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What the Stress Test Results Mean for You
Tweet Share on Facebook May 8, 2009 CommentStress tests sound like the kind of thing that should be done under a doctor's supervision, but in this case, it was banks, not people, that were forced to run quickly on a treadmill and see how soon they would fall off. The results were mixed: Some banks need to get in better shape, while others appear reasonably well-prepared to weather any further crises lurking around the corner. Among the trouble spots that need more capital: Bank of America, Wells Fargo, and Citigroup. Meanwhile, JP Morgan Chase, Goldman Sachs, and Capital One were among those declared fit enough as they are.
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How to Buy a Domain Name, Not a Scam
Tweet Share on Facebook May 7, 2009 Comment (19)About a year ago, I decided it would be nice to own my own domain name, www.kimberlypalmer.com. So I visited www.GoDaddy.com, a popular domain name and web hosting company, and checked on its availability. (When I went to the site itself, it was blank.) The GoDaddy search function told me that someone already owned the site, but I could place a backorder on it for $18.99, which would give me the chance to own the domain name when it came up for auction a year later. So I went ahead and paid the $18.99.
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Suze Orman: Recession is "Greatest Thing"
Tweet Share on Facebook May 6, 2009 Comment (34)For an upcoming story, I recently spoke with financial guru Suze Orman. While she's caught her share of criticism lately for everything from her bond portfolio to not having predicted the financial crisis, I've always been a fan of her sound advice, delivered in that staccato tone that Saturday Night Live's Kristin Wiig captures so well. My favorite part of our conversation, though, was when she argued that 20 and 30-somethings should be grateful for the financial crisis. (Recently, Alpha Consumer readers have debated whether or not young adults are worse off than previous generations because of higher unemployment rates and high debt levels.)
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Smart Shoppers Can Take Advantage of Rates
Tweet Share on Facebook May 5, 2009 Comment (4)Today's guest post comes from Richard Barrington, spokesman for MoneyRates, where he writes a blog on developments involving deposit interest rates.
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How a Recession Changes Weekly Spending
Tweet Share on Facebook May 4, 2009 Comment (5)About a year ago, Veronica, a grad student in Brooklyn, tracked her spending over 5 days to explore where exactly her money was going. Now, she's done it again. We wanted to know: How does a recession affect the spending habits of a 25-year-old about to finish her grad school program? It turns out her frugal habits haven't changed much, and she took advantage of several gift cards she had received over the holidays. Most of her money went towards food, much of which was eaten at home -- a surefire way to reduce weekly expenditures. (Also helpful: A generous boyfriend.)
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House Passes Much Needed Credit Reform
Tweet Share on Facebook May 1, 2009 Comment (5)Today's guest post comes from Odysseas Papadimitriou, founder of Evolution Finance, which publishes the Wallet Blog:
This week, the House passed a bill that would affect the credit card industry by, among other things, getting rid of retroactive rate hikes and double-cycle billing. Double-cycle billing eliminates the interest-free period for consumers who move from paying their credit card balance in full to carrying a balance. (The Senate could pass a similar version of the bill next week.)
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Could the Swine Flu Bring Down Credit Cards?
Tweet Share on Facebook May 1, 2009 Comment (7)Jeremy Simon, a guest blogger for Alpha Consumer and reporter for CreditCards.com, recently interviewed Dennis Moroney, research director for bank cards at advisory services firm TowerGroup, about whether the swine flu could bring down credit cards. If the flu became a pandemic and consumer spending plummeted, then banks could be affected to such a degree that they could no longer serve their customers, Moroney says. In one potential scenario, Moroney says large numbers of bank employees could be afraid to come to work, which would result in closed banks and empty ATMs. That's why enabling employees to work from home is one part of an emergency-preparedness plan.
