How to Get Out of Debt With the Get Out of Debt Guy » debt-cures

I Am 22 Years Old, Cannot Pay My $200 Balance on My Credit Card But I Want to Start My Own Business. – Nick

Steve Rhode — Mon, 01 Mar 2010 22:40:21 +0000

Nick

“Dear Steve,

I’m 22 years old with a poor credit score due to some medical bills that went to collections when I was 18 I have one credit card that has a limit of 200 and is almost maxed but always make my payments on time and make double payments. I only have i lil bit of debt my credit card and a couple traffic ticket court fines but thats it.

I was watching a tv infomercial with Kevin Trudeau and his book Debt Cures they dont want you to know about and on his infomercial he mentions that there is an unsecured credit card or business card that no matter what your credit score is how much debt you have anyone can get approved for it with a limit of 10K to 15K.

Well I have the mentallity of your famous robert kyosaki my family is really business oriented and I have the mind set that I need to work for my self especially with this economy and I want to open up my own business i already have a plan and everything but my question is do you know of an unsecured credit card with a limit of 10K to 15K like mr kevin talks about that I could get approved for even with my bad credit score whether its a business card or not? or is there anyway to get a loan with my credit score for at least 10k? thank you

Nick”

The Answer:

Dear Nick,

I am passionately enthusiastic about the power of entrepreneurism. Ever since I was young I have had my own business, on the side at first and then one with 70 employees. The magic ability of owning your own business can be amazing and drag one out from poverty to abundance.

But dude, you are making a huge mistake here. If you can’t afford to pay off a $200 credit limit card, you have absolutely no business getting a $10,000 limit card. You don’t succeed at business by going further in debt and borrowing your way into small business only digs yourself a deep hole to get out from.

Of all my businesses, even the one that had 70 employees, I never started with more than an idea and I never borrowed any money to start them.

If you need some cash to buy some supplies to start a business, work some crappy job and save up the money. Pay cash to get going and start from a position of opportunity, rather than instant liability.

Another key to starting a small business is not that you have some fantastic idea, but that you can sell your product and service and deliver what you promise. There are so many opportunities each day for someone to launch their own business but the key ingredient that I see people lacking is freaking hard work and butt grind dedication.

Nick, there is no free ride in this life unless you win the lottery or inherit loads of money. So prove to yourself first that you’ve got what it takes to be successful in business. Make it a point to pay off your $200 credit card on a monthly basis, save cash in the bank towards your idea, and find an opportunity that you can start with little investment and a lot of hard work, and then, and only then, go for it.

Big Hug!

@GetOutOfDebtGuy

Kevin Trudeau and His Debt Cures Book Hit Top Scam List

Steve Rhode — Wed, 23 Dec 2009 17:24:54 +0000

From How to Get Out of Debt

Marketer Kevin Trudeau is always selling something, and in 2009, it was his book “Debt Cures They Don’t Want You To Know About”, his follow-up to “Natural Cures They Don’t Want You To Know About.”

Some who bought the book claim it has almost no usable information that can’t be easily gleaned from other, free sources. But the overwhelming majority who have written to ConsumerAffairs.com complain about the aggressive sales tactics they encounter when buying the book over the phone.

“I bought a Kevin Trudeau book from TV,” Paula, of Susanville, Calif., said. “I am unemployed. He, and his group, keep sneaking $7-$40 charges on my unemployment debit card. I can’t even figure where some of the charges are coming from. The phone numbers are not good, or are never answered! I have no grocery money now because of $70 in the last month!”

The book costs $29.95 but Tom, of Butte, Mont., complains the shipping charges amounted to $33. He got off easy. Jacqueline, of York Springs, Pa., said she called to order the book but by the time she got off the phone had been charged $152.85.

Source: Consumerist

Read more: http://www.consumeraffairs.com/news04/2009/12/top_10_scams.html#ixzz0aX9ERJKh

@GetOutOfDebtGuy

Ben Read the Book “Debt Cures They Don’t Want You to Know About” By Kevin Trudeau And Has Questions

Steve Rhode — Fri, 19 Dec 2008 17:05:59 +0000

From How to Get Out of Debt

Ben

“Dear Steve,

I read the book called Debt Cures by Kevin Treadeau. It was awesome and it has a lot of tips and help there. What I am trying to do is get an outstanding credit score and it needs to be improved.

When you call the credit card company it is pretty darn hard to make them lower your interest rate like it says in the Debt Cures book. I would like to lower my APR and they would say all we can do is wait 6 months and try again. How can I speak them and get them to lower my APR without waiting for to be lowered. Help!!!!

Ben”

The Answer:

Dear Ben,

I read the book by Trudeau as well and while it is filled with some interesting tips, many are outdated in this economic climate. While it is true that creditors used to easily lower your percentage rate by just calling and asking, these are different times.

Credit card companies today are jacking the rates up on customers that have never been late, have not missed a payment and have not exceeded their limits. By all outward signs, credit card companies are running for profits in an otherwise horrible economy and are unlikely to reduce interest rates at this time.

The six month advice that you got tells me one of two things. Either you have had some credit problems in the last year or the representative wanted you to call back at a latter time in hopes that the economy would improve and deals would be had again.

The best way to get an outstanding credit score is not to guess at what needs to be fixed, but to know for a fact what is bringing your score down. Without a doubt the best way to do this is to get a consolidated credit report with a credit score and not only will it identify all of your lines of credit and show your credit history but it will specifically tell you what you need to do to improve your credit score. Click here to get your credit score specific information.

While the Debt Cures book and certainly the infomercial about the book with the Playboy Playmate, make you excited about easily improving your credit score and lowering your interest rates it is really dependent on a few factors.

Debt to Income Ratio – If your card balances are more than 33% of your limit you will find that can lower your credit score. These days with creditors reducing limits without notice or warning you can easily find yourself maxed out through no fault of your own. You can also get wounded when you carry a number of balances on cards and in total they are a risk based on your current income.
How You’ve Paid Your Bills – If you’ve been sloppy or had issues that prevented you from paying your bills on-time then that will be reflected in your credit report. If you have accounts still showing up in collections, that hurts you as well.
Creditor Policies – The book and books like it provide good tips but ultimately they can all be worthless if your creditor adopts a corporate policy and does not want to bend. Don’t lose sight of the fact that as long as you carry a balance on your credit cards the credit card company calls the shots. If you don’t like how they treat you then look into doing a balance transfer to another credit card. A credit card company does not have to value you as a customer or want to retain you if you no longer suit their target demographic.

Outside of paying your debts off in full, no other trick or tip is going to get you lower interest rates without potentially damaging your credit report further. However, the best way to get the best rates is to pay your bills on time and follow the credit score improvement guide that will come with your consolidated credit report and tell you exactly what you need to do to legally boost your score.

Thanks for the question.

Steve

The Answer:

How Do I Get Out of Debt?

Steve Rhode — Wed, 22 Oct 2008 23:50:42 +0000

From How to Get Out of Debt

The next time you ask yourself “How do I get out of debt ?” remember: Cut spending. Make fixed payments.

Source: How Do I Get Out of Debt?

How to Get Out of Debt With the Get Out of Debt Guy » debt-cures

I Am 22 Years Old, Cannot Pay My $200 Balance on My Credit Card But I Want to Start My Own Business. – Nick

The Answer:

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