Debt Cures “They” Don’t Want You to Know About

By: Kevin Trudeau

Although author Kevin Trudeau has what you would call an extremely “spotty” past; (he served time for credit card fraud fraud among other things in the 1990’s), he does write an interesting book.

The question is, do you want to take his word for anything?

If you are looking for a very basic primer on debt and credit, this book will probably fit your need. Most of the information is readily available on different financial and credit websites, for free. But then you can borrow the book at your public library for free also. And Trudeau has done a lot of the research for you.

One of the most interesting things Trudeau speaks about is the statute of limitations on debt. Many people don’t know that there is such a thing and are hounded by what are called the “bottom feeders” of the credit industry. These collection agencies will go to different credit card and other lending companies who have written off bad debt as uncollectible and purchase the paper, or the right to try to collect the money. And they don't put up a lot of cash for this paper. According to Trudeay, if you had a, say $12,000 credit card debt, they could purchase that debt from the company for as little as $200, then go after you for the full amount.

But, each state has a different statute of limitations for debt. Arizona’s is 3 years for “Open Accounts” and 6 years for “Written Contracts.” The problem with Arizona’s laws is that they are vague, and have been for some time. If the old debt someone is after you for is 6 years old, fight it. If it is 3 years old different lawyers and judges will interpret it differently and you probably have a 50/50 chance of winning that argument.

The other things covered in the book include checking your credit report frequently, negotiate with lenders, and rebuilding your credit. It’s worth the time to read the book if you are just starting to look into your financial life. There are some worth-while starting points listed. Just don’t depend on the book 100%. Do your research. It’s your credit history and future. Not Kevin Trudeau’s.

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