27 Apr Debt Cures: Does Kevin Trudeau Make Money or Sense? Part 11: Big Business (Credit Card Industry)
Part 11 of my review of Kevin Trudeau’s book, Debt Cures TheyDon’t Want You to Know examines Chapter 16: Big Business. 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.
Trudeau next turns to the big business otherwise known as the credit card industry. He outlines the greedy behavior of the credit card industry and some of their less-than-honest practices (such as holding checks to generate late fees; changing due dates on statements without notifying the customer, in order to generate late fees; raising interest rates; charging higher than promised interest rates; and so on).
Trudeau suggests that we, as consumers, need to fight back–first by making complaints. A consumer can contact the state Attorney General, elected representatives, banking regulators, the Better Business Bureau, or the Comptroller of the Currency. Trudeau provides some contact information in this section. Trudeau also provides suggestions for what to say when the consumer contacts the list of agencies to complain and urges the consumer to “just do it”.
This chapter provides information on the kinds of charges generated by the subprime credit card companies and provides information on where to complain about greedy tactics. This chapter provides good information and gets a A.
- 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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