Should Congress take action to control debit card fees?
Several weeks ago, The New York Times featured an article callled "Overspending on debit cards is a boon for banks." While I usually favor personal-finance blogs over the larger online media networks (call me partial), this piece was particularly compelling to me. It does an excellent job of shedding light on a topic that is positioned to be the next major debate in our government’s quest for banking reform.
As many other sectors of the banking industry continue to underperform, debit cards have stepped up to become an essential profit center for banks. Fees associated with overdrafting checking accounts are expected to exceed $27 billion this year. In comparison, the article predicts only $20.5 billion in credit card fees, which is likely to drop even further in the years ahead as recent government reform will require consumers to opt in to over-the-limit charges.
Each major credit bureau has its own system.
Earlier this week we took a look at how to get your free FICO credit score from myFICO.com. Operated by the Fair Isaac Corp., creator of the FICO credit score, it offers consumers a free credit report and FICO credit score when they sign up for a 30-day trial of Score Watch. The FICO credit score myFICO.com provides is from Equifax, one of the three major credit bureaus.
And that's where some confusion can creep in.
- Bing: More on credit scores
There are three major credit bureaus: Equifax, TransUnion, and Experian. And each of these credit bureaus calculates a consumer's FICO credit score, which can be and usually is different for each credit bureau. In other words, you likely have a different FICO credit score from each of the three major credit bureaus. And to add to the confusion, each of the credit bureaus calls its version of the FICO credit score by a different name.
So let's quickly sort all this out:
To avoid price increases, companies stealthily reduce sizes.
"LivingAlmostLarge" at the blog with the same name read an article about how manufacturers of food and sundry items are shrinking the size of their products and charging the same price. She found the proof in her own cupboards.
She wrote that "curiosity got the better of me and I started to pull through my cabinets. And Bounty did decrease the roll size. I can say that because I have some from last summer." Bounty isn't the only product that's smaller now.
Many don't like being told they live unhealthy lives.
Freemoneyfinance has compiled more than 700 money-saving tips over the years. Based on feedback from readers, FMF, in typical snarky fashion, has compiled the 10 most-hated suggestions. We'll share some of the highlights here.
No. 10 on the list: "Be healthy." "Let's face it, people don't like being told they are fat and lazy," FMF writes. "I think that's at the core of the disdain for a healthy lifestyle." Quitting smoking is No. 8.
Do you really know as much as you think you do?
Do you think you’re the reigning coupon queen in your neck of the woods? Do you need proof or confirmation?
Try this question out:
3. The store is having super double-coupon sale up to $2 value. You have a 75 cents-off coupon for a product that has a retail price of $1.25. How much will you pay for that product?
A. You will get a refund of 25 cents.
B. The product will be free.
Here’s the answer (this post is all the better because Paula provides an explanation with each one).
Picking the wrong pet can be quite costly.
M’hijito called the other evening to report that a friend of a friend wants to find a new home for a 2-year-old golden retriever. M’hijito himself has craved to get a dog for a long time, and in particular he pines for a golden, the breed of his beloved childhood companion.
The story is that the pup’s family consists of a pair of divorcing doctors. The dog belongs to their 15-year-old daughter. Mom and Dad, in their unholy wisdom, have decided that in addition to depriving their child of a stable pair of parents (chances are she hasn’t had one of those in a long time), they’re also going to deprive her of her pet, neither parent wishing to take care of it in singlehood.
To be fair, there’s a second pet dog, possibly one that’s more manageable in an apartment (read “doesn’t eat the furniture”). But there it is: The element of cruelty gives M’hijito pause. It has a whiff of coldness about it that makes one wonder what exactly is being offered and why.
Because my familiars have always been dogs (preferably large ones) rather than the tediously conventional black cats, he wanted to know what questions I would ask about this animal and its background, by way of guessing what he was getting into. So, I came up with a few things a person might want to know.
If you’re interested in adopting an adult dog, especially one that comes from a private home (as opposed to a shelter), you might consider a few of these, too:
8 DIY methods to approaching your debt.
Debt-consolidation and debt-negotiation programs are often associated with seedy companies more interested in helping themselves than helping consumers.
The debt-consolidation industry is largely responsible for earning this reputation. The Federal Trade Commission, for example, warns consumers about the false promises many in the debt business make to consumers. And the FTC has even brought legal action against “nonprofit” debt-negotiation companies for violating federal consumer protection laws. The FTC has published an excellent article called "Knee deep in debt" that talks in part about debt-consolidation companies and is definitely worth reading.
But the concept behind debt consolidation is still a good one for many people overwhelmed by debt. By consolidating debt, many can lower the interest rate on their debt and lower their monthly payments. This in turn can make paying your debt and providing for your other expenses more manageable.
But this still leaves one big question -- how? How should one go about consolidating debt?
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