So much to talk to you about today! First off, what an incredible election
night--at the time I'm writing the letter there is no definitive winner however,
it's looking like George W. Bush will win. Bush is also the DebtSmart Reader
choice in the DebtSmart Presidential Survey.
I was interviewed on Public Radio, SoundMoney.org's Educating Rico.
It's an interesting coincidence that Rico indicated that I was his "Sensei" on
credit because I am a Sensei in the martial arts.
I want to thank everyone for watching my Video from the Publisher last
issue and responding to the survey!
Based on the positive results, I will be creating more videos. However, I will
never substitute a video for the email newsletter.
I know the video quality of production itself was a little weak, by that I
mean the style and look, but I expect that my next attempt will be about
1,000 percent improved.
I understand that not everyone uses (or is trapped by) Microsoft Windows. I
made the video in the WMV format because that's all I have available to me
(Windows Media Encoder) right now. Future videos will be much more professional
looking and delivered in other online formats.
Cheers,
Scott
Providian Raised My APR to 29.99%
by Scott Bilker
Scott,
I was shocked to learn my Providian credit card raised my APR from
23.99 to 29.99. I've never missed a payment or been late. I called to find
out why and the rep told me they mailed out a notice of change in terms. I
said I never received the notice. They basically said too bad, but we can
mail you out another one. I was so angry I closed my account. I waited for
the promised re-mail of the notice. It never came. I called again, this
time asking to speak with a supervisor. I calmly explained the situation,
reminding them I've never missed a payment or been late, not even once.
They said there was nothing they could do, except mail me the new terms.
Still, another billing period and no terms. I called again, this time
demanding my rate be lowered to the original 23.99, because I never
received the terms. They said they would mail the terms again.
Now, I just received an insulting letter from them informing me that my
request to lower the interest was denied because I closed the account too
late. The letter went on to say this was all outlined in the notice they
mailed to me in February. I have yet to receive the notice!! I don't even
think the notice exists. Another family member has this card, with a
closed account, and Providian never changed his rate. I feel singled out.
Is it legal for them to change the terms without any notice?? What are my
options to fight this?? If they are in violation of a law, who can I
report this to (I live in Las Vegas)?? Please help!!
Just got your books and was inspired to call my major credit card to ask for
a reduction in APR. The current rate is variable 12.74%; with a $10000 balance
that's costing more than $100 per month in interest. They reduced that rate to
9.9% with no discussion. (Not great, but better than it was.) Then I asked about
the 19.74% rate on cash advances. That balance is only about $500, but the rate
seems unnecessarily high. That one they refused to reduce.
But here's where I really benefited from having read your book: In talking
about that rate, the account supervisor told me they will wire cash advances to
my bank account for only 2.99% APR. They will provide as much as $10K per month.
So, I could reduce the 19.74% rate to 2.99% rate by having the money wired to my
bank and then writing a check to pay off the entire balance! (I have enough
credit available on the card.) Amazing - they told me how to save money.
So, I just wanted to say that I feel I've already gotten my $19.95 worth from
your books.
Here's my next step: The card, which dropped its rate for me is a frequent
flyer miles card (that's why I use it). They just charged me the annual $59
"membership" fee. I am going to ask them to refund the fee. I have a
2.99% transfer offer for another card, which I never use (so it has no balance).
I'm going to tell them I will transfer the balance from the "miles"
card to the 2.99% offer-card unless they drop the fee. After they drop the fee,
I might transfer anyway!
Household Math™: Car Purchase vs. Car Repair
by Scott Bilker
Janice pulled into her parking space at the local grocery store, got her
cart, and did the usual shopping run. After she finished shopping, she packed
the car with perishables, hopped in the driver's seat, and put the car in reverse.
Nothing happened!
She had to have the car towed to her local mechanic who then told her that
the problem could be an adjustment or the transmission. It was the transmission.
The cost to repair it is $1,200.00. Janice estimates that if she repairs her
current car she can drive it at least another 25,000 miles before the engine
gives out. Because of this, she's considering buying another used car but she
wants to be able to count on that car for 50,000 miles before requiring a major
repair or it just dying.
After doing some research she finds only one car that she feels will meet the
50,000-mile requirement. The total price for that car is $3,000. All other costs
being equal, should she buy the used car or repair the transmission?
Does it ever seem that no matter how hard you try to save for the future, all
your kids want to do is spend, spend, spend?
Shopping at the malls, dinners at McDonald's, birthday parties at the arcade.
None of these expenditures seem very large, but put them all together and the
dollars add up fast. Before you know it, the month is gone, and so is the money
you intended to save.
Does this sound familiar? If living and spending more frugally is on your
list of things you'd like to accomplish, the time to enlist the support of
your...
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...
By using the Alexa Toolbar you help promote and support DebtSmart.com plus
much more...
It's a GREAT tool for knocking out pop-up ads. It installs in seconds and
becomes part of your browser window. It's also easy to turn off, just go to
"view, toolbars" and unclick Alexa.
Alexa is an Amazon company. They track, and rank, all web sites based on
activity of toolbar users. That's fine with me because Amazon is a trusted
online company, and I'm tired of the pop-up ads.
This toolbar really did the trick of eliminating those annoying pop-ups, which
is especially great if you have kids so they don't tricked into clicking on
something you wouldn't want them to see. You can decide which sites you want
to block the pop-up from and those whose you need. For example, you don't want
to block pop-ups from DebtSmart.com.
Please support DebtSmart.com by installing this custom Alexa Toolbar right
now--thanks!
How are you paying your bills? Do you still write checks each month, stuff
them in an envelope and slap on a postage stamp or have you ventured into the
world of online bill paying and automated payments?
Bills can even be paid these days with a simple phone call and telephone
transfer. Most people have at least a couple options available for bill paying.
No matter what method you choose, there are several things that should be taken
into consideration...
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.
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