Consumer Payment Card News

Credit Card Freedom

Credit card debt freedom is the topic of tonight’s interview with Neil Schebetta on Detroit, Michigan’s WDIV-TV (NBC) channel 4 during the 5:00 P.M. news.

Schebetta will be interviewed via satellite from San Francisco, CA on techniques and strategies everyone can use to ease the burden of the mounting credit card debt problem.

Schebetta, referred to as the “blue jeans” personal finance coach, teaches classes on freedom from credit card debt at adult schools in Northern California.

He takes opposition with financial planners’ advice to consumers and compares:

1) Paying highest interest rate debt first vs. the lowest balance first

2) Making minimum payments vs. “level” payments

3) Consolidation loans vs. not consolidating (Schebetta tells his students that “you cannot borrow yourself out of debt”).

“The key to eliminating credit card debt is not necessarily in increasing the minimum monthly payment, it’s in keeping payments level,” says Schebetta.

People with credit card debt of $10,000 at 19% interest using the “level” technique can/will save $25,927 in interest charges. “And,” Schebetta adds, “fifty-one years of payments.”

Schebetta, author of “Seven Steps to Free Yourself From Credit Card Debt,” moderates an America Online message board on credit card debt, writes a weekly column, and hosts a live weekly personal finance conference Mondays, 11:00 p.m., Eastern Time. Keyword:Money Whiz.

Schebetta, recovering credit card junkie turned practitioner of what he preaches, has also developed software that helps people get out of debt faster and cheaper. It’s called Freedom, ($39.99, Self-Help Publishing, orders 800-852-4890).

Freedom software requires IBM-compatible computer with a 386SX processor or higher, Windows 3.1 or Windows 95 is $39.99 plus $4 s&h and available from Self-Help Publishing, P.O. Box 3094, Fremont, CA. 94539-0309. Credit card holders dial 800-852-4890 or fax 800-732-5557.

For a free copy of Schebetta’s “Seven Steps to Free Yourself From Credit Card Debt” please send SASE to: Seven Steps c/o Self-Help Publishing, P.O. Box 3094, Fremont, CA 94539-0309.

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