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December 28, 2005

 Tools for financial success! A Free Email Newsletter from DebtSmart Online and Press One Publishing.
 Will a debt settlement adversely affect our credit rating? by Scott BilkerScott, We are drowning in debt--over \$80,000 in credit card debt, some at over 30 percent! We are taking a second mortgage out on our house to pay it off. Should we ask the credit card companies to lower our payoff amount for paying off the balance in cash? Will this adversely affect our credit rating? Even a 10 percent reduction would pay for a car for my son. Your advice is appreciated! Viola
 "We are very excited because your advice works!" "Hi Scott - we are very excited because your advice works! My husband called Capital One to try to get them to combine two accounts into one and lower his rate. Both cards were paid off, and one we had shredded while we were on the phone with them when they would not raise the limit - they actually HEARD him shred the card! At first they said no, but then when my husband said he would shred the other card too and go with BOA instead, they changed their tune. The combined the limits of both cards onto one. Even though the limit is still less than \$1000, it proves your point that it does PAY to make that call! Now I am going to try to get them to combine mine... Thanks!" Sue and Ben Sheffler, Richmond Hill, GA Read about special offer for all three of Scott Bilker's best-selling books
 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. He tells you that this happens because you pay off some of the principal earlier and are not charged interest on that principal afterwards. Sounds good. Here's the question. If you convert that 5-year (60-month) loan into a loan that requires 130 biweekly payments (still 5 years), how much money will you save in overall bank payments? Answer this problem
 Sorting your money by Terry Rigg For anyone that is familiar with The Complete Budget and Bill Organizer, you already know that I recommend that you use your checking account to pay bills and cash to cover your household expenses. With all of the different items that the average individual or family spends money on, it can be difficult to keep it separated. You need to have money for groceries, car gas, school lunches, dining out and entertainment just to name a few.
 DebtSmart® Help Center by Scott BilkerHi, 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 check out certain companies personally 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
 Save money on clothing by Gregory Thomas The amount that you spend on clothing--do you know how much that is? One hundred, two hundred, maybe even three hundred a month? Is it really necessary to spend that much money on clothes? Maybe not! By simply adjusting your spending habits and learning to shop a bit more conservatively, you can save yourself hundreds, even thousands of dollars a year.
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 The rule of three by Michael Angier The United States Marine Corp believes strongly in what they call "The Rule of Three." They've found that implementing this rule saves lives, gets more done faster and more efficiently. An article on The Corp in INC. magazine says, "The rule dictates that a person should limit his or her attention to three tasks or goals. When applied to strategizing, the rule prescribes boiling a world of infinite possibilities down to three alternative courses of action. Anything more and a marine can become overextended and confused. The marines experimented with a rule of four and found that effectiveness plummeted."
 COOL QUOTE
 " Destiny is not a matter of chance, it is a matter of choice." --William Jennings Bryan Quotes from all previous newsletters

IN THIS ISSUE #114

 Cool Quote Credit and Debt Statistics Database Letter from the publisher Will a debt settlement adversely affect our credit rating? "We are very excited because your advice works!" Household Math™: Biweekly Payments Sorting your money DebtSmart® Help Center Save money on clothing Voice Over IP Residential Plus Plan! The rule of three DebtSmart® Resources Subscribe/Disclaimer Information Free DebtSmart® Column for in print publication, ezine, or web site Advertising
 Publisher: Scott Bilker Editor: Larissa S. Bilker Assistant Editor: Denise Troy ISSN 1538-6740
 Household Debt
 The credit card industry says the average household consumer debt is about \$9,000, and it's reported to be closer to \$13,000 when you exclude the households that pay their bills in full each month.
 More credit, more options by Scott Bilker Credit options are your weapon against the banks! The key to success is using your credit lines to save money--not to go crazy spending! (I know you won't go crazy spending because you're DebtSmart, but I had to mention that anyway.) I've found a few more good credit deals that I want to bring to your attention. If you have high-rate debt, then you should apply online now and transfer your balances to some of these cards. (Or search through the entire list.) Blue from American Express® Intro Rate: 0.00% Time Period: 15 Months APR: 11.24% Pulaski Bank Visa®/MasterCard® Intro Rate: 0.00% Time Period: 6 Months APR: 7.99% Citi® Platinum Select® Card Intro Rate: 0.00% Time Period: Up to 12 Months APR: As low as 8.49% Chase Platinum Visa® Intro Rate: 0.00% Time Period: 12 Months APR: 10.99% Free Cash Rewards Platinum Visa® Card Intro Rate: 0.00% Time Period: 12 Months APR: 11.474% Discover® Titanium Card Intro Rate: 0.00% Time Period: 6 Months APR: 9.99% Universal Entertainment Platinum MasterCard® from Chase Intro Rate: 0.00% Time Period: 6 Months APR: 12.99%
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