It was a beautiful thing. And then I paid in cash. Scan of the 5/3 fee increase notice inside.
personal finance
Chase and Citi Shut Door On Mortgage Brokers
By 4.6.09
You’re cut off! JPMorgan Chase and Citi announced they’ll no longer accept mortgages submitted by mortgage brokers. The move seems to be a way for the banks to exercise more control over the loans they undertake. At first blush, this sounds like a good thing, for banks to be looking their borrowers in the eye, a throwback to the days when credit was earned instead of splooged out like candy in a parade (days epitomized in this 1950’s short, “The Wise Use of Credit,” posted inside…) On the other hand, it could be more just a way to snag market share and shut out the competition, which can lead to higher interest rates, borrowing costs, fees, and lower service.
Pay Off Your Credit Card Debt? Or Stockpile Cash?
By 4.6.09
Personal finance guru Suze Orman is changing her tune about credit card debt. Before unemployment reached a 26-year high — nearly every expert advised people to pay down their credit card debt before starting an emergency fund. Now it seems that the advice has changed.
House Preparing To Legalize Payday Loans With 391% APRs
By 4.5.09
A House subcommittee wants to legalize payday loans with interest rates of up to 391%. Lobbyists from the payday industry bought Congress’ support by showering influential members, including Chairman Luiz Gutierrez, with campaign cash. The Congressman is now playing good cop, bad cop with the payday industry, which is pretending to oppose his generous gift of a bill.
3 Last-Minute Tax Tips
By 4.3.09
We’re less than two weeks away from April 15, and while many are basking in the glow of a nice tax refund (though we shouldn’t be letting the government use our money for free, but that’s a different post), others are just starting their tax return preparation for this year. As such, it seemed appropriate to give them some last-minute advice courtesy of three pieces from Yahoo:
By 3.30.09
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The website freeshipping.org has launched a new blog named “Go Frugal,” aimed at helping consumers find ways to save money. [Go Frugal]
Threat Of Small Claims Court Gets Wells Fargo Overdrafts Refunded
By 3.30.09
After he got some overdraft fees that he felt were unfair, Karney Hatch decided to put the banking system on trial, and make a documentary about it.
Seven Things That Aren't Worth Your Money
By 3.29.09
Want an extra $1,000? The Wall Street Journal has a list of seven things that you can easily stop buying without making drastic changes to your lifestyle.
What's Harder, Having "The Money Talk" With Your Kids, Or Your Parents?
By 3.25.09
For some reason, there’s little more difficult money-wise than talking to our loved ones about money. We’re not so sure why this is the case, but for some reason the financial conversations aren’t that easy between one generation and the next. The Wall Street Journal brings up the issues associated with family money discussions in a couple of recent articles…
Stop Hungry Hungry Hippo Banks From Gobbling Your Bucks
By 3.25.09
Oh noes! The Hungry Hungry Hippo Banks are trying to gobble up your happy money fish! You only have 5 days left to get them to stop by writing the Fed and saying NO to banks default stuffing you into an overdraft fee programs. Send an email to regs.comments@federalreserve.gov with “Docket No. R-1343” in the subject line. Or you can use this online form.
Share Your Money-Saving Secrets
By 3.23.09
What are your money-saving secrets? One Consumer Reports staffer recommends cutting open tubes of toothpaste to get at the last bit. I’ve heard that one before, but another new one was to “step on your toilet paper rolls.” That way it doesn’t dispense as fast thanks to its ovular shape and you save on sheets. I think you guys can top that and so does Consumer Reports, so submit your money-saving secrets in the comments or to tips@consumerist.com, subject line: “shhmoney.” Besides getting featured here, the best ones might end up in a future Consumer Reports magazine article! “No idea is too small, wacko, or miserly,” says the Consumer Reports editor-in-chief.
Negotiate A Better CD Rate
By 3.23.09
Did you know that you might be able to negotiate CD rates with your bank? I didn’t, until I read a recent Bankrate post about it!
How To Teach Children To Manage Money
By 3.20.09
The “Dollars & Sense” column in the Milwaukee-Wisconsin Journal Sentinel has an interesting list of ideas for how to instill some financial competence in your child. It starts with the basic skill of learning how to delay gratification, then moves on to increasing levels of personal responsibility, so that by the time you’re dealing with a teenager who craves independence, you’re handing out a full year’s allowance in January and tasking him with managing it properly.
Ben Popken On "To The Point" Today At 3
By 3.20.09
American capitalism’s in crisis, and the public has lost confidence in banks, money managers and business reporters – even the Treasury Department. Friday, on To the Point, If the smartest guys in the room aren’t reliable, who do you trust with your money? Will the US become a nation of online traders?
10 Self-Lies That Screw You Into Debt
By 3.19.09
10 lies we tell ourselves that get us into and keep us stuck in credit card debt:
Personal Finance Roundup
By 3.19.09
What to do if you lose your 401(k) match [Bankrate] “With a little financial planning a loss of employer contributions to your 401(k) need not derail your retirement plan.”
Suze Orman Says Build Up Emergency Cash As Much As Possible
By 3.19.09
In Suze Orman‘s most recent book, “2009 Action Plan,” she urges people with credit card debt to pay off their balances as quickly as possible using the high interest first method. “The fact that you pay just the minimum is a huge warning signal to your credit card company,” she writes, “that you may already be on shaky ground.” Now she’s changed her mind and says you should just pay the monthly minimum and put the rest of your money toward building an emergency cash stash. Based on the way credit card companies have been behaving, we think she has a point.
