News

2008

November

20

• Health insurance deductibles march higher. Employers are dramatically shifting healthcare costs onto workers, so much so that the average annual deductible for an individual surpassed $1,000 for the first time this year, according to a new study. Millions of workers…

• FHA relaxes rules for homeowners. The Federal Housing Administration yesterday said that after less than two months it is relaxing terms of a program designed to help troubled mortgage borrowers because so far the effort has not been effective. The…

• Treasury's Bailouts Are Getting Us Chumped. I usually don't enjoy watching congressional hearings. They are often packed with blustering, long-winded, self-serving speeches that are nap-inducing. But a recent hearing before the domestic policy subcommittee of the House Oversight and Government Reform…

18

• ‘Gift Card Holder’s Bill of Rights’ for holiday season. Nov. 20, 2008—The National Consumers League (NCL), joined by Consumer Action and the Montgomery County (Maryland) Office of Consumer Protection, today called on issuers of gift cards—banks, credit card companies, and retailers—to go easy on…

• 10 tips how to prepare for a layoff. The numbers are grim enough to make anyone wince. Last month the unemployment rate in the United States reached 6.5 percent, its highest level in 14 years. Even worse, many economists are predicting that the…

• States lend a hand to avoid home foreclosures. States and local governments are stepping up help for residents coping with foreclosures and job losses amid a sinking economy. New assistance efforts range from laws that give homeowners time to renegotiate loans to job…

• Automakers say millions of jobs may vanish. When the heads of General Motors (GM), Chrysler and Ford Motor (F) and their major union go to Capitol Hill on Tuesday, they will try to convince lawmakers that if the Big Three automakers go…

17

• Holiday jobs dry up as economy weakens. This is the time of year when retail jobs are supposed to be as plentiful as holiday cheer, when stores gear up for the Christmas rush by filling their sales floors with college students, moonlighters…

• Even debt collectors hit hard times. This should be the best of times for America's debt collectors, since never has a society been so in hock. But ironically, much of the debt-collection industry is struggling because there's little cash left to…

• Hackers, phishers can't get away with it. In what is shaping up as a breakthrough year, federal authorities have quietly cracked down on some of the biggest Internet crime rings. Secret Service and FBI operations since January have broken up a huge…

• Forecasters view economy deteriorating rapidly. WASHINGTON — Forecasters' views of the economy are deteriorating rapidly, with economists now expecting job losses to be deeper and last longer and consumers to cut back spending at a far more rapid pace than…

• Americans are trying to save. Spendthrift (spend' thrift') n. a person who spends money carelessly; squanderer. Frugal (froo' gel) adj. not wasteful; not spending freely; thrifty. As economic news has worsened and recession appears inevitable, Americans' spending habits have swung…

16

• Downturn drags more consumers into bankruptcy. The economy’s deep troubles are pushing a growing number of already struggling consumers into bankruptcy, often with far more debt than those who filed in previous downturns. Plummeting home values, dwindling incomes and the near…

• Firms cut credit card limits to reduce risk. Cecil Bello has stumbled into a new corner of the credit squeeze. The 32-year-old management consultant has had the limits reduced on three of her credit cards. In September, U.S. Bank notified the Fairfax County…

• What happens if your insurer goes under?. Ever since the problems at the American International Group burst into the consciousness of everyday consumers two months ago, a sort of low-grade fear has set in among policyholders at insurance companies of all kinds.…

• Keeping your cash safe. Many depositors feel safer now that the Federal Deposit Insurance Corp. has, at least through 2009, raised insurance limits from $100,000 to $250,000 per individual account. Joint accounts are covered at $250,000 per co-owner; retirement…

• Closed funds now open to new investors. For more than 25 years, the highly regarded Sequoia Fund was closed to new investors. But this past spring, the mutual fund once again flung open its doors to bring in more assets. Sequoia has…

• Know before you borrow mortgage money. Exotic mortgages, as well as some lenders, are a thing of the past. But the need to borrow to buy a home is very much present. The lending landscape keeps changing fast, economists, mortgage brokers…

15

• Will Obama bring back 'buy downs'?. What will it take to get people off the sidelines to buy houses and help stimulate the economy? How about a mortgage at a 2.99 percent fixed rate for 30 years for anyone who buys…

14

• Lower gas prices don’t make Americans feel rich. Drivers are breathing a sigh of relief as gasoline prices plunge across the country. Gas below $1.50 a gallon has appeared in a few places in recent days, and the national average has dropped almost…