Debt Cures II Book Review Part 2
Hello –
Today, I will continue with my review of Kevin Trudeau’s new book Debt Cures 2. Last time we left off on chapter 2. Chapter 3 is a short chapter talking about the federal government and taxes and credit card companies and their fees. He mentions that credit card debt now totals about $1.5 trillion. So you’re not alone if you have problems with credit card debt. He talks about how credit card companies are today’s loansharks.
Fees and bread-and-butter of the credit card industry and the banking industry if you consider overdraft fees.
If you can get just one fee waived with this book it has paid for itself. And many people make 1 to 2 late payments a year and each one has its own $39 late fee. That’s why Discover has a card that rewards you if you just make 6 payments in a row on time.
If you make 6 to 12 payments on time you should have no problem getting a fee waived. You just have to make the call and make sure they not only waive the late fee but also do not increase your interest rate. Because it is very easy to get on a downward spiral with one late fee and a higher interest rate.
The first three chapters are just to help make you aware of the problems.
Watch your credit card statements for hidden fees or a higher APR for no reason at all.
Chapter 4 is titled highway robbery.
The credit card companies get billions in bailout money but also increased rates for a lot of customers because the credit market is difficult, but yet who were the ones who caused this mess in the first place?
The greedy credit card banks did it to themselves. They are the ones who lent the money to and with the people in the first place and now they swing the credit lending pendulum the other way and make it unaffordable to use credit.
The advice is to switch from the big banks that charge high fees and are not very friendly and go with the credit unions that still have low rate credit cards and no fee overdraft protection. You could also check out USAA bank. You do not have to be in the military to join the bank.
If you do not want to be in debt for the rest of your life you need to get out of debt and go with a bank that doesn’t kick you when you’re down.
You need a low rate interest card that does not play games with changing due dates or high fees.
Moving on to chapter 5 credit do’s and don’ts.
This is actually similar stuff to the first Debt Cures book. Basically the banks and government are bad and they are to blame for a lot of the financial problems we are facing.
Some of the advice he offers is do not pay for credit repair, do not pay for loan consolidation, do not file bankruptcy, and do not freak out.
And then he throws a plug for his Debt Cures newsletter for what to do.
You can get better results with do-it-yourself credit repair and debt consolidation. You do not need to pay someone to do it for you.
Chapter 6 is about credit scores. Yes they are very important. Yes it is good to have a good credit score. He says improving your credit score can save you $1 million over your lifetime. Or it could cost you $1 million over your lifetime if you have a bad credit score.
This is a condensed version of what was covered in the original Debt Cures book. It talks about how the credit scoring system is rigged against us and there are 88 ways to ding your score every month.
The credit reporting agencies and credit card companies don’t want glowing credit scores. They make more money with bad credit scores and people with less than perfect credit.
Increasing your credit score is directly tied to decreasing your interest rates. The better your credit score, the lower your interest rate, and the faster you can reduce your credit card balances and get out of debt.
The governments free credit report program does not include free credit scores so you have to pay for those to see what your score is unless you try one of those free credit report and score offers.
So that takes us to look at chapter 7 next time which is 30 days to improved credit. What you can take away so far is information about how bad credit card companies and government is and how the credit scoring system is rigged against you.
But like I said if you can get one late fee or over the limit fee waived then this book will pay for itself and then some and we haven’t even gone to the chapters on free money or more magic words.
Let me know what you think per share your review is of Kevin Trudeau’s debt cures they really don’t want you to know about book.
Thanks,
Adam