[Skeptical Saturday] So What’s the Story With All Those “Turn Your Debt Into Wealth” Type Programs?

Money isn't necessarily the root of all evil, but it certainly is the root of a lot of self-help nonsense...

I don’t listen to the radio often, but when I do, I generally hear a commercial where someone is offering a “proven system” that will help people turn their debt into wealth, no matter how much debt they have. I’ve always wondered what sort of program could take a negative balance and turn it into a positive balance through some sort of financial magic, and I’ve always been annoyed to find that, when I look into these systems, their websites don’t provide ANY information — just a bunch of promises and testimonials.

So, in the spirit of skepticism, it’s time to take a look at these debt-elimination systems, and find out what they’re really all about.

I’ll start with John Cummuta, and his “Transforming Debt Into Wealth” system, because I hear his ads on the radio all the time. Now, I don’t have anything against Mr. Cummuta, and from what I have been able to find out about his system, I don’t have any grounds to say that it doesn’t work. (I’m actually fairly certain that it will work if you follow it.) But what I will tell you is that I can give you much of the same advice here, in this article, for free, if you hang on until the end. That’s not because I’ve bought Mr. Cummata’s book or bought into his system; it’s because his system is something that debt experts have been preaching for decades. Read more »