Analysis of the consumers’ credit card complaints collected by the consumer bureau has yielded interesting findings. Of the 11,045 complaints collected, more than half came from zip codes with median annual household incomes higher than the national median of $52,762. This comes as a surprise to U.S. officials were interested in collecting the information in… Read More
VantageScore3.0 Brings Changes to Credit Scores (as reported by Gerri Detweiler via finance.yahoo.com)
The newest version of the consumer credit rating product VantageScore has been unveiled this week with three big changes intended to benefit consumers. This comes as a response to some of the common complaints made by consumers who feel their credit scores are not presented fairly. The changes in VantageScore3.0 include the end of the… Read More
Financial Lessons from one woman’s tragedy (as reported by Ron Lieber via nytimes.com)
This New York Times article of a woman trying to take the reins on her finances after the sudden death of her husband highlights the importance of estate planning and being financially literate. Chanel Reynolds faced many difficulties coming from the lack of a signed will and little information about her insurance, retirement account, and… Read More
What’s In A Name? The Differences between Financial Professionals (as reported by forbes.com)
Though used interchangeably in conversation, there are stark differences between stockbrokers, investment advisors, and financial advisors. These differences become crucial when seeking to hire a professional for financial or investment advice. This handy Forbes article outlines the differences between the three in a clear manner, listing the functions and qualifications behind each title. Click here… Read More
Payday lenders endure even as consumers aware of risks (as reported by John Sandman via AARP.org)
This article paints a comprehensive picture of the problem with payday lenders: these quick cash advances are a short term solution to a long term money issue. Most people are familiar with the 20,000 storefront locations in over 33 states offering payday loans, but now payday loans are even available from banks in the majority… Read More
Are we letting a perfectly good crisis go to waste? (as reported by John W. Schoen via cnbc.com)
New research from the PewResearchCenter indicates that people under 35 in the U.S. are carrying lower levels of debt. According to their data, young people have pared debt more aggressively than older households since the 2008 crisis. This marks a paradigm shift from years prior, when debt-to-income ratios among that group were at record levels…. Read More
Supply & Demand in the iPhone Market (as reported by Quentin Fottrell via marketwatch.com)
The laws of supply and demand dictate that if demand is met by disproportionately high supply, there will generally be a decrease in the price of a good. Furthermore, if there is a high supply of a good which is similar to another good in the market, individuals may be unwilling to continue paying high… Read More
No Saturday mail? Impact on financial activities (as reported by Geoff Williams via usnews.com)
Many individuals have already surmised the problems that will arise as a result of losing the Saturday post. The article to be found here iterates a few more. While it seems to jokingly set forward the idea that Netflix subscribers will have less opportunities to ship DVDs back, it does make the case that for people who continue… Read More
Why does the Penny Endure? (as reported by Geoff Williams via usnews.com)
On February 4, Canada announced that it would cease to produce Canadian pennies. While this is of little significance in the U.S., it has reinvigorated an old question related to why the penny endures. In 2012, the U.S. produced $49 million in pennies. It cost $118 million. This cost inequality aside, how often do people… Read More
College students finding more paid internships (as reported by Venessa Wong via businessweek.com)
Alright, time to give your students some future college career advice. During college students can find some lucrative PAID internships now that the economy is back (or at least somewhat trending back). Students in technology and finance are at the top of the list of best compensated internships with monthly wages as much as $6074!… Read More