• Lower your monthly payments
  • Reduce stress and live your life
  • Avoid personal bankruptcy court

Debt Cures Review Part 3

Hello-

debt cures

Here is the next part of my review on Debt Cures. You can read parts one and two. Last time we left off on chapter 14. The basic premise of chapter 14 is eliminate debt, negotiate your debt down and cut your rates – do whatever you can to avoid bankruptcy. He says filing bankruptcy is not the answer to all your financial debt problems that many make it out to be.

Chapter 15 and 16 are about big business, namely the credit card and lending industries. These chapters repeat much of what was said in the beginning chapters. Several visitors have commented on this same thing throughout the book. I do not understand the need to include more ranting and raving about how predatory the credit card companies can be when they get their hands on you and add on fee after fee after fee. You, Kevin Trudeau, did plenty of this in the beginning chapters of the book.

Some new material is about filing complaints against the credit card companies with your attorney general and your elected officials to try and stop some of the outlandish fees and interest rates the banks make you pay.

He also mentions how the banks prey on college students and immigrants, handing out credit cards like candy to get them in their financial traps and strap them down with huge amounts of debt when they graduate. This sets them up for a lifetime of financial hardships.

Moving on…

Chapter 17 contains an excerpt of an interview with a credit card company executive. It also 4 action steps for you that can save you thousands on interest and several success stories of people who have used the Debt Cures methods to lower their debt loads.

If you follow the steps and do what Trudeau tells you to do, you can get on the road to debt recovery and you will have more than paid for the cost of the book and Kevin can gain some much needed positive points.

Chapter 18 shows you an illustration of how much a higher credit card interest rate can cost you and how much you can save by asking for and getting a lower interest rate on your credit cards.

Chapter 19 – how to stop debt collectors cold. This sounds like it should be a good chapter for many people struggling with debt collectors. It starts off outlining the Fair Debt Collection Practices Act. He offers tips on how to deal with debt collectors. He talks about the ruthless tactics they use to get you to pay up and how they often do not comply with the FDCPA. He describes what to do when the debt collectors call and how to respond to their threats.

This can be a helpful chapter for someone who is facing collections and wants to stop getting harassed by debt collectors.

One thing I found funny about the end of this chapter is when Trudeau says that “If they (the consumer lending industry) continue to keep up with the outrageous methods of pinching every last penny out of the American consumer, then I will continue to expose them for what they are.” Kevin Trudeau, you tried to pinch me and any one who orders Debt Cures for quite a few pennies.

Chapter 20 is about achieving wealth. Kevin says that the debt problem is not caused by the spending habits of the American public but rather the aggressive practices of the American consumer lending industry. I disagree. Our society is all spend, spend, spend. Our national savings rate is now negative, meaning we spend more than we save. Most people have very little saved for retirement. How can our economy be kept afloat by consumer spending if we are not spending money? By saying this Kevin is saying we have no responsibility for the situation we are in. And I do not think that is true.

I would say it is a combination of our spending habits and the credit card companies more than willing to offer us more and more credit. It’s when we stumble that they pounce on us with all their fees and kick us when we’re down.

Kevin repeats himself again instead of giving tips for creating wealth. Good thing he included his 25 secrets to wealth creation CD.

Reading this chapter is basically a summary of the previous chapters. It quickly outlines the steps you can take to get out of debt.

So the conclusion you can take is that once you are out of debt, you can start saving money, start investing, start a business, start saving for your kid’s college, and saving for your retirement.

Ok, I wanted to finish this Debt Cures review in this post but it has gone on quite long and it’s time to put the kids to bed. I will continue it in the next post. We’re on chapter 21 and there’s only 4 chapters left.

Overall, I am giving “Debt Cures They Don’t Want You to Know About” a passing grade. It has few links pitching other products of his as was the case in his previous cures books. It barely mentions his credit newsletter. Granted, it does have information you can find elsewhere. But, it does offer Kevin’s own spin on them with some useful tips for someone who wants to get rid of the debt problems.

Until next time. Have a great day,

Adam

Debt Cures Reviews

Comments

  1. Penny Besednjak says:

    I’m one of the low income people, who works ,and trying to make a living. With health problems, living from check to check. No health insurance, credit card debt incurred by using to pay other bills. Behind and thinking of filing bankruptcy. I have no means of getting out of debt. I have credit card company harassing phone calls at work. With my rent and just basic living expenses, I’m just existing. I see no tomorrow, It’s hard enough to see today. Thanks for letting me vent…

  2. The book may help you. I am still going bankrupt by filing Chapter 7. Read up on it. We are essentially in the same situation you are. This advice may upset you, but pray about getting, and maintaining the strength in making this choice. Take care 🙂

  3. Thanks for the review. When I saw the infomercial I thought about ordering the book. I searched “Debt Cures” online and came across this site. I’m glad I did. I have been working on improving my credit for a couple of years and have gone from 424 to about 600. It seems that all of the information in the book I have come into (for free) at one point or another in my 2 years of research. There are no “quick fixes” for bad credit. It takes time, patience and, in some cases, money. The book may be a good source for someone who knows nothing about credit and credit repair and doesn’t want to take the time to do a lot of research but it’s not for me.

  4. Hello-

    Thank you all for your comments and your venting. Some times that is healthy.

    Stephan, yes, there are no quick fixes for fixing bad credit. This book can help people that want to learn about fixing their credit and not spending two years doing research on it. You will be much better off than them in the long run though. Good job on increasing your credit score.

    Thanks,

    Adam

    http://www.debtcuresreviews.com/

  5. Hi Adam,

    Thanks again for the reviews! I tend to agree with Kevin’s rendition in Chapter 20 regarding achieving wealth. I am African American and can remember getting my first credit card in 1988 when I was a junior in college. My credit limit was a mere $900. Two years later, I had reached my limit not because of over spending but because the credit card companies bought and sold each other and then tacked on late fees and subsequently, over the limited fees. I ended up with a charge off of over $2500. My parents were not great role models because they just didn’t know about the predatory lending practices that had already begun. That credit card company has eventually been bought by Bank of America. Even though, my last date of activity was more than seven yrs ago, B of A still reports on my Equifax credit report. I have written numerous times but because I have a B of A checking and saving account, they periodically put this same credit card account on my online page just so I can access and restart the seven yr process. I am currently trying to get this off to no avail. Sometimes I wonder if the credit reporting agencies are getting paid to keep peoples’ scores low. I think it is all a vicious cycle. Hey, maybe you can investigate this thought. Are there kick-backs/perks to credit reporting agencies to keep a person in debt for life?

    Anyway, again thanks for the information!

  6. There’s only one way to stop all the Bank and credit card ripoffs. Work and pay off the balances as quickly as possible and cut the damned cards in half and trash them. You will sleep better at night.
    I have paid thousands in late and overdraft fees in the last ten years and tried every thing I could to stop these predators from stealing my money. It’s damned near impossible. Congress and the bush administration set up a program two years ago that is virtual consumer theft. Ever notice now how there are thousands of banks on every corner and in every business area now. Its a boon for the banking industry. The banks are making $$$$trillions literally not on loan interest but the fees the federal government has allowed them to charge consumers. California was the testing ground in the eighties and early nineties for these fraudulent practices and then through congressional law the banks instituted these now legalized theft programs throughout America.
    I know you’ll never print this post.

  7. I don’t want to and can’t spend the money on the book. I’m capable and willing to do research, but I don’t know how to find information I can /trust/. The book will likely irritate me, sensationalism and repetitiveness often do.
    We’re in a bad situation. My husband and I took a big risk in ’04 and started a business. The business itself is doing quite well, it’s profitable, it supports us, that’s not the problem. The problem is nine months after we started the business, my mother’s health problems necessitated us taking in my high-school-age sister. We don’t have kids, and suddenly we had a difficult and unhealthy teenager.
    Life went on, she was able to go home a few months later, but our savings were gone. We had a bad winter. Late on a few credit cards, late on the student loans, late on the mortgage. We caught back up on payments within three months, but the seed had been planted, as the interest rates climbed, the credit card balances climbed. We sold our house to cash out equity to take a bite out of our revolving debt. Made a lateral move into another house, but the mortgage was twice as much due to not being able to get a good rate. We were paying exorbitant rent on a shop building for the business, we knew of a building we could BUY and cut our monthly expenses in half, but we couldn’t get it without a co-signer. Settlement was delayed by six months, the time we could have used to get a tenant in the building we were purchasing, and could have gained income from that. Again, what little we’d managed to save was gone. And all this time, the credit card rates keep rising, now 30%, allthough we haven’t been late on anything for over three and half years. I have a part time job at a coffee shop and use my tips to buy dinner. Live below my means? Save 10%? We eat soup and bread!! We have no furniture!
    We are paying these bills. We haven’t received a call from a creditor since that time in winter 04-05. But that’s ALL we’re doing and it’s killing us.
    I have called and asked the credit card agencies to reduced the rate. They never have! I watched this informercial wondering how anyone could get their rate reduced when I’ve called Discover, Chase, B of A, MBNA, etc for four years and all I get is no. What should I be saying?

  8. I’m presently reading Debt Cures. My credit card debt is out of this world. Reading this book Kevin basically tells you to stop paying the credit cards. Apart from the attorney fees to file bankruptcy what is the advantage, if any,with taking this advice rather than just filing for bankruptcy?

  9. Hello Anthony-

    Thank you for your comments.

    Bankruptcy is not the easy answer that you may be lead to believe. Every finance book author tells you to stop charging stuff you don’t need. Bankruptcy will not change your spending habits. If you keep spending more than you earn, you’ll be filing bankruptcy again in a few years because you did not stop spending money. Your habits have to change in order for anything to work.

    Good luck

    -Adam

    Debt Cures Reviews
    http://www.debtcuresreviews.com/about/

  10. Adam,
    Thank you for your reply. However, you did not answer my question. ie, Stop paying the credit cards versus filing for bankruptcy. If I just stop paying the credit cards I realise am going to be hounded by debt collectors. If I file for chapter 7 there are going to be attorney fees. So my question is which one is the better of the two. I quite realise I need to stop using the credit cards once I get out of this mess. Many thanks, Anthony

  11. Hello Anthony-

    I would say bankruptcy is not the best way to go. I would look into other methods before I decided to file bankruptcy. I faced this choice when I got divorced a few years ago and decided not to do it because of all the negative ramifications I read about bankruptcy.

    I did some searching, here are some links to read about bankruptcy alternatives:

    http://www.daveramsey.com/the_truth_about/bankruptcy_3018.html.cfm

    I also found this one that was interesting:

    http://www.moranlaw.net/consider.htm

    Here’s one from the FTC:

    http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre41.pdf

    Have you checked into credit counseling or debt consolidation?

    There’s links on the top right hand side of my site for Credit Solutions.

    So to answer your question, I would not file bankruptcy in my opinion and would do my best to pay off the credit cards. Get another job, try making more money, sell on eBay, start a blog, etc.

    Standard disclaimer: I am not a lawyer so do not consider this as legal advice. Just my personal opinions.

    Good luck to you and have a good weekend!

    -Adam

    Debt Cures Reviews
    http://www.debtcuresreviews.com/about/

  12. I just recently ordered the book along with one CD for $19.99 for my husband who is an attorney and unfornately, just came across the reviews section and was astounish to see such negative reviews. I almost wished that I have never ordered the book.

    The book along with the CD plus shipping charges totaling $61.97, which is the amount I expect to to pay. Donot send me anything additional other than the 2 items I order and donot charge me for any other outragerous rediculios amount. I very well will like to see my order in the time frame indicate. For those of you that feel as if this is a scam, I suggest that you file a compliant with the Better Business Bureau in your town. In addition, join together and file a class action law suite on behalf on the company for fraud and theft.

    In the meantime if I donot received the 2 items that I orde and if I am not charge the correct amount, you certainly be hearing from my husband, and if you know like I know, you don’t want to hear from him. He has been praticing law for 27 years.

    I am hopping that we will not have to result to this. Guys remmeber the more compliants this company gets the likely hood that it will be fine and santioned, so your complaints to BBB, which can be access via web @ BBB

  13. Hello Recently Ordered-

    Thank you for your comments.

    I am not Debt Cures though. This is just a review site of Kevin Trudeau’s book. If you have a question about your order or need customer service, you can contact him at http://www.debtcures.com

    Thanks and have a great day!

    -Adam

    Debt Cures Reviews
    http://www.debtcuresreviews.com/about/

  14. MONEYSELLER says:

    I PURCHASED DEBTCURES ON ITUNES, AS I HAVE A 40 MIN. DRIVE TO WORK ONE WAY. THE BONUS SECTION AT THE END OF THE BOOK IS UNREAL. JUST MORE SPEACHES ON HOW HE WAS A “PLAYER” IN THE MONEY BUSINESS AND HOW HE (KEVIN) SPENT TIME FLYING IN LEAR JETS DRINKING CHAMPAINE AND MEETING WITH ONLY THE TOPS IN BUSINESS AND IN THE WORLD, SOUNDS TO ME LIKE HE (KEVINE) WAS DREAMING………..WAKE UP KEV……

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