28 Apr Debt Cures: Does Kevin Trudeau Make Money or Sense? Part 14: Slaying the Dragons
Part14 of my review of Kevin Trudeau’s book, Debt Cures They Don’t Want You to Know examines Chapter 19: Slaying the Dragons. 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?
This chapter is quite short as Trudeau explains the amount of interest the reader would pay if he ignores Trudeau’s advice to negotiate down the interest rate. While this chapter is short, Mr. Trudeau accurately provides the numbers on a credit card balance of $8000 at 20% interest, making minimum payments of 4% ($320) of the account balance. It would take 180 months to pay the account in full. 180 months = 15 years. That is assuming that all monthly payments are paid on time.
FIFTEEN YEARS AT $320/MONTH TO PAY OFF AN ORIGINAL BALANCE OF $8000!!!!!!!
The important point in this chapter is that Trudeau advises the reader to keep notes of all conversations with creditors. That is a solid piece of advice. Get all settlement agreements in writing.Another solid piece of advice.
Trudeau ends with the analogy that the reader is no longer cowering, afraid of the dragon (aka, the credit card industry) and can conquer the dragon with the sword of “Debt Cures”.
I think not. While I believe that the information presented in this chapter is probably very good, the analogy and the use of the “us v. them” yet again wears on the reader.Frontline also provided a calculator on the number of payments needed to reduce credit card debt. However, this chapter gets an “A” rating just for the education of what credit card interest does to a person’s life.
- 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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