Saturday, November 23, 2024

Contact: Scott Bilker
Phone: (609) 660-0682

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FOR IMMEDIATE RELEASE

Constant Watch Over Credit Cards Can Save Thousands

(Barnegat, New Jersey. ) - Are you paying too much for your loans and credit cards? With the average credit-card interest rate near 18%, it's no surprise that personal bankruptcies are at record levels. A recent USA TODAY poll (6/10/97) of people who claimed bankruptcy found that 63% of those surveyed said credit-card debt is what pushed them over the financial edge.

"What people don't realize is that they can save a tremendous amount of money by simply getting organized, doing the math, and making a few phone calls," says Scott Bilker, author of Credit Card and Debt Management: A Step-by-Step How-To Guide for Organizing Debts and Saving Money on Interest Payments.

"You know those 5.9% introductory credit-card offers you receive every day in the mail-don't throw them away! Write down their borrowing terms and keep the offers handy in case you need cheap money," explains Bilker. "For example, if you're paying $60 a month toward a $3,000 debt at 19.8% and transfer that balance to 5.9% for six months, you'll save more than $200-even if the rate is moved back up after the offer ends!"

Scott Bilker has been juggling more than three dozen credit cards for a decade by carefully tracking payment due-dates and calculating the best credit deals. According to Bilker, the best credit cards to use are the cheapest. "When you borrow from your credit lines, you're buying money," adds Bilker. "It's easy to pick the better consumer product (TV, toaster, stereo, etc..)-you can literally see the differences, but buying money is a little trickier because of the many conditions and variables which can disguise the true cost."

Surprisingly, he also advises against cutting up one's credit cards when attempting to get debt under control. "If you cut up your credit cards, you cut out your options!" declares Bilker. "When you possess only one credit card and are attempting to pay off a balance, you could find yourself in trouble if the bank raises your interest rates or alters the payment terms. Without other open lines of credit from different banks, you will be at the mercy of the high interest rate bank."

By continuously determining which credit card has the right terms for his borrowing needs, Bilker has saved thousands of dollars in interest payments and developed a specific plan to repay all his debt. The first step, Bilker said, is knowing the correct payment amounts associated with the loan terms.

To order Credit Card and Debt Management: A Step-by-Step How-To Guide for Organizing Debts and Saving Money on Interest Payments, by Scott Bilker, send a check or money-order for $19.95 (postage paid) to Press One Publishing, PO Box 563, Barnegat, NJ 08005-0563.
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Note to Editor: Scott Bilker is available for interview.

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