Collection Company After a 23-Year Old Debt
by Scott Bilker
I received a letter telling me that I owed a debt of $535.73, but, "if I paid $214.00 immediately," they would cancel the debt. I cannot recall owing this debt. It was made, according to the company (I called this AM) in 1980, under my husband's name. I have checked through as many old papers as I have and can't find this debt. When I pay a card off, I always cut it up. I have no cards now, and pay everything by check. Can they collect on a debt this old?
Household Math™: Job Offers
by Scott Bilker
You have to choose between two different job offers for the same four-day period. The first job pays $5.00 each day for the four days. The second job pays $1.00 for the first day, and each day after the first, you will be paid twice the amount you received the previous day. Which job will pay you the greatest amount?
Household Math™: Cutting the budget
by Scott Bilker
Susan spends 30% of her income on housing expenses, 30% repaying her credit card debts, 20% on all taxes, 10% on groceries, 5% on clothing, and saves what's left over. She decides that she wants to pay back her debt more quickly and to do that she needs to do a few budget cuts. Susan cuts the grocery bill by 25%, the clothing spending in half, and dedicates all the money she used to save toward the credit card debts. How much, by percentage, of her income is now being used for repaying credit card debt?
10 Credit Myths
by Scott Bilker
As they say, "Knowledge is power." Many times people either act on false information or fail to act because they didn't know what could be done to their benefit. This is the case in many areas in life, but on the top of that list is money. And in the money category you will find lots of misinformation about credit. There is so much to talk about on the topic of credit myth that an entire book could be dedicated to it.
Household Math™: Cash Flow
by Scott Bilker
Kim is trying to save $800 for tuition. She makes brings home $60 per week. Kim also has a total of $160 of out-of-pocket expenses each month. How many months will it take her to save the money needed for tuition?
Household Math™: What Happened to the Other Dollar?
by Scott Bilker
Three men checked into a hotel room and were charged $30 for which they paid $10 each. The next day, the manager realized that the men had been overcharged since the real price is $25 for the room. The manager gave the bellhop $5 to return to the three men. On the way to their room the bellhop decided to keep $2 for himself so he wouldn't have to make change. The bellhop gave $1 to each man. The three men had now paid $9 each, or a total of $27. This, plus the $2 the bellhop kept for himself, makes a total of $29. What happened to the other dollar?
Household Math™: How Much Spending
by Scott Bilker
Jackie wanted to figure out how much money she actually spent this month. She looked at all the checks she wrote and her credit card spending. Jackie noted that she hadn't used her credit card for purchases. However, she did write a checks for: (1) $50 for cable TV; (2) $125 for groceries; (3) electric bill for $200; and (4) a minimum payment on her credit card of $80. How much did Jackie spend this month?
Advanced Cash-Advance Techniques
by Scott Bilker
I have a 0% interest card and plenty of balance so it seems like a good idea. Problem is the seller is a private party. Obviously I can't use a convenience check or a cash advance or I'll blow the interest strategy. Is there a way to pay a private party so that it appears as a purchase on the card and not an advance? I have checked out PayPal but I'm not sure the seller is Internet active.
Household Math™: Fast Pay Mortgage
by Scott Bilker
You have a $100,000 mortgage at 6% APR for 15 years. How many extra monthly payments must you send each year to be able to pay off this loan in exactly 5 years? Note: All extra payments are sent along with the year's last monthly payment.
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