Sunday, July 28, 2019

"Debt Free for Life" by David Bach

I listened to this book as an audio book CD while driving around in my car.  While I'm not in debt, I have some family members in debt and wanted to learn more.  If there is anything I've learned from this book, it is that I never want to be in debt!  While debt is temporary and people can get out, it is emotionally and [obviously] financially difficult.  Bach explains how credit cards work and what compounding interest does to people.  For instance, if someone borrows $10,000 on credit cards, over time with interest, they can really owe upwards of $20,000 or more.  I also learned about credit counselors, debt consolidators, bankruptcy, scam artists trying to help with debt, and more.  From a law perspective, it was interesting to know that some debts can be forgiven after a certain amount of years.  It also was fascinating to learn about unclaimed money that I can search for on government websites.  Bach is a compassionate soul that really aims to help people be financially free.  Whether you're in debt or just learning about finances, I recommend you read this book.  

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