Kevin Trudeau Free Money Reviews

Kevin Trudeau’s Debt Cures Book Reviews – Chapter Two

In Chapter 2 of Debt Cures, the Credit Shakedown, Kevin Trudeau continues his assault on the credit and lending industry. Trudeau starts out with some revealing statistics about America’s credit card use. He points out that Americans’ use of credit cards is greater than the rest of the world combined and that the credit card industry draws the highest profit of any industry in the U.S. Unfortunately, Trudeau doesn’t say where he gets these statistics from. He also states that credit card banks were top contributors to President Bush’s 2000 election campaign (leaving me to wonder who funded then Vice President Al Gore’s campaign).

The average American is $8,000 in debt these days and Trudeau says it’s not trips to Rodeo Drive that is driving up debt; rather it is visits to the grocery store, gas stations and the doctor’s office. Trudeau is shifting blame for America’s debt from consumers to the lenders, asserting that Americans would pay their credit card bills on time consistently if not for life’s crises. A job loss, a divorce, or a medical illness. These are the causes that drive America further into debt according to Trudeau, not a lack of fiscal responsibility by consumers. And the greedy credit card companies wait for Americans to have a personal crisis and, instead of greeting them with compassion and help, instead greet them with late fees, penalties and higher interest rates.

The drive to pump up American’s debt and, consequently to increase the profits of the credit card companies, has lead to increased the opportunities for Americans to use their plastic. McDonalds now allows you to charge your Big Mac and fries. Trudeau alleges that this is not for your convenience, nor is it for the transaction fees they charge McDonalds. No, you can now use your credit card at the drive thru so that you will be late on your next payment, max out your card and be stuck paying fees and profits to the card companies. One would think that the federal government would step in, but Trudeau maintains that the government is in partnership with the card companies. He does not, however, show us a link between the credit companies and the government other than political contributions. Trudeau concedes the fees are legal, but states that they are unfair because they frequently change without notice and that when notice is provided, it takes a lawyer and a magnifying glass to read the fine print. Miss a payment and watch your interest rates go up, terms changing in midstream costing you thousands of dollars over the life of the credit card and nothing but pure profit for the bankers. Trudeau wonders if you know your credit score, because if you don’t the lenders certainly do. And if they notice a change in your credit rating, up goes your interest rate, keeping you further trapped in debt. Pay a late fee to Company A, and see Company B jack up your rate.

Fortunately, Kevin seems to know the credit card industry very well. By helping his readers to better understand the objectives and incentives of the industry, he is hoping that they too will be able to overcome the system. I assume that this information will be valuable in future chapters we Trudeau begins to explain the Debt Cures approach and how it can solve our credit problems. The book remains interesting in style and in content and I look forward to seeing how I can get out of the credit card mess.