Debt Cures by Kevin Trudeau - Book Reviews of Chapter Seventeen
February 5th, 2008 | by admin |As children, we often thought of running off and joining the circus. Little did we realize that when we grew up we would be part of the three ring circus of borrowing and lending. In chapter 17 of Debt Cures, Kevin Trudeau says that the contracts used by credit card companies are designed by lawyers interested in keeping the credit card companies and banks in business. The language of the contracts is difficult for even lawyers to follow.
The difficulty is part of the plan. If we can’t read the contract, or give up halfway through, then they can legally charge us the high interest rates and fees that Trudeau calls obscene. Mortgage companies and car dealers must have easy to read contracts. When you purchase a car, you know up front the amount of each monthly payment, and the number of months it will take to pay off the loan. With credit cards, all you get is a monthly statement with a minimum amount. Kevin Trudeau quotes a professor who says that credit card companies should put a one line sentence on your monthly statement showing payment options. Imagine your reaction if you saw that if will take 60 months to pay off your $2,000 credit card debt. It may change the way we use credit cards, and may decrease the company’s profits. The credit card companies argue that it is too complicated to include on the statement, but Debt Cures says it is just information that they do not want you to have.
Credit cards are swiped 52 million times a day; so why do credit card companies need to charge such high fees? Each time you swipe, the companies are getting a portion of the sale. Trudeau says he doesn’t have a problem with credit card banks charging a reasonable interest rate, his complaint is their obscene profits from high rates and fees.
Kevin Trudeau says you need to be the ringmaster of this circus. He proposes several ways of being the human cannonball and fighting back. Some are reviews of techniques he explained in early chapters of Debt Cures while other tricks are new. Here are a few of these techniques:
- You should be contacting the credit card companies anytime you have a question about your statement.
- Call your company about reducing your interest rate.
- Make sure you use your threat of transferring your balance to a competitor.
Remember, they would rather make some money off of you versus making nothing. Simply asking can reduce your monthly obligation considerably.
Make sure that you contact your company to have the annual fee removed. Most companies don’t charge it, but some do, why pay $30 or $40 a year plus interest when a phone call could remove it. Remember, whenever you call, if they don’t satisfy you the first time, ask for a supervisor or keep calling until they do what you want. When calling, ask for a higher credit limit, not for you to use but to help improve your credit score. Remember if you score goes up, you can use that as a tool to lower your payments. If it is your first late payment, call to see if they will remove the penalty. You have nothing to lose and may save money. Make sure you read chapter 17 of Debt Cures as Kevin Trudeau provides you with details on how to win when fighting back. Be the strongman or strongwoman in this circus. Be a success story.
