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PROTECTING YOURSELF IN A COMPLEX MARKETPLACE — Our researchers and attorneys provide key tips for how you can shop for the best bank, get the best car loan, protect against identity theft and more.
In today's marketplace, it takes a savvy, informed consumer to avoid common pitfalls and threats. Financial decisions in particular require assessing a blizzard of advertisements and navigating pages of jargon-laden fine print to make decisions about credit cards, bank accounts, loans, health insurance, and cell phone contracts, among other things.
It’s more important than ever to protect yourself:
- Consumers who finance their cars through a dealership pay more than $25.8 billion in additional hidden interest over the lives of their loans.
- In 2010, more than 8 million households were victims of identity theft, a 33 percent rise since 2005.
- One out of 20 consumers has errors on their credit report significant enough to lead to higher rates on loans.
- Banks made around $30 billion in overdraft fees in 2011. Adding insult to injury, these fees were pitched as “overdraft protection,” which most consumers would be better off without.
That's why the U.S. PIRG Education Fund has compiled recommendations and resources for consumers. Our tip sheets address some of the most common complaints received by the Federal Trade Commission—read on, and protect yourself from becoming a statistic.
- Choosing a bank
- Protecting yourself from identity theft
- Picking a cell phone plan
- Protecting renters
- Avoiding mistakes when buying a car
- Dealing with credit cards
- Avoiding problems when paying taxes
- Avoiding dangerous toys
Note that these tips are not intended as, nor should they be construed as, legal advice. If you need legal advice dealing with a consumer problem, consult an attorney.
Beech-Nut will stop selling all single grain rice cereal after Alaska state officials discovered high arsenic levels during routing sampling, the U.S. Food & Drug Administration (FDA) said in a statement released Tuesday.
The U.S. Consumer Product Safety Commission approved tough new standards Wednesday to regulate several infant sleep products for the first time.
A month after announcing a weak plan to reduce heavy metals in baby food, the Food and Drug Administration (FDA) announced a new plan Thursday aimed at making baby food safer over the next several years.
This serves as another important reminder that consumers must always be vigilant about identity thieves who may call, text or email victims and try to trick them into providing more information.
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