CREDIT CARDS AND MORTGAGES
Avoid High Interest Rates, Fees, Penalties
Extra Charges, And Debt Schemes
Frugal Living Tips
-- SAVVY-DISCOUNTS.com Archive --
May 1, 2003 Issue

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Vol. 9, May 1, 2003

Here is the latest issue. Enjoy.
Editor, Rick Doble

TABLE OF CONTENTS

1. AVOID DECEPTIVE CREDIT TRAPS
2. UNIVERSAL DEFAULT CLAUSE
   - CREDIT CARDS
3. THE GUARANTEED APPROVAL TRAP
   - CREDIT CARD
4. DEBT CONSOLIDATION TRAP
   - MORTGAGE AND CREDIT CARDS
5. THE SIGNING SURPRISE
   - MORTGAGES
6. About our advertisers
   We looked for good values from reputable merchants.
7. About SAVVY-DISCOUNTS.com
8. Advertise with us - click here
9. NEW! Classified Ads - as low as $9.97 -
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#1. AVOID DECEPTIVE CREDIT TRAPS

From credit cards to mortgages to auto loans, consumers often pay hundreds, even thousands, of dollars more than necessary when they borrow. While rates have reached historic lows for many types of loans, consumers are still faced with myriad marketing schemes designed to put more money in lender’s pockets. “The truth is, lenders wouldn't offer low-rate deals if they didn’t make money,” says Gerri Detweiler, consumer advocate, author and co-founder of CreditTraps.com. “And one way to make money is through the fine print.”

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#2. UNIVERSAL DEFAULT CLAUSE
CREDIT CARDS

If you are late with a payment to any creditor, the card issuer may raise the rate on your card to an extraordinarily high rate. In one example given on the site, the rate goes from 0% for the first year to a default rate of 24.99% if the consumer is late once with a payment to any creditor.

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#3. THE GUARANTEED APPROVAL TRAP
CREDIT CARDS

Millions of consumers with damaged credit are signing up for “guaranteed” approval Visa and MasterCards. These programs tout the fact that unlike a secured credit card, there is no upfront deposit required. However, there are so many fees associated with the card that a consumer who gets approved can get a credit card with a $300 limit and $278 in fees already charged. Consumers who can’t get a regular credit card are much better with a secured card, where at least they will get their deposit back eventually.

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#4. DEBT CONSOLIDATION TRAP
MORTGAGES AND CREDIT CARDS

Many people are consolidating unsecured debts with mortgages or home equity loans. Often they focus just on the monthly payment savings, and don’t even realize that the new lower-payment, lower-rate loan will actually cost more over time. One of the best ways to consolidate is to keep paying the higher monthly payment you were making before consolidating. With a lower interest rate, this can shave years off your debt and save thousands in interest.

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#5. THE SIGNING SURPRISE
MORTGAGES

While lenders are required to provide a Good Faith Estimate of closing costs within three days of taking a mortgage application, there’s no real penalties if the costs actually charged at closing are different. It’s not unusual for consumers to find themselves at the closing table faced with additional charges, sometimes totaling thousands of dollars more. The best defense? Tell the loan officer you’ll bring your copy of the Good Faith with you to closing and will challenge any new fees.

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COMING SOON: SAVE $5000 A YEAR
With no extra work and no change in lifestyle

SAVVY-DISCOUNTS.com will put a comprehensive strategy for saving $5000 a year at its site on the Internet. If you invested about half of that savings in an IRA, you would be quite wealthy by retirement time.

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Check out our retirement calculators
and make your own retirement plans at the *MEMBERS ONLY* section of our web site:
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INFORMATION FROM
SAVVY-DISCOUNTS.com
is used by the national media, such as:
• MSNBC (National Cable TV)
  Interview -- July 2002
  Cut Clothing Costs
• ABC-TV's TheView - Supermarket Secrets
• Woman's Day (3 articles)
• Woman's World (6 articles)
• Mademoiselle
• Bottom Line/Personal (12 articles)
• SweepsFeed - a TV syndicated news service for national distribution (2 interviews)
• Editor, Rick Doble interviewed by WTVJ (NBC) Miami, FL, May 2002
• Editor, Rick Doble is under contract with Penguin Books to write a book tentatively entitled Breaking the Price Barrier

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SAVVY-DISCOUNTS.com
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