COOL QUOTE " One decision can change your life forever."--Tony Robbins Quotes from all previous newsletters IN THIS ISSUE #136 Letter from the publisher Cool Quote DebtSmart® Recommended Products and Services Tricky Insurance Pays Off Scott Bilker's MySpace Page DebtSmart® MySpace Group DebtSmart® Amazon aStore More credit card and debt statistics "$10,706.50 saved!" Household Math™: What is APR? Stop Debt Collectors Cold! The Credit Repair Kit plus bonus CD! Fair Credit Billing 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. Late Fees on the Rise The report released Wednesday by the Government Accountability Office, Congress' investigative arm, describes the fees, interest rates and disclosure practices of 28 popular credit cards. It found that late fees averaged $34, up from $13 in 1995, while some credit card issuers impose penalty interest rates of more than 30 percent on consumers who pay late or exceed the credit limit. Read more credit card and debt statistics DebtSmart® Recommended Today's rates won't last! Don't wait! Get a loan for: Bad Credit, Cash-out, Interest Only, or Jumbo Loan. Blue Cash® for Business Intro Rate: 0.00%, Time Period: 6 Months, APR: 7.99% (for life on transferred balances). Discover® Business Card Intro Rate: 0.00%, Time Period: 12 Months, APR: 5.99%. Blue from American Express® Intro Rate: 0.00%, Time Period: 15 Months, APR: 4.99% (for life on transferred balances). Discover® Platinum Wildlife Intro Rate: 0.00%, Time Period: 12 Months, APR: 10.99%. Cheapest pre-paid phone rates 473 FREE minutes, 1.9 cents USA and Canada, 2.5 cents UK, no switching.

Hi,

Everyone I know is trying to make money in the real world. I mean--what other world is there? Where else can you make money?

Can you imagine making real cash by playing a game of monopoly? Well, I guess I'm showing my age. The reality is that you can make money in another reality.

That's right!

I was just reading about this new online game called, Second Life. It's a virtual world where you own everything you create. Then you can sell the virtual things you create to other people (called Avatars) for real-world cash. And you won't believe how much. Try up to $500,000 per day between users.

Of course, the IRS is looking into how to tax this cash. Amazing, isn't it. Fake money to real money to real taxes. That gives more meaning to the old phrase about death and taxes.

Wait a minute...how about credit cards for this alternate reality?

I quickly checked out the site and didn't see any mention of them. If the credit card banks are reading this, and I'm sure a few are, they're off to their bosses to pursue a new market. (Since they already saturated the real world.) And hey, you credit-card-guys (and gals), don't forget to send me a share of the profits for that idea. I doubt that will happen. I'll just have to set up a DebtSmart Avatar in the virtual world.

FYI, The original article I ran across is here.

Best,
Scott

Scott,

I found out, after renewing a credit card, that I had been paying for insurance that I wasn't aware of. This insurance would pay benefits in case I died or became disabled.

I had the card since 1997 and became disabled in 1998 (Parkinson's). I called a credit card rep and she advised me to put in a claim. She also stated if there were any other balances to transfer, I could transfer them and clear them up also. Could this be true?

Alan

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"I had to write and thank you so much for the book. I just got it yesterday afternoon and started reading it. This morning, I decided to try it out on one of my cards that has a very high interest rate.

This card had been only about 9.99%, but the interest rate skyrocketed last May. I didn't know why, and I really didn't know what to do about it. I called the company this morning, and in less then 5 minutes, I found out why (I'd had trouble with another card issued by the same company) and got the interest rate lowered from 23.99% to 8.99%.

One point lower than it had been before! This one call paid for the book and way more. I figured out how much I saved. It's a good thing I was sitting, because I'm sure I would have fallen on the floor when I realized I saved $10,706.50."

--Jill King, Philadelphia, PA

Read about special offer for all three of Scott Bilker's best-selling books

Actually, it's the abbreviation for Annual Percentage Rate. The APR is quite simply the periodic rate multiplied by the number of periods in a year. For example, if the monthly rate of interest is 2 percent, then the APR is 24 percent because 2 (the periodic rate) multiplied by 12 (the number of periods, or months, in a year) equals 24 percent. Okay, so now that you understand the APR, here is the question: What is the daily rate (one day is the period) if the APR is 14.6 percent?

Answer this problem

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Read about stopping debt collectors

"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."

See how your credit cards are rated by CardRatings.com

Have you ever been billed for merchandise you returned or never received? Has your credit card company ever charged you twice for the same item or failed to credit a payment to your account? While frustrating, these errors can be corrected. It takes a little patience and knowledge of the dispute settlement procedures provided by the Fair Credit Billing Act (FCBA).

The law applies to "open end" credit accounts, such as credit cards, revolving charge accounts - such as department store accounts - and overdraft checking accounts. It does not cover installment contracts - loans or extensions of credit you repay on a fixed schedule. Consumers often buy cars, furniture and major appliances on an installment basis, and repay personal loans in installments as well.

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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!

What do you think of when you hear the words "credit repair"? I think of scam! That's because many companies have made promises to "fix" people's credit but then simply stole their money. However, there are still reputable sources for people to learn how to straighten out their credit reports.

Your credit report is your financial résumé and everyone from lenders to insurance agents reviews it. It's vital that there are no mistakes shown, and if there are, that they're removed!

There are many books on the subject, but my personal favorite is The Credit Repair Kit. That's because Joe Sainz offers great practical advise for correcting errors. Plus, he includes a Credit Booster CD-ROM with the book!

If you're having trouble getting the rates you deserve because of your credit report, then you must read this book!

Read more about The Credit Repair Kit plus bonus CD...

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.