Every once in a while I find someone who knows a lot about something I only know the basics about. Debt Reductions and Credit Scores are one of those areas. I know a lot but Philip Tirone is an expert in this area.

Many months ago Philip hosted a teleseminar for us with this great information but because of some unfortunate technical problems, the call got dropped for quite a few of you and you missed this very important information.

HE HAD NEW CREDIT INFO TO SHARE

Because I suspect many of you are struggling with credit card trouble and trying to figure out how to get out of debt so they can more forward financially, I asked him if he’d come back and do it again! He said YES and we’ve scheduled the call for Wednesday April 6th. Time will be our usual 6:00 PM PST (9:00 PM EST).

I asked that he send a little information that I could share with you before hand. What you have here is one of Philip’s clever videos (wait until you watch it…and it’s short!) and a little bit to read to prep you for his call on the 21st!

So, put the date on your calendar so you don’t miss it and yes, I’ll send you more info and reminders as we get closer. You do NOT want to miss this call.

Guest Blogger:  Philip Tirone

Before or after you read the post, watch his short video:

Here’s what would make me happy: if the banks we bailed out participated in our effort to come up with strategies for debt reduction. But when I went into a major bank with a SpyCam, I learned that banks are not the least bit interested in helping customers raise their credit score and lower their debt.

Do the banks give consumers the right information about how their credit cards affect their credit scores?

Nope.

Do they tell people how to rebound after bankruptcy, foreclosure, or major financial catastrophe?

Nope.

Do they train their bankers to help consumers learn the basics of how to build credit?

Nope again.

And why should they? If you have a low credit score, you will have high interest rates. The higher your interest rates, the more money the banks make.

But in my opinion, the banks are being short-sighted. If banks helped consumers learn strategies for debt reduction through credit improvement, the economy would rebound, which would help the banks because more people could qualify for loans.

Just look at the numbers:

• 100 million Americans have credit scores that fall below 720, the cutoff for getting the best interest rates.
• A person with bad credit pays and extra $212,040 over the course of a 30-year, $300,000 fixed-rate mortgage. Add in interest on car loans and credit cards, and these people are spending an extra $600 or $700 each and every month in interest alone.

By my estimates, we could save 100,000 American households $300 a month, simply by providing the facts about credit-scoring. That’s an extra $360 billion a year that would be pumped back into the economy.

Watch this SpyCam video, and tell me: Don’t you think the banks we bailed out should participate in strategies for debt reduction?

Leave your comments and tell us what YOU think!

A person with bad credit pays and extra $212,040 over the course of a 30-year, $300,000 fixed-rate mortgage. Add in interest on car loans and credit cards, and these people are spending an extra $600 or $700 each and every month in interest alone.