Thursday, August 20, 2009

New Credit Card Laws

Starting today, phase 1 of the new Credit Card Accountability, Responsibility and Disclosure (CARD) Act takes effect. Phase 1 requires credit card companies to give at least a 45 day warning of changes to credit card accounts, allows cardholders at least 21 days to pay their monthly credit card statements without threat of late fees, and gives consumers the right to opt out of interest-rate and fee increases and the right to cancel their accounts while paying off the balances under the old, lower interest rates. Phase 2, slated to take effect starting in February of 2010, will restrict interest-rate increases, ban issuing and marketing credit cards to young adults, and regulate gift cards.

Credit card companies, always so eager to assist consumers in any way they can, have been preparing for these changes by cutting credit limits, closing accounts and increasing interest rates prior to today. Priceless.

Monday, August 17, 2009

Why Are You Still Using Internet Explorer?

Firefox is safer, much faster, and more stable. And their logo looks great on t-shirts.

Firefox 3.5

Monday, August 10, 2009

Mortgage Modification Scams

The U.S. Department of Treasury has issued a consumer advisory regarding loan modification scams. According to the warning, here are the top ten signs of a scam:

“Pay us $1,000, and we’ll save your home.”

“I guarantee I will save your home – trust me.”

“Sign over your home, and we’ll let you stay in it.”

“Stop paying your mortgage.”

“If your lender calls, don’t talk to them.”

“Your lender never had the legal authority to make a loan.”

“Just sign this now; we’ll fill in the blanks later.”

“Call 1-800-Fed-Loan.”

“File for bankruptcy and keep your home.”

“Why haven’t you replied to our offer? Do you want to live on the streets?”

The four page pamphlet can be downloaded here: