Anyone has heard of this program? Is it a scam? I hear on the radio all the time and I'm terribly curious on how he does this.

Neither heard of the program, nor used it. Do they have a website or anything where we can check?

I have heard of it,but I really do not believe anything that sounds so easy. I am really not interested. I also believe that it is a scam.

I also Have heard of it. But I do not believe a word of it . I think it is one of the biggest scams around. I want no part of it.

Okay, we absolutely need someone to give some feedback on John Commuta's Transforming Debt to Wealth - anyone actually familiar with his work?

I purchased the Transforming debt into Weath program and the ideas are great he is preaching a program that is mostly common sense but most people are programmed to ignore. The System is not a scam and actually works. The hardest part is taking the first step and changing the way you look at your situation. I would recommend this to people who truely are looking to change their lives and willing to make the sacrifice until your debt is eliminated. Once the debt is gone you are free of the burden of "partners" in your lifes business. He promotes a Cash Only Mindset.

Overall I find it a worthwhile investment and it is working. I have eliminated 90% of my debt in the past two years since I pruchased the Audio MP3s

Hope that helps.

Matt

This system of dealing with your debt is so simple that you will feel embarrassed that you paid good money to be told something that you already knew but didnt realise it. I have to admit that it was like a slap on the forehead or if you wish to appear more erudite, it was an epiphany. Mr Commuta has made himself financially independant by explaining to the rest of us how to handle our money problems. I also have to admit that it works. It worked for me. I'm not a millionaire but I'm certainly better off than I was before Mr Commuta's slap. Basically its a process known as snowballing, and if you stick ridgidly to the principle it works. You prioritise your debts and pay them off,the worst,first, until they are all gone. It works, it takes time but it works. I got so far down the line and I let it slip but I'm back on track now. It takes willpower and determination, as does anything of any value. For $40, or whatever it costs in the states right now, it'll get you on the right track, the rest is up to you. The problem is that that 75% of people who buy self help material never use it. So the rich get richer the rest pretty much stay where they are. Its up to you. Bon Chance and let us know how you get on.

but how do you eat and pay utilities? Ifyou have a net income of $2400 a month and your mortgage is $2200 how can it work that one is debt free in 5 years and own the house free and clear?

If you have a net income of $2400 and a mortgage of $2200 then that's not a debt problem - it's a debt crisis. No one should be in such a position to pay such a huge amount of their net income to a mortgage.

The member with the 2200.00 mortage situation doesn't qualify for the Debt elimination plan...... He needs to immediately look to bring in more income, perhaps by renting out rooms to college students and look to list his home for sale . If one has an income in which one can live but is stuggling, and can feed oneself and put gas in one's car, etc. then that person can qualify.
john commuta suggests that most people could sell their house right now, take their profit, and pay cash for a 55-80K (US DOLLARS) home right now , with even a bit of cash left over to invest.... and he suggests this new cash home purchase be done in a smaller city or rural area, with lower crime, costs, taxes, pollution, etc... but he acknowleges that this move may be farther away from one's family.......then one will own one's home free and clear, and he suggests that one may live comfortably on a much lower income of around 30k per year if necessary or start a home business to supplement one's income. He advocates listing all debts from smallest to largest and paying off the first one with money found by eliminating cable, restaurants, new clothes, sodas, snacks, money that we " just blow" every month.......etc. These luxury items are to be eliminated or greatly reduced, and with that found money, one is to apply all of it to the smallest and first selected debt and seek to pay it in full asap, hopefully within 2 months. With that paid debt, one uses the money from the payment from that old debt that one previously was paying on, and begins rolling over that money to the next month and seeking to pay the next in line debt off each month with the rollover money plus the margin money from the luxury elimination. One then continues paying off and rolling down the bills to complete elimination as one's goal, with one debt at a time the focus.........

There are many good books on the subject of debt and cash flow which you may even be able to find at your local library. One to look for is "Rich Dad, Poor Dad", by Robert Kiasaki, and another is "Think and Grow Rich" by Napolian Hill.

Libraries rock, it's better than a book store's selection for free.

Looks like there has been much response on this topic. It is one close to my heart since I have gone through this debt resolution problem. Big mortgage, car loans, credit card debt, vacations, kids, etc. TDTW offers good common sense advice to start the process of digging out of your huge debt hole. Other books/programs offer similar advice.

The program that I chose was "The Total Money Makeover" by Dave Ramsey. He offers a Christian-based debt snowball approach where you line up all your debts smallest to largest and then attack the smallest with as much as you can afford to pay. Pay minimum amounts for ALL other debts. With each debt that you pay off, you apply the previous payments for the paidoff debt(s) to the next debt on your list. As you continue, you will pay off your remaining debts more quickly than your first ones.

The beauty of this approach is that once you are debt free, you continue to make big payments. Not to your creditors, but to yourself in the form of investments (mutual funds, CDs, stock, YOUR MORTGAGE, etc.).

There is more to the Money Makeover. I have only outlined the Debt Snowball. Buy the book for yourself. Listen to Dave Ramsey on the radio, internet or satellite radio. Lots of free advise if you take the time. I did (do).

Good luck!

sounds like junk to me. I hear it on radio all the time.

he claims I can pay off my debt/and the house in 3 years on my current income. If I could do that, i'd of done it already.

Most of what Dave Ramsey has to say seems pretty good, especially working with people to get rid of high interest debt, but some of his advice is questionable.

A couple of nights ago I heard him telling someone to pay extra on their mortgage (for a couple of months until some other things came about) because "it is the easiest way to get a 6.5% return on your money". He failed to mention that the money would no longer be liquid if needed in the coming months. He also failed to mention that with deductible interest on a mortgage, taxes reduce the interest cost by several points. He also didn't mention that you can put it in an on-line bank at over 5% and still have it be 100% liquid. He also didn't point out that no matter how much, or how little equity is held, the appreciation amount earned will be the same.