book covers the fundamental principles of lending along with the practices at various product life cycles. While conducting SAS training, I observed that lot analysts do not know why managers look for some information and why they insist on certain format the information to be presented. After reading this book, the reader will have a background to understand the business requirements better and will be familiar with necessary lending related terminologies.
I found the following topics covered in the book useful for an analyst.
1. Overview to the consumer lending process and products.
2. Acquisition and direct mailing - segmentation, prescreen processes and practices.
3. The use of credit scoring, score monitoring and reporting process.
4. Portfolio Management and utilization of behavioral scores, strategy tracking.
5. Collection strategies and tactics
6. Private label credit cards and retail sales (dealer) financing.
8. Importance of Management Information systems.
Best in its Class.......2004-01-20
Managing a Consumer Lending Business is an excellent primer covering both fundamental practices and principles for safe and sound lending. This book covers the basics well and should be required reading for management trainees and those new to consumer lending. This 2002-published book is superior to older, now-obsolete books on consumer lending, and is spiced with anecdotes, quotes and references to mistakes that made headlines. The chapter on recessions is germaine and usually neglected by other books. The only criticisms are minor: a few too many references to the authors' consulting practice, and it would be improved by a chapter or two on securitization and the gain-on-sale practices.
Book Description
Foreclosures are hitting record highs; Americans are declaring bankruptcy at rates ten times that during the great Depression; more college students drop out because of debts than due to poor grades; reports of debtor suicides proliferate in the media. In other words, it's a great time to be in the banking business.
Maxed Out takes us on a road trip that is sometimes hysterical and often horrifying: from Las Vegas to the Bible Belt, from the backwoods to inner cities, where the world's largest financial giants troll for their next victims. Welcome to a country populated by debt pirates, corporate predators, human credit card billboards, debt evangelists, megamillion-dollar spec homes, and, of course, trillions of dollars of easy credit.
Combining startling facts with even more startling examinations of individuals, institutions, the government, and modern religion, James Scurlock separates the myths (there is "good debt" and "bad debt") from the harsh reality (corporations partner with colleges to target today's youth; credit reports are riddled with errors that will never be fixed; and death, for many of those in trouble, is the only way out).
At a time when the financial industry posts ever-higher profits even as its clients drown in the flood of easy credit, Scurlock exposes very real, potentially disastrous systems and policies that are consuming millions of Americans. Maxed Out takes readers on a wickedly smart and entertaining tour of what one interviewee calls "the last taboo."
Customer Reviews:
Where does personal responsibility fit in?.......2007-10-12
At first I liked this book very much. Scurlock has a wicked sense of humor and has done his research. However, I got bogged down about 2/3rds of the way through, because he went over the top about the predatory credit card companies, banks and whatnot and seemed to give all of his interviewees an "out" for their bad behavior!
I lost faith completely in one of the last chapters (warning: spoiler) when the person who made a living from recycling was wondering why her daughter kept sticking her with cell phone and car payments bills, and her son, who graduated from MIT, still lived at home and charged things to her instead of getting out and paying his own way.
Scurlock soothed the mom by saying this is American and this is the American way and credit is everywhere and it is not your nor your kids' fault. Huh? What about tough love? How about cutting off the financial spigot instead of continuing to be a patsy?
There's another chapter about a triple murderer who blamed easy credit for his whole family being under and how he was a victim too (besides being a murderer). Lack of money was just a symptom IMO - this was all about rage and the poor impulse control, to use psychiatric terms.
I'm glad I got this book for free from the library so I wasn't "taken advantage of" by a credit card company.
Nothing new here........2007-10-06
Yes, the financial industry is ripping people off, sometimes getting away with behavior that is even criminal (the book has a story of a mentally challenged mother and son who are losing their house to CitiFinancial). Yes, people are living irresponsibly and are goaded into it by modern society. The book, however, while presenting a list of complaints and anecdotal stories, meanders and never makes a coherent case beyond the two listed above and says really nothing about what can be done. Scurlock forecasts doom for us, but has no idea how to forestall it.
The advice of one reviewer to "just not pay" is not valid. Your credit score is now used in a number of ways that have nothing to do with needing credit -- including judging fitness for employment and determining cost of insurance, including auto insurance. Modern society today, unfortunately, can penalize you for NOT using credit (and therefore having an unacceptable available credit to debt ratio), as well as punish you for using credit irresponsibly.
A fascinating read flawed by an incomplete analysis of root causes and possible solutions.......2007-09-15
I learned about "Maxed Out" as a regular listener of Dave Ramsey (the famous talk radio anti-debt crusader hailing from Nashville, TN). Scurlock asked Ramsey to participate in both his movie and book. I have a tremendous interest in financial psychology so I was very curious if Scurlock could pinpoint the root causes of the current debt crisis while accurately assessing the efforts of consumer advocates like Dave Ramsey.
The author touches on a number of topics related to the world of predatory lending. He includes an entertaining history of BankAmericard (now Visa), MasterCharge (now MasterCard), CitiBank/CitiFinancial, and several other companies. He presents numerous heartbreaking stories of individuals who, by their own admissions, failed to plan for disaster and made poor financial choices that resulted in devastating outcomes (including jail terms and suicides). He provides an inside look at the sleazy world of collection agencies. He also shares the opinions of academics and provides occasional quotes from our esteemed politicians in Washington (who naturally reveal themselves as power-hungry, financially clueless morons). Scurlock also makes a few suggestions to address the crisis.
Scurlock has a reporter's instinct. He is very observant and articulates his findings in a lively way. In my opinion, he demonstrates more maturity, more humility, and less emotion when discussing this topic when compared to many other authors (Tamara Draut, Anya Kamenetz, and Barbara Ehrenreich come to mind). Occasionally, he injects his quirky humor, adding to the entertainment value.
Scurlock rails against the "obscene profits" made by banks when pushing "debt products." He makes it sound like that's all banks do. Banks have always pushed debt products for profit. This isn't exactly a revelation. But Scurlock failed to mention that banks also provide essential services such as check cashing/clearing and ready access to our cash via numerous ATMs, for example. These taken-for-granted services are very important benefits to customers (and expensive to administer). Banks help facilitate our day-to-day financial lives. I'm sure my own bank is interested in extracting more profit from me, but my personal banker has never tackled me, put a gun to my head, and demanded I sign loan papers at some usurious interest rate. Banks sell "debt products" for the very simple reason that we demand them!
The issue of personal responsibility is mentioned by the author numerous times but it is not fully explored. In his many anecdotal accounts, dysfunctional behavior resulted in outcomes that were preventable. Even when job losses and health issues were blamed for causing bankruptcies, I noticed that victims spent large sums of money on unnecessary material goods for years, but failed to set aside even a small emergency fund. Their woes were not due to a lack of intelligence, income, or even a debilitating health problem but rather a stubborn denial of reality coupled with poor planning.
For whatever reason, some people choose to live on the edge, using credit cards as a substitute for a cash emergency fund. There's no cushion to mitigate a negative life event--no margin for error. Every spare dollar is consumed, and then some. An emergency fund is certainly not a panacea, but it is a proven way to reduce risk. The subject of risk is something Scurlock only skirts around but does not address directly. The reason Dave Ramsey's message rings true with many listeners is that debt is seen for what it is: risk. If you have debt, you have risk (yes, even if it's mortgage debt). If you don't have debt, your risk is dramatically reduced. Less risk results in more choices and more freedom. It's not a difficult concept to understand.
Scurlock gets bogged down with the negative aspects of financial ruin, but he unfortunately does not provide a complete picture of consumer behavior. For example, a large percentage of Americans religiously pay off their credit cards monthly, routinely rip up new credit card offers, and actively avoid unnecessary fees. Why do these Americans act so differently compared to those that "take the bait" on the road to financial ruin? I know many ordinary people who live below their means, have an emergency fund, buy adequate insurance, drive older cars, have significant home equity, and invest in their retirement plans. They do actually exist, and at almost every economic level. They're all around us, and their numbers are growing every day. To my amazement, the author never investigates the traits of such people (though authors Thomas Stanley and William Danko do in their book "The Millionaire Next Door"). The reason this is important is that these are the habits proven to lead to financial success. Even while admitting that bad behavior can sink some people, Scurlock never investigates how the transformation of financial habits can resolve the current crisis and prevent a reoccurrence.
The phrase "something isn't quite right" appears repeatedly in the book, as if to imply the current debt crisis came out of nowhere. It didn't. In the past decade, I've noticed a distinct shift in financial behavior from defensive to reckless. I have seen lower income families live like the middle class through easy credit. I have seen acquaintances willingly secure huge mortgage loans for homes that they knew they couldn't possibly service. I have watched in horror as intelligent friends went bankrupt after repeatedly making poor life and financial choices, destroying their personal relationships and the psyches of their children. I have seen unprepared borrowers victimized by overzealous mortgage bankers who they viewed as their "best buddies." I have seen a mother bail out her unemployed 19-year old son, who obtained a credit card to buy "cool stuff" and then defaulted. After all, she didn't want him to suffer a hit to his "precious" FICO score. After the debt was settled, he started running up charges again. Yes, indeed, something isn't quite right.
So who is to blame for all this carnage? Well, everyone as it turns out. First of all, financial education is nearly non-existent in our public schools, so our children are clueless about money management (but at least they can learn a vital life skill like the French language!). Secondly, many parents refuse to educate themselves about finance, so they are incapable of passing along important lessons to their children. Parents are also notorious for enabling the poor behavior of their children and often turning their children into helpless adults. Then we have the financial services industry, which provides easy credit to every borrower possible (and sometimes their pets), lending standards be damned. Finally, federal and state governments punish the middle class with hidden fees and stealth taxes (e.g. the Alternative Minimum Tax), which further erode a household's ability to save and invest.
Borrowers, of course, shoulder most of the blame because they drive the demand for credit. Despite the enormous amount of financial information available to them from multiple sources--many free--borrowers live in a perpetual state of denial, refusing to educate themselves. They don't take defensive measures to protect themselves (i.e., living below their means, establishing emergency savings, securing healthcare, auto, home, and life insurance, etc.). They refuse to create and follow even a simple budget. They refuse to control their spending. They create the circumstances of their own financial ruin. Scurlock certainly describes these behaviors along with the self-flagellation on the part of the "victims," but leaves it at that. He acknowledges that bad behavior often results in disaster, but then proposes solutions that do not address the behavior itself.
This brings me around to Dave Ramsey again. He is a hero to a large number of people who are determined to resolve their problems and achieve total debt-freedom (including the mortgage). He teaches self-control, personal responsibility, risk management, and an easy-to-implement plan to reach financial independence. He teaches his audience not to ask "how can I borrow my way out of this?" but instead "how can I solve my problems without credit?" He makes an exception for mortgage loans, but even then he teaches his listeners to secure a reasonable loan with conventional terms. He prefers his listeners confront their problems, shed feelings of victimization, and turn the tables on the financial services industry. It's a message that plays very well. I felt Scurlock did not adequately acknowledge the importance of this vital movement in the book.
Although it's clear some fraudulent subprime lending occurred in the past few years, nearly all cases were fully disclosed, legal transactions. Even though Scurlock would like government to step in and clean up the industry, he apparently forgot that government helped create this mess in the first place by actively encouraging banks to loosen standards to lend money to borrowers considered very risky by historical standards. The results were predictable. Some borrowers knowingly took the proverbial rope handed to them and promptly hanged themselves. So, basically, the government created the problem and now many are asking the government to fix it.
What happened to people learning to control their own lives and financial futures without government intervention? We can demand punitive regulation of the financial services industry all day long, but this will not solve the problem (incidentally, banking is among the most regulated of all industries which Scurlock mentions, to his credit). The true root cause of the crisis is bad behavior on the part of consumers. The government cannot legislate good behavior. That is our responsibility. It's time Americans openly admit that we are more the victims of our own lofty sense of entitlement and ignorance rather than the tactics of the financial services industry. It is worth noting that first-generation millionaires never count on the government to dictate their destinies (as documented in "The Millionaire Next Door"). The author missed a golden opportunity to balance his research with this well-established information.
Despite the deficiencies I noted above, this is a book worth reading. Scurlock's style and investigative abilities are unique and much can be learned from reading his analysis. I feel that some reviewers are unfair to Scurlock, accusing him of being overly political. I don't feel this is the case at all. While I resist government intervention to solve problems that we can easily resolve ourselves, the root causes and results of our financial decisions are complex and must be fully explored and understood. "Maxed Out" provides an excellent starting point for such a discussion.
Informative.......2007-09-08
Having seen the dvd, this is one of the few times that I actually liked a dvd more than the book. Both were informative (the book actually goes into more depth of the subject of finance companies, payday loans, predatory lending, pawnshops, and credit cards), but I found it dryer and not as interesting. It's hard to feel as involved without a face being attached to the subject. Scurlock does write with wit on a subject that might otherwise be boring. There is some very important information regarding this subject that anyone applying for credit needs to know.
Interesting but..........2007-07-09
Like Michael Moore and Morgan Spurlock, James Scurlock is a consumer advocate with a populist bent and a tendency for hyperbole. I had no doubt reading this book (and watching the more restrained DVD) that Scurlock knows his stuff -- his research is considerable and he has a background in business. The gap between the rich and poor has been well documented elsewhere, so some of his foundational arguments aren't exactly seminal. It does, however, always merit a mention that business has been deregulated in alarming ways, none of them helpful to anyone but profiteers. Anyone wishing to examine the moral health of a country would need to consider unethical business practices as a corrosive effect. It is difficult to see the value of free markets and the "invisible hand" when examing in the "selling money for profit" industry.
Unfortunately, in illustrating his concerns with real people, Scurlock pulls out every trick in the bleeding heart bag. I lost count of the number of people he writes about who had family members commit suicide due to the stress and shame of financial ruin (and by extension, by the unethical practices of the debt industry.) I have a very hard time believing that money stresses are the sole motivator in suicide -- if that were the case, the global population problem would be over during one lean period. The book works when Scurlock focuses on facts; when he resorts to personal stories it starts to seem manipulative. He glosses over the biggest counterargument -- that even the "poor" in these stories are living far better than people did in the 1920s, an era Scurlock fears we are reproducing.
As much as I despise simplistic "personal responsibility" arguments, I'm afraid Scurlock resorts to similar reductionism. A lot of the debt illustrated in this book is frivolous and rooted in materialism. It is sad that people's lives are ruined over debt... but who in their right mind buys a Lexus or Escalade when they're making a median income? That isn't a business problem, it's a common sense problem.
We are facing many financial problems in this country -- one need only look at the military and Katrina relief effort to see two glaring examples. "Maxed Out" is interesting when it focuses on the bigger picture, but the personal financial stories don't gel well with the dire feeling of those larger issues.
Book Description
A step-by-step action plan to quick and lasting recovery after personal bankruptcy. Indexed.
Customer Reviews:
The Book Is Actually An Ad For His $497 Course.......2007-09-12
This book is FULL of commercials but void of any specific information you can apply to your life. His advice on everything from getting credit cards, auto loans, installment loans, mortgages, what ever, is to research everything out there and interview every loan officer, credit mangager etc out there, and find the best deal.
This book, his internet site, and his "free" seminar are all in effect teases to get you to buy his "Increase Your Credit Scores - Improve Your Lifestyle" course which costs $497. Presumably, some actually utilizable information is in that.
Bankruptcy.......2007-03-22
There is a moderate amount of useful information about life after bankruptcy. Probably half of the information can be found on the internet. However, the author should not have used the bankruptcy information as a cover for preaching his religious beliefs. I felt mislead.
Bankruptcy.......2007-01-12
This is a good book for someone who filed bankruptcy this book has given me a lot of insight on thing
Waste of money.......2006-12-23
You can find all this information on line. There is nothing new here for a post bankruptcy person. Also, he has a RELIGIOUS BENT so be careful.
light at the end.......2006-11-08
I am seeing light at the end of the bankruptcy tunnel
Book Description
The national bestseller that can help you create the life of your dreams for only $10 a day, using Jean Chatzky's powerful "debt diet."
Is it really possible to live without credit card debt, bill collectors, whopping interest payments, or anxiety about retirement? Yes it is, and Jean Chatzky, one of America's most beloved money experts, can teach you how to use the debt diet to make that dream a reality.
Millions of Americans watch Chatzky on NBC's Today show, and millions more read her articles in magazines like Money, Time, Life and Travel & Leisure. Unlike some financial gurus, she offers straight talk about the problems real people face in the real world. Chatzky proves that anyone, no matter how debt-ridden or how low on income, can find an extra $10 a day to knock out their debt and build a bright, secure future.
It might be as simple as spending less on your morning coffee or as drastic as trading in your SUV for a more practical car. You'll also learn how to track your spending, consolidate your debts, force credit card companies to give you their best rates, and plan ahead for the inevitable surprise expenses that crop up from time to time.
Customer Reviews:
Financial Relief.......2007-09-10
"Pay it Down: From Debt to Wealth on $10 a Day" is an amazing book: easy to read, a workbook to help you sort out your own debt, and a wonderful resource of emails and phone numbers of all the places related to helping you get out of debt--whether you are just trying to get a better car loan rate or are in deep financial trouble. Jean Chatzky regularly appears on the NBC's "Today Show," as well as writing for magazines like "Time" and "Money."
In this book, she provides great advice for following a plan of finding $10 a day to put toward your debt and working your way to a happier life (her plan takes about three years of solid financial discipline to get to most results). She begins with the less painful ways to save and works her way toward much tougher choices. She offers practical advice and even builds in a way to have (planned) splurges. She offers practical advice that anyone can adapt, she realizes the reality of the need for cell phones and (basic) cable, at the same time helping you figure out how to find that extra money to reduce those dreaded credit card totals. She provides excellent advice about credit scores--how they are calculated, how you can improve your own, why you shouldn't cut up all those credit cards, and more.
Whether you just want to save a little more for retirement or need some serious financial help, this book is for you. There isn't anything much on investing money or what to do when you accumulate wealth: that's for another time. This is the nitty-gritty on dealing with debt and getting out from under those oppressive bills. I recommend this book.
Very Happy.......2007-08-23
I had a very pleasant experience purchasing this product. It was delivered in a timely manner, and was in the exact condition that the seller said it was. I will definitely be shopping at Amazon.com again.
Very basic, but there is some good information in it.......2007-08-06
So many negative reviews of this book are based on what the reviewer thinks everyone already knows - however it is they know that. True, this is not an in-depth economic or financial text, but it isn't meant to be. I consider myself an educated, relatively organized professional with workable financial knowledge, but I still picked up a few good tips from this book, and it made me think about a couple topics in a new light. My husband and I did the short exercises and discovered a surprise or two about our spending - nothing that was breaking the bank, but correcting the issues will save us some money that will add up over time.
This book is a very quick read done in a friendly, conversational tone. If you get it from your local library as we did, reading it won't cost anything, won't be much of a time investment, certainly won't hurt anything, and who knows, you may end up learning a thing or two that'll save you a few bucks.
Common Sense for those in debt and feel helpless.......2007-08-06
Get this book from your library (point one in saving $), and then go to your local library and get Oprah's Debt Diet series DVD's. Coupled together, (Jean is in both) you have GOTTA learn something!
Love this book! Way to go Jean!!
book full of nothing.......2007-04-10
If I ran a publishing company, my books would be different.
I would give each nonfiction author who has written a first draft of a book a sheet of paper with the following:
1. have more than 10 other famous authors already written widely available books with identical advice? if so you do not have a worthwhile manuscript. try again.
2. if you are saying "my plan works" where is the data to support your conclusion? basic numbers on compliance with your plan over the first month, first 12 months, two years?
3. if you have no data and you are saying the same thing as everyone else, why publish a book that only has a slight twist that differentiates itself from other books?
those 3 questions would stop books like this, leaving more space for the ones with substance.
the bottom line is that the covers of this book are too far apart. often that is said to disparage the book's content. in this case there is no content to criticize.
waste of paper. waste of time. waste of money and this "author" has damaged her reputation by putting this out, judging from reviews here.
Book Description
Learning how to
talk your way out of credit card debt is the quickest, easiest, and most efficient way to start saving money!
It's true! You can call your credit card banks to negotiate a better interest rate and have fees waived! However, it may not be as easy as picking up the phone and asking. That's because bank representatives are trained to deter you from pursuing the deals you deserve. Overcoming their tactics can be difficult when you don't know what to expect.
Scott Bilker, author of
Talk Your Way Out of Credit Card Debt, and creator of DebtSmart.com, has spent 10+ years making banks compete for his business. Now, he's sharing his personal phone calls to banks that saved more than $43,000 for himself, his family, and friends! These 52 phone calls, out of the hundreds he has made, demonstrate exactly what worked, what didn't, and why. In each call transcript, for anonymity, banks have been renamed as dog breeds and their reps as bugs.:)
In this book you will discover proven negotiation strategies, and build your confidence, while learning how to: (1) get annual fees waived; (2) lower your current interest rates; (3) shop for the best credit card deals; (4) get late-payment, overlimit, and cash-advance fees waived; (5) compare loan options and calculate savings; (6) dispute charges and get all your refunds; (7) negotiate account settlements; and much more!
Customer Reviews:
The man has 80 credit cards!.......2007-10-22
The man has 80 credit cards! That may seem to be a crazy amount to most people, and it's one at which most financial advisers would shudder, but to do what he wants to do with the industry (save and make money), 80 credit cards--maybe more--are needed.
Scott Bilker has an interesting take on the massive credit card industry: "The banks are at our mercy!" That may seem absurd to those of us who have piled up the average debt of $8,500 or more on a Macy's or Citi Platinum card, but that's his take. He's proven it with over 400 minutes of transcripts of interactions between him or his friends and the credit card companies. There is
Bilker is also quite humorous- his New York mentality shows up in witty comments about the industry: if you're late a couple times, your APR may go up to 29.99% and you could get a better rate in North Jersey with the mafia, he says.
Bilker also touches on Credit Arbitrage, which is a way to turn a money-losing situation into a money-maker. All-in-all, this is a fascinating sociological and economics lesson that is well-recommended.
JSBM
Author, How to Take Advantage of the People Who Are Trying to Take Advantage of You: 50 Ways to Capitalize on the System
A helpful beginning.......2007-08-31
I bought this and then returned it. While I think it would be helpful for many people, it was not as focused (in my opinion) for people over their heads.
Wonderful Book.......2006-08-31
This book is simply amazing! I had previously used some of the techniques Scott teaches, but other things he tells you to do blew my mind! The things Scott talks about are easy to do AND can save you a TON of money! I would highly recommend the book to anyone with ANY amount of credit card debt, or even if you have NO credit card debt.
Real advice that works!.......2005-08-12
I am in the same field as Scott, and have recommended his book countless times to consumers. With credit card companies raising rates, fees, etc. his advice could not be more timely.
I just interviewed Scott today (8/11/05) on my EverydayWealth Radio program on [...] and he told me how he just got a 10 month old late fee waived! That's practically unheard of.
I can't recommend Scott's book highly enough. You'll easily recoup many times the price of the book if you implement his suggestions.
A valuable book from day one.......2004-05-15
I was shopping for a book that would help me with the credit card debt I have accumulated. I chose this book. It has proven to be very bemeficial to me. It contains a large amount of information your banks don't want you to know. My first night of reading the book, I got up to about page 70 and made my first phone call, with the intent of gaining information about the account and possibly getting a fee reversed. I ended up getting a $50 credit to the account, relatively easily. I cannot praise this book enough! If you need to reduce your credit card debt, this book may very well be your solution.
Customer Reviews:
Highly recommend this book to everyone.......2007-10-18
Whether you have bad credit or good, understanding the process of how credit scores are tallied, what affects the credit scoring, good and bad, and how it affects you will be one of the most important educational tool you'll need to take control of your financial status. It gives you the ins and outs of how scoring is done, what affects the scoring, how it affect you, how you can improve your score, how it can save you money, potentially affects whether you get a job at certain firms. It also explains how to clean up and/or correct erroneous information; it talks about identity theft and more. This book is for anyone who needs to improve their scores or if you have good credit, how to maintain good to excellent credit, regardless of age.
Your Credit Score: How to Fix, Improve, and Protect ..........2007-06-06
This book is written in the straight-forward, easy to read style Liz uses in her weekly columns for MSN Money. It gives a lot of basic information as well as "how to's." I definitely recommend this book for those who want to improve their score by either fixing it or protecting it.
Wonderful Book.......2007-05-21
When I bought this book, I was very skeptical. It was actually a very smooth, easy read and was very insightful. I reccommend this to anyone who is looking to start fresh with their credit.
Informative, but redundant.......2007-05-12
This Book will give you all the information you need to get the best credit score you can, and if you will follow the book's advice, most likely it will work.
However, the information given in the book could be found on any credit monitoring web-site for free with more accuracy to your situation.
It's nice to have the book at home, but not necessary. Take it only if you refuse to read the advice you get at the different credit report websites
Should be required reading before filling out your first application..........2007-02-12
It's become pretty common lately to hear news stories about your "credit score." But it's one of those things that is not well-understood, nor are the factors that feed into it. This book cuts through all the confusion with clear explanations and great advice... Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future (2nd Edition) by Liz Pulliam Weston. A little knowledge can save you a ton of money and grief...
Contents: Why Your Credit Score Matters; How Credit Scoring Works; VantageScore - A Revolution or Just More of the Same?; Improving Your Score - The Right Way; Credit Scoring Myths; Coping with a Credit Crisis; Rebuilding Your Score After a Credit Disaster; Identity Theft and Your Credit; Emergency! Fixing Your Credit Score Fast; Insurance and Your Credit Score; Keeping Your Score Healthy; Index
Like it or not, credit bureaus have a large influence on what you pay for loans (and increasingly, insurance). Weston starts by explaining how the whole credit rating concept evolved, as well as the significant players in the game. She also explains how that credit score is used by banks and lenders to predict the likelihood of getting paid back. The lower your score, the higher the probability of payment issues, and the higher the interest rate will be. The book becomes *really* valuable when you start understanding the many myths behind credit scoring. For instance, conventional wisdom says it's a good thing to close out credit card accounts you're not using any longer, thereby improving your credit score. In reality, that action will usually hurt your score instead. Or another example... It's a good idea to have your credit company lower your limit to improve your score. Wrong! Part of the calculation of credit scoring is the ratio of used to available credit amounts. If you lower your credit limit, that ratio goes up (provided you didn't pay down your balance), and your score goes down. It's practical information such as this that makes the book so valuable and worthwhile. Oh, and you wonder why your insurance rates are higher than your neighbors, all things appearing equal? More and more insurance companies are following the controversial practice of charging higher premiums to people with lower scores. Yet another reason to be on guard.
Ideally, you don't run up credit charges and you pay cash for everything. Practically, society is geared towards being able to categorize people based on their credit history. You can use this book to position yourself well for credit expectations without having to go against your principles if you don't want to become caught up in the credit craze. This book should be required reading before getting your first credit card or loan...
Book Description
HOW TO SETTLE YOUR DEBTS, by Norman H. Perlmutter, CPA, is the book that everyone needs to prevent economic meltdown. It's the essential, up-to-date, comprehensive and gutsy survival guide to meet this ever growing serious problem of financial ruin that faces so many of us.
In a step-by-step format it guides individuals, families and businesses through a process that will end debt and reverse insolvency without filing bankruptcy. Even if you're on the brink of financial ruin, with this book you can regain financial health and get a fresh start without committing "financial suicide".
HOW TO SETTLE YOUR DEBTS provides legitimate workable solutions to repair financial chaos. It's written in a conversational style and organized in an outline format that promotes understanding and ease of reading for the average person. You will learn in no uncertain terms how to climb out of the hole you are in and get your financial life under control without causing irreparable damage to your future in the process.
The author is a practicing CPA and Financial Advisor who formerly owned a Debt Collection Agency. He understands the tactics of the conniving moneylenders and their debt collector enforcers and all the other scam artists who are out there waiting to rip you off. He knows how to deal with these people and how to stop them from harassing you and from ruining your credit and your reputation. Furthermore and most important, with this book he will teach you how to take control of your financial life and get out of the mess you are in.
HOW TO SETTLE YOUR DEBTS is for all those individuals, families and businesses whose debts grow deeper by the day and whose lives are being adversely affected by them. Here's a summary of how the book will help you deal with your problems with debt:
• It will teach you the basics - what you're up against, who the predators are, how to recognize and avoid their debt traps, the fundamentals of debt, the risks you take when you don't pay, and what they can and cannot do to collect from you.
• It will help you understand your problem - by following the steps outlined you will be able to expose, examine and evaluate your dilemma with debt, how it's affecting your life and the options you have to deal with it.
• You will learn to know your enemy - what makes creditors and bill collectors tick, what motivates them, what their weaknesses are, how you can exploit them and how they are vulnerable to attack.
• It will show you how to keep the wolves at bay - by creating doubt as to the validity and the collectability of your debts and by using "Dirty Tricks" and Counter Attack Techniques to frustrate and discourage creditors and bill collectors.
• It will teach you about your rights and how to take advantage of them - federal and state laws enacted to protect you from abuse and to punish bill collectors who violate them.
• You will learn how to negotiate a debt settlement plan - using basic negotiating skills and built in leverage to set up an advantageous arrangement with your creditors to workout and settle your debts.
• How to use the "Golden Rules of Debtsmenship" - to protect your assets and your privacy and to safeguard credit, and where necessary, how to repair credit and rebuild it.
• How to deal with lawyers - to negotiate debt settlements, contest lawsuits and protect your assets from judgment levies.
• How to settle secured debts and tax debts - by recognizing and seizing upon opportunities to settle or otherwise favorably resolve these debts that creditors have more power to collect.
• How to settle business debts - by understanding the differences that must be considered when negotiating workouts and settlements with business creditors.
• Where to get help if you need it - and how to watch out for all the scam artists who are out there waiting to take advantage of you.
• It's a reference manual as well as a guide - with its outline format and comprehensive index the book can be used to easily and quickly obtain information on any of the many subjects covered relating to debt and debt relief.
HOW TO SETTLE YOUR DEBTS ~ Without Committing Financial Suicide ~ shows you how to end debt and reverse insolvency without resorting to the self-defeating and demeaning ordeal of filing bankruptcy. It provides you with all the knowledge, the techniques and insight required to successfully accomplish this.
Customer Reviews:
Buy it and Save $$$.......2006-11-16
Using the information contained in the book, especially to have Patience and Persistence, I have settled 2 credit card debts, and saved $16,000 from what Credit Card #1 and Credit Card #2 were demanding. They gave in before I wore out. Having gone through this, I now feel extremely confident on settling the remaining debt for less then the current balance. Using the advice contained in Norman's book WILL work as long as don't give in until you feel you have reached a fair settlement.
Great book.......2006-04-17
Gives you the law and practicalities. After reading this book I wrote to one lender and one collection agency and (5 months later) haven't heard from them again.
Excellent! Very Informative .......2006-02-10
This book was great! I began reading the book with much debt and minimal knowledge of how to become victorious in the world of debt and credit. This book was written in lay terms, so it was very easy to understand. Included in the book were sample letters and laws that helped me to know my rights as a consumer.
As I was reading this book, I began to apply much of what was written and I immediately began to gain control over my finances. I was no longer going to fall prey to credit or be victim to the collector. I now have a budget, live beneath my means, have devised a plan to remain out of debt and am on my way to rebuilding my credit. I would recommend this book to any and everyone. It was absolutely outstanding!
Low on Substance.......2006-01-01
I got this book because of the outstanding reviews it already had. In hindsight, I suspect not all of them are legitimate reviews. It's difficult to imagine anyone could read the advice in this book, put it to use, and actually gain significant benefit. Though the book's description sounds very promising, I found that it didn't deliver the information it promised. Many of the scenarios in the book are unrealistic and make unhelpful assumptions. Over and over again the author directs the reader to research topics elsewhere without providing even basic information. For example: "Credit reports are difficult to read and even more difficult to understand. There are some excellent books available to help you with this." While this book is not specifically about dealing with your credit report, it seems that a bit more information about credit reports would have been provided.
Most of the advice is common sense (live within your means) or biased against any course of action other than settling with creditors. The author writes from the viewpoint that bankruptcy is the worst thing you could possibly do, but never backs up that claim with any information. I was left with the impression that the author himself isn't really sure what effect bankruptcy has.
In fact, the author's pervasive use of generalities and unrealistic suggestions made me think he doesn't actually know that much about credit (despite his alleged qualifications). For example, he repeatedly suggests bargaining with your creditors that you will pay part of your debt if they remove negative information they have already reported to the credit bureaus. But the author seems oblivious to the fact that the credit bureaus have specific rules against creditors doing this. Numerous such suggestions ruin the author's credibility.
At best, this book might be helpful as motivation to action for someone who lives behind his or her means. But if your debts are the result of unfortunate and unavoidable events in your life, and you are ready to take decisive action to get your debt under control and your credit back on track, you will find this book preachy and unhelpful.
This is the best resource currenty available ..........2005-11-05
... for learning how to settle unsecured debt such as credit card debt. It is comprehesive and yet concise. There is no BS or fluff and it touches on every area of the landscape you need to be aware of when trying to settle unsecured debt on your own. Even though there is one far more powerful solution to settling credit card debt that is not discussed in this or any other book that I have read on this subject, I still gave the book five stars because all of the information contained in it is essential to know and is very well presented. As such, this book is the ideal starting point for learning about how the business of debt and collection works and how to deal with it. I highly recommended it.
Book Description
Your credit scores are the most vital tools you have to unlock your financial power. Having lower credit scores means that you will pay higher interest rates for your car loan, home mortgage, and credit cards. Low credit scores could cause you to be turned down for credit, be denied insurance, or in some states even be charged more for your utilities.
Customer Reviews:
Excellent book.......2006-03-01
This book is well put together and contains much important and mostly unknown information to help increase your credit scores. These mistakes are often made and the book is written in a simple to understand manner. Well worth the money.
Shame on you.......2005-10-08
This book is a scam. Not even a good essay or article, the information provided by Snyder could have been written on one page...
Good Reminders - Not Mindblowing!.......2005-09-26
I went to Stephen Snyder's Credit After Bankruptcy seminar and learned a boatload of stuff I didn't know about credit and FICO scores. This book is an excellent set of reminders of what NOT to do after being discharged from bankruptcy or if you have credit problems in general. Is it epic? No, not really. But I consider it like having my own "38 commandments of credit" and a worthwhile crib sheet of the do's and don't's.
to the point.......2005-07-25
This book is straight forward and to-the-point. I know a lot about credit scoring (from Stephen's first book), and yet I still learned at least a few new things that are very valuable to me regarding my own credit. I gave 4 out of 5 stars only because I would have liked a further, more detailed, explanation of certain things (these things won't be too difficult to find out via the web).
Very easy read packed full of useful information.......2005-05-17
Mr. Snyder takes on the bewildering topic of FICO credit scores and boils it down into a very easy to read, and more importantly, useful book. One can read this book in a lunch hour and come away with a new understanding of credit scoring. I knew that credit scores where important, but I did not know how pervasive they had become in our lives. Did you know that the insurance industry is now checking credit scores to set rates? So, if you have low credit scores your insurance bill is higher than someone with higher scores for the exact same insurance! I learned quite a few things that I've been doing that are killing my credit scores. These are mistakes that are easy to fix or avoid. Thank you Mr. Snyder for this easy to understand and informative guide. This is definitely a 5 star book.
Book Description
Respected financial expert Dave Ramsey offers a comprehensive plan for getting out of debt and achieving financial health. Against a playful backdrop of fitness terminology, Dave gives solid, hard-hitting advice needed to make your goals a reality. Filled with both the "hope" and the "how-to," The Total Money Makeover includes:
- Useful worksheets and forms
- Readable and informative charts and graphs
- The four factors that keep people from getting in shape financially
- Photos and amazing stories from people who have succeeded following The Total Money Makeover plan
The Total Money Makeover is a necessity for everyone in need of a financial makeover. Readers will learn to live by the The Total Money Makeover motto: "If you will live like no one else, later you can live like no one else."
Customer Reviews:
Good ideas, problematic presentation.......2007-10-21
I picked up a copy of the Total Money Makeover book from my local used bookstore after reading a number of good reviews. After giving it a read through I've found that the majority of the book is geared towards convincing the reader of a number of financial "truths" and very little is actually geared toward practical use.
I was very disappointed by the lack of diversity in the "real life stories" -- they all seemed to be caucasian, self-employed middle class conservative Christian individuals in which the wife was either a stay at home mom or a homemaker. I understand that this is a faith-based special interest book and this is the target audience, but I think the author's lack of diversity in the book undermines the intent of the book and may turn off readers of different ethnicities, family structures and employment status.
There is some good financial advice in the book: develop a cash budget, don't use credit cards and learn to save by living below your means. I like the notion of the "snowball" debt repayment plan, and I think it makes sense if readers need motivation to establish good debt repayment habits.
All in all, I would recommend either buying the book used (on trade credit from your local used bookstore preferably) or borrowing a copy from your local library before deciding to purchase a copy.
Amazing.......2007-10-19
This book is full of common sense. Get out of debt, live on less than what you make so you can save for the future, etc. The difference is that this book lays out a plan in small, achievable steps that give you quick successes that motivate you towards your goal. It also includes testimonies of people who have started out in debt and have gone through the program and it has worked for them. Results matter, theories don't.
Because it's so obvious once you've read it, it makes you wonder why you haven't been doing this already - the reason is motivation and being overwhelmed and not knowing where to start. So this book removes both of those obstacles. Excellent program and excellent results.
Great Pre-Marital Advice.......2007-10-15
I have always been interested in my personal finances, but have had very little guidance. My mother bought this book for me a couple months ago, along with a couple other Ramsey books, right before I got married. I am 23 and my husband is 24 and I think I read this book at the perfect juncture in my life. Dave Ramsey inspired us to start our marriage off on the right financial foot by practicing the baby steps.
We paid off $10,000 in student loan and car debt and are now debt free. We have $8,000 saved up so far in our emergency fund. The next step is to set up retirement Roth IRAs, which we plan to do this week.
I would recommend this book to ANYONE, but especially to young people just starting out. This book is an excellent gift for recent college graduates, and I plan to give it to all my friends who are getting married soon.
The only reason I give the book 4 and not 5 stars is for the beginning section of the book which was so repetitive that I almost stopped reading. However, once Dave starts talking about the money myths and the 7 step program, the book became incredibly engrossing.
Excellent book, changed my life for the better.
Excellent book.......2007-10-14
I was able to read this book quickly and get a lot of information from it. I recommend it.
Not rocket science, but then again, most things worth doing aren't.......2007-10-04
If you are looking for a step-by-step guide to crawl out from under your financial rock, get control, and win with money, this is your book. Dave is a fantastic communicator, and part of that is his willingness to tell it like it is. If it's stupid, he calls it stupid; but always with the heart to see people change their lives for the better. Dave has said over and over that success with finances is only 20% knowledge, but 80% behavior. This book covers the basics of the head knowledge, but hopefully Dave's insights and the numerous personal narratives from real people who have implemented the plan and are winning with money will inspire you to change your behavior. If you need more convincing, just find his radio show or Web site and listen to how he helps people change their lives for the better.
Amazon.com
If getting and spending define our lives, then Juliet Schor now has us covered. Six years ago, her book The Overworked American scrutinized the getting part. It focused public attention on the disappearance of leisure and the harmful effects thereof on families and society. It sparked a debate over whether Americans really work as much as we proudly claim. (If so, how to explain the audience for Monday Night Football?) Nevertheless, Schor can take credit for helping push Congress into passing the Family Leave Act in 1993.
Now she is back with a critique of our spending. Schor notes that, despite rising wealth and incomes, Americans do not feel any better off. In fact, we tell pollsters we do not have enough money to buy everything we need. And we are almost as likely to say so if we make $85,000 a year as we are if we make $35,000. Schor believes that "keeping up with the Joneses" is no longer enough for today's media-savvy office workers. We set our sights on the lifestyles of those higher up the organizational chart. We seek to emulate characters on TV. For teenagers, "enough" is the idle splendor that hardly exists outside of what MTV un-ironically calls The Real World. Schor offers an original and provocative analysis of why many Americans feel driven and unhappy despite our success. As an alternative, she profiles several "downshifters" who've taken up voluntary simplicity in search of a more satisfying way of life. No policy solutions suggest themselves this time, only a change of heart. --Barry Mitzman
Book Description
The Overspent American explores why so many of us feel materially dissatisfied, why we work staggeringly long hours and yet walk around with ever-present mental "wish lists" of things to buy or get, and why Americans save less than virtually anyone in the world. Unlike many experts, Harvard economist Juliet B. Schor does not blame consumers' lack of self-discipline. Nor does she blame advertisers. Instead she analyzes the crisis of the American consumer in a culture where spending has become the ultimate social art.
Customer Reviews:
Excellent analysis of contemporary American.......2007-08-16
The title says it all, doesn't it. We want, want, want, and spend, spend, spend. When I worked in corrections, I often said to the inmates (who lusted after fancy cars, expensive sneakers, and gold jewelry): "We want things we don't need and can't afford, and it gets us into big trouble." This book explains why we are captivated by the spirit of more is more is more.
Interesting book, with a few flaws........2007-05-15
This is a very well researched book and has many interesting ideas on how to spend less and worry less about things we don't really "need" but really "want." My only concerns were in the section about "downshifters" - people who work less and make less, but are happier. The book notes that most people who "downshift" were only making $30,000 a year or so to start with - not a lot of room to maneuver downward. I was interested more in those who made much more but kept spending more, which she also alludes to. Still, a very interesting book, with some intriguing ideas about how to control expenditures.
Good book . . . but it left me hungry.......2006-12-17
I thought this was a very good book, but I guess I was expecting more from the author. Having just read Fast Food Nation and then getting this book right after, the layout and format was similar but what Eric Schlosser did, fell very short in Juliet B. Schor's book.
I wanted so much more but as each chapter came to an end, I felt very let down. I wanted to point my finger at the big corporations and say "see what you did" but I found myself finding fault more with the author than the corporations. I really wanted to read a well researched book on this topic so now I find myself reading the books she cited.
They were a few good parts of the book where the author made reference to the sitcom Friends and how we as americans making $40,000 to $ 60,000 a year are trying to keep up with the Jonese making 1 million per episode. Also that the Jonese are no longer our next door neighbors but with the expanse of the internet and TV our Jones are actors, singers and record producers. I found this to be so true and wanted more, but time and time again her argument ended right there.
It was here that the author's solution would then be picked up, and what is her solution you may ask? (scratching your head) communal living. I found this advantageous because I acutally expected the author to skirt the issue. Juliet B. Schor's example, why have every house buy a lawn mower when one house can and the neighborhood could share it. I found so many arguments to refute this (I live in New York, was one) that I felt the book did not give the topic the right amount of justice. So I'm still searching . . .
The Overspent American: Why We Want What We Don't Need.......2006-11-15
Outstanding, the book is very well written and documented. Juliet B. Schor gives very cogent anecdotes in the book concerning consumerism. As a matter of fact, being in the process of "upgrading" the appliances in the house for no apparent reason, the book totally redirected my excesses.
A must read for every hedonist, capitalistic American.
Explores the psychology of spending.......2006-07-03
To change behavior, it helps to understand behavior. This book does a great job exploring the psychology behind why people spend so much money.
Some of the topics it covers include
-the strange need to keep up with "the Joneses"
-how some material goods force you to spend more to maintain and upkeep them (i.e., auto, large house)
-how kids are influenced by peers and advertisements at an early age and subsequently pressure parents to buy stuff
-how certain professions lead you to spend more on clothes and cars in order to succeed in that profession
-the correlation between increased television watching and increased spending
-the willingness of people to spend significantly more for certain brand name items (purses, lipsticks, shoes) that provide no more quality than generic items
The book also gives solid advice about how to break the overspending habit and provides interesting examples of people who have "downshifted" their lives.
Once you understand the etiologies of your thoughts and desires, you are better able to control and redirect them. For anyone who wants to decrease or have more control over their spending behavior, this is a great book for them. Even if you consider yourself frugal already, this is still a very interesting book.
It is very concise at 170 pages (the rest is references) so it doesn't get boring or repetitive. I think it is more effective than the similar book Affluenza.
Books:
- Managing a Consumer Lending Business
- Martin Pring's Introduction to Technical Analysis: A CD-ROM Seminar and Workbook
- Options As a Strategic Investment (4th Edition Study Guide)
- Pay It Down! : From Debt to Wealth on $10 a Day
- Rich Dad's Advisors: How to Attract Other People's Money for Your Investments--The Ultimate Leverage
- Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth
- Seeds Of Greatness
- Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner
- Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner
- The Act of Marriage
Books Index
Books Home
Recommended Books
- Amusing Ourselves to Death: Public Discourse in the Age of Show Business
- Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and Middle Class Do No
- Effective Software Test Automation: Developing an Automated Software Testing Tool
- General Motors Chevrolet Venture, Oldsmobile Silhouette, Pontiac Trans Sport & Montana 1997 thru
- Mastering Regular Expressions
- The Armour of Contempt
- Literature Circles: Voice and Choice in Book Clubs & Reading Groups
- Advanced Accounting, Update Edition w/ Enron Powerweb
- Entrepreneurship and Self-Help Among Black Americans: A Reconsideration of Race and Economics
- Genetic Prehistory in Selective Breeding: A Prelude to Mendel
Banks & Banking
| Industries & Professions
| Business & Investing
| Subjects
| Books
Credit Scoring For Risk Managers: The Handbook For Lenders
Credit Risk Scorecards: Developing and Implementing Intelligent Credit Scoring (Wiley and SAS Business Series)
Subprime Consumer Lending (Frank J. Fabozzi Series)
The Bank Director's Handbook: The Board Member's Guide to Banking & Bank Management (Bankline Publication)
Paying with Plastic, 2nd Edition: The Digital Revolution in Buying and Borrowing
