Debt Cures Finds the Cures to Your Debt Difficulties

From Debt Cures by Kevin Trudeau,
A regular column by Alan Zakoam, Mar 08, 2008         

Summary: In the beginning of the book Debt Cures, Kevin Trudeau talked about the ways that credit card companies and banks are taking advantage of American consumers; in Chapters Four and Five he starts to tell how you can find the cures to your debt difficulties. Trudeau’s cures may be easier to swallow than you think. Debt savings of 50%, 75%, and up to 100% are promised if you successfully follow his steps outlined in Debt Cures.

 
In the beginning of the book Debt Cures They Don’t Want You To Know About , Kevin Trudeau talked about the ways that credit card companies and banks are taking advantage of American consumers; in Chapters Four and Five he starts to tell how you can find the cures to your debt difficulties. Trudeau’s cures may be easier to swallow than you think. Debt savings of 50%, 75%, and up to 100% are promised if you successfully follow his steps outlined in Debt Cures.

You may not realize that credit card companies will write off an old debt for the tax advantage if the debt is three years or so old. If that’s the case you may not owe them anything. Trudeau says there are companies which specialize in collecting old debts called “scavenger debt collectors.” These are lowest forms of business men and debt collectors. They purchase uncollectable debt for next to nothing, then use any means necessary to extort the money from you, at enormous profits. But what the scavengers don’t want you to know is that “paying a debt that is too old is NOT required of you.” Like milk, debt has an expiration date also known as the statute of limitations. Once the date has passed, you do not have to pay on the debt because you legally owe nothing. The length of the statute of limitations will vary from state to state, generally from three to six years. The book includes a chart, outlining the length and type of statute of limitations for each of the 50 states.

You are now prepared for the next time the phone rings and a collector is on the other end. You can simply tell the person on the other end of the phone that the debt is no longer collectable, it has expired. Sit tight and say nothing else keep your lip zipped. Trudeau warns that you should never admit that the debt is owed (that could start a new time period). End the discussion by saying debt has expired you cannot collect and hang up. No more must you be in fear of collectors because now you know your rights and you know they have few rights.

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That’s not the only technique provided by Trudeau. Since not every debt that you have will be old, you may have to learn the next cure, how to negotiate. If you have a current debt then most likely you will get a phone call some day from a credit card company or collection agency, you have the right to negotiate both on how you will pay the debt and the amount. What you should do is create your own financial statements to show creditors. Create a balance sheet and an income statement. A balance sheet shows your assets versus your liabilities while an income statement will show your income and expenses. Trudeau provides samples for you to review, so don’t worry about creating them. Have an accountant review them. Now you have you financial situation in writing, giving you greater negotiating power. Most creditors would rather get some payment on a debt versus none, so you are able to begin to bring down your debt.

Kevin Trudeau provides you with samples of the statements in the book, plus he tells you to get them started, so it is not that difficult to prepare the statements. You can either eliminate or greatly reduce your debt by strong negotiations or by sitting tight on your old debts.

View other articles from the Alumbo column Debt Cures by Kevin Trudeau

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