Is the $1.3 trillion in bank-issued credit card debt weighing down business owners a legitimate obligation, or is it based on a systemic banking fallacy? Tommy Kilpatrick, an author and entrepreneur with a background in accounting, joins Harmonious at Lunch to present a startling claim: your bank-issued credit card debt may not be a real debt at all.

After being left with $85,000 in credit card debt from a business deal gone wrong, Tommy challenged the banks in federal court. He argues that without an invoice or a signed promissory note, banks have no legal standing for the debt they claim you owe. He breaks down the difference between a true debt (like from a store card) and what he calls "alleged" bank-issued debt, explaining the process he used to have his balance completely removed from his credit report in about 45 days, with no tax consequences.

Chapters:

[00:00] - Intro: A Method to "Nuke" Your Credit Card Debt

[01:10] - How an $85,000 Business Setback Led to a Major Discovery

[03:20] - The Core Argument: No Invoice, No Promissory Note, No Debt

[05:41] - Why This Doesn't Apply to Mortgages or Car Loans

[08:08] - The Critical Difference: True Store Credit vs. Bank-Issued Cards

[11:05] - Is Your Credit Card Actually a Disguised Gift Card from the Bank's Ad Budget?

[14:48] - The 45-Day Strategy to Challenge and Remove Alleged Debt

[16:20] - Using a CPA and Attorney Letter to Add Power to Your Claim

[18:05] - How to Use a Lawsuit Complaint (Without Filing) to Force the Bank's Hand

[21:15] - Why Banks Often Fold to Avoid Depositions and Court

[23:00] - Where to Find Tommy's Resources and Supporting Documents

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For strategies to achieve greater clarity in yourself and your employees, visit the HumanOp Website: https://humanop.com/

Learn more from Tommy Kilpatrick:

Explore Tommy's step-by-step method and get the resources mentioned in the episode: https://www.diy-debtrelief.com/

Connect with Tommy Kilpatrick: Facebook: https://www.facebook.com/profile.php?id=61571446316625

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#CreditCardDebt #DebtRelief #BusinessFinance #SmallBusinessOwner #FinancialLiteracy

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