Negotiating with your creditors by phone without studying successful call
transcripts is like trying to fix your car without a looking at the manual."
Quotes from all previous newsletters
IN THIS ISSUE #150
Larissa S. Bilker
Editor: Denise Troy
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Huge Jump in
Credit Card Debt
U.S. consumer credit rose by a much bigger than expected $13.46 billion in March
as Americans loaded up on both credit card debt and closed-end loans for cars,
holidays and education, a Federal Reserve Board report showed Monday. Consumer
credit rose at a 6.7 percent annual rate in March to $2.425 trillion, while
previously reported increases for February and January were revised higher, the
Fed said. The February gain was revised to $5.56 billion from $2.97 billion,
while January's was boosted to $8.42 billion from $6.61 billion previously.
Credit Secrets Bible
Raise your credit score! Learn how
to fight back against those who are making your life
difficult--and holding you back!
Letter from the Publisher
by Scott Bilker
I'm creating a secondary backup list of all email newsletter subscribers. This
will ensure that you always get the email newsletter. This is necessary
because SPAM filters and other technical issues could prevent you from
receiving my email. You should have received an email last week asking you
to RECONFIRM your subscription. It is vital that you join this list, because
I may switch to this system of delivery in the future.
If you did not
receive that email, then please
fill out the form here.
Next topic...health insurance! There is an alternative to traditional
health insurance. It is called Consumer Driven Health Care (CDHC). I'm not
talking about CDHC in the sense the Government does (that is still tied to
the big insurance carriers). I'm talking about discount benefit plans that
offer people a savings (often substantial) by paying a discounted fee at the
time you receive service. Many plans have a large list of providers that
have agreed to accept the discounted fees. Why would a provider accept a
discounted fee? There are several reasons: no paperwork to file, no waiting
period to get paid (anywhere from 90 to 180 days) by the insurance company
(who, by the way, pays a discounted fee to the provider), and no outside
interference on your treatment. With CDHC there are no co-pays, no
deductibles, pre-existing conditions are accepted (with no penalties) and
there are no limitations on treatment or visits.
CDHC puts health care where it should be, between the patient and the
doctor. With CDHC, you pay the providers up front but at a significantly
reduced rate (you can save 50% or more on medical, up to 80% on dental,
etc.). In short, YOU and your doctor control your treatment, not the
insurance companies. Of course, that doesn't necessarily mean that it's the best
option for you. However, if you're looking for options in this area, and I know I am, then
AmeriPlan to see if CDHC can save you money and improve your health
Lastly, check out this story sent in by DebtSmart reader Chuck Hart,
Mathematics Instructor, Autry Technology Center.
"Scott: I had a personal story about making my credit card work for me. My
wife and I planned an Alaskan cruise last summer. We timed the final payment
to post just after the cutoff date of my Discover card. As a result, we kept
the money in a money market account for 2 months and earned interest of
$24.50. We earned a cash back bonus on my Discover card of $57.21. That
means we saved $81.71 on the price of our cruise. I teach a Mathematics of
Finance class to high school juniors and seniors. I have enjoyed using your
newsletter as part of my class. I feel like my students are becoming really DebtSmart. Keep up the good work."
That's all for now!
Jenni the Bill Collector
by Scott Bilker
I received a letter from Jenni about Chris Peruzzi's article,
Bad Customer Service. Turns out that Jenni is a bill collector. I
found her comments to be quite interesting in that you can get an insight
into the thinking of the typical bill/debt collector. I included
my remarks for added entertainment.
Jenni: "I am a bill collector. What a lot of people forget is that what
we do is our job."
I don't think anyone forgets that it's her 'job.' Jenni's collection
victims also have jobs.
Jenni: "We do not come to your office and cuss you out because you wanted
an 8:00 meeting. Under the FDCPA (fair debt collection practices act) we are
legally allowed to call from 8:00 am until 9:00 pm your local time."
Of course Jenni didn't come to our office and cuss. It sounds like she
would, if she could, which is why the law limits their contact.
Finish reading article
"I hadn't even asked yet...she just offered it!"
"I just wanted
to pass along some success that I had recently while calling my credit card
companies. First of all, I called and asked for a credit line increase so
that I could transfer a high interest balance to a 4.82% APR. Not only did
they increase my credit line, but they also let me know that they had a
3.82% APR available since I called.
I also called another card company to take advantage of another balance
transfer offer. It was 3.9%, but it held a transfer fee of $99. When I called
to activate the card and make the transfer, I was told that the balance
transfer had a $99 fee, but that she would waive the fee if I did the
transfer over the phone! I hadn't even asked yet...she just offered it!
Thanks so much for the information that you provide! I finally feel like
I'm getting a handle on our debt!"
Read about special offer for all three of Scott Bilker's best-selling books
Household Math(tm): Future Savings
Kelly wins $25,000 in the lottery and decides to put this money away
for the future. She deposits the cash in a money market fund and expects to
earn an average of 4% APR for 10 years. Kelly's younger sister, Audrey,
wants to accumulate the same amount of money as Kelly in 10 years, but Audrey
doesn't have $25,000 lying around. Audrey decides to make monthly deposits
at the same bank as Kelly and expects the same rate of return.
How much does Audrey have to deposit each month to have the same amount as
Kelly in 10 years?
Answer this problem
Stop Debt Collectors Cold!
Stop Debt Collectors Cold! Plus, for a limited time, 4 bonus reports:(1) How
to Get Collection Accounts Off Your Credit Report; (2) How to Avoid Losing
Your Home In A Foreclosure; (3) What to Do if You Are Behind on Your Car
Payments; and (4) Confidential Interview With A Former Debt Collector
Read about stopping debt collectors
Gone in 4 Seconds!
By Sheriff Ken Jenne
This is a great video from Sheriff Ken Jenne of the
Broward Sheriff's Office. You won't believe what the criminals are up to
now. If you think that gas prices are ripping you off at the pump, then you
HAVE to see this video! Not only is it possible to lose your cash-on-hand,
but even worse--your identity!
BE SURE to send this link to all your friends!!!!
Finish Reading Article
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!
the ALL recommended cards
Credit Secrets Bible
Consumer Publishing Group
The Credit Secrets Bible contains
more step-by-step, easy-to-learn, easy-to-use insider consumer credit
secrets than any other home study course on the market. In fact, the
information in the Credit Secrets Bible is so powerful, we have to
disclose to you upfront that it is sold for informational purposes only.
If you don't already know, I'll be the
first to tell you... banks, finance companies, bill collectors and
credit card companies are some of the BIGGEST crooks in the world. If
you don't know the secrets contained in the Credit Secrets Bible,
you will pay tens of thousands of hard-earned dollars in extra bills,
interest and fees, etc. Your money will be wasted (down the drain) for no
reason other than you don't own the Credit Secrets Bible home study
Banks and other institutions who take
your money, ruin your credit or deny you the money you need are very
powerful. They make a business out of hurting people like you to make
more money for themselves. And, the more they hurt you financially, the
more powerful they become. But they won't be able to hurt you anymore!
With the Credit Secrets Bible, I'll show you how to stop them dead
in their tracks!
about The Credit Secrets Bible
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