All posts by Barbara Nevins Taylor

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Missing My Mom

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by Barbara Nevins Taylor

Julie Segal, my mom, died  at 95 about nine months ago. I woke up on Mother’s Day and had no where to go but the gym. I miss the Mother’s Day visit and all that went with it. I miss my mother. Our relationship was complicated. I adored her at the beginning of my life. She taught me everything that was important: how to be a good person, how to read, how to ride a bike, how to roller skate, how to jump rope, how to throw a ball.

She was steadfast and tried to stop me from doing crazy and dangerous things in my teens. But she couldn’t protect me from myself.   And each time something bad happened, she swallowed her anger and frustration and helped me solve the big problems. Even so, she often infuriated me and I frequently was awful to her and ungrateful.

 

 

I helped take care of her at the end of her life and we were very close. “I have a daughter Bob. We go out to eat. We go shopping. We’re pals and we have fun,” she wrote on a napkin in the diner where we had lunch every week.

So I celebrate my mom, with a few photos.

 

 

Are you missing your mom?  Do you have  photos? Post them and tell us your story.

 

Helpful Tips: Credit, Helpful Tips:All, Helpful Tips:Money, Video: Most Viewed

3 Tips to Manage Credit Card Debt


We all know that it’s smart to pay off our credit card bills every month. But at times, that’s impossible. And in some circumstances, you may find that you need to make a big purchase that pushes you right up against your credit limit.

Courtesy Wikimedia
Courtesy Wikimedia

 

This isn’t a great idea unless you have the income, and a solid plan to pay down the debt. But if you must load up a card, we discovered 3 tips to manage credit debt during an interview with Amalgamated Bank’s Eric Ruskiewicz.

 

 

TIP 1

Keep your balance under half your limit.

Ruskiewicz says,”For example, if the limit is $10,000 on your credit card keep that balance under $5,000. The idea is not to push your credit up to the maximum level.

When the credit scoring company FICO sets credit scores, it considers the amount outstanding and how close you come to maxing out.

TIP 2

Do not let it get above 90 percent of your limit.

So if you’ve got a $10,000 limit and you have to borrow more than half, don’t go beyond $9,000.

TIP 3

Split your borrowing on two cards.

If you’re making a giant purchase and you absolutely have to use as much credit as possible, it’s wiser to split your borrowing between two cards.

Ruskiewicz says, “If you have $10,000 in credit card debt, you’d be better off with two credit cards with $5,000 on each than having one card maxed out at $10,000.
two credit cardsKnow What You Will Have to Pay in Interest

The bills come due, and they come with interest. It’s really important to make sure that you pay the bills on time and you know the terms and conditions of repayment.  The Center for Responsible Lending (CRL) points out that banks change their interest rates and they often list the change in the small print. The CRL suggests you:

  1. Look at your statement carefully every month to see if there are interest rate or other changes.
  2. If you are 60 days past due, some companies may raise your interest rate.
  3. Watch out for hidden fees for statements, foreign currency and miscellaneous surcharges.
  4. Be careful about signing up for a “free” credit card trial period. Fees kick in and interest rates often rise after the trial period and you may not remember that the trial period ended.

 

Helpful Tips: Credit, Helpful Tips:All, Helpful Tips:Money

6 Tips for Protection at the ATM


 

 

 

 

 

 

 

 

 

by Barbara Nevins Taylor

The $45 million global ATM heist is a good reminder to take extra care when we use an ATM.  While the team of cyber hackers and ground level crooks didn’t steal money from individuals, they did work the ATMs at local banks.

Here’s what they did.

Loretta Lynch, the U.S. Attorney in Brooklyn, New York said an international team of hackers went into bank data bases, eliminated withdrawal limits on pre-paid cards and stole  PIN numbers. Then they turned the codes over to local “cells” of cashers who encoded the PINs on ordinary cards, such as gift cards, which like ATM cards have magnetic stripes.  The cashers took the cards and in New York withdrew $2.8 million in a few hours.

The leader of the gang, Alberto Yusi Lajud-Pena, was found dead in the Dominican Republic on April 27, 2013 in what was described as robbery. Seven defendants, residents of Yonkers, were arrested and indicted in New York.

6 Tips for Using the ATM

This is all common sense but we often forget to pay attention when we’re in a hurry.

1. Make sure others don’t see the PIN number you tap in.

2. Make sure the ATM that you use doesn’t have a skimmer overlay that can steal your information. Some crooks place the skimmers over the top of  regular ATM keypads. They may also hide a camera that takes video and watches your fingers as you type your PIN number.

3. Be careful about who is around when you use an ATM.

4. If you see anything, or anyone suspicious, cancel the transaction and leave.

5. If someone follows you, call the police.

6. Check your bank statements regularly.

 

Consumer News, Misc., News

Foreclosures Lowest in 6 Years

Foreclosures are at the lowest level in 6 years, according to the real estate data firm RealtyTrac. While that’s something to applaud, the latest report points out that one in every 905 U.S. households had a foreclosure filing in April. Not a pretty picture, especially for those homeowners.

And foreclosures that had been stalled because of the scandal involving improper foreclosures are now gearing up again in Nevada, Washington and Arkansas.

Other states saw increases because of foreclosures moving through the courts.

New Jersey saw a 138 percent increase, Connecticut a 46 percent increase, Texas a 37 percent increase, Georgia a 35 percent increase, Oregon a 16 percent increase, and California a 13 percent increase. Foreclosure starts reached a 36-month high in Connecticut, a 27-month high in New Jersey, and were up on a monthly basis for the third consecutive month in California.

Behind on your mortgage?

If you’re behind on your mortgage and afraid that you our facing foreclosure watch our video What Do I Do About Foreclosure  and download the Free Guide.

In the market for foreclosures?

If you’re in the market for foreclosures watch our video How Do I Find Foreclosures? and download the Free Guide.

Consumer News, News, Student News

Elizabeth Warren Proposes Student Loan Reform


Senator Elizabeth Warren introduced her first bill today and it’s aimed at helping students burdened by debt. The Massachusetts Democrat says, “We shouldn’t be profiting on our students who are drowning in debt.”  She proposes lowering the rate on subsidized federal student loans for one year to .75 percent. That’s the same rate big banks pay to borrow money from the Federal Reserve Board.  The current rate of 3.4 percent is set to go up to 6.8 percent on July 1 unless Congress does something.

She also suggests the one-year rate drop should be followed up by long-term reform.

Watch the video. She’s great!

Tell us your story. We want to put it right here on ConsumerMojo.com

Consumer News, Immigrant News, Latest News, News

No-Interest Loan for Deferred Action

It sounds like a dream come true.  And in a way it is. Thanks to an anonymous donor the NYC DREAMer Loan Fund can help you pay the $465 fee for the Deferred Action for Childhood Arrivals Program (DACA). The fund is administered through the Neighborhood Economic Development Advocacy Project (NEDAP), which is working with community groups.

The community groups will provide free screening assistance and help you fill out the application. Once that’s done, they’ll send you to  NEDAP, which will connect you with either the Brooklyn Cooperative Federal Credit Union (BrooklynCoop), or the Lower East Side People’s Federal Credit Union. The credit union will actually make the loan and you’ll have to repay it on a monthly basis for a year.

The video has all the details.

And these are the groups that are participating so far:

African Services Committee

429 West 127th Street, New York, NY 10027

Contact: Jessica Greenberg at 212-222-3882 x.134, or email immigration@africanservices.org.

Arab American Association of New York

7111 5th Avenue, Brooklyn, NY 11209

Phone: 718-745-3523

DACA@ArabAmericanNY.org

DACA Legal Assistance Times: Every Wednesdays 2pm – 6pm

Languages: Arabic, Urdu, French, Spanish

Cabrini Immigrant Services

139 Henry Street, New York, NY

Closest subway: F train to East Broadway

Time: Wednesdays 9am – 7pm; Saturdays 12 – 6pm

By appointment only.

Contact: 212-791-4590 ext 100, or info@cis-nyc.org

Languages: English and Spanish

Chinese Progressive Association

83 Canal Street, Room 304 (near Eldridge Street), New York, NY

Contact 212-274-1891 or irp@cpanyc.org for appointment and information.

Languages: Chinese and English

EyeOpeners DREAMERS Project/El Centro del Inmigrante*

1546 Castleton Ave, Staten Island, NY 10302

Contact Reina Ubaldegaray  347-538-0935.

Queens Community House

74-09 37th Ave., Suite 400, Jackson Heights, NY 11372

By appointment only.

Contact: Carmen Gutierrez, 718-898-7461 ext. 13 , or  cgutierrez@queenscommunityhouse.org

La Union

DACA Legal Assistance Times: Every Friday from 4pm-6pm

5406 4th Ave, Brooklyn, NY 11220

6025 6th Ave, 2nd floor, Brooklyn, NY 11220

Contact: Leticia Alanis, 917 291-9408, or  lalanis@la-union.org

or Isabel Herrera,  347 294-5958 or iherrera@la-union.org

Make the Road NY     
92-10 Roosevelt Ave, Jackson Heights, NY 11372

Contact: Natalia Lopez  347-845-6674 or 718-565-8500, ext. 4456, or natalia.lopez@maketheroadny.org

Languages: English and Spanish

MinKwon Center for Community Action

Contact: David Chung, 718-460-5600 x212, or david.chung@minkwon.org

136-19 41st Ave., #3FL, Flushing, NY 11355

Languages: Korean, English

 By appointment only.

New York Immigration Coalition

www.thenyic.org/deferredaction/register

Contact: Silvia Gonzales, 212-627-2227, ext 239.

Languages: Spanish and English

Northern Manhattan Coalition for Immigrant Rights

665 West 182nd Street, Ground floor, New York, NY 10033

Hours: Monday to Friday, 8am to 5pm.  No appointment needed.

Contact: 212-781-0355

Languages: English, Spanish

Jacob A. Riis Neighborhood Settlement House

10-25 41st Avenue, Long Island City, NY 11101

By appointment only.

Contact Melissa Miranda at 718-784-7447 ext. 129, or mmiranda@riissettlement.org

Languages: English, Spanish

Volunteers of Legal Service

Note: Capacity is limited and VOLS is only able to provide legal services to students who attend partner schools at this time.

281 Park Avenue South, New York, NY 10010

Contact: Elizabeta Markuci 347-521-5707, or emarkuci@volsprobono.org

Youth Ministries for Peace and Justice

1384 Stratford Avenue, Bronx, New York 10472

Contact:  718-328-5622

 By appointment only.

Languages: English/Spanish

Watch our video How to Apply for Deferred Action

You can download this article by click here: No-Interest loan for Deferred Action

 

 

Consumer News, Misc., News

Refinancing Still Strong

 

 

 

 

 

 

 

 

 

 

 

 

 

 

With interest rates still low, refinancing is still strong according to the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac.  Its February 2013 Refinance Report shows that  than 463,000 refinancings took place in February.

This was particularly good news for underwater homeowners, or those whose homes are worth less than their mortgages.  97,738 underwater homeowners refinanced using the Home Affordable Refinance Program (HARP) that the Obama administration created to help them. More than 2.3 million have refinanced using HARP since the program started in 2009.

Watch our Refinancing video and download our Free Refinancing Guide

 

 

Money News, News, Scam News

“Lying” Debt Settlement Company Indicted


 

 

 

 

 

 

 

 

A so-called debt settlement company got the rug pulled out from under their “lying” business by New York U.S. Attorney Preet Bharara and U.S. Postal Service Inspector-in-Charge Philip Bartlet. They announced an indictment that charges Mission Settlement Agency (Mission), its owner Michael Levitis and three employees with mail and wire fraud. They are accused of taking $2.2 million from 1200 customers, all across the country, and doing nothing for them.

The indictment says they promised they would deal with companies and credit bureaus to settle clients’ debt for about 55% of what they owed.  Instead they took thousands in upfront fees and charged $49 per month. They apparently told their clients they would keep the money in escrow and use it to pay down debts. Turns out, they allegedly kept a good portion of the money and did no work. They’re also accused of lying about connections to the U.S. government and credit bureaus and about upfront fees to get customers to sign up.

In total Mission took over $6.6 million in fees, while paying only approximately $4.4 million to customers’ creditors.

Manhattan U.S. Attorney Preet Bharara said, “As alleged, Mission preyed upon the financial desperation of people around the country who like so many ordinary Americans were simply struggling to pay down their debts after the financial downturn. But the true mission of Mission turned out to be fraud.”

Owner Levitis is accused of using the money he billed clients to pay for the operating expenses of a restaurant-nightclub he controlled, lease payments for two different luxury Mercedes cars, and credit card bills for his mother.

This indictment is a big victory for the Consumer Financial Protection Bureau (CFPB). It initiated the investigation in July of 2012 and referred the case to the U.S. Attorney.  The CFPB filed  civil charges against Mission, Levitis and others.

It may be too late for some, but watch our video Avoid Debt Settlement and Credit Repair Companies 

Money News, News, Scam News

Pension Advance Investigation

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It’s financial risky and potentially dangerous to take an advance on your pension. ConsumerMojo’s story Pension Advance Plans Take a Big Bite really explains exactly how  pension advance plans operate, who is victimized e and what some states are doing to curb the practice.

 In New York State. Governor Andrew Cuomo’s team launched one of the largest investigations. Cuomo said he asked the Department of Financial Services (DFS) to investigate pension advances because, “These companies are literally harvesting the hard-earned pensions of seniors, military veterans and other hard-working New Yorkers.  Using deceptive practices to cheat people out of their pensions by enrolling them in backdoor high-interest loans will not be tolerated in our state.”

How it works

To get a pension advance you must agree to give up a portion of your weekly or monthly pension in return for a lump sum upfront. The interest rate can be more than 100 percent and that can chop off a good portion of your pension.

Targeting veterans

Benjamin M. Lawsky, Superintendent of Financial Services, said, “These pension advances appear to be nothing more than payday loans in sheep’s clothing. Pension harvesting schemes that hit financially strapped retirees with sky-high interest rates and hidden fees are simply unacceptable. It’s especially disturbing that military veterans – who earned their pensions defending our country – are apparently being targeted through these abusive products.”

 

Lawsky’s agency sent subpoenas to the following companies: 

1. LumpSum Pension Advance
2. Pension Funding LLC
3. Pensions Annuities & Settlements LLC
4. Pension Income LLC 
5. Cash Flow Investment Partners
6. DFR Pension Funding
7. Veterans Benefit Leverage
8. Voyager Financial Group LLC (Pension4Case/Cash Out My Pension/Buy Your Pension)
9. First American Finance Corporation
10. Investing Forward (Termbrokers LLC)

The message here is to beware and stay away from pension advance schemes.

watchmore Key Steps for Planning for Retirement: more information about protecting yourself and your assets.

 

55 Plus News, All 55 Plus, Consumer News, News

Take Care Choosing a Power of Attorney


The New York Times reports that 87-year-old “To Kill A Mockingbird” author Harper Lee sued her literary agent for allegedly improperly taking royalty fees.  This highlights the need to make sure that you have an extremely trustworthy person taking care of your personal finances and other matters.  Our video Choosing Power of Attorney Tips explains how to select that person and protect yourself and your assets.

 

Share your story

Do you have a story about choosing a power of attorney.  Tell us what happened.  We’ll leave your name off the post, but we’d like to share your stories to see how we can help others make better decisions.

 

Consumer News, News, Travel News

Cross Country 30th Anniversary Trip

My husband Nick Taylor and I love to travel. This summer, to celebrate our thirtieth anniversary, we’re planning to drive our Audi A-4 across America.  We’ll start from home in New York City.  We know we want to visit the Upper Penninsula of Michigan where Nick’s mom was born and his grandfather Ike Unger had a “dry goods” store. We also want to tour the Badlands National Park in South Dakota and we want to visit my sister Hope and our brother-in-law Ed in Colorado’s Vail Valley.

But beyond that we are wide open to suggestions.

Tell us where you think we should travel.

And tell us about great places to stay.

 

Helpful Tips: Consumer, Helpful Tips: Student, Helpful Tips:All

Why Veterans Should Avoid For Profit Colleges

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The colleges that make the most noise, advertise widely and reach out via email or text grab your attention. No doubt. But it might be a good idea to look at these schools with a skeptical eye.

Most are basically money making operations that may not have your best educational interests at heart. 

They often make promises and help you work out payments through your G.I. Benefits But there’s a lot they don’t tell you, and it’s really easy to use up your G.I benefits on an education that may not give you what you need.

Sam Oakford works for NEDAP, a consumer counseling  and economic advocacy group.  He talks to veterans all of the time who find that they are in financial trouble because they used their G.I. Benefits and borrowed money to pay for an education at a for-profit college or trade school. Most find they have worthless educations and owe a great deal of money.  Sam offers an important warning.

 

   Payday and Auto Title Loanswatchmore

Money News, News, Scam News

Pre-Paid Minutes Ripoff


 

 

 

 

 

 

 

 

 

 

 

If you use a pre-paid calling card, it’s likely you’re on a budget and can’t afford to waste your money. That’s why it’s particularly infuriating that a company was caught cheating users on minutes.  These are the cards that you buy in grocery stores and other quick stop places. The Federal Trade Commission (FTC)  tested pre-paid cards from DR Phone Communications and found the cards they sold contained on average only 40 percent of the minutes they advertised and some of the cards delivered only between 25 and 5 percent of the minutes advertised.

The company agreed to a settlement with the FTC that allows it to continue to sell pre-paid cards. But as part of the agreement, an order filed in Federal District Court in Northern California permanently bars the defendants from making any material misrepresentations in connection with the marketing and sale of prepaid calling cards.  It also requires DR Phone Communications to clearly and prominently disclose all material limitations of their prepaid calling cards, including:
  • The existence of all fees and when they will apply;
  • That the advertised calling minutes are available only on a single call, if applicable;
  • Any limit on the time during which the advertised rates or number of minutes are available; and
  • When the calling card expires, if it does.

The company was fined $61,597.

For good tips for improving your credit watch our videos  How to Improve My Credit Score-The Truth and How to Fix My Credit-No Lies.

Like us on Facebook and Follow Us on Twitter.

Have a question? Ask Barbara

 

Money News, Mortgage News, News

25 Top Flipping Markets


RealtyTrac predicts that investors in 2013 will turn their attention to buying and flipping homes. In case you’re not familiar with the term, the real estate data company describes flipping as buying a property and selling for a profit within 90 days. RealtyTrac looked at more than 600 metro areas and put together a list of the top 25 markets where single homes were flipped in 2012. It also pinpointed the top 25 markets where investors made the most money.

Cities in California and Florida dominate the list of where single homes were flipped:

  1. Orlando, Florida
  2. Las Vegas, Nevada
  3. Phoenix, Arizona
  4. Tampa, Florida
  5. Memphis, Tennessee
  6. Miami, Florida
  7. Lakeland, Florida
  8. Nashville, Tennessee
  9. Sarasota, Florida
  10. Tucson, Arizona
  11. San Diego, California
  12. San Jose, California
  13. Sacramento, California
  14. San Francisco, California
  15. Ventura County, California
  16. Inland Empire, California
  17. Modesto, California
  18. Santa Rosa, California
  19. Bakersfield, California
  20. Cape Coral, Florida
  21. Seattle, Washington
  22. Stockton, California
  23. Vallejo, California
  24. Denver, Colorado
  25. Detroit, Michigan

 

If you’re thinking about buying and selling quickly, take a look at our video How Do I to Find Foreclosures as well as the Free Downloadable Guide and our Mortgage Fees video and Free Downloadable Guid