Helping Daughter With Debt
by Scott Bilker
Our daughter, who is 31 and single, has $15,000 in credit card debt that would we like to help her get out from under. This debt consists of two different maxed out credit card accounts that are both charging very high interest rates, as well as late charges and over the limit fees. We are considering refinancing our mortgage, which currently has a balance of $47,000 and a 5.75% rate. Is this a good solution or not?
Household Math™: Pizza Deals
by Scott Bilker
Ann and Sharon are good friends each with a son that has the same birthday. They're going to have a birthday party for both of them together and decide to serve pizza. There are three sizes available small (11 inch) for $7.95, medium (15 inch) for $12.95, and jumbo (17 inch) for $16.95. Which size pizza is the best deal?
Equity Used For Down Payment
by Scott Bilker
My husband and I want to buy a home being built in a new development. Our present home worth $260,000 has no mortgage except a $30,000 home equity loan. We need about $15,000 down payment for the home being built. Should we open a home-equity line of credit to pay the down payment? If not, where is the best place to get the $15,000?
Household Math™: A penny paid is more than a penny earned
by Scott Bilker
How much is a penny really worth? When it comes to repaying debt it is certainly true that every penny counts! Say you have a $100,000 mortgage at 7% for 30 years. The monthly payment is $665.30. How much money would you save by adding just one cent to your monthly payment?
Survey Results: Lending to Friends
by Scott Bilker
This is always such a tough call. What do you do when your friends ask for money? If they don't repay are you angry about losing the cash or the trust you had in your friend's promise?
Survey: "Life is too short..."
by Scott Bilker
We have all been working on saving money, planning for the future, and becoming debt free. All these goals should be our focus however, I believe, as I'm sure you do, it's just as important to be grateful for what we do have and realize that: "Life is too Short too..."
Don't Sell the Cattle!
by Scott Bilker
I am a 53-year-old female with a husband that abuses credit cards. I have sold 2 houses and taken out an equity loan to pay off credit cards. Tell me how to talk to a man and tell him how stupid he is. I have the only retirement account. He has some cattle. I just heard you on the radio today about using credit cards to pay off the debt. Maybe I could convince him of that...
Household Math™: Cell Phone Plans
by Scott Bilker
Brandon is getting his first cell phone and is trying to decide which plan to take. After review all the details the cost comes down to two options: (Plan 1) $59.99 per month for up to 500 minutes and (Plan 2) $89.99 per month for up to 1000 minutes. Both plans cost an additional $0.35 per minute if he goes over the monthly limit. Brandon wants to know, the minimum number minutes he must use, to make it worthwhile to select plan 2 over plan 1?
Consolidating credit cards to one account
by Scott Bilker
I am a recent college graduate and I have accumulated about $4,000.00 worth of debt spread out in 4 different credit card accounts. I would like to transfer all of the balances to an account with a lower APR to save money and to make monthly payments more convenient. The problem is that I have not been able to be approved for a credit card with a limit of over $1500.00. Is there anything that you can recommend?
Household Math™: Biweekly Payments
by Scott Bilker
You borrow $25,000 at 8% for 5 years to remodel your kitchen and bathroom. Your loan requires 60 monthly payments to completely pay off the loan. After you get the loan, one of your friends tells you that you can save money by making payments more frequently...
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