May 27th, 2008
Now that we have completed all of our in depth summaries and reviews of each chapter of Kevin Trudeau’s book, Debt Cures They Don’t Want You to Know About, I wanted to give a final summary of the entire book. In the past, Trudeau has taken on the pharmaceutical companies and the weight loss business; in Debt Cures he exposes what he calls the corrupt practices of the lending. Trudeau claims to be fighting for the American consumer against banks, credit card companies and other lenders.
Debt Cures is an easy book to read. You don’t need a degree from Harvard in order to understand what Trudeau is writing. He does tend to repeat himself though. The 24 chapter book could have been considerably shorter, but in Trudeau’s defense many of his ideas are worth repeating. Some, however, could have been treated more thoroughly. For instance, Trudeau writes constantly about creating wealth and getting free money. He does provide some examples, but don’t purchase this book if your only goal is to get rich quickly.
The great value of the book is the tips that Trudeau provides for getting out of debt. There are no quick ways to get out of debt, but if you work hard at Trudeau’s techniques, in time, you should be able to get out of debt and, most importantly, stay out of debt. Trudeau arms you with information about the credit industry and about how the goals of credit card companies are to attract new customers who will be late on payments and who cannot pay back what they are charged each month. According to Trudeau, the plan of credit card companies is to hit you with fees and penalties, and then, as if they are not earning enough already, they want to get further into your wallet with high interest rates. They lure you in with low introductory rates, just waiting for you to be late with a payment so they can raise your rates to 20%, 24% and even 28%.
Trudeau is not opposed to credit. In fact, he is opposed to cutting up your credit cards if you are in debt. He believes you can use credit to your benefit. First, you need to know how the credit industry works so that you can use it for your advantage. Perhaps the best information from the book involves getting your credit report. Trudeau advocates getting your credit report and cleaning it up immediately. By law, you are entitled to a free copy of your credit report each year. Trudeau tells you how to get it and what to do to fix it. Often times your credit report contains wrong information which drives down your credit score. Trudeau tells how you can get this information corrected. Remember that your credit score is vitally important. It determines the interest rate that banks charge on loans. If you follow Trudeau’s advice, you will over time improve your credit score. Once it has improved, you can go to the bank to refinance your mortgage, which could result in saving hundreds a month on your mortgage payment. That’s money you can spend to pay down other debts, or money you can use to spend on the things you want.
In addition to improving your credit report, Trudeau advises that you develop financial statements on your financial health. Create a balance sheet and an income statement. The average American has credit card debts of $8000. Trudeau tells you how to use financial statements to negotiate with the credit card companies to reduce the amount you owe and to work out a realistic payment plan. He provides sample statements, so you don’t have to be an accountant to create them. All the steps Trudeau provides are things the average person can do themselves. While it would be good to have a professional review them, it is not necessary.
When we are in a great deal of debt, the fear of receiving collection calls can be crippling. We fear answering the phone or hearing the doorbell ring because of the pressure the collection agents use against us. Trudeau provides relief for that as well. He reviews the laws collection companies must follow. Not surprisingly, collection employees skirt around the law and sometimes break them. Trudeau provides plenty of information on how to fight back against collectors. For example, by law, collection companies are not allowed to telephone you if you tell them to only correspond through the mail. Plus they are not allowed to contact you at work. You will also learn about the statute of limitations for your debt. It is possible that you no longer owe any money on an old debt.
The book is full of contact information and places to turn to for help. Trudeau talks about agencies which help you pay your monthly mortgage, how to reduce your monthly bills, and information on consumer advocacy groups in each state. The federal government provides little protection for the consumer from the credit industry, but more than 30 states have brought lawsuits against credit card companies and banks. If you have been ripped off, Debt Cures may be able to help you find someone to fight on your behalf.
Throughout Debt Cures, Kevin Trudeau places the blame for America’s debt problems on creditors. The thirst for profits has turned creditors into predators. They lie in wait for Americans to lose their jobs, or to get sick and incur high medical bills. That way, they can hit them with high fees and high interest rates. It is not your fault if you owe thousands to your credit card companies. If you are charging your visits to McDonald’s it is not your fault if you can’t pay the bill at the end of the month according to Trudeau. He never suggests that we are in debt because of our spending habits. It is only the lust for higher profits that leads to our debt problems. Trudeau says not to worry, because if you follow his steps he can get you out of debt, and you can begin to use “good” credit to begin building wealth for yourself.
While he is not always clear on how you can make money, if you have patience and follow his steps then you can at least stay out of debt and that’s good for everyone.
Posted in Debt Cures They Don't Want You To Know About, Kevin Trudeau | 3 Comments »
