It’s amazing that corporate price gouging gets such little attention. It’s responsible for more than 50 percent of inflation that’s causing consumers so much stress and hardship. However, it gets little publicity. Accountable.US, a consumer watchdog group, reports lots of information on this, but I seldom see it in the press. Here are a few examples:
The National Association of Realtors settlement of a class action lawsuit, scheduled to be carried out by August 17, requires realtors to obtain buyer signatures on home buyer contracts. The $418 million settlement did away with the traditional agent’s commission of 5-6 percent, which should lead to more negotiation, more competition, and lower costs.
California often has among the most beneficial laws for consumers. On July 1, these four bills will become law in the state: Capping security deposits — Until now, landlords have been allowed to require a security deposit equal to as much as three months’ rent. Instead of landlords being allowed to require a security deposit equal to as much as three months’ rent.
Consumers are used to depositing their money in banks and savings associations, which are insured by the Federal Deposit Insurance Commission. However, some consumers are opening accounts these days with nonbank financial companies, usually online or through mobile apps, such as technology companies providing financial services.
A decrease in your credit limit can limit your purchasing power, which can hurt your credit score. However, it may also help you spend less and have less credit card debt. Credit limit decreases can also reflection either poor handling of credit or economic uncertainty, so large average decreases in a city might indicate that residents are in financial trouble.
When I’ve had a consumer complaint recently, several times the customer service representative has said to me “I’m sorry that you feel that way.” The “sorry,” but I’m not sorry response it like getting an emotional slap in the face. One time it happened when I didn’t get information about a credit union fee, and I also mentioned lacking customer service at a local branch.
Another industry is being exposed for years-long tricks it engaged in to fool consumers and make more money at their expense. Major U.S. wireless carriers agreed to a $10.25 million settlement Thursday after an industry-wide investigation by a coalition of 50 state attorneys general of misleading advertising practices.
Check out carefully any student loan servicer you’re considering using. There are some bad actors in the student loan business. For example, the Consumer Financial Protection Bureau Monday took action against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency for multi-year servicing failures.
Millions of workers who are saving for retirement and rely on advice from professionals on how to invest their savings will be better protected under a new rule finalized Monday by the U.S. Department of Labor. The Retirement Security Rule, also called the Fiduciary Rule, updates the definition of an investment advice provider.
