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TOP STORIES
for Thursday, July 29, 2010
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Helping a friend with debt
by Scott Bilker
My best friend is having severe credit card debt problems after a period where he had to use the cards after being laid off and having difficulty finding work and also unexpected medical bills that accumulated during his time off work. He has a balance hovering around $33,000.00. Using your suggestions I have helped him get reduced (temporary) finance charge percentages and have transferred some of the debt to lower interest cards (thanks to you!). The problem is, while he is currently able to make the monthly payments he is BARELY able to do so. Should he seek credit counseling or debt reduction?
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Paying off debt is hard work
by Scott Bilker
Scott, Your advice on several topics lately has been about moving around debt to produce the lowest APR or the most savings to consumers. However, it does not cover anything about the hard work of actually paying off the debt. The point of this website should be to pay of your debt and not just pushing it around from one account to another. Joseph
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Household Math™: Minimum Payment Balance
by Scott Bilker
Jeff 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?
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David's Talk-Your-Way-Out Results
by Scott Bilker
David S. sent me a wonderful email. David wrote to me to tell me about how well he has been doing by negotiating with his banks. Nothing pleases me more than hearing about the financial successes of my readers! This article is about that success. You'll notice how detailed and systematic David is with his notes. They're short, to the point, dated, and will provide him with a reference when following up in a few months.
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Fighting an Increasing Rate
by Scott Bilker
I received a notice with one of my invoices that they would be increasing the rate to 20% and that I basically didn't have a choice in the matter.
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Credit Cards for College Students Video
by kk shield
Very well done video that warns college students about credit cards. This humorous look at how some students may view credit teaches practical lessons that are worthy of college credits.
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Budgeting 101
(by Scott Danger)
Budgeting. Even a CPA thinks this topic is boring. So why did I choose this topic to discuss?
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Credit Card and Debt Statistics Database
(by Scott Bilker)
Do you want to know the average credit card debt for families? Want to learn who has the most credit cards and how many? Find the numbers, and the sources, for credit and debt! The most complete online database of credit card and debt statatisics.
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11 Easy Ways to Cut Your Spending Without Feeling It
(by Scott Bilker)
There are three main points to be addressed when reducing debt, specifically: (1) Getting organized financially; (2) Becoming more efficient with your current debt and spending; and (3) Generating more income.
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Debt Trap
(by MSNBC)
Debt: The next big American crisis? Instead of accumulating wealth, many falling further behind on payments.
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The top 10 destructive money beliefs
(by Dan Klatt)
If you're not making as much money as you'd like, then you're holding onto some negative beliefs about yourself and how much money you're capable of handling.
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Dental Surgery Funding
(by Scott Bilker)
Hi Scott, I need some very expensive dental surgery and work. I was wondering if you could suggest a strategy/strategies to fund this $8,500 expenditure over a two year period interest free.Bob R.
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There is only one truly free report site
(by Federal Trade Commission)
Anyone can write a catchy jingle, but only the FTC provides you with a truly free credit report. It’s the only authorized source to get your free credit report under federal law.
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Unavailable Credit
(by Gary Foreman)
When I was young, one of the things that was most likely to cause a fight was when someone changed the rules in the middle of the game.
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Living above my means for years--what now?
(by Scott Bilker)
I've been living above my means for years, using credit cards to pay for the difference from what I make and what I spend. What do you recommend I do?
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" |
It's God's
will for you to live in prosperity instead
of poverty. It's God's will for you to pay
your bills and not be in debt."
--Joel Osteen |
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This
week's featured author |
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