Household Math™: Dollars Saved Per Hour
by Scott Bilker
Jack read Scott Bilker's book, Talk Your Way Out of Credit Card Debt and put the call strategies to use. He called his Citibank card and got a $49 annual fee waived! The call took 17 minutes. If Jack could get that result from all his calls, then how much could he save, on average, per hour from calling his credit card banks?
Switching heads and bodies
by Scott Bilker
Have you heard this one? A graphic designer working on a high school yearbook mixed the heads and bodies of students. The yearbook company said that it was an honest mistake. They said the high school required them to make heads the same size and eyes at the same level in all photos. This is a case where digital switching didn’t turn out to be profitable because they had to pay to reprint all the yearbooks. So what does this have to do with your credit cards?
Getting Rid of Annual Fees
by Scott Bilker
I'd like to get rid of the annual fee, so I tried calling them and asked them to waive it. I used your technique and said that I would cancel it if they did not, and they didn't budge. What do you think? Should I keep the card and pay the $60 per year? Should I cancel the card completely because I don't technically need it? Or should I ask them to give me a new card with no annual fee, which would retain the 28K in available credit, but which would remove my 18 year relationship with that account?
Book Review: "Get Out Of Debt e-Book Package," by Cooper and Kellam
by Scott Bilker
I’ve been featuring stories by Jill Cooper and Tawra Kellam at DebtSmart for a while now. Jill and Tawra are also the authors of many money-saving books. Their latest compilation is the Get Out of Debt e-book Package. Their strategies for getting out of debt are true methods for frugal living. They dig out of debt by cutting spending without cutting happiness.
Book Review: "The Complete Guide to Prosper.com," by Sean Bauer
by Scott Bilker
Here is a book that’s a long time coming. Prosper.com is a website that facilitates in connecting people that want to lend money with people that want to borrow money. It can be great for those who want to get better returns than their money markets are paying as well as borrowers who cannot get a good interest rate from their credit cards or their bank.
Capital One's Brilliance
by Scott Bilker
Like all of Capital One's customers, I was hit with an interest rate hike from 9.9% (purchases and advances) to 15.4% and 22.9% respectively. I didn't see the 'notification' they sent in the mail (I assumed it was some sort of solicitation), so it caught me by surprise. I contacted them and asked if they could adjust the rate back to what it was. My husband and I have perfect credit, never a day late and did carry a balance (we used the card for all purchases so we could get the frequent flyer miles but we never let the balance get out of control).
Money Saving Holiday Gift Ideas
by Scott Bilker
The holiday season is here! If you went shopping last Friday, Black Friday, then I’m sure you noticed the rush to spend money! Since you will have to spend, you need to spend smart. Spending smart to me means getting a high quality gift at a great price. You don’t have to empty the bank to deliver expensive gifts to family and friends. It is the thought that counts. That being said, here are some suggested gifts for this season.
Three Reasons You Should NEVER Own a Debit Card
by Scott Bilker
Debit cards have become a very popular way to pay for everything from fast food to rental cars. The Federal Reserve reports that debit card transactions have been growing more than 20 percent annually and have surpassed credit card transactions.
Household Math™: Cash Advance Savings
by Scott Bilker
Scott, I have an offer to write a check in any amount at 1.99% APR with a 3% fee of the check. I would like to make a transfer to a credit card for $3,400.00 on which I am now paying 11.24% interest. I’m currently paying $100.00 per month toward this debt. After adding the 3% fee, how much I will save by doing this? I would appreciate any help or insight to my question. Thank you. Sandra
Household Math™: Compounded Daily vs. Monthly
by Scott Bilker
You have $10,000 that you want to deposit in a money market account. Both accounts pay 5% APR (Annual Percentage Rate). One account is compound daily meaning that interest is paid daily to the account. The other is compounded monthly meaning that interest is paid monthly. After one year, how much more is earned by depositing the money in the account that is compounded daily?
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