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Can the Government Demystify Prepaid Cards?
Tweet Share on Facebook May 25, 2012 Comment (1)This week the Consumer Financial Protection Bureau took aim at prepaid debit cards. Called general purpose reloadable cards (GPR for short), or more commonly prepaid debit cards, GPRs work very much like more traditional bank debit cards. But as the CFPB described, there are some important differences.
These differences have led the CFPB to begin considering new regulations for the prepaid card industry. These regulations could have a significant impact on consumers, particularly given the growth in the prepaid market. According to the CFPB, in 2007 consumers loaded $12 billion onto prepaid cards. Last year the number had grown to more than $57 billion.
For those that have an interest in prepaid cards, the CFPB wants your opinion. In a release this week the CFPB is asking consumers a series of questions that ultimately may help shape future regulations. In short, it’s your opportunity to be heard.
The CFPB has asked for responses to questions that fall into one of three categories:
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Women are Better Than Men at Managing a Holiday Gift Budget
Tweet Share on Facebook May 24, 2012 Comment (1)Here is some more fuel for the battle of the sexes: When it comes to shopping for holiday gifts, men should look to women for some serious shopping advice.
The big news from National Retail Foundation’s Mother’s Day spending estimates was the massive scale of the average man’s gift budget. On average, men planned on spending $189.74 last Mother’s Day. Not only did men overspend the average shopper by $37.22, they exceeded the average woman’s budget by $72.32.
Unfortunately, the fact that men dramatically outspend women on holiday shopping isn’t just a Mother’s Day phenomenon. Any holiday where gifts are exchanged, men typically overspend women by large margins. Last Valentine’s Day, the average budget for men nearly doubled that of women.
As a guy, I wish I could say that massive holiday budgets are a result of male generosity and goodwill. However, differences in male and female consumer behavior offer the most reasonable explanation. When it comes to shopping, women know what behaviors will bring home the lowest prices and best deals.
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Can Freezing a Credit Card Hurt Your Score?
Tweet Share on Facebook May 24, 2012 Comment (1)Credit card companies try their hardest to offer the latest and greatest in rewards, cash back, and other incentives to get you to sign up. When you sign up for a new card, chances are it'll replace a credit card you're currently using. What are you supposed to do with this now-obsolete card? You could cancel it, but that can have a negative impact on your credit score, or you could just shelve it. Just put it in a safe place and stop using it. Some go as far as to freeze it in a block of ice so they aren't tempted to use it!
Years ago, before people started researching credit cards and credit scores, it wasn't common knowledge that canceling a credit card could hurt your credit score. Now that our understanding of the system has evolved, we know that it does. Will we, in a few more years of studying, realize that inactivity could be dangerous as well?
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The Death of the Certificate of Deposit: Will CD Rates Ever Rebound?
Tweet Share on Facebook May 23, 2012 CommentCertificates of deposit, commonly known as CDs, were considered a goldmine by our parents and grandparents for the alluring CD rates once offered. Since their time, however, interest rates on CDs and other deposit accounts have caused the hype around CDs to almost seem like an old wives' tale.
However, the CD rates of yesteryear were no myth, as they put today's puny average rate of 0.50 percent APY (for a 6-month CD) to shame.
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The 5 Best Military Travel Deals
Tweet Share on Facebook May 22, 2012 Comment (3)To take advantage of Memorial Day weekend, the much-anticipated vacation period that kicks off the summer, many Americans are cutting back on entertainment spending, traveling locally, and hunting for travel deals.
Amidst this frantic budgeting and planning, it’s easy to forget that Memorial Day is a time to commemorate our nation’s military and its service to all Americans past, present, and future. To celebrate this holiday and show our appreciation to all who have served and continue to serve our nation, we tracked down the best military travel deals.
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5 New Money-Saving Websites You Haven't Heard Of
Tweet Share on Facebook May 21, 2012 Comment (2)When was the last time you wrote a paper check or searched for someone through the Yellow Pages? My guess is that it’s been quite a while. Fifty years ago, it would have been unimaginable to transfer money with a click of a button on mobile devices. But now, new apps, websites, and other technologies are helping us save money and become more and more efficient.
Here are five new sites to help you save money.
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3 Businesses You Can Start for Under $1,000
Tweet Share on Facebook May 18, 2012 Comment (1)The key to a building a business without losing your life savings is to make sure you choose the right type of business to start.
Many people want to run their own business, but most never take the leap because they assume they need a lot of money to get started. That's a shame because you don't have to spend a lot of money to build a successful business. Here are three examples of how you can do just that.
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4 Ways the IPO Will Change Facebook Forever
Tweet Share on Facebook May 17, 2012 Comment (8)Get ready for the Facebook feeding frenzy. On Thursday afternoon, the company priced its initial public offering at $38 a share, giving it a market value of $104 billion. The stock begins trading Friday on the Nasdaq.
The result for Mark Zuckerberg, Facebook employees, and early investors is clear. The IPO will make many billionaires and countless others millionaires.
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6 Ways to Save on Toys for Your Kids
Tweet Share on Facebook May 17, 2012 CommentKids are expensive--it's a fact of life. If you're like many parents, you may just grin and bear it while forking over a hundred or more dollars for the latest, greatest toys. After all, you could argue that they're worth it. However, your money could be put to better use by saving for your kids' college education, saving for retirement, or paying off debt. But luckily for your kids, you don't have to stop feeding their toy habit completely in order to save some dough.
Here are some creative ways to save on toys for your kids:
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5 Questions Successful Investors Always Ask
Tweet Share on Facebook May 17, 2012 Comment (1)The questions you ask have a major affect on how successful you become. This is especially true when it comes to investing success. Here are the five questions successful investors ask before, during, and after they invest that helps them create the kind of financial future they want. You can “borrow” these questions from their playbook. If you do, you’ll notice a vastly improved result very quickly.
