I couldn't see any future, any job, anything short of winning the lottery that would get me out of that much debt. I was nearly destitute
Los Angeles, CA (PRWEB) January 13, 2009
In "The Do-It-Yourself Bailout," 41-year-old Kenny Golde tells the story of how he reduced $212,000 in credit card debt to only $30,000 in six months by negotiating directly with credit card companies.
Small business owners and individuals alike will related to Golde's emotional tale of investing in a business that suddenly crashed in the current financial crises, forcing him to cover immense losses on credit cards. Golde relates his feelings of hopelessness as he struggled to make more than $3,600 in monthly interest payments without making a dent in the balances. "I was overwhelmed," he says of the painful weight of his debt. "I couldn't sleep. I lost my appetite. I lost my hair. I even lost a girlfriend."
Watching his savings dwindle and fearing bankruptcy, Golde stopped making payments on his credit cards for the first time in his life. In The Do-It-Yourself Bailout, he shares first-hand accounts of distressing calls with collection agents and threats of lawsuits that engulfed him with shame and despair. "I couldn't see any future, any job, anything short of winning the lottery that would get me out of that much debt. I was nearly destitute," says Golde.
Upon visiting a bankruptcy attorney, Golde learned that it was possible to negotiate settlements on his credit card balances, but after extensive research he found little helpful information that told him how he might do it. "All I found were companies who advertised they could do it for me for a fee," says Golde, "and it seemed they wanted me to believe I couldn't do it myself so that I would pay them."
Undaunted, he launched into the process and began negotiating with six major U.S. banks. In just a few months, Golde reduced his credit card balances by 85% and ultimately saved $115,000 in written-off debt. Among his successful negotiations, he settled one account with a $76,000 balance for $25,000 and another with a $39,000 balance for $15,000.
Providing a valuable overview of the debt settlement process from an individual's real experiences, Golde describes in detail how he initiated negotiations with his creditors, how the banks responded and how long it took to reach the settlements. He gives readers vital insights for dealing with collection agents, demonstrates the importance of getting settlement agreements in writing, and even describes how he negotiated out of a lawsuit.
With the goal of helping others find relief from their unmanageable debt, The Do-It-Yourself Bailout presents consumers with an alternative to credit consultants and consolidators and empowers them to take on the banks themselves and potentially lower or eliminate their credit card debt as an alternative to bankruptcy. Above all, Golde stresses the need to separate emotion and self-recrimination from debt, saying, "Every person out there is the C.E.O. of their own corporation, the corporation of 'You.' And you have the right to deal with finance and debt without emotion or judgment, the same way other businesses do."
Published in December 2008, 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 is available on Golde's website, SettleYourCreditCards.com.
Kenny Golde is a film director, writer and producer, novelist, photographer and public speaker. His recent film credits include the soon-to-be released "Uncross the Stars," starring Academy Award nominee Barbara Hershey and Golden Globe winner Ron Perlman and "The Job," starring Daryl Hannah, released through Lions Gate Entertainment. He wrote and directed for the Lifetime Television series "Intimate Portrait," interviewing dozens of celebrities and personalities including Quentin Tarantino, Billy Joel, Arnold Schwarzenegger and John Travolta. He has written two fiction novels, the Sci-Fi adventure "Apollo Main" and the recently completed historical drama "When Love Cannot Be." Golde lives in Los Angeles. KennyGolde.com.
Helaine Ross Public Relations
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