Credit Card & Debt Management: A Step-By-Step How-To Guide for Organizing Debt & Saving Money on Interest Payments - Softcover

Bilker, Scott

Softcover

ISBN 10: 0964840197 ISBN 13: 9780964840195

Publisher: Pr One Pub, 1996

Synopsis

Which credit card is REALLY offering the best deal? How do you refinance debt using existing credit cards? Why is it sometimes better to use credit cards instead of a home equity loan? How long will it take to pay back ALL your debt? The answers to these and many more questions are contained in this powerful guide to consumer credit management. Using numerous real-life examples the reader is shown how to lower monthly payments, save money on finance charges and reduce the interest rates of loans. By applying these valuable strategies, it is possible to save thousands of dollars!

About this title

About the Author

Scott Bilker, author of Credit Card and Debt Management, is an electrical engineer with a B.S. from Newark College of Engineering who has spent the past ten years finding great credit deals and saving thousands of dollars for himself and others. His credit card advice has been featured in several magazines and newspapers including Woman's Day, The San Francisco Chronicle, Greensburg Tribune-Review, The Sun, and Valley Voice. Scott has also appeared on PBS's Take Note with Patty Satalia, WB 17 (WPHL-TV Philadelphia) with Dorie Lenz and the Extra Help Channel's In the Money with J. J. Burns. Plus, he's been interviewed on more than 40 radio stations like WFAN (NY) with Bob Salter and KFMB (San Diego) with Jeff & Jer.

From the Back Cover

CONSTANT WATCH OVER CREDIT CARDS CAN SAVE YOU THOUSANDS!

Your credit is one of the most powerful financial tools available. Paying the least amount in finance charges and getting the lowest rates are only a matter of knowledge and organization.

FIND OUT HOW SIMPLE IT IS TO: **LOWER YOUR MONTHLY PAYMENTS. You may not even have to apply for new loans to get lower rates! Use the step-by-step methods to fully analyze your debt and make decisions that save hundreds--even thousands--of dollars! **SAVE MONEY ON FINANCE CHARGES. Find out if you're paying too much for your loans. By following detailed real-life examples, you are shown the exact process of determining how to manipulate your debt in the most cost-effective way. **COMPARE CREDIT-CARD OFFERS. Which credit card is really offering the best deal? Discover how to compare the numerous credit-card offers you're receiving and determine which is the cheapest. **UTILIZE YOUR BEST AVAILABLE CREDIT OPTIONS. Should you finance your debt or purchases using credit cards, retail-store cards, car loans, or personal loans? What's better to use; home-equity loans or credit cards? There can be tax advantages tied to mortgage-related lines-of-credit making it essential to compare the true cost of all loan options. **CALCULATE LOAN PAYMENTS AND MORE. Take the mystery out of the numbers! Learn to accurately compute monthly payments, principal, interest rates, and payoff times. No longer be at the mercy of lenders for information about your loans. **PAY BILLS ON TIME. Master the financial techniques and discipline that end late payments--forever!

Reviews

If you ask single Americans in their 20s or early 30s what their biggest financial worry is, most will probably answer credit card debt. Bilker shows them the formulas for digging out of the credit-card hole--methodically, systematically, and with a minimum of confusion. Surprises abound, including Bilker's advice against cutting up one's credit cards--after all, one may need that credit line in case of emergency. He also advises against paying off one's credit debt with savings, opting instead to use budgeting from salary and letting that savings grow untouched. If used correctly, this book could be a big help to those experiencing a rather common burden. Joe Collins

Excerpt. © Reprinted by permission. All rights reserved.

From Chapter 5 -- I want to begin this chapter with a personal story. My father asked me to help him pick out a new car. After visiting several new car dealers in the area we finally found one with a car that had the price and features we were looking for. Once the negotiations were complete, and the price was agreed upon, it was time for the dealership to add in those extras such as; tags, processing fees and anything else they could.

Finally, the balance due for the car was presented and we decided to finance it. The salesman told me the length of the loan and the interest rate. I already knew the amount to be financed so it was easy to calculate the monthly payments. It was at this time that we were instructed to go into a separate office to read and sign the loan agreement.

When the contract came out of the computer the monthly payment shown was $65 a month higher than I had calculated! That $65 per month for entire length of the 5-year loan would total $3,900! I expressed my concern and was told that, "you can't figure out monthly payments with a simple calculator" and "the computer is right." I informed the salesman that unless the payments were what I computed, the deal was off and I would be visiting the dealer across the street who would be happy to have my business. Furthermore, I was using a scientific calculator which can easily handle simple monthly payment problems.

Once they saw I was serious, it was explained that the computer "accidentally" added a charge on for an extended warranty and undercoating. They adjusted for this error that they "obviously had no idea occurred," and told me the new payment. This time it was closer, but still off by $10 a month. This might not seem like much money but $10 a month for 60 months is $600 and I would rather keep the $600 than contribute it to the next dealership rob-the-customer-day party. I told them again that they were wrong and I was not going allow my father to sign any agreement until the numbers were correct!

After searching, they finally "discovered" what went wrong. Another computer blip that they had no control over. It turned out that the interest rate on the agreement was not the one they originally quoted me. Once all the numbers were correct the computer spit out the correct monthly payment and we got the car.

I am not trying to imply the dealership tried to rip me off. Oh, no! But what is certainly true is that if I did not know how much the payment was supposed to be, my father might have signed that agreement and paid a huge unnecessary fee.

Since then I have helped many of my friends buy cars. In each case, the starting monthly payment was always higher than I calculated and later reduced to the correct number. These are real examples of the necessity of being able to solve simple math problems.

This is the most important chapter in the book. It is essential to know how to calculate, in advance, all the terms of a loan. You need this information to compare different credit agreements and determine which is best for your unique situation.

Edition details

• Publisher: Pr One Pub
• Publication date: 1996
• Language: English
• ISBN 10: 0964840197
• ISBN 13: 9780964840195
• Binding: Paperback
• Number of pages: 140