Re: John Cummuta's 'Your Debts Could Make You Rich'

> I'm interested to see how one's debts can be fulfilled in
> less than 10 years time (besides the obvious).

> Thanks. Arnie

Arnie,

The plan is simply based on focusing on the smallest debt and increasing your monthly payment to eliminate that one as soon as possible, while paying all your other paymens on time. You start by paying double the minimum or more on the first targeted debt.

Once you pay it off, don't add any new charges to that account.

Next, move the the second smallest credit bill. Take the amount you were paying on the first card, and add that amount to the minimum payment on the second. If possible, look for additional money that you can use to pay even more on either a monthly or one-time basis (such as a Christmas bonus or income tax refund.

As you eliminate that debt, select the third smallest debt and add the amount you were paying money on the last one you retired.

This system works if you can write a plan and stick to it. Those who never write a budget or stick to one once they have written one. This is the reason why so many hire a personal finance person the help guide them through the process.

You might check with your local library to see if they offer this book and others on the same topic. If you find a book that suits you, then see if you can purchase the matching workbook at Waldens, Barnes & Noble, Amazon.com, etc.

Reading Commuta's outline, he claimed to have helped people with huge personal debts eliminate them in 4 to 7 years, even better than the 10 years you were looking at.

I have no personal knowledge of Mr. Commuta or his program, just read and digested his brief description.

Dennis Bevers