Kevin Trudeau Debt Cures Book Reviews of Chapter Twenty One

March 24th, 2008

Money comes and sometimes it goes. Having wealth is the goal you should aspire to, not getting rich too quickly. Kevin Trudeau throughout Debt Cures talks about creating wealth and living the lifestyle you want to live. Debt Cures is about building wealth, it is not about get rich quick schemes. In fact, Trudeau says that most of today’s young, famous, and rich people are not role models on how to build wealth.

Remember that the Debt Cures techniques are a two step process. You get out of bad debt first, after reading the book you now know how to beat the big banks and credit card companies. You know their system and you now know how to beat it. Once it is beaten, you are now ready for the second step of building your wealth.

You are out of debt and you are learning to stay out of debt. But that doesn’t mean you do not need credit. You still need it and in fact you will use good credit to build wealth. That’s why you need to stay on top of your credit at all times. Don’t just eliminate your debt, but continue to follow Trudeau’s steps. Keep your financial statements up to date, don’t close out you credit cards – keep them to show that you can pay creditors over a long period of time. Continue to pay on time and to pay your minimum payment or more. Good credit now can mean more good credit in the future, along with the benefits that good credit will bring.

You want to stay away from high interest rates and penalties but good credit will help you obtain the funds you need for the lifestyle you want to live. Trudeau gives more tips in Chapter 21 to improving your credit score, including getting a co-signer for a loan and piggybacking with someone else for credit. He provides greater detail in the book, but remember when you were a teenager and wanted a car? You might have had your parents co-sign the loan in order for you to get the car. If you have someone with good credit co-sign a loan for you, that will improve your credit score. With piggybacking, you have someone with good credit add you to their credit card. You don’t use the card but you benefit from their better credit score. Make sure you know the rules before doing so, and make sure you make any payments you are obligated to because you do not want to ruin any friendships. But you improve your credit score by working with others.

Also, consider an installment loan to help pay down bills. Go to your bank or credit union and get a small loan with a one or two year repayment period. Make all your payments, this will show up on your credit report as a positive and improve your score. A secured credit card is also a good idea, especially if you have children going to college. With a secured credit card, the user cannot spend over a set amount. It is another way to create a new good mark on your credit. Debt Cures encourages you to keep up the good work you have been doing and take the steps on the way to wealth.

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Kevin Trudeau Debt Cures Book Reviews of Chapter Twenty

March 16th, 2008

Throughout the book Debt Cures, Kevin Trudeau has taught that you want to get out of bad debt in order to begin creating wealth for you and your family. In chapter 20 he begins to explain how you can begin achieving wealth. Trudeau says that being rich means you have money, but being wealthy means you have time. Debt Cures talks now about how you don’t have to only be rich, but you can also be wealthy and have the time to do the things you want to do.

Most of us have been in debt at one time or another. The average American is anywhere between eight and eleven thousand dollars in debt. It is hard to achieve wealth when you are that much in debt. However, Trudeau says that if you follow his tips and techniques outlined throughout Debt Cures you can eliminate bad debt and begin using good debt to build wealth. Again Trudeau states that the debt problems many of us are experiencing are more the result of aggressive tactics by the lenders rather than poor spending habits on our part. We are unable to cut any more fat because we have already cut the fat out of our budgets.

Trudeau says to get rid of bad debt you need to be taking care of business. Get your credit report, review the credit report thoroughly, and correct errors and false information. 90% of credit reports have errors, get them corrected and begin saving money. Also try to pay on time, never skip a payment, and make the minimum payment or more each month. Once you have good credit you want to keep it that way.

When you have taken back you financial life, make sure you let you friends know about. Let them know about what you have learned in Debt Cures. Trudeau says don’t keep your success to yourself. Share the tips with your family and friends.

Debt elimination is possible, it may look helpless when you take a look at that stack of your bills, but as you start seeing your debt go down you confidence will increase. Take a stand and get the debt collectors off you back, use the tools that Trudeau has provided throughout the book. Create and use a balance sheet and income statement. Show them to your lenders and try to get some or all of a debt wiped away.

Debt Cures presents a two way street. The first phase is controlling your debt and the second phase is moving forward. The forward path involves creating wealth in order to live the lifestyle you want. The hardest part is getting the debt under control, once that happens you move on to the fun part. Trudeau talks about grant money that is available. And the best part of grant money is that it doesn’t have to be repaid. Trudeau says your bad credit can be replaced by good credit, where you can get a credit line of up to one million dollars. Trudeau says the Debt Cures methods are the ticket to a future of wealth, of stability, and of self-reliance. Look forward to your future with great confidence.

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Debt Cures by Kevin Trudeau - Book Reviews of Chapter Nineteen

March 9th, 2008

Debt collectors are lurking out there, waiting for you to get so far behind in your payments that they get a call from the credit card companies to move in and put the squeeze on you. Kevin Trudeau says that he knows the way to stop debt collectors cold. If you are being harassed by debt collectors you will want to make sure that you read chapter 19 of Trudeau’s Debt Cures.

Debt collectors have two ways that they make money, and both involve getting you to pay them. The first is when the card companies ask the collectors to get money from their customers on current debt, the debt collectors will then receive a large percentage of the money they bring in. Often, the card companies will sell their oldest debt to collectors, the collectors are paying pennies on the dollar and whatever money they get is nearly all profit. Under either system, the more money the collectors get, the greater their profit will be and the higher the commissions for the people doing the dirty work.

Many people have been put through trauma by debt collectors, but Trudeau says once you know your rights, you can fight back successfully. Of course the best defense is not falling behind, but that may be too late at this point, so Trudeau says he will equip you to fight back.

One of the few steps the federal government has taken to protect you (the consumer) is the Fair Debt Collection Practices Act initially passed in 1977. Trudeau goes through the rights granted to you in Debt Cures. A few that you might not be aware of include your right not to receive any collection calls after 8PM your time, that they cannot contact you at work without your permission, and that they are not allowed to talk to anyone but yourself. Check the book to get the details on these and other tips.

Collectors are trained to be aggressive and many are not afraid to lie or bend and break the rules. Trudeau says the first step you should take is to write down notes of any calls you receive or call backs that you make. Tell them to only communicate in writing and not call back. Make sure you keep your notes and copies of any communication you send to the collectors or anything you receive from them. Don’t fall for their intimidation tactics. Remember, you have power to act against them.

Remember the financial statements Trudeau talked about earlier in the book? Use them again if a collector calls you. If you are not able to pay, and the debt is valid (yes, collectors will try to collect debts you never had, or debts past the statute of limitations) you may need to negotiate with them. They will try to bully you, but don’t let them. You might be surprised at how quickly they back down if you act professionally and provide them with the facts. Respect yourself; you have a much greater value than people who make their livelihood off of others who are suffering. Debt Cures shows you how to arm yourself with information so you can escape the nightmare of collection calls.

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Debt Cures Credit Monitoring Services

February 27th, 2008

I frequently get comments to this site asking about recommendations for Credit Monitoring Services. Although Kevin Trudeau claims to help you with this on his website, debtcures.com, this information is unavailable there. Several of the following credit monitoring companies are mentioned in his book though.

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Debt Cures Promises Free Money From Government Grants

February 26th, 2008

Many people write in to me saying that they tried to find information about how to apply for free money from government grants from Kevin Trudeau’s website, DebtCures.com. Unfortunately, he doesn’t provide any answer on that site. However, in chapter 23 of his book, Debt Cures They Don’t Want You to Know About, he provides a list of other websites might be able to help you apply and qualify for free grant money from the government. Here are some of the site that Kevin Trudeau suggests in the book:

Federal Money Programs

Private Sources for Free Money and Grants

Note: Please let me know if any of these links aren’t working properly.

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Two Magic Words = Identity Theft

February 21st, 2008

Many people seem to be wondering, what are the “two magic word” that Kevin Trudeau claims can correct your credit problems? According to page 138 of Debt Cures, the “Two magic words = Identity Theft”.

This seems to me like a very simplistic “magic” solution. While it’s true that many people have credit problems because the were victims of identity theft, there are many who were not. These magic words will not help most people who have simply amassed too much debt.

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Debt Cures by Kevin Trudeau - Book Reviews of Chapter Eighteen

February 14th, 2008

Franklin Delano Roosevelt said,”We have nothing to fear but fear itself.” Too many Americans however remain in fear of their credit card company or their bank. You may be under their control without even realizing it. Kevin Trudeau wants you to fight back and “slay the dragon” in chapter 18 of Debt Cures. The credit card companies need us to be like the average worker bee. Paying their statement each month along with the fees they take on. But the competition between the companies is great and Trudeau says we need to use the competition to our advantage.

Whenever you have a problem with a credit card company, you need to be consistent and call them to complain. Be persistent; don’t give up after one or two calls. If they will not give you what you want, don’t pay them anything else. Cancel your account and go to another bank. You shouldn’t switch to another bank just for the sake of switching, but in order to get the best deal for yourself that you can. Never give up.

Trudeau tells the story of someone with $8,000 in credit card debt. Working the credit card companies against each other allowed the person to cut years off of his debt while saving thousands of dollars. You don’t have to remain in debt if you take control and fight back. Use whatever leverage you can.

Being in debt is horrible, but it doesn’t have to be permanent. Take control of the situation. Debt avoidance does not equal debt riddance. Just trying to avoid your current debt will not help you get rid of it. You must attack it head on. Once you have conquered bad debt, then you will be able to begin to create wealth. And what do you want your money to be doing? Helping an executive at your bank lead a good life, or helping you doing what you want to do?

Don’t come up with excuses as to why you can’t pay your debts. Fight back and get them to reduce or waive fees. Be persistent. Never give up. They keep asking for your money. You should be asking for ways to keep it for yourself.

Don’t let fear control you. Negotiate directly with the companies. Kevin Trudeau tells a story where a couple was deep in debt. They prepared a financial statement, got together their facts and were able to reduce their balance by half. It took time and many phone calls but it worked. Remember, the companies would rather get some money than get none. If they have to call on a collection company, they will have to share what you pay with them. Work out the best deal for yourself. Take notes of each call and get them to write down the terms of any settlement. Get in control; then stay in charge. The credit card companies lose out if you go to bankruptcy court so call their bluff and get a better deal. Use these Debt Cures to win back control of your life. Is it any wonder They Don’t Want You To Know About Them?

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Debt Cures by Kevin Trudeau - Book Reviews of Chapter Seventeen

February 5th, 2008

As children, we often thought of running off and joining the circus. Little did we realize that when we grew up we would be part of the three ring circus of borrowing and lending. In chapter 17 of Debt Cures, Kevin Trudeau says that the contracts used by credit card companies are designed by lawyers interested in keeping the credit card companies and banks in business. The language of the contracts is difficult for even lawyers to follow.

The difficulty is part of the plan. If we can’t read the contract, or give up halfway through, then they can legally charge us the high interest rates and fees that Trudeau calls obscene. Mortgage companies and car dealers must have easy to read contracts. When you purchase a car, you know up front the amount of each monthly payment, and the number of months it will take to pay off the loan. With credit cards, all you get is a monthly statement with a minimum amount. Kevin Trudeau quotes a professor who says that credit card companies should put a one line sentence on your monthly statement showing payment options. Imagine your reaction if you saw that if will take 60 months to pay off your $2,000 credit card debt. It may change the way we use credit cards, and may decrease the company’s profits. The credit card companies argue that it is too complicated to include on the statement, but Debt Cures says it is just information that they do not want you to have.

Credit cards are swiped 52 million times a day; so why do credit card companies need to charge such high fees? Each time you swipe, the companies are getting a portion of the sale. Trudeau says he doesn’t have a problem with credit card banks charging a reasonable interest rate, his complaint is their obscene profits from high rates and fees.

Kevin Trudeau says you need to be the ringmaster of this circus. He proposes several ways of being the human cannonball and fighting back. Some are reviews of techniques he explained in early chapters of Debt Cures while other tricks are new. Here are a few of these techniques:

  1. You should be contacting the credit card companies anytime you have a question about your statement.
  2. Call your company about reducing your interest rate.
  3. Make sure you use your threat of transferring your balance to a competitor.

Remember, they would rather make some money off of you versus making nothing. Simply asking can reduce your monthly obligation considerably.

Make sure that you contact your company to have the annual fee removed. Most companies don’t charge it, but some do, why pay $30 or $40 a year plus interest when a phone call could remove it. Remember, whenever you call, if they don’t satisfy you the first time, ask for a supervisor or keep calling until they do what you want. When calling, ask for a higher credit limit, not for you to use but to help improve your credit score. Remember if you score goes up, you can use that as a tool to lower your payments. If it is your first late payment, call to see if they will remove the penalty. You have nothing to lose and may save money. Make sure you read chapter 17 of Debt Cures as Kevin Trudeau provides you with details on how to win when fighting back. Be the strongman or strongwoman in this circus. Be a success story.

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Kevin Trudeau Debt Cures Book Reviews of Chapter Sixteen

January 31st, 2008

According to chapter 16 of Kevin Trudeau’s book, Debt Cures, America remains a nation of debts and the debt continues to grow each day. Trudeau says the amount of debt grows by $2 billion a day. Are we becoming a nation oppressed by banks, credit card corporations and department stores? The competition for consumers is at an all time high and companies keep finding Americans willing to go into debt.

It used to be that you needed to be a good credit risk before anyone would loan you money. That’s no longer the case as lenders look for people who will pay back their credit, only after missing a few payments and earning the lenders huge profits. Loans used to be a win-win situation, with the borrower able to repay, and the lender making a modest profit. Now the profits are obscene while the borrower is less and less likely to repay without first getting into some problems.

With the abuse of the system one would think that companies are having a hard time finding new people to scam, but Trudeau says that is not the case. He says that companies are targeting the least likely to pay back; illegal aliens, the poor and college students.

One would think that you wouldn’t want to loan money to illegal aliens, they don’t have credit records or social security numbers after all. But if they can get an identification card, then they can get a credit card. Once they have a credit card, then they can be charged for late fees, penalties and high interest rates, just like you or money. Another way to help illegal aliens join the American dream.

Further, credit card companies are marketing poorer neighborhoods of America for hopes of catching new customers. People who are having difficulty paying their rent and utilities, now go to the mailbox and find tempting offers of new cash, only to find out the hard way that they could be ensnared with greater and greater debt.

Finally the most sought after group is college students. Hook kids in their late teens and early twenties and they may be paying interest for the rest of their lives. All you need to do to get a credit card is to be enrolled in college. Your ability to pay isn’t even considered. By the time Mom and Dad find out, the student may be thousands of dollars in debt, in addition to the expense of college. Credit card companies are allowed to set up booths on campus to sign up students. There’s little to stop them and the rewards for the credit card companies (and the expense to the students and their families) are almost limitless.

Kevin Trudeau says “that debt is the one issue in this country that touches everyone.” Debt does not discriminate; everyone is fair game, but the game isn’t fair. Trudeau says it’s a call to arms, for us to fight back. Debt Cures states that we cannot allow these companies to continue, it is costing everyone. Some parents have contacted Washington but more need to be done in order to bring about action.

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Kevin Trudeau Debt Cures Book Reviews of Chapter Fifteen

January 18th, 2008

After giving us information over the last several chapters on how to get out of debt and stay out of debt, in Chapter 15 of Debt Cures, Kevin Trudeau goes back to his attack on lenders in the United States. Each year credit card companies pay millions of dollars in lawsuits for fraudulent actions committed against their customers. Recently, it was shown that one credit card company had their employees hold or shred customers’ checks so that they could charge late fees, while another charged customers for services that they never ordered. Imagine, being required to refund millions of dollars a year and still the credit card companies are highly profitable.

One credit card company took the liberty of changing the monthly due date of its customers. Only they didn’t bother to point out the change and must people realized it changed only after they noticed the late fee penalty on their next bill. That’s why you need to read your monthly statement carefully and call to question and complain when there is a charge that should not be there. Keep fighting back. That’s what a resident of Minnesota did. She signed up due to a low, fixed interest rate. A few months later she noticed that the interest rate went up. So she contacted the credit card company and she contacted the Minnesota state attorney’s office. She knew her rights and she fought back. Credit card companies spend millions of dollars a year on marketing campaigns because they think they can get the money back.

Make sure you are not a victim of any company schemes. Trudeau says you should file a complaint if you suspect anything shady. The first place to start is with your state’s Attorney General’s office. While the federal government may not do much, your state most likely has an office to investigate consumer issues. Most lawsuits against credit card companies are filed by attorney generals, and most of them are initiated due to average citizens like yourself taking the time to complain. While the federal government does little about credit card companies, your local congressman just might. Remember to contact them; they are ultimately responsible to you. You elect them to office; not the credit card company’s contribution. Make sure they are reminded of that.

Trudeau also provides contact information for other government offices to contact. And if you are worried about what to say, Trudeau also gives details on the information you should be providing. Remember it’s your money and you need to fight to keep it.

 

 Watch out for a little tactic call Universal Default. Universal default is legal, but Trudeau screams about how unfair it is. An example of Universal default is when you make a late payment to company A and they raise your rate because of it. Then, other companies are now allowed to increase their rate to you even if you have never missed a payment with them. Trudeau says the average default interest rate is 24%. Imagine if this happened while you were in school. You turned in homework late in English class, and now you math teacher lowers your grade as well. Kevin Trudeau encourages you to call your congressman and complain. Debt Cures teaches you how to fight back.

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