Kevin Trudeau Free Money Reviews

Kevin Trudeau’s Debt Cures Book Reviews – Chapters Four and Five

Kevin Trudeau talked about the ways that credit card companies and banks are ripping off American consumers in Chapters One thru Three of his book Debt Cures. In Chapters Four and Five, he begins to lay out the cures to your debt problems. And his debt cures may be easier to use than you might be thinking. If you follow his steps, Trudeau promises debt reduction of 50%, 75% or even 100%.

One thing to remember about credit card companies is that after time, they will write off an old debt for the tax advantage. Once that happens, you may not owe them anything. What’s more, if you are getting calls from a collection agency they may be a “scavenger debt collector.” These are the lowest forms of debt collectors. They purchase uncollectable debt from credit card companies for pennies on the dollar, then use any means necessary to extort the money from you, at potentially high profits. But what the scavengers don’t want you to know is that “paying a debt that is too old is NOT required of you.” There is a statute of limitations on every debt, a sort of expiration date for debt. If the date has passed, you no longer legally owe the money and are not required to pay. The statute of limitations varies from state to state, generally from three to six years. For your convenience, Trudeau has included a chart showing the statute of limitations for each of the 50 states.

You can be armed for your next collection call. When the call comes, just tell the person on the other end of the phone that the debt is no longer collectable and that it has expired. You can sit tight and zip your lip. Trudeau warns that you should never admit that the debt is owed (that could start a new time period). Simply state that the debt is not collectable and hang up. End of discussion. You do not need to live in fear of collectors if you know your rights.

Since not every debt that you have will be old, you may have to learn the next cure; how to negotiate. When a credit card company or collection agency calls regarding a current debt, you have the right to negotiate how you will pay the debt, and you can even negotiate the amount down. Trudeau recommends creating your own financial statements to show creditors. A balance sheet shows your assets versus your liabilities; while an income statement will show your income and expenses. Don’t worry about the difficulty of the statements, Trudeau provides samples for you to review. He also recommends taking them to an accountant to verify. Then, armed with the financial statements, you can show your creditors whether or not you can pay the full debt. Since most companies would rather accept some payment on a debt versus none, you are now in a position to greatly reduce your debt.

Remember, that while it may sound difficult to construct the statements, Trudeau has samples in the book, and takes the time to review in detail how to prepare them. By sitting tight on old debts, and negotiating on your newer debt you can greatly reduce your debt and in many cases eliminate them completely.