personal-finance

Why People Stop Using Credit Cards

By Chris Walters on February 9, 2010 12:05 PM 0 views

(northernplateguy)

In yesterday's Money section, USA Today talked to some consumers who refuse to carry credit cards, and looked at the hidden costs. One 24-year-old says they make her uncomfortable; a guy working at a gas station to pay for college says he doesn't want to get accosted by endless junk mailings once his name enters the pool of potential customers. Then there's the bankruptcy lawyer who canceled his cards on principle 8 years ago, after seeing how lenders behaved when their customers suffered financial setbacks: More »

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Bank of America Screws Even Ex-Employees Of 21 Years On Mortgages

By Ben Popken on February 8, 2010 1:18 PM 0 views

(World Economic Forum)

How many different ways can you screw a man? Vince couldn't make his Bank of America mortgage, because they fired him after 21 years of service in the due diligence department. Even after he did a short sale 5 months ago, Bank of America still hasn't cleared it off their books. Now the illegal debt collection calls start. Is new CEO Brian Moynihan powerless to stop his own company from shaking down its own employees? Let's find out! More »

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Bundle Lets You Spy On What Your Neighbors Buy

By Ben Popken on February 8, 2010 11:46 AM 0 views
Why should banks have all the fun monitoring consumers' purchases? Bundle is a nifty service that lets you drill down and see what people are buying in your hood. More »

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Will A Human At BofA Finally Please Modify My $160,000 Underwater Mortgage

By Ben Popken on February 5, 2010 11:00 AM 0 views

(Marko Milošević)

Jim and Susan's mortgage is underwater by $160,000. They want to live up to their obligations, they want to keep their home, but they can't do it with a $370,000 mortgage on a house that's only worth $210,000. An attorney told them to send some "jingle mail," just pop the house keys in an envelope, mail it to the bank, and move away. What they really want is a modification so they can stay in their house, but Bank of America has been jerking them around and they don't have faith that this last hurdle will actually get them a mod. Isn't there a decision-making human at BofA that can finalize this deal for them?
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Nine Things That Are Overpriced

By Chris Walters on February 4, 2010 11:02 AM 0 views

(fallenposters)

CNN Money has put together a slideshow (ugh) of nine of "America's biggest rip-offs," and I think we've covered all of them at one point or another on Consumerist. More »

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Personal Finance Roundup

By FMF on February 3, 2010 10:00 AM 0 views

(voteprime)

10 Most Overlooked Tax Deductions [WalletPop] "Make sure you don’t miss out on these 10 commonly overlooked tax deductions."

Smart Strategies to Pick Mutual Funds [Kiplinger] "Using past performance alone often leads to a weak portfolio. Here are better ways to choose winners."

5 ways to save on your Super Bowl bash [Smart Spending] "No matter who’s on your guest list, you can score a winner on a tight budget."

Good financial advice on a budget [CNN Money] "[Here] you'll find some better ways to get the help you need, no matter what your resources."

6 False Assumptions About Debt-Free Living [Wise Bread] "Here are six false assumptions about debt free living."— FREE MONEY FINANCE  More »

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Citibank Postpones New Checking Account Fees For Newer Customers

By Chris Walters on February 2, 2010 10:58 AM 0 views

(frankieleon, cmorran123)

New York Attorney General Andrew Cuomo got Citibank to agree not to implement its new monthly fees on formerly free checking accounts, at least for some customers. If you signed up for one of Citibank's EZ Checking or Access Checking accounts between January 1, 2009 and November 5, 2009, the new monthly service charge will be waived until this time next year. If you're one of those customers, there's nothing you have to do--you'll get a notice in the mail from Citibank. More »

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"Move Your Money" Profiled On NPR

By Chris Walters on February 2, 2010 10:38 AM 0 views
Last month, the Huffington Post launched a campaign called Move Your Money that urged people to support community banks. The idea is that by moving your money to a community bank, you can help put the "too big to fail" banks on a diet so that they get smaller, while at the same time help a local bank remain competitive. The NPR program All Things Considered took a look at the campaign over the weekend, and talked to some experts about whether it's worth making the switch. More »

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Why Aren't You Haggling Yet?

By Chris Walters on February 1, 2010 2:00 PM 0 views

(Great Beyond)

Michael S. Rosenwald saved $15 on a pair of shoes at Macy's, $3 on a steak at Giant, $6 on a DVD set at Best Buy, and $100 off his next Verizon bill (plus a 10% discount on future bills) during one week spent haggling. In this Washington Post article, he describes how it felt to switch from the habit of paying full retail to looking at a price tag as a "suggestion," in the words of one expert he met with. The executives Rosenwald spoke with repeatedly said that bargaining is not standard practice, but that didn't stop employees and managers from making deals in order to close the sale. More »

88 Comments

Man Jailed For Threatening To Rob BofA After They Robbed Him

By Ben Popken on February 1, 2010 10:40 AM 0 views

(mscaprikell)

An unemployed 40-year old mechanic is in the clink after he threatened to rob Bank of America as revenge for an erroneous service fee. He's in jail on $75,000 bond, which neither he or his 72-year old frequent surgery recipient mother can afford. The man he was arrested after he called a local news channel and told them to show up tomorrow as he was going to rob the bank. It was unclear how he planned on pulling off the heist. Maybe he was going to raise their APR without notice?

Man Infuriated By Overdraft Fee Jailed After Threatening To Rob Bank [Huffington Post] More »

36 Comments

Ally Launches Free Online Checking

By Ben Popken on January 29, 2010 1:36 PM 0 views
Online bank Ally has launched a new free online checking account that looks pretty decent. Free ATM access, free online bill pay, free checks, with no monthly minimum balance or maintenance fees. And get this, insufficient fund fees are only $9. That's not per item, that's just $9 for every day you are overdrawn. More »

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Protect Yourself From Unexpected Fees At Medical Clinics

By Chris Walters on January 27, 2010 6:17 PM 0 views

(Photo: sun dazed)

An anonymous reader wrote to us to ask what he should do about unexpected bills from a medical clinic. He chose the clinic precisely because he can't afford hospital bills in the hundreds of dollars, and was led to believe that there'd be no out-of-pocket cost. It turns out there was. More »

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Kiefer Sutherland Roped Into $869k Bovine Ponzi Scheme

By Ben Popken on January 27, 2010 12:00 PM 0 views

(Photo: tyger_lyllie)

Actor Kiefer Sutherland has lost $869,000 to a con-man who roped him into a bum cow investing scheme. Shyster Michael Wayne Carr had a plan to buy cows in Mexico and sell them in the US for a profit, but allegedly never bought the cows and sold cows that weren't his. More »

43 Comments

Personal Finance Roundup

By FMF on January 27, 2010 10:00 AM 0 views

(Photo: jaredrubinsky)

6 ways to get top dollar for your car [MSN Money] "Some sprucing up and savvy marketing can help you sell your vehicle for a lot more cash than a dealer would ever offer you."

Headed for an Outlet Mall? Wear Your Thinking Cap [Smart Money] "Use these six tips for make sure you’re getting the best deal."

Recessionomics 101: How to Make Extra Money [Wall Street Journal] "Fortunately, there also are many ways to earn extra cash even when full-time jobs and extra shifts aren't an option."

Giving to Haiti?There's a Tax Benefit, Too [Kiplinger] "Itemizers don’t have to wait until they file their 2010 returns, but some might want to."

Beware the 4 new asset bubbles [CNN Money] "We're now seeing the same signs that exposed the frenzy in real estate: prices flying far above their historic averages." 

— FREE MONEY FINANCE  More »

5 Comments

The Debtor Debt Collectors Hate To Call

By Ben Popken on January 26, 2010 9:35 AM 0 views
Craig Cunningham has made $20,000 from 18 lawsuits he's filed against debt collectors for violating the Fair Debt Collection Practices Act (FDCPA). In fact, it's something a part-time job/hobby for him. To ensnare his first FDCPA-violating collector, with voice recorder running, he called back the number they left on his answering machine, and asked: More »

132 Comments

Watch Out For These Tricks After The CARD Act Kicks In Next Month

By Chris Walters on January 25, 2010 3:36 PM 0 views

(Photo: frankieleon)

The credit card reform bill will go into effect at the end of February, but that doesn't mean you should stop paying attention to what your credit card company does with your account. There are lots and lots of loopholes, notes WalletPop. For example, your card issuer can still raise rates on future purchases any time and for any reason. In addition, there's no limit to the number of fees that can be invented and applied to your account. The only way to make sure you don't get screwed by a profit-hungry card issuer is to read every single thing that's mailed to you, and closely review your statement for evidence of any changes that you may have missed. More »

24 Comments

Experts Answer Credit Questions From Average Americans

By Chris Walters on January 20, 2010 2:27 PM 10316 views

(Photo: Photos8.com)

Henry Unger at the Atlanta Journal-Constitution has put together a multi-part series of questions and answers from readers. The detailed answers are provided by Consumer Credit Counseling Service of Greater Atlanta, and the questions--which I've listed below--cover a broad spectrum of personal finance issues, including credit cards, mortgages, and credit reports. More »

22 Comments

Paypal Rewards Dollars: Use 'Em In One Go Or Lose 'Em

By Ben Popken on January 20, 2010 1:00 PM 1917 views

(Photo: Blyzz)

The PayPal plus rewards card earns points which can be traded for vouchers which can be used like cash to buy stuff. You have to be careful, though, and make sure that the price is the same or greater than the voucher amount. Any unused dollars on the voucher get forfeited after the purchase. Tricky! Reads those terms and conditions close, folks. More »

8 Comments

Personal Finance Roundup

By FMF on January 20, 2010 10:00 AM 667 views

(Photo: FastFords)

Three Easiest Ways to Earn More Money [Free Money Finance] "Here's how I'd rank the three easiest ways to earn more money."

Why Haven't You Donated to Haiti Yet? [Smart Money] "As economists and social scientists have begun to dig around in recent decades into people’s true motives when they give to charity, what they’ve found hasn’t exactly been in keeping with the flattering way we humans like to see ourselves."

Gourmet Coffee Recipes: Make Your Own Starbucks Coffee Drink [The Digerati Life] "You don’t have to spend money on that $4 latte if you’re fine with the DIY approach."

4 smart fixes for your 401(k) [CNN Money] "To move beyond square one, follow these four steps."

How I Got Married on the Cheap — And Loved It! [Get Rich Slowly] "How do you plan a wedding for a dozen people on $3000?" 

— FREE MONEY FINANCE  More »

11 Comments

Prosper.com May Be Riskier Than You Thought

By Chris Walters on January 19, 2010 12:20 PM 4787 views
The person-to-person loan website Prosper.com has been talked about in mostly positive ways since it launched a few years ago. Mark Gimein at Slate's The Big Money says it's a lot less awesome than you've been led to believe. In fact, he says it's just a microcosm of what happened in the real financial world: "Loans to unqualified borrowers; reliance on mathematical models that turn out to be a lot less useful than they seemed; failed hopes that high interest rates could make subprime loans profitable; sky high default rates [of 39%]—Prosper has it all." More »

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