Free Phones Cost You Plenty
Most cell phone service providers offer a “free” phone when you sign up for a two-year contract. The phones are not free, of course, you just pay for them over time. How much? Nobody knows, but T-Mobile just gave a clue. T-Mobile recently introduced a plan where you cannot get a “free” phone, and it costs $20 less per month than the plan where you can. $20 per month for two years pays for a pretty nice phone—a $480 phone, to be exact.

More Consumer Rights On the Way?
A new report from the Government Accountability Office (GAO) urges legislators to revise the Fair Debt Collection and Practices Act (FDCPA) to give consumers more rights. Debt defaults are at the highest level in 18 years, which has presumably led to more people than ever being contacted by debt collectors. The report indicates that the Federal Trade Commission (FTC) gets more complaints about abusive debt collectors than any other industry. Enacted 32 years ago, with only minor revisions along the way, the FDPCA is due for a massive overhaul. One major concern between the FTC and GAO is how debts are verified as they are sold from debt collector

TCF Bank To Curb Overdraft Fees
Jumping ahead of proposed federal legislation, TCF Bank is attempting to curb its own overdraft fees, starting early next year. Under the current system, customers can get hammered with multiple overdraft fees in the same day once their balance drops below zero. If a customer is unaware their balance is in the red, they could rack up an overdraft fee for every purchase that day. Under TCF’s new proposal, the overdraft fee would be a once-per-day charge, ranging from $10 to $25 (TCF h

Americans for Financial Reform and the Showdown in Chicago
The movement for consumer justice has gotten bigger and stronger, and if you’re in Chicago next week you can experience it firsthand.  Americans for Financial Reform (AFR), a big coalition of which AFFIL is a member, is organizing a series of demonstrations on October 25 – 27.  Over 5,000 people are expected to attend. And that’s not all Americans for Financial Reform (AFR) is up to.  This mega-coalition was formed a few months ago to take advant

The New Debtors’ Prison
Debtors’ prison was supposedly eliminated in the United States in the 19th century, but in the 21st, people are still being arrested and tossed into jail for debts. It just takes an extra step these days. This morning, I sat in court and watched a debt collector get six bench warrants for debts under $1,000. I recognized the names of all the plaintiffs: Palisades, LVNV, and Capital One. Palisades and LVNV, and maybe Capital One, probably would not have won their lawsuit if the de