Talk Your Way Out of Credit Card Debt!: Phone Calls to Banks That Saved More Than $43,000 in Interest Charges and Fees (Paperback)

~ (Author)

Editorial Reviews

Product Description

Learning how to talk your way out of credit card debt is the quickest, easiest, and most efficient way to start saving money!

It's true! You can call your credit card banks to negotiate a better interest rate and have fees waived! However, it may not be as easy as picking up the phone and asking. That's because bank representatives are trained to deter you from pursuing the deals you deserve. Overcoming their tactics can be difficult when you don't know what to expect.

Scott Bilker, author of Talk Your Way Out of Credit Card Debt, and creator of DebtSmart.com, has spent 10+ years making banks compete for his business. Now, he's sharing his personal phone calls to banks that saved more than $43,000 for himself, his family, and friends! These 52 phone calls, out of the hundreds he has made, demonstrate exactly what worked, what didn't, and why. In each call transcript, for anonymity, banks have been renamed as dog breeds and their reps as bugs.:)

In this book you will discover proven negotiation strategies, and build your confidence, while learning how to: (1) get annual fees waived; (2) lower your current interest rates; (3) shop for the best credit card deals; (4) get late-payment, overlimit, and cash-advance fees waived; (5) compare loan options and calculate savings; (6) dispute charges and get all your refunds; (7) negotiate account settlements; and much more!

About the Author

Scott Bilker's first book, the best-selling title, Credit Card and Debt Management, was reviewed and recommended by many notable sources, such as: The Motley Fool, The American Library Association, Reviewer's Bookwatch, Bank Rate Monitor, Investor Press, Vanderbilt University, the JumpStart Coalition: Financial Smarts for Students, and the Massachusetts Association of Student Financial Aid Administrators.

His credit card advice has been featured in several magazines and newspapers including Woman's Day, The San Francisco Chronicle, St. Paul Pioneer Press, and many more. His website, DebtSmart.com, with its DebtSmart® articles and email newsletter, is continuously helping consumers save money and manage their debt.

Scott has also appeared on PBS's Take Note with Patty Satalia, WB 17's Community Close-Up (WPHL-TV Philadelphia) with Dorie Lenz, the Extra Help Channel's In the Money with J.J. Burns (C.F.P.), and CN8's Real Life with Mary Amoroso. Plus, he's been interviewed on more than 1,000 radio stations.

Product Details

• Paperback: 320 pages
• Publisher: Press One Pub. (March 1, 2003)
• Language: English
• ISBN-10: 0964840154
• ISBN-13: 978-0964840157
• Product Dimensions: 8.9 x 6 x 0.7 inches
• Shipping Weight: 15.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (23 customer reviews)
• Amazon.com Sales Rank: #316,225 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

36 of 37 people found the following review helpful:

5.0 out of 5 stars Details taking charge of your credit card debt, June 30, 2003

By	Harold McFarland (Florida) - See all my reviews (TOP 50 REVIEWER)    (REAL NAME)

"Talk Your Way Out of Credit Card Debt" provides solid advice on getting your rate reduced, annual fees waived, removing a late payment fee, handling disputes, and many other common problems when dealing with credit card companies. More than just advice, it is a collection of detailed examples of phone calls including complete transcripts. Each transcript demonstrates how the author handled a particular issue and the results of the call. Not content to just give one example of getting an interest rate lowered or removing over limit fees, each type of problem has several transcripts so you can get a good feel for what to expect and how to handle it. Most people are not aware of how much power they have when dealing with a credit card company and how to get things changed. This book walks the reader through the process from beginning to end and is a recommended read for anyone looking to gain control of his or her credit card situation.

58 of 63 people found the following review helpful:

5.0 out of 5 stars Great Book For Consumers Who Want To Lower Credit Card Costs, April 7, 2003

By	Peter Hupalo (MN United States) - See all my reviews (REAL NAME)

"Talk Your Way Out of Credit Card Debt: Phone Calls To Banks That Saved More Than $43,000 In Interest Charges and Fees!" by consumer-advocate Scott Bilker shows people how to negotiate with credit card companies to reduce or eliminate fees, lower interest rates, and deal with credit card disputes and billing errors.

For himself, friends, and family, Bilker made hundreds of phone calls to credit card companies in an attempt to achieve a better deal and evaluate what works and what doesn't when calling credit card companies.

The full transcripts of fifty-two recorded phone calls are given and analyzed in "Talk Your Way Out of Credit Card Debt." The names of Bilker's friends were changed to protect their identities. Probably to prevent lawsuits, the names of the banks were changed to the names of dog breeds. And, the names of the account representatives and supervisors were changed to insect names.

The savings Bilker achieved were significant. In one phone call, Bilker got the bank to lower the interest rate from 13.72% to 8.75%, saving $4,320.00, based upon the existing credit card balance. (An appendix shows us how to calculate the savings we achieve by reducing credit card interest rates.)

In another case, Bilker absolutely couldn't get Mr. Mosquito or Ms. Glowworm at Shih Tzu bank to lower it's rate, but the bank offered a low rate for transfers from other accounts. So, Bilker promptly transferred the full balance out of Shih Tzu and then back again to get the lower transfer rate. Bilker speculates banks believe people are too lazy to transfer money around like this, even though the savings in interest paid by doing so are often in the thousands of dollars.

Bilker says it's crucial to keep your credit options open so you have bargaining power. He points out that banks with which you have established relationships are most likely to give you a good deal. So, Bilker argues, for people who carry credit card balances, there's little advantage in closing a no-fee, zero-balance account. With a phone call, they might lower their rate or might offer a great rate on transfers. Bilker writes: "Play all your credit card banks against each other. Make them fight for your business."

Bilker writes: "It's easy for someone to say 'just call the bank and get the fees waived,' but actually calling is a different story. Without training you might risk not knowing exactly what to say in a highly pressured moment.... The key to success is knowing who to talk to and exactly what to say."

Bilker notes that Americans expect a rigid pricing structure and often don't know what to say or feel intimidated when speaking with bank account representatives, who often give customers the run-around. (There's something quite empowering about having your account representative named Mr. Mud Wasp or Ms. Deer Tick.)

Chapters in "Talk Your Way Out of Credit Card Debt" discuss:

* Getting The Annual Fee Waived
* Reducing Or Eliminating Late Payment Fees, Overlimit Fees, and Cash Advance Fees
* Lowering Your Interest Rates
* Shopping Around To Get The Lowest Credit Card Rate
* Negotiating Settlements
* Dealing With Disputes, Chargebacks, And Errors

For consumers carrying credit card balances, the chapters about lowering interest rates and shopping around for the best interest rate are the most valuable. Bilker writes: "The key to repaying your debt efficiently, and I mean cheaply, is to keep your finance charges as low as possible."

In about 70% of the calls, Bilker got the bank to reduce its interest rate. Bilker tells us that at a high 19.8% APR, making minimum payments on $5,000 worth of credit card debt might take 46 years and cost $24,000 to pay off. Even a small reduction in the interest rate can save thousands of dollars.

"Talk Your Way Out of Credit Card Debt" gives especially useful advice in dealing with run-around. Through reading the phone call transcripts, you'll gain experience in negotiating with a bank. Bilker points out that an account representative might tell you he/she can't change your rate. He/she might tell you that the supervisor can't change it either. It's their best offer. Bilker says you should ask to speak with the supervisor, anyway, who will often lower your rate as requested.

Bilker gives some great tips for dealing with awkward moments. For example, if a representative asks if you want to close the account (you don't want to) or leave the rate where it is (as if those are your only two options!), Bilker says you could respond that you don't want to close the account, but that you plan to transfer the balance to another card and not use their card unless the rate is later lowered. Under pressure, unless you're familiar with what might be said or requested, you might say things that only sound like whining, which won't get you what you want.

I highly recommend "Talk Your Way Out of Credit Card Debt" to anyone who carries a balance on his or her credit cards or anyone who wants to gain skill in negotiating with a credit card bank to reduce interest rates or eliminate fees. Following Bilker's advice can save thousands of dollars in credit card interest and fees.

32 of 34 people found the following review helpful:

5.0 out of 5 stars THE CONFIDENCE YOU NEED IS CONTAINED HEREIN..., December 24, 2003

By	Abe Vigoda "madinventor" (Brooklyn, NY USA) - See all my reviews

Amazon Verified Purchase

I had the same problem most of you reading this have. But after reading this book from cover to cover, I was awashed with a new vigor and confidence to launch a strategic war of words with the credit card telephone handlers. As you read thru the transcripts of the author's actual calls, picture yourself talking on the phone with the same savvy as he. Then close the book, put up your over charged, over penalized, and over interest rated bill and MAKE CALLS! Show them that you are taking CONTROL of your finances and relish the experience of sticking up for yourself.