What a week on Wall Street and it's only Wednesday! Down 700, up 500--it's crazy. And all because of big banks gambling so their CEOs make millions. Now they want us to bail them out? Come on. They said the sky would fall if the bailout didn't pass. Well, it didn't pass, and the markets did fine today. That means there is a solution that doesn't involve you and me kicking in for the bank CEO salaries. The original plan of $700 billion is $5,000 per taxpayer household. That means 2,000 households would have been required to pay a single CEOs $10 million bonus. That's ridiculous!

You know what really makes me mad about this? The banks give us trouble with high rates and strict limits BUT THEN gamble on risky loans hoping to get rich, and they did, but now it's at our expense. I know a small businessman whose credit limits were cut by more than half. He cannot continue business as usual and is laying off people and cutting back on work because of the money flow. He NEVER missed a payment with his banks! So the banks are just killing themselves even more by cutting out their profitable customers, which will further slow the economy.

The solution is not going to be simple. But I do know that we cannot be asked to pay big salaries to the very people that got us into this mess.

This is not related to debt, but if you smoke cigars (I don't), or love math (I do), then check out my contribution to this cigar blog.

Okay, back to money...

You may remember my request to share your story with Kiplinger's Personal Finance Magazine back on 8/12/08. Well, keep your eye out for the November issue of Kiplinger's because I received word that DebtSmart Reader, Steve Martin, made the cover!

Check this out...last week I was paying my phone bill on line with my Wells Fargo credit card. I accidentally entered the wrong CVV (3-digit code on the back of the card) the first time I attempted to pay after which I hit back and corrected the error. The fraud department called me about an hour later to verify the charges. I praised them for their fast response. I'm glad they're looking out for me. Well, actually, they're really looking out for themselves because they would be left holding the bag on fraudulent charges--just sayin'.

Here's some GREAT news--The Credit Cardholders Bill of Rights (H.R. 5244) passed the U.S. House of Representatives last week (312 votes to 112). This is the first time any legislation restricting abusive credit card lending practices has ever passed the House or Senate. Now it's on to the Senate. If either Senator Christopher Dodd's (D-CT) Credit CARD Act (S. 3252) or the House bill (H.R. 5244) passes the Senate, consumers could see some genuine protection from some of the worst credit card abuses, at a time when lenders need to know that the party's over for lender gluttony.

Best,
Scott

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In This Issue

	Cool Quote
	Second mortgage rate and APR
	STATISTIC: Revolving Debtors
	Trapped in Your Job: 5 Signs It's Time to Move On
	Get motivated to get out of debt
	"180,091 people saved money"
	US travelers face credit snafu
	Household Math™: Pizza Deals
	The Bills Can Wait
	The Key to Wedded Bliss? Money Matters

Cool Quote

Talking about debt collectors..."One guy called me every day last week. I said, 'Look, every month I put everyone I owe into a hat, I pick three names, I pay those people. And if you call me one more time, I'm taking you out of the hat.' They all want to be in the hat."
--Margaret Smith, Comedian

More cool quotes from past issues

Second mortgage rate and APR by Scott Bilker

Scott,

Why is there a different price for the quoted loan interest rate? My mortgage company, Quicken Loans, quoted me 6.55 percent on a second mortgage. Then when I got the papers to sign, the APR fair credit paper states 7.1 percent for the interest rate. Is the mortgage company trying to be dishonest and not really giving me the rate quoted? I don't understand; please help me. Thank you!

Pam

Finish reading this article

STATISTIC: Revolving Debtors

58 percent of people with credit cards don't pay their balance in full every month. Those that carry a debt have an average balance of $17,103.

More credit card and debt statistics

Trapped in Your Job: 5 Signs It's Time to Move On

When you landed that new job, the world looked great. Now it's been a while, and one of your worst fears has come true -- you're unhappy in your job. When you're spending at least five days a week at work, it makes sense that you'd want to like what you're doing. But there are times when you're in a position or company that doesn't work for you.

See story here

Get motivated to get out of debt by Barry W. Wainwright

So, there you sit, most likely all stressed out and worried because you have a lot of debt. Well, you don't have to be if you would only get busy and get motivated to rid yourself of some debt. Believe me, it's easier than you think and not all that hard. And, I can now speak from experience, and I would like to share some of my financial trade secrets and ideas with you. But don't just read this article thinking, "Yeah, maybe it worked for him, but it won't for me!" Do not think that way! In fact, it is also very paramount, imperative and very important that you stop being so pessimistic and negative, as that way of thinking will get you nowhere fast.

Finish reading the article

"180,091 people saved money"

Hi,

It is my great pleasure to report that 180,091 people have benefited from reading my books since 1996! I get emails every day with the stories of their success!

If you don't have my books, then please think about getting them right now. I want you to keep more of your money, and then tell me all about how you did it--and I know you can do it!

Scott

Learn how to "Talk Your Way Out of Credit Card Debt"

US travelers face credit snafu

All I wanted to do was buy gas, so I put my credit card in the automatic card-reader and got ready to fill the tank. "Card not valid," said the error message on the readout, rejecting my Visa. It wasn't until this happened a half-dozen times that I concluded something was seriously amiss.

This was June, in Scandinavia, and the problem I encountered is a transaction-security snafu that is going to afflict more and more Americans traveling overseas. Much of the world - but not the United States - is switching to a new type of credit card. "Chip-and-PIN" cards, as they are called, have an embedded ID chip that requires users to enter a unique code before the transaction is approved. The procedure is similar to that for ATM cards, except that the latter draws money from a cash account, while chip-and-PIN cards charge credit systems such as Visa, MasterCard, or American Express.

See story here

Household Math (TM): Pizza Deals by Scott Bilker

Ann and Sharon are good friends, each with a son that has the same birthday. They're going to have a birthday party for both of them together and decide to serve pizza. There are three sizes available small (11 inch) for $7.95, medium (15 inch) for $12.95, and jumbo (17 inch) for $16.95. Based solely on the size and price, which size pizza is the best deal?

Answer this math problem

The Bills Can Wait by Terry Rigg

Have you ever wanted anything so much that you were willing to put off your bills to get it? A lot of people have and some do it month after month. The worst part of this is that these same people wonder why they are having money problems.

I'm not talking about putting off the bills to buy groceries or pay for necessities. I'm referring to those little things that you just have to have but really don't need.

This could range from buying a soda or cup of coffee every day to buying furniture or a car when what you have will work just fine. The bottom line is that if you can afford it and your bills are being paid, then go for it. Otherwise, think long and hard.

Finish reading this article

The Key to Wedded Bliss? Money Matters

IF you ask married people why their marriage works, they are probably not going to say it's because they found their financial soul mate.

But if they are lucky, they have. Marrying a person who shares your attitudes about money might just be the smartest financial decision you will ever make. In fact, when it comes to finances, your marriage is likely to be your most valuable asset--or your largest liability.

Marrying for love is a relatively recent phenomenon. For centuries, marriages were arranged affairs, aligning families for economic or political purposes or simply pooling the resources of those scraping by.

See story here

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