Finance Globe

Banks and credit unions offer a variety of FDIC or NCUA-insured accounts - checking, savings, money market deposit accounts, and Certificates of Deposit (CDs).Choosing the types of accounts that work for you should be fairly easy; it mostly depends on how much money you have and how long it will be before you need the money.Checking AccountsYour checking account is for very short term money needs. A checking account is designed to hold your cash until...

The Federal Trade Commission (FTC) reported earlier this week that Payneless Credit Repair, LLC and its owner, located in Richardson, Texas, has agreed to settle charges that the company's business practices violated federal law. The FTC charges against the company, filed in July 2008, are part of the FTC's crackdown on credit repair agencies, "Operation Clean Sweep." The company made false claims claiming they could fix a consumer's credit, charging advance fees of anywhere from $500...

The Obama Transition team announced on Sunday that President-elect Barack Obama intends to form a "White House Task Force on Working Families."The Task Force will be chaired by Vice President-elect Joe Biden and becomes effective January 20, 2009, the day Obama is sworn in as President of the United States.The aim of the Task Force is to raise the living standards for American middle-class, working families. Top-level administration policy-makers of the Task Force will paritcipate in...

Choosing a Financial InstitutionIf you need to open a checking and savings account, and possibly even get a credit card, it's a good idea to do some comparison shopping before you open your accounts.Aside from offering the services you need, convenience and cost should be your two determining factors in choosing a financial institution. A branch location near school, work, or home can save you time, but it may be worth a short walk or drive...

President Bush announced this morning the decision to help U.S. automakers General Motors Corp. and Chrysler, LLC with an emergency loan to give them an opportunity to bring their businesses back to profitability. Ford Motor Company is not taking out a government loan at the moment; Ford CEO Alan Mullaly said that they have enough money to get through the ongoing recession.Bush said that under normal economic circumstances he would allow the automakers to fail as...

The Federal Trade Commission (FTC), the nation's consumer protection agency, reported earlier today that Atlanta, Georgia-based sub-prime card issuer CompuCredit Corporation has agreed to a settlement in response to charges of unfair and abusive credit card practices.The FTC filed a complaint in federal court in June 2008, alleging that CompuCredit Corporation used deceptive and misleading conduct in marketing, issuing, and servicing of credit accounts.The sub-prime card issuer has agreed to reverse fees associated with their credit...

The Office of Thrift Supervision (OTS), a division of the U.S. Treasury Department, approved a final rule today to prevent savings associations from engaging in credit card practices that are unfair to consumers.The Federal Reserve Board (FRB) and the National Credit Union Administration (NCUA) are expected to approve the same rule later today, so that consumers can expect the same kinds of protections regardless of what type of financial institution issued their credit cards.The OTS began...

The U.S. Department of Labor reported today that consumer prices declined by 1.7% in November, after a 1% decrease in October. Price declines like this may seem very small to the consumer - a 2% discount is hardly anything to get excited about - but the U.S. hasn't seen a price decline this severe in the entire time the Department of Labor has been keeping track of consumer prices starting in 1947.Price Changes by CategoryThough the...

The Federal Reserve announced today that they cut the federal funds rate to a range of 0 to .25%, down from the previous interest rate of 1%. The rate cut brings the key interest rate down to a historic low. Citing their concern over the worsening job market, and the decrease in consumer spending, business investment, and industrial production, this is the Fed's latest attempt at stimulating the economy with a rate cut.The Fed stated that...

Unemployment rates in the U.S. continue to creep upward as the economy lost over a half a million jobs last month. The Department of Labor reported on Friday that the jobless rate for November is 6.7%, up from 6.5% in October.We haven't experienced this level of joblessness for over fifteen years, since September of 1993 according to statistics from the Department of Labor.The U.S. economy has lost 2.7 million jobs and the unemployment rate has risen...