Debt Cures: Does Kevin Trudeau Make Money or Sense? Part 1

17 Mar Debt Cures: Does Kevin Trudeau Make Money or Sense? Part 1

I must admit that I am not a fan of info-mercials. I see the hawksters, the promotions on the television and while I might want to buy the “ShamWow” (now, that guy Vince is a salesman), I usually flip straight through the channels to get to the show of the evening.

I have been seeing Kevin Trudeau on many cable channels, promoting his book: “Debt Cures “They” Don’t Want You to Know About”. I had bought an earlier book, “Weight Loss Secrets “They” Don’t Want You to Know About” and was completely unimpressed as most of the book seemed to promote Trudeau’s website and additional purchases (others have also complained).

So, I bought the book, figuring to review and discount most of what Trudeau had to say and try to educate folks in the process. So, rather than calling in and allowing his expert sales team to sell additional products, I purchased the book at Wal-Mart for $21.97 and settled in to read Trudeau’s cures for debt. The purpose of the review is to examine whether Trudeau, who has had extensive involvement with credit card fraud and the Federal Trade Commission for some of his previous books, makes any sense in this latest self-help promotion or is he making money selling empty promises?

But…he ain’t bad in the first three chapters (I have broken the review into several parts–that “ain’t bad” does not extend to the whole book).

Chapters 1- 3 discuss the abuse heaped on consumers by credit card companies, mortgage lenders, and banks through the charging of hidden interest and “fees”. Trudeau points out the complicity and endorsement by the federal government by its turning a blind eye to the goings-on of these companies. Trudeau labels his first chapter “License to Steal” and points out the use of fees as really a hidden interest charge but by labeling a late fee as a fee rather than interest, banks and credit card companies can avoid usury charges. Trudeau blames greed as the ultimate cause of these profit-making fees.

None of this information has been kept secret; none is new blockbuster information; it has all been published before in other forms–however, the difference is that Trudeau presents the information in an easy-to-understand format and lays out the foundation in place that allows these companies to make money off consumers.

So far, okay. Stay tuned for Part 2.

 

Part 1 of my review examines the first three chapters of Kevin Trudeau’s book, Debt Cures They Don’t Want You to Know. (gets an “okay” rating)

  • Part 2 of my review dissects Chapter 4 of the book (gets a warning of “Get legal advice from a lawyer in your own state”).
  • Part 3 of my review deals with Chapter 5 of the book (gets a warning of “Get legal advice before following Trudeau’s advice”)
  • Part 4 of my review examines Chapter6, as Trudeau discusses how to cut your credit card rate. (gets a “doesn’t hurt to try it; don’t expect it”).
  • Part 5 of my review examines Chapter 7: Fighting Back. (gets an okay rating).
  • Part 6 of my review examines Chapters8-11: Credit Score (gets “good information”)
  • Part 7 of my review discusses Chapter 12: Credit Reporting Errors (gets mixed review as he repeats bad information (discussed earlier in Part 3) but generally good information).
  • Part 8 of my review examines Chapter 13: Student Loans (gets generally good review)
  • Part 9 of my review discusses Chapter 14: Home is Where The Start Is (gets nearly failing grade)
  • Part 10 of my review examines Chapter 15: No Bankruptcy (gets failing grade/adds shame)
  • Part 11 of my review examines Chapter 16: Big Business (credit card industry)(gets A grade for giving information)
  • Part 12 of my review discusses the information presented in Chapter 17: Stealing Candy from Babies (gets okay rating for giving information)
  • Part 13 of my review examines Chapter 18: Three Ring Circus (gets failing grade for repeating information already provided)
  • Part 14 of my review examines Chapter 19: Slaying the Dragon (gets A grade for giving the math on how long it takes to pay off a 20% credit card with a balance of $8000 with just minimum payments….FIFTEEN YEARS!!!
  • Part15 of my review examines chapter 20: Stopping Debt Collectors Cold (gets a failing grade for some good information and then followed by really bad advice: scary!)
  • Part 15B of my review goes into more detail about what was scary about Chapter 20.
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I'm a consumer protection lawyer in Oregon, working with people in Klamath; Lake; Jackson; Josephine; Curry; and Deschutes County. I speak regularly on bankruptcy and consumer protection issues nationwide.
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