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money meltdown
Stock Market Pleased By New Phase Of Bailout
Today the Federal Reserve announced the creation of a new special purpose entity that will buy consumer and business debt. Under the new plan, the Treasury will provide $20 billion dollars in of credit protection (from the Troubled Asset Relief Program) — and will absorb most of the losses, should they occur. More » -
credit card debt
Attention: Credit Card Companies Have Realized That You Are Broke
The New York Times has an article detailing what promises to be the next fun financial crisis — credit card debt! Apparently, credit card companies have only just now realized that you people are broke! Whoops. More » -
beware
Yet Another Reader Scammed By FreeCreditReport.com
Here it is folks, your semi-annual reminder that FreeCreditReport is not free. Free credit reports can be found at AnnualCreditReport.com. FreeCreditReport.com is a pay site. As in you will be billed. As in not free. More » -
money meltdown
Hold On To Your Hats And Sunglasses, Here Comes The Credit Card Meltdown
We hope you're enjoying our current economic roller coaster because it's likely to continue — According to a new report from research firm Innovest Strategic Value Advisors, titled "Credit Cards at the Tipping Point," the fun has only just begun. As the credit crunch begins to affect consumers, they're going to have more difficulty paying their credit card bills. The report suggests that credit card companies' misleading practices and cavalier extension of credit may come back to bite them. Who should be worried? Capital One. More » -
money meltdown
Government May Begin Buying Bank Stock Within Weeks
As it is now apparent that the credit crisis has spread to the global economy and has not been contained in any way, the Bush Administration is considering an option included in the $700 billion dollar bailout package that would allow them to invest directly in banks — buying preferred stock in exchange for a "cash injection." White House spokesperson Dana Perino said taking partial ownership of banks and other moves associated with the financial rescue plan would not be “part of [Bush's] natural instincts,” according to the NYT, but acknowledged that the situation has gotten sufficiently dire as to warrant a change of heart. More » -
predatory lending
Car Title Loans Are Liable To Leave You Taking The Bus
You surely already know better, because you're a loyal Consumerist reader, but stay far, far away from the form of legalized usury known as car title loans! CNN has published an overview of the industry, noting that APRs frequently exceed 200%, and that added fees and loan "rollover" options help keep borrowers in a cycle of debt. More » -
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dick fuld is punched
Lehman Brothers CEO Got Punched In The Face
Dick "It Wasn't My Fault" Fuld, the CEO of bankrupt investment bank Lehman Brothers, (seen here being heckled after testifying on Capitol Hill) was apparently punched in the face while working out in Lehman gym on the Sunday following the bankruptcy, according to CNBC's Vicki Ward. More » -
money meltdown
What Is Commercial Paper And Why Is The Federal Reserve Suddenly Buying It?
The Federal Reserve today announced the creation of something called the Commercial Paper Funding Facility (CPFF), that will buy commercial paper directly from issuers. So, you're asking yourself, what is commercial paper? Why do I care that the Federal Reserve is buying it? More » -
The stock market is not doing well. The Dow Jones industrial average fell below 10,000 for the first time since 2004, and is currently down 440 points. [NYT]
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personal finance
On The Money's Budget Calculator Helps Guide Your Monthly Spending
On The Money's budget calculator makes it easy to determine how much you should be spending across the seven categories that make up any responsible budget. Regardless of income, tracking and limiting your overall spending is a foolproof strategy for keeping your accounts in the black. Though the percents will vary according to geography and personal situation, On The Money's calculator gives you a quick glance at concrete spending targets that you can compare against your credit card bills and bank statements. Give it a try and tell us in the comments what other tools you use to control your spending.
Budget Calculator [CNBC]




















