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Articles written by Scott Bilker
<1 to 10 out of 258 articles> |
Submit a Household Math™ Question
by Scott Bilker
Do you have a really good Household Math™ question? Whether it's a problem that you want to share or a problem that you need the answer to we are interested!
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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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Household Math™: Sale or gas savings?
by Scott Bilker
How much are you really saving to be there for that sale? This is a true situation at our house. My wife drives a Dodge Ram, it gets 12 mpg (miles per gallon). Gas in our area is $2.45 per gallon. The mall is 18 miles each away. If she cuts back and only goes to the mall once a week, instead of twice a week, how much would she save in one year? (Steve, DebtSmart Reader, submitted this question.)
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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. Here are some suggestions to expand on number (2) specifically as it applies to spending.
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Excerpt from "Talk Your Way Out of Credit Card Debt"
by Scott Bilker
Everyone wants to get out of debt, but few are willing to do the work it takes to make this goal a reality. As it turns out, looking into all your credit options is going to be one of the best paying jobs you'll ever have. That's because the money you save more than compensates you for...
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