COOL QUOTE " I paid the bank note, the car note, an' yes, I paid the 'phone bill too. An' then I turned around an' I found that the house note's due. Well, I'd love to take you out like I said I would, honey, But there's too much month at the end of the money."--Marty Stuart, Country Musician Quotes from all previous newsletters IN THIS ISSUE #130 Letter from the publisher Cool Quote Cheapest pre-paid phone rates Weekly or monthly payments? More credit card and debt statistics Blue Cash® for Business Credit Card "A Ray of Sunshine" Discover® Platinum Gas Card Household Math™: True Rate of Transfer Offer Blue from American Express® Discover® Platinum Wildlife Card Stop Debt Collectors Cold! No Bills! Complete Office Suite Rating Your Credit Card Deciphering Credit Card Fine Print--A Lesson in Futility? More credit, more options! Free DebtSmart® Column for in print publication, ezine, or web site Books, software, in-print and downloads Archive of Email Newsletters online Advertising Update-Subscribe-Unsubscribe-Disclaimer Information Publisher: Scott Bilker Editor: Larissa S. Bilker Assistant Editor: Denise Troy ISSN 1538-6740 You can add DebtSmart® News RSS feeds to your newsreader pages. Note: RSS feeds are not a replacement for the email newsletter but a fast method of finding out what's new here at DebtSmart.com. Card Firms Curb Mailings--a Bit The piles of credit-card offers that clog American mailboxes may start to taper off. Since the early 1990s, the volume of credit-card solicitations mailed to U.S. consumers has soared, with card companies last year sending out more than six billion offers, according to market-research firm Synovate, a unit of Aegis Group PLC. But the pitches have been losing effectiveness. Just three out of every 1,000 offers generated a response last year, down from about 28 per 1,000 in 1992. Read more credit card and debt statistics Stop Debt Collectors Cold! Stop Debt Collectors Cold! Plus, for a limited time, 4 bonus reports: How to Get Collection Accounts Off Your Credit Report, How to Avoid Losing Your Home In A Foreclosure, What to Do if You Are Behind on Your Car Payments, and Confidential Interview With A Former Debt Collector. Read about stopping debt collectors No Bills! Complete Office Suite Ten Powerful Software Packages Included! No Bills! Credit Card/Debt Eliminator, is the winner of the Ziff-Davis Top Software Award in Personal Finance. Mortgage and Loan Check allows you to take a detailed look at specific loans. Credit Doctor--simply enter your information and the letter is created automatically. The Credit/Debt Analyzer--helps you determine your credit score. Big Spender allows you to place in a dollar amount and it shows you the true cost of the item. Debt Tracker knows! When is your next bill coming? What is the current balance? The Monthly Budget Maker program helps you trace your budget with charts and graphs. The Penny Saver let's you compute your annual savings by cutting out smaller "penny" items from your weekly spending. The Credit Repair Workbook will help guide you through the process of fixing your credit. Trade-in's financing, and everything you need to understand the cost of financing your next vehicle! Read about the No Bills! Complete Financial Suite

Hi,

You know that given a choice between a debit card and credit card, I'm always going to pick the credit card! There are many, many reasons, like; building credit worthiness, purchase protection, ability to do chargebacks, getting rewards, and avoid paying extra fees, just to name a few. Kelli B. Grant recently interviewed me for a story about Point of Sale fees with debit cards. Kelli does a great job at uncovering the truth behind the fees in her article For Debit Cards, Use a Pen (Not a PIN), which ran in the Wall Street Journal Sunday on 7/30/06.

Nothing about DebtSmart.com makes my day more than hearing about your success! I recently received this message from an email newsletter reader:
--------------------
Hi Scott,

Thank you for your debt smart newsletter! It helped me to dissolve my credit card debt by keeping me thinking of options.

I had $25,000.00 of credit card debt and while I was paying it down ($1,000.00) per month, it was difficult. I didn't have very much money left for anything else. What I did was refinance my mortgage and rolled the debt over to my mortgage payment while at the same time keeping the amortization period the same but adding biweekly payments. So actually, my mortgage will be paid off 6 years earlier than before, plus I don't have any debt left.

My mortgage payment is $250.00 more per month, but that is a lot better than paying $1,000 every month. I was spending so much time just staring at my bills trying to figure out a way to pay them off sooner. I am much happier now and feel more control over my finances.

I also closed 5 credit cards, cut them up and made a collage that is now attached to my fridge as a reminder--never again! It helped, too, to have a supportive banker at BMO that I highly recommend.

Thank you again!

Terri
--------------------

Best,
Scott

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Scott,

I have a $6,500 signature loan @ 13.5% APR with my credit union. My minimum payment is $230.28; I always pay $321. There is no pre-payment penalty. Though the payments are due at the end of the month, I try to pay as close to the first of the month as possible, to pay the least amount of interest on the loan.

A friend of mine said I should divide my payment over four weeks. Do I save more to pay a lump sum at the beginning of each month; or does it benefit me to pay equal weekly installments on the loan; like 81/wk?

Brian

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"A ray of sunshine: your books arrived! They are exactly what I hoped they'd be, and they tempt me to ignore all else, as I devour them. I'm starting with Talk Your Way Out of Credit Card Debt, and, although I ordered it to learn how to help my sister and brother-in-law, I'm finding information that I can use to help myself, too. You were right to 'guarantee' that your 'books will help.' To paraphrase you, I've gotten mad, I'm getting smart--thanks to you--and I'll soon pick up that phone! My only regret is that I didn't think to ask you to autograph the books before you shipped them. Perhaps I'll have the opportunity to meet you someday, and I'll remedy that omission. Now, back to your phone calls..."

Enthusiastically, Anne

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You're offered a balance transfer from one of your current credit lines. The offer is for 4.99% fixed with a one-time 4% transfer fee. You transfer $5,000 and pay $100 per month until the loan is repaid. What is the true APR for this loan when you include all interest rate charges and fees?

Answer this problem

Intro Rate: 0.00%, Time Period: 15 Months, APR: 4.99% (for life on transferred balances). Blue from American Express® is an ideal credit card for those with good credit who already have an established credit history and are looking for a card with access to a reward program. Various American Express® services and benefits are provided with this card, such as purchase protection, auto rental insurance, a year-end financial statement, and various travel and emergency assistance services.

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Intro Rate: 0.00%, Time Period: 12 Months, APR: 10.99%. The Discover® Platinum Wildlife Card, issued by Morgan Stanley, is designed for those with very good credit who are looking for a Cashback Bonus® reward credit card. Through the reward program, cardholders earn a full 5% in cash rebates for purchases made at select merchants, up to 1% for general purchases, and .25% for purchases made at select warehouse clubs and discount stores. Those who spend up to $1,500 on general purchases will receive a .25% rebate, between $1,500 and $3,000 will receive a .5% rebate, and over $3,000 will receive a 1% rebate.

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"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."

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Credit cards and fine print--the two terms seem synonymous. Credit cards are notorious for having fine print that even lawyers can't comprehend. The fact of the matter is this: if you sign on the dotted line for a credit card offer, then you assume an understanding of what is entailed in the terms and conditions--whether or not you actually understand them. Most people do give a quick glance to what is referred to as the fine print. But let's be honest: when the words start sounding too legal, isn't that when we lose interest and convince ourselves that we know enough to use the card wisely? We think all of the extra stuff doesn't really apply to us— it's just extraneous information that must be included for legal reasons, right?

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More credit, more options!

Credit options are your weapon against the banks! The key to success is using your credit lines to save money--not to go crazy spending!

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.

Copyright ©2006 Press One Publishing. All rights reserved. Please do not reprint, or host on your web site, without explicit permission. However, if you found this newsletter helpful, we grant you permission, and strongly encourage you, to e-mail it to a business associate or a friend. Thank you.