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?
Paying off debt is hard work
by Scott Bilker
Scott, Your advice on several topics lately has been about moving around debt to produce the lowest APR or the most savings to consumers. However, it does not cover anything about the hard work of actually paying off the debt. The point of this website should be to pay of your debt and not just pushing it around from one account to another. Joseph
Household Math™: Minimum Payment Balance
by Scott Bilker
Jeff owes Visa $2,500. The credit card company has an interest rate of 19.6% APR. The company requires a minimum payment of 2% of the unpaid balance, rounded to the nearest dollar. Jeff makes no additional purchases with this credit card and makes only one minimum payment monthly.How long will it take him to pay off $500 on the $2,500 balance?
David's Talk-Your-Way-Out Results
by Scott Bilker
David S. sent me a wonderful email. David wrote to me to tell me about how well he has been doing by negotiating with his banks. Nothing pleases me more than hearing about the financial successes of my readers! This article is about that success. You'll notice how detailed and systematic David is with his notes. They're short, to the point, dated, and will provide him with a reference when following up in a few months.
Fighting an Increasing Rate
by Scott Bilker
I received a notice with one of my invoices that they would be increasing the rate to 20% and that I basically didn't have a choice in the matter.
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Debt Trap
by MSNBC
Debt: The next big American crisis? Instead of accumulating wealth, many falling further behind on payments. Dateline looks into a fundamental economic problem: the debt epidemic. Chriss Snyder has $25,000 dollars in credit card debt that she's trying to get under control. She describes a potential trap that could cost you big money. The economy is in freefall and no one's sure where rock bottom is. And as the mortgage crisis and mounting job losses melt away the American dream, another fundamental economic problem is being exposed: America's debt epidemic.
Dental Surgery Funding
by Scott Bilker
Hi Scott, I need some very expensive dental surgery and work. I was wondering if you could suggest a strategy/strategies to fund this $8,500 expenditure over a two year period interest free. I have an excellent credit score (800+). I know that during the process, I can shop for balance transfer offers; however, I'd prefer to find a card with 0% on purchases for 24 months or do a series of transactions to perform the equivalent. Bob R.
Unavailable Credit
by Gary Foreman
When I was young, one of the things that was most likely to cause a fight was when someone changed the rules in the middle of the game. Generally someone else was a victim of the new rule and wasn't too happy about it. Fortunately, it was just childish stuff. Even if there was a fight, everyone would make up the next day.
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?
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