Helping a friend with debt
by Scott Bilker
My best friend is having severe credit card debt problems after a period where he had to use the cards after being laid off and having difficulty finding work and also unexpected medical bills that accumulated during his time off work. He has a balance hovering around $33,000.00. Using your suggestions I have helped him get reduced (temporary) finance charge percentages and have transferred some of the debt to lower interest cards (thanks to you!). The problem is, while he is currently able to make the monthly payments he is BARELY able to do so. Should he seek credit counseling or debt reduction?
Living above my means for years--what now?
by Scott Bilker
I've been living above my means for years, using credit cards to pay for the difference from what I make and what I spend. I can't be denial much longer as the cards are getting to their max. I currently don’t' have any past due payments since I still use the credit cards to offset what I can't pay. What do you recommend I do?
Switching heads and bodies
by Scott Bilker
Have you heard this one? A graphic designer working on a high school yearbook mixed the heads and bodies of students. The yearbook company said that it was an honest mistake. They said the high school required them to make heads the same size and eyes at the same level in all photos. This is a case where digital switching didn’t turn out to be profitable because they had to pay to reprint all the yearbooks. So what does this have to do with your credit cards?
Capital One's Brilliance
by Scott Bilker
Like all of Capital One's customers, I was hit with an interest rate hike from 9.9% (purchases and advances) to 15.4% and 22.9% respectively. I didn't see the 'notification' they sent in the mail (I assumed it was some sort of solicitation), so it caught me by surprise. I contacted them and asked if they could adjust the rate back to what it was. My husband and I have perfect credit, never a day late and did carry a balance (we used the card for all purchases so we could get the frequent flyer miles but we never let the balance get out of control).
Stop Eating Your Way Into Debt!
by Jill Cooper
At this time of year, there are usually three things people are panicking about: how to lose weight, how to save money, and how to get organized. We have already touched on losing weight so this week I would like to touch on saving money. Hopefully most of you realize that you can get into deep debt if you buy a house or a car you can't afford. That seems to be pretty obvious, although a lot of people do it anyway.
MBNA reduced my limit for no reason!
by Scott Bilker
A manager got on the line and proceeded to ask me if some questions to verify the credit limit. He then told me that he was reducing my credit limit based on the amount of outstanding credit my husband had. I told him that I was not interested in the balance transfer after all because he decided to reduce my credit limit just like that.
Balance transfer checks
by Scott Bilker
Scott, First of all your site is great! Received a blank check from my credit card company that can be used for either cash or purchases. It is a low 3.99 percent rate for life of the loan. The balance on my credit card has a variable 8.99 percent rate. Would I be able to write a check out for the balance on the credit card, deposit it in my checking account, and then turn around and send a personal check to the credit card company for the balance total thus lowering the rate from 8.99 percent to the 3.99 percent. Thanks in advance. MW
Problems with balance transfers
by Scott Bilker
Hi Scott, I have gone through the trouble the past few months to get a permanent, lower-interest credit card and also to get a promotional rate on the new card to transfer balances ($5,000 to $12,000). I go through the whole process and get approved for $1,000. I cancel the card immediately, because it's just not worth it. I canceled a card with $29,000 credit earlier in the year because I didn't want to support the company. What might be the problem? Seth
Balance transfer game
by Scott Bilker
Dear Scott, I have learned a great deal even from just a few visits to your site and my husband has as well! Our problem: We are both sole proprietors of our own businesses and have ridden the freelance rollercoaster for a combined 30 years. I am slowly working away at debt I accumulated when I was in massage school. My husband, however, has not always been so good at opening his mail, paying his bills on time...He gets offers for 0 percent intro rates frequently, but they have horrible default rates. SMP
My spouse doesn't agree!
by Scott Bilker
Scott, I have debts that have different interest rates: 9 percent, 10 percent, 28 percent and 29 percent. I want to consolidate my debt at 16 percent interest rate. But my spouse doesn't agree! William
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