Well I'm at it again with a new video. I believe it's a great improvement
that was made possible by your suggestions from the last video survey. The video
for today is a video article about saving money this holiday season. Please take
the survey about the video afterwards and let me know what you think--thanks!
I was interviewed last week on CNNfn's Your Money, hosted by Ali
Velshi. I don't have this video available yet, but I'll let you know when I
do. Unfortunately, CNN is closing its fn (Financial News) division and that show
was the second to last to be created.
There's a new type of credit card available now that is directly linked to your 401(k) plan. There are ways you can borrow from your 401(k), under certain
conditions like financial hardship, buying a home, etc. However, this new credit
card will allow people to borrow directly from their plan at will! This can
be a good strategy for reducing the cost of debt, but it can also become a
problem if you don't follow the rules. For example, if you miss three
payments in a row, the government will consider the borrowing to be a withdrawal
against your 401(k) and charge you a 10 percent penalty.
Limits on the card are $10,000 or 40 percent of the account value, whichever
is smaller. There is a $50 annual fee. A portion of the interest repaid goes to
you!
Best,
Scott
Video Article: "5 Ways to Avoid Holiday Debt"
by Scott Bilker
It is my pleasure to introduce the first video article from
DebtSmart.com! If you could, I would appreciate your filling out the
survey about the video so I can continue to incorporate your suggestions
in future projects--thanks!
You should update your media players to the latest Real Player or
Windows Media for the highest quality viewing.
This article is about how to stay out of debt during the holiday season
and includes discussion about my custom Excel gift-list spreadsheet
download. With only a little over a month to go, now is the best time to
figure out how you're going to manage the cost of gifts in December.
Here are a few notes about
the video:
1)
The last 40 seconds have a sync problem
between the video and my voice. Not a big deal but I'm working on
fixing that glitch for future videos.
2)
If you have a dial-up, the best version to
watch is Windows Media.
My feeling is that the video is a nice complement to the written article
because it's sometimes easier to understand the content when I see it
explained. I'd rather watch a video about history than read about it. However,
there are other topics, like math, where I'd rather have the book.
Please let me know what you think of my first video article "5 Ways to
Avoid Holiday Debt" by completing this survey. I always consider your
responses when working on new projects!
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 $10,000 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!
"CardRatings.com has been offering ratings of credit cards since 1998
and has been featured by Good Morning America, The Wall Street Journal, Consumer
Reports®, NPR, PBS, etc. Thanks to consumers like you, CardRatings.com has
become the most comprehensive free source for comparing credit card
offers."
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!
Take a moment and think about what you would do if your wallet was ever
misplaced or stolen. Do you know what steps you should take to protect yourself
from fraudulent charges made on your credit or debit cards? If not, check out
what the Federal Trade Commission (FTC) recommends in such an event. Knowing
exactly what to do can help you prepare for the worst.
Credit card registration services (sometimes called card protection services)
are an additional option that you should...
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.
Subscribe FREE and start
finding new ways to save
money and pay off your debt.
"The DebtSmart Email
Newsletter is packed with
cutting-edge strategies for
solving credit problems. I
highly recommend it."--Gerri
Detweiler, radio host and
author of The
Ultimate Credit Handbook
