In part one of my review of Michelle Boudreau’s Debt Rescue book, I covered the first two chapters of the book. In this post, I will review the 3rd through 5th chapters and hopefully offer some insights into this get out of credit card debt book.

On a side note, my credit card was not charged for the monthly Debt Rescue club membership so that saved me $39.95. Thank you Michelle.

Chapter 3 is about how debt can be a good thing. And in some cases there are good reasons for you to get into debt. The main reasons are to buy assets and not liabilities. You want to spend money on things that can provide you with a positive return on your investment.

Some examples of these are student loan debts, mortgage loans, and debt you take on to start a small business.

Michelle offers some good tips to keep even these good debts down to a minimum. Sometimes it’s better to bootstrap a startup instead of having too much money.

Chapter 4 is about the plastic jungle that is credit cards. She offers the standard tips about comparing credit card offers before applying. She advises you to pay off your balances each month and not to fall behind.

That’s good advice but kind of hard to follow if we are reading a book called Debt Rescue.

She advises you pay off the highest interest balances first instead of the lowest balance like Dave Ramsey in The Total Money Makeover.

She offers plenty of other tips on choosing the right credit cards that you can read for free at any credit card or personal finance website.

Nothing new in this chapter.

Chapter 5 is about taming the beast - dealing with collection agencies.

She goes into detail about the Fair Debt Collection Practices Act or FDCPA. She offers tips on what to do if you have a collection agency is harassing you at work about your debts, or if they are using profanity.

She goes through some of the main points of the act and how to protect your legal rights.

Then she talks about the Statute of Limitations on your debts. Basically if you have debt older than the Statute in your state, you do not have to pay it back anymore. That does not mean the debt collector will stop calling you. It just means you are not legally required to pay it back anymore.

For credit cards or revolving accounts, the Statute is 3 to 8 years. Only West Virginia has 8 years, most of the other states fall in between 3 and 6 years.

In any case, no not ignore collections agencies. You do not want to be sued. If you are being hounded by a collection agency it is likely you may be sued soon if you do not settle your accounts as soon as possible.

So there is chapters 3-5. Overall, there is nothing new in the book. That does not mean the book does not have any value. It’s just that if you picked up this book and possibly the Debt Cures book, you would be disappointed. They contain much of the same information.

That’s my review and I’m sticking to it.

What are your thoughts?

-Adam

Debt Rescue Reviews

Technorati Tags: debt rescue, debt rescue book, debt rescue reviews, Michell Boudreau

I recently did a video review of the membership site that comes with a 30 day trial when you order the Debt Rescue book from Michelle Boudreau. I also forgot to cancel my membership and remembered on the 33rd day so that will cost me $39.95 for a free book. That’s what I believe is the whole idea behind this getting out of debt book. They sell you the book for free, only charging you shipping and handling so they can get your credit card number and then hope you forget to cancel for a month or two all the while charging you 40 bucks a month. It only takes a few hundred people for this to become a very good way for Michelle to make a nice residual income. Even Kevin Trudeau only charged $9.95 a month for his Debt Cures Newsletter. Anyway here’s the video:

Overall, I would say there is not much in here to justify a $480 annual charge. You can find free debt calculators online. Bankrate has some and they can help you plan your credit card debt payoffs. I would say once you get the Debt Rescue book, you check out the membership site once and play with the calculators and cancel it before you forget. Or else you’ll wind up with $40 monthly charge that you probably cannot afford to spend on a debt calculator and some videos.

Thanks for reading,

Adam

Debt Rescue Reviews

Technorati Tags: debt book, debt book reviews, debt rescue, Debt Rescue Reviews, get out of debt book, Michelle Boudreau, paying off debt book

I’ve started reading Debt Rescue from Michelle Boudreau and so far I’m bored to death. I mean to start it’s a 280 page on how to get out of debt and build wealth. That would take anyone a long time to read. Yes, here mission statement says she wants to increase financial awareness across America but do we really need to know about the history of credit cards? The first chapter of the book is 8 pages on the history of credit cards. To some this may be useful but for those of us who want to learn how to get out of debt how can this help us that much and put it into action?

Most people rarely read books, let alone financial books and if you start off the first chapter of your book like this then it’s unlikely they will read the rest of the book. But since I am doing a review of Debt Rescue I have to keep reading. It’s not until chapter 2, 29 pages later that we start getting some tips and techniques to reducing what we owe. The secret - get organized. Get all your bills and statements together and write down how much debt you owe. You have to know where your money is going in order for you to reduce unnecessary spending and allocate more to debt reduction.

And of course you could use her Debt Rescue Club membership site to help you track your income and expenses, for only $39.95 a month. If we are trying to cut our expenses, how can adding a $40 a month bill to our expenses help us when there are some cheaper or even free options out there?

She then gives some useful advice on which bills to pay first - taxes come first and not your mortgage or car. She says it’s not a good idea to have to worry about owing the IRS money. They are the only ones who can take you to jail if you do not pay them. The mortgage company and credit card company cannot do this. So make sure you are up to date on your taxes.

So that’s the first 2 chapters of Debt Rescue. Throw out the first one and the second one is useful and actionable.

Thanks for reading,

Adam

Debt Rescue Reviews

Technorati Tags: book reviews, debt, debt book reviews, debt rescue, debt rescue book, debt rescue reviews, Michelle Boudreau

I wanted to show you what it looks like when you order the Debt Rescue book from Michelle Boudreau.  Having ordered other debt books like Debt Cures, I was ready to be hit with a ton of upsells and other products I could buy but I was pleasantly surprised that there were not a bunch of additional products to buy.

So here are some screen shots of what happens when you order the book online:

You can read about all that you are getting when you order the book.

Michelle’s Boudreau’s Debt Rescue Book Kit Includes:

• National Best Seller “Debt Rescue”
• “Guide To Great Credit In A Snap” handbook
• “Healthy Habits of Wealthy People” Audio CD
• 30-Day FREE Trial to Debt Rescue Club!

Notice at the bottom of the picture, you are basically getting the book for free in exchange for getting the free 30 day trial to the Debt Rescue Club.

Bonus: 30 day FREE trial membership to Michelle’s DebtRescueClub.com and:

• Debt Eliminator Tools & Charts
• Secret Tips, Worksheets & more
• Monthly Webinars for Members
• Access to Toll-Free Advisory Hotline

*You will be billed $39.95 after the first month. You can cancel at any time.

And this shows that the only upsell, if you can call it that is a free trial to a buying club program where it will give you $10 cash back on your order, so you basically get the book for free. But you have to cancel that one as well or else you will be charged a monthly fee.

When I get my copy of Debt Rescue - What The Credit Industry Doesn’t Want You To Know, I will start posting reviews and letting you know what is inside the monthly membership site and let you decide if it is worth $39.95 a month.

Thanks for reading,

Adam

Debt Rescue Reviews

Technorati Tags: debt rescue, debt rescue book, debt rescue review, debt rescue reviews, Michelle Boudreau