Tools for
financial success! A Free Email
Newsletter from DebtSmart Online and
Press One Publishing.
Letter from the Publisher by Scott Bilker
Hi,
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 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.
"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!!"
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?
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...
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...
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.
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!
More credit, more options
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!
Blue from American Express®
Intro Rate: 0.00%,
Time Period: 15 Months,
APR: 3.99% (for life on transferred balances)
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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.
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finding new ways to save
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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
