Deceptive Money
Product Description
Welcome to the biggest financial crisis to face the American consumer since The Great Depression. For the last seven years, the US consumer has been on a credit binge. Credit has been America’s greatest addiction. Unfortunately, the party is over and the bill is due. Today, we face a debt crisis in America unlike any other in history. The indebted US consumer is facing a trap that appears to be hopeless. Low credit scores, dealing with debt collectors, late paym… More >>
Great book Bob!
The part that hit me the most was regarding looking at what you spend your money on and that is what you value. Excellent point that I don’t think I have heard anyone but you say. The last chapter of course was great too and a great conclusion. If everybody’s heart was right with God first, debt for most wouldn’t even be an issue outside the bad things that just happen.
A very worth book in or out of debt.
Rating: 5 / 5
“Debt is this country’s silent financial crisis, and the amount held by the public has increased 48% over the past seven years.” Bob Brooks’ book provides an excellent summary of the pitfalls involved in credit card debt and programs that claim to ease the pain of digging back out, as well as a detailed approach to money management. Examples provided throughout “Deceptive Money” make the material credible and meaningful for readers.
Red flags to look for in an undesirable credit card offering include first, a Universal Default Clause that gives the company the ability to change the conditions anytime for any reason (eg. being late on any payments). Balance Transfer offers are one of the biggest traps because new purchases are charged a high rate, while payments go towards the 0% balance transfer (which can be changed at a moment’s notice). Brooks then goes on to provide examples of deceptive ads and gimmicks, especially for the supposedly self-disciplining debit card genre.
“Deceptive Money’s” second section addresses problems dealing with the get-out-of-debt industry. Brooks says there are two types: 1)Companies that negotiate on your behalf to reduce the overall amount of debt. 2)Companies that consolidate your debt and provide the opportunity to make one payment. Reality is that these offers mostly turn out to be misrepresentations plus more fees, with little or nothing done for the debtor. Brooks reports having studied many of these programs through the years without finding any worth using.
Brooks then moves on to getting oneself financially organized and documenting all actions regarding existing debts, as well as providing considerable detail on how to control expenditures in a more effective manner than most budgeting programs. Surprisingly, he prefers the use of credit cards over cash – because of their automatic documentation of how the money was spent.
The book’s final section addresses debt collector threats and how to fight back, followed by debt management strategies tailored to readers’ general level of indebtedness. Sample letters to overly aggressive collection agencies are also provided and explained.
Overall, “Deceptive Money” is an excellent tool for those wanting to relieve the stresses caused by credit cards and to improve their financial management. My two suggestions are that in a next edition Brooks expand the material to also include a chapter warning of the traps in common mortgages, and material emphasizing the need for a solid savings program in today’s weak economy.
Rating: 5 / 5
For a variety of reasons, people can be caught in a credit crisis. Deceptive Money contains valuable help. IT IS A TOOL KIT FOR THOSE IN DEBT. You can get out of debt and improve your credit score. And you can do it youself without paying fees to someone who offers no more than this book. The instructions contain lots of Dos and Don’ts. A library of blank documents is included so that individuals can take steps to prevent themselves from being abused. Clear warnings for when you need to engage a lawyer are given also.
The book discusses the value of credit and your credit score. You can have credit, use the credit, AND stay out of trouble. But you have to be careful because credit companies are not your friends. Their goal is to collect interest from you on unpaid balances, and to elevate that balance and rate to the max as quickly as possible. When you sign a credit agreement you have made yourself vulnerable to a business whose goal is to take as much of your money from you as you first, and then the law allows. If you do not control the “you first” part, you could find yourself in ruin; the law will allow credit companies to ruin you. The borrower is slave to the lender.
Deceptive Money also presents a money management technique that families can employ to live within their incomes, “The Boundary System”. With it, you can use credit as a tool for transacting purchases, but not as a source of income.
As I drive to work I listen to a radio talk show called “Prudent Money”. The majority of the callers are people seeking advice on solving problems related to credit. The host is a good man named Bob Brooks, the author of Deceptive Money. After a few months listening to this guy counseling folks, I knew he could teach me something. I bought his book, I read it, and was impressed. Half way through I stopped to buy copies for both of my sons, who are young ministers. It will be an excellent resource for them as they counsel folks from all walks of life.
Here’s why I said Bob Brooks is a good man. He knows money problems hurt so much more than just your wallet. They can reach to the very soul of individuals and families. From page 235, “Debt is not just a financial problem. It is a heart problem. By accumulating debt, we are not only leveraging our bank accounts, we are leveraging our hearts”. In concluding the book, he exposes his own heart with a compassionate witness that “Getting out of debt is a process that starts from the inside with changing your definition of happiness and contentment. When you really get that message, debt loses its grip. You can take your life back from the credit trap once and for all. The trap then becomes a defining moment in your life”.
Rating: 5 / 5
Great book! Whether you are in a little or a lot of debt I highly recommend reading Deceptive Money. Bob Brooks genuinely cares about providing the reader with essential information about creditors and the credit system. I admit to being a “fantasy budgeter” (see pg. 98); however, Bob’s Boundary System (chapter
provides a more realistic approach to accurately track your spending. I was impressed that Bob acknowledges “life happens” and that many of us, myself included, find ourselves in debt because of emergencies that had to be addressed – resulting in unwanted debt. Bob provides real-life examples of different debt situations; one or several of which the reader can identify with. Bob also delivers a letter library (beginning pg. 219), email and physical addresses throughout the book to credit bureaus, government agencies and much more. Unlike other books, Mr. Brooks caring and integrity are woven throughout the book by addressing personal values; using his own experiences concerning money issues and answering the money questions of 15,000 emails! Deceptive Money stresses that there are no quick fixes for getting out of debt. Repeatedly with steadfast honesty, Bob states that hard work, organization and diligence are the keys to financial “debt free” freedom. Deceptive Money gives you that crucial inspiration to START and STICK WITH IT! You will succeed. Thanks Bob!
Rating: 5 / 5
In a style that is incredibly easy to understand, Bob Brooks gives us a surprising but accurate picture of the credit situation we are facing. He not only exposes the reality behind the marketing of credit card companies and the abusive practices of debt collectors, but he gives PRACTICAL ways to fight back. This book is filled with information that will benefit every person who reads it, regardless of their financial situation. Two thumbs up…five stars…a definite “MUST READ”!
Rating: 5 / 5