Transforming Debt into Wealth - help please!

gracebiz

Hello I'm new here. I wanted to start using the debt repayment plan that I read about in John Cummatas book (Transforming Debt Into Wealth) but I have just moved house and lost the book!

I can't remember how you work out which debt to start paying off first. Does anyone have this book or know how I work it out? I don't think it was as simple as the highest interest rate first.

Thanks
Grace

elona

You pay off the debt that has the highest interest rate first - usually store cards are the worst.

Phoenix79_2

gracebiz wrote:

I don't think it was as simple as the highest interest rate first.

Regardless of what the book says, paying off the debt with the higest rate first is the best way to go. There wil be exceptions (rent arrears, council tax etc) but on the whole.....highest rate to be paid off first!

amosworks

There are two main ways to pay off debt. The most popular MSE way is to pay off debt with the highest interest first (aka snowballing), but this is not the John Cummuta way (which I used to get DF). His way is called CAM or Cumulative Accellerator Margins. Not only is it much easier to work out than snowballing but is just as fast (and sometimes quicker) than snowballing, which a lot of the abacus huggers just don't get.

You can get the information you need from his website, but you must remember that Cummuta has put together an entire program to make you wealthy, not just to get out of debt. Working your CAM is just one small part of following the program and you have to realise that finance is holistic, you can't just concentrate on your outstanding debt

Good luck!

flowerofscotland

Can't help with the book you are looking for but the snowball calculator is https://www.whatsthecost.com

Actually I think I have found the web site you need
http://www.mydebtfreeplan.com/

Looks interesting -thanks

Tr@cker

Al Mac: spot-on-common sense doesn't cost a penny but apparently its not so common anymore.

amosworks

lol you guys. Actually it is possible to get his information for free. Cummuta is a very smart guy and of course I'm sure that he's figured out that if he distributed books to everybody for free, he wouldn't be rich for very long. I would also like to point out that Martins book is not free either!! THINK people, THINK!

Also don't forget that Cummuta has developed a plan to make people rich, and getting out of debt happens to be one of the first stages. Debt is not the end-all and be-all of his program. For $35, it sure would have been excellent value for me to be in my position now! I no longer want for anything, have no debt and enjoy a comfortable lifestyle - and I owe a lot to that guy.

But, I did happen to come by his information for free anyway

Amos

MonkeySaving?

Easy, money + drugs = chicks
Integrate and factorise, there is the answer

amosworks

Al_Mac wrote:

Go on then show us all

Absolutely. I accept Visa, MaterCard, Switch, Solo and PayPal

cathybird

amosworks wrote:

I would also like to point out that Martins book is not free either!! THINK people, THINK!

no it isn't, but Martin also makes a point of providing free access to pretty much everything he knows about saving money/getting out of debt on this site and through his email newsletters. In fact "provide" isn't probably a strong enough word - he makes every effort to get the information out there and make it as public as possible, in order to help people beat the banks etc. What you'll find about John C and other finance "gurus" of his type who offer a "system" is they won't really tell you very much upfront without charging for it, or if they do offer free information it won't be so easy to track down. that's the difference, I think

Chrismojam

cathybird wrote:

no it isn't, but Martin also makes a point of providing free access to pretty much everything he knows about saving money/getting out of debt on this site and through his email newsletters. In fact "provide" isn't probably a strong enough word - he makes every effort to get the information out there and make it as public as possible, in order to help people beat the banks etc. What you'll find about John C and other finance "gurus" of his type who offer a "system" is they won't really tell you very much upfront without charging for it, or if they do offer free information it won't be so easy to track down. that's the difference, I think

The point Amos is trying to get across, I think, is that this information is available ('free') to anyone who knows how to use a pc and certain websites....................