DebtSmart Reader Tips: Page 1
by Scott Bilker
Track Spending: For at least thirty days, write down every penny you spend and why it was spent. Be as specific as possible. This way, you can categorize what you spend money on on a daily basis and make constructive changes accordingly.--Joe [Financial tips that work, submitted by DebtSmart Readers like you! While you're here, be sure to leave a financial tip for others.]
The TRUTH About Credit Repair
by Scott Bilker
Ads abound almost everywhere (online and off) selling books, systems and secrets to help you fix your credit in a hurry. Many of these programs have claims, which read like the covers of supermarket tabloids, "In 3 hours my credit score jumped from 580 to 676!"..."Erase bad credit and smash your debts with just 2 Magic Letters!"..."Create a completely new credit file in 24 hours!" Are these types of claims ALWAYS too good to be true? The answer is "Yes and...no."
I've been gouged for $99! Are bank charges negotiable?
by Scott Bilker
Hi Scott, This just happened to me in the last few weeks. I spoke to my bank (Bank of America aka BOA) about overdraft protection, which they said was a free service. I wrote a check, which would have caused an overdraft but since I had the overdraft protection, they took out 3k on our Visa account. Now we got the bill from Visa, which has both a transaction fee finance charge of $99.00 and a periodic rate finance charge. Is this a charge that I might successfully have waived?Thanks in advance. Marv
Is your credit score costing you a fortune?
by Scott Bilker
While some surveys show that 9 out of 10 consumers are unaware what their credit score is, I'd like to quickly share with you how your credit score could be costing you a fortune…in more ways than you can imagine. We all know a low credit score will make everything in the world of finance more expensive because of higher interest rates from lenders due to being considered a greater credit risk.
Where did that fee come from?
by Scott Bilker
Howdy Scott, I am writing to you about a unique situation that occurred to me about two weeks and I was wondering if anyone else you know of and/or subscribes to your newsletter might have had this happen to them...there was an added $1.00 fee for processing the payment. I told the rep I was ready to close the account, since I considered this a money grab. Any thoughts? John, The Twin Cities of Minnesota
What should I do with my money now?
by Scott Bilker
Dear Scott, Through the sale of my previous house, I will soon have just enough money left over ($100,000) to pay off ALL of my loans and credit card debt. Question: is it a good idea to pay off ALL of my debt? Or should I perhaps keep some on the accounts? Or what? Your advice has always helped me in the past, so I really wanted to ask you what you think. Thank you, Rodney
Beat the banks by threatening to call the Better Business Bureau
by Scott Bilker
Heidi wrote to me about her problems with a bank that was charging her a ridiculous interest rate of 33%. She had called the bank and was not able to do anything. I suggested that she transfer her balance and she called back and threatened them with calling the Better Business Bureau.
Household Math™: LTV
by Scott Bilker
A lender agreed to make a loan based on a purchase price of $250,000 with a 90% LTV. If the property appraises for $250,000, what is the mortgage amount?
MBNA reduced my limit for no reason!
by Scott Bilker
A manager got on the line and proceeded to ask me if some questions to verify the credit limit. He then told me that he was reducing my credit limit based on the amount of outstanding credit my husband had. I told him that I was not interested in the balance transfer after all because he decided to reduce my credit limit just like that.
Household Math™: Before the tip
by Scott Bilker
Rachel was telling Jack about her romantic date with Dave. Jack is a man that is more concerned with the cost of the frolic then the details of their amorous evening. Jack asked Rachel how much the tab was for food only. Rachel was too focused on Dave to remember the amount for the actual dinners, but she did remember tipping the waiter 16% and that the final bill, tip included, was $159.50. Jack was quite amazed that Rachel would remember so much, but not recall the cost of the dinner before the tip. Of course, Jack knows his math and can easily figure it out. Can you? What is the cost of the dinner before the tip?
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