Garrett Sutton distills years of experience as an attorney and advisor into a valuable guide to eliminating debt in The ABCs of Getting Out of Debt.
Part of the Rich Dad Advisors book series, The ABCs of Getting Out of Debt begins with some thoughts on the topic, including the psychology and health effects of debt, as well as the difference between “good debt” (prudently leveraged investments, such as real estate) and “bad debt” (mostly discretionary spending on depreciating assets). These are important insights, but also rather common in self-help finance books. It’s the chapters that follow, where Sutton goes into detail about how to effectively eliminate debt of various kinds, that generate unique value.
To do this, Sutton enlists other experts, such as Scott Bilker, who offers his first-hand experiences negotiating with credit card companies, providing readers a “how-to” guide to doing the same; and credit scoring expert Tom Quinn, who gives a behind-the-scenes glimpse into what drives credit scores, and how to improve them. Sutton also shares plenty of his own insights, explaining legal matters like how joint ownership affects consumer debts, and outlining special provisions for veterans, holders of student loans, and IRS debtors that can help them navigate debt.
Sutton writes in an accessible, straight-forward style, but never dumbs down the content. Most fascinating are the true-life tales he shares of people who have struggled with debt. Eminently relatable and compelling, these serve not just as cautionary tales but also as inspiring examples of how these problems can be solved.
The author ends on a practical note, with an appendix offering sample letters to lenders, debt collectors, and credit agencies, as well as budget worksheets and other resources. As the title suggests, the book is best suited to those who are currently struggling with debt—but anyone who uses a credit card, or borrows for a car or mortgage, will find the information contained here worthy.
Also available in hardcover, ebook and audiobook.