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| Credit Answers > Debt-Management-Articles-2008 > Debt Management Tips |
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Buying Ued Cars Can Save Thousands
A recent Consumer Reports study of owner costs shows that choosing a reliable three-year-old car instead of a new one can save drivers thousands of dollars over the first five
years. In many cases, that is enough to pay for all the gas used during that time. With relatively low mileage, modern safety and convenience features, and usually a much lower
price than similar new vehicles, late-model used cars are great deals. On average, Consumer Reports' findings show that consumers can save 32 percent in the first five years by
buying a three-year-old car. Similarly, with a one or two-year-old car, they can save 19 and 27 percent, respectively.
New Law Will Assist New York Consumers
The Exempt Income Protection Act will shield elderly, disabled, veteran, and lower income New Yorkers from unlawful practices by debt collectors and goes into effect January
1, 2009. The new law closes a loophole that has allowed debt collectors, creditors and credit card companies to use "restraining notices" to freeze the bank accounts of New Yorkers who
receive income that is exempt from debt collection under federal and state law, such as Social Security, veterans' benefits, disability, and pension. The law ensures the first
$2,500 in an account which contains directly deposited exempt income cannot be restrained.
Charges Are Filed Against Florida Collection Agency
West Virginia Attorney General Darrell McGraw recently filed suit against Florida collection agency for unlawful, coercive debt collection practices. Beginning in 2006, consumers
complained that they had received calls from this agency suggesting they would be arrested if they did not pay a cellular telephone bill. According to the lawsuit, this agency
tried to coerce payments from consumers by implying that a "federal marshal" would appear at the consumer's workplace, or that a deputy sheriff would serve a warrant for the
consumer's arrest. Any debt collection contact involving an accusation of a crime or similar conduct is strictly forbidden by law. Consumers also reported that this agency
threatened to sue them if they did not pay. Because this particular collection agency employs no lawyers and does not file lawsuits of any kind, these threats were misleading
and therefore, unlawful.
Con Artists Pose As FTC Employees
In their latest effort to defraud the public, con artists claiming to work for the Federal Trade Commission are calling consumers and claiming that they have won a lottery or
sweepstakes. As the nation's consumer protection agency, the FTC never collects money directly from consumers. But the public may be fooled, because by using Internet technology,
con artists can make it appear that they are calling from Washington, DC, where the FTC is headquartered. The FTC's name may even be displayed on consumers' caller ID machines.
All the public has to do, according to the con artists' pitch, is pay the taxes and insurance on their "winnings." The caller asks that consumers wire money or send a check for
an amount between $1,000 and $10,000. In reality, there is no prize, and the scammers disappear with the consumers' money. Real sweepstakes don't require you to send money to
claim a prize.
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