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Author: Susan Tompor, Detroit Free Press

Money

What extra fees can you face when buying a car?

August 8, 2023August 9, 2023 Susan Tompor, Detroit Free Press Comments Off on What extra fees can you face when buying a car?

Consumers compare sticker prices, look for rebates and shop for car loan rates. But many aren’t prepared to deal with add-on options and extra fees.

Money

Interest Rates: Will the Federal Reserve pause, hike, then pause again?

July 24, 2023 Susan Tompor, Detroit Free Press Comments Off on Interest Rates: Will the Federal Reserve pause, hike, then pause again?

Inflation cooled considerably from last June through June this year. But the Fed might raise rates in July to keep driving inflation down further.

News

Forced to retire at 60, this firefighter’s finances took a big hit — like so many others

July 19, 2023July 19, 2023 Susan Tompor, Detroit Free Press Comments Off on Forced to retire at 60, this firefighter’s finances took a big hit — like so many others

Martin Rucker became a Detroit firefighter in hopes of getting a full pension. But the city’s bankruptcy left him with financial challenges.

Money

How interest rates on even the best credit card offers can zoom from 0% to 30%

July 16, 2023 Susan Tompor, Detroit Free Press Comments Off on How interest rates on even the best credit card offers can zoom from 0% to 30%

Credit card with 0% rates are still marketed, even as many APRs of 20% to 30% flourish. What consumers need to know about getting a low rate.

Money

Summer deals on cars include 0% to 3% rates, even as Fed is expected to push rates higher

July 11, 2023 Susan Tompor, Detroit Free Press Comments Off on Summer deals on cars include 0% to 3% rates, even as Fed is expected to push rates higher

The average car loan rate was 9% for new car buyers in June but summer sales promotions bet that low rates like 0% to 3% can move 2022 and 2023 metal.

Money

Web scammers beware: New INFORM Consumers Act cracks down on fake goods sold online

July 6, 2023 Susan Tompor, Detroit Free Press Comments Off on Web scammers beware: New INFORM Consumers Act cracks down on fake goods sold online

Amazon, eBay and others will ‘collect, verify, and disclose identifying information’ about many high-volume sellers, as crackdown on crime begins.

Money

You may soon get an IRS letter promising unclaimed tax refunds. It’s a scam.

July 5, 2023 Susan Tompor, Detroit Free Press Comments Off on You may soon get an IRS letter promising unclaimed tax refunds. It’s a scam.

Scammers are sending unusual tax-related letters this summer, including one that IRS warns will boldly ask for a picture of your driver’s license.

Money

How much is my car worth? Maybe less now, as used car values plummet with economic slump

June 21, 2023 Susan Tompor, Detroit Free Press Comments Off on How much is my car worth? Maybe less now, as used car values plummet with economic slump

Consumers increasingly could run into something a new report calls “negative equity” as they try to trade in cars bought after pandemic pricing hit.

Money

Your car may be worth a lot less than you owe. Here’s why trading it in could be harder.

June 21, 2023 Susan Tompor, Detroit Free Press Comments Off on Your car may be worth a lot less than you owe. Here’s why trading it in could be harder.

Car buyers could increasingly run into something called “negative equity” as they try to trade in vehicles bought after pandemic pricing hit.

Money

Fake savings bond scheme leads to $50M in losses and issues for legitimate savers

June 19, 2023 Susan Tompor, Detroit Free Press Comments Off on Fake savings bond scheme leads to $50M in losses and issues for legitimate savers

Savers are shocked that some banks and credit unions changed the rules when it comes to cashing savings bonds. The reason? An uptick in phony bonds.

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