Tricky Insurance Pays Off
by Scott Bilker
I found out after renewing a credit card that I had been paying for insurance that I wasn't aware of. This insurance would pay benefits in case I died or became disabled. I had the card since 1997 and became disabled in 1998 (Parkinson's). I called a credit card rep and she advised me to put in a claim. She also stated if there were any other balances to transfer I could transfer them and clear them up also.
How Do You Want To Live?
by Scott Bilker
People always ask kids, "What do you want to do/be when you grow up?" I'm sure you remember the question well. A fireman, policeman, scientist, doctor, social worker, teacher, superhero, etc. The truth is that people have many interests and talents. Someone may be just as happy being a lawyer as a teacher. That's why I believe the better question to ask is "How do you want to live?" Do you want...
Household Math™: Home Equity vs. Credit Card
by Scott Bilker
Donna and Kyle need $10,000 to remodel their kitchen. They will be able to repay this in 12 months. Donna gets an offer on her credit card of 0% for 12 months with a $10,000 max and no fees. Kyle's college buddy Vinnie, is a mortgage broker and tells Kyle that he can get him a home equity line of credit at the Prime rate, currently 4.25%, with no application charges or other fees. Kyle tells Vinnie that his wife has a 0% credit card offer and asks him which is better. Vinnie says that in their case the home equity line will have full tax benefits, however they would remain in the same tax bracket. Which option is better? The 0% credit card deal or the home-equity line of credit?
Survey Results: Health Insurance
by Scott Bilker
Since the cost of health care and health insurance continues to increase every year, many companies have dropped health coverage and many families have found themselves without full coverage or any coverage at all. If you are in this group you're not alone, as 41-million Americans have no health coverage whatsoever. At DebtSmart we continue to look for ways for our readers to cut costs. To that end, we have been researching alternatives to expensive health insurance. By filling out the following survey you will help us get a better grasp on what your needs are, allowing us to look for the ideal solution for you and your family.
So Far In Debt; Can't Seem To Breathe
by Scott Bilker
Help please! I am so far in debt and can't seem to breathe. I have 6 credit cards and I am $25,000 in debt. I know you hear this all the time, I have been paying for over 2 years not charging anything and still can't get anywhere. I cut them 2 years ago, and called the companies to ask for a lower rate. They gave me like a year with low interest, and lower payments so my credit reports would not be hurt.
Survey Results: Late Payments
by Scott Bilker
The greatest sin in debt repayment is late payments. The penalties include raising your interest rates, large fees, or denial of new credit lines or mortgages. Please take this survey and let us know about your experience with late payments.
Household Math™: Home Refinance
by Scott Bilker
Brooke wants to refinance the balance on her home mortgage. She still owes $125,000 at 7% after paying 36 monthly payments of $859.77 on her 30-year loan. She gets approved for a refinance at 5.5% for a 20-year loan with 2 points and $2,000 of closing costs. Brooke rolls the cost of all the refinancing into the new loan. How many months with the new refinance must pass before Brooke starts saving money with the new loan?
Make Payments For Son's Car
by Scott Bilker
My son purchased a car for $15,000 at a high rate of interest. He's been paying for 32 months and he still owes $11,000. He has just been laid off and to top it off the car has blown the engine. I would like to help him pay the loan off to keep his credit rating but would like to negotiate the amount down. What are the chances? Would he be better off to let it be repossessed? This would be to nobody's advantage. Please advise.
Household Math™: True Rate of Transfer Offer
by Scott Bilker
You're offered a balance transfer from one of you current credit lines. The offer is for 4.99% fixed with a one-time 4% transfer fee. You transfer $5,000 and pay $100 per month until the loan is repaid. What is the true APR for this loan when you include all interest rate charges and fees?
Survey Results: "Your Interest Rates"
by Scott Bilker
Ever wonder what everyone is paying in interest? I certainly do and I have a feeling you do as well. Please share your rates with other readers so we can compare notes and get better lending deals!
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