On the Money From the February 5, 2010 print edition This time of year, it’s hard not to think about the government. It’s tax season, and many of us are contemplating our tax situation and probably bemoaning what we have to pay. Who wouldn’t rather spend money on a new house or car than pay taxes? Those two activities may be more closely related than you think. The same agency that accepts our tax dollars also provides potential bargains on everything from real estate to airplanes. The online auction site eBay is well-known. But far fewer have heard about the Treasury Executive Office of Assets Forfeiture. This is the government office that manages auctions and administers the Treasury Forfeiture Fund (TFF). The TFF was established in...
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On the Money From the December 18, 2009 print edition December is filled with magical holiday events – office parties, family gatherings, concerts, annual correspondence with friends, decorating and festive reminiscences of years gone by. But for those of us focused on money, the most important event is shopping. Buying presents, flying cross-country to visit relatives, having special dinners and parties: Consumers spend more money in the three months before the new year than at any other time of the year. In fact, retailers often make about half of their annual profit during this time, according to the National Retail Federation. Deloitte LLP recently published its 2009 Annual Holiday Survey, which gauges consumers’ expectations about the year-end holidays, the economic climate, and related spending and purchase...
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On the Money From the October 2, 2009 print edition The United States doesn’t have a debtors’ prison. But in the midst of a recession, repeated calls and threats from debt collectors may make consumers feel psychologically trapped. The economic downturn caused many consumers last year to fall behind on bills and other obligations. As a result of the poor economy, debt collectors become more aggressive in their tactics. For individuals, this usually means they can’t make their minimum payments on credit cards. In financial circles, monthly payments are called “debt service.” When debt isn’t serviced, creditors are less than thrilled. Here are some tips, insights and suggestions for successfully handling creditors and collectors: Don’t take it personally. Remember that a collection call, no matter how...
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On the Money From the August 7, 2009 print edition The Federal Reserve Board has proposed changes to Regulation Z, which is how the Truth in Lending Act is enforced. Since 1968, Regulation Z and the Truth in Lending Act supposedly have been protecting consumers from deceptive lending practices. The Federal Reserve Board has proposed changes in both the content and timing of what will be required of mortgage lenders. In general, Regulation Z directs that disclosures be made to potential borrowers during the application, underwriting and consummation process. Underlying the regulation’s effectiveness is the assumption that the potential borrower will read, and understand, the implications of the disclosures. Lenders will be required to supply a new one-page Federal Reserve Board publication, titled “Key Questions to...
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