Financial industry reform is getting lots of attention these days. Many of the issues in the debate may seem distant, partisan, or confusing, but the idea of protecting a consumer’s personal finances hits close to home for each of us.
Are you looking for some personal finance reform? Start by monitoring your investments and budget, current mortgage-rate data, and business news that is relevant to your situation. These possible additions to your My Yahoo! page can help:
- Stock Portfolio: See how your investments are performing by the minute.
- Yahoo! News – Personal Finance News: Keep tabs on market updates and practical news that affect your bottom line.
- Budget by Mint.com: This handy tool allows you to monitor a budget and track your spending, among other applications.
- Bankrate.com – Mortgages Blog: Get commentary and tips on what to watch for when it comes to financing your home.
When your money matters are under control and monitored regularly, you’ll be in better shape to handle whatever bumps the economy — and the financial industry — may throw your way.
Apps mentioned in this post:
- Add Stock Portfolio
- Add Yahoo! News – Personal Finance News
- Add Budget by Mint.com
- Add Bankrate.com – Mortgages Blog
Tom
- My Yahoo! Editorial
Tom thanks, this is great. You should add RatingsReform (http://ratingsreform.wordpress.com/) to your set of blogs on financial reform. The public needs to better understand what ratings mean so we don’t rely on them too heavily in future.
Do you think this is fair? Blog by Juliet Anne Thomas
Why is it that financial institutions have decided that it is acceptable practice to place weekly holds on funds in excess of 50.00 or more when you pay at the pump or at a restaurant. Once the deal is done its done. I walk away with a receipt thinking that’s what I spent.
Surely the waitress or bartender knows how much they just made in a tip. The register knows it got paid and can expect that transaction was covered. And the credit card companies or merchant account providers are able to provide a detail printout at the end of the business day or shift for reconciliation purposes.
So what gives with the weekly hold on my available credit or in the case of a prepaid or debit card. My Money?
It is also disturbing and unfortunate that this info is not Posted In Your Face at the time you are about to make the transaction that could ultimately leave you stuck, stranded, defaulted or late on other obligations. In my opinion this is not only a disservice but a deceptive practice that somehow benefit’s the financial institutions , as if they need any more benefits.
Gas stations are willing to accept my credit cards as payment and since they do not require people to spend 75.00 to buy gas or wait the week there until payment posts why should we wait a week for adjustment to our balance.
..Restaurants have to trust everyone ..hey, once the meals over ..it is over. So I hardly believe that the 15% gratuity that has already been calculated to make the charge possible with a total amount .which is necessary, could be cause for a priority hold on funds .
..so why are so many people inconvenienced. Or as I see it being punished for patronizing these business and services?
Of course this never affects the wealthy who have the ability and sense enough to pay off all total amounts every month before they can ever be charged for interest let alone be bothered by any possible hold on mere hundred or fifty dollars that may not be available to pay that phone bill or buy groceries for the next few days. That is a round at the club, a drop in the grander bucket. Not to say they do not worry about money, it is all they worry about and probably have to. However, I feel it is obscene to exploit the already struggling to get by populace in order to create more millionaires through the practice of exploiting the average and ignorant person that hasn’t the time and often the education to research every section and subsection of details available somewhere subtly added seeming lost in the print.
All financial charges and disclaimers I believe should be marked in RED INK UP TOP!!!
As we all know paying interest on the interest costs and charges that apply to the mere use of the card services necessary are more than adding up as it is. Don’t you agree?
I have issues managing my own money I tend to put my wants and pleasure before I my priorities, I should first take care of my family life then play if i have extra. But I just cant seem to make myself reach this responsibilty!
I agree with tom. CNN did a special during the height of the financial crisis and one the top 10 most wanted list of people responsible for the crisis, was the consumer.
CNN did point out that at the time in 1984, the average savings rate in the united states stood at 10%. That 10% is the shock absorber of a down economy. It buffers the worst effects of a recession. At the time of the crisis in the fall of 2009, Americas average savings rate was at a record low of -1%. The recession shock absorber is gone!.
With millions of Americans loosing there jobs, the consumer could only depend on credit cards for support and not there savings. A meager income from low paying jobs could help to pay there bills but with so many unemployed workers, those jobs will be few and far between. This financial crisis did not take one year to happen. Instead, it took a accumulation of years though three or more presidential administrations. But the real issue was deregulation of the banking industry way back in the late 1980s. That deregulation brought on unprecedented greed in both banks, developers and other entities.
I currently live in British Columbia Canada. British Columbia along with other parts of Canada has some of the toughest regulations that are placed against the banks. Very little if any of the banks portfolios were ever involved with the prime rate mortgages. As a result, BC banking industry turned out to be one of the strongest banking systems in the world to survive the financial crisis of 2008-2009.
The us Government needs to look back in its history on how it regulated its banking system and find a solutions that will never ever cause this near collapse to every happen again!
And for the consumer, PLEASE pay off your debts. Please think about what you are buying and do you really need that product you are purchasing? Please SAVE for a time when you could be unemployed.
My two cents!
Nice post, Tom.
Your idea has made me consider how wide I’ve been walking my financial path.
I used to be an estetic spender.
You know, buying things that “tickled-my-fancy” more than they increased my safety net.
Butying and investing are kind of diametrically opposed to each other so, my purchases now lean more towards longevity, vs. disposable…
and resale potential through resale purchases, vs. land-fill donated.
It requires a little more fore-thought and research but, I wasn’t intended to be hat-rack anyway.
I think that’s called “sustainable living”, when we’re thinking of ways to sustain both, ourselves and our planet.
Well Journeys Tom, and Peace to You and Yours
ULC Minister,
Kolt4JC