Ok, this post will finish my Debt Cures review no matter how long it goes on. This one will answer all the questions about the free money from the government, the $10,000 in 24 hours, etc. Let’s get started.
We left off on chapter 21. Chapter 21 is called Rebuilding Credit. This chapter offers several tips and options available to you to rebuild your bad credit. The first method he talks about is piggybacking. (The effect of this has now been negated by the credit industry. Read this.) The basic idea of piggybacking is someone with a good credit score adds you as an authorized user to their account and their good credit history gets reflected on your credit report boosting your score.
More tips to rebuild your credit include getting a co-signer on a loan, taking out and installment loan, and getting a secured credit card. He has a few tips for college students who are a favorite target of the credit card companies.
Chapter 22 – Building more wealth.
Here, we get a better idea of what Trudeau means by building wealth. “Every step you take to reduce or eliminate your debt is a step towards building wealth.” I would have to agree. The idea is a penny saved is a penny earned. The less you pay to the credit card companies, the more you have to save for more important things. It is hard to save or invest for your retirement if all you’re worried about is paying off your credit card debt.
Kevin talks about the differences between investing in depreciable assets – cars, TVs, clothes – and assets that increase in value over time – real estate, stocks, bonds, art, etc.
He mentions starting a corporation for your new business to get access to large credit lines and to leverage that credit line into good appreciating assets. Since this is a book about “Debt Cures,” the specifics about how to do this are not covered.
“How to get $10,000 in 24 hours”
This is a question several people have asked. The answer is – BORROW IT. He tells you about all the options you have for borrowing or finding money – home equity loan, friends, family, etc. He also mentions searching unclaimed funds, he says it is one source that many people have found money.
Trudeau finishes the chapter off with some good business tips and making money with your own business as an entrepreneur. The main point is to find out what the demand is than fill it, not the other way around. So instead of building a better mouse trap, find out what the market wants first and then give it to them. On the Bonus CD, KT mentions making money on eBay. There are thousands of people making money buying and selling on eBay.
Chapter 23 – Free Money!
KT talks about all the sources of free money from the government and private organizations you can get. Grants.gov is one of his first sites he recommends. You have to take the time to fill out the application forms and make the phone calls to get the money. He also talks about getting money from the Small Business Administration (SBA). Over 1 million people each year get free money and cheap loans from the government. You put in the work and you can probably get some too. Many of the grant programs have to be used for a specific purpose not just to do with as you please. But if you’re a new entrepreneur and you need some money, getting the money can be a great lifeline for your business.
One program that I found interesting was the Individual Development Account program. It’s like a 401K where the government and a private group will match your savings dollar for dollar up to a certain amount. You put in a dollar and they put in a dollar each – so you’ve tripled your savings just like that. The money can be used to buy a house, go to school, or start a business. Read more at idanetwork.org
College students – make sure you apply for Pell grants and other Federal grants.
Chapter 24 – The Conclusion. A short two page chapter encouraging you to take action. Then he offers links to many of his sources and a couple sample letters to send to debt collectors and a sample balance sheet and income statement.
That’s it. That is Debt Cures. All in all, I would have to give Kevin Trudeau’s latest book a passing grade despite the hassle of ordering it. If you use just one of these tips in here, you will have more than paid for the cost of the book. Since we are talking about big amounts of money when we are talking about debt, savings of a few percentage points on your credit card interest rates or negotiating your debt lower can save you thousands of dollars. And that is what makes buying a book like Debt Cures worth it.
If you have questions about the review or about “Debt Cures They Don’t Want You to Know About”, you can post them in the comments section and I will get to them as soon as I can.