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DebtSmart® Email Newsletter
March 22, 2006

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

Letter from the Publisher
by Scott Bilker


Last week the big three credit bureaus, Experian, TransUnion, and EquiFax, released a new credit scoring system called VantageScore. The reason is, of course, more money for the credit bureaus for selling information about us.

Okay, well that is the real truth, but there is another side which is that, right now, each company has their own scoring systems which vary. The idea is to have a consistent score as well as having a new "score product" to market to lenders and consumers.

The new score will range from 501-990 and be summarized by the familiar scholastic model A through F:

A -- 901-990
B -- 801-900
C -- 701-800
D -- 601-700
F -- 501-600

The basics are still true, i.e., pay on time! That's the most important action to keep your score at its peak!


Biweekly mortgage may be a rip-off
by Scott Bilker

Biweekly mortgages have been touted by many companies as being an excellent way to save money and pay off your mortgage earlier. Some companies even claim that "it won't cost you any more than you're paying now." What a crock! What do you think a true biweekly mortgage saves you? I'm talking about the savings from paying more frequently. Well, it doesn't save that much at all. Hold on to your calculators. We're going to use our brains and look at this problem very carefully. Here is something these biweekly mortgage salespeople don't want you to do.

Finish reading article

"I saved $1,334 per hour. It was so easy!"

"I spent about 2 hours reading this book ("Talk Your Way Out of Credit Card Debt"), getting comfortable with the strategies. Then, after my first phone call, which saved me $210 per year, I was off and running! I was able to reduce my interest rate by as much as 9%. I called all six of my Mastercard/Visa companies and was able to save $1,983 per year from the finance charges plus having a $59.00 annual fee removed and a late fee removed ($29.00). The $/hour saved ranged from $141/hour to $2,464/hour and averaged $1,334/hour. It was so easy!!"

Fred Robinson, Teacher, Milford, NH

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

Household Math™: Minimum Payment
by Scott Bilker

Mary has a balance on her credit cards of $10,000.00. The interest rate on that debt is 9.99% APR. Her bank has a minimum payment policy of 2% of the balance or $15 (whichever is greater). If Mary makes minimum payments to this credit card, how long will it take her to repay the debt entirely?

Answer this problem

Adults living with parents
by Gary Foreman


I am in such a bind - I don't know what to do. I do not live luxuriously by any means. I work full time and make about $45K a year. I own my own condo, I have no car payment, and very few expenses other than standard utilities, food, phone, etc., and my kids. I have two older daughters, both 21 (one lives here with me along with her boyfriend and one year old child). My other daughter lives here as well and goes to college full-time. I also have a 12 year old. None of them give me money. I have a lot of debts that are very old - old credit cards, old utility bills, etc. I am having an extremely hard time making ends meet. I don't go out, I don't shop, I don't go to the movies or out to dinner. I don't spend my money foolishly, yet it seems I never have enough money for my bills, nevermind anything for me personally. I haven't taken a vacation in ten years. I am becoming very bitter about working so hard my whole life and feeling like I have nothing...Do you have any suggestions for me? I must be doing something wrong...


Finish reading article

DebtSmart® Help Center
by Scott Bilker


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

Chris Peruzzi vs. the Debt Counselors
by Chris Peruzzi

If you ever want to see me lose my temper really fast, talk to me about my debt counseling company. I have never had to deal with such a band of galactic level screw-ups in my life. In a roundabout way, I would guess that they are doing the job they are supposed to be doing. They are curing me of any kind of desire to ever be in debt again.

Finish reading article

Ten Easy Ways to Get Extra Cash
by Doris Dobkins

Are you in debt? If so, then you may be struggling for extra cash to pay off your debts and this article was written for you. We'll list a few ideas here for you to get some extra money. Now just promise to spend that money on your debt and not at the mall!

Finish Reading Article


" Good judgment comes from experience, and experience comes from bad judgment."--Barbara De Angelis, Ph.D.
Quotes from all previous newsletters


Cool Quote
Credit and Debt Statistics Database
Letter from the publisher
Biweekly mortgage may be a rip-off
"I saved $1,334 per hour. It was so easy!"
Household Math™: Minimum Payment
Adults living with parents
More credit, more options
DebtSmart® Help Center
Chris Peruzzi vs. the Debt Counselors
Stop Debt Collectors Cold!
Ten Easy Ways to Get Extra Cash
DebtSmart® Resources
Subscribe/Disclaimer Information
Free DebtSmart® Column for in print publication, ezine, or web site
Hire Scott Bilker to speak
Publisher: Scott Bilker
Editor: Larissa S. Bilker
Assistant Editor: Denise Troy

ISSN 1538-6740


College Textbooks

College textbooks cost $900 per year! That's about 6% of tuition and fees at a public 4-year college.
Credit and Debt Statistics Database
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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 ©2006 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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