DEBTSMART® EMAIL NEWSLETTER
ISSN 1538-6740
May 21, 2003 Issue 52

Tools for financial success!
A Free E-Mail Newsletter from DebtSmart® Online and Press One Publishing.

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Publisher: Scott Bilker, mailto:publisher@debtsmart.com
Editor: Richard Crammer, mailto:editor@debtsmart.com 

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For instructions to SUBSCRIBE, and DISCLAIMER, see bottom of this email.

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IN THIS ISSUE

==> Cool Quote

==> Letter from the Publisher

==> Miami Herald Review

==> Collection Company After 23-Year-Old Debt

==> Household Math™: Job Offers

==> Survey: Debt Perception

==> Paying Your Bills on Time

==> DebtSmart® Help Center

==> Unemployed Bill Crisis

==> DebtSmart® Resources

==> Subscribe/Disclaimer Information

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COOL QUOTE

"When written in Chinese, the word 'crisis' is composed of two characters. One represents danger and the other represents opportunity." 
--John F. Kennedy

Click below for quotes from all previous newsletters:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?04&7428 

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LETTER FROM THE PUBLISHER 
by Scott Bilker

Hi,

It's too good to be true! I just received an offer to refinance my mortgage at 4.75% with $0 closing costs!

My current outstanding balance is $106,444.00 with 20.67 years to go at 6.875%. The new mortgage is 15 years at 4.75% which makes the new payment $827.96.

My total out-of-pocket savings are equal to $49,099.32, with a true savings of $38,053.00. (True savings are calculated by applying the new payment to the old loan and finding the unpaid balance of the old loan at the time the new loan is repaid.)

You know what they say about something that sounds too good to be true--we'll see. I wonder if they'll approve the application despite my 80 credit cards.

I'll keep you posted.

Regards, 
Scott

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MIAMI HERALD REVIEW 
by Richard Pachter

Scott Bilker (in his new book, "Talk Your Way Out of Credit Card Debt") lays out a variety of scenarios involving debtors and collectors. He presents several options for coping with each situation, then he takes it a step further by providing a suggested script for dealing with the debt. He also covers things like lowering or eliminating annual fees, getting lower interest rates, dealing with late fees, obtaining cash advances-you name it. This guy's clearly experienced in dealing with financial institutions at the consumer level, and he understands how to play the game. You don't have to use his exact words, but Bilker's dialogue is a good place to start. I haven't road-tested any of his scripts, but the needle on my bovine excrement detector didn't move, so give it a shot.

Click below to read more about the book:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?05&7428 

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COLLECTION COMPANY AFTER A 23-YEAR-OLD DEBT 
by Scott Bilker

Scott, 
I received a letter telling me that I owed a debt of $535.73, but, "if I paid $214.00 immediately," they would cancel the debt. I cannot recall owing this debt. It was made, according to the company (I called this AM) in 1980, under my husband's name. We retired in 1978 and live on Social Security. He has never had a credit card and I have always taken care of our money, since he was in the Marine Corps and overseas so much. I have checked through as many old papers as I have and can't find this debt. When I pay a card off, I always cut it up. I have no cards now, and pay everything by check. Can they collect on a debt this old? I asked them to send any paperwork on this debt to me, but they said, "if I refuse to send a check at once," they will take me to court! What must I do? Thank you for your advice! 
--Marjory

....My impression is that you're dealing with an unscrupulous debt collection company that, quite frankly, may be lying about the debt! Be very careful not to disclose too much information to these people because you cannot trust them!

Do not send them any money! Do not give them any information about your checking account or any other accounts!

You are protected against many debt collection tactics by...

Click below to read article:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?06&7428 

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HOUSEHOLD MATH™: JOB OFFERS 
by Scott Bilker

This question is from my 3rd Grade son's New Jersey Assessment of Skills and Knowledge (NJ ASK) sample test.

You have to choose between two different job offers for the same four-day period. The first job pays $5.00 each day for the four days. The second job pays $1.00 for the first day, and each day after the first, you will be paid twice the amount you received the previous day. Which job will pay you the greatest amount?

Click below to solve problem:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?07&7428 

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SURVEY: DEBT PERCEPTION 
by Scott Bilker

Good debt/bad debt, is there such a thing? I don't think so, but many experts do. What do you think?

In this survey you're going to be asked to judge whether a debt is good or bad. How good is your Debt Perception?

Click below to take survey:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?08&7428 

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PAYING YOUR BILLS ON TIME 
by Terry Rigg

You've heard it before. "You always have to pay your bills on time or it will hurt your credit rating". The fact is that not paying your bills on time can also cost you a bunch of money.

The last time I checked being late on a credit card payment can cost you as much as $29 each time. In some cases this is more than the payment.

Most banks and loan companies also charge some sort of...

Click below to read article:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?09&7428 

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DEBTSMART® HELP CENTER 
by Scott Bilker

Hi,

Helping you with your debt is very important to me personally! If you've been reading my articles, you know that I always encourage self-help as a first step. However, being buried in debt can be very overwhelming, which is why you may want to explore other options.

One of those options is professional, ongoing help with credit counselors. I've started to personally check out certain companies so I can recommend the ones that are worth considering!

If you would like to speak with a representative from a...

Click below to read more:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?10&7428 

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UNEMPLOYED BILL CRISIS 
by Gary Foreman

Gary, 
My husband has been out of work for 5 months and the income he did bring in when he was working was double what I currently bring in. Needless to say, my checks and the unemployment is not paying the bills. I am starting to panic because bill collectors are calling daily. I cannot tell them when I can make payments so they continuously call at home and work. I feel like I am going to lose my mind because of this!

I am making sure that my house payment is paid, utilities, car insurance, but everything else is getting severely behind. What do I do? Do we have any way of getting out of this mess? Any rights? 
--SS in WA

Sounds like SS is in a tight spot. We'll spare SS the obvious advice of cutting unnecessary costs. Let's rather focus on how to handle the mountain of bills. First, it's important to get some breathing room. SS won't make good decisions if she's losing...

Click below to read article:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?11&7428 

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DEBTSMART® RESOURCES

DebtSmart® Books, software, reports, in-print and downloads:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?01&7428 

Archive of DebtSmart® Email Newsletters online:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?02&7428 

How to use DebtSmart® articles FREE in your e-zine or on your web site:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?03&7428 

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HOW TO SUBSCRIBE OR UNSUBSCRIBE FROM THIS NEWSLETTER

All recipients of DEBTSMART® EMAIL NEWSLETTER have signed up voluntarily for the newsletter via our website.

TO SUBSCRIBE to this newsletter click on the below link and complete the subscription form:
http://www.debtsmart.com/cgi-pl/go/030521_en.cgi?00&7428 

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The author(s), Press One Publishing, and DebtSmart.com shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to be caused, directly or indirectly by the information contained in this email newsletter and/or at the DebtSmart.com web site. The information, methods and techniques described may not work for you and no recommendation is made to follow the same course of action. Every effort has been made verify the accuracy of all content contained herein. However, there may be mistakes; typographical, mathematical or in content. This email newsletter and the DebtSmart.com web site have been created for your entertainment only. You must always seek the proper professional advice before taking any financial or legal action. You have been warned.

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