Friday, November 22, 2024

A GREAT PAYING JOB
Everyone wants to get out of debt, but few are willing to do the work it takes to make this goal a reality. As it turns out, looking into all your credit options is going to be one of the best paying jobs you'll ever have. That's because the money you save more than compensates you for your time.

If you have high-rate debt and spent just 10 hours per year working on getting better deals, you might easily save $1,000 or more. That's $100 per hour!

In this book I make 52 phone calls that take 403 minutes (6 hours, 43 minutes) and save $43,147.68. Let's do the math on that. What a fast way to make/save $6,423.97 per hour, which works out to be $107.07 per minute! Not bad, huh? And the great news is that you may be able to achieve the same results!

All the real names of banks have been changed to avoid providing free advertising. The names of the bank representatives have also been changed as well to protect the innocent.:) If I happen to accidentally select a real bank or person's name, it is merely coincidental. Bank names have been renamed to dog breeds and bank representatives to bug names.

YOU'RE IN CONTROL
You read that right. You are in control! The banks are at our mercy!

I know you're thinking, "Yeah right, easy for you to say, you've got great credit. These things only work for people with great credit." That may be true to some extent. However, you can also have great credit by continuously working on your credit card and debt management. You may not be able to reduce your rates from 26% to 3% in a day but perhaps to 18%; maybe a month later to 9% then in a year all the way down to 0%.

In today's economy, nearly all of the buying-public, we, the consumers, have credit cards. Credit card banks start marketing to us as early as possible, because the younger you are when you start to use credit, the more likely you are to remain loyal to that original bank throughout your life.

At this point in time, the market for new credit-card customers is nearly saturated. Banks are propositioning college students since banks know, and it's true, that they are more likely to have higher-paying jobs in the future. But aside from this "new blood," where are the banks going to get more customers? They have to steal profitable customers from their competitors!

The only way to get you as a customer is to take you away from your current credit card bank. Because of this fact, there are many banks from which you can choose to do business with. I know it may not feel like that right now, especially if you have had credit problems in the past, but no matter your credit situation, you still have the power to decide whom you wish to give your money.

There are just too many banks out there that want your business. You shouldn't accept being treated poorly by any bank. I don't accept it and neither should you! I let them know that they will give me that low-rate deal, they will treat me right, or I'll just use one of my other 79 credit cards instead.

The bottom line for my banks is this, they have a choice: (1) continue to make some money at a fair rate or (2) I'm going to start using another bank for all my balance transfers and purchases-they won't make another penny from me!

WHY THE BANKS NEED YOU MORE THAN YOU NEED THEM
Think about the great business that credit-card banks have going. Not only do they charge the public an incredible amount for using their money, but they also charge merchants a percentage of each transaction. How would you like to get 1% of all credit-card purchases in the world in one day? I do not have any sympathy for them.

Add that to the late fees, annual fees, overlimit fees, cash advance fees, etc. Some banks make nearly 50% of their profits just from these fees alone! Naturally, banks want to make money. And they should be able to make money, but it must be a fair amount.

As you know, the only way they can make money is to get it from you, the consumer, either through your purchases with merchants or directly through fees. If they believe you're profitable, they are going to do almost anything to keep you as a customer, or to get you to switch to them from your current credit-card bank.

Banks want to give the appearance that they're in control, but it just isn't the case. They have called and begged me to use my lines of credit too many times for me to believe that they don't really need me. You bet they need me! And to keep me, they're going to have to offer a deal that I would be insane to refuse.

Copyright ©2024 Press One Publishing. All rights reserved. Use or purchase of any material at DebtSmart.com including but not limited to books, articles, and software is subject to the following  disclaimer/warning.