Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    The Debt Pit Escape Plan: Get Creditors Off Your Back, Climb Out of Debt and Rebuild Your Credit
    The Debt Pit Escape Plan: Get Creditors Off Your Back, Climb Out of Debt and Rebuild Your Credit
    The Debt Pit Escape Plan: Get Creditors Off Your Back, Climb Out of Debt and Rebuild Your Credit
    Ebook182 pages2 hours

    The Debt Pit Escape Plan: Get Creditors Off Your Back, Climb Out of Debt and Rebuild Your Credit

    By Keoni Gordon

    ()

    Switch to audiobook
    Read preview

    About this ebook

    Why are 80% of Americans trapped in debt? Why don't they just get out of debt?

    Imagine what life would be like without the constant fear, stress and anxiety of unpaid bills and threat of eviction. You can have control over your financial situation and enjoy the freedom to plan your future, unhindered by your past. You don't need to live paycheck to paycheck, you can have a debt free lifestyle.
    All of this is possible with a shift in mindset and proven budgeting techniques. This doesn't mean just think and grow rich, then you'll be the millionaire next door overnight. There is a process to understanding how you got into debt and working to climb out.

    It Is Possible To Climb Out Of The Debt Pit, Even If You Feel Hopeless.

    You are not alone being stuck in debt. Many others face the same challenges in consolidating debt and paying off credit cards. The system is designed to make debt enticing and trap people. If you are reading this, it means you are aware of the problem and are seeking a solution.

    The Debt Pit Escape Plan is a comprehensive, yet simple step by step plan to help you get out of debt fast. It is based upon timeless principles of money management and budgeting. In fact, Dave Ramsey recommends some of these same strategies, such as the debt snowball.

    "You Must Gain Control Over Your Money Or The Lack Of It Will Forever Control You." - Dave Ramsey

    In this book, you will discover:

    - Greater insights into your financial situation via a self assessment tool.
    - Motivating stories from others who have freed themselves from debt.
    - Why people get into debt and why they choose to stay there.
    - How to negotiate with creditors to reduce or eliminate debt.
    - How to rebuild your credit and live life on your terms.
    - The joys of debt free living.

    Why spend another day feeling trapped in debt? Use the principles, strategies and philosophies outlined in this book as your escape plan.

    Take The First Step Towards Your Financial Freedom By Getting Yourself A Copy Of This Book.

     

    LanguageEnglish
    PublisherKeoni Gordon
    Release dateDec 10, 2020
    ISBN9781393295846

    Related to The Debt Pit Escape Plan

    Related ebooks

    Personal Finance For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Bank On Yourself

      May 12, 2019

      Bank On Yourself
      5 min read

    • Article

      Know Your Money Personality

      Oct 13, 2021

      Know Your Money Personality
      1 min read

    • Article

      Decoding the 50/20/30 BUDGET

      May 13, 2019

      Decoding the 50/20/30 BUDGET
      2 min read

    • Article

      How to Build Your Wealth in Your 40s

      Jan 21, 2020

      When you enter your 40s, you may start feeling like you have less time to prepare for retirement and find your financial footing. This added stress can make financial planning challenging during this stage of your life. Your 40s are a time to get fo

      3 min read

    • Article

      Should You Do Your Own Taxes or Hire a Professional?

      Jan 30, 2020

      For some people, tax season poses little worry, and the process occurs painlessly. Simply populate the requisite fields on your 1040 with info from your W-2, claim the standard deduction, sign on the dotted line and e-file. After that, the check is

      4 min read

    • Article

      To Prepare Your Heirs for Future Wealth, Don't Hide the Truth

      May 22, 2019

      For parents in families of multigenerational wealth, there are a lot of perceived third rails when it comes to discussing family wealth with your children. You may be afraid that when your child learns they stand to inherit a substantial amount of mo

      4 min read

    • Article

      Working Out Your Finances

      Dec 27, 2020

      Working Out Your Finances
      2 min read

    • Article

      For Real Financial Security, Do NOT Do What Everyone Else Is Doing

      Apr 5, 2022

      If you were to characterize the perfect investment, how would you describe its features?  You most likely are describing something that doesn’t exist –  a financial unicorn that, if it actually did exist, would do away with all other financial produc

      5 min read

    • Article

      Top 6 Apps to Spring Clean Your Finances

      Mar 21, 2018

      Everyone who's into managing his or her personal finances with the help of an app has heard about Mint, which currently ranks No. 24 among all free apps in the Finance category that can be downloaded from the Apple iOS Store. To offer you a couple o

      4 min read

    • Article

      It’s Not Always About How Much You Make

      Mar 20, 2021

      EVERYONE has their own money rule that they swear by. My one: “It’s not about how much you make; it’s about how much you keep and where you keep it.” Back in my corporate days, I was highly paid. It was probably a bribe to keep me in the job, as I ha

      3 min read

    • Article

      Don't Settle for Anything Less Than True Diversification

      Dec 11, 2018

      Diversification is a big word, but it can be simply defined: Don't put all your eggs in one basket. That sounds easy enough to understand and accomplish, but it can be trickier than you might think. That's because there's a big gap between how Wall

      3 min read

    • Article

      Seven Keys To Investing Successfully For Retirement

      Apr 24, 2021

      YOUR early working years can be hectic, with long days spent navigating a fast-changing world, and your partner, perhaps even a young family, placing multiple demands on you. How are you supposed to plan for the long term, choose an investment portfo

      2 min read

    • Article

      20 IRS Audit Red Flags

      Nov 14, 2019

      20 IRS Audit Red Flags
      11 min read

    • Article

      17 Wonderful Work-From-Home Stocks to Buy

      Jul 1, 2020

      Many businesses have taken at least a short-term hit from the COVID-19 economic shutdown, but a few fortuitously positioned companies have actually thrived. And arguably the biggest winners have been so-called work-from-home, or WFH, stocks. Many tec

      1 min read

    • Article

      Financial Knowledge Is Power Only If You Apply It

      Mar 6, 2021

      ONE of my favourite sayings is “Financial literacy, just like weight loss, isn’t dependent on one thing. It’s 20% education and 80% your action.” A year into the Covid-19 pandemic, I’m reminded of a young woman I interacted with a few months before S

      3 min read

    • Article

      What’s Your Money Personality?

      Mar 20, 2020

      What’s Your Money Personality?
      2 min read

    • Article

      It’s Not Always About How Much You Make

      Mar 20, 2021

      EVERYONE has their own money rule that they swear by. My one: “It’s not about how much you make; it’s about how much you keep and where you keep it.” Back in my corporate days, I was highly paid. It was probably a bribe to keep me in the job, as I ha

      3 min read

    • Article

      Emergency Funds Can Have a Surprising Downside

      Jan 22, 2019

      Why save for opportunities when everyone tells you to only save for emergencies instead? Because you'll be operating from a place of abundance, not scarcity, and that can make a world of difference. It's valuable for each family to have a cash emer

      4 min read

    Related categories

    Reviews for The Debt Pit Escape Plan

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      The Debt Pit Escape Plan - Keoni Gordon

      The Debt Pit Escape Plan

      Get Creditors Off Your Back, Climb Out of Debt and Rebuild Your Credit

      Keoni Gordon

      © Copyright 2020 - All rights reserved.

      The content contained within this book may not be reproduced, duplicated or transmitted without direct written permission from the author or the publisher.

      Under no circumstances will any blame or legal responsibility be held against the publisher, or author, for any damages, reparation, or monetary loss due to the information contained within this book, either directly or indirectly.

      Legal Notice:

      This book is copyright protected. It is only for personal use. You cannot amend, distribute, sell, use, quote or paraphrase any part, or the content within this book, without the consent of the author or publisher.

      Disclaimer Notice:

      Please note the information contained within this document is for educational and entertainment purposes only. All effort has been executed to present accurate, up to date, reliable, complete information. No warranties of any kind are declared or implied. Readers acknowledge that the author is not engaged in the rendering of legal, financial, medical or professional advice. The content within this book has been derived from various sources. Please consult a licensed professional before attempting any techniques outlined in this book.

      By reading this document, the reader agrees that under no circumstances is the author responsible for any losses, direct or indirect, that are incurred as a result of the use of the information contained within this document, including, but not limited to, errors, omissions, or inaccuracies.

      Table of Contents

      Introduction

      You Are Not Alone

      Similar Stories

      Chapter 1: In the Hole

      Financial Assessment

      Personal Responsibility

      There Is a Way Out

      Motivation Through Tough Times

      Chapter 2: The Debt Pit Trap

      Reasons Why People Go Into Debt

      Why Do People Choose to Stay in Debt?

      Debt Pit Trap Design

      The Credit Card Revolution

      Chapter 3: Stop Digging

      Become Informed

      Catch Up Default Accounts

      Cut Up All Your Credit Cards

      Minimize Living Expenses

      Building a Budget

      Setting Up a Budget

      Step 1: Know Why You Want a Budget

      Step 2: Income and Expenses

      Final Step: Reviewing Your Expenses

      Set Up a Savings Account

      Set Up Payment Plans

      Other Solutions

      Chapter 4: Dealing With Creditors

      Get Creditors Off Your BackWithout Losing Your Shirt

      Selling of Default Debt

      Last-Ditch Attempts by Creditors

      Legal Advice

      Understanding Debt Collectors

      Chapter 5: Climb Out

      Cut Costs Through Frugal Living

      Quicker Ways to Get Out of Debt

      Common Mistakes

      What’s Your Motivation?

      Chapter 6: Rebuild Your Credit

      How to Rebuild Your Credit

      Step 1: Obtain a Copy of Your Credit Score

      Step 2: Pay on Time All the Time

      Step 3: Working With Credit Cards

      Step 4: Rebuilding Your Credit Score

      Step 5: Change Credit Behavior

      Rebuilding

      How to Rebuild Credit Fast

      After Bankruptcy

      Chapter 7: Stay Out

      How to Stay Out of Debt

      Good Money Habits

      Conclusion

      Debt-Free Living

      How to Live a Debt-Free Life

      Maintain a Debt-Free Lifestyle

      What a Debt-Free Lifestyle Really Looks Like

      References

      Im‌age References

      Introduction

      Let’s face it—they didn’t do a good job teaching us about personal finance in school.

      Sure, some people took accounting courses or may have been taught good money habits from their parents. But what if you were like me and didn’t learn anything about how to manage money until it was too late, and you were drowning in debt?

      I was like that a couple of years ago. Every time my phone rang, I used to cringe, especially whenever the caller ID indicated it was yet another collection agency. Eventually, it felt as though I had more blocked numbers on my phone than normal contacts, and I got tired of letting the calls just ring or shutting my phone off. I felt completely helpless and my situation felt completely hopeless, as a mountain of debt seemed to pile up around me, no matter how hard I tried to dig myself out from under it.

      Financially, things seemed to go from bad to worse. Of course, focusing on it constantly only added to my frustration. I felt like a failure; I felt that I had not only failed myself in not being able to be financially self-sufficient, but I had failed my family by not being able to provide a decent lifestyle for them. Despite feelings of failure, I also felt completely isolated and alone in this debt trap.

      Well, I’m here to tell you that you are definitely not alone. I should know, given my own experience. I have also shared stories with people from all walks of life across the US who have found themselves in similar situations.

      You Are Not Alone

      It’s time to take heart and realize there are more Americans in debt than you could possibly imagine. Most bad debt comes from several places, though it is often a result of overdue balances. The first of these are overdue medical expenses. These costs have usually been incurred as a shortfall between what medical insurance is prepared to pay and the total balance. A whopping 20% of American households are facing debt collectors thanks to unpaid medical costs.

      It’s estimated that almost 33% of all Americans have debt that has been handed over to a collection agency. This debt ranges from around $1,450 to extensive student loans that are tens of thousands of dollars. The average student loan can range from $30,000 to $90,000. For most young graduates, repaying this debt is impossible, and many live frugally, working two to three jobs seven days per week to crawl out of the hole. This debt is even more difficult to pay off when the unemployment rate is currently so high.

      While trying to build up a credit rating, they fall into the trap of taking on credit cards and use these to supplement their income. Unfortunately, this is robbing Peter to pay Paul, and they soon discover that they are now simply adding to a mountain of debt, with truly little to show for it.

      Problems that accompany mounting debt include all those negative thoughts that make you focus on lack and what you don’t have. The Ascent surveyed 1,007 people who had varying degrees of debt. They discovered that 78% of those with debt think about it at least once a day. Naturally, this will have a negative impact on productivity and anything else you’re meant to be doing. How can you be fully focused on anything if your mind is wandering elsewhere?

      Problems associated with debt can’t always be measured financially. Many of these issues affect all areas of our lives, emotionally, physically, and psychologically. They can negatively influence our relationships with others and even our own thought processes. When we face financial challenges, we have trouble recognizing anything good in the world, and this is why our situation feels so completely hopeless. This is the debt pit that we’re currently inhabiting, and if you feel like the walls keep closing in around you, your emotional state is being controlled by this sense of helplessness and hopelessness.

      Fear and shame are two other emotions closely attached to debt, owing people money, and not being able to meet your financial obligations. Perhaps you fear that you are never going to get on top of your finances. You may be concerned about your retirement and whether you will have enough to live with when you do retire. You may be anxious and afraid that you will be evicted from your home or face foreclosure. Following the housing crisis between 2007 and 2010 or recent global disasters, your home may have even depreciated in value.

      Similar Stories

      At 50, Jennifer was forced to undergo major spinal surgery which was not entirely covered by her medical insurance. To make up for the shortfall, she took on what should have been a short-term loan of $20,000. This would have covered the medical costs and helped with living expenses during the three-month recovery time. Returning to work in January, she found herself without a job. The bank refused to honor the loan insurance agreement and today, although she’s been paying whatever she can afford, her current loan stands at close to $48,000.

      Dave walked away from debt in excess of $2 million resulting from a real estate development that went bad. He’d poured his heart and soul into the business for six years, working seven days a week. It was easier for him to file for bankruptcy where he could keep his home and vehicle. Dave had no intention of losing his business, especially after all the sweat equity he’d put into it, but it was the best available option at the time.

      Julia is only 36. She’s currently sitting with debt to the tune of $125,000 thanks to a failed marriage, student loans, outstanding medical bills, legal fees from her divorce, as well as various charges accumulated through being evicted on numerous occasions. She feels ashamed of all the debt and has no idea of how she’ll ever be able to repay everyone she owes money to.

      Upon receiving an inheritance, Sharon was provided with a substantial line of credit. Although she was still grieving at the time, she admits that she quickly added a further $20,000 to her existing debts. Now, she has managed to reduce her outstanding debt by half, but she still has a long way to go. One of her deepest regrets is wasting money on frivolous spending, especially when she should have been mourning.

      Benjamin qualified for a professorship which left him in the hole with about $90,000 in student loans. He really wishes that someone somewhere had taught him about the value of money and the importance of being able to repay loans as they were due so he didn’t have to face all this with naivete. As an associate professor now, he’s uncertain about how quickly he will be able to repay the amounts he’s indebted for.

      Chapter 1: In the Hole

      You’re in the hole (you know that), but how did you get there? While this may be stating the obvious as you’re fully aware of the hole you’re currently in, it’s important to understand how you got there to begin with. Just like there are various reasons why the individuals in the introduction have found themselves in their current financial situation, it’s worthwhile understanding what has brought you to this point in your life.

      Financial Assessment

      One of the ways to do this is by completing a financial assessment to discover how you are really doing financially. This is a self-evaluation. Take a few moments to answer each of the following questions. Be as open and honest as possible. Nobody will see your answers except for you (unless you specifically want to share what you’ve learned with someone).

      This will give you an indication of how you’re doing presently when it comes to managing your money.

      Key:

      5 – constantly

      4 – normally

      3 – occasionally

      2 – rarely

      1 – never

      Instructions:

      Next to each question is a space. Assign a number from the key above to each of the following questions. When you are done, tally your total and check it against the summary section found after the questions. This will give you a clear indication as to how you handle your finances.

      Questions:

      Managing your finances

      All of my financial records are organized, and important documents can be found easily if they are needed. _____

      At the end of each month, I have enough money to cover my expenses, including my mortgage/rent. ______

      I calculate my net worth

      Enjoying the preview?
      Page 1 of 1