Category: Business/Investing Publisher: Fire Breathing Dragon Press
Type: Non-Fiction
Pages: 118
Copyright: December 2008
ISBN-13: 9781607430858
How I reduced my credit card debt from $212,000 to $30,000 in six months and saved over $100,000 by negotiating settlements directly with six, major U.S. banks.
Filmmaker and author Kenny Golde accumlated nearly a quarter of a million dollars in credit card debt during the production of his latest film, “Uncross the Stars.” Overwhelmed with the burden of nearly $4000 in monthly interest payments, he began to negotiate settlements on his debt directly with his credit card companies.
In "The Do-It-Yourself Bailout: How I Reduced My Credit Card Debt from $212,000 to $30,000 in Six Months and Saved Over $100,000," Golde shares in detail how he dealt with collection agent's phone calls, settled a lawsuit, got his settlement agreements in writing, and other lessons from the trenches of debt warefare. An emotional journey that took him from the brink of bankruptcy to being nearly debt free, Golde's story is meant to provide others who are struggling with overwhelming credit balances with the tools to settle their own debt.
Excerpt
My name is Kenny Golde. I am a real person.
In 2005, I had just bought my first home, a duplex in Los Angeles, near Hollywood. I had less than $10,000 in credit card debt, more than $100,000 in unused lines of credit, a FICO score over 800, and about $100,000 in savings even after the down payment on my home. At 38 years old, I felt that I had taken a great step into my future and was looking forward to finding a soul mate and starting a family as my career progressed. I even adopted a dog.
Over the next two years, I would see my financial situation entirely reversed. Even before the financial crisis of 2008 had hit the world, a few unexpected turns in my business would cause my savings to fall to less than $50,000 and my credit card debt to swell over $200,000. My monthly minimum payments on credit cards alone totaled nearly $3600.00. By late 2007, I estimated that I had five months to go before being completely destitute, losing my home and going bankrupt.
Not where I expected to be at 40-years-old. Not by a million dollars.
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