Kevin Trudeau Free Money Reviews

Kevin Trudeau’s Debt Cures Book Reviews – Chapter Six – Cut Your Rate

In Chapter six of Debt Cures, Kevin Trudeau writes that credit card companies entice you to use their credit cards then hit you with high interest rates, penalties and fees when you can’t pay the full balance on time. With Americans averaging $8,000 in credit card debt, it is easy to see how the credit card companies are making exorbitant profits. In chapters four and five of Debt Cures, Trudeau told you how to negotiate and eliminate your debt. If those cures don’t work, in chapter six, Trudeau shows you how you can reduce your interest rate.

If your credit card company can raise your interest rates with little or no warning, then you have the right to ask them to bring them back down. Say you owe $2,000 to a credit card company; you could be paying up to 24% interest on the money. Trying to pay the interest while paying down the balance and meeting any new charges is nearly impossible. Trudeau suggests that you call up the credit card company and ask for a reduction in the rate. Be armed and ready when you make the call, check today’s mail and see if you have a credit card offer from a competitor. When you get the operator ask the operator what your current rate is. If they respond 19.6%, then respond with why should I keep my account open with you, when credit card A is offering 0 percent for six months followed by a 10% interest rate. Use the leverage from one company to drive down the rate. If the operator won’t help, ask for their supervisor. The most important thing to remember is to be persistent. There are hundreds of operators; some will be helpful others will not. If the first person is not helpful call back the next day or later that day until you get someone who will be. Remember, depending on the size of your debt, a small drop in the interest rate can save you hundreds or thousands of dollars over the life of a debt. And just like he did in previous chapters, Kevin Trudeau helps you in chapter six with the details on exactly what to say.

There are a couple of other pitfalls that Trudeau warns you about in chapter six. First, he warns you to stay away from bankruptcy. Bankruptcy lawyers will tell you it helps (but it most likely helps only their checking accounts) but bankruptcy will hurt your credit score and credit report and make it difficult to create wealth in the future. Beware of credit repair agencies as they could hurt your future credit score as well. Also, it’s always better to cut your rate than to consolidate your debt. Say you owe several companies, if you can lower the interest rates on each of the debts, you will probably save more money in the long than you would by consolidating. Trudeau also offers information on finding a reputable credit counseling agency if that is the route you need to go.

Many people live in fear of their debt, but Trudeau maintains that you can break free of that fear. Eliminate, negotiate and cut the rate are the first three Debt Cures that Kevin Trudeau introduces. It’s all part of fighting back.