Don’t let your child run off with your cell phone. Not unless you want to risk the chance of the whippersnapper racking up $18,000 in charges and having to tangle with the service provider for the length of a presidential term in order to get it overturned. [More]
General Motors took out an advertisement apologizing for “disappointing” consumers on Monday, asking your forgiveness for years of incompetance. Do you forgive them?
It seems that some bottom-feeding debt collection companies—the ones who buy old debts that are frequently beyond the point where you can be sued for collection (what the FTC calls “time-barred debts”)—purchase old debts, mark them up with incredibly high penalties and fees, then “forgive” them and write them off as tax losses and send the debtors 1099-C forms—which means you have to pay taxes on the forgiven amount. If this happens to you, here are a few things you should consider first.