The Daily Dollar

Defend Your Dollars is the website of the Consumers Union Financial Services Campaign, where we support reforms to the financial marketplace to curb bad practices by banks and lenders.

BANK FEES… (The Clandestine Pick-pocket)
Posted by Jamie at 04/28/08 11:31 AM

Have you ever added up your bank fees? Wow! When I added up the bank fees on my fairly new business account, I had a surprise I wasn't banking on... Read more »

Buying a car? That super-low monthly payment offer may cause trouble down the road.
Posted by Gail, the money mom at 04/18/08 04:00 PM

Don't get caught upside down...Should your car take six years or longer to pay off? Car dealers now offer six and even seven year car loans. This reduces the monthly payment, but increases the total cost of the loan. The low payment makes the car look cheaper than it really is – and it increases the time for which you will owe far more than the car is worth. That means when you are ready to trade in the car, you have to come up with extra cash or roll the amount you still owe into the loan on your next car, making the problem worse. Experts call this being “upside down” on the loan. To read more, click here. Read more »

Mortgage mess help – too little, too late?
Posted by Gail H. at 04/14/08 03:28 PM

The Federal Reserve Board has proposed some changes in regulations to respond to the subprime mortgage mess, but the first draft of those regulations is too short on real consumer protections. The Board acknowledges the need for strong regulation and the problems faced by borrowers when dealing with the mortgage lenders. But its proposals won’t prevent another mortgage meltdown. That’s because the Board continues to make access to credit the guiding principle for regulation – even when the terms of the credit are harmful to the consumer. Read more »

Retirement savings - diversify!
Posted by Gail, the money mom at 04/07/08 12:40 PM

If your company stock takes a nose dive like Bear Stearns – from $170 to $10 a share in a year – would your retirement plans evaporate as quickly? They just might if your 401(k) is heavily invested in company stock. Read more »