New book helps debtors get "back to the black"

An author who faced bankruptcy shares what he learned and suggests the key questions that can help individuals deal with debt.

Online PR News – 08-January-2010 – – A new self-help book for people with debt problems will be launched this month. “Back to the black: how to become debt-free and stay that way” is based partly on the author’s practical experience of escaping bankruptcy and partly on the principles of coaching. A substantial extract becomes available as a free downloadable file on 18 January and the complete e-book will be available in February.

The book’s author, Michael MacMahon says: “A few years ago I survived a major financial crisis. While digging myself out of that hole, I became interested in the principles of coaching, especially the idea that most people have the knowledge and resources to solve their own problems, if only they get the right support. One of the best ways of providing that support is to ask the right questions, because questions help to focus thinking, especially at times of stress; and being in debt is certainly one of those times. The book is thus derived from my experience and also demonstrates how those key questions can help anyone get out of debt.”

The book has been favourably reviewed by debt advice experts at Citizens Advice. Some of the best advice is simple practical stuff, for example:

Make a detailed analysis of your financial situation: no matter how bad, it’s better to know the truth.

Communicate with creditors: the problem gets worse if you ignore it.

Make an offer: any offer, no matter how small, is better than none.

Never negotiate on the phone: do it in writing; it’s less stressful.

You don’t need to be alone: get help from a debt advice organisation.

Keep records of all communications: it pays dividends.



The book

The first release of “Back to the black: how to become debt-free and stay that way” will be an abridged e-book, available free of charge from 18 January 2010. The complete publication will be released as an e-book in February: prices depend on format but average below £5. Audiobook and paperback editions will be available later.

Weblinks for the free download will be published on 18 January.

The author

Michael MacMahon is a freelance writer, presenter and voiceover. He was previously a managing director in the chemical industry and then ran his own training business. He lives in Bristol, UK.