The vast majority of Americans are in debt, and frighteningly few understand the dangers and implications of debt. Bankruptcy is relatively easy, and often billed as a good way out. But every time it happens, America as a whole is hurt a bit. If everyone went that route, our economy would go right down the tubes. And there are lawyers out there that would love to see it happen.
I’ve blogged about credit and debt before. I mentioned that Dianne Wilkman offered to send me a copy of Jeff Michael’s book, and a few days later, there it was. I’m in the middle of Stephenson’s System Of The World right now, but it’s slightly dry, and 900+ pages, so I took a little break and read this book.
It’s a quick read. It’s not too long, and the material is well laid out and written in plain English. There are lots of good example scenarios. It covers a LOT of territory, there were a couple whole chapters that didn’t (and probably won’t ever) apply to me in any way. It also seemed to be targetted at people who are in debt and haven’t done anything to get out and don’t even know how to do anything.
While that’s not me, it did have excellent advice and suggestions on things like budgetting, and teaching your kids about money.
I’d strongly recommend this book to all Americans regardless of their financial status. If you’re in financial trouble, it’ll help you find a way out. If you’re doing fabulously, it’ll help you understand how to stay that way.