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DebtSmart® Email Newsletter
June 27, 2007: Issue #153

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

COOL QUOTE

" Even though I have no debt, lack of funds is initially why so many people can't pull through with their dreams, and I am not prepared to accept that."--Sarah Pieper, 15-years-old DebtSmart Reader (Australia)
Quotes from all previous newsletters
 

IN THIS ISSUE #153

Letter from the Publisher
Cool Quote
DebtSmart Reader Tips
DebtSmart® Recommended Products and Services
Video Library Presentation: Refinancing your mortgage
DebtSmart® Amazon aStore
Statistics: Why Bankruptcy
"Happy to reverse the charges"
Household Math(tm): Fast Mortgage Payoff
Stop Debt Collectors Cold!
Credit Secrets Bible
Pay It Off Or Keep It?
More credit, more options!
Free DebtSmart® Column for in-print publication, ezine, or web site
Books, software, in-print and downloads
Archive of Email Newsletters online
Advertising
Update-Subscribe-Unsubscribe-Disclaimer Information
Publisher: Scott Bilker
Editor: Larissa S. Bilker
Assistant Editor: Denise Troy

ISSN 1538-6740

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Why Bankruptcy

Many people cited overextended credit (55.2%), unexpected expenses (52.3%), and reduced income (46.3%) as causes of their financial distress. Others are job loss (33%), illness or injury (31%), and divorce (15%).
Read more credit card and debt statistics
 

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Citi® Platinum Select® MasterCard

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Blue from American Express®

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Advanta Life of Balance Platinum Card

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Chase Platinum Visa®

Intro Rate: 0.00%, Time Period: 12 Months, APR: 14.24%.

Discover® Platinum Card

Intro Rate: 0.00%, Time Period: 12 Months, APR: 10.99%.

Letter from the Publisher
by Scott Bilker

Hi,

Greetings my friend! Hey, this issue introduces DebtSmart Reader Tips. I hope you will share your advice with everyone by submitting your tip. The first tip is included in this issue.

---- From FICO ---
Fair Isaac Corporation announced on 6/5/07 that it will adjust its FICO scoring formula to ensure the continued reliability and predictive power of FICO scores. This action is intended to protect lenders and FICO scores from abuse of authorized user credit card accounts by a new kind of credit repair service that sells consumer credit card histories to credit applicants in order to purposefully misrepresent the applicants' own credit history to lenders and other businesses.

The adjustment removes authorized user accounts from consideration by the scoring model in FICO 08, the newest version of the Classic FICO credit score which Fair Isaac expects to become available to lenders starting in September.
------------------

This could be bad news for people who have lifted the scores by being legitimate authorized users on other's cards. Keep an eye on your score to see if this change affects you.

Did you hear this one? Identity thieves went after Herman Munster. Online ID robbers used a chat room to sell stolen credit card numbers and personal consumer information about Herman Munster, the 60's Frankenstein-like character from "The Munsters" TV show. The thieves were from overseas and didn't know that Herman was a fictional character. So if someone tries to sell you Bruce Wayne's MasterCard number--don't' buy it.

Best,
Scott



DebtSmart Reader Tips
by DebtSmart Readers

Note from Scott Bilker: One thing that I've learned from communicating with the readers of DebtSmart is that they are truly DebtSmart! And that means that I learn new things from you all the time! You have a wealth of advice, so I'm asking if you would like to share your financial tips with everyone who reads the email newsletter and visits the website.

Here is the first published DebtSmart Reader Tip...

Keep your rates low
Personally, as someone who's been deeply in debt, and I've surfed money all over the place to 0% cards, there's really no better way than to pay your debt off. Why do people think that they somehow save money by keeping high-rate debt? If life hits hard, and we get deeper and deeper into debt at high rates, we will never pay it off. Your greatest wealth-building tool is your income, and if it's tied up in paying off debt, you can't use it to your best advantage.
--John

Submit your advice to a DebtSmart community



Video Library Presentation: Refinancing your mortgage
by Scott Bilker

You should always be thinking about refinancing because your mortgage is probably the most expensive purchase you'll ever make. Notice that I didn't say your house was the most expensive purchase. That's because when you took a mortgage, you purchased that money to pay for the house. The purchase of that money is paid by the interest charges.

You may have paid $150,000 for the house, but you purchased that $150,000 from a bank for, let's say, 7% APR over 30 years, with monthly payments of near $1,000 per month, costing you a total of $360,000.00. That's $150,000 for the house and $210,000 for the money to buy the house!

Watch video with high-speed connection (Cable Modem)

Watch video with low-speed connection (Dial-Up)



"Happy to reverse the charges"

"Scott--Thank you for all your great articles and advice. Something happened to me recently in that the bank put a major hold on a money market deposit and then - six days after the fact - charged $90 for three over-limit fees that were withdrawn from the account. The online bank statement was showing the money was available at the time the transactions were entered. (They have a screen that shows what is in your account: Total and what is Available. Because I had read your newsletter previously, I went to the bank, said there seemed to be a problem and that I needed some insight so that it didn't happen again. Said I had several other banks that were eager for my account and paid interest on my deposits, but because I was already set up with a direct deposit to this account, I was coming to them for clarification. After investigating the fact, they were very happy to reverse the charges, made it clear to me that they didn't approve of the way the situation appeared, commiserated about how they handled some of their own banking (credit card) accounts - and - on the way out of the bank - the branch manager came out of her office and apologized - saying they try to catch that kind of thing. Wow--that never happened before. In the past, the entire situation would have stressed me out and put me on the defensive. Thank you again for helping me find a way to be open to taking on the challenge and winning."

CJ Knight

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



Household Math(tm): Fast Mortgage Payoff
by Scott Bilker

Dear Scott: My question is, I want to pay my $138,000, 5.125% APR, 15-year mortgage, off early. We just refinanced. My first payment is July 7th. We plan on making one extra mortgage payment a year, but I would like to add an extra $100.00 monthly to principal only. By doing these two extras, how early will I pay my mortgage off? --Leah

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



Pay It Off Or Keep It?
by Doris Dobkins

Many people are refinancing their home mortgages. When you refinance, it's important to make decisions based on your personal and financial goals in life.

In this article, we are going to discuss the topic of paying off your mortgage early and why you might or might not want to.

So, what about you? Where do you stand on this issue or are you as confused as many of us? The book called Ordinary People Extraordinary Wealth, A New York Times best seller, by Ric Edelman states in his findings that most of the 5000 people he surveyed with extraordinary wealth still carry a mortgage.

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!

See the ALL recommended cards



Credit Secrets Bible
by The 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 course.

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!

Read more about The Credit Secrets Bible


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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 ©2007 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




DEBTSMART MEDIA MENTIONS
NBC 10 News:
Money King Secrets
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CN8:
Art Fennell Reports
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CNN: CNN Newsroom
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CNN: American Morning
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ABC: Action News
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CNN/fn: Your Money
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