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DebtSmart® Email Newsletter
July 11, 2007: Issue #154

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


" If you talk about it, it's a dream. If you envision it, it's possible. But if you schedule it, it's real."
--Anthony Robbins

Quotes from all previous newsletters


Letter from the Publisher
Cool Quote
DebtSmart Reader Tips - Page 1
DebtSmart® Recommended Products and Services
How banks use low rate offers to lock in high rates
DebtSmart® Amazon aStore
Statistics: Gas Prices Force Cuts
"Happy to reverse the charges"
Household Math(tm): Compounded Daily vs. Monthly
Stop Debt Collectors Cold!
Credit Secrets Bible
Teaching children the value of money
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
Update-Subscribe-Unsubscribe-Disclaimer Information
Publisher: Scott Bilker
Editor: Larissa S. Bilker
Assistant Editor: Denise Troy

ISSN 1538-6740

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Gas Prices Force Cuts

70 percent of car owners said they will cut back on entertainment spending if gas prices were to increase a dollar, 66 percent said they will change their vacation plans, and 64 percent said they will postpone a major purchase.
Read more credit card and debt statistics

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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®

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Discover® Platinum Card

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Letter from the Publisher
by Scott Bilker


The last email newsletter included the first official reader tip. Also, I asked for tips from everyone. Would you believe that I only received two tips? I'm shocked! I thought that I would be overwhelmed by financial advice. Maybe everyone is at the beach. ;)

So here's the deal. You must submit a tip! That's an order! And here's why...

#1 I know FOR SURE that you have something to share that can help others save money. It doesn't matter your situation, you have something to offer.

#2 When you share your advice, good things happen. I'm a perfect example. The more I write about saving money, the more money I've been saving. The more I've written about how to take advantage of bank offers, the more benefits I've received from using my credit cards.

#3 The more you think about a tip, the more ideas you will get for yourself and the more money you will save!

So I say again, your homework assignment is to come up with a good tip. We would all appreciate a financial tip on any topic, e.g., Automobile, Banking, Bills, Budgeting, Credit Cards, Debt Management, Groceries, Household, Investment, Kids & Money, Lifestyle, Miscellaneous, Savings, Shopping, Taxes, etc.

I'm looking forward to reading your tip!

Fill out the form here.



DebtSmart Reader Tips - Page 1
by DebtSmart Readers

Advanced Technique Make Money
Here's an advanced technique I developed after digging out from under a pile of credit card debt. As I paid off one card after another, the card companies became more and more generous with low rate offers on old accounts as well as new ones. When one company offered me 0% for a year, I said "Why not?" I borrowed $10,000 (deposited to my checking account) and bought a one year certificate of deposit paying 5%. It's important to check the transfer fee--often 3 or 4% but usually limited to a maximum of $75 to $90. If the transfer fee has no maximum, the scheme doesn't work. With regular minimum payments of $200 a month, by the end of the 0% year, I only owed $7600 plus the transfer fee, and I cashed out the CD for $10,500. Of course most of the effect comes from forced saving of the monthly payments, but it is nice to have the banks pay me interest rather than the other way around! I use on-line banking so was able to pre-schedule the payments each month a few days before the due date guaranteeing I wouldn't have any late payments, which would ruin the deal.
--John Gloor

Attach Debit Card
Sometimes it's smart to have a debit card, attached to your checking account, instead of a credit card. You can't spend if you don't have it! You don't have to have a good credit rating for it, and if you use Credit, instead of Debit, you won't be charged for the transaction.

Read more DebtSmart Reader Tips

Submit your advice to a DebtSmart community

How banks use low rate offers to lock in high rates
by Scott Bilker


I have used the lower interest rate checks from my credit card company to transfer debt. I noticed on my statement that the balances on the original rate and the new rate are not getting paid down proportionately. Can I get the company to apply my payment my way? Is the use of these checks a benefit or a curse?


Finish Reading Article

"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): Compounded Daily vs. Monthly
by Scott Bilker

You have $10,000 that you want to deposit in a money market account. Both accounts pay 5% APR (Annual Percentage Rate). One account is compounded daily, meaning that interest is paid daily to the account. The other is compounded monthly, meaning that interest is paid monthly. After one year, how much more is earned by depositing the money in the account that is compounded daily?

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

Teaching children the value of money
by Gregory Thomas

We take it for granted that children know how money gets into our wallets. The tips below will guide you through teaching your children the value of money.

Now I'm not referring to the value of stocks and bonds, compounding interest, or the current market value of a U.S. dollar.

What every child should be taught at some time is: the purpose of jobs (how we earn money), saving for goals (how to save money), limit needless spending (how to budget).

It's up to you to decide when and at what age it is appropriate to discuss these topics. But keep in mind that if you don't teach them the skills to make educated, responsible decisions with their money, you will be holding back a valuable lesson that should be taught.

Learning how to successfully manage money is a skill they will have for life.

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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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

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