This post isn’t so much about how to eliminate debt as it is about transforming that debt into wealth. If you’re like most people you have debt. And if you’ve listened to the radio at any point in the past three years you’ve most likely heard about John Cummuta’s Transforming Debt Into Wealth program. Is it a scam? No. It’s not. Is it worth the money Cummuta charges monthly for his program? No. It’s not.
Nobody likes being in debt and most people will try anything get out of debt fast. It doesn’t happen overnight but it can happen faster than you might expect. And you can do it with John Cummuta’s Transforming Debt Into Wealth program. But there are steps you can take to side step the program and get out of debt yourself.
 Even if your credit cards are maxed out and you have a huge mortgage to pay off, you can still get rid of all your debt in about five to seven years – and begin rapid wealth-building – without sacrificing the things that matter most to you!John Cummuta, Scam? Nope. |
While John Cummutta has an easy way of eliminating your debt and though his program has helped thousands of people get out of debt and take back control of their lives, subscribing to his program will cost you a substantial amount of money that could be used to pay off your credit card or payday loans faster.
I do like the program, don’t get me wrong; but after reading through it I promptly returned it to avoid future billings. All the information you gain is pretty straight forward and legit but doesn’t require you to keep the program much longer after learning the process. You will succeed in turning debt into wealth, but honestly the program isn’t worth keeping it longer than the initial trial period.
Basically what you do is evaluate all of your monthly expenses and debts and add them up to find your total monthly debt. Then you take 10% of your monthly pay and put that money toward your credit card debt on top of the monthly payment you already pay. That creates a snowball effect of debt elimination and pays down your balance faster while costing you less in interest fees.
The one thing I didn’t agree with this method is John says to pay down your smallest debt first. People feel better when they see results and paying off a smaller debt first offers instant gratification of sorts. However, if your largest credit card debt is on a high interest credit card than your smallest debt you are paying more in interests anyway. He should amend his Transforming Debt Into Wealth program to paying off highest interest debt first.
There is a download available with the Transforming Debt Into Wealth program which is basically a webinar. It’s full of great info but can be a little droning. Mr. Cummuta has a way of cutting to the chase though. You have to with this kind of information, the topic is so boring you’d fall asleep otherwise. He lays it out in a step by step guide which is very easy to follow. It’s not revolutionary information but it is a practical way to eliminating your debt and getting debt free fast.
The one thing I did enjoy about the program is the motivation John offers after you’ve obtained your debt free goals. He says to take that same money you were putting towards your debt elimination and put in into savings. If you drop that money into a 10% interest savings account by the time you are ready to retire you could have a sizeable amount waiting for you.
There are other programs out there like John Cummuta’s but his is the simplest and easiest to understand. I recommend that you purchase it, keep it for the trial period and then return it if it doesn’t work for you. There’s nothing to lose by doing so. John Cummuta’s Transforming Debt into Wealth: A Proven System for REAL Financial Independence
 Even if your credit cards are maxed out and you have a huge mortgage to pay off, you can still get rid of all your debt in about five to seven years – and begin rapid wealth-building – without sacrificing the things that matter most to you! |
The John Cummuta scam is nothing of the sort. I used the program and found it very helpful. Mr Cummuta provides an incredible how-to for cutting corners. This book is a must read for every person trying to get out of debt. This is no turning debt into wealth scam, and don’t get me wrong, your article doesn’t suggest that it is, just a misleading title; but I think buying the program and returning before fully utilizing it is a mistake. The most incredible part of the program is all the stuff you get with it to help you turn your debt into wealth. I still haven’t got through all the audio training.
I found Cummuta’s method simple, straightforward and honest. And the process for investing after the debt is eliminated is the same; you will avoid a lot of the crap sold by Wall Street as “sure fire can’t miss” if you follow simple logic and ask hard questions up front. Don’t Bernie Madoff’s suckers wish they had asked even one question (show me the past 12 months investments and their returns) that Cummuta suggests.
I started using the program 2 years ago and found it to be amazing. I have recommended it to several family members and friends. Don’t be fooled by the ugly comments or ads advising you to go else where. I paid $256.00 for the program and have never been harrased, are called trying to sell me more products. IT WORKS !
you can get the same “program” in any quicken package — allowing you to track all your income/assets/expenditures/investments etc. They analyze the debt you have and you decide how much or how fast you want to be rid of that debt as well as provide suggestions on what to do with the same monies you ‘would be using’ to pay off debt as it is released. And, as Phil suggests, it does take the highest credit card interest rate – as it should for faster pay downs. All for less than a $75 dollars AND a software package that you keep and is useful! I have run many friends scenarios through mine and they are astounded at the results — no secrets guys – just an understanding of how to do it…
Cheers!
Ah yes, thanks for the reminder, Dianne. I’d forgotten Quicken had something similar and cheaper than John Cummuta’s program. His package looks good with all the bells and whistles, but you really have to fluff up a this kind of program when it really is so simple to execute on your own or if you aren’t aware of other cheaper debt elimination calculators and software. Good stuff.
“If you drop that money into a 10% interest savings account by the time you are ready to retire you could have a sizeable amount waiting for you.”
Where is anyone getting an interest savings account that pays 10%????
Watch out. I ordered a free tape only. I got a whole package of materials that I was not expecting. They gave me a hassle to return them and I ended up having money taken out of my account. To this day I have not listened to many of them. You get over twenty tapes and they take awhile to listen to – Who has time. I never would ordered them but they sent them without my approval. I would not give them your credit card number because they will send you the whole package charge you and won’t take it back
Screw these scammers. I was told I could keep the package until June 29th. Well, they charged my account on the 21st for $79.99, and have now told me that I have to either pay $219.99 up front for items, or make monthly payments for a total of $319.99. They said if I refuse to pay, they’ll send me to collections. So if any of you people want to keep the product, make sure you just pay the $219 up front. I hope John rots in hell.
I bought the TDIW package in July 2008. I listened to the audio CDs during my commutes to work, and used the software and printed material to develop the plan for my debt reduction. Could I have found the information on the Internet for less? Sure, if I’d wanted to take the time to do the research. For me, it was easier to have it all in one easy to grasp package. I learned a lot I didn’t know from the program and still listen to the CDs on occasion (for a little mid-plan motivation), but in 2 years since getting the plan, I am succeeding in my financial freedom goal. (ALL of my debts, with the exception of my mortgage, are gone; that’s numerous maxed out credit cards, gas cards, auto & furniture loans, etc.) So, for me, it was worth it. For those wanting to break the debtor’s cycle, I recommend doing a little bargain shopping, check with your own bank, and find the system that works for you at the price you find most beneficial. Oh, and I’d like to add this: Although I did participate in the free 30-minute consultation that is part of the TDIW package, I did not buy the mentoring program from the company Cummuta partners with to offer such services. I felt I could do it on my own, and I was right. Perhaps some might need the hand-holding, but that part of the system wasn’t for me.
The reason his program is successful is because once you payoff the lowest balance, you take what your monthly payment was and add it to the next lowest balance. Example; Balance 1 = 650.00 with payment of 85.00; Balance 2 = 1250.00 with a payment of 150.00; Balance 3 = 3500.00 with a payment of 260.00.
Once you payoff Balance 1 you take that 80.00 payment and add it to the 150.00 you’re paying monthly on Balance 2 = $230.00 a month. Once Balance 2 has been paid you add that 230.00 to the payment for Balance 3 for a total monthly payment of 490.00. The amount you are spending out of pocket each month doesn’t change. You end up paying things off very quickly this way because you are making double or triple payments each month as you move towards the higher balances with all the money you freed up.
SCAM SCAM SCAM SCAM. You know it’s a scam. What’s next. You need my personal information so that you can send me money from Africa? And then you get ERROR when you try to unsubscribe. They just won’t stop.
This is just a scam. Even though, you cancel your program they will keep charging you until you cancel your credit card. I think Attorney General should sue this guys.
I did not view the CD’s. When I opened the box I became overwhelmed with the amount of material sent to me. There was no way I could get through a quarter of it in 30 days with a job and family. I sent the package back with everything unopened. If the TDIW CD’s were the only CD’s sent then I would have had time to few some of them. I felt the company was more interested in selling (unloading) a lot of product than trying to help me pay off my mortgage early. Tuesday afternoon I called to get a Return Authorization Number to send the package back. I told the lady on the phone that I would reorder the product again later in the year when I had more time to listen to the CD’s. The lady on the phone said anything and everything to try to convince me to try it out now. When she realized it wasn’t working she became very rude to me and told me I had until Thursday afternoon to get the package in the mail. As for the product I cannot give feedback for I didn’t try it. As for customer service I give it a zero. I will not reorder the material after dealing with a person like her.
For those of you having problems with this company – All consumers have the right to file a complaint with the BBB (Better Business Bureau @ http://www.bbb.org/).
People….the system is not a scam (can’t speak for the marketing though). If you follow it, you will become debt free. Sure, it will take most people about 2 years to pay their bills, but that is better than gaining more debt. I will have my house paid off in a total of 4 years instead of the 14 years I had left before I started the system. Simplified, spend less than you make & pay the rest towards your bills….how is that a scam?