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DebtSmart® Email Newsletter

ISSN 1538-6740
February 23, 2005 Issue 93

Tools for financial success! A Free Email Newsletter from DebtSmart Online and Press One Publishing.

Publisher: Scott Bilker


In this Issue

Cool Quote

Letter from the Publisher

0% forever transfer deal--is it for real?

When it comes to saving money, there are some deals that are no-brainers

Featured Credit Cards Can Save You Money Now!

Household Math™: What is APR?

Stop Debt Collectors Cold

Beautiful offer made by CapitalOne to my wife

DebtSmart Help Center

Cash Advance Suicide

DebtSmart® Resources



Cool Quote

Albert Einstein said, “in the middle of adversity lies opportunity.” It has also been stated “you can tell the size of the goal by the number of obstacles you have overcome.”

Quotes from all previous newsletters



Letter from the Publisher 
by Scott Bilker

Hi,

I do hope that this issue of the DebtSmart Email Newsletter finds you and your family in good physical, and of course, financial, health!

If you live in near PA, and receive NBC10 News, then be sure to watch tonight at 11PM. A story about me is supposed to air as a Consumer Alert story. I talk about many of the topics in my latest book, Talk Your Way Out of Credit Card Debt.

I'm really trying to get to everyone's questions, but there are only so many that I can get to. In this issue I'll address three questions.

That's all for now.

Cheers,
Scott



0% forever transfer deal--is it for real?
by Scott Bilker

Scott: 

I've been a faithful reader of your newsletter for about 6 months now and you have a lot of great information packed into it. My question is this. I received an offer from Discover for a no fee, balance transfer with 0% APR for life of the unpaid balance, as long as I make a purchase each month after July 2005. I'm tempted to take up this offer to get some of my other cards that are at a higher rate moved to this. I've talked to them previously and they said the purchase could be as small as a pack of gum. Is there a catch here, (other than I see you need to never be late with a payment)? If you've written about this before could you tell me where I can see this info. 

Thanks for all your help. 

Sincerely,
Mark

Finish Reading Article



When it comes to saving money, there are some deals that are no-brainers
Review by Jeffrey Strain, SavingAdvice.com

Take Scott Bilker's book Talk Your Way Out of Credit Card Debt: Phone Calls To Banks That Saved More Than $43,000 In Interest Charges and Fees! for example. Not only does he show you how to talk to bank card representatives to lower interest rates, get fees waived and deal with credit card disputes & billing errors, he guarantees you will save over $200 in the process of using his advice or he'll give you a full refund of your money (and keep two other credit card management books for free to boot). It's not often that we are guaranteed a risk-free 1000% return on our money.

Bilker made hundreds of calls to credit card companies for himself, his family and his friends to try and get better credit card deals and to find out what calling strategies work and don't work when contacting credit card companies. The results presented in the book are 52 full transcripts of calls to credit card companies he actually made and an analysis of each.

Bilker realizes that although it may appear simple to call a credit card company and ask for a better deal, it's extremely helpful to have a well thought out plan before and to know exactly what to say when a pressure situation arises. This includes having your "deal breaker" handy - the action you'll take if the credit card company fails to make a reasonable compromise on your request. He also emphasizes the art of bargaining power by showing how to keep all your credit options open.

The book will be most beneficial for those who carry a credit card balance and would most likely have a harder time when negotiating with credit card companies. There's solid advice in dealing with the run-around that representatives are bound to give and making sure you reach to a supervisor who will have more power to help you. While it would be great to have Bilker there negotiating with your credit card company for you, the book is the next best thing to having him make the calls himself.

Read about special offer for all three of Scott Bilker's best-selling books



Featured Credit Cards Can Save You Money Now!
by Scott Bilker

Your best defense against any one bank is to have credit options. To be able to transfer your balance to a lower rate. That's your only real power against high fees. That's how to be DebtSmart®! Make the banks fight for your business! Be sure to add this web page to your favorites list so you can keep applying for new credit when you need it. What credit card is right for you? Select from the list below and apply online right now!

Choose from the list of featured credit cards



Household Math™: What is APR?
by Scott Bilker

Actually, it's the abbreviation for Annual Percentage Rate. The APR is quite simply the periodic rate multiplied by the number of periods in a year. For example, if the monthly rate of interest is 2 percent, then the APR is 24 percent because 2 (the periodic rate) multiplied by 12 (the number of periods, or months, in a year) equals 24 percent. Okay, so now that you understand the APR, here is the question: What is the daily rate (one day is the period) if the APR is 14.6 percent?

Answer this problem



Stop Debt Collectors Cold
Review by Scott Bilker

Each week I receive dozens of emails from people being hounded by debt collectors. These collectors are horrible! They can harass, threaten, and embarrass their victims without regard for the law. There have been many articles posted at DebtSmart by those attacked by these evil hounds.

Yes, that's strong language and I am sure that the "good" debt collectors (if there is such a thing) are going to send me hate mail in about 10 minutes, but the truth is that the majority of these "folks" don't care at all about your situation. They're out to suck as much cash from you as possible.

In the past I've advised people of the techniques needed to deal with debt collectors however, a comprehensive information package has been created that I can recommend that will help--for sure!

It's been written by best-selling author, Gerri Detweiler, attorney John Ventura, and Mary Reed, personal finance author. Not only is this aimed at Stopping Debt Collectors Cold but they also include four other great reports: How to Get Collection Accounts Off Your Credit Report, How to Avoid Losing Your Home In A Foreclosure, What to Do if You Are Behind on Your Car Payments, and Confidential Interview With A Former Debt Collector.

I highly recommend that you take a look at this information so you're prepared to effectively deal with debt collectors!

Read more about how to Stop Debt Collectors Cold



Beautiful offer made by CapitalOne to my wife
by Scott Bilker

Dear Mr. Bilker,

First, I must congratulate you and thank you for all the help you are giving all of us who are being taken advantage of by almost all credit cards out there.

I am having a difficult problem with my wife trying to help see how reliable your information is--and I would like your advice on this "fantastic" offered made to her by the CapitalOne mentioned above and make sure that they aren't trying to "cheat her out of our hard earned money.

This is the offer, my wife may use up to 5 checks they sent, starting with a $2,400.00 and four (4) other blank checks to consolidate higher-interest-rate cards or loans. There is a 3% processing fee for each transfer (max. of $50.00 per transaction). They tell her to use these checks to save with the long-term 2.99% fixed APR today. She wants to use one of these checks to pay off my Orchard Bank account that is approximately $1,400.00. Her current available credit amount she has in her CapitalOne card is approximately $3,000.00. Do you think this is a good idea to consolidate my Orchard Bank account? That's now charging me 19.9% on my purchase balance and 21.9% on a $550.00 cash-out withdrawal I made last year for my business trip?

Please help me enlighten and educate my wife regarding credit cards.

Regards,
Oscar

Finish Reading Article



DebtSmart® Help Center 
by Scott Bilker

Hi,

Helping you with your debt is very important to me personally! If you've been reading my articles, you know that I always encourage self-help as a first step. However, being buried in debt can be very overwhelming, which is why you may want to explore other options.

One of those options is professional, ongoing help with credit counselors. I've started to personally check out certain companies so I can recommend the ones that are worth considering!

If you would like to speak with a representative from a...

Read More at the DebtSmart Help Center



Cash Advance Suicide
by Scott Bilker

Scott,

Fantastic info, not for scatterbrains though. I have three cards currently all intro 0% wondering if I made a cash advance of say 1000.00 then immediately took advantage of 0% balance transfer, would I still be liable for the 24.99% advance rate as well as the fee even though account was paid off the same day or at least within billing cycle? Trying to avoid cash advance suicide, also are there any fund transfer services that make the bank think it's a purchase?

Matt

Finish Reading Article


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DISCLAIMER

The author(s), Press One Publishing, and DebtSmart.com shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to be caused, directly or indirectly by the information contained in this email newsletter and/or at the DebtSmart.com web site. The information, methods and techniques described may not work for you and no recommendation is made to follow the same course of action. Every effort has been made to verify the accuracy of all content contained herein. However, there may be mistakes; typographical, mathematical, or in content. This email newsletter and the DebtSmart.com web site have been created for your entertainment only. You must always seek the proper professional advice before taking any financial or legal action. You have been warned.

Copyright ©2005 Press One Publishing. All rights reserved. Please do not reprint, or host on your web site, without explicit permission. However, if you found this newsletter helpful, we grant you permission, and strongly encourage you, to e-mail it to a business associate or a friend. Thank you.


 

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"The DebtSmart Email Newsletter is packed with cutting-edge strategies for solving credit problems. I highly recommend it."--Gerri Detweiler, radio host and author of The Ultimate Credit Handbook




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