Stephen Brobeck
Stephen Brobeck
Stephen Brobeck is the director of the Consumer Federation of America...
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We project for all households in the Northeast, oil and heat bills will be 35 percent higher than last year and that for households in the Midwest, gas bills will be 50 percent higher. Low and moderate income households will be clobbered by these oil and gas price hikes.
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The bottom line for consumers is potentially billions of dollars a year in additional charges, fees, and higher interest rates and lower yields on savings.
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If consumers started to shift money, however, ... from an interest checking or a traditional savings account into even a bank CD or from a bank to a credit union. That would place market pressure on the banks to raise those interest checking rates and those traditional savings rates. They (banks) do not feel as if consumers are demanding higher rates.
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Those who have obtained their scores know significantly more about credit scores than those who have not,
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You basically charge what the traffic will bear.
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Net wealth hardly grew despite a substantial rise in house values.
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On some small accounts, the fees are so high and the interest is so low that the savings dwindle rather than accumulate.
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Shifting debt from one card to another can get you in trouble if you just accrue more debt.
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We recommend that consumers shift their funds from traditional savings to CDs and from banks to credit unions. If everyone did so they would earn about $40 billion more in interest annually. That's an average of about $400 per household.
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Most Americans are now aware of the consumer debt trap and the need to build wealth, but don't believe they can do so.
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Check the terms and conditions, particularly the grace period and fee levels -- whether or not there's an annual fee -- and interest rates.
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Generally it's a good idea, but you need to comparison shop to make sure you get a good deal.
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The fees continue to rise but bear little relation to actual costs.
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If you ask for understanding and relief from credit card companies and mortgage companies, the cash you raise will go farther,