Tools for financial success! A Free Email Newsletter from DebtSmart Online and Press One Publishing.

Letter from the Publisher
by Scott Bilker

Hi,

Well, it's finally here! A new DebtSmart Video Library presentation release along with free software that I personally developed! The last (and most important) part of this video is your review. How it helps you. How much money it saves you! So please, check it out, get the free software, and let me know what you think.

Humans! Wow! They're so useful to talk to on the phone! You know what a pain it is to get through automated phone menus? Well, I found a web site that tracks the keypad instructions you need to get to a human! Check it out here.

Now, have you heard about Alex Tew? This UK kid (21) needed some cash to pay for school, so he created a web page and sold each pixel of advertising for $1 on eBay. Well, he sold 1,000,000 pixels. He's doing well. My point is that YOU may have the next million-dollar idea!

Last note...Visa has dubbed everyone born in the 80's as Gen "P" for Generation Plastic. That's because this group prefers plastic over paper for purchases. Me too, and I'm a 60's guy.

Best,
Scott

Video Library Presentation: Refinancing your mortgage
by Scott Bilker

You should always be thinking about refinancing because your mortgage is probably the most expensive purchase you'll ever make. Notice that I didn't say your house was the most expensive purchase. That's because when you took a mortgage, you purchased that money to pay for the house. The purchase of that money is paid by the interest charges.

You may have paid $150,000 for the house, but you purchased that $150,000 from a bank for, let's say, 7% APR over 30 years, with monthly payments of near $1,000 per month, costing you a total of $360,000.00. That's $150,000 for the house and $210,000 for the money to buy the house!

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"We are very excited because your advice works!"

"Hi Scott - we are very excited because your advice works! My husband called Capital One to try to get them to combine two accounts into one and lower his rate. Both cards were paid off, and one we had shredded while we were on the phone with them when they would not raise the limit - they actually HEARD him shred the card! At first they said no, but then when my husband said he would shred the other card too and go with BOA instead, they changed their tune. They combined the limits of both cards onto one. Even though the limit is still less than $1000, it proves your point that it does PAY to make that call! Now I am going to try to get them to combine mine... Thanks!"

Sue and Ben Sheffler, Richmond Hill, GA

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Household Math™: Shopping Sale
by Scott Bilker

Here's a situation we run into all the time. Stores always have sales, specials, etc. and thrifty people will try to take advantage of these sales. But how can you tell which discount will save you more money?

Two stores are having a sale. In Store #1 the deal is take 25% off then take an additional 25% off. In Store #2 the deal is take 50% off. Which store has the better deal?

Answer this problem

Terminating automatic bills
by

I requested that my credit card account be closed in June. In November I received a bill for $110 for automated charges that go through once a year. The credit card company said that it was my responsibility to request that these charges stop going through.

The problem is that I can't get through to these companies to have these charges stopped. I had actually requested that one of these companies stop charging my card and they did not. This is a big part of the reason that I requested to cancel the card.

Is it legal for the credit card company to continue allowing charges to be made to my account months after I request the account to be closed? If I can't ever get through to these companies because they are always having technical difficulties, am I just doomed to have the credit card account forever? Who can I ask for help?

Kristen

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DebtSmart® Help Center
by Scott Bilker

Hi,

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 check out certain companies personally so I can recommend the ones that are worth considering!

If you would like to speak with a representative from a...

Read more at the DebtSmart Help Center

6 Steps to Better Credit
by Gerri Detweiler

If you are resolving to hop off that debt treadmill or get your credit in order in 2006, here are my tips to help you succeed:

1. Review your statements
If you have run up larger balances than usual, your credit score may take a dip after the holidays. And that could trigger an increase in your interest rate on your major credit cards. Check your statements to confirm your rate. If it's higher than you think you deserve...

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10 Credit Myths
by Scott Bilker

As they say, "Knowledge is power." Many times people either act on false information or fail to act because they didn't know what could be done to their benefit. This is the case in many areas of life, but on the top of that list is money. And in the money category, you will find lots of misinformation about credit.

There is so much to talk about on the topic of credit myths that an entire book could be dedicated to it.

Myth #1: I'm a complete financial loser for getting myself into this mess.

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