Consumerist
debt collectors
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Finance
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debt collectors
raises
Ask For A Raise At The Right Time
Personal finance blog Free Money Finance suggests that employees can improve their incomes by asking for a raise, but you have to make sure to time it right.
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real estate
How to Negotiate a Better Deal on a Home
It's not new news that in most U.S. cities it's a buyer's market in real estate. But even though buyers are very likely to get a great home purchase versus even just two years ago, there are a few simple steps they can take to get an even better deal. Smart Money suggests the following as steps to paying as little as possible: More »
insiders
Confessions Of A Hedge Fund Manager Redux
n + 1 has a published a sequel to their much-beloved-by-us anonymous interview with a hedge fund manager. In this episode, HFM explains what went wrong with Bear Stearns:n+1: So can you tell me what happened with Bear Stearns? What were the steps?More »
economy
What Should We Do With 125,000 Out Of Work Mortgage Bankers?
Today CNNMoney profiles an out of work mortgage banker who has been sending out 10 resumes a day since he was laid off in Feburary. He just got his first interview. More »
recession watch
Another Deep Rate Cut From The Fed
The Federal Reserve Open Market Committee today announced a rate cut of 75 basis points to 2-1/4 percent. More »
credit cards
Do Presidential Candidates Care About Credit Card Reform?
All Presidential candidates should have a plan to wean America off its credit card dependence. We collectively owe almost $1 trillion to credit card companies, but only the Democratic candidates have written plans to reform the credit card industry. Alpha Consumer wrote an excellent summary of their competing plans to strike at some of the industry's most harmful practices. More »
usury
New Hampshire Gives Payday Lenders The Boot
New Hampshire will become the latest state to keep payday lenders from gouging their patrons. A measure passed by the legislature will cap interest rates on payday loans at 36%, a drastic change for an industry used to bludgeoning underbanked consumers with interest rates exceeding 500%. Payday borrowers spend an average of $793 trying to repay a $325 loan. Let's see how the economic leeches spin this as a loss for consumers. More »
finance
Bankruptcies Up 40% In 2007
Although December marked a slight decrease in Chapter 13 filings from November, 2007 overall logged a whopping 40% rise in the number of bankruptcy filings compared to 2006, reports the Wall Street Journal—over 800,000 filings in 2007, versus around 570,000 the previous year.More »
tuition
How To Go To College For Free
Want a college education but don't want to go into debt over it? If your interests happen to coincide with the specific curricula at certain "tuition-free" schools, you might actually be able to get away with it. "There are only a handful of such schools in the U.S., which is one reason they are often overlooked by students, parents, and high school guidance counselors during the college search," says a senior policy analyst at the College Board. More »
mortgages
Debt Counselors Feeling The Strain Of Subprime Meltdown
As foreclosures continue to skyrocket, debt counselors have become a last resort—sometimes the only resort—for thousands of panicked homeowners who don't know how they're going to keep their homes. "I don't think people fully appreciate the pressure that's being put on those counselor organizations today," says a Housing and Urban Development official. In addition to offering financial advice, the counselors try to help negotiate payment plans with lenders, stave off foreclosure notices, and even offer mental health support for people so distraught that they become depressed or suicidal. The average pay: $30-50,000 a year. More »
legislation
Bill Would Let Victims Of ID Theft Seek Restitution
Yesterday a bipartisan bill was introduced in the Senate that would "let victims of identity theft seek restitution for money and time they spent repairing their credit history," as well as remove some existing barriers to prosecuting criminals. More »
arms
The Optimal Mortgage For The Rational Borrower
Two professors have released a paper branding adjustable rate mortgages, which are responsible for the subprime meltdown, as the optimal mortgage type for rational borrowers. As we know all too well, few borrowers are antiseptically rational. According to Columbia professor Tomasz Piskorski and NYU professor Alexei Tchistyi, ARMs hold several unrivaled advantages: More »
subprime meltdown
Credit Card Companies Slashing Credit Limits
The continuing subprime meltdown is leading jittery creditors to reduce cardholder credit limits at the first sign of trouble. According to a recent survey, up to 75% of banks are cutting credit limits to minimize their exposure to risk. The move can adversely affect credit scores, which are determined by considering the percentage of available credit used. From the Chicago Tribune:A change can stem from late payments of any kind, a drop in your credit score or the addition of new lines of credit. Bryan found out limits on three cards were actually cut after he took out a home equity loan to pay off some debt.More »
hospitals
Uninsured? New Service Lets You Pay Off Medical Bills Without Interest
A reader pointed us to a recent article in the WSJ abut CarePayment, a new financing option that provides a way for the uninsured to pay off their hospital bills in monthly installments, without incurring interest rate charges or finance fees. More »
finance
Interactive Map Of Global Credit Crisis
Now you can follow the subprime meltdown around the world with this handy interactive graphic from Financial Times. It's grimly amusing to click the "show all" radio button and then drag the slider back and forth from "Pre-Jun 25" to "Week of Aug 6". More »
mortgage
What To Do If Your Mortgage Lender Goes Bankrupt
Panic! Burn down your house! Ha ha, just kidding. Actually, you shouldn't let your mortgage lender's death pangs interfere with your payments, says Gerri Willis of CNNMoney, because your loan will just be sold to another lender. However, make sure you review the details of your mortgage agreement; the terms should remain the same no matter who buys your loan, and you have a 60 day grace period to get your payments to your new mortgage lender. More »
finance
Four Accounts You Need, Four Accounts You Don't
It's easy to manage your finances when you close unnecessary bank accounts and credit lines and chisel down to the bare essentials. Blueprint For Financial Prosperity has compiled an excellent list of accounts that you need, and accounts you should avoid.
Accounts To Have
