A unique perspective to breaking down the process debtors should take to become debt free.
Newbery cites a significant percentage of Americans struggle with debt that exceeds their income and personal asset value. Newbery struggled with the debt accrued from a failed business of his own. He highlights his own experiences struggling with debt as he gives step by step guidance that can easily be broken down into the following key tools: protect your assets, ignore creditors/collections, build your settlement wallet by not paying debts, bring on the lawsuits, point out deficiencies in the creditor’s methodology. Newbery claims this system will get a debtor out of debt.
Newbery’s plan in theory does what it claims: primarily buy time. His system keeps money in debtor’s pockets, and depreciates the value of the debtor’s debts to the point where collection is no longer financially beneficial. Or debt buyers purchase debts for “pennies on the dollar.” His argument is strong for buying time.
Newbery provides guidance for a variety of scenarios including mortgages, vehicle loans, student loans, business loans, secured/unsecured personal loans, credit card loans, medical bills, and payday loans. The process to get rid of debt for each scenario is very repetitive. The repetition is helpful for cementing the debt cleanse process into debtors’ minds, but it also begs the question of whether or not the book could have been better organized/condensed.
Unfortunately, the debt cleanse way is not without risk -. Newbery’s tactic is manipulation of creditor’s deficiencies. Some of his strategy relies on the creditors flubbing or otherwise giving up, which may not happen. Time is on the debtor’s side, but what if the debtor gives up in the meantime? Seems like it would be easy to give up considering the time investment required for the debt cleanse, the patience needed to ignore creditors/collectors, the fact that this system ruins your credit score. Newbery does mention patience is a part of the process, but perhaps more emphasis on the patience needed for the process would aid the book.
Still, this book is for people who are in the midst of severe, unaffordable debt who need a drastic change in order to stop the cycle.
Moreover, Newbery heavily refers to the site that coincides with the book entitled debtcleanse.com where people can find the resources that will help them become debt free and engage with other debtor’s going through the debt cleanse. He also provides multiple templates in the book to make writing emails/letters to creditors/collectors easier. Even if his system is risky, he at least provides the tools necessary to make things a bit easier.
DEBT CLEANSE is a thorough explanation of a largely non-conformist system to step back and think about economy and stop the cycle of unaffordable debt.