Sprint Owes $$$ to Minnesota Customers

January 11, 2010

Because of a recent settlement between the Minnesota Attorney General’s office and Sprint, customers who think they were misled by Sprint about their contract can apply to Sprint for refunds. Sprint warns, however, that merely applying for a refund does not ensure you will get one.

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Revised Comment Policy

January 5, 2010

We get all kinds of comments here. Some are helpful and relevant, others are barely-coherent, ad hominem diatribes. Lots are somewhere in between. Until now, I have approved nearly every non-spam comment. No more.

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Is Mann Bracken Out of Business?

December 22, 2009

I got the word a few days ago that gigantic debt collection law firm Mann Bracken was going under. Atlanta consumer lawyer Tim Cook says Mann Bracken’s lawyers are out of work and the phones are instructing callers to contact their creditors. Could it be?
It could. Mann Bracken has been under fire in Georgia, and [...]

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Subprime Credit Cards Adapt to New Regulations

December 18, 2009

New regulations designed to stop credit card lending abuses cap the first-year fees a credit card issuer may charge at 25% of the credit limit. So First Premier Bank is doing just that, charging $75 for a credit card with a $300 limit. But since the new law does not limit interest rates, First Premier [...]

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Citigroup Says Bah Humbug

December 17, 2009

Despite accepting taxpayer’s bailout money, Citigroup refuses to show sympathy to consumers.
A local parking attendant bought a television on credit with Citigroup back in 2007. At the time of purchase, the receipt mentioned a deferred interest promotional offer, with no further explanation on the receipt or from the salesperson.
The consumer made monthly payments well in [...]

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Avoid Identity Thieves on Facebook

December 14, 2009

Take a moment to look over your Facebook profile, and consider all the information your friends have access to. Your name, address, and date of birth? How many of the answers to your “security” questions for your financial websites are contained within your profile or updates?

Only friend people you know. Nearly half of Facebook users [...]

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Credit Card Companies Make it Hurt Before New Laws

December 10, 2009

Despite the new credit card laws go into effect in February, credit card companies are putting the financial hurt on customers.
According to a report from Safe Credit Card Project:

99.7% of bank cards allowed card issuers to boost rates on outstanding balances.
90% of bank cards increased their penalty rates.
Interest rates jumped an average of 20% from [...]

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Finding a Low-Fee 529 College Savings Plan

December 8, 2009

One of the first things you should do when you have a child—or even before—is to set up a 529 college savings account. Earnings from money in a 529 plan are not taxed as long as they go towards qualified education expenses. But the maintenance fees can add up over time. You can expect to [...]

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How to Get a Free Credit Report (That is Actually Free)

December 2, 2009

To get a free credit report, visit annualcreditreport.com. Stay away from the misleading “free”creditreport.com, which is not free, but somehow still doing business despite its incredibly misleading name.

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Free Phones Cost You Plenty

November 24, 2009

Most cell phone service providers offer a “free” phone when you sign up for a two-year contract. The phones are not free, of course, you just pay for them over time. How much? Nobody knows, but T-Mobile just gave a clue.
T-Mobile recently introduced a plan where you cannot get a “free” phone, and it costs [...]

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More Consumer Rights On the Way?

November 18, 2009

A new report from the Government Accountability Office (GAO) urges legislators to revise the Fair Debt Collection and Practices Act (FDCPA) to give consumers more rights.

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Americans for Financial Reform and the Showdown in Chicago

October 22, 2009

The movement for consumer justice has gotten bigger and stronger, and if you’re in Chicago next week you can experience it firsthand.  Americans for Financial Reform (AFR), a big coalition of which AFFIL is a member, is organizing a series of demonstrations on October 25 – 27.  Over 5,000 people are expected to attend.
And that’s [...]

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The New Debtors’ Prison

October 21, 2009

Debtors’ prison was supposedly eliminated in the United States in the 19th century, but in the 21st, people are still being arrested and tossed into jail for debts. It just takes an extra step these days.
This morning, I sat in court and watched a debt collector get six bench warrants for debts under $1,000. I [...]

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White House on the Proposed CFPA

October 9, 2009

White House economic adviser Austan Goolsbee on the proposed Consumer Financial Protection Agency:

(via Consumerist)

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Reverse Mortgages Threaten Seniors’ Wealth

October 9, 2009

A new report from the National Consumer Law Center explains in detail how “[a]buses and abusers from the subprime mortgage industry have begun showing up in the reverse mortgage market, putting at risk the equity and savings of millions of seniors.” (Report is here (pdf); press release is here (pdf).)
In the aftermath of the implosion [...]

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Overdrafts Generate Big Bucks For Banks

October 7, 2009

An estimated 45% of the country’s banks make more from overdraft fees than they do from credit card fees(!). They will generate $27 billion in covering overdrafts on checking accounts this year. Proposed legislation, however, may at least put in dent in that healthy source of bank revenue.
A 2008 FDIC study estimates that 41% of [...]

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Stop Telemarketing Calls (and Sue if They Keep Calling)

October 5, 2009

If you do not already know about the National Do Not Call Registry, hie thee hither and put your name down. Once you are on the registry, telemarketers may not call you for five years. There are a couple of exceptions. Businesses may call you for 18 months after you have bought something from them [...]

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