People should watch for payday loan collection scams, which are usually conducted over the phone. Image from Wikimedia Commons.

Though any form of credit, from mortgages to payday loans, carries some risks and responsibilities, those risks do not include putting up with illegal activity. Unscrupulous people are trying all sorts of methods, including payday loan collection scams, to try to bilk people out of money.

Arkansas Attorney General sues Kansas firm for illegal collections

A Kansas-based debt collection firm is being sued by Arkansas Attorney General Dustin McDaniel for attempting to illegally collect debts the company claims are owed to payday loan lenders by citizens in the state of Arkansas, according to ArkansasNews. McDaniel has sent National Credit Adjusters two requests for information concerning its attempts to collect payday loan debts in Arkansas, but the Hutchinson, Kan., firm has not responded to either. According to a post on the Attorney General of Arkansas website, payday loan lending is illegal in Arkansas, and the debts are therefore not collectable, according to the Attorney General’s office.

Beware collectors posing as cops

A popular trick among some unscrupulous debt collectors and scam artists is to call people and pose as either state officials or police officers. People in North Carolina, according to WFMY, a CBS affiliate in the Raleigh, N.C. area, have been receiving phone calls from telemarketers posing as agents of the Federal State Bureau of North Carolina saying that people owe a debt and have to pay up right away or be arrested. An Ohio man, according to Credit.com, was contacted by lawyers for the Brooklyn County Court and told he owed a payday loan company almost $800 for a loan and collection fees, though he had only applied for an online loan but did not take it. Similar phone calls, involving a “thick accent” and posing as an official through the non-existent Brooklyn County Court, have been observed across the country, and many people who received such calls had recently applied for a payday loan online.

Forewarned and forearmed

Debt collections fall under the Fair Debt Collection Practices Act, and people who feel a debt collector is not abiding by these laws should complain to their state attorney general’s office and the Federal Trade Commission. Ask for a statement in writing, as a debt collector is required to provide one. Do not stand for tactics of intimidation; it is illegal for debt collectors to be abusive when trying to collect a debt. Also, if a debt collector claims to be an attorney, ask for the person’s name and proof of membership in the state bar association. Impersonating an attorney is a crime, and consumers should never hesitate to ask for credentials.

Sources

Arkansas News

Arkansas Attorney General’s Office

Credit.com

WFMY

Fair Debt Collection Practices Act

A new study purports that payday loans and crime are conclusively linked. Photo: diaper/Flickr.com/CC-BY

A newly released study links payday loans to rising crime rates and falling property values. It isn’t the first time that the two things have been connected, but the literature on payday lending has varied between a link existing and not existing. The sum total of the effects of payday lenders may be impossible to really calculate.

Social disorganization theory

A new study has re-examined the link between payday loan lenders and crime, according to WalletPop, and it claims that payday loan lenders are a cause for crime to rise. The study, originally a working paper that has been around since at least 2009, is titled “Does Fringe Banking Exacerbate Neighborhood Crime Rates?” and is written by Charis Kubrin and Gregory Squires of George Washington University and Steven Graves of California State University Northridge. The authors use social disorganization theory as a framework, which is a theory in sociology that basically says crime is influenced by environment above anything else. The contention is that payday loan lenders enter environments that are highly disorganized, such as poverty and crime-ridden areas, and cause things to get worse.

Restating the obvious

The study contends that Seattle crime rates are highest in the areas with the highest concentration of payday loan lenders and that the problem has only become worse as time goes on and the number of payday lenders increases. The study is meticulously done, and does make a case for its central premise of payday loan lenders driving up crime rates. However, Heather Luea, in a 2010 study of payday loans and crime rates, observed that this specific study (which has been around for nearly two years) noted a rise in crime of slightly more than 1 percent. It should also be noted that one of the most proximate causes of crime is poverty, and payday loan lenders cater more to people who do not totally rely on banks and credit cards for sources of credit. In other words, there is more crime in areas that are known for having more crime.

Dividing issue

There has been a long back and forth in academia concerning whether payday loans are good, bad or in a moral gray area. Accusations of bias have been made at authors of payday loan-positive and payday loan-negative studies, so it is definitely known that there isn’t a hard-and-fast academic consensus on the issue, and there are a lot of causes and correlations regarding crime. However, household income for the upper 20 percent of income earners has been increasing at a steady clip for the past 30 years but held fairly flat for the lowest 40 percent, according to U.S. Census data available on Wikipedia. That’s demographic that payday lenders cater to. Few policy suggestions are made about what to do about paying people more that aren’t met with hostility.

Sources

WalletPop

Fringe banking and crime study (PDF – Requires Adobe Reader)

2010 study by Heather Luea (PDF – Requires Adobe Reader)

Census tables on Wikipedia

Car title lending is the target of a re-opened discussion in the Wisconsin legislature. Image: Flickr / teegardin / CC-BY-SA

Last year, Wisconsin became the final state in the union to regulate payday and title lending. The original bill would have prohibited banning car title lending, but the governor vetoed that item to entirely ban title lending. Now, a joint committee is taking action to end the ban on title lending, which would de-regulate the industry.

Current regulations on Wisconsin’s payday lending industry

Currently in Wisconsin, short-term loans secured by an auto title are not legal. The selective vetoing of the 2010 legislation banned loans of this type. Payday loans in Wisconsin are also limited to 35 percent of a borrower’s monthly income. Once a loan comes due, additional interest cannot be charged, even if payment is late. In 2009, Wisconsin’s 527 short-term lender locations lent out $600.5 million.

Wisconsin GOP tries to rescind changes

Senate President Mike Ellis, a Republican, has been pushing this year for tighter regulations on payday loans. Despite his surprise at the recommendation of the Joint Finance Committee, Ellis agrees that the recommendations should be debated on the merits, rather than as a knee-jerk reaction. The committee’s co-chairman, Rep. Robin Vos, responded by saying “You can make a case that it was done wrongly the first time. We’re correcting his error and actually adding some better provisions in,” referring to the fact that the original bill as passed by last year’s legislature was significantly re-shaped by the governor’s vetos.

The difference between payday lending and title lending

Title lending and payday lending are often lumped in with check cashing and other short-term financial solutions. These financial products all cater to the underbanked community, but they each do so differently. Payday loans are short-term loans intended to be paid back in two to four weeks. Title lending, on the other hand, offers higher loan amounts, but puts the collateral, a vehicle, at risk. Check-cashing services charge a fee for cashing checks for customers. Each of these services is different and should be regulated and discussed differently.

Sources

WTAQ
JS Online

The Colorado legislature is attempting to sort out payday loan legislation, with only days until the end of the session. Image: Flickr / swanksalot / CC-BY-SA

Just hours before the Colorado legislature is due to shut down for the season, an amendment is causing frustration. The annual rules bill that deals with much of the day-to-day operations of the state has a new, controversial amendment about payday loans. If the issue is not resolved today, the Colorado legislature will require a special session.

Colorado Senate Bill 78

Colorado Senate Bill 78 is an annual rules bill that was intended to create specific, enforceable rules for many of the bills passed over the last session. There are about 600 individual rules addressed in Senate Bill 78, including solid waste disposal fees, fire codes in schools, licensing of medical marijuana dispensaries and ski lift safety. After the bill had been passed by the House, Senate Republicans amended the bill to include a previously dead bill that changes payday lending laws in the state.

Proposed changes to Colorado payday lending law

Last year, the Colorado legislature made significant changes to payday lending laws in the state. The fees and interest rates that lenders could charge were severely limited. The bill also limited origination fees on any short-term loan to $75. Lenders argued that the way the rules on this particular law were written was improper, and the Colorado House earlier this year passed legislation that allows lenders to keep their regular origination fees. The bill died in the Colorado Senate, however. Senate Republicans tacked the bill back onto the Rules Bill as an amendment, re-igniting debate on the controversial issue.

Potential cost to taxpayers

If the House and Senate in Colorado cannot come to an agreement on Colorado Senate Bill 78, the legislature may well face a special session. A special session of the legislature could cost taxpayers several thousand dollars per day. In Washington, special sessions were estimated to cost $20,000 per day; New York special sessions are about $50,000 per day. In short, the cost of sorting out the payday loan bill in Colorado could cost taxpayers several hundred thousand dollars.

Sources

Komo News
Denver Post

Maryland lawmakers are hoping a short term loan of foreclosure fees will keep property values up. Image: Flickr / TheTruthAbout / CC-BY-SA

In some areas of the country, the number of foreclosures continues to rise. One Maryland county is hoping to address the problem with a fee on foreclosed homes. The bill would also make it a criminal offense to let a home fall into disrepair.

Maryland’s high foreclosure rate

Maryland has been facing high foreclosure rates since the housing collapse in 2008. Prince George County in Maryland has had one foreclosure for every 457 households thus far in 2011. Many of the homes in Prince George County are not being maintained, which is reducing property values at the same time inventory is going up. Not only does this lead to urban blight, Prince George County tax revenues are falling.

Charging a foreclosure fee

Prince George County has been appealing to the state lawmakers for the right to do something about homes that are not maintained. The county wants to charge owners of foreclosed homes $75 per year. This money would go into a county fund that would pay for contractors to clean up abandoned homes. Essentially, it would be one more fee on the short term loans of foreclosures. The county would also be given the right to send inspectors to check on foreclosed homes.

Problems with foreclosure fees

Getting a short-term loan in the form of foreclosure fees is intended to help the city care for foreclosed homes and improve property values. The fee, however, could be the equivalent of trying to squeeze blood out of a turnip. The county says it will not be trying to collect the $75 fee from homeowners in debt. However, that means that the county may be trying to collect a per-house fee from banks that own the properties and are not maintaining them. In order to help ensure this happens, the county may also be creating a criminal or civil misdemeanor offense for not “keeping a property up to neighborhood standards.”

Source

Washington Examiner

Amazon is fighting Texas over a $600 million sales-tax bill. Image: Flickr / Andy On Flickr / CC-BY-ND

Texas has been attempting to bill itself as a friendly place for businesses to operate. This business-friendly facade is being thrown into question by a fight with online retailer Amazon. The Texas Comptroller has ordered the seller to pay $600 million in back sales taxes.

The state of state sales tax collections

Online retailers present a problem for many states. Sales taxes are usually charged for sales from one physical location to a resident of that state. Online sales are often from a retailer incorporated in one state to a customer in a different state, sometimes with a distribution center in a third state. This multi-state system puts state tax collectors in a tough situation, often cut out of the picture entirely.

The dispute between Amazon and Texas

Texas is home to an Amazon distribution center. The Irving center ships  millions of dollars worth of product each year, sold via a website based in Washington state. Amazon claims the distribution center in Irving does not amount to a physical location in the state of Texas. The Texas governor agrees, but the state Comptroller disagrees. The Comptroller sent a letter to Amazon demanding $600 million in back sales taxes. Amazon is attempting to call the bluff, arguing that in no way does a distribution center amount to an in-state location and the Comptroller is simply trying to get Amazon to fund a no fax loan to the state budget.

How states are handling online taxes

Texas is not the only state feeling cheated out of sales taxes. Experts estimate that more than $11 billion in sales taxes go unpaid each year because of online retailers. While most states do have a “use tax” on the books, most customers simply do not pay it. In Texas, legislation is being pushed through that would specifically exempt Amazon from sales taxes, but most states are trying to write legislation to ensure they get their cut. Something would need to be done on a federal level, however, because interstate commerce is the purview of the federal government. The likelihood this will happen anytime soon is low, however — meaning Amazon and other online retailers could skip out on their bills, getting a free payday loan from lack of regulation.

Sources

The News Tribune
Stateman

Louisiana state employees may not be getting a raise. Image: Flickr / MoneyBlogNewz / CC-BY

In Louisiana, state employees may be facing a limit on annual pay raises. This would be the second year of pay freezes in the state. Employee advocates, however, are calling this move the equivalent of a payday loan for the state.

Louisiana state pay raises

The state of Louisiana is facing a $1.6 billion budget shortfall. Each year, along with annual reviews, employees generally qualify for pay raises up to 4 percent. Last year, the state froze Louisiana state employee pay raises and saved about $55 million. Gov. Bobby Jindal has suggested extending these pay raise freezes for the 2011-2012 budget year to continue the savings. This would freeze only annual pay raises, not raises associated with promotions.

Louisiana budgetary woes

By trying to fix the Louisiana budgetary problems with pay freezes, the state legislature is not making friends. State commission members who represent employees have expressed concern that the state is “attempting to balance the budget on the back of workers.” Calling the pay freeze an emergency loan that will end up costing the state more money, employee advocates are attempting to push through at least a cost-of-living adjustment for employees. Many states are using pay freezes, furlough days, and even layoffs as a way to balance budgets. In Louisiana, cutting out pay raises is a relatively low-impact measure to balance the budget.

Where Louisiana stands

Though the state is trying to cut almost $2 billion out of the budget, Louisiana is in a better position than most states, economically. The average unemployment rate in Louisiana is 7.7 percent, while the average national rate is about 9 percent. Louisiana state colleges also have one of the lowest in-state tuition rates in the nation. The state commission is currently drawing up proposals, and the final budgetary decisions will be made by March 11.

Source

Bloomberg

People are going to have to pay advance cash to banks more often to use their checking accounts. Image from Wikimedia Commons.

People who bank with the nation’s largest banks are going to have to start paying advance cash for having a checking account. Free checking accounts are all but gone at major banks, now that U.S. Bank is rumored to be jumping on the account fee bandwagon. Increasing bank fees are a trend unlikely to cease.

Banks charging advance cash

Free checking accounts, from the customer’s standpoint, were far preferable to checking accounts with fees. It used to be an account holder simply had to pay for blank checks, they didn’t have to pay the bank advance cash to keep the account open for another month. Account holders at the nation’s largest banks can bid goodbye to those days, as free checking accounts are becoming a thing of the past. Bank of America, Wells Fargo and JP Morgan Chase all introduced new fees on checking accounts, and U.S. Bank is likely going to hop on the bandwagon, according to CNN. More people can expect to have to part with some instant cash to use their own money.

Get around fees

Avoiding bank fees is one of the more common reasons people take out a payday loan, but there are other ways around bank fees as well. Consumers should check with their banks to find out what loopholes they might be able to use to get around fees. For instance, check to see if a minimum balance can get any maintenance fees waived and whether monthly direct deposits can get fees waived. Some banks will waive account fees after a minimum number of purchases with a debit card.

Free checking will not die

Just because major banks are instituting fees does not mean free checking is going extinct. For instance, many community banks and credit unions offer free checking accounts and lower fees than major banks. Fees at those institutions go back into the community, not toward funding an executive ski chalet in Scottsdale, Arizona.

Source

CNN

Legislators at the Mississippi state capitol have stalled passage of a new payday loan regulation. Image from Wikimedia Commons.

The Mississippi state legislature has stalled a bill that would further regulate payday loan lending in the state. States have increasingly passed legislation regarding payday lenders, usually to reduce interest rates. The new regulatory bill is stalling as legislators cannot agree on terms.

Payday loan regulation bill stalls in Mississippi legislature

The state legislature of Mississippi, in session in Jackson, has stalled in passing a new law that would put further regulations on payday loan lending, according to Bloomberg. The new bill would extend repayment periods and cap interest rates on payday loans in the state. However, the new payday loan law is not going anywhere until both houses can agree. The Mississippi House of Representatives passed a version that would allow borrowers 21 days to repay cash advance loans less than $200 and 28 days to repay loans of $201 to $500. The Mississippi Senate version gives borrowers 21 days to repay loans of $300 or less, and 28 days to repay loans of $301 to $500. The current laws in the state regarding payday lenders expire in 2012.

Consumer Financial Protection Bureau may target payday lenders

It has been anticipated for some time that the Consumer Financial Protection Bureau may end up going after payday lenders, but that may not be the case. The Bureau was created as part of the Dodd-Frank Act and is headed by Elizabeth Warren, who was appointed to the post by President Obama. The agency has yet to do anything, as it isn’t an active agency yet, but it may not do much with the payday industry, according to the Motley Fool. The CFPB can’t cap interest rates, but it can call for greater disclosure from lenders.

Disclosure works in payday lenders’ favor

Greater amounts of disclosure would likely act more in the interest of payday loan and cash advance firms than banks. Given the number of fees that credit card and other accounts have tied to them, and the scant fees assessed by payday lenders, more people may end up taking out a payday loan. Most payday loan lenders already disclose all fees upfront due to the Truth in Lending Act.

Sources

Bloomberg

Motley Fool

Payday loan collection scammers are looking to score a quick buck. Image: Flickr / MonyBlogNewz / CC-BY

The federal Internet Crime Complaint Center is tracking a new payday loan scam. The scammers claim to be collecting for an overdue payday loan. This scam appears to be targeting both former customers of short term loans as well as individuals who have never taken out a loan.

Payday loan collection scam

The basics of the new payday loan collection scam are simple. Someone calls from an official-sounding agency such as the Federal Legislative Department, various law firms or even the FBI. The caller will name your bank, account number, social security number, or even family member’s names. They will ask you to remit payment via cash, check, credit card or direct debit from the account they have on file. They will often ask for a signature on a document stating that you will “never dispute the debt,” among other things.

Risk of identity theft from the scam

The payday loan collection scam carries many potential risks. Not only could paying the scammers mean you lose money, but the amount of available information means you are at risk for identity theft. Some of the scammers even threaten physical injury. If you are contacted by these scammers, you should immediately take steps to protect your identity. Contact all three credit reporting agencies and put an alert on your account. Contact your bank and alert them. Finally, file a complaint with your local law enforcement and IC3.

Collection practices of legitimate payday lenders

Payday lending is a risky business. By offering credit products to consumers who have little or no credit history, short term credit locations take a big risk. About 20 percent of payday loans end up in default, and payday lenders have little recourse. A legitimate payday loan store, such as those that operate in Reno, Nevada, may contact you if you default on a payday loan debt. However, it will comply with all local and national laws concerning debt collection. Never be afraid to ask for verification or follow-up with anyone claiming to hold one of your debts.

Sources

IC3
2010 statistical analysis of payday lending

Though they consider it a payday loan to the budget, legislators may approve gambling in Texas. Image: Flickr / jimg944 / CC-BY

There is a new Texas legislature convening soon. This legislature will be facing a huge budget deficit. Casino interests are trying to get the legislature to allow casinos in the state to give a short-term loan to the state budget.

Texas gambling interests

Lawmakers in Texas are going to be convening their new session in just a few weeks. The legislature will be facing a budget deficit of $20 billion or more. While meeting in Fort Worth, lawmakers will have to increase revenue or decrease spending through program cuts — neither of which are going to be easy or popular. Gambling interests are trying to get the legislature to legalize gambling within the state as a way to meet that budget deficit.

Previous attempts to legalize Texas gambling

Lawmakers have considered legalizing gambling within Texas state lines before. Last time, gambling interests tried to push through a bill that would have legalized gambling within the state. Despite a rider that would have devoted gambling revenue to college scholarships, the bill was soundly defeated. Many lawmakers say that casinos are more than a short term loan to the budget. Some consider casinos and gambling to be a payday loan that has to be paid back with increases in law enforcement and social services.

How Texas gambling would work

If the Texas legislature passes a bill to legalize gambling, it would not happen immediately. First, the Texas constitution would have to be changed. Second, a significant amount of gambling revenue would be earmarked as a way to help fund higher education. Third, gambling would be put up for a public vote, and would likely be limited to individual municipalities, such as Irving and Tarrant County. Lobbyists are unsure whether the Texas gambling bill will make it through the legislature, but the desperate need of short term loans for the budget may give it a better chance of passing.

Sources

Miami Herald

That status of unemployment in Maryland is better than in many states. Image: Flickr / labor2008 / CC-BY

The long-term costs of unemployment on state and federal government reserves are adding up. For 60 percent of states, unemployment trust fund reserves have simply run out. The state of Maryland has paid back their federal loan, which will save the state millions of dollars.

Maryland unemployment loan

In order to keep paying out unemployment benefits, 30 states have been required to take short-term loans from the U.S. Treasury. These loans have been interest-free for the last two years, thanks to a provision of the stimulus bill. These literal payday loans kept Maryland unemployment benefits flowing, even though the trust fund had run out of money to pay out benefits.

Interest on short-term federal loans

On Dec. 31, 2010, the federal treasury bonds that have been paying unemployment benefits will start accruing interest. This does not mean that states will no longer be able to get these short term loans. It does, however, mean that the loans will start accruing daily interest. The states will owe that interest directly to the U.S. Treasury. Estimates put the amount of interest owed on these loans somewhere around $2 billion in 2011, and up to $65 billion by 2013. The employer obligation for unemployment taxes will also be going up in 2011, with minimum unemployment insurance rates increasing by as much as 100 percent in some states.

Maryland avoids federal interest

Though 30 states have taken out short term loans to keep their unemployment checks coming, most will be liable for the interest of these loans. The only way states have to avoid this interest is to pay back the money borrowed from the federal government. Four states with dropping unemployment rates have been able to pay back their loans. Maryland, New Hampshire, South Dakota and Tennessee are going to be free of the interest obligations of their loans. Maryland has been able to do this thanks to their steadily dropping unemployment rate — a luxury many states simply do not have.

Sources:

National Conference of State Legislatures

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Take action and save money, time

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Kim Kardashian may seem trustworthy because she's a celebrity, but get her prepaid card and pay dearly with fees. Image: David Shankbone/Wikimedia Commons/CC-BY

A new product to get celebrity endorsements are credit and debit cards. Celebrity debit cards work like a typical card, except that because a celebrity endorses it, the fees are higher than normal. A person would be better off with a cash advance than some of these cards.

Consumers urged to avoid the ‘Kardashian Kard’

Not long ago, a line of prepaid debt cards was announced by the Kardashian sisters. Celebrities sometimes lend their name or likeness to a product because it will sell. That isn’t so bad; plenty of products that have endorsements that are perfectly fine. However, their card has been slammed, according to US News and World Reports, as being disgustingly expensive. For instance, every ATM withdrawal from the “Kardashian Kard” costs $1.50, on top of ATM fees. It also costs $9.95 to get one, and a monthly fee of $7.95. The “Kard” has to have six to 12 months of fees paid to even use it, and it costs $1 every time a person puts money on the account. Basically, a people using the Kard have to give the Kardashians and MasterCard some money now every time they want to use their own payday cash.

Maybe a payday advance would be better

A six-month Kardashian Kard costs $59.99, considerably more than the average payday loan costs to borrow. According to the Washington Post, the normal fee for similar pre-paid debit cards is $10 per year. Though a prepaid card like the Kardashian Kard or the Green Dot Card may not carry as many fees as some bank accounts, it seems ridiculous to be giving up that much from pay day for use of a debit card. It is better to get a checking account through a credit union, as credit unions have far fewer fees than traditional banks. They also don’t have as many account fees, and credit unions benefit the community, not wealthy celebrities and shareholders who pocket the proceeds.

Better options

If you need a small loan until payday, getting a loan from a payday lender may be better than getting one of these celebrity debit cards. The interest saved from card fees alone may be a huge savings. You can read more in the Payday Loan Facts and Statistics Report on Personal Money Market.

The beautiful 401 Trail located north of Crested Butte, Colo. (Photo: TRAILSOURCE.COM/Flickr/CC-BY)

Almost anywhere you go there are resources that can help you find fun trails to explore. There are many bike trails to consider, and if you aren’t into biking, you can hike them, instead. There are websites with GPS coordinates and maps to help you find your way. There are many groups of people who are focused on creating, improving and maintaining these trails for everyone to enjoy.

Finding a fun trail may be easier than you think

Rather than just walking around your neighborhood and dealing with the distraction of city traffic, intersections and such, you could make a short drive to a trailhead, jump out and get right to enjoying the beauty of nature. Depending on where you live, you may not even need a vehicle — or a payday advance to pay for gas and unnecessary equipment — to visit these fantastic, secluded trailheads.

Great resources to help you locate specific trails

There are books written by enthusiasts on popular, specific trails in different areas. You can get a detailed description of the trail, how long it is, how difficult it is and more. Choosing easier and shorter trails allows you to really enjoy your beginning experience. And as you build your skills and endurance, you can shoot for longer, more challenging trails to explore. You can improve on your physical health and have fun doing it. Pack a fun, healthy snack for your trip and bring your dog along for the adventure.

A wonderful past time

You don’t need a payday loan or a cash advance for fancy, expensive equipment to enjoy this wonderful past time. It’s a terrific way to spend quality time with the kids or just get out of the house without spending a lot of money. Take the opportunity to learn and teach others about the geology, geography and history of your area.

Watch out for new ATM and overdraft fees, as you may be better off getting a payday loan. Image from Wikimedia Commons.

Overdraft and account fees are the way banks get a lot of instant cash from their customers. Granted, a fee of some sort is not unreasonable in some situations. However, bank fees generate quite the pay day for the typical banking institution.

Fees rise as laws force banks to find more instant cash

Legislation passed earlier this year forces banks to adhere to new rules concerning overdraft fees and other account fees. For instance, customers now must be asked whether they want overdraft protection. Customers also have to be asked if they would prefer to get a cash advance from the bank to cover overdrafts or just opt out of a transaction. However, because practices that omitted that information are no longer legal, banks and credit unions now have to find more ways of generating income from customers. For instance, according to CNN, ATM fees have risen by 5 percent this year. Overdraft fees rose 3 percent on average, and the average overdraft fee is now $30.47 per occurrence. That’s actually about the same cost as a small payday loan.

Interest in excess of what is excessive

The interest rates on overdraft fees are insane. For instance, let’s assume a person spends $200 more than he has on his debit card, which a lot of people will do this holiday season. Assume also that the person has done this with three purchases, at $30 per occurrence, for a total of $290 that he will have to repay the bank when he gets his next infusion of payday cash. That’s 45 percent in simple interest, but in APR, that’s 2,340 percent interest.

Banks make a lot of money from fees

Overdraft fees are the greatest method of generating revenue from bank customers. Considering that the average person pays $620 per year in fees or more, the average person may be better off getting a payday loan a few times per year to head them off. You can read more in the Payday Loan Facts and Statistics Report on Personal Money Market.

(Photo: MissMessie/Flickr/CC BY-SA)

Coupons are everywhere now. Almost all retail businesses use coupons to entice new customers. You can save a lot of money on almost anything and prevent the need for a payday loan just by using coupons. Even if you feel you don’t really need to save money, you can use coupons to start a fund for your favorite charity. Everything you save from coupons will be much appreciated by food banks, Toys for Tots foundations and many other organizations in need of donations.

Saving money with coupons

Coupons are easy to find. Type “coupons” into your web browser and click search. Your local newspaper’s website should have them, as well. There are multiple websites now that are offering thousands of coupons ready for you to take advantage of. They can be very substantial, too, such as the 50 percent off fabric store coupon at JoAnn Fabrics and free shipping coupons at Cabela’s. Many of them have Internet codes that let you get a discount right off your online order. Next time you go shopping, take a minute to look up coupons for the store you’re buying from or perhaps on a particular item you’re looking for. You never know what you might find.

Double your coupon value

The local papers also put out coupons for everyone. Sometimes, you can even find “double coupon” savings. This is when you really want to take advantage of those small coupons, as you could double your savings easily. There are folks who buy all their household items with coupons. A program once documented a woman buying $125 worth of groceries for only 25 cents! Who needs a payday loan or cash advance loan at this rate?  To think you could save yourself that much or benefit your favorite charity that easily.

Begin slowly by simply looking for coupons. Start collecting them and pay heed to discounts offered online. Then, when you do go shopping, you will already have your own collection to use.

These are the repossessed homes that banks no longer want to sit on. Banks are more than willing to work with you in any way possible to sell off the home. It’s smart business, if you ask me, and it is all to your advantage if you don’t have a home of your own.

Banks, mortgage lenders and Realtors

The best part about it is that it doesn’t cost anything to look into this amazing opportunity. Why not shop around? With interest rates as low as 4.25 percent, you just might score an amazing deal. It can be fun, too, rather than an emotional, upsetting adventure. There are plenty of horror stories out there about banks not performing well and Realtors who are only hungry for their commissions. However, all banks, mortgage lenders and Realtors are not created equal. You won’t find the good ones if you believe they are all bad.

Finding the right people

To find the right personal loan mortgage lender, ask around and don’t believe everything negative someone tells you. My friend (the Realtor) found a guy who can almost always get a loan done in a very short period of time. Now, is that because he is cheating or dishonest? Not at all. He just knows his business and only gets paid if he processes an approved loan. On the other hand, those working at banks may be paid on salary and won’t really care how long it takes to get you approved. Ask, and keep asking until you find that one lender that’s fast, efficient and professional.

It is to your advantage

It might take you a little while to find the right people; stay calm and be patient. What happens, typically, is we get excited about buying a house and jump on the first available opportunity, then get dragged through the mud, only to swear we won’t do it again. Just take the time to find the right lender. Make it an adventure and remember, you can always apply for a payday loan or a cash advance loan to help you along the process.

(Photo: Scott Ableman/Flickr/CC BY-ND)

Moving to a new town can be very stressful. Moving, in itself, is considered to be one of the top three stressful situations you can experience in life along with death and divorce. However, you can make the move more pleasant by finding newcomers clubs near you. You are not required to be a brand-new member of a town to join the club. Members of these newcomer clubs are focused on making you feel welcome and a part of the club, no matter how long you have lived there.

Newcomers clubs provide friendly opportunities

Newcomers clubs are designed to give people new to the area the opportunity to meet and get to know other people, participate in fun events they have scheduled all year and help you find other resources you might need after a move, such as a payday loan or a short term loan to make ends meet. As a matter of fact, I was invited to join one after living in my “new” town for three years. I sure wish I had known about it sooner because it felt like I had found my family and friends. I took part in many of their activities and felt cared for and accepted.

Each group is different, and it depends on the size of the club and what is being offered. Different groups include wine tasting, hiking, quilting, book reading, gourmet cooking, theater, crafting and so much more. It was so nice to attend these different groups and partake in a number of fun activities.

Newcomers clubs have websites

Most newcomers clubs have a website. You can also check the local papers for more detailed information. One new town I moved to had advertised activities in the paper to make sure new folks could find them. Many of its members have been a part of the club for more than 20 years. They are the ones that make sure there is always someone there to make new residents feel like they have came home. No personal loans needed.

Google is granting a 10 percent raise to all 23,331 employees for 2011 as an incentive to stick around. Image: CC Rojer/Flickr

A Google raise of 10 percent for all its employees was announced last week. In addition to the raise, Google is giving its entire staff a $1,000 Christmas bonus. Tech insiders say the Google raise and bonus is an attempt to fight off employee defections to Google rivals such as Facebook.

Google’s $1-billion raise

The Google raise, effective Jan. 1, 2011, has been offered across the board to every one of the company’s 23,331 employees. Google is even paying the taxes on the $1,000 holiday bonus so employees can take home a nice round number. According to Business Insider, the raises could cost the company $1 billion a year. The holiday bonus of $1,000 will cost Google about $20 million. Fortunately, those of us who don’t work for Google can get quick cash for Christmas easily with a payday loan or personal installment loan online.

Google captains jumping ship

The Google raise is a response from the company to fight off a talent drain as rapidly growing rivals aggressively approach top Google employees. But in an ironic twist, the Google employee who leaked news about the raise was fired and may have to borrow money for the holidays. Getting fired for releasing information that prospective Google employees should probably know seems counter-intuitive for a company losing top talent. CNN reports that in the past few weeks, Google lost such top guns as YouTube co-founder Chad Hurley, AdMob co-founder Omar Hamoui and Google Maps and Wave creator Lars Rasmussen.

Facebook plunders Google

Facebook has been the biggest raider among those companies seeking talent trained at Google. Mark Zuckerberg’s right hand woman at Facebook is Sheryl Sandberg, former chief of sales and operations at Google. Bret Taylor, Facebook’s chief technology officer, was a top product manager at Google. On LinkedIn — which is also competing with Google for talent — 300 of the 1,900 Facebook employees profiled on the site list Google as a past employer on their resumes. That’s about 15 percent of Facebook’s staff of about 2,000.

Sources

Business Insider

CNNMoney.com

bNET