Stay updated on financial news, market trends, and economic changes that affect your money. From interest rate hikes to government policy shifts, we break down what’s happening now—and what it means for your finances.
2008 was been a rough year for all of us, and 2009 doesn’t look much better. Millions of Americans have already lost their jobs – few industries have been safe from the plague of cutbacks among ailing businesses struggling to survive. Investors who’ve built up their life savings, their retirement funds, and their kid’s college … Read more
The government reported today that U.S. economy lost 524,000 jobs in the month of December, bringing the unemployment rate up to 7.2% from November’s 6.8% unemployment rate. This is the highest unemployment rate in sixteen years. Over just the last four months of 2008, almost 2 million jobs have been lost. The job losses were … Read more
President-elect Barack Obama said today that the ongoing recession could last for years unless dramatic action was taken as soon as possible. Obama said, “Throughout America’s history, there have been some years that simply rolled into the next without much notice or fanfare. Then there are the years that come along once in a generation … Read more
It’s not like you don’t already know that things are really bad, but here are some numbers for you. The Congressional Budget Office (CBO) reported yesterday that the U.S. recession – officially recognized to have started about a year ago – is likely to last well into 2009. If it doesn’t end until the second … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
