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BAILOUT - credit card debt - Statistical Data Included
Kimberly LankfordQ&A I Helping an adult child
who's DROWNING IN DEBT.
My daughter is way over her limit on two credit cards. Do you think I should pay them off for her? Will the credit card companies compromise by letting us pay just 60% of the total bill or something? --NAME WITHHELD
Gerri Detweiler, co-author of Slash Your Debt: Save Money and Secure Your Future (Financial Literacy Center, $10.95) recommends a tough-love strategy: Have your daughter get debt counseling and work out a payment plan herself. "If she doesn't do it now, she will never learn how to manage her money," Detweiler says.
Debt Counselors of America (800-680-3328, www.dca.org) will act as a mediator and is often successful in negotiating with creditors to lower monthly payments, interest rates and late fees. The debtor then sends a check each month to DCA's One-Pay program, which distributes the money to creditors. The service is free, but DCA asks for voluntary contributions.
The National Foundation for Consumer Credit (800-388-2227, www .nfcc.org) offers a similar plan and can refer your daughter to one of its 1,450 agencies for counseling. (The cost is usually $50 or less and may be free.)
If your daughter goes it alone, she may be able to get her creditors to stretch the payments or cut some finance charges. But it's unlikely that they'll slash the total bill.
Top-Yielding Money-Market Mutual Funds
RECENT
30-DAY MIN. WEB ADDRESS
Taxable YIELD INVEST. (WWW.)
1. Strong Investors(*) 5.91% $1,000 estrong.com
2. Marshall(*) 5.66 1,000 marshallfunds.com
3. Aon(*) 5.65 10,000 aon.com
4. TIAA-CREF(*) 5.64 250 tiaa-cref.org
5. Aetna/Class A(*) 5.62 1,000 aetnafinancial.com
NATL AVERAGE 5.13%
TOLL-FREE
Taxable NUMBER
1. Strong Investors(*) 800-368-3863
2. Marshall(*) 800-236-3863
3. Aon(*) 800-266-3637
4. TIAA-CREF(*) 800-223-1200
5. Aetna/Class A(*) 800-367-7732
TAX. EQ.
RECENT YIELD
30-DAY 28%/31% MIN.
Tax-free YIELD BRACKET INVEST.
1. Strong 3.60% 5.0%/5.2% $2,500
2. Vanguard 3.31 4.6/4.8 3,000
3. Calvert Tax-Free 3.29 4.6/4.8 2,000
4. Zurich 3.27 4.5/4.7 1,000
5. Eaton Vance Tax-Free(*) 3.23 4.5/4.7 1,000
NATL AVERAGE 2.82% 3.9%/4.1%
WEB ADDRESS TOLL-FREE
Tax-free (WWW.) NUMBER
1. Strong estrong.com 800-368-3863
2. Vanguard vanguard.com 800-662-7447
3. Calvert Tax-Free calvertgroup.com 800-368-2748
4. Zurich zurichfunds.com 888-523-4140
5. Eaton Vance Tax-Free(*) eatonvance.com 800-225-6265
(*) Fund is waiving all or a portion of its expenses.
SOURCE: IBC's Money Fund Report, IBC Financial Data Inc., 290 Eliot St., Box 9104, Ashland, MA 01721; 800-343-5413; www.ibcdata.com
Top-Yielding Certificates of Deposit
RECENT
ANN. MIN.
6-month YIELD AMOUNT
1. USAccess Bank (Ky.)([dagger]) 6.55% $500
2. M&T Bank (N.Y.) 6.41 5,000
3. Arkansas National (Ark.) 6.40 10,000
4. Net. Bank (Ga.)([dagger]) 6.40 1,000
5. Bank Caroline (S.C.)([dagger]) 6.40 500
NATL AVERAGE 4.72%
1-year
1. USAccess Bank (KY.)([dagger]) 7.01% $500
2. Providian National (N.H.) 6.79 10,000
3. Savingsbot.com (Nev.)([dagger]) 6.78 10,000
4. M&T Bank (N.Y.) 6.76 5,000
5. BankDirect (Tex.)([dagger]) 6.75 2,000
NATL AVERAGE 5.08%
5-year
1. Capital One (Va.) 7.65% $10,000
2. Providian National (N.H.) 7.63 10,000
3. Key Bank (N.Y.) 7.57 5,000
4. M&T Bank (N.Y.) 7.51 5,000
5. Savingsbot.com (Nev.)([dagger]) 7.51 10,000
NATL AVERAGE 5.63%
WEB ADDRESS
6-month (WWW.)
1. USAccess Bank (Ky.)([dagger]) usaccessbank.com
2. M&T Bank (N.Y.) (#)
3. Arkansas National (Ark.) arknatl.com
4. Net. Bank (Ga.)([dagger]) netbank.com
5. Bank Caroline (S.C.)([dagger]) bankcaroline.com
1-year
1. USAccess Bank (KY.)([dagger]) usaccessbank.com
2. Providian National (N.H.) providian.com
3. Savingsbot.com (Nev.)([dagger]) savingsbot.com
4. M&T Bank (N.Y.) (#)
5. BankDirect (Tex.)([dagger]) bankdirect.com
5-year
1. Capital One (Va.) capitalone.com
2. Providian National (N.H.) providian.com
3. Key Bank (N.Y.) (#)
4. M&T Bank (N.Y.) (#)
5. Savingsbot.com (Nev.)([dagger]) savingsbot.com
TOLL-FREE
6-month NUMBER
1. USAccess Bank (Ky.)([dagger]) 877-369-2265
2. M&T Bank (N.Y.) 800-528-6532
3. Arkansas National (Ark.) 888-226-5262
4. Net. Bank (Ga.)([dagger]) 888-256-6932
5. Bank Caroline (S.C.)([dagger]) 877-692-2765
1-year
1. USAccess Bank (KY.)([dagger]) 877-369-2265
2. Providian National (N.H.) 800-414-9692
3. Savingsbot.com (Nev.)([dagger]) 877-833-4248
4. M&T Bank (N.Y.) 800-528-6532
5. BankDirect (Tex.)([dagger]) 877-839-2737
5-year
1. Capital One (Va.) 800-564-7426
2. Providian National (N.H.) 800-414-9692
3. Key Bank (N.Y.) 877-872-5553
4. M&T Bank (N.Y.) 800-528-6532
5. Savingsbot.com (Nev.)([dagger]) 800-833-4248
([dagger]) Internet only
(#) Rates not available on Web site
SOURCE: (C) 2000 Bankrate.com, a publication of Intelligent Life Corp., 11811 US Highway 1, N. Palm Beach, FL 33408; 800-327-7717, ext. 290; www.bankrate.com
Yield Benchmarks
RECENT MONTH-AGO YEAR-AGO
Bonds & Treasuries YIELD YIELD YIELD
U.S. series EE savings bonds 5.19%(*) 5.19%(*) 4.60%
U.S. series I savings bonds 6.98 6.98 5.05
One-year Treasury bills 6.20 6.07 4.64
Five-year Treasury notes 6.71 6.51 4.85
Ten-year Treasury notes 6.62 6.61 4.92
(*) For bonds purchased after May 1,1997; 4.35% for bonds purchased earlier.
Kiplinger.com
Updates: For the latest yields and loan rates, visit the Saving & Borrowing section of our Web site.
Savings bonds EE savings bonds purchased before May 1,1997, earn a minimum of 4% or, if held at least five years, a market-based rate. Bonds bought after that earn a market-based rate from date of purchase. For tables that will help you determine the current value of your bonds, write for Form PD 3600 (The Bureau of the Public Debt, Parkersburg, WV 26106).
Treasuries You can purchase Treasury securities from a bank or broker for a fee. If you want to purchase them directly, you can go online at www.publicdebt.treas.gov, call 800-943-6864, or contact the nearest Federal Reserve Bank or branch.
SOURCE FOR TREASURIES: Thomson Global Markets
COPYRIGHT 2000 The Kiplinger Washington Editors, Inc.
COPYRIGHT 2000 Gale Group
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