Email Newsletter 7/20/2001
DEBTSMART EMAIL NEWSLETTER - Tools for financial success!
Free E-Mail Newsletter from DebtSmart Online and Press One
July 20, 2001 Issue 4
Scott Bilker, Editor and
Richard Crammer, Editor, mailto:firstname.lastname@example.org
For instructions to
SUBSCRIBE, see bottom of this email.
IN THIS ISSUE
=> Letter from the Publisher
=> CONTEST WINNER: Always Check
Into Debt Consolidation Organizations
=> ONLINE AUCTION CORNER: Pay Off
Debt with Your Clutter
=> Reader Feedback Tip
=> Saving for a Down Payment
=> Savings or Debt Reduction
=> IT'S ALL A PACK OF LIES!!
=> Subscription Information
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Letter from the Publisher
by Scott Bilker
Thank you all for responding to the
last email feedback survey! Also, thanks for all your entries to our
Congratulations to our contest
winner, Christine, for her informative personal story! You can read
her story below in this email newsletter issue. Christine will be
receiving an autographed copy of my best-selling book, ďCredit
Card and Debt Management.Ē
You can reach me with your comments
CONTEST WINNER: Always Check Into Debt Consolidation Organizations
My story begins like most of the
people in this country. My husband and I had a lot of credit card
debt that was getting out of control. We made some foolish decisions
at a young age and were at this point suffering the consequences. No
matter how hard we tried, the debt just seemed to never go away.
One day we decided to do some
research on Consumer Credit Counseling Services. At the time, they
were the only organization that was recommended for debt
consolidation. This seemed like our only hope because we wanted to
purchase a house in the future. After doing our research, we decided
to speak with one of the counselors and sign up for their program.
Everything sounded wonderful.
They actually advised us that
creditors would review our credit report in a more positive fashion
since we were now affiliated with CCCS. Unfortunately that was not
the case. Every month we made....
Read the rest of this article by
ONLINE AUCTION CORNER: Pay Off Debt with Your Clutter
You know all the stuff thatís
filling up your garage, attic, or shed? Itís the same stuff that
you want to sell at a garage sale if you only had the time. Well,
those unwanted items may be able to help you start reducing your
By selling it all at online auctions
like eBay.com. Although I have been recommending doing this for
years, Iíve only recently started selling my unwanted household
clutter online. Itís really not clutter itís stuff I donít
want anymore that other people might need.
Since Iím just getting started
selling at online auctions Iím also going to start letting
everyone know about how Iím doing it and how well itís going.
So far, itís going VERY well!
Everything Iíve put online has sold! Iíve sold an autographed
Norman Mailer book that my father picked up at the library discard
rack and a digital voice recorder. Total sales, $56.00 for two hours
of work--thatís $23 per hour for creating more space in my garage!
Pretty good deal!
To make transactions simple, you can
receive payment from your auctions through PayPal. They allow your
buyers to use their credit cards to pay. Setting up an account with
PayPal is FREE, however, there are modest transaction charges.
Right now Iím auctioning off my
Sony Handycam Video 8mm CCD-F33, videocamera. You can check out that
VERY IMPORTANT: Iíd like your
opinion on a new service for DebtSmart Email Newsletter subscribers.
This fee-based service is for listing your auction items online and
in the email newsletter. Please let me know what you think of this
idea by completing the survey at:
How can you get started making extra
Look through your house for items you
believe may be worth selling. Items that you can probably sell for
$10 or more.
Next, research the value of your
item. Go to eBay.com and do a search for your item. Check the
current items for sale and the completed items. Look at the prices
that your item has sold for in the past so you can get an idea of
its true sale value. Also, read what other people wrote about that
item so you have a starting point for writing your advertising copy
(fancy way of saying ďsales pitchĒ).
Keep a list of your items and keep
reading ONLINE AUCTION CORNER for more tips in the next issue of
this email newsletter.
Reader Feedback Tip by Tom
I thought your (Scottís) advice on
not cutting up your credit cards in this past issue (7/6/01) was
extremely sound. Another point you may wish to touch on is a
person's credit scores.
Commonly called FICO (for Fair Isaacs
Company, the creator), these are the scores a mortgage lender looks
at before they look at anything else on a credit report. By
canceling valid cards, the credit issuers see this as a negative and
it counts AGAINST you in the FICO scoring.
I won't belabor FICO scoring. Suffice
it to say, self-discipline and control are the key factors in credit
card use. If a person is determined not to use their card(s) once
the balance is paid, hide the card in a safe place.
That does NOT count against you.
Having a balance paid in full (counts FOR you) and having an open
trade account (counts FOR you) are two of the combinations potential
lenders look at.
One last note on mortgage borrowing.
The second most important factor lenders look at when deciding on
the program into which you will fit is your payment history. If you
have paid your rent on time or don't have any late mortgage
payments, you will probably get the best rate at the time. Of course
the remainder of your credit history comes into play but we'll save
that for another time.
Tomís Free money making tips,
tools, techniques and strategies will increase your personal cash
flow. Let Cashclique.com Dollar$ign Newsletter turn your paycheck
into a cash flow geyser. FREE subscription at:
Saving for a Down Payment by Scott Bilker
Question: How do you save money to
buy a home when you are swamped with credit card bills that just
seem to suck every last bit of savings?
I know exactly how you feel since I
was in that very same position at one time.
First of all you need to be sure that
your credit card interest rates are as low as possible. By
"low" I mean below 11.9%. There are many excellent
credit-card offers available from numerous banks, which make the
rates very competitive. Look through your junk mail and read the
fine print in some of those offers. Start using the 0% offers and
track the dates when they expire so you can be sure to transfer your
balance before the rate is increased.
Once you've minimized your interest
cost, you need to make saving for that house a priority. The way I
saved while paying my credit card bills was to make minimum
payments. That's right, it's one of those exceptions to the
In this case, to save for the down
payment of your house, you make the minimum payments to your credit
cards and bank the difference. The reason is that you need to save
your own money to use as a down payment; you cannot cash advance
money from your credit cards to buy a house. Well I guess,
technically you could, but most likely you won't be given a mortgage
if the bank learns that youíre buying a house with your credit
The strategy here is that youíre
going create extra money by paying less each month to your credit
cards. Many times banks will give you an opportunity to skip a
payment. That's the perfect time to save that extra payment in a
bank account toward your down payment.
Many people would criticize me for
suggesting that you pay less to your credit cards because you're
going to pay a little extra interest. However, this interest cost is
the fee you pay to be able to get the cash for the house. It was
worth it for me and everything turned out just fine.
Good luck and please let me know how
Savings or Debt Reduction First?
by Gary Foreman The Dollar
Question: Dear Dollar Stretcher, When
planning a budget should I use extra money to pay off credit card
debt? Or should it go in a savings account? Thanks.
Answer: Based on the number of
similar questions we get, Kathy is not the only one trying to answer
this question. And, if she's asked friends, she's probably found
people who will tell her that it's absolutely essential to pay off
the credit cards first. She's also probably found other people
recommending an immediate savings program. So who's right?
The truth is that neither side is
right for everyone. This is one of those situations where the right
answer for you might not be the best choice for Kathy.
We'll begin by looking at the purely
financial side of the issue. Whether you're paying off a credit card
or putting money into a savings account you'll get a return on your
When you repay debts you're paying
back some principal this month to avoid owing an even greater amount
next month. How much greater is determined by...
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Get rich on the Internet in 40 days/40 nights and do it without
spending a dime! (ha, ha, ha)
IT'S ALL A PACK OF LIES!!
the Whole Truth and Nothing but the Truth
by Richard Moore
and CEO of the International Millenium 2000 Group
FFA LINKS - FREE FOR ALL
Some even have the nerve to ask you
to pay them! What was it that P.T. Barnum said, "There's a
........born every minute" Short and sweet, here is the scoop
on FFA's. THEY DON'T WORK. You put your information in to join an
FFA and what happens? You get a truckload of autoresponder e-mails
from every TOM, DICK and HARRY wanting you to join them. No one ever
actually reads your ad. I am still getting autoresponder e-mails
sent to me from FFA's I joined a year ago. I did exactly as I was
supposed to for maximum exposure.
Well, overnight I had 300 plus
e-mails sent to me. I thought to myself, "I've found a gold
mine!" Why hadn't I tried this sooner? Well, after reading a
bunch of them, I realized that they were all ads wanting me to join
their club or business.
I tried replying to those e-mails
with my own and guess what happened! I got the...
Read the rest of this article by
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