This week: Trump and predatory lending, the Trump tax cuts, Trump and student loans, bad hacks and how to stop money from slipping through your fingers.
[Credit.com] “Already, Republicans are fighting hard to dismantle, or at least disempower, the nation’s newest federal consumer protection agency, the Consumer Financial Protection Bureau (CFPB). But that’s just one of several steps being weighed that could dramatically impact the balance of power between consumers and corporations during the next several years. ”
I’ve been a consumer reporter for more than 25 years, so I follow with great interest changes in consumer safeguards, like the CFPB. As this article explains, we had a bunch of new consumer protections added during the Obama years, including some dealing with predatory lenders, and now it’s looking like many will be taken away during the Trump presidency.
Something funny about laws that protect consumers: Nobody seems to care much about them until they’re personally affected.
[The Dollar Stretcher] “There are times in our lives when money slips through our fingers. It may be because we aren’t organized, we procrastinate, or we don’t jump on an opportunity before the chance goes by. Here are some ways of wasting money and having it slip through our fingers …”
We’re constantly publishing stories about money mistakes people make, but there’s always room for more ideas. This post includes things like not taking advantage of coupons, rebates and club cards, failing to plan, leveraging tax refunds and much more. Check it out.
[Money] “Trump’s tax plan is complicated. It changed several times during the course of last fall’s campaign, and, of course, the new Congress has yet to weigh in. But the Trump plan has been looked at by a number of outside groups of varying political orientations, and they all have concluded one thing: Even when you factor in the potential growth unleashed by cutting taxes, Trump’s plans will increase the deficit.”
If there’s one thing that affects nearly all of us, it’s income taxes. We’ve written about the effects of Trump’s proposed plan on people, but this article explains the effects of his plan on our nation’s budget deficit. It’s important, since Trump also promised to reduce our nation’s debt, not increase it.
[Debt.com] “It’s not an issue he discussed much on the campaign trail, and it wasn’t clearly addressed in confirmation hearings this week for billionaire Betsy DeVos, Trump’s proposed Department of Education secretary. But about a month before the election, he did put out a plan for income-based repayment — an accelerated version of what has been available under Obama for years.”
This is a well-written article explaining Trump’s plan to help Americans pay off their student debt, as well as an step-by-step explanation of what the author did to address his personal debt. If you’ve got student debt, it’s a must-read.
[Wise Bread] “… although most money-saving hacks are well worth your time, some are red herrings. They appear to be great ways to save, but in reality, they can end up costing you a lot of time and trouble for very little reward. Here are five you should avoid.”
The five hacks you should avoid are changing your own oil, making your own detergents, cutting coupons, searching endlessly for a better deal and driving a long way to save a few bucks. While I haven’t done a lot of coupon clipping or detergent-making, I am guilty of the other three. How about you?
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