Total Debt Relief

Kevin Trudeau asked:


In Chapter 2 of Debt Cures , the Credit Shakedown, Kevin Trudeau picks up on his assault of the credit card and lending industry in the United States. Trudeau starts out with some revealing statistics like America’s credit card use is greater than the rest of the world combined and that the credit card industry draws the highest profit of any economic sector in the U.S. Among the top contributors to President Bush’s 2000 election campaign were credit card companies and banks (wonder how much funds went to then Vice President Al Gore’s campaign).

Debt for the average American these days is $8,000 and Trudeau says it’s not trips to Rodeo Drive that is driving up debt, rather its visits to buy bread and milk, gasoline and trips to the pharmacy for medicine. The blame for America’s debt shifts from consumers to the lenders, with Trudeau asserting that Americans would pay their credit card bills on time consistently if not for problems popping up. Getting laid off, a divorce, or a medical crisis is what drives America further into debt according to Trudeau, not a lack of financial restraint by consumers. And the greedy credit card companies wait for Americans to have a personal crisis and instead of greeting them with compassion and aide, instead greet them with late fees, penalties and higher interest rates.

There are more opportunities to use credit cards now than ever before. Burger King now allows you to use your plastic to charge your Whopper and shake. Trudeau alleges this is not for your convenience, nor is it for the transaction fees they charge Burger King. 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 penalties and profits to the card companies. There’s no help from Washington, however Trudeau maintains that the government is in partnership with the big lenders. Trudeau concedes the fees are legal, but they are unfair because they change frequently without notice and that when notice is provided, it takes an attorney with a magnifying glass to examine the legalese. Miss a payment and watch your interest rates go up, terms changing without notice costing you thousands of dollars over the life of the credit card and nothing but indecent earnings for the bankers.

Do you know what your credit score is and what your credit report says? Trudeau says if you don’t know your credit score, your 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.

Trudeau will use the rest of the book to help explain how you can get out of debt . The early chapters are focused only on the danger and the greed of the credit card companies and lenders. The book remains interesting in style and in content and I look forward to see how I can get out of the credit card mess. Trudeau says you can not only eliminate your debt, but you can also begin to build wealth for yourself.



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Kevin Trudeau asked:


Hanky Panky is the title of Chapter three and Trudeau continues his theme that Debt Cures will allow you to no longer be a slave to debt. You will have the opportunity to find true financial independence and to begin to create your own wealth. Follow Trudeau’s advice and move your life to new heights.

Trudeau says that Americans are too trusting. We do not realize the federal government is getting in the way of our financial independence by cooperating with the credit card companies and the banking industry. The average consumer does not contribute much to the politicians’ re-election campaign while the banks do contribute tremendously. So is it a surprise the federal government does nothing to help stop us from going further into debt? We are in debt a combined record of $6.7 trillion dollars, and Trudeau comments that the average working person spends 90% of their disposable income in paying down debts. Debt is growing at an epidemic rate but the federal government keeps looking the away from the issue. Some Americans fear getting out of bed everyday due to debt induced stress, yet Trudeau states the federal government is partners with the lenders.

There are four problem areas that Trudeau sees with the marriage of government and lenders. First is bankruptcy, one in fifty Americans has filed bankruptcy an all-time high. One would hope the government would take action to help consumers, but Trudeau says the government took actions to make it more difficult to file for bankruptcy. Recent legislation helped lenders not borrowers. Now banks and credit card companies have greater protection against consumers needing to file bankruptcy. Next, Trudeau follows an earlier theme that it’s not the borrowers who are out of control, it’s the lenders. If it wasn’t so easy to borrow, then our debt level would be much lower. Lenders make it easy to borrow so they can collect on the fees and penalties they are allowed to issue thanks to the government. And whenever the banks want to do something different, they call their buddies on Capitol Hill to change the law. Third is the subprime mortgage crisis. According to Trudeau the current crisis was brought on in part by the government and the banks. The government wants to take credit for building up new home ownership in the country so they encouraged the banks to make risky loans. The benefit for the banks is they get to foreclose and gobble up valuable property. Lastly there is a student loan scandal, which is a scandal worth $85 billion dollars. Trudeau alleges that several financial aid officers at colleges and universities are on the payroll from student loan companies. He quotes a newspaper article saying, the government sits and its hands “lacking the legal authority” to do anything.

The federal government has betrayed the trust with consumers. Trudeau wants us to know that “the inner workings or the entire consumer lending industry is one of the greatest travesties that this country has ever seen.” But Trudeau wants us to overcome this travesty. Debt Cures is going to lead a call to arms to help consumers take back control of their financial well-being.



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