Saving shouldn’t be painful – if the steps you’re taking negatively impact your life, you probably won’t be able to maintain them. So don’t go on a “dollar diet”. Instead, find ways to save that are simple and fast and won’t feel like deprivation.

And keep in mind that savings don’t have to be big: Everything counts. So start with a goal and get going! Let’s say you want to go for a $1,000 gain with little or no pain.

1. Minimize your minutes
According to The New York Times, people use data more than voice on their phones these days. If you have more minutes than you need – especially if you have a rollover plan – consider downsizing to a more affordable and fitting amount. Comparison-shop at a site like BillShrink to check out the lowest price for the features and usage that suit you. Just enter some info about how you use your phone and what you want, and it’ll give you some options and prices from different carriers.

Savings: around $200 a year if you can cut just $17 out of the monthly bill.

2. Bury the landline
Do you really need another phone these days? Maybe it’s time to unplug that landline for good. If your cell phone isn’t enough, there’s Skype, Google Voice, or magicJack. The only downside to not having a landline is that 911 dispatchers may have difficulty tracing your cell phone call, but the FCC has implemented rules that will fix this over the next two years.

Savings: Cut your $25/month landline and you’ll be $300 a year richer.

3. Work your way out of the gym membership
According to the International Health, Racquet, and Sportsclub Association, the average gym membership is about $42/month. Instead, work out on your own. You can get some exercise videos online, or join a free site like Livestrong or SparkPeople to plan exercise activities, plus track your calories and diet. You can also look for free or cheap used exercise equipment on Craigslist or Freecycle.

Savings: If you’re paying the average membership fee, dropping it will buff up your savings by $500 a year.

4. Cut the cable
Data from Bundle.com puts the average cost of cable around $50/month without premium channels. You can watch sports live online at ESPN3, and many of your favorite shows are either on Hulu or network websites. And for $10/month, you can stream all you want from Netflix. You can also borrow movies free from your local library.

Savings: depending on how much you cut, up to $2,000 a year.

5. Double your deductibles
Raising what you’re willing to pay out of pocket on your insurance policies could lower your monthly cost substantially. A quick phone call to your insurance companies – home, health, and car – will tell you exactly how much, but expect to save 10 to 15 percent by raising your deductibles from $250 to $1,000.

Another way to save on insurance? Check out an insurance comparison site like ours and see if you’re getting the best possible policy for the money. If you find a policy from a comparable-quality company with lower rates, call your insurance company, tell them about it, and see if they’ll compete. If not, consider switching.

Savings: If all you do is raise your deductibles, you should be able to save an easy $200 a year.

6. Take a vacation from high travel costs
Staying local during your time off is one way to save big. Plan some weekend getaways and day trips instead of extended vacations – you’ll get to see and do more, more often, for less. Take the chance to explore and look up things to do in your city on TripAdvisor. You’ll sometimes get discounts as a local resident that tourists won’t, too. But remember: Vacations are important to your quality of life. Don’t cut them out, just do them for less.

If you decide to stick with longer, out-of-town vacations, at least see if you can get cheap or free lodging.

Savings: between travel, hotel, and ticket/rental costs, easily $1,000.

7. Save on food
If you’ve got the space, try to stock up on nonperishable groceries at wholesale or when there are buy-one-get-one-free deals. You get the best prices this way and make fewer trips to the store, which saves on gas.

Another way to save is to buy groceries online: Amazon.com often has decent prices, and if you use their “subscribe and save” feature – which lets you set up a recurring order at a specified frequency that you can cancel any time – you can save an extra 15 percent. It also helps to use coupons, buy generics, and shop at dollar stores. (Check out 5 Great Deals at the Dollar Store and 10 Dollar Store Duds.)

Savings: $300 or more a year.

8. Save on clothes
Clothes are something that can not only help you spend less – you can add to your bank account by selling the stuff you no longer use. Go through your closets and remove everything you haven’t worn in a year. Now, take them all to a local consignment shop and put them up for sale. What they don’t take, drop off at a charity store and get a tax deduction.

See if you can satisfy your current clothing needs by taking the money you make from the consignment shop and spending it there.

Savings: $300 or more a year.

9. Save on entertainment
Keeping yourself amused for less isn’t hard; it’s a simple three-part process. First, decide what you like to do. Next, think about ways to do it for less. Then, do it as often as possible.

For example, if you like to meet your friends for cocktails, find the best happy-hour deal in town (and don’t forget the free food!) If you like movies, get them free at the library. If you like to eat out, have an appetizer at home and split an entree – or eat at home and go out for a nice dessert. And always check out our deals page for current restaurant coupons and specials.

From picnics in the park to free plays at your local college to amateur sports – the world is full of low-cost ways to have fun.

Savings: $300 or more a year.

10. Save on makeup
We interviewed a makeup artist who told us on camera that many of the items at Walgreens were just as good as their department store cousins at a fraction of the price. And shopping at the local discount drugstore or at a discount website is also more convenient.

You can get the last bit of mascara by heating it with your hair dryer or warm water. You can extend the life of your liquid foundation and concealer by using half as much and mixing it with a dab of facial lotion.

Savings: $100 a year.

These are all places you can potentially save without damaging your quality of life. Follow through on only half of them and you’ll easily find an extra grand or more by this time next year.

Source: Money Talks (http://s.tt/13by1)

The average American household debt was $15,799 as of July, according to CreditCards.com.

While people have a hard time dealing with debt, they also have a hard time talking about it. Another interesting (and weird) statistic from CreditCards.com is that Americans would rather discuss their salary, weight, politics, or religion with a stranger. They found the only topic of discussion rivaling debt as a taboo was “details of your love life,” with only 19 percent willing to discuss.

And if people can’t talk about debt, maybe that’s why new research shows most of us take the wrong (or at least more expensive) approach to paying it back – paying off the smallest accounts first. Or is there another reason?

The most important thing is motivation. If you aren’t going to make consistently paying down debt a priority, you lose out regardless of strategy. So while there is a clear, mathematically correct approach to dealing with debt, it’s important to do what works best for you. Here are the two common approaches:

Prioritizing high-interest accounts

In this model, you make the minimum payment on every debt except the one with the highest interest rate, which is the one costing you the most money over time. For that debt, you throw in whatever you can regularly afford beyond the minimum until it’s paid off.

Once that debt’s gone, your debt-paying budget stays the same – you just shift the higher payment to the debt with the next-highest interest rate, and go on down the line.

The obvious advantage to this model is you save the most you can over the long term. The downside: Progress may appear to be slower than it actually is. Having a large number of debts may feel more stressful than the fact you’re throwing more money at debts than necessary to eliminate them.

Paying off low balances first

As with the first model, you pay the minimum on all but one debt and “snowball” the payments from one debt to the next as they disappear. The difference here is that you focus on the smallest debts, allowing you to knock accounts off the list faster.

The advantage? Having fewer accounts to juggle feels good. It’s a result we can easily see: Numbers shifting downward is not as impressive or obvious as a big zero. Some people need that to stay motivated. Unfortunately, this means you’re actually making slower progress on your overall debt because those big-interest accounts are accruing.

Is this hard to visualize? Think back to sixth grade and the mathematical order of operations: Multiplication and division (i.e., percentages) come before addition or subtraction (i.e., payments). Or look at it this way: You’re trying to bail out your sinking ship, but a bunch of creditors are standing behind you with little kiddie beach-pails, pouring more water in. While it may feel good to turn and shove those guys off your boat right away, there’s a jerk with a huge bucket standing – and grinning – at the other end of the ship. You really ought to run and tackle him first.

How to decide on the best approach

The fact is, the bucket sizes are different for everybody. We all have different situations, with a number of debts of varying sizes and interest rates, and with different income levels. Fortunately, there’s a much more concrete way to figure out how to handle debt that works for everybody. Being able to plug your specific numbers in and see how much money you lose flipping between the two methods can help decide.

So go check out Unbury.me, a clean and easy-to-use calculator that can test both methods with your input. You can add as many loan balances as you want and you’ll get back a graph and payment breakdown, along with total interest paid and a debt-free date. You only have to plug the numbers in once, and you can switch between “Avalanche” (high-interest style) and “Snowball” (low-balance style) with one click.

I’ll give a personal example I ran through the site, which I guess puts me in that 19 percent who disclose debt details. (But I’ll leave my wife out of the discussion.) I have three subsidized grad student loans that look like this:

Debt 1: $7,970.92, $95/month minimum, 6.8-percent interest.
Debt 2: $1,131.53, $50/month minimum, 6.8-percent interest.
Debt 3: $6,799.07 $80/month minimum, 6.3-percent interest.

I currently put about $300/month toward these and hope to increase it as time goes on. But at the current rate, with the high-interest approach, I’ll be done in September 2016 and will have paid an extra $2,855.86 beyond the outstanding loan amounts. With the low-balance approach, I’ll be done by October 2016 with an interest bill of $2,924.83. The difference is just $69 for me because my interest rates are not far apart.

Because that’s a small difference (and because some student loan interest is tax-deductible), I don’t really care. I’ll opt for the low-balance approach like most people, and pay off that small loan by next May instead of by August 2013. It’s one less thing for me to keep track of, for about the cost of one monthly payment. Your situation could be very different, though, and that’s the value of the calculator. Try your numbers and see what makes sense to you.

Source: Money Talks (http://s.tt/135zk)

Wash and wax. This sounds obvious to people who routinely clean their cars, but those who don’t may be surprised how well their vehicles clean up and shine. Cost? A few bucks if you do it yourself, $5-$20 for an automated car wash, or more for a hand wash/wax.

Defog the headlight lenses. If your headlight lenses are hazy or yellowed, defogging them will make your car look newer. A headlight restoration kit and an hour will get the job done for about $15.

Properly inflate and clean the tires. Hopefully you keep your tires properly inflated to maximize mileage, but if not, go to a gas station and drop a quarter in the air pump. Once they’re properly inflated, clean up both tires and wheels. You can buy generic tire cleaner for under $10, but you can also make your own for practically nothing. Combine baking soda with water to make a paste, then use a scrub brush to work it into your tires. Let it sit for a few minutes, then rinse. For wheels and chrome, mix equal parts of white vinegar and water in a spray bottle. Spray on, then clean with a sponge or rag.

Restore the interior. Start with a thorough vacuuming, including the trunk. Then do what you can to get rid of stains. Try using a teaspoon of dish soap in a cup of warm water. You might also try a tablespoon of vinegar and half teaspoon of dish detergent mixed in a quart of water. In either case, apply the solution by blotting it on, then blotting it dry. If the floor mats are terrible, don’t kill yourself trying to clean them. New ones should cost less than $30.

Make it smell good. Fruit peels make a cheap natural air freshener, but if you’re going to pay $5-$10 for a commercial solution, go for scents like “new car,” “linen,” or, if your car has leather upholstery, “leather.” If you smoke, sprinkle baking soda on your carpets, let sit overnight, then vacuum. And don’t smoke in your car for at least a week before you sell.

Top off fluids and change the oil. When you’re buying a used car, you should always pull out the dipstick and look at the oil – is it old and dirty? Does it have water/gas/metal shavings in it? This is the same thing a person will do with your dipstick, so change your oil. A professional oil change can be less than $20 (look for coupons), and usually includes checking your other fluid levels too.

Fix simple problems. A “check engine” light is an obvious red flag for any buyer, so if you’ve got one, visit a mechanic. If it’s simple, fix it. If not, at least you”ll be prepared to honestly explain the problem and solution to potential buyers.

Fix lights and add finishing touches. If any of your lamps are out, replace the bulbs: They’re cheap. If you’re missing the owner’s manual, look for one online, either through eBay or this list of manual links from Edmunds.com. For any other missing bits or pieces of plastic, check local junkyards.

Scratch and ding repair. If you have scratches, scuffs, or dings, they can be fixed, but a poor job may be worse than leaving them alone. Rubbing compound can often remove surface scratches, but if the scratch goes through the paint, unless you’re an expert, it’s probably best to forget it. For more information on repairing scratches, check out this guide from Popular Mechanics.

Get records in order. A tidy and organized maintenance history implies you’ve taken care of your car. A vehicle history report from Carfax runs $35 (you can get 5 reports for $45, so you might cut a deal with friends and save) and shows you have nothing to hide. It reveals things like number of previous owners and length of ownership, accident and lien history, plus warranty and recall info.

All these suggestions added together run less than $200, and could easily result in a much higher sales price for your car.

One last tip: If you’re selling to a private buyer, you’re about to become a used car salesman. Dress and behave professionally. Look people in the eye, and be friendly and straightforward, but not smarmy. Be willing to negotiate, but have a firm price in mind and stick to it.

Source: Money Talks (http://s.tt/133lN)

Source: Money Talks (http://s.tt/131uh)

I routinely snag all the free stuff I can use, a habit that’s been ingrained in me since I started college in 2003.

Often it’s a bite to eat or branded office supplies, but sometimes it’s cooler stuff – like a sturdy 8-foot bookshelf, a four-drawer filing cabinet, some old-school Nintendo games, or free tickets to a feature-length IMAX film (complete with free popcorn, soda, and parking).

I could probably do a lot better if I tried. But my philosophy is: If I have to work harder than simply picking stuff up, it’s not really “free.” So I don’t clip box tops or scour the Internet night and day. My computer does most of the work for me.

I got the free furniture and games through the second suggestion, Craigslist. But these are all great ideas (most have scored me goodies), so let’s recap and expand on them:

1. Freecycle

The name makes it clear, right? Reuse is better than recycle, and free is better than not. This site helps organize freebie-loving communities around the world. Look up your city to join a local email list for people looking to find or give away stuff, no strings attached. Prospective goodies present themselves without any effort on your part, and the site’s policies keep it a family-friendly environment.

2. Craigslist

Like Freecycle, this site offers listings of freebies by locality. But you’ll have to browse them yourself in a “free” section of the “for sale” category on a much broader classifieds-like page, including traditional job and housing listings, and less traditional personal ads. In other words, you may find more than you bargained for (so to speak) and the broader popularity of this site requires more caution in dealing with potential scams. Don’t let that scare you away, though – there really are lots of good finds.

3. HouseParty

If you’re the type to plan events, this site could lead to freebies for you and all your friends. Apply to host a party sponsored by big-name companies like Sony, Ford, or McDonald’s, and they might grant you goodies in exchange for the publicity. Applying costs nothing, and past freebies have included branded clothing, kitchenware, health and beauty products, and lots of food.

4. Swap.com

Is it free if you have to trade something? Sure, if your bargaining chip no longer has much resale value. This site lets you create “have” and “want” lists for games, books, movies, and music – then it matches you up with others.

You do have to pay shipping, but that’s not much different than what you would spend on gas driving to pick up somebody’s used stuff. Plus, the site makes it easy, handling the logistics with printable labels and providing delivery confirmation so nobody gets ripped off.

If you want to do it the old-fashioned way, there is a local trading section too – but the range of stuff you can get is obviously more limited. An upcoming Swap.com Market section sounds like a barter version of eBay, with a much wider range of tradable goods. For now, though, you can trade at least your wardrobe on SwapStyle.com (run by a different group) and there are lots of other item-specific swapping outlets like PaperbackSwap.com.

5. Free samples

There are a lot of ways to find fun-size freebies, including getting lucky on frequent trips to the grocery or department store and signing up for endless email newsletters from your favorite brands. But wouldn’t it be nicer if somebody found these goodies for you? The best place I know that does this is the RetailMeNot.com community. While the main site is a resource for coupon codes to most online shopping outlets, the RetailMeNot forum has a very active freebies section. They also post ways to get things like free retail rewards points. Some other places to try: TotallyFreeStuff.com, AbsurdlyCool.com, and HeyItsFree.net.

6. Free-after-rebate

These deals are always a little dicey, since mail-in rebates can get lost in the mail, expire, or come with tricky conditions. Most are more effort than I’m personally willing to put in, but I look for rebate offers if they’re for things I’m buying anyway. I’ve gotten free wiper blades for my truck, for example.

These are usually a grade or two above free samples, probably because you actually pay for them up front. One of the best places to look is the FatWallet.com forums, which houses constant deals of all kinds. Browse around (keep an eye out for the acronym FAR) or try a search for “rebate.” They also have a message thread specifically for company contact info and methods for winning those inevitable rebate battles. Another great place to check is SlickDeals.net.

7. Card rewards

Getting freebies with what you buy is always nice. While the financial crisis has put the squeeze on great credit card perks, some still exist. Money Talks News writer Michael Koretzky even says his credit card company buys all his Christmas presents. You can search for credit cards with the best rewards, flyer miles, interest rates, or other perks with our credit card search.

Many customer loyalty cards rack up reward points for freebies or discounts too. These often accumulate slowly, but if you’re already spending there you’ll eventually benefit without effort anyway. Plus, you don’t need to keep a wallet or purse full of everybody’s plastic: Most places can give you the points by pulling up your account via your phone number.

Some cards give perks without points, offering rewards seemingly at random. It seems like I get a free pastry or drink every other time I’m at Panera (for free Wi-Fi, of course).

8. Social media freebies

You may already know that brands, on social media sites like Facebook and Twitter and through services like Foursquare, give away stuff (including coupons, freebies, and exclusive previews) in exchange for promoting their name and parroting their message. And maybe you were too embarrassed that your friends might see to take advantage. There’s an easy solution: Adjust your privacy settings or create an alternate account so you get freebies without providing free PR.

On Facebook, there are three settings to change from the “Account” menu in the upper right. This will sound like a lot, but it takes 30 seconds…

Under “Account Settings,” go to the “Facebook Ads” tab, and under “Ads and Friends,” click “Edit social ads setting.” Setting it to “No one” means your friends won’t see your name attached to ads from brands you like.

Under “Privacy Preferences,” view the settings of “Connecting on Facebook.” Here you have the option to hide your “likes, activities, and other connections” from everyone by selecting “only me.”

Back on “Privacy Preferences,” under “Sharing on Facebook,” click “Customize Settings” and you can change “Places I check in to” to a custom level of “only me.”

On Twitter, there’s no getting around what’s required for freebies: rebroadcasting brand messages through “retweets.” But what you can do is create an alternate account where your retweeted message will bounce around an empty virtual room.

And on Foursquare, you can check in “off the grid.” The Foursquare FAQ explains that and other privacy settings.

9. Aggregated freebie search

What’s better than a bunch of websites that list great deals and free stuff? Having a custom, searchable database of them all in one place. You can make your own using a free RSS feed aggregator – a tech tool that collects lists of information (like deals, or even Money Talks News posts) using Really Simple Syndication. I use Google Reader.

Once you sign up there, you can search for freebie feeds or paste in URLs to follow. It takes a little work to set up and get used to, but from one freeloader to another: The payoff is worth it. And to help my fellow lazy deal-seekers get started, here’s a link to my own bundled deals feed, which already includes some of the sites I mentioned above and some others.

Money Talks News deal diva Karla Bowsher also does a lot of digging so you don’t have to on our deals page, updated throughout the week and always including at least one worthwhile freebie.

Free advice

Free stuff is everywhere. It all comes down to how much time you want to invest in getting the goodies. Regardless of your approach, here are a few last safety and convenience pointers…

Always be careful when meeting up with strangers for freebies or any other transaction.

Never trust an offer that’s too good to be true. It probably is.

Consider using an alternate email address to sign up for deals, just to keep spam down.

Don’t overspend to rack up reward points, or waste a ton of gas on what would be cheaper to buy than get “free.”

Avoid plugging generic terms like “free music” or “free stuff” into a search engine. The top results are often websites containing viruses or software that places annoying advertisements all over your computer and slows it down. Some also ask you for personal information or to sign up for “free offers” that may end up costing you

The height of frugality? To legally obtain merchandise for free – something for nothing. This is what drives extreme couponers, who have mastered the art of combining discounts on household products to eliminate some or even all of their cost. And it gets some of them on TV reality shows like TLC’s Extreme Couponing.

But as the Wall Street Journal reported recently, major retailers are now cracking down on this practice. So maybe this is a good time to ask: Was it ever really worth it?

Even when you get a product for free, it still has other costs. Here are five reasons why most people maybe shouldn’t aspire to be extreme coupon collectors (or TLC reality stars)…

1. Value your time
It’s not easy to search for coupons, organize them, and present them at your local retailer in just the right configurations. While there are plenty of stories about people who walked out of the grocery store with $80 of food for $5, they rarely mention the hours it took to plot their purchases.

Tip: Many people can make money with other activities in their spare time. Keep track of how much time you spend on this hobby and decide if it’s actually more worthwhile than other opportunities.

2. Be particular about what you consume
I wouldn’t take home most items sold in the supermarket even if they were given to me. Many are unhealthy or simply not to my family’s taste. But extreme couponers take home cartloads of random goods – I saw one episode of TLC’s show where a woman bought a dozen squeeze bottles of yellow mustard – so I wonder: Do they really want, need, or use this stuff?

Tip: “Free” is just another price point, and price should never be the only factor in your shopping habits.

3. Go for bigger discounts
We have a saying in my family: “Pinch twenties, not pennies.” Are grocery store coupons really the most valuable discounts you can find?

Tip: If you are going to spend your time searching for great deals, set your sights a little higher than 10 cents off a packet of tuna fish. Far more lucrative deals are out there, from “travel hacks” to a myriad of savings on the Money Talks News Deals & Coupon page.

4. Look for non-coupon savings
Grocery store purchases make up a huge portion of a family’s budget, but there are ways to save money without going coupon-crazy. Sometimes, coupons can cost you more – especially when generic products cost less even with the brand-name coupon factored in.

Tip: Focus on the unit cost of each item. For example, each week I find that a different-sized container of the same brand of orange juice has a lower price per ounce.

5. Don’t ruin everyone’s day
It must be terrible to find out that the person checking out in front of you has a folder full of coupons and that they intend to present them to the cashier for the next 10 minutes. And it doesn’t seem like fun to always be bickering with store personnel over the maximum discount allowed by the terms of each offer.

Tip: Be aware of anyone in line in front of you who has a huge binder with them. And if you do engage in extreme couponing, be polite and forewarn your fellow shoppers in line.

6. Have fun
Some people like to flip through every page of the Sunday paper and clip coupons – it’s relaxing as well as money-saving. But unless you are one of them, do you really want to spend your time off pursuing this hobby?

Tip: Frugality is important, but unless you’ve taken a vow of poverty, it’s not an end unto itself. Never forget that saving money should be a means to a better life, not just free stuff.

While I admire the ingenuity and dedication of extreme couponers, I question the value of their pursuit. I have yet to be convinced that extreme couponing is how my family should be spending its leisure time.

Source: Money Talks (http://s.tt/12XbS)

by Martha Jackson

Consumers Financial Protection Bureau (CFPB) is a 21st century’s watchdog that is vested with the authority by the US Government to regulate all the financial institutions of the country and, their products and services.

The CFPB has earmarked the month of April as its Financial Literacy Month to spread the awareness amongst the US consumers about all of its recent activities, which the CFPB has undertaken for the financial welfare of its fellow citizens.

One of such constructive step to help the general masses is to rescue millions of students from the grip of student loan debts and collection harassments.

Why is it necessary for CFPB to protect the students?

Richard Cordray, in his first ever speech to the public since taking charge of the CFPB as the Director, said that the foremost target of his agency is the debt-relief companies, debt collectors and the credit bureaus. This is because during the economic turmoil in the country and around the globe, many unethical debt counseling agencies have come up. These financial agencies have made the armed forces personnel, students, senior citizens and lots of people their soft-target and took undue advantage from these unsuspecting masses.

According to the statistics provided by the FTC, debt collectors alone account for the most number of complaints filed against them than any other business in the country.
The FTC has reported that during the last financial year (2011), as many as 181,000 complaints were lodged against the debt collection agencies.

In the recent past, JP Morgan Chase & Co. (JPM)’s private equity firm and three other firms associated with the US Education Department had to settle all the accusations of debt collection harassment by the consumers. In this case, no official clarifications were received from the Chase officials and the accused companies denied any such allegations. The Education Department informed that the government investigators did not allow the companies that were associated with the agency to take part in the investigations.

The CFPB is confident that this step will re-instill faith especially amongst the American students towards the government agencies.

What are the initiatives taken by the CFPB?

During college admissions months, students are busy applying for the colleges of their choice. In addition to admission woes, these students worry about how to finance their education. These students turn to borrowing huge sum of money to pay their educational bills without thoroughly understanding the loan terms and conditions. These in turn is pushing them towards the brink of bankruptcy and turn their life into a mess.

• Financial aid shopping sheet – The Department of Education along with the assistance from the CFPB have designed this guide to help the students and their caretakers to easily understand the financial technical jargons so that they can make better and more informative decisions when applying for student loans. All the colleges of the country will use this sheet to communicate all the financial terms and condition to the prospecting student.

• Student debt repayment assistant – The CFPB has come up with yet another smart and innovative way to help out the American graduates to repay their student loan debts. This is a web-based resource for defaulting student to learn how to make repayment plans based on the individual’s income and all the essential information pertaining to the federal and private loans taken by that student.

• Ask CFPB: This is an interactive online search tool floated by the CFPB, which answers all you’re financial queries in a direct and lucid language. Here, the consumers who are victims to the treacherous business practices of any financial institutions can lodge complaints against them. Moreover, if a consumer wants, than he can share his miserable experiences with others.

CFPB is building a huge team of competent and qualified examiners. These examiners will be stationed in four associate offices of the CFPB, which are in Chicago, New York, San Francisco and Washington, D.C. These examiners will monitor how banks, mortgage lenders and the servicers operate their daily business transactions. The data collected by these examiners will be assessed to gauge if the individual companies are complying with the federal consumer protection laws.

Author’s Bio: Martha Jackson loves to write financial articles and she is a contributory writer associated with the Debt Consolidation Care Community and has written several articles on debt consolidation, debt settlement and get out of debt for various financial websites. She holds her expertise in the Debt industry and has made significant contribution through her various articles. If you like the article, please visit us http://www.facebook.com/debtconsolidationcare

The Federal Trade Commission has summarized the results of a survey of identity theft victims asked to describe their experiences dealing with consumer reporting agencies, specifically their Fair Credit Reporting Act rights as amended by the Fair and Accurate Credit Transactions Act.

Most of the respondents were generally satisfied with their experiences, but the report noted areas for improvement.
According to the report, “Using FACTA Remedies: An FTC Staff Report on a Survey of Experience of Identity Theft Victims,” the survey showed.

* Sixty-eight percent of respondents were somewhat or very satisfied with their overall experiences with the consumer reporting agencies, but many consumers said it was difficult to reach a live person.

* Less than half of the respondents were aware of most of their rights under FACTA before they contacted the consumer reporting agencies.

* Some respondents complained about feeling pressured to buy additional identity theft monitoring products when they called the consumer reporting agencies.

The report concluded that:

* The consumer reporting agencies may need to make it easier for consumers to reach a live person;

* The FTC and other enforcement agencies should do more to educate the public about their rights under FACTA; and

* The FTC and the Consumer Financial Protection Bureau should use their respective authorities to address the consumer reporting agencies’ practices related to selling identity theft monitoring products or services when they are contacted by identity theft victims.

Congress has established rights under FACTA to help actual or potential identity theft victims protect themselves from, and recover from, identity theft.

The rights enable victims to place fraud alerts on their credit reports with consumer reporting agencies, request free credit reports from the three national consumer reporting agencies when placing a fraud alert, block fraudulent information from appearing on their reports and receive a notice of these and other rights from the consumer reporting agencies.

Source:http://www.collectionscreditrisk.com/news/ftc-issues-report-identity-theft-victims-experiences-3009951-1.html?ET=ccrisk:e10575:80594a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=CCR_Newsline_031312_031312

If you always pay your credit card balance in full and on time, you deserve to be rewarded for your loyalty – your credit card should pay you.

The market for reward credit cards has become extremely competitive this year, but that hasn’t stopped banks from offering some truly awful products.

In no particular order, here are what I consider the seven worst reward cards, along with some advice that will make you a smarter credit card shopper…

1. Kroger 1-2-3 REWARDS MasterCard (U.S. Bank)
Why it’s bad: This card earns you a pathetic .5 percent return on most purchases, and the rewards only come in the form of gift certificates to be used at their store.

What to look for: Any respectable reward card should return at least 1 percent cash back, or a much higher percentage if it’s just offering store credit.

2. Bank of America World MasterCard
Why it’s bad: While offering numerous redemption possibilities is a good thing, deciphering Bank of America’s Worldperks program’s details could be the subject of scholarly research. Hidden in the pages of terms and conditions are fees that are only “disclosed at the point of redemption.”

What to look for: The ideal reward card offers a simple formula for returning value to the card holder and any fees should be clearly disclosed in advance.

3. MTV Visa Credit Card from Capital One
Why it’s bad: This card is marketed to young adults who are rewarded with 25 cents worth of bonus points when they pay their bill on time – since a shiny quarter is what every kid dreams of, right? On the other hand, failing to pay your bill on time will result in a penalty APR of 29.4 percent and late fees of up to $35.

What to look for: When looking for a reward card, beware of negligible rewards that are meant to distract you from harsh terms.

4. Wal-Mart Discover
Why it’s bad: This retail behemoth’s card offers 1 percent cash back, just like most other Discover cards. Unlike some others, however, there are no bonus categories of spending – even for purchases at their own stores!

What to look for: The entire point of obtaining a reward card affiliated with a store you frequent is to obtain more cash back when you shop there.

5. Discover Motiva Card
Why it’s bad: Like Capital One’s MTV Card, this card offers students a trivial “reward” of 5 percent off of their interest charges for paying their bill on time. Discover also offers “up to” 1 percent cash back as a reward, but the fine print reveals that your first $3,000 a year in spending only earns .25 percent cash back – a mere $7.50.

What to look for: Beware of weasel words like “up to,” and closely read the credit card terms to find the catch.

6. Delta SkyMiles and SkyMiles Options (American Express)
Why it’s bad: The SkyMiles and SkyMiles Options cards offers applicants pathetic sign-up bonuses of only 5,000 miles and 1,000 miles respectively. Yet Delta and other carriers offer cards that include sign-up bonuses of 25,000 miles or more. Worse, neither of these Delta SkyMiles cards offer the checked-bag fee waivers granted to holders of all other Delta cards.

What to look for: Before applying for an airline-affiliated credit card, make sure you are choosing the version that offers the largest sign-up bonus, the most fee waivers, and other perks.

7. United Mileage Plus Visa Signature Card
Why it’s bad: Like the Wal-Mart card, United misses the point of a loyalty program by not offering additional miles for purchases from United. Furthermore, this card offers a one-way, domestic, 1,000 mile upgrade certificate – but it’s only valid on pricey full-fare tickets.

What to look for: Before being tempted by credit card perks, be sure to investigate them to determine if they truly add value. Other questionable credit card perks include companion airline certificates that also require full-fare tickets and hotels that offer discounts off of their inflated “rack rate.”

What you should do
Most card issuing banks and their affiliates are trying hard to win your business with truly valuable perks, but those same banks might also offer less-enticing cards. Any competitive offer will provide a sign-up bonus with true value, followed by a reward valued at 1-2 percent of your spending

Source: Money Talks (http://s.tt/12SIU)

When you have a problem with your credit card issuer, it’s hard to find someone who can help, or sometimes, even listen. It is frustrating at best, and unresolved issues can magnify your personal financial crisis.

On July 21, the Consumer Financial Protection Bureau (CFPB) will begin accepting complaints about deceptive or abusive financial products and services. This includes credit cards, check-cashing services, and “payday loans.” The bureau is already receiving complaints but is directing them to other government agencies.

The CFPB was created through the the Dodd-Frank Act of 2010. The Secretary of the Treasury, Timothy Geithner, was responsible for setting up the consumer bureau. Last September, Elizabeth Warren was named as assistant to the president and special advisor to the secretary of the Treasury on the CFPB.

How the CFPB handles complaints will be closely scrutinized. Every step the bureau takes is likely to be controversial and will probably be disputed by banks and politicians since it will be public information.

The Dodd-Frank regulations require the CFPB to create a way for banking customers to report their problems with financial products and services, and send them to the appropriate state or federal agency. It can accept complaints by phone, letter, email, or on its website. The bureau must also make sure the financial firms respond to consumers.

Banks are protesting what happens to the information after it is filed. They want to keep the complaints as quiet as possible to protect themselves from trivial or malicious complaints. Nonprofit groups want full disclosure so that anyone can read the complaints.

Until now, agencies could receive complaints but had little power or incentive to push for changes. The CFPB will have the power to set and enforce rules on credit cards as well as mortgages and other consumer loans. The CFPB can also impose fines of as much as $1 million a day on companies that break consumer protection laws.

There are other ways for consumers to file a complaint about their credit card:

File a complaint with the Better Business Bureau (BBB). Complaints are processed by the local BBB, usually the BBB where the company is located. Complaints are sent to the company within two business days and the company is asked to respond within 14 days. The consumer will be notified of the company’s response. In some cases, BBB mediation or arbitration may be arranged to bring a resolution. The BBB says complaints are usually closed within 30 calendar days.

Contact Your State Attorney General’s Office Each state has a state Attorney Genera’’s Office. It is authorized to bring legal action only in the name of the state. It does not serve as an attorney for individual consumers. It does not give advice or conduct research on behalf of individuals or businesses. Always contact the Attorney General’s Office in writing so your file may be kept up to date.It is generally better to try to resolve the dispute with the company or individual before filing a complaint with your state’s Attorney General’s Office. This office can’t force a company to respond or make an adjustment. However, there are times when filing a complaint can bring resolution. Patterns of complaints involving the same company or a new issue often help the Attorney General’s Office to allocate law enforcement resources. The AG Office will also help refer to the government agencies that can best address the problem.

File a complaint with federal government regulators You can file a complaint with the Federal Trade Commission’s Division of Credit Practices. However, the FTC does not resolve individual complaints. Complaints made to the FTC help the agency detect patterns of wrong-doing, and lead to investigations and prosecutions. The FTC enters complaints into a secure online database that is used by thousands of civil and criminal law enforcement authorities worldwide.

You can file a credit card complaint with the Treasury Department’s Office of the Comptroller of the Currency, a government agency responsible for regulating credit cards issued by national banks in the United States. The agency encourages consumers to first attempt to resolve the complaint with their financial institution. The bank must also be a National Bank in order for consumers to receive help from the OCC. You can also file a complaint with the Federal Reserve if your bank has been unfair or misleading, discriminated against you in lending, or violated a federal consumer protection law or regulation.

Source: Money Talks (http://s.tt/12vFx)

Damage waiver: Even though you know you’re already covered by your car insurance policy, rental agents pushing their company’s damage waiver coverage will sound so convincing that you’ll feel like you’re risking it all for refusing their extra coverage. Fall for it, and according to Consumer reports, you could end up shelling out an extra $60 to $250 a week.

Damage claims: Consumer Reports says one of their readers was charged $304 for “damage” to a rental car after dropping it off when the place was closed. Their advice: Always pay by credit card so you an dispute inaccurate charges. My additional advice? Use your phone’s camera to take pictures of any scratches on the car before you rent it, and to document its condition when you return it.

Fill it up: This is old news. Everyone knows by now that if you’re supposed to bring it back full and you fail to do so, the rental car company will mark up the gas price you’ll pay. What you may not know, however, is just how much they’re marking it up these days: according to CR, up to $8 per gallon.

Then there’s the other side of the same coin: When I rented my car, Enterprise offered to charge me less than the going price for gas. The catch? I had to buy the whole tank’s worth. While I didn’t know exactly how many miles I’d be driving, or what kind of mileage the car would get, I declined. Good decision – when I filled up the car prior to returning it, I found my entire trip from JFK to Yonkers and back took less than 4 gallons.

Stick with the cheapest cars: In days past, rental car companies would often give free upgrades. Now that cars are in shorter supply, this is less common. While still worth asking for, if you can’t get a free upgrade, don’t get talked into paying for one. Smaller cars are typically easier to drive and park, use less gas, and if – God forbid – something uninsured does happen, cost less to replace.

Source: Money Talks (http://s.tt/12vH4)