Household Math™: Debt Snowball (Myth or Magic): Paying Back Lower-Balance Cards First
by Scott Bilker
David Sheepsley has two credit cards with balances. Card A has a balance of $8,000 at 19.8% and minimum payments of $160 per month. Card B has a balance of $6,000 at 5.9% with minimum payments of $120 per month. David has a total of $400 per month to use for repaying his credit cards. What's the better plan for David?
Press Release: Daring Strategies Help Consumers Battle Debt
by Scott Bilker
DebtSmart.com has been helping consumers save money on their credit cards and debt since 1998 with hundreds of free articles plus a free biweekly email newsletter focused on taking an out-of-the-box approach to taking control one's finances.
Adventures of the Debt Daredevil: Car on Credit
by Scott Bilker
Car on Credit In his first mission, the Debt Daredevil takes on the evil used car salesman by helping his friend understand her financing options.
Getting Out of Debt
by Scott Bilker
A general question, for starters: I personally know folks who have high credit card balances, car loans, and other debts that are quite high. They're not in bankruptcy, but they feel so hopeless about ever getting out that they just can't stand to think about it. What would you say to such people? Is it as difficult as it seems? Why or why not?
Penalty Rates
by Scott Bilker
Scott, My interest was raised to 28% after "a few" (honestly) late payments. They told me they would review my info in 6 months. Do you think I have a chance of getting them to lower my rate? --Paula
Household Math™: Holiday Spending
by Scott Bilker
Kim has decided to spend an average of $16 for gifts on each of her eight friends for the holidays. So far she's spent $17 on Scott, $14 on Ralph, $12 on Linda, $22 on Pete, $11 on Gary, and $20 on Grady. How much can she spend, on average, on her remaining two friends Mark and Tom?
Credit card balance transfers
by Scott Bilker
Scott, A friend told me that they heard that continually doing balance transfers from one credit card to another can negatively affect my credit rating and that they also heard that there is a limit to how many balance transfers. --Amy
Debt Daredevil
by Scott Bilker
Scott, I am new to your web site and find your tips informative. I am however, interested in your opinion of other financial wizards and their money management tactics, such as Suze Orman. She seems to be very conservative in her methods and you seem to be more on the risky side. How would you rate your methods in comparison to theirs? --Sherry
Household Math™: Minimum Payments
by Scott Bilker
Mary has a balance on her credit cards of $10,000.00. The interest rate on that debt is 9.99% APR. Her bank has a minimum payment policy of 2% of the balance or $15 (whichever is greater). If Mary makes minimum payments to this credit card how long will it take her to repay the debt entirely?
Weekly or monthly payments?
by Scott Bilker
Scott, I have a $6,500 signature loan @ 13.5% APR with my credit union. A friend of mine said I should divide my payment over four weeks. Do I save more to pay a lump sum at the beginning of each month; or does it benefit me to pay equal weekly installments?--Brian
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