Debt Reduction Strategies – A Bank Insider’s Shocking SpyCam Confession

by Junior Boomer on April 16, 2010

Guest Post by  Philip Tirone of 720 Credit Score

Last year, I called on President Obama to help me educate the American people about debt reduction strategies that could pump $360 billion a year back into the economy. Under my plan, the 100 million Americans with credit scores that fall below 720 would have been taught to use credit improvement as one of their debt reduction strategies. These people could easily save $300 a month (a conservative estimate) each and every month by raising their credit scores and lowering their interest rates.

This is $3,600 a year, just by learning some simple information about credit card scores, building credit, and facts about bankruptcies and other major financial disasters.

Imagine what you could do if you implemented simple debt reduction strategies to save $3600 a year. Save for your kids’ college funds, pay off your debt, or just invest in your future. The possibilities are endless.

Well, this is why I created this video, to illustrate how in my opinion, banks are not educating their employees how their clients save money via their credit score. The very same banks we bailed out with our taxpayer dollars are not giving us the information we need to save money on interest and rebound from the recession.

So now I’m more committed than ever to helping the American people increase their credit score.

When I went into the mortgage industry 13 years ago, I started studying the credit industry, and what I learned was shocking. On a 30-year, fixed-rate, $300,000 home loan, bad credit could cost you $212,040 over the course of the loan. This is nearly a quarter of a million dollars!

And the banks won’t train their representatives to help you lower your interest rates as a debt reduction strategy? Watch for yourself, and you will agree: This is absurd.

Thanks to Philip for an awesome guest post!

Editor’s Note: Free Teleseminar

In case you’re looking for more info to increase your credit score and understand how it works, Philip offers an awesomely free Teleseminar.  I had the opportunity to join in last week and it literally blew my mind.   If you’re struggling with debt, you NEED to check it out.

Follow this link for the FREE Credit Advantage Teleseminar

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{ 1 comment… read it below or add one }

Steve Rhode March 30, 2011 at 3:51 pm

That was a very well done video.

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