Tommy Kilpatrick

After publishing a successful book, Tommy Kilpatrick was contracted with an infomercial company and spent six months promoting it—living on three credit cards in anticipation of earning $100,000 a month. When another author with the company faced legal trouble, all new contracts were canceled, leaving Kilpatrick with $85,000 in credit card debt.

Drawing on his accounting background, Kilpatrick concluded that bank-issued credit cards are not true loans without a signed promissory note. He sued three banks in federal court, and although the cases were dismissed, the debts were removed from his credit report with no derogatory marks or IRS 1099-C filings.

Kilpatrick now educates audiences on the claim that, without a promissory note, no actual bank loan or debt exists—only a bookkeeping entry—and outlines how individuals might use this principle to eliminate similar debts.