December 04, 2004

How to Deal With Your Debts


Once you've obtained credit, it's easy to be overwhelmed. You may overspend, become ill, or lose your job, making it difficult to keep up with your bills. If you cannot resolve your credit problems alone or you need additional assistance, you may wish to contact an agency like the National Foundation for Consumer Counseling: http://www.nfcc.org. This is a non-profit organization which provides member agencies by location for consumers who are in debt. A counselor from ...     (full story)

Posted by mm at December 04, 2004 09:05 AM | Permanent Link | Comments (0)

Conforming Mortgage Loan Limits Rise For 2005


Borrowers can get larger loans in 2005 without having to pay higher rates for jumbo mortgages. Mortgage funding titans Fannie Mae and Freddie Mac have raised their 2005 conforming limit to $359,650, up from the 2004 limit of $333,700. It represents a 7.7 percent increase. Conforming loans are mortgages that conform to rules set by Fannie Mae and Freddie Mac, which keep mortgage money flowing to consumers by buying mortgages from lenders, bundling them and ...     (full story)

Posted by mm at December 04, 2004 08:59 AM | Permanent Link | Comments (0)

The Wide World Of Online Shopping


Got a hankering for your hometown special? Look no further than your nearest computer. From Philly cheesesteaks to New York cheesecakes, Texas chili to New Mexico chili peppers, you should have no problem finding your latest craving on the Internet. Not hungry? You can promise your loved one the moon and pick up the property deed online. "It opens the world to you," says Barbara Kasser, author of the 2005 Online Shopping Directory for Dummies ...     (full story)

Posted by mm at December 04, 2004 08:58 AM | Permanent Link | Comments (0)

10 Tax Time Bombs To Defuse Now


There's always too much to do and not enough time to do it during the hectic holiday season. But you need to add one more item to your must-do list: a quick tax checkup. Spending a few minutes on your taxes now can pay off at filing time. Defuse these 10 tax time bombs by Dec. 31, and you won't have to call in an accounting SWAT team on April 15. 1. Get in the ...     (full story)

Posted by mm at December 04, 2004 08:56 AM | Permanent Link | Comments (0)

Shopbots: Your Own Automated Shopping Assistant On The Web


A shopbot is the perfect marriage of science and convenience. Go to a site, ask for what you want to buy, and the computer searches the Web and presents a selection of retailers, deals and prices. But, like anything else, it's not perfect. Many retailers pay for better placement on shopping sites so the selections that come up first are not necessarily the best deals. And unless you're dealing with the total cost, including shipping ...     (full story)

Posted by mm at December 04, 2004 08:51 AM | Permanent Link | Comments (0)

Property Taxes Rising Nationwide


While fuel prices may be starting to skid, there's another expense closer to home that is upsetting many Americans: rising property taxes. From Madison, Wis., to Bucks County, Pa., the local tax assessor is dipping deeper into homeowners' pockets as real estate prices rise and states share less of their tax revenue with local governments. With people starting to receive their 2005 tax bills, the levies are squeezing the middle class and senior citizens ...     (full story)

Posted by mm at December 04, 2004 08:42 AM | Permanent Link | Comments (0)

Noncash Gifts To Charities Can Be Deducted


Containers for charitable contributions are everywhere during the holiday season: Buckets for bell ringers on the sidewalk, boxes for toys in the workplace and baskets for food donations at the supermarket. Donating new and used items to charity can be beneficial for your taxes as well as helpful for people in need. But before you donate, remember these simple tips: - Give wisely. Your total charitable donations, including cash and noncash items, are limited to ...     (full story)

Posted by mm at December 04, 2004 08:24 AM | Permanent Link | Comments (0)

Balancing Act On The Buck


President Bush has another Texas-sized challenge on his hands. He wants to navigate an already weaker dollar low enough to shrink the trade deficit and rein in concerns that the nation's excessive borrowing and spending runs the risk of a global economic implosion. And yet, a currency-policy mistake could tip the United States into another recession. The next few months may determine whether a depreciating U.S. dollar remains just a challenge -- short-term pain for ...     (full story)

Posted by mm at December 04, 2004 08:22 AM | Permanent Link | Comments (0)

Traveler: Know Your Options


You're looking forward to that much-needed vacation or family visit this holiday season -- but brace yourself now for travel shakeups, as airlines cancel flights and adjust schedules to make the most of their stretched-thin dollars. While airlines make most schedule changes months in advance, thus affecting fewer travelers, frequent fliers are well aware carriers sometimes call just weeks ahead to warn of a cancellation and offer a spot on an alternate flight. Travelers' options ...     (full story)

Posted by mm at December 04, 2004 08:14 AM | Permanent Link | Comments (0)

Worried Merchants Throw Discounts at Shoppers


Got a credit card ready? The markdowns have begun. America's merchants, shocked by a mediocre post-Thanksgiving weekend, are rushing to mark down their merchandise - way before the majority of holiday shoppers have even seen it. At the beginning of November, merchants had reduced prices on 5 percent fewer of their goods than last year, according to John D. Morris, a retail analyst with Harris Nesbitt who keeps an annual holiday markdown index. "There's been ...     (full story)

Posted by mm at December 04, 2004 08:01 AM | Permanent Link | Comments (0)

December 03, 2004

FACTA & Your Credit


A new federal law that entitles consumers to free credit reports sounds great, but the devil is definitely in the details. The Fair and Accurate Credit Transactions Act (FACTA), which went into effect this week, entitles consumers to access to one free credit report from each of the three major credit unions every year. But experts say getting the info is made difficult, if not impossible, by advertising come-ons and confusing pitches. Here's how to ...     (full story)

Posted by mm at December 03, 2004 03:09 PM | Permanent Link | Comments (0)

Job Growth Is Well Below Wall Street Forecasts


WASHINGTON, Dec. 3 - The economy added 112,000 payroll jobs in November, the Labor Department reported today, far fewer than the month before and not enough to keep up with growth in the adult population. The gain was well below Wall Street forecasts for an increase of about 200,000 jobs, and employment in manufacturing remained stagnant for the third month in a row. The overall unemployment rate slipped to 5.4 percent last month from 5.5 ...     (full story)

Posted by mm at December 03, 2004 12:20 PM | Permanent Link | Comments (0)

Fed President: Measured Hikes Ahead


The economy should grow about 4 percent next year, giving the Federal Reserve room to continue raising interest rates at a measured pace, Philadelphia Fed President Anthony Santomero said Friday. In prepared remarks to the Philadelphia Fed's annual policy forum, Santomero said economic growth in this range should support continued "solid but moderate gains" in employment through next year. His comments were prepared before the release of the weaker-than-expected November payrolls report Friday. "Looking ahead ...     (full story)

Posted by mm at December 03, 2004 11:32 AM | Permanent Link | Comments (0)

December 02, 2004

Fed Reports Growth In 11 Of 12 Regions


Eleven of 12 U.S. regions showed stronger economic growth in the past month, the Federal Reserve reported Wednesday in its Beige Book report on the economy. Only the Cleveland region bucked the improving trend, the Fed said. Reports from thousands of contacts in the 12 Federal Reserve regions "generally paint a picture of continued economic growth," the report said. Retail sales were said to be mixed across regions, while hiring has improved throughout the nation ...     (full story)

Posted by mm at December 02, 2004 04:23 PM | Permanent Link | Comments (0)

Inflation Under Control, Fed Gov. Says


Inflation is under control and is expected to remain tame, said Federal Reserve Board governor Ben Bernanke Thursday. "I think inflation is still quite well-contained. And I think inflation expectations are well-contained," Bernanke told reporters after a speech to the National Economics Club. "Whatever risks exist are not large ones," he said. But as the economy approaches full-employment over the next year or so, and as pricing power returns a bit, "we need to be ...     (full story)

Posted by mm at December 02, 2004 04:21 PM | Permanent Link | Comments (0)

Tax Policy Promotes Early Retirement


It has become widely accepted that many Americans will have to work part-time during "retirement" to maintain their living standards. But a new study has found that taxes, direct and indirect, will eat up much of what those people might earn. In short, it won't pay to work after about age 66, because you'll take in after taxes as much from your pensions and Social Security as you would by working. Encouraging work at older ...     (full story)

Posted by mm at December 02, 2004 04:20 PM | Permanent Link | Comments (0)

Fidelity Analyzes Pension Performance


Pension plans whose current assets match or exceed their future liabilities perform better on average than their underfunded brethren, according to a study released Wednesday by Fidelity Investments, the biggest U.S. mutual fund company. Of 120 defined benefit pension plans responding to the survey, 43, or 36 percent, were overfunded, said Drew Lawton, president of Fidelity Management Trust Co. If applied to all U.S. pension plans, that 36 percent would translate to 2,635 out of ...     (full story)

Posted by mm at December 02, 2004 04:19 PM | Permanent Link | Comments (0)

Funds Take In $14 bln In October


Investors put $13.9 billion into stock and bond mutual funds in October, down from the $21.5 billion total the previous month, according to estimated asset flows released Tuesday by Financial Research Corp. Domestic stock funds saw inflows of $8.1 billion in October compared with inflows of $11.4 billion in September. Investors added $7.7 billion to funds that invest in international equity funds, roughly the same amount as September. American Funds continued its run as the ...     (full story)

Posted by mm at December 02, 2004 04:18 PM | Permanent Link | Comments (0)

2004 Year-End Tax Planning Moves


AS THE YEAR DRAWS to a close, you're probably thinking more about your holiday credit-card bills than your 2004 tax bill. Big mistake. Squeezing in a little time for some year-end tax planning can save you big bucks come tax-return time. Consider it a holiday gift from Uncle Sam — albeit one you're going to have to do a little extra work to receive. Here are seven tax-saving strategies for 2004 that should be employed ...     (full story)

Posted by mm at December 02, 2004 12:09 PM | Permanent Link | Comments (0)

Bargains On Stranded Cars


Automakers are having a harder time clearing their lots of the previous year's models, according to two leading auto sales trackers. Data from Edmunds.com and the Power Information Network, an affiliate of J.D. Power & Associates, both show that 2004 models are making up a larger percentage of sales this fall than in the past. The trend means better bargains available for car buyers willing to take those older model vehicles. It also means still ...     (full story)

Posted by mm at December 02, 2004 11:25 AM | Permanent Link | Comments (0)

Warning On Internet Loans


The Consumer Federation of America has warned borrowers about the costs and risks of using Internet payday loan sites that make relatively small loans to consumers for short periods of time. The non-profit association said Tuesday the loans typically cost $25 per $100 borrowed and must be repaid or refinanced by the borrower's next payday. That cost for a two-week loan works out to 650 percent annual interest rate (APR). But the consumer group says ...     (full story)

Posted by mm at December 02, 2004 11:22 AM | Permanent Link | Comments (0)

High Court Sets Truth In Lending Limit


The Supreme Court ruled Tuesday the federal truth in lending law caps damages at $1,000 for violations of its requirements for consumer loans secured by personal property, such as a motor vehicle. The law instructs lenders to disclose certain information to borrowers and imposes civil liability on those who fail to do so. It allows damages double the amount of the finance charge, but for each violation, Congress specified a minimum recovery of $100 and ...     (full story)

Posted by mm at December 02, 2004 11:20 AM | Permanent Link | Comments (0)

Regifting 101


Many Americans were shopping up a storm last week, picking out the perfect gifts for friends and loved ones. But the truth is your friends and loved ones may not love the gifts you've chosen. Or they might give you one you're not crazy about. Many people get gifts they don't want, don't need or don't like. Those people sometimes pass those gifts on to someone else. Call it tacky or call it rude, but ...     (full story)

Posted by mm at December 02, 2004 11:19 AM | Permanent Link | Comments (0)

Bank Machine Dispenses Fake Money


Canadian Imperial Bank of Commerce, already taking heat for accidentally faxing customers' financial information to a U.S. scrapyard, apologized on Wednesday after one of its cash machines dispensed fake money. Instead of distributing C$20 bills, the machine, located in the Maritime province of New Brunswick, spat out colorful bills used as incentives at Canadian Tire Corp. hardware stores. "The Canadian Tire money was contained within a bulk of regular currency, and it was apparently loaded ...     (full story)

Posted by mm at December 02, 2004 09:55 AM | Permanent Link | Comments (0)

Health Costs Up 7.5%


Health insurance may be out of reach for more Americans as medical costs rose faster than worker income in the first half of the year, according to a closely watched survey released Thursday. Private-sector spending on health care climbed 7.5 percent in the first half of 2004, which matched the 2003 growth rate but still significantly outpaced growth in the overall economy, according to a study by the Center for Studying Health System Change and ...     (full story)

Posted by mm at December 02, 2004 09:54 AM | Permanent Link | Comments (0)

Google CEO Proud Of Dutch Auction IPO


The chief executive of Google Inc. said the Web search company was "proud" of its recent auction-style initial public offering, but said he did not know if it would change the way companies choose to go public in the future. "We're very proud of it," Google Chairman and CEO Eric Schmidt said at an event hosted by BizWorld, a program that teaches entrepreneurship to school children. Nevertheless, Schmidt said he was not sure if Google ...     (full story)

Posted by mm at December 02, 2004 09:52 AM | Permanent Link | Comments (0)

Dollar Struggles From New Lows


The dollar struck another record low against the euro and a five-year low on the yen Thursday, while bonds were little changed following a mixed jobless claims report. Early morning in New York, the euro was unchanged from late Wednesday at $1.3323, with the dollar struggling to regain ground after falling to a new low of $1.3380 earlier in the day. The dollar bought ¥102.67, also little changed from late Wednesday, after hitting a five-year ...     (full story)

Posted by mm at December 02, 2004 09:51 AM | Permanent Link | Comments (0)

Get Your Car Ready for a Fast Giveaway


If a lot of old cars disappear from your neighborhood before the end of the year, don't blame thieves. Blame Congress. After years of fretting that people were ripping off the IRS by claiming exorbitant tax deductions for clunkers that they gave to charities, lawmakers have cracked down with a vengeance. Under the current law -- which covers donations through December 31 -- you can deduct the fair market value of the car. If it's ...     (full story)

Posted by mm at December 02, 2004 09:46 AM | Permanent Link | Comments (0)

Don't Fear the Use-It-Or-Lose-It Rule


This is the time of year millions of employees are asked to sign up for reimbursement plans at work to pay for child care and medical bills. And far too many of us take far too little advantage of this terrific fringe benefit. The beauty of these plans is that they let you pay your bills with pre-tax dollars. Salary that goes into the plans dodges federal income and social security taxes and, in all ...     (full story)

Posted by mm at December 02, 2004 09:45 AM | Permanent Link | Comments (0)

Why Consumers Hate Mergers


Renee Roberts of Antelope, Calif., still gets steamed when she thinks about what happened to her after Comcast bought AT&T Broadband for more than $50 billion two years ago. She says the company lost her $155 payment in its newly integrated automated system -- and then brushed her off. "No one cared," Roberts complains. "The attitude was 'we're big, so you have to deal with us."' Comcast concedes that it made some billing mistakes after ...     (full story)

Posted by mm at December 02, 2004 09:41 AM | Permanent Link | Comments (0)

Social Security COLA Increase Looks Puny


SOCIAL Security will save billions of dollars in cost of living increases because of a fortuitous decision in September by the people who compile the nation's inflation numbers. But if you look at the figures that determine how much of a raise retirees get each year, you have to wonder whether the good fortune was helped along by some Washington self-dealing. Cost of living increases are determined by the average increase in the consumer price ...     (full story)

Posted by mm at December 02, 2004 09:40 AM | Permanent Link | Comments (0)

Nothing Ventured, Everything Gained


A new trading tactic that could tip proxy fights and takeover battles has emerged from the shadows of the hedge fund industry, igniting outrage among some investors and corporate governance experts. The tactic is a complex hedging technique that allows an investor to buy a voting stake without actually holding an economic interest in the company. While Wall Street has long speculated about such a tactic, it was not until this week that the first ...     (full story)

Posted by mm at December 02, 2004 09:37 AM | Permanent Link | Comments (0)

December 01, 2004

Don't Neglect Renter's Insurance


Here are a few important, little-known facts about renter's insurance: If you have an unrelated roommate and you get renter's insurance, your roommate isn't likely to be covered. Standard policies cover relatives living with you, but that's it. Don't assume that your policy covers everything. Read the details. For example, most standard policies don't cover earthquake damage. So, if earthquakes are a real threat to you, ask about additional earthquake coverage. You might be able ...     (full story)

Posted by mm at December 01, 2004 02:00 PM | Permanent Link | Comments (0)

Account Aggregation: All-In-One Convenience


You have a checking account and a credit card from one bank, charge cards from two other banks, and a portfolio at an online brokerage. On top of that, you belong to two frequent-flier clubs. Congrats. You're doing well. There's another piece of good news: All of these accounts can be monitored on the Web, so you can look at your checking balance, see when your next payment is due, and swoon at your portfolio's ...     (full story)

Posted by mm at December 01, 2004 12:41 PM | Permanent Link | Comments (0)

12 Tips For Wise Use Of Equity


Before taking a home equity loan, look over these guidelines. 1. Make your mortgage payments a priority. It's your home that's on the line. 2. Don't go with a high loan-to-value product. Lenders who let you borrow more than your house is worth may not be doing you a favor. 3. If you like plastic too much, forgo using a credit card to access a line of credit and get checks instead. Paper is a ...     (full story)

Posted by mm at December 01, 2004 12:37 PM | Permanent Link | Comments (0)

Partnerships Lose Tax Exclusion On Canceled Debt


For some real-estate investors, the "workout" just got a lot harder. A little-noticed but significant provision in the tax bill signed into law by President Bush in October makes it more difficult for certain real-estate investors to renegotiate the terms of loans on their properties in the event those properties decline in value, a process known as a debt workout. Under the provision, investors in partnerships will no longer be able to automatically exclude canceled-debt ...     (full story)

Posted by mm at December 01, 2004 11:55 AM | Permanent Link | Comments (0)

The Right (and Wrong) Way To Protect Yourself Against The Falling Dollar


What if the buck doesn't stop here? Investors are shoveling money into foreign-stock and bond mutual funds, hoping to profit from the tumbling dollar. I fear, however, that many of these folks will be a tad disappointed. According to the Investment Company Institute in Washington, foreign-bond funds have attracted $3.8 billion from investors so far this year, up 61% from the same stretch in 2003, while foreign-stock funds have pulled in $50.6 billion, a staggering ...     (full story)

Posted by mm at December 01, 2004 11:53 AM | Permanent Link | Comments (0)

A Tax Break for Your Kidney


The critical shortage of organs for people awaiting transplants long has vexed policy makers and doctors. Now, an unusual approach is gaining momentum: using the tax code to encourage more people to donate. The effort started earlier this year when Wisconsin began permitting organ donors to deduct as much as $10,000 for their travel and lodging costs and lost wages. Georgia followed suit in April. At least 10 other states, including New York, New Jersey ...     (full story)

Posted by mm at December 01, 2004 11:47 AM | Permanent Link | Comments (0)

Free Credit Reports May Reveal Surprises


Sylvia Gallow-Vazquez was shocked earlier this year when she applied for a Discover credit card and was denied because of poor credit history. Her credit had been impeccable. She had never been denied a loan before. And she had never even been late on her bills, as far as she could remember. The Tempe, Ariz. resident was hoping to use the card, which promised zero percent interest for 6 months, to pay for night school ...     (full story)

Posted by mm at December 01, 2004 11:12 AM | Permanent Link | Comments (0)