I’ve written about it before, but it’s worth highlighting again. A Consumer Reports evaluation of peer-to-peer or P2P payment apps found that users could lose money to fraud or scams and face privacy risks because app providers may share their personal information widely and it’s difficult for users to delete their data.
Financial writers recommend when you’re having money problems that you review your subscriptions. Sometimes subscriptions that you aren’t using keep renewing or you didn’t realize you had one. “Negative option” programs include subscription services that automatically renew, and trial marketing programs that charge a reduced fee for an initial period.
Today I received an email saying that my Social Security number was going to be suspended. Scam. Ironically, it was “signed” by Texas Attorney General Ken Paxton. I wonder if he was chosen for the scam because he’s a Tea Party conservative from Texas who people may think would come after them in other states.
I hope keeping up with recalls is one of the items on your “good consumer” list. On May 5, 2021, the Peloton Tread+ treadmill was recalled because incidents associated with pull under and entrapment in the rear of the treadmills, and the Peloton Tread was recalled because the console on the Tread could detach and fall, posing a risk of injury to consumers.
Don’t get tricked into signing up for a high-cost loan when you buy a used car. Credit Acceptance Corp. misrepresented the cost of credit and turned the car-buying experience into a nightmare for many of its borrowers, the Consumer Financial Protection Bureau and New York Attorney General’s Office charged in a lawsuit.
How was your holiday? Did you get lots of neat presents? Were you able to celebrate with family and friends? Were you exhausted when it was all over? I was fortunate because I was able to celebrate Christmas twice. My daughter from Spain came for an early celebration and my daughter from Sacramento drove up to Washington state, too.
My best wishes to you and your loved ones for 2023. On New Years eve, I wrote about the top consumer and personal finance stories of 2022. Inflation and higher interest rates topped the list, and I predict that those two issues will continue to confront consumers throughout the new year. My recommendations include:
Wells Fargo is at it again. It shows why consumers should be skeptical about trusting big banks. The repeat offender has agreed to a settlement that requires it to return more than $2 billion to consumers and pay a $1.7 billion civil penalty for legal violations across several of its largest product lines, the CFPB said Tuesday.
Scams are terrible, especially during the holidays. But scammers are out there every day, searching for their next victim. Scammers will ask you to pay with gift cards. Why? Because they’re like cash: once you use a gift card, the money is gone. A scammer may say they’re from a government agency or are a family member in a bind who needs money right now.
