Secrets of Credit Card Debt Termination - Legally Eliminate Debt

Discover the Secrets of Credit Card Debt Termination Learn How I Legally Eliminated My Debt Without Making Another Payment ------------------------------ If you are searching for a way out of credit card debt this may be one of the most important letters you ever read. There is a completely proper and legal method that I have used to legally dispute my unsecured credit card debt. By using this method I have never repaid the debt and never made another payment. This method is based on applicable banking laws, collection procedures and consumer credit rules. It is perfectly legal to dispute the validity of credit card debt. Two years ago I was over my head in credit card debt - over $17,000. I felt disgusted with myself and depressed over the mess I had created. I was having trouble making the monthly minimum payments and was falling behind. At times, it felt like my whole world was falling apart. The harassing telephone calls from credit card companies demanding payments weren't helping either. Looking for solutions to this financial problem that permeated every aspect of my life, I did some research into debt consolidation, re-negotiation, reduction, and even bankruptcy. These options seemed to offer different chains of slavery to my debt. In a way I felt trapped. I knew that I didn't want to become a slave to the debt for the rest of my life. I secretly wished that the burden of debt could somehow magically disappear, that I could just snap my fingers and poof it would be gone. And then one day, I found exactly what I was looking for - Credit Card Debt Termination. At first, it was hard to believe and sounded too good to be true. But it felt like I had run out of options, so I decided to investigate. I approached it with an open mind and the more I read the more excited I became. Perhaps you may believe as I did, that banks loan you their own money when you sign up for a credit card. This is complete false. At no time does the bank loan you any of their own money or any of their depositors' money. In fact, they are prohibited to do so under the Federal Reserve Banking regulations. When you sign up for a credit card and the bank approves your application, they use your name and your signature on the application to create the money to fund the card. The bank didn't have the money until you signed the application.

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MtotheZ (2008-05-17)

"The bank didn't have the money until you signed the application."
Uhm, you got it all wrong. Your credit limit isn't a stockpile of money, it only designates the maximum that you can borrow from the bank. Although they don't spend money when they determine your credit limit, they DO spend money paying whoever you bought stuff from, and then they expect you to pay that money to them with interest. Which is where your debt really comes from. You would indeed be ripping the bank off, so let's call a spade for a spade here.

JustinThyme (2008-06-15)

I'll summarize 47 pages: "I stopped paying my bills, my credit score tanked, and now I'm looking into credit repair companies."

jimbob46 (2008-10-16)

check like I did with better business bureau first. not a good report.

StR0cK (2009-07-10)

well, actually, banks are only required to have a very small fraction of the money they plan to either lend you or provide you in a line of credit. So what this guy is saying and what MtotheZ says is half true.
For example, when the Bush appointed regulators reported repeatedly to congress about Fannie & Freddie ignoring their warning & demands to stop & kept on buying up / allowing / & encouraging those creative-financing loans to those who cold not afford them, The Liberal Dems who controlled congress not only said that there was nothing wrong with these loans, but said they were necessary so that all Americans could have equal opportunity to "own" a home. They further demanded that they allow the banks to lower the amount of funds on-hand required down to only 2% of the loans issued. So the banks that lent us the money ( or provided HELOCs or PLOCs), were only required to have a very low percentage of actual funds in their coffers... and when Fannie or Freddie bought up those loans from those banks, they weren't required to have the actual money available either.

ps2779 (2013-04-14)

Okay, I finished reading this.
I've been researching the laws, banking, tax, credit, and the debt collection industry, and this book, while does show some (a small amount) of insight, doesn't really give a good solution for people.
People should know how the debt collection industry works, and how to hold debt collectors accountable for their (numerous) illegal actions (including foreclosures, default judgments, and their debt buying scheme). There are laws in place that help people hold these people accountable - FCRA, FDCPA, TCPA, state versions of the FDCPA, UDTP, TILA, etc... People can get money from these thieves, and unfortunately, this book just tells people to stop paying their alleged debts without taking the next step.
Also, the website link in the ebook goes to a dead website. What happened there?
I don't recommend reading this book.