TODAY Money expert David Bach, author of the book "Debt Free for Life," joined us for a live Web chat Wednesday morning after the show's Money 911 segment.
Here are two of his answers to questions from the live chat. See below for the full Q&A and video of the Money 911 segment.
I often get credit card companies calling me by phone. They say they can reduce my interest rate if I pay in full. I always pay my bill in full and have good credit. I feel as if they are trying to make me pay early to get a lower interest rate which to me seems wrong because I am an EXCELLENT customer. Any thoughts?
Love this question. I have a really simple answer: Tell them to stop calling you! By law, if you ask credit card companies to take you off their call list they have to or it’s criminal. If it's your credit card company and not a new company bugging you, ask them why they are bothering you with this. Again, tell them to stop. Good luck! You have rights -- and they know it.
I have a $65,000 in student loan with the interest rate of 6.8 percent. Is it possible to use my credit cards to pay off my student loans and then file bankruptcy to start off fresh again?
So that's a new one! The real point here that you clearly understand is that bankruptcy doesn't wipe out student loans but it can wipe out credit card debt. The courts can, however, review your behavior and choose to not give you a clean slate.
What you are talking about is really fraud. While it may sound creative, it's still illegal. It would be the same as taking a $65,000 vacation with the intention to then go bankrupt. Not legally acceptable. But glad you asked -- now go work on paying off the student loans. Good luck!
If you have a question for our TODAY Money experts, submit it here.
To sign up for an e-mail reminder for our next chat, click here.
Watch this week's Money 911 segment:
Financial experts Jean Chatzky, David Bach and Sharon Epperson answer viewer questions, including how long it generally takes to see an improvement in credit score.