You’re Not Throwing Out Your Prepaid Card, Are You?

Personal Finance

You’re Not Throwing Out Your Prepaid Card, Are You?

You’re Not Throwing Out Your Prepaid Card, Are You?

OK, so the Kardashian sisters caught quite a bit of flack last month for their Kardashian Kard, a prepaid debit card with high fees, including a start-up cost of $100 just to buy the thing. But it turns out that the sisters may have been guilty of little more than bad timing. That’s because consumers… Read More

What’s in a Credit Score?

Credit Score

What’s in a Credit Score?

What’s in a Credit Score?

Your credit scores are generated from a complicated scoring algorithm that takes all of the information in your credit reports and summarizes it into an easy-to-read three digit number. This three digit number helps lenders assess your credit risk and predict how likely you are to pay back a credit obligation– on time. In simpler… Read More

Senate Extends Tax Cuts and Unemployment Benefits

Personal Finance

Senate Extends Tax Cuts and Unemployment Benefits

Senate Extends Tax Cuts and Unemployment Benefits

The U.S. Senate reached a compromise about whether to extend unemployment benefits for millions and tax cuts for the upper and middle class, passing a bill that will allow both to happen. Though members of both parties had expressed deep concerns over the financial impact of this legislation, the bill passed 81-19. It now rests… Read More

22 Chase Protesters Arrested

Mortgages

22 Chase Protesters Arrested

22 Chase Protesters Arrested

Police in Los Angeles arrested 22 people yesterday who were protesting in front of a Chase bank branch. The demonstrators, including some homeowners with mortgages from Chase, criticized the bank for what they said were unfair home foreclosures. “The banks are not helping anyone stay in their homes,” David Mazariegos, a member of the Alliance… Read More

What’s in Your Wallet? 286 Million, Perhaps?

Credit Cards

What’s in Your Wallet? 286 Million, Perhaps?

What’s in Your Wallet? 286 Million, Perhaps?

The first letter from Capital One said that Patrice Perry owed $4,807. Within months, that number magically increased to $286.6 million, according to a lawsuit Perry has filed against the company. Helpfully, Capital One enclosed an envelope for Perry, a hotel clerk from the Philadelphia area. “Please send your payment of $286,651,237 in the enclosed… Read More

HAMP Fails to Save Homeowners from Foreclosure

Mortgages

HAMP Fails to Save Homeowners from Foreclosure

HAMP Fails to Save Homeowners from Foreclosure

It’s official: The Obama administration’s biggest attempt to fix the foreclosure mess is an unmitigated failure. According to a Congressional Oversight Panel report released this week, the Treasury Department’s Home Affordable Modification Program (HAMP) failed for the exact reason many experts said it would from the beginning: The program expected loan servicers to modify loans,… Read More

Fed Proposal Would Cut Debit Card Fees by 70%

Personal Finance

Fed Proposal Would Cut Debit Card Fees by 70%

Fed Proposal Would Cut Debit Card Fees by 70%

The Federal Reserve Board has issued a proposal to limit debit card “swipe fees” to as little as 7 cents per transaction, and to cap them at 12 cents. Swipe fees, or ”interchange fees” as they are more commonly called, are the fees retailers pay when they accept debit or credit cards from consumers. Currently, merchants may pay… Read More

Debit Card Holiday Shopping Tips

Personal Finance

Debit Card Holiday Shopping Tips

Debit Card Holiday Shopping Tips

Debit cards are the plastic du jour this holiday season. According to the National Retail Federation, 43% of consumers will use debit cards for holiday spending, up from 30% in 2005. As for credit cards, fewer than a third of consumers will place their purchases on credit cards – the lowest level since 2002. While… Read More

Debit Cards Offer Fewer Fraud Protections for Consumers

Identity Theft

Debit Cards Offer Fewer Fraud Protections for Consumers

Debit Cards Offer Fewer Fraud Protections for Consumers

Debit card protections simply aren’t as hefty as those for credit cards, according to a report from Reuters. Even though many banks promise that their debit accounts receive the same zero liability protections as their credit cards, that may not be legally true. Credit cards are better protected from fraud for a number of reasons,… Read More

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