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Kevin Trudeau asked:

Why do you get those tempting credit card offers nearly every day in the mail? Kevin Trudeau says it is because the credit card companies lure you to use their credit cards hoping that you’ll miss a payment so that they can cash in on fees and penalties and perhaps even raise your interest rate. Rich profits are easy to be had what with Americans averaging 00 in credit card debt. In chapters four and five of Debt Cures, Trudeau told you how to negotiate down or eliminate your debt. Don’t worry, if those methods don’t work, in chapter six of Debt Cures, Trudeau explains how to dramatically reduce the interest rate you are now being charged.

Trudeau says you must fight back when credit card companies without any warning raise your interest rate. Call and demand that they bring it right back down, you don’t change the terms on them, so why should they change it on you. If you owe ,000; you could be paying up to 24% interest on the money. Trying to pay the interest while working off the balance and meeting any new charges is nearly impossible. Give the credit card company a phone call and ask them to lower the rate. Before calling, check the mailbox. If you have an offer from another company mention it when you call. Just the threat of transferring your balance elsewhere may be enough to get them to drop the rate. When you get the operator ask what your current rate is. If theysay20.6%, then respond with why should I keep my account open with you, when credit card A is offering 0 percent for six months followed by a 10% interest rate. Pit one company against the other. Ask for a supervisor when the operator doesn’t cooperate. The most important thing to remember is to be persistent. Call back later in the day or the next day if the first person you speak to doesn’t help you. Just a small reduction can save you thousands of dollars so it is more than worth the effort of a few telephone calls. Trudeau provides details on what to say so follow his lead when calling.

There are other traps that you will read about in chapter six. First Trudeau says that bankruptcy is not the cure all that bankruptcy lawyers say it is. After all, they get paid for helping you file bankruptcy so is it in their interest to tell you how it will negatively impact your credit score and credit report? It will make it difficult to take the next step in creating wealth. Watch out for credit repair agencies as they could harm your credit score as well. Remember it always better to cut your rate than to consolidate your debt. If you owe on more than one credit card, if you can lower the interest rates on each of the separate bills, you will save more money over time with lower rates than by consolidating. Again, Trudeau is helpful by providing information on finding credit counseling agencies if you determine you need to travel that road.

There is no longer any need to remain in fear because of your debt. You can take steps to break free of your debt. Eliminate, negotiate and cut the rate are the first three steps that Debt Cures talks about. It’s all part of fighting back and being in control of your finances.

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