Home Sweet Home. If you already own your own home then you are on your way to financial stability. A home not only provides roots and stability in your life, but it is also a good investment. In Chapter 13 of Debt Cures, Kevin Trudeau points out that it makes so much more sense investing in a home which will build equity, than to be paying rent and never seeing the money again. If you have a 30 year mortgage, Trudeau says that he can help you reduce how long you will have to pay on the mortgage and thus save thousands in interest payments.
Repeating the theme of a good credit score, Trudeau points out that by having a higher credit score, you can get a lower interest rate. One example he shows is a person with 720 credit score paying about $500 less a month on a $200,000 mortgage than a person with a 500 credit score. If you have been able to improve your credit score, now is the time to shop around for a lower interest rate. Use the savings from the better rate to pay down other debt or to pay ahead on your mortgage if you can.
Another fee banks charge on mortgages is the Private Mortgage Insurance or PMI. PMI is charged when you have less than 20% equity in your home. The banks charge PMI each month to reduce their risk on your mortgage. Check with your bank to see if you are being charged PMI and how much it costs each month. If you own more than 20% of your home you should verify with the bank that the PMI charge has been removed from your monthly bill. Try avoiding the PMI like the plague. If you can try to get a loan from a family member to get it paid off then do so. Kevin Trudeau also mentions other ways in Debt Cures to increase your equity to get rid of PMI. You can put that money to better use.
When refinancing your home, don’t fall for any interest rate gimmicks. Trudeau recommends you stay away from variable rates and get a fixed rate loan. Make sure there are no penalties for early repayment. There are ways to reduce or shave years off your mortgage. One way is to pay more than your monthly payment. Since you might not be able to afford that, consider splitting your mortgage payment. Set up mortgage payments to be made automatically each time you get paid. You’ll save thousands over the life of a mortgage and could reduce a 30 year mortgage down to a 25 year mortgage. Be creative! Just make sure you check with your lender first so that they won’t hit you with any fees.
In Chapter 14 Trudeau encourages you to stay away from bankruptcy unless it is absolutely necessary to do so. Thousands of Americans are declaring bankruptcy each year, you probably know someone who has. Ask them if it has helped them. Chances are they are now having problems with their credit because they have a poor credit score and can’t get a good rate. Bankruptcy lawyers may be the only ones benefiting from the increase in bankruptcies in the
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Your feedback is very helpful. I will check in periodically as you finish going through the chapters and then decide if this is worth buying. Thanks for your review
I have read this book and feel that Kevin Trudeau should pay people back for his book cause the book is poor. You cannot even get to the web sites he clains in his book. So where did he collect all this information from. The Library.
I have the already have the book, I will like to know if i owe the goverment how to limit the debt or how to handle it. it is $1200 I cant find the informatiom in the book
How to limit a debt that you have with the goverment or to handle it
i went online to order the book but never finished the process, because the web kept offering junk to boost the price, so i logged out and noticed tow days later my account was debited for 150.85 and when i called to cancel they will not refund my money. i never authorized payments and the people told me i would have to send the book back that i dont have. dont order this book go to the library
Your solution would be to have the credit card company cancel the charge due to never receiving the merchandise. You only have a certain time to do this (after you get the statement)so it is probably too late now.