Leggo that box of Eggos!

Apparently flooding in Atlanta and mechanical problems at a waffle plant in Tennessee have left the Kellogg Co., manufacturers of the iconic round breakfast pastries, predicting Eggo shortages that will last through the middle of 2010.

Then over at Garden Variety, gardening blogger Susan Reimer fills us in on the latest canned pumpkin crisis news:

Continue reading "Eggo, pumpkin shortages leave supermarket shelves empty" »

Posted by Liz Kay at 11:14 AM | Permalink | Comments (1)
Categories: Economy, Food
        

Wonder where our economy or job market is headed? Are housing prices going to stabilize or continue to fall on your block?

Ask these or any other questions on your mind tomorrow -Friday -at 9.a.m. at my colleague Jamie Smith Hopkins' blog, The Real Estate Wonk.

Jamie's guest is Anirban Basu, chief executive of Sage Policy Group. Between the two of them, they have the pulse of the Maryland housing market.

Posted by Eileen Ambrose at 12:35 PM | Permalink | Comments (0)
Categories: Economy
        

More bodies are going unclaimed because families can't afford the funeral costs, the Los Angeles Times reports.

Certainly, many people are struggling financially, so it's not surprising that the added unexpected cost of putting someone in their final resting place might be just too much. In Los Angeles, the fee to claim a body from the coroner is $200; claiming the ashes costs $352 to $466.

And, frankly, most people are lucky enough not to have a lot of experience planning funerals, so they are in uncharted territory at a time when they are very emotionally vulnerable. 

The best advice, of course, is to have conversations with your loved ones about their wishes before they pass, so that you don't make choices that you can't afford.

Where should you start?

The Federal Trade Commission has a lot of advice about your rights when planning a funeral.

Continue reading "Save money on funeral costs: Cheap Trick Thursday" »

Posted by Liz Kay at 10:49 AM | Permalink | Comments (2)
Categories: Cheap/Frugal, Economy
        

Well, the time has come. Utilities such as Baltimore Gas & Electric, Pepco and Delmarva Power have plan to shut off customers who have outstanding balances. Others such as Allegheny Power and Washington Gas Light have already begun.

The terminations come, utility company representatives say, after weeks of trying to contact customers through letters to negotiate payment plans to avoid termination, as directed by the Maryland Public Service Commission in April.

Theresa Czarski of the Office of the People's Counsel, which advocates for consumers, said she and other members of a work group planning implementation of the payment plans urged utilities to indicate on the outside of the envelopes so consumers would understand that these letters were more than just another overdue bill notice.

If you or someone you know is in danger of having their service cut off, don't ignore the payment requests --- call the company. You can get an extension and you can work out a payment plan. The weather's already gotten way hotter.

Here are some sources if you need assistance to pay your energy bills:

Continue reading "Utilities to start turning off service for past-due bills" »

Posted by Liz Kay at 2:27 PM | Permalink | Comments (0)
Categories: Economy, Energy/Utilities
        

Remember: you don't need to pay any money to file an unemployment insurance claim, and the centers can help people who don't speak English, according to the Maryland Department of Labor and Licensing.

DLLR officials fear that some people are jeopardizing their personal information or perhaps not receiving all of their benefits if they work through an intermediary.

Hit the jump for a list of contact numbers for Maryland unemployment insurance claim centers:

Continue reading "Unemployment claim filing scams: more naughty businesses" »

Posted by Liz Kay at 3:01 PM | Permalink | Comments (0)
Categories: Economy, Wages
        

We've discussed before how not only do  people with lower incomes have less money to spend on their needs, but the poor also often have to pay more for basic expenses as well.

Some of the loyal members of The Sun's talk forums spotted this story in the Washington Post, which took a closer look at the premium charged for the most critical services --- food, banking and even laundry --- in poorer neighborhoods.

For example: you pay more for groceries than folks who have cars and the money to afford memberships to warehouse stores or even the shops with the best prices.

The expenditures take on a cyclical nature as well. If you don't have money when you receive a bill ... 

Continue reading "Frugal dilemmas: the poor pay more" »

Posted by Liz Kay at 11:07 AM | Permalink | Comments (0)
Categories: Budgeting, Cheap/Frugal, Economy
        

Pfizer is offering free Viagra, Lipitor and other drugs to recently unemployed workers who meet certain conditions, according to the Associated Press. 

According to the story, you won't be able to pick up free pills if you haven't been using them before:

"The world's biggest drugmaker will provide more than 70 of its prescription drugs at no cost to unemployed, uninsured Americans, regardless of their prior income, who lost jobs since Jan. 1 and have been on the Pfizer drug for three months or more".

Add them to the list of layoff specials offered by many businesses around the country, including  Virgin Mobile's offer to cover cell phone bills for folks on monthly plans, car manufacturers eliminating your monthly payments or Jos. A. Bank refunding the price of a new suit.

The story explains that the offer comes in the wake of lots of criticism of the drug manufacturing industry's practices and prices, especially as more folks find themselves unemployed, and uninsured, due to the recession.

Posted by Liz Kay at 10:41 AM | Permalink | Comments (1)
Categories: Cheap/Frugal, Economy
        

Maryland’s three-month unemployment rate from December through February reached 6.1 percent, a level that allows unemployed workers in the state to receive an additional 13 weeks of unemployment insurance benefits.

The Maryland Department of Labor, Licensing and Regulation said today it is mailing notices to those who may be eligible for the extra benefits. The notice will explain how and when to file a claim. In other words, don't call.

The standard benefit is 26 weeks for Marylanders, but Congress last year twice extended benefits by an extra 20 weeks. The latest increase in benefits will start with the week ending April 18, the state agency said.

Posted by Eileen Ambrose at 1:40 PM | Permalink | Comments (0)
Categories: Economy
        

Ford Motor Co. has joined the list of companies trying to encourage spending by covering car payments if you lose your job, the Associated Press reports. And General Motors may soon offer a similar deal.

According to the AP story, Ford will cover payments of up to $700 each month for up to a year on new Fords, Lincolns or Mercurys after a job loss, through June 1.

In January, Hyundai started a program allowed drivers to return vehicles within a year if they could no longer make payments due to job loss or disability, the AP story states.  The "Assurance Plus" program now will cover your payments for three months, according to the Web site, and after that you can still bring the car back.

Then JetBlue got on the bandwagon, making its own announcement last month.

Continue reading "Businesses cover, refund your payments if you lose your job" »

Posted by Liz Kay at 12:07 PM | Permalink | Comments (0)
Categories: Budgeting, Cars, Economy, Energy/Utilities
        

Grocery auctions are the newest way bargain hunters in states like Texas, Ohio and Pennsylvania are saving on food, according to the Associated Press.

We told you before about salvage grocers up in Pennsylvania that deal in products that are close to or beyond their manufacturers' suggested "best-by" date, which ensures best quality but not food safety. These stores also deal in items discontinued due to seasonal or promotional packaging, bulk foods and more. 

Now, some salvage dealers have gone a step further ...

Continue reading "Bid on your dinner at grocery auctions" »

Posted by Liz Kay at 8:22 AM | Permalink | Comments (0)
Categories: Economy, Food, Shopping
        

Musicians in many music genres are releasing songs celebrating the frugal life and lamenting corporate greed and government bailouts, writes Washington Post music critic J. Freedom du Lac.

Rappers like Young Jeezy and Jadakiss aren't talking about spending cheese --- now they're talking about economic matters in "Circulate" and "Hard Times".

But it's not just hip hop --- rocker Neil Young, folk singer Tom Paxton have penned their own financial and economic laments. Despite his name, even country star John Rich got into the act with "Shuttin' Down Detroit".

Posted by Liz Kay at 6:03 AM | Permalink | Comments (0)
Categories: Cheap/Frugal, Economy, Odds & Ends
        

Some shopping malls in Maryland, including Towson Town Center, The Mall in Columbia and Westfield Annapolis, are limiting store hours to save money, writes Andrea Walker, who covers retail on the business desk.

Other big-box retailers are also cutting back. Barnes and Noble in Towson and Ellicott City are closing an hour earlier, according to her story. And this is just a small difference, but the Borders bookstore in Timonium now stops selling food and coffee in its cafe an hour earlier on weeknights.

I was definitely surprised by this news, especially since Towson Town Center just opened a new addition with high-end stores.

You might wonder whether this is a wise move in a struggling economy when fewer people are making purchases at all, but for some shopping centers lowering the cost of staffing and utilities could mean the difference between a store closing for good, analysts told Andrea.

Not every shopping center is switching things up. Arundel Mills and Marley Station Mall, both in Anne Arundel County, are maintaining the same hours.

I'm wondering ...

Continue reading "Malls shortening operating hours to save money" »

Posted by Liz Kay at 9:01 AM | Permalink | Comments (3)
Categories: Economy, Shopping
        

Folks, it's no secret that there are hard economic times ahead, but The Sun wants to help.

Every day we'll be sharing news and advice about dealing with the downturn at baltimoresun.com/livingforless --- tips on how to save your cash and where to stash it once you've gotten it.

You know we here at Consuming Interests always share cheap tips when they come our way, but we're always looking for suggestions, so please e-mail us with ideas.

Posted by Liz Kay at 6:36 AM | Permalink | Comments (0)
Categories: Budgeting, Cheap/Frugal, Economy
        

If you're working in an industry deeply affected by the economic downturn, or perhaps one that (cough) has been on the rocks for a while, you'd be interested in this WSJ story about recession-proof jobs.

Not unexpectedly, the article states that you can rely on professions that serve basic needs. For example, medical care and education are two industries that offer services people will always require.

However, one suggestion was a surprise for me: insurance. Apparently, people always need insurance of all kinds, and claims adjusters, underwriters and actuaries are always being hired.

According to the federal Bureau of Labor Statistics's Occupational Outlook Handbook, the top three professions that are projected to make the most hires ...

Continue reading "Recession-proof jobs" »

Posted by Liz Kay at 8:45 AM | Permalink | Comments (0)
Categories: Economy
        

We've heard that nonprofits, including performing arts organizations such as the Baltimore Opera Company, have filed for bankruptcy during these tough economic times.

Now, even churches are filing for Chapter Eleven, according to the Wall Street Journal. And although once considered a safe investment, banks and lenders have been foreclosing on church buildings, the story states.

Construction of religious buildings boomed in the last decade or so, and churches borrowed a lot to fund the growth:

Continue reading "More churches foreclosing, filing for bankruptcy" »

Posted by Liz Kay at 10:47 AM | Permalink | Comments (0)
Categories: Economy
        

So, hypothetically speaking, you work for a business that has recently declared bankruptcy or otherwise goes kaput.

Unfortunately, given the downward trajectory of our markets lately, this is a reality that affects more and more people every day.

Read Eileen's column Sunday to learn the fate of your 401 (k), pension and other accounts that are tied up with the company's messy finances.

And over in Watchdog ...

Continue reading "Consumer Sundays: what happens to your 401 (k) and pension if your employer goes bankrupt?" »

Posted by Liz Kay at 4:40 PM | Permalink | Comments (0)
Categories: Budgeting, Economy, Personal finance, Retirement, Watchdog
        

At $39 a bottle, Bailout wine seems pricey to me. But the price of the Napa Valley Cabernet Sauvignon might not stay that way.

Crushpad, a winery that lets people create custom wines, will refund you $2 per bottle for every 100 points the Dow drops between your purchase date and Aug. 14.

(photo: Gene Sweeney Jr/Baltimore Sun)

Posted by Liz Kay at 8:20 AM | Permalink | Comments (1)
Categories: Economy, Odds & Ends
        

Could this be true?

Despite all the doom and gloom in the economy and rising unemployment, Hewitt Associates found that about four out of 10 companies are giving out holiday bonuses this year.

More than half of those are giving cash, spending an average of $863. Gift cards are also popular, with the average amount at $76 per worker.

And more than 70 percent of employers will throw a holiday party this year. One out of five companies will spend between $10,000 and $25,000 on festivities. Hewitt’s Ken Abosch says gifts and parties would seem to defy logic given the economy but employers want to thank workers.

“With so many companies struggling, employee morale is down across the board,” he says.

No kidding. Are you getting any bonuses or parties this year? How do they compare to Hewitt’s findings?

Posted by Eileen Ambrose at 1:00 PM | Permalink | Comments (1)
Categories: Economy
        

Yes, you were right to be worried.

For the last year, we've been in a recession --- a reality finally confirmed by economists today. 

The Associated Press has reported that the U.S. officially entered a recession in December, according to the National Bureau of Economic Research.

Here's some basic resources to help make sense of this:

Continue reading "U.S. recession officially started in December 2007" »

Posted by Liz Kay at 1:01 PM | Permalink | Comments (1)
Categories: Economy
        

Awesome Black Friday deals we spotted on various Web sites today:

From eBay: $1 Holiday Door Busters. Beginning today through Dec. 8, 100 must-have gifts, such as digital cameras and GPS devices, and one luxury item, including a brand new Chevrolet Corvette, will be listed each day on eBay.com for $1 fixed price.

From TechChuck: Wal-Mart is about the drop the price on the Magnavox NB500MG9 Blu-ray player to $128 on Black Friday. That's about half the price.

Continue reading "Black Friday Deals Spotted Today on the Web" »

Posted by Dan Thanh Dang at 3:14 PM | Permalink | Comments (0)
Categories: Budgeting, Cheap/Frugal, Economy, Holiday shopping
        

While I was out running errands over the weekend, I stopped by a Marshall's and the line at the layaway counter was full of people, who had their arms and carts full of merchandise. The store in Towson was packed because there was a 25 percent sale on already marked down prices.

At first, it made me think that maybe retailers won't be hurt as badly from the long-suffering economy as everyone is predicting. But then, I thought, if big sales are already being offered before Black Friday then how much money will retailers really make if they keep slashing prices to lure customers into stores?

I don't know the answer to that. But I do know I was heartened to see so many people taking advantage of the layaway plan since I do think it's the most useful tool out there right now for people trying to avoid racking up more debt, but who still want to be able to buy nice things for the holidays. 

Put some money down, make some payments over the few weeks until it's paid off and then take your goodies home with you worry-free. That's awesome. 

You know what else is awesome? Liz alerting the Department of Transportation's Adrienne Barnes to the dangerous crosswalk at Pratt and Eutaw streets. DOT will repaint those lines so drivers will see there is, indeed, a crosswalk there where they are supposed to let pedestrians have the right of way. DOT will also re-examine the timing of the lights to make sure impatient drivers aren't blowing through red lights because the green light is too short.

Continue reading "Consumer Sundays: Layaway, Crosswalks and Year-End Tax Planning" »

Posted by Dan Thanh Dang at 7:01 AM | Permalink | Comments (0)
Categories: Economy, Holiday shopping, Taxes, Watchdog
        

This will be interesting if it's true. Consumer Reports' latest holiday shopping poll showed that 26 percent of Americans say they will hit the malls on Black Friday -- that's up 5 percentage points from 2007.

It may be a young person's game, though. CR says that the biggest percentage of those planning on fighting the crowds and hunting for big deals are between the ages of 18 and 34.  

That's surprising to us since most of the commenters here are saying they're cutting back this year. Reader Don said:

Don't buy into the hype. Just tell family/friends you're not exchanging gifts so there's no guilt. This holiday shouldn't be about spending your bank account on "stuff".

Reader WillClark4HOF also said:

Shopping? Who can afford to go shopping this holiday season?

So many others have talked about trying to save more this year, making handmade gifts and buying only for the kids to make shopping more manageable. So the idea that more people will hit the malls this year seems out of whack with the chatter we're hearing. But, perhaps, there will be crowds because everyone knows there will likely be really good deals out there.

Continue reading "More Shoppers Will Hit the Mall on Black Friday" »

Posted by Dan Thanh Dang at 2:50 PM | Permalink | Comments (4)
Categories: Budgeting, Economy, Holiday shopping
        

C'mon. How can we choose any other business but Citigroup for this week's Naughty Business?

Blaming a difficult economic environment, Citigroup is laying off thousands of employees and announced last Friday that it will start raising interest rates on card holders after executive pledged in 2007 to Congress that it would not raise rates at any time for any reason on customers until an account expired.

So much for promises.

We understand that companies are hurting under the credit crunch, but hey, so are consumers, OK? How does raising anyone's interest rate make it easier for cardholders to continue using their cards to spend or pay back what they owe?

Continue reading "Citigroup Raises Interest Rates on Card Holders" »

Posted by Dan Thanh Dang at 7:12 AM | Permalink | Comments (13)
Categories: Credit cards, Economy, Naughty businesses/NBotW
        

I stopped to get gas yesterday because my tank was on empty and guess how much it cost me to fill 'er up? 29 buckeroos. Let me repeat that, twenty-nine whole dollars for mid-grade gas, too.

This time last year, it cost me almost twice that, I believe.

I gotta confess, it made me smile... not because I envision driving more or going back to my gas guzzling days. But only because I didn't think I'd see prices going below $2 a gallon anytime this year or anytime in the near future.

Continue reading "Will Low Gas Prices Help the Holiday Shopping Season" »

Posted by Dan Thanh Dang at 1:26 PM | Permalink | Comments (1)
Categories: Economy, Gas prices, Holiday shopping, Shopping
        

The other day, we were talking about Starbuck's abysmal earnings report and how it really might be true that consumers are taking seriously that advice about how cutting one cup of coffee from your daily expenses will help you save lots in the long run.

Reader Don said he's been limiting the number of nights he goes out every week. Vegas Charlie said he and his friends are hanging around at home more. And the wonderful aeb says that packing lunches, bringing coffee from home has done wonders for the budget, although reining in shopping hasn't been quite so easy.

Continue reading "In tough economy, what goes first? Eating out or Pay TV?" »

Posted by Dan Thanh Dang at 2:50 PM | Permalink | Comments (11)
Categories: Budgeting, Cheap/Frugal, Debt, Economy, Personal finance
        

Holy Smokes. Did you see the news on Starbucks? I figured they were hurting, but their earnings report yesterday surprised me. The AP reported that:

Fewer U.S. customers and venti-sized costs for closing poorly performing stores led to lower sales and profit in the fourth quarter at Starbucks Corp., the company said yesterday. Seattle-based Starbucks said profit fell 97 percent to $5.4 million, or a penny a share, from $158.5 million, or 21 cents per share, a year earlier. The coffee retailer earned 10 cents per share when the costs from closing about 600 stores in the U.S. and 61 locations in Australia are excluded. Analysts expected profit of 13 cents per share, according to a poll by Thomson Reuters. Starbucks began shutting the U.S. and Australian stores this summer as part of a campaign to reverse falling profits

Continue reading "Starbucks 4Q Profit Drops 97 Percent" »

Posted by Dan Thanh Dang at 3:41 PM | Permalink | Comments (4)
Categories: Budgeting, Economy, Food
        

Last week, retail scribe Andrea Walker told you that Tweeter might be going out of business and that Circuit City is closing several locations as it struggles with the poor economy.

So we knew it would only be a matter of time before we'd hear about either electronics store filing for bankruptcy. Little did we know Circuit City would do it this quickly and beat Tweeter to the courthouse.

Here's what Bloomberg said about Circuit City:

Continue reading "Circuit City Files for Bankruptcy, Go use your Gift Card STAT!" »

Posted by Dan Thanh Dang at 3:00 PM | Permalink | Comments (1)
Categories: Consumer protection, Economy, Shopping, Technology
        

A jolly good morning to everyone out there!

We know the Obamas are set to visit the White House today. Think they'll talk about taxes at all? Eileen gave us a primer yesterday on what we can expect for our taxes and investments under an Obama administration.

How many people plan on selling investments to avoid higher taxes later? Do you think he'll be forced to raise taxes during the recession?

I'm still wondering what Acer was thinking when it figured putting a customer through eight repairs on a high-end laptop was OK? And then replacing the bad laptop with a just-as-bad refurb... only to completely blow Aaron Shepard off when all he asked for was a refund of the money he spent shipping his laptop back multiple times for repair.

Continue reading "Consumer Sundays: Bad laptops, Barriers and Barack Obama's tax plans" »

Posted by Dan Thanh Dang at 7:00 AM | Permalink | Comments (0)
Categories: Complaints, Computers, Economy, Investments, Taxes, Watchdog
        

How many of you are still trying to pay off what you spent last holiday season? Consumer Reports says 12 million Americans are still carrying debt from last year, which is causing 76 percent of consumers to say they're cutting back spending this year on gifts, travel, entertaining, decorations, charitable giving, holiday cards, and tipping, according to a new Holiday Shopping Poll.

Among the poll results? About 59 percent said they will be giving fewer gifts, and nearly half (49 percent) will be cutting their travel plans.

Most consumers (84 percent) said they were willing to sacrifice buying gifts for themselves this year. But Fido will still make it out OK. Only 23 percent of respondents plan to cut back on gifts for their pets this season — far fewer than those willing to cut back on buying for friends and families (40 percent), service providers (30 percent) or co-workers (29 percent).

Continue reading "Shoppers Will Cut Back Holiday Spending This Year" »

Posted by Dan Thanh Dang at 10:30 AM | Permalink | Comments (1)
Categories: Budgeting, Debt, Economy, Holiday shopping, Shopping
        

I'm convinced instant gratification is behind our economic downfall.

Allright, it's not the entire reason why, but I'm thinking it's got to play a significant role in the current credit crisis? Let me explain.

In the old days when you saw something you really liked but couldn't afford, you didn't just charge it and take that sucker home. You put it on layaway. Over a period of some weeks or months, you could make payments in installments -- which was a little easier than forking out all the dough all at once. This meant you couldn't take what you wanted home right away, but it was yours once you paid in full. It was a great concept that went the way of the dinosaur once credit started getting handed out like so much candy corn on Halloween.

Continue reading "The Return of the Layaway" »

Posted by Dan Thanh Dang at 7:00 AM | Permalink | Comments (0)
Categories: Budgeting, Debt, Economy, Loans, Shopping
        

Benefits consultant Watson Wyatt Worldwide says about one in four employers plan to lay off workers in the next 12 months. Employers, though, plan to do a better job communicating with workers about pay and benefits, Watson says.

Maybe that means we’ll get a better explanation of why we didn’t get a raise or why our benefits are being cut.

By the way, if you have been laid off recently, or expect to be soon, my colleague, Lorraine Mirabella, would like to talk to you for an article. She’s writing about how the newly unemployed are coping or how those who anticipate a job loss are preparing.

Let us know if you’d like to participate. Send us a message or write to Lorraine at lorraine.mirabella@baltsun.com.

Posted by Eileen Ambrose at 2:03 PM | Permalink | Comments (0)
Categories: Economy
        

Boy, I hate being the bearer of bad news, especially after yesterday's Comcast rate increase post, but I have to tell you that the American Gas Association said yesterday that consumers should expect a likely 10 to 30 percent increase in home-heating costs this winter.

Gas is the most common form of home-heat in the U.S. so this will likely hurt a lot of households, especially those in the Northeast and upper Midwest where the winter can be especially cold.

So how exactly will this affect you? It's hard to say since the increase will depend on two factors: how much gas you use to heat your home this winter and the price per unit that your utility paid to lock in its supply for the cold season.

Continue reading "Your Natural Gas Bills are Increasing this Winter" »

Posted by Dan Thanh Dang at 7:00 AM | Permalink | Comments (3)
Categories: Economy, Energy/Utilities
        

On a day when I usually tell you about naughty companies, naughty people or naughty business practices, I thought it might be kind of nice to share a nice story for a change.

In these tough economic times as businesses are tightening the belt and cutting costs, Frederick-based, family-run business Metropolitan Steel delivered a private stimulus package earlier this month to its 50 steel workers and their families.

Employees were worried that there would be news of pay cuts, layoffs or shutdowns announced at a recent financial meeting held by company executives, but instead, CEO and President Rick Hill handed them $600 checks. (That's a photo of Hill there to the right.)

Continue reading "Local Company Delivers Own Stimulus Check to Employees" »

Posted by Dan Thanh Dang at 1:06 PM | Permalink | Comments (2)
Categories: Above and Beyond, Economy, Tax rebates
        

Did anyone notice that there was a running theme in the Consumer Sunday columns this past weekend? All the issues we covered called for patience and calm heads to get through trying times or problems. 

An unreliable street light in Roland Park was finally shining all night long in Liz's Watchdog column after what residents said was a long wait. After more than a year locked in dispute, a homeowner and a paving company decided to put the past in the past and try resolving their issues again without getting the state involved.

Eileen advised parents to stop wringing your hands over your 401K plans for a minute and take a good look at those 529 college savings plans you started for that college bound kid in your house. The stock market is likely putting a hurt on those 529s, too, but as Eileen told you, you can move that money to a different investment plan or you can put new contributions in a more conservative plan going forward. Has anyone already started doing this or are you going to?

Continue reading "Consumer Sundays: Calm heads prevail in hard economic times" »

Posted by Dan Thanh Dang at 7:02 AM | Permalink | Comments (2)
Categories: Complaints, Economy, Personal finance, Watchdog
        

Happy Friday, people! This week just felt like it was never going to end, huh? We've had lots to do, though, preparing columns and stories for you dear readers this weekend. We've also been busy hammering away here on the blog. Did you check out our redesigned blog with our happy little family of four? Groovy, yes?

First up on Sunday... If you're still feeling a little dizzy and sick to your stomach over the stock market roller coaster ride we've been riding, what better time, then, to hear some sage words of reassurance? Americans living through the Great Depression had Franklin Roosevelt and his Fireside Chats to get them through the Great Depression. Read some of the words that calmed a nation in Money & Life on Sunday.

Eileen doesn't just stop there. She also tells you how the downturn in the stock market has hit college savings plans. Find out what you should do if your balance is down and your child is heaed to school in a year or two. 

Continue reading "Consumer Sundays: Calming a nation, stock market, traffic lights and contractors" »

Posted by Dan Thanh Dang at 3:12 PM | Permalink | Comments (0)
Categories: Complaints, Consumer protection, Economy, Personal finance, Watchdog
        

Guess what city is 8th on BusinessWeek's list of top cities for riding out a recession, because a majority of jobs are in recession-proof industries such as health care and education?

Yup, it's Baltimore, not far under Arlington, Va. at #1 and the District at #2.

With nearly a quarter of a million workers, Charm City has more than 40 percent of its jobs in strong industries, including 11 percent in education, more than 15 percent in health care and nearly 10 percent in government/public administration jobs.

According to the article:

Continue reading "Baltimore: a great city for riding out the recession" »

Posted by Liz Kay at 6:45 AM | Permalink | Comments (2)
Categories: Economy
        

For the first time in its history, Sam's Club is offering a $10 membership good for 10 weeks for families and businesses not currently members.

This weekend starting Friday and next (Oct. 24-26), you can sign up for this membership offer during regular club hours. Sam's Club says reasons for joining include saving on upcoming holiday decorations, USDA choice meats, $4 generic drugs, and holiday photo prints as low as 35 cents a piece.

Advantage Membership, which gets you and a family member a card, normally costs $40. A Business Membership, which which is available at a slightly lower cost and provides a company Membership card plus two personal Membership cards, is normally $35. So ten bucks for ten weeks sounds like a pretty good deal to help you get through the holiday season.

Updated: Check out what other experts have to say about the Sam's Club deal as well as ...

Continue reading "Very Last Cheap Tip: Sam's Club $10 for 10 week membership" »

Posted by Dan Thanh Dang at 3:00 PM | Permalink | Comments (0)
Categories: Cheap/Frugal, Economy, Shopping
        

Continue reading "Economic optimism? What economic optimism?" »

Posted by Dan Thanh Dang at 7:00 AM | Permalink | Comments (1)
Categories: Economy
        

Is it me or are things starting to feel a teen tiny bit brighter this week? Last week we were down in the dumps. This week, we have a bit o' hope.

The stock market came roaring back on Monday only to drop by 200-plus points on Tuesday as the country waited to see how the feds carry out the rescue plan.

Apple announced plans to start selling a $999 laptop. Still not cheap, by any means, but hey... at least they're acknowledging that there's room to price Mac's a bit more attractively to everyone coveting Apple products, but also watching their wallets.

And last, but not least, gas prices have dropped across the country, says AAA's Fuel Gauge Report. Dude. I filled up my 18-gallon tank for less than $50 on Monday. I think I did a happy Snoopy dance because I can't remember the last I've been able to fill my tank for anything below $65. Lots of Marylanders are feeling a little better about gas prices, too, according to this Mike Dresser story.

Continue reading "Depression. What Depression?" »

Posted by Dan Thanh Dang at 7:00 AM | Permalink | Comments (2)
Categories: Computers, Economy, Gas prices
        

If you've been angry about this whole $700 billion bailout and how it doesn't really help you much personally, maybe this little bit of news may make you feel better.

Treasury Secretary Henry M. Paulson, Jr. and Department of Education Secretary Margaret Spellings announced today that the Administration is going to take a number of steps to support the student loan market.

As we all know, the credit crunch isn't just affecting mortgages, auto loans and credit cards. It's also hurt student loans. 

Here's part of the text of what Paulson and Spellings released, explaining that they recognize that education is the foundation of a strong American workforce: 

Earlier this week, President George W. Bush signed H.R. 6889, the extension of the Ensuring Continued Access to Student Loans Act. We appreciate Congress providing the Department of Education, in coordination with the Treasury Department and the Office of Management and Budget, renewed temporary powers to use federal funds to ensure students and families continue to have access to student loans

Continue reading "Rescue Part II: Feds Announce More Help for Student Loans" »

Posted by Dan Thanh Dang at 3:45 PM | Permalink | Comments (0)
Categories: College/Financial aid, Economy, Loans
        

Continue reading "Will the Fed Rate Cut Help Consumers?" »

Posted by Dan Thanh Dang at 1:30 PM | Permalink | Comments (0)
Categories: Credit cards, Debt, Economy
        

I hate to be a downer on a Monday, what with the rest of the week still ahead of us. But wow, it's hard not to be a Gloomy Gus (no connection to our beloved Gus here, of course, because he's generally upbeat) as the stock market takes a nose dive.

The Dow dipped below 10,000 just before noon for the first time in four years. And bizjournals.com reported that European stock markets also tumbled today:

The FTSE 100 Index fell 245.58 points, or 4.93 percent, to 4,734.67 on the London Stock Exchange, while the Dax Index declined 293.49 points, or 5.06 percent, to 5,503.54 on the Frankfurt Stock Exchange.

Continue reading "CNN/ORC Poll: A Depression is Coming" »

Posted by Dan Thanh Dang at 2:00 PM | Permalink | Comments (3)
Categories: Economy
        

A report from Gus at the Inner Harbor earlier today:

I spoke with Knight Kiplinger, editor in chief of Kiplinger's personal finance magazine, earlier today in downtown Baltimore. He was in town with the "Your Money Bus" -- a roving coach that's going to be touring 60 cities this year, with volunteer financial advisors giving free advice to people. (Kiplinger's magazine is one of the sponsors.)

He had some interesting observations about the current crisis and how it might affect Baltimore. Watch the video of my interview with him.

Posted by Dan Thanh Dang at 5:22 PM | Permalink | Comments (1)
Categories: Economy, Investments, Personal finance
        

Are you looking for advice on how to lower your debt and increase your savings?

On Friday, Your Money Bus is coming to Baltimore's Inner Harbor, offering fee-only financial advisors who will be holding free advice events and symposiums where you can learn how to get your financial life in order.

Continue reading "Your Money Bus Tour coming to Baltimore" »

Posted by Dan Thanh Dang at 2:07 PM | Permalink | Comments (0)
Categories: Budgeting, College/Financial aid, Debt, Economy, Personal finance
        

The House of Reps passed the Credit Cardholders' Bill of Rights today by a vote of 312-112.

We've told you about efforts to rein in bad credit card practices before, here, and here .

The White House agrees that there are abusive credit card practices, but opposes the cardholders' rights bill for fear that it could further discourage lending.

The American Bankers Association agrees. Edward L. Yingling, ABA president and CEO, said:

“The American Bankers Association is very disappointed by the action today of the House of Representatives. The so-called “Credit Cardholders’ Bill of Rights” (H.R. 5244), while well-intentioned, will increase the cost of credit for consumers and small businesses across the country, result in less access to credit for consumers and businesses alike, and may further roil the securities markets – all at a time when our economy can least afford it.

Continue reading "House of Reps passes Credit Cardholders' Bill of Rights" »

Posted by Dan Thanh Dang at 4:43 PM | Permalink | Comments (2)
Categories: Complaints, Consumer protection, Credit cards, Debt, Economy
        

The purchase of Constellation Energy Group by Warren Buffett's MidAmerican Energy Holdings is big news in these parts.

But what changes are in store for Marylanders who are customers of Constellation's Baltimore Gas & Electric?

Continue reading "What to expect from the Constellation sale" »

Posted by Liz Kay at 11:05 AM | Permalink | Comments (0)
Categories: Economy, Energy/Utilities
        

What a week, what a week.

If you've been following all the wackiness, it feels like Wall Street is exploding what with the credit crisis we've seen pounding Lehman Bros., Merrill Lynch, AIG and now Constellation Energy, doesn't it?

It's enough to make your head spin as we try to keep up with the news, try to explain to you what it all means, how it affects you and keep pace with developments like investment guru Warren Buffett's Iowa-based MidAmerican Energy Holdings Co. swooping in yesterday to rescue Constellation from the brink of failure.

If you think none of this really has anything to do with consumers, think again.

There were lots of little stories in there that you may have missed that may pertain to you. Like Jay's story on why an AIG bailout was necessary, but Lehman was left hanging. Or the Q&A that Wonk-esse Jamie and I did on what all this financial turmoil means for you and your investments. And the subsequent story Jamie wrote on how your insurance policies are mostly safe.

Continue reading "Corporate Shenanigans and a Wall Street Meltdown" »

Posted by Dan Thanh Dang at 7:05 AM | Permalink | Comments (2)
Categories: Economy
        

Ethan Ewing, president of free online consumer portal Bills.com, shares with us the top ten "mistakes others are making" for people who are concerned with their financial futures :

1. Casually using a credit card: People who pay for their food with a credit card spend 30 percent more on average than people who pay with cash, according to a Visa study of 100,000 restaurant transactions. Those who want to avoid overspending should pay with cash when shopping or dining. (oh geez. I rarely ever carry cash with me.)

2. Buying too much house: "The bigger the house, the bigger the headaches," Ewing said. A mini-mansion comes with mansion-sized tax payments, insurance, maintenance, upkeep, repairs and yard work, and owners of more luxurious homes are more likely to feel pressure to upgrade everything from appliances to furnishings to the cars that go in the garage. Realtors sometimes encourage buyers to purchase as much house as they can "stretch" to, but Ewing said, "Take a realistic look at your needs and your budget to choose the house that is the right size for both. Ideally, all home costs -- including insurance, taxes and maintenance – should amount to less than 35 percent of your budget." (whew. I have a tiny house, one that I could afford even if my day job as your consumer columnist took a sudden nose dive.)

Continue reading "10 Ways to Avoid Worst Financial Mistakes" »

Posted by Dan Thanh Dang at 2:13 PM | Permalink | Comments (0)
Categories: Budgeting, Economy, How To, Personal finance
        

Did you catch Wonk-esse Jamie and her blog post today? It's about people who are angry that "all the housing-related bailouts are handing a bill to taxpayers who played by the rules and are paying their mortgages or their rent."

I've been watching the housing meltdown and the political reaction to it, and I have to agree with the readers on Jamie's site and the people quoted in the AP story. I'm angry, too, that we seem to be rewarding the reckless.

As the story says about the government bailout of Fannie Mae and Freddie Mac:

Meanwhile, tens of millions of people pay their mortgages on time, don't max out their credit cards and put money into retirement funds. They may even save a little extra on the side.

In return, they get rates on their savings that don't even keep up with inflation. They also are witnessing the horror of their nest eggs shrinking as the value of their homes plummets and the stock market tumbles.

Washington policymakers seem more focused on rescuing those who behave badly by putting at risk taxpayers who have played by the rules.

Continue reading "Rewarding the reckless" »

Posted by Dan Thanh Dang at 6:14 PM | Permalink | Comments (1)
Categories: College/Financial aid, Complaints, Debt, Economy, Loans
        

We've warned you before about all the come-hither come-ons looking to buy your old gold jewelry. Then we saw that the Better Business Bureau is reporting that complaints against gold dealers have increased.

So before you dig through your jewelry box and hawk your precious metals, here are some thoughts to think about before you sell.

Make sure you know what the price of gold is selling for on the market.

Understand that you won't get the full value of your gold since the dealer will want to make a profit.

Before you drop your valuable belongings into a bag and ship it in the mail to someone you don't know, ask if the business has free shipping and find out if your property will be insured if it gets lost in the mail.

Continue reading "Be careful selling your gold" »

Posted by Dan Thanh Dang at 4:53 PM | Permalink | Comments (0)
Categories: Consumer protection, Economy
        

Can you have too much help if you’re looking for a job?

Apparently yes.

Employment expert Challenger, Gray & Christmas says there are so many job-search sites these days that out-of-work folks might get too caught up looking for work online and overlook their best tool for landing a position: face-to-face meetings with people.

"Access to thousands of job search sites on the Internet is not necessarily a good thing. The choices can be overwhelming for those who find themselves either voluntarily or involuntarily in the labor pool. One could easily spend all day, every day surfing the Net for job vacancies, e-mailing resumes and waiting for the phone to ring. Unfortunately, this approach will rarely lead to a new job," says CEO John A. Challenger.

Not that surfing for work online is a bad thing. In fact, it’s a good place to start, he says.

The Conference Board Help Wanted Online Data Series reports that 3,864,100 job vacancies were posted online last month. And Challenger says there have been 580,000 job cuts so far this year.

But Challenger goes on to say that employers are being overwhelmed by "irrelevant resumes" online. Execs complain that for every qualified applicant from the Internet, there are up to 20 who are a poor fit for the job, he says. Now companies are screening online resumes, chucking those that don’t have the right words to get through a filter.

Challenger says you should use the Internet to visit a prospective employer’s site and get the names of key people to contact about a job. Also, send e-mails to people you know to make them aware that you are looking for work. Every bit networking can help.

So, have you had success through a job-search site? Not so much? Let us know what works and what doesn’t.

Posted by Eileen Ambrose at 4:11 PM | Permalink | Comments (0)
Categories: Economy
        

We've told you about shrinking ice cream cartons, less paper towels and toilet paper in packages, and reduced beer glass sizes, now your chips are getting nipped.

In case you missed it in the comments, Reader Anon pointed out:

"The conspiracy grows, and it's just not with beer."

Anon, of course, is referring to the smaller packaging for those tasty, orange-finger-staining Doritos.

Michael Brush, from msn's Money Central writes:

Does it seem you run out of Doritos, orange juice or mayonnaise faster than you used to?

Your mind is not playing tricks on you.

Slammed by the skyrocketing costs of agricultural goods and energy, many companies are quietly shortchanging their customers by putting a little less into bags, jars and boxes.

Continue reading "Holy Frijoles, shrinking Doritos." »

Posted by Dan Thanh Dang at 7:08 AM | Permalink | Comments (2)
Categories: Complaints, Economy, Food, Marketing/Advertising, Naughty businesses/NBotW
        

You can't say we don't get things done around here.

Just one day after we warned you to be a bit leery about a curious official-looking Web site offering help to the unemployed in Maryland, the Department of Labor, Licensing and Regulation issued a warning against the same Web site yesterday.

Coincidence?

Perhaps.

But we'd like to think not. In any case, Secretary Thomas E. Perez reminded Internet users yesterday that Maryland's official insurance benefits Web site, www.mdunemployment.com, does NOT charge for its services and will never ask for a credit card number.

Continue reading "We warned you, now DLLR warns of unemployment scam Web site" »

Posted by Dan Thanh Dang at 10:35 AM | Permalink | Comments (0)
Categories: Consumer protection, Economy, Naughty businesses/NBotW, Scams
        

The thing consumers want to take away from yesterday's news that Boscov's filed for bankruptcy is that while the Reading, Pa.-based department store will close ten underperforming stores immediately, your current gift cards, product warranties and bridal registries will be honored.

Boscov's blames the downturn in the economy and drop in consumer spending for its ailments, causing it to close three Maryland stores just a couple years after opening here. 

The stores affected are in White Marsh Mall, Marley Station Mall and Owings Mills Mall. As our story says, the company's other Maryland stores - in Westminster, Frederick and Salisbury - will remain open. Boscov's also has stores in Pennsylvania, Delaware, Virginia, New York and New Jersey. 

Continue reading "Gift cards, product warranties and bridal registries OK at Boscov's" »

Posted by Dan Thanh Dang at 4:15 PM | Permalink | Comments (0)
Categories: Economy, Gift cards, Shopping
        

Boy, this is bad news.

McDonald's might be putting its Dollar Menu on the chopping block.

Anthony Mirhaydari on MSN's MoneyBlog says:

Rising food and energy prices are forcing McDonald's to take aim at its popular Dollar Menu. "In this current environment, we've got to make sure we're pricing smart, not just pricing low," COO Ralph Alvarez said as the chain reported better-than-expected quarterly results.

For hurried moms, nocturnal teens, lunch-run dads, and anyone who appreciated the food-inflation hedge of one dollar double cheeseburgers, the news comes as a super-sized disappointment.

Continue reading "Say goodbye to McDonald's Dollar Menu?" »

Posted by Dan Thanh Dang at 11:40 AM | Permalink | Comments (3)
Categories: Cheap/Frugal, Economy, Food
        

Have your 26 weeks of unemployment benefits run out?

You may be eligible for another 13 weeks of benefits under recent action from Congress.

Maryland’s Department of Labor, Licensing and Regulation will start sending letters tomorrow to 46,000 Marylanders who may qualify for extended benefits. The extension took effect July 6.

To qualify, you must be unemployed and must have exhausted your benefits on or after May 1, 2007, according to the state. You must also be actively seeking a full-time job.

The letter will explain how to file for extended benefits.

If you think you may be eligible but haven’t received a letter by Aug. 5, contact an unemployment insurance claim center, state officials say.

Don’t quit a job to get these extra benefits. The state says your claim will be denied.

Posted by Eileen Ambrose at 3:43 PM | Permalink | Comments (0)
Categories: Economy
        

Ameriprise Financial's chief economist Dan Laufenberg stopped by the newspaper this week and gave his outlook for the economy.

It won't make you happy.

Laufenberg figures we're headed into a recession -- next year. Next year? It certainly feels like we're in one now. Companies are cutting back on staff and benefits. Money is tight and food and fuel prices keep going up. Next year?

Laufenberg says right now we're in an economic slowdown, and the tax rebates have helped keep the recession at bay. But once the recession hits, we'll know it.

It won't be like the last recession in 2001, which was so mild because inflation didn't kick up and bite us, he says. That recession was over over in about six months, shorter than the average recession which lasts 10 months, he says.

Laufenberg says the interest rate cuts by Federal Reserve policymakers is heating up inflation. He predicts inflation might rise to 5 percent, significantly higher than we've been used to for so many years. Inflation will affect the price of everything we buy, not just food and fuel, so the pain will be widespread. Laufenberg says the upcoming recession will feel more like the recession of the early 1990s.

That one helped sweep Bill Clinton into office with the unofficial slogan of "It's the economy, stupid."

Laufenberg also predicts the next recession could last up to twice as long as the the one in 2001, too.

One bright spot in his outlook:

Continue reading "You think things are bad now" »

Posted by Eileen Ambrose at 2:00 PM | Permalink | Comments (0)
Categories: Economy