Excerpt from "Talk Your Way Out of Credit Card Debt"
GREAT PAYING JOB
Everyone wants to get out of debt, but few are willing to do the
work it takes to make this goal a reality. As it turns out, looking
into all your credit options is going to be one of the best paying
jobs you'll ever have. That's because the money you save more than
compensates you for your time.
If you have high-rate debt and spent
just 10 hours per year working on getting better deals, you might
easily save $1,000 or more. That's $100 per hour!
In this book I make 52 phone calls
that take 403 minutes (6 hours, 43 minutes) and save $43,147.68.
Let's do the math on that. What a fast way to make/save $6,423.97
per hour, which works out to be $107.07 per minute! Not bad, huh?
And the great news is that you may be able to achieve the same
All the real names of banks have been
changed to avoid providing free advertising. The names of the bank representatives have also been changed as well to protect the
innocent.:) If I happen to accidentally select a real bank or
person's name, it is merely coincidental. Bank names have been
renamed to dog breeds and bank representatives to bug names.
YOU'RE IN CONTROL
You read that right. You are in control! The banks are at our mercy!
I know you're thinking, "Yeah
right, easy for you to say, you've got great credit. These things
only work for people with great credit." That may be true to
some extent. However, you can also have great credit by continuously
working on your credit card and debt management. You may not be able
to reduce your rates from 26% to 3% in a day but perhaps to 18%;
maybe a month later to 9% then in a year all the way down to 0%.
In today's economy, nearly all of the
buying-public, we, the consumers, have credit cards. Credit card
banks start marketing to us as early as possible, because the
younger you are when you start to use credit, the more likely you
are to remain loyal to that original bank throughout your life.
At this point in time, the market for
new credit-card customers is nearly saturated. Banks are
propositioning college students since banks know, and it's true,
that they are more likely to have higher-paying jobs in the future.
But aside from this "new blood," where are the banks going
to get more customers? They have to steal profitable customers from
about how to Talk Your Way Out of Credit Card Debt,
by watching this CNNfn
interview with Scott Bilker hosted by Ali Velshi.
The only way to get you as a customer
is to take you away from your current credit card bank. Because of
this fact, there are many banks from which you can choose to do
business with. I know it may not feel like that right now,
especially if you have had credit problems in the past, but no
matter your credit situation, you still have the power to decide
whom you wish to give your money.
There are just too many banks out
there that want your business. You shouldn't accept being treated
poorly by any bank. I don't accept it and neither should you! I let
them know that they will give me that low-rate deal, they will treat
me right, or I'll just use one of my other 79 credit cards instead.
The bottom line for my banks is this,
they have a choice: (1) continue to make some money at a fair rate
or (2) I'm going to start using another bank for all my balance
transfers and purchases-they won't make another penny from me!
WHY THE BANKS NEED YOU MORE THAN
YOU NEED THEM
Think about the great business that credit-card banks have
going. Not only do they charge the public an incredible amount for
using their money, but they also charge merchants a percentage of
each transaction. How would you like to get 1% of all credit-card
purchases in the world in one day? I do not have any sympathy for
Add that to the late fees, annual
fees, overlimit fees, cash advance fees, etc. Some banks make nearly
50% of their profits just from these fees alone! Naturally, banks
want to make money. And they should be able to make money, but it
must be a fair amount.
As you know, the only way they can
make money is to get it from you, the consumer, either through your
purchases with merchants or directly through fees. If they believe
you're profitable, they are going to do almost anything to keep you
as a customer, or to get you to switch to them from your current
Banks want to give the appearance
that they're in control, but it just isn't the case. They have
called and begged me to use my lines of credit too many times for me
to believe that they don't really need me. You bet they need me! And
to keep me, they're going to have to offer a deal that I would be
insane to refuse.