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DebtSmart® Email Newsletter
October 3, 2007: Issue #160

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


" Life is like riding a bicycle. To keep your balance you must keep moving."--Albert Einstein
Quotes from all previous newsletters


Letter from the Publisher
Cool Quote
DebtSmart Reader Tips
DebtSmart® Recommended Products and Services
Consolidating Credit Cards to One Account
STATISTICS: Reward Cards
"Scott is really the only debt advisor I read on a regular basis anymore"
Household Math(tm): Average Daily Balance
Think Before
DebtSmart® Column for your use in-print, ezine, or website
DebtSmart® books and software, and other products
Update Your Email Address, Subscribe, Unsubscribe, and Disclaimer Information
Publisher: Scott Bilker
Editor: Larissa S. Bilker
Assistant Editor: Denise Troy

ISSN 1538-6740

Advertising Information

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Reward Cards

Approximately 85% of American households have at least one rewards card. In its new survey of 83 credit cards, Consumer Action found that 62 cards offered rewards of one sort or another. Many people make many everyday purchases using rewards cards. They seek to earn a solid return, such as 1% or 2% cash back. But rewards cards can have higher interest rates than regular credit cards; so carrying a balance may quickly outweigh your reward. Moreover, if you pay late, you may lose the rewards you earned in the current billing cycle.
Read more credit card and debt statistics

DebtSmart® Recommended

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Advanta Platinum BusinessCard with Unlimited Rewards

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Education On Debt Can Free You
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Citi® Platinum Select® MasterCard

Intro Rate: 0.00%, Time Period: Up to 12 Months, APR: As low as 8.49%.

Blue from American Express®

Intro Rate: 0.00%, Time Period: 15 Months, APR: 4.99% (for life on transferred balances).

Stop Debt Collectors Cold!

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Advanta Life of Balance Platinum Card

Intro Rate: 2.99%, Time Period: Until Paid

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%.
Credit Secrets Bible
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Letter from the Publisher
by Scott Bilker


I hope all is well!

There are more and more scams used to steal your identity. Here's one that's been around for a while. You get a call from someone who claims to be from the fraud department of your credit card. They say your account is flagged and they want to verify information to stop illegal charges.

It's possible that this call is not from your credit card, but instead from thieves! Crooks after your personal information! If you get one of these calls, ask for the name of the bank and tell them you'll call back--then hang up! Take out your credit card and call the number on the back. You will be safe when you initiate the call!

I saw a great piece on the Today Show about ID theft. They talked about fake kiosks set up to trick people into giving up their personal information. Check it out: Avoid Credit Card Scams

New Reader Comments
"After reading (and printing) articles on DebtSmart I'm already hooked. I am even more impressed and encouraged because you answered my email directly. I also like the way that you are so humble and appreciative when people mention you or your site in their question, and you always make a point to thank them. Thanks again for getting back to me and your advice!"
--Michelle Carey
"DebtSmart.com--I love it! For many years, I was in credit card debt. A bad auto accident forced me to change my lifestyle, and, with the help of an honest debt management program, my debt was eliminated after five years (a wonderful day!). I'm very careful now, and your informative and practical newsletter helps keep me on track. Thank you!"
--Janet Marilyn
"Keep up the good work; it is informative and interesting. It's nice to know that I'm not alone while struggling with the debt-mire of lower-to-middle income America."


Consolidating credit cards to one account
by Scott Bilker

Hi Scott,

I am a recent college graduate, and I have accumulated about $4,000.00 worth of debt spread out in 4 different credit card accounts. I would like to transfer all of the balances to an account with a lower APR to save money and to make monthly payments more convenient. The problem is that I have not been able to be approved for a credit card with a limit of over $1500.00. Besides having multiple cards near their credit limit, I have good credit and always make payments on time. Is there anything that you can recommend? Please Help!


Finish Reading Article


Education On Debt Can Free You
Fundamental Free Report That Works Time & Time Again. Get Yours Now!

DebtSmart Reader Tips
by DebtSmart Readers

Thanks for submitting your tips! I'm going to be introducing a few new tips in each issue. So you can be sure that yours will be out soon. Here are this issue's tips:

Bills: Pay on time
First and foremost, always pay your bills online! That way, nothing slips through the cracks and you always have an accurate expectation of monthly expenses. Secondly, invest in an inexpensive scanner to turn your bills/cc statements, etc... into PDF documents. Simply put, the computer takes a sort of "picture" of your document and stores it. In this way, you can organize and store all of your documents on your computer; you can get rid of the paper clutter, and access anything you need very quickly. Just make sure you make a backup copy!

Credit Cards: Easy money for holidays
Just in time for the Christmas season, one of my credit cards offered me a whopping 5% back on all purchases for 3 months (Oct-Dec). They will give me 5% back (up to $100). I plan to change my purchasing habits and use this credit card for everything I buy. I will pay off the card in full each month so I don't get charged any interest. At the end of the three months, I will have a $100 credit to use for anything I want. This is easy money. Note: This tip is only good for those who wisely pay off their credit card balances in full. (Unless you have a zero-percent card.)

Read more DebtSmart Reader Tips

"Scott is really the only debt advisor I read on a regular basis anymore"

"I enjoy Scott Bilker's advice a great deal. His article, Paying off debt is hard work, like others he has written, shows a flexibility and insight that I do not see in 97% of financial advice columnists. I like his comment about the reader's ho-hum cliché opinion about paying off debt as 'a brute force approach.' Almost everyone views credit cards and debt in that same black and white fashion--seriously overlooking the ways credit can make our lives better, other ways in handling debt, and the whole other real world situations that canned financial advice can't even begin to remedy. Scott is really the only debt advisor I read on a regular basis anymore. I am also a librarian in a large urban library who is in charge of the finance collection. I have all of Scott's books for the public to read."

--Michael Skidmore, Librarian

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

Household Math(tm): Average Daily Balance
by Scott Bilker

Most banks calculate the amount of interest you owe using the average daily balance method. That method means adding up the outstanding balance each day in the month and taking an average.

On day 1 in the month, your balance is $5,000. On day 15, your payment of $2,000 is credited to your balance. The number of days in the month is 31. What is your average daily balance?

Answer this problem

Think Before
by Doris Dobkins

"Think before you act and then act decisively."
--Brian Tracy

This afternoon, I spent an unexpected 4 hours at the car service dealer. My vehicle had been overheating for the past few days so I thought I'd take it in for a service check. There was a leak in the water pump, so I let them replace it. Not having any other form of transportation at the moment, I decided to "hang out" in a comfortable chair on the sales floor.

Finish Reading Article

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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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