Consumers Spending Less with Credit Cards, Says Fed
George Doyle/Thinkstock(WASHINGTON) — More families may be putting their financial houses in order. The government reports that credit card spending is down, despite an increase in available consumer credit. The Federal Reserve…
What You Should Know Before Donating to a Disaster Charity or Paying a Contractor
Jupiterimages/Thinkstock(NEW YORK) — The Department of Justice has warned of the potential for disaster fraud in the aftermath of superstorm Sandy, which ravaged millions of homes and businesses along the Atlantic Coast, and as of Friday morning, had …
The Wealthiest People in Each State Revealed
Scott Olson/Getty Images(NEW YORK) — Wealth managers and other businesses may want to take heed. Wealth-X, an information research firm of ultra high-net worth individuals worth over $30 million, has compiled a list of the richest person in each…
More Americans Worried About Not Having Enough for Retirement
Jupiterimages/Thinkstock(NEW YORK) — Perhaps it’s not so great to be young after all, especially if you’re worried about what things will be like when you’re older.A new Pew Research Center survey says that about 40 percent of Americans are concerned …
More Americans Worried About Not Having Enough for Retirement
Jupiterimages/Thinkstock(NEW YORK) — Perhaps it’s not so great to be young after all, especially if you’re worried about what things will be like when you’re older.A new Pew Research Center survey says that about 40 percent of Americans are concerned …
Report: Burden of Debt Continues to Grow for College Students
JupiterImages/Comstock Images(NEW YORK) — The burden of debt for college students who take out loans continues to rise, according to a new report out Thursday. “Two-thirds of new graduates had loans and their average debt was $26,600 dolla…
Morningstar Lists Best 529 College-Savings Plans
Hemera/Thinkstock(NEW YORK) — Investment ratings firm Morningstar released its annual ranking of 529 college savings plan on Monday, noting industry-wide improvements in plan fees and performance.Almost every state offers a 529 savings plan, named aft…
$15 Quadrillion Phone Bill Doesn’t Ring True
iStockphoto/Thinkstock(BORDEAUX, France) — A woman in France got the early termination fee of all time when she cancelled her phone service before her contract expired.Solenne San Jose, from Pessac in the Bordeaux region of southwestern France, got a …
Customer Claims Credit Bureau Gave ID Thief His Most Sensitive Data
iStockphoto/Thinkstock(NORTHBROOK, Ill.) — A Northbrook, Ill., man claims he hired credit bureau and identity-protection outfit Equifax to protect him against a thief who had racked up fraudulent charges on his Capital One credit card. Equifax, he cla…
Junk Haulers Find ’70s Bonds Worth Thousands in Cast-Off Hope Chest
ABC News(MEDFORD, Mass.) — When Marie Veloso called the junk collectors to have her late mother’s old hope chest hauled away, she was certain it contained nothing of value.“I just wanted them to take it away. I didn’t have the key, a…
Walmart, Amex Roll Out New Prepaid Card
Bluebird by American Express and Walmart(NEW YORK) — Walmart and American Express announced Monday morning that they would make available a refillable prepaid card for consumers tired of banking fees.The company said the card is an “alternative …
Morgan Stanley CEO Says Banking Industry Is ‘Overpaid’
Scott Eells/Bloomberg via Getty Images(NEW YORK) — Morgan Stanley CEO James Gorman has folks in the banking sector buzzing with his comments that the industry is “still overpaid.”"There’s way too much capacity and compensation is way too high,” Gorman…
Envy Outweighs Greed in New Investment Study
Digital Vision/Thinkstock(JERUSALEM) — “It is not enough that I succeed,” the late Gore Vidal once noted. “Others must fail.”Vidal, who also famously admitted that “a little something” in him dies whenever a friend…
Thousands of Millionaires Collect Unemployment
Brand X Pictures/Thinkstock(WASHINGTON) — A new report shows that some 2,400 millionaires received unemployment insurance benefits during the economic downturn, a number that has caught the attention of politicians who funded extensions of benefits fo…
Tax Policy Center Spells Out Repercussions of ‘Fiscal Cliff’
Comstock/Thinkstock(NEW YORK) — Watch out for the ‘fiscal cliff.’ A new study forecasts that unless Congress acts, soaring taxes at the beginning of next year could blow a hole in your wallet.The nonpartisan Tax Policy Center said on Monday that…
Tax Policy Center Spells Out Repercussions of ‘Fiscal Cliff’
Comstock/Thinkstock(NEW YORK) — Watch out for the ‘fiscal cliff.’ A new study forecasts that unless Congress acts, soaring taxes at the beginning of next year could blow a hole in your wallet.The nonpartisan Tax Policy Center said on Monday that…
American Express Will Reimburse $85 Million to About 250,000 Customers
Justin Sullivan/Getty Images(WASHINGTON) — The Consumer Financial Protection Agency (CFPB) has announced yet another enforcement action. American Express will reimburse $85 million to about 250,000 customers to resolve accusations that the compa…
Lawsuit Says Capital One Practices Illegal Debt Collection
Paul Taggart/Getty Images(NEW YORK) — According to a federal class action lawsuit filed in White Plains, N.Y., Capital One Bank and Cohen and Slamowitz, a law firm that represents it, “practice illegal credit and collection practices.”The …
Hackers, Possibly from Middle East, Block US Banks’ Websites
Jin Lee/Bloomberg via Getty Images(NEW YORK) — The financial and banking industries are on high alert Thursday night as a massive cyberattack continues, with potentially millions of customers of Bank of America, PNC and Wells Fargo finding themselves …
Student Loan Debt Weighing Down the Young and Poor
JupiterImages/Comstock Images(NEW YORK) — Millions who’ve gone to college say they owe a lot to their education.Unfortunately, millions still owe a lot for their education, with close to 20 percent of all U.S. households saddled with student loan debt…