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IN THIS ISSUE #170 |
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Publisher:
Scott Bilker |
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Editor:
Larissa S. Bilker |
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Assistant Editor: Denise Troy |
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ISSN 1538-6740 |
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of fraud was 4.2% compared to 4.1% in 2006. Some merchants of similar online
revenue size selling similar goods online have order rejection rates
significantly below 4% while still maintaining low fraud rates. Therefore, we
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are rejecting a significant number of valid orders. |
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Letter from the Publisher
by Scott Bilker
Hi,
You'd think that we would get a break with
the Federal Reserve lowering the prime rate, but it seems that banks will
attempt to drain our pockets at every turn. Bank of America said it would be
jacking rates on some credit cards based on consumer risk. As banks' losses
continue, they're increasing rates and fees on many loans,
including auto loans.
Just beware, and keep your eyes on your
statements. If any banks try to raise your rate, look for a lower rate card,
and transfer your balance. That's the only way to keep the banks
competitive.
Hey, tax season is almost here! April 15th is
around the corner. You should have almost all, if not all, the paperwork you
need to file. Keep in mind that there are always changes in the tax laws
that can benefit or hurt. That's why I use, and recommend using, tax
software. Personally, I like TurboTax and have been using it for over 10
years. What's great about software is that it will prompt you to find more
deductions as well as any new changes. It also includes videos.
One last item. Before buying anything, you
should check
CouponMountain. This site has coupons from hundreds of companies, and
it's easy to search.
Best,
Scott
PS: NEW READER COMMENTS--THANKS!!
"Love the site - keep up the great work!"--
Lianne
"Wow! I worked in the credit card industry
for almost 7 years. I thought that I knew the tricks of the trade. (Despite
this knowledge and experience, I still got myself in debt with high interest
rates and occasional unfortunate late fees or over limit fees). Reading your
book was refreshing. It was an honest approach. I no longer work in the
industry, but thank you for giving advice that doesn't involve screaming,
swearing, threatening, etc. Your approach is reasonable, sound, logical and
responsible. Thank you!"--Angela
"Dear Scott, I always read your news-emails
and this time I can tell you it came in the nick of time. I had just
happened to find the 'Biweekly
payments' link on CitiMortgage's website and started to fill out the
application. Their calculation promised me I'd save 10 years off the end of
my mortgage, which sounded pretty good, right? However, inspired by your
article, I ran the numbers in your loan calculation spreadsheet, and what do
you guess, if I just increased my current payments with the corresponding
amount, I'd actually save 4.5 years more..!!! So I went back and really read
the fine print, where it turns out that they actually just put the money in
an account and hold it there, interest-free, of course, until they make the
regular payment..! So please accept my most grateful thanks, you have once
again saved me from making a less than optimal decision..! Cheers."--Magnus
Lundin
7 Steps For Eliminating Your Debt
by Scott BilkerMany people may say that
shedding debt is common sense: "Pay for everything in cash and don't incur
any debt." Yeah, sure, easily said when you have a household income of 70 to
80 thousand dollars (and no kids). Obviously, the best way to handle your finances is
to pay for everything with cash. Not everyone has that luxury.
I don't know anyone who purchased their home
with cash. There are also other situations that arise--like medical and
family emergencies, unexpected car failure, and the list goes on. Just
because you have some debt, doesn't necessarily imply that you've mismanaged
your entire financial life.
Once you suspect that your debt is starting
to get as large as the federal government's, you may want to consider a
quick diet for debt reduction.
Finish Reading Article
Why budgets don't work and how to fix it
by Terry RiggThis article is for those
families that have sat down at a desk or the kitchen table time after time
trying to develop a family budget that they can live with.
Why don't they work?
There are several answers to that question.
Most budgets are doomed from day one because they are too complicated, don't
have the commitment of all involved, or the numbers simply don't add up. The
biggest culprit is that most people don't allow for unexpected expenses.
Let's tackle these one at a time...
Finish Reading Article
"3.9% sure is a whole lot better than 10.25%"
Hi Scott,
I received your book Talk Your Way Out of
Credit Card Debt,--it's a winner!
I have 6 credit cards. Today I decided was
the day to TALK my way to lower APR's. Hey, the prime rate is dropping.
Simmons First National Bank, Pine Bluff,
Arkansas--been a credit card holder with them since 1973. The rate was 12,25
variable. Called and got it down to 7.25% FIXED for Purchases and Balance
Transfers. Now listen to this: Finance charge is calculated on Average Daily
Balance. No Annual Fee. NO transaction fee for Balance Transfers.
Chase--got them to reduce from 12.47% to
9.49% Variable. Will transfer this one to Simmons.
Called American Express--they will not reduce
from 10.25%--so will transfer all but $200 of this one to Simmons as well
since I have a credit limit of $30,000 with Amex.
I found a DISCOVER CARD--called OPEN ROAD--in
last Sunday's Austin, Texas newspaper--3.9% APR on balance transfers until
January 2010. No Annual fee, 5% cash back on gasoline and auto related
expenses PAID Monthly. They just called me to say I have been approved. WOW!
3.9% sure is a whole lot better than 10.25%
Thanks for all the good stuff in your book.
Cheers,
Noel G.
Read about special offer for all three of Scott Bilker's best-selling books
Household Math(tm): Minimum Payment Balance
by Scott
BilkerJeff owes Visa $2,500. The credit
card company has an interest rate of 19.6% APR. The company requires a
minimum payment of 2% of the unpaid balance, rounded to the nearest dollar.
Jeff makes no additional purchases with this credit card and makes only one
minimum payment monthly.
How long will it take him to pay off $500 on
the $2,500 balance?
Answer this problem
7 household budgeting tips
by S. L. SimmonsDo you frequently get
cash from ATMs and then have no idea where it ends up? Do you end up paying
late fees simply because you don't have a good system in place for tracking
and paying your bills? If you don't have a good budget system in place, it
is easy to lose track of your hard earned money. The tips below can help you
to keep your finances under control.
1. Keep your financial records organized and
your filing up to date. Have a set of file folders for items such as
receipts, bills, canceled checks, checking account statements, etc. Have a
designated place where you keep or can easily assemble your master home
budget, your financial files, checkbook, etc. so it is all in one convenient
location.
Finish Reading Article
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