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Consumer News & Alerts

January 5, 2009

By Martin H. Bosworth
ConsumerAffairs.Com

THE GRINCHES THAT STOLE CHRISTMAS...AGAIN
For our first Consumer News & Alerts of 2009, we thought we'd take a look back at the companies, services and products that made 2008's holiday season the most miserable for our readers. Truman Lewis rounds up the usual suspects and shares horror stories of exploding cookware, undelivered packages, restrictive exchange policies, and red rings of death. Read more...

H&R BLOCK STOPS SALES OF REFUND ANTICIPATION LOANS IN CALIFORNIA
Here's some good news for the New Year — California's Attorney General Edmund Brown has brokered a settlement with tax preparation giant H&R Block to stop selling costly "refund anticipation loans" in California. The loans, which are taken out in anticipation of payment from the borrower's tax refund, come with costly interest rates and hidden "gotchas" that often leave the borrower deeper in debt than when they started. The settlement includes a $4.85 million payment by the company for refunds to customers who took out the pricey loans. Read more...

CONSUMERS FEEL CREDIT CARD CHANGES
Credit card holders are finally in the eye of the "perfect storm" that's been brewing for years — the financial industry, shaken by global losses, is cutting back on credit lines and raising interest rates right when customers are using credit more and more to cover everyday necessities. The Federal Reserve passed new regulations blocking especially egregious abuses, but they aren't scheduled to go into effect until 2010 — giving lenders plenty of time to squeeze more cash from their borrowers. Mark Huffman and Bankrate's Steve Santiago offer tips and information on how to protect yourself. Read more...

READER POLL: SURVIVING IN THE NEW ECONOMY
During the Great Depression, consumers changed their spending habits out of necessity -- and it wasn't just temporary. Those who lived through that era, many now in their 80s, have maintained lifelong habits of thrift and frugality. Somewhere over the years, our consumer economy discarded these old habits and values in favor of a somewhat more hedonistic philosophy, epitomized nicely by the VISA commercial with the musical refrain, "I want it all, I want it now!"

Now, with no credit and, in many cases, not much cash, we're having to learn the old ways once again. How are you coping with hard times? Have any good tips to pass along? Tell us about it.

More financial news...

• Mortgage Rates Drop Way Down The benchmark 30-year fixed-rate mortgage fell 20 basis points, to 5.64 percent.

• How Important is Credit to You? Take this online quiz to see how your feelings about credit cards stack up against those of other Americans.

• Understand Annuity Before You Sign The wrong time to learn more details about your annuity contract is after you sign on the dotted line.

• Consumer Confidence Sinks to Historic Low Survey reflects worries, fears about economy.

• Rules for Claiming Dependents A student with high medical bills can be claimed as a dependent if the criteria are met.

• Groups Warn Against Life Insurance Rule Change New proposals could massively cut reserves for payouts.

• What's $29,000 Worth After 18 Years? A bank deposit of $29,000 loses some of its purchasing power after 18 years.

• Managing Retirement Savings If you're feeling shakier than the stock market, take some time to re-evaluate your portfolio positions.

• Smart Moves for CDs, Checking and Savings Investors are hoping 2009 will provide respite from 2008's economic spiral. Three experts weigh in.

• High Credit Scores Get Top Loans Credit score has always been important. Now it must be even higher to get a low rate.

• 12 Steps to Credit Card Success Follow these rules to beat credit card issuers at their own game.

This week's mortgage and housing news...

• Mortgage Rates Drop Way Down The benchmark 30-year fixed-rate mortgage fell 20 basis points, to 5.64 percent.

OIL RISES, BUT GAS PRICES KEEP SINKING
The expected resurgence in driving with low gas prices still hasn't occurred, and that has a lot of people worried. The federal and state governments depend on revenue from the gas tax, and are considering an increase to offset the lower demand. Meanwhile, OPEC is planning to make further cuts to production, and buyers of foreign oil are looking to stock up on their inventories while prices remain at lows not seen in years. Read more...

This week's automotive news...

• Buyer Waiting for Car May Cancel Deal A dealer who has failed to deliver a car may be jeopardizing the sale.

• Car Payments Can Help Rebuild Credit Making car payments on time will help rebuild a credit score.

• Ford Plans Car That Parks Itself New technology guides cars into parking spots.

• New GPS Navigators Earn High Marks Consumer Reports rates best brands.

• Some Hybrid Tax Breaks Will Soon Disappear If you want a Honda hybrid and a tax break, you better head to your local dealership now.

This week's recalls...

• Bon-Ton Reversible Boys' Vests
• Wiring "How-To" Books
• Atomic Ski Bindings

CHINESE COMPANIES PAY $160 MILLION OVER MELAMINE SCANDAL
Twenty-two Chinese dairy companies accused of manufacturing products tainted with melamine have agreed to pay $160 million to families of infants who were sickened or died from ingesting the tainted milk. As Lisa Wade McCormick reports, families whose babies died from the tainted milk will each receive $29,000, China Daily reported. Families whose children became seriously ill will receive about $4,400 each. The remainder of the settlement will go towards medical bills for lingering illnesses, according to Chinese media outlets. Read more...

More consumer protection news...

• Consumers Union Buys Consumerist.com Axes ads but says no other changes planned.

• Burritos Recalled Due to Possible Listeria Contamination Colorado company recalls 172 pounds of products.

SEX IN THE DIGITAL AGE
What are we to make of a world where teenagers post pictures of themselves on Web sites that rate how hot they are, or where you can get free pornography (amateur and professional alike) on video-sharing sites with a click of the mouse? It may be overwhelming to the older set, but for the young, this is as commonplace as text messaging. Our resident road junkie Tom Glaister takes an in-depth look at how the Internet is reshaping the availability — and the meaning — of easy sexual gratification, for better or worse. Read more...

More technology and Internet news...

• The High Cost of High-Tech Teens For parents, drawing the line on being cool is a cost-cutting lesson for teenagers.

• 5 Digital Ways to Store Money Documents There are five key options for safely storing important financial records digitally.

• Researchers Study Wii's Impact on Fitness "Whole body movement" games may help families get healthy.

5 TIPS FOR EATING RIGHT IN 2009
Everyone makes the New Year's resolution to eat right and lose weight, but very few of us actually stick to it. The slumping economy adds a new level of complication to staying healthy, as nutritious food becomes increasingly expensive while junk and fast food remain cheap and easily obtainable. Here are five tips for dieters and families alike to follow in order to eat healthy while staying on a tight budget. Read more...

This week's health news...

• Moderate Drinking Can Reduce Risks of Alzheimer's Low consumption can prevent "mini-strokes" that lead to dementia.

• 1918 Flu Virus Offers Clues to Prevent Pandemics Studies of historic strain yield genetic breakthroughs.

• Over-the-Counter Contraceptive Pill May Not Work British researchers claim irregular usage hinders effectiveness.

• Common Food Additive Linked to Lung Cancer Inorganic phosphates in processed foods may trigger disease.

NEW ROGUES

Every day we add hundreds of new consumer complaints and comments to our site. And each day sees a the addition of companies and products that haven't previously appeared in our Rogues Gallery. Here's the latest batch of newcomers:

• Autopartsgiant.com
• Autopartswarehouse.com
• Scootercatalog.com
• Perfect Flame Grills
• Camera Whiz
• 192camera.com
• Prestige Camera
• 800loanmart.com
• Stamps.com
• GHL Motorsports
• Swiffer
• Limbo.com
• Airlinegateway.com
• Uggfamily.com
• MicroShip Movers

We want to hear from you. If you've had a problem -- or a pleasant experience -- with a company, product or service, please let us know, using our secure complaint form.

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