Personal Finance

Financial News Roundup: Holiday Shipping Deadline Looms, House Passes Tax Deal

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Deadlines for holiday shipping near
The New York Times money blog

Standard shipping deadlines for the holiday season are likely to expire on or before this Saturday for the majority of retailers, data from Shop.org shows. Free shipping offers are likely to continue, however, consumers are urged to read the fine print, which may require buyers to satisfy certain conditions or spending limits.

Thousands awaiting mortgage modifications face foreclosure
Huffington Post

A poll of 96 attorneys reveals more than 2,500 homeowners have received foreclosure notices while in the process of modifying their mortgage loans. The Treasury Department prohibits lenders from beginning foreclosure proceedings while borrowers are undergoing the mortgage modification process, however, this directive has not been enforced.

Buyers remorse sets in for online holiday shoppers
The Boston Globe

Many shoppers enticed by online promotions and incentives are overspending or purchasing items for themselves, leading to a heavy case of buyer’s remorse. The immediacy of limited-time offers or availability is being named as a large contributor to impulse buying and regrettable purchases.

Tax deal sent to President Obama
CNN

The House of Representatives approved an $858 billion tax deal on Thursday, sending it off to President Barack Obama to be signed. The tax deal will extend the Bush tax cuts for two years and unemployment benefits for 13 months, among other benefits.

Fed proposes cutting ‘swipe fees’
Credit.com

A new proposal from the Federal Reserve would place new limitations on debit card swipe fees, capping them at 12 cents. Merchants who accept debit cards currently pay interchange fees ranging from 1 to 2 percent of the purchase totals. If the new proposal is implemented, merchants could see fees cut by as much as 70 percent.

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