Filed under: Banks, Fraud, Consumer Ally
Con artists scamming people out of their money certainly isn’t new — but crooks are constantly coming up with new ways to separate customers from their cash, especially in the banking arena.
Filed under: Debt, Consumer Ally
The Federal Trade Commission announced a broad set of new rules designed to curb the “deceptive and abusive practices” of a debt-relief industry that’s mushroomed during the worst U.S. economic crisis since the Great Depression.
One new rule bans for-profit telemarketing companies that sell debt-relief services from charging advance fees — which can range from hundreds to thousands of dollars — starting October 27, 2010. More that take effect September 27, 2010, forbid debt-relief companies from making misleading claims and require them to disclose all fees and other aspects of services.
Filed under: Retire, Retirement Advice
Golf and playing cards aren’t the only things to do in retirement. At least not at many retirement communities, which specialize in unusual activities or cater to retirees with the same interests.
“Just because someone is old doesn’t mean they want to sit around and play Bingo and watch TV all day,” said Don Shulman, general manager of Fox Hill Senior Condominiums in Bethesda, Maryland, in a telephone interview with WalletPop.
Filed under: Retire, Retirement Advice
Money is only a small part of what makes you happy after you retire, says blogger Sydney Lagier, a former certified public accountant who left the working world two years ago at the young age of 44 and now writes about the experience of escaping the grind for U.S. News & World Report.
Here are what she says are the seven secrets to retirement happiness.
Filed under: Insurance, Consumer Ally
Consumers should be wary of purchasing insurance from sellers of cars, homes, electronics and travel, the Consumer Federation of America (CFA) said in a consumer alert today.
“Add-on” insurance, the CFA warned, tends to be outrageously overpriced, typically involves kickbacks to sellers and is often unnecessary. For example, collision insurance policies sold by car rental agencies are often many times more expensive than regular policies. Your existing auto insurance policy or credit card probably already covers the risk, the group says.
Six out of 10 Americans who aren’t yet receiving Social Security believe they never will, according to a Gallup Poll conducted earlier this month. A similar number — 56% — of retired Americans now collecting Social Security believe their benefits will be cut.
Yet getting rid of Social Security or even reducing payments to current or soon-to-be recipients would be an incredibly hard sell. About 26 percent of retirees depend solely on Social Security. The National Center for Policy Analysis also calculates that Social Security provides one-third of the retirement income of the highest-earning households — couples with pre-retirement incomes of $500,000 and singles who earned at least $250,000.
Filed under: Debt, Consumer Ally
A Nevada company that used interactive websites to make payday loans has agreed to refund West Virginia consumers a total of $305,446 to settle a lawsuit brought by the state attorney general’s office.
Payday loans typically charge high interest rates for short-term loans — rates that can add up to 600% to 800% in annual percentage rate. A borrower who can’t repay the payday loan and interest quickly digs a financial hole when then loan is renewed, which combines the original loan and interest with even more interest payments. The nonprofit Center for Responsible Lending estimates payday loans cost U.S. consumers $3.4 billion each year.
Filed under: Banks, Credit, Home, Personal Loans
Now that President Barack Obama has signed into law the biggest overhaul of the banking industry since the Great Depression, many Americans are wondering exactly how financial reform will impact them.
Filed under: Banks, Retire, Technology, Banking – Checking Account
Last month, I wrote about a big move by the Treasury Department to make all payments from the U.S. government electronically. In the announcement, Office of Management and Budget Director Peter Orszag called the change a “win-win for the American public.” Now, we’re hearing from others with a different opinion.
Filed under: Banks, Retire, Technology, Banking – Checking Account
Last month, I wrote about a big move by the Treasury Department to make all payments from the U.S. government electronically. In the announcement, Office of Management and Budget Director Peter Orszag called the change a “win-win for the American public.” Now, we’re hearing from others with a different opinion.