FYI, I’m working on redesigning the entire DebtSmart.com web site! My hope is
that it’s completed within the month. There are more than 500 pages of just the
major articles so this is quite an undertaking, but it will pay off. The web
site will more flexible, meaning that I’ll be able to add content faster and
dynamically.
This is a new one...
A good friend of mine called me and said that his identity was stolen. The
perpetrator used my friend's SSN to obtain a phone in CA. My friend, Joe (no
kidding) is in NJ. He contacted everyone needed to resolve this issue. He
provided the paperwork to prove he didn’t get the phone. It took about 2 months
to clear up.
Here’s the kicker.
One of his credit cards jacked the rate up to 27.49%! Joe called to ask what
the “F^&*” is going on. He had to ask for a supervisor. “The first schmo
couldn’t fix it,” Joe said. Joe asked why the rate was raised; they couldn’t
give him a specific answer. So finally, the supervisor told Joe that the reason
wasn’t that he was ever late and wasn’t that his credit score went down. Oh no, it
was because there was a “fraud alert” on his credit report!
So it wasn’t enough that Joe was victimized by the identity theft, but on top
of that, Joe's credit card bank used this as an excuse to raise his rate. If Joe didn’t call,
they would have gotten away with it!
Here's my question. My husband and I want to buy a home being built in a new
development. Our present home worth $260,000 has no mortgage except a $30,000
home equity loan.
We need about $15,000 down payment for the home being built. Should we open a
home-equity line of credit to pay the down payment? We will be selling our
existing home, so everything will be paid back at the settlement. If not, where
is the best place to get the $15,000? We have several credit cards with 0
balances. Should we take a cash advance on one of those?
Your books arrived and I didn't even get to read them all before I called my
first credit card company. I just briefly glanced at the variety of scripts
under calling credit card companies, and then I called.
I mentioned to the first operator that I received an offer for 5.9%, and that
I would like to have my interest rate lowered.
She came back with "the only special I have right now is 0% for 4 months". I
said, "I'll take it." That's $107.00 a month saving for 4 months.
My second call, I was transferred to the "Account Specialist" (it helped
knowing from the scripts in your book this could happen!).
This gentleman was a very fast, smooth talker. I told him about the 5.9%
offer and he came back with yes I paid promptly, on time, but I hadn't used the
account often enough. So I only got 2 out of 3--not enough to get the interest
lowered. He did offer to reimburse the annual fee of $49.00, which I did take.
He said I would now be included for upcoming special offers.
Not bad for a 1/2 hours work!
Thanks Scott. I look forward to reading the rest of the books for more great
ideas.
Say you have a 30-year, 7% APR, $150,000 mortgage. You know that you’re going
to pay back far more than $150,000 in that 30-year period, and you want to save
money. You decide that you want to save 50% of the total money repaid under the
30-year terms. The question is, how much more, by percent, do you have to
increase your current monthly payment to save 50% on the overall payments
compared to the original mortgage?
Credit options are your weapon against the banks! The key
to success is using your credit lines to save money--not to go crazy spending!
(I know you won't go crazy spending because you're DebtSmart, but I had to
mention that anyway.)
I've found a few more good credit deals that I want to
bring to your attention. If you have high-rate debt, then you should apply online
now and transfer your balances to some of these cards. (Or
search
through the entire list.)
How to save money on your phone service within minutes!
by Scott Bilker
You
will save money using this service. I've been using it for a few months now, and
it has worked perfectly for me! 1.9 cents per minute plus free minutes for
signing up! I signed up for $25 and got the free minutes. So the total time I
received was 1,578 minutes! That's 1.58 cents per minute!
By the way, when you sign up you get my DebtSmart Loan Calculator FREE
(a
$9.95 value).
I've had a lot of people tell me that setting up their budget was simple, but
when it came to living by it payday after payday, they admitted losing interest
in a very short time.
Let's face it. The day-to-day drudgery of trying to figure out how to best
spend your money isn't the most interesting aspect of our lives.
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...
"CardRatings.com has been offering
ratings of credit cards since 1998 and has been featured by Good Morning
America, The Wall Street Journal, Consumer Reports®, NPR, PBS, etc.
Thanks to consumers like you, CardRatings.com has become the most
comprehensive free source for comparing credit card offers."
Credit card cash advances can provide consumers with convenient and instant
access to "cold cash" in times of financial need, but cash advances should be
avoided if at all possible. Informed consumers realize that cash advances are
typically accompanied by fees and exorbitant interest rates (there is also no
grace period for cash advances). Moreover, cash advances can be a major
stumbling block for consumers seeking debt relief. We hope the following tips
help consumers avoid the pitfalls associated with cash advances.
You can add DebtSmart News RSS feeds to your newsreader pages. (This is not a
replacement for the email newsletter but a fast method of finding out what's new
here at DebtSmart.com.)
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 to 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.
Subscribe FREE and start
finding new ways to save
money and pay off your debt.
"The DebtSmart Email
Newsletter is packed with
cutting-edge strategies for
solving credit problems. I
highly recommend it."--Gerri
Detweiler, radio host and
author of The
Ultimate Credit Handbook
