Most Won’t Feel Fed Rate Increase
Washington — For anyone considering whether to buy a home or car, the Federal Reserve’s interest rate increase Wednesday shouldn’t make much difference. The rates that most people pay for mortgages, auto loans or college tuition aren’t expected to jump anytime soon. The Fed’s benchmark interest rate has limited influence on those things. Still, the Fed’s move to lift its key rate by a quarter-percentage point will raise short-term...
Car Collectors Do It for Love, Money
“For love or money” may be a phrase as old as capitalism, but it acutely applies to the resurgent collector car market, where record-breaking valuations have fueled a hobby best known as a labor of love. “Our bidder registrations are up 20 percent this year,” said Donnie Gould, president of Auctions America. “In years past, we saw a 5 percent gain. There’s an increase in new people enjoying the hobby. With volatility in the stock...
Using Retirement Funds To Pay for House Is Risky
Washington — The housing market is expected to be busier than usual this winter as some home buyers rush to act before the Federal Reserve raises interest rates. Some consumers who haven’t yet been able to save the money for a downpayment may be tempted to raid their retirement accounts for the cash. For people with decent retirement savings, that can be a way to diversify investments. But people considering the move should consider...
Consumer Confidential: Duped VW Owners Wonder What Their Next Move Should Be
Paul Mason works for Pacific Forest Trust, a San Francisco nonprofit group focusing on environmental protection. He is, by his own admission, a tree-hugging kind of guy. That’s why Mason purchased a Volkswagen Golf TDI five years ago. He liked the idea that he’d be driving what VW touted as a “clean diesel” car, one that delivered more oomph than a Prius hybrid while keeping pollutants in check. Mason, 43, had no idea that the...
Consumer Confidential: Columbia House — 12 Albums for a Penny! — Files for Bankruptcy
Before there was iTunes, before there was Spotify — heck, even before Al Gore rolled up his sleeves and invented the Internet — there was Columbia House. The company defined mail-order music for generations of shoppers and pioneered some of the most obnoxious, misleading and hard-to-remedy marketing tactics ever inflicted on consumers. And now Columbia House, bless its evil little heart, is bankrupt. The owner of the company, Filmed...
