Book Review: Deceptive Money by Bob Brooks

If you are wondering exactly how the credit and debt industry works, Deceptive Money by Bob Brooks is a great resource. Brooks, who hosts the Prudent Money Show, takes different examples of credit card practices and debt solutions practices and breaks them down so that you can see exactly how the credit and debt industry makes money — and what you can do to avoid becoming a victim.

It’s important to note, though, that Brooks doesn’t excuse consumers from their responsibility in all of this. He makes it very clear that if you incur debt, you should repay. What he takes issue with, though, is the fact that the system is so rigged that even those who are trying their best to make changes and make good on their obligations have a hard time getting ahead. And once you start sinking money into a debt solutions program, he warns you that there is a good chance you will be had.

But it isn’t all doom and gloom. Indeed, Brooks strikes a hopeful tone toward the end of the book as he provides useful information that can help you get out of debt — without the help of the debt management and negotiation industry. He talks about using a boundary system rather than a traditional budget, as well as provides insight on improving your credit, rather than having a mindset of “repairing” something that really isn’t broken. Brooks also offers helpful information on stopping debt collector harassment, and provides sample letters and scripts to use.

In the end, Deceptive Money is a great resource if you are in debt and wondering what you can do to get out of debt. It is also a must-read if you are thinking of joining up with a debt solutions company, since it provides detailed information on various scams and how to avoid the pitfalls.