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546 Responses to “Contact”
Hi,
I started getting a feed to your blog a few weeks ago and I love it.
Your post today sparked some questions I have about debt settlement. It’s regarding a situation my mom is in.
She got involved with someone and – long story made short – she now has hundreds of thousands of dollars in credit card debt. This happened about a year ago, and we’ve been able to eliminate all her secured debts besides her home, but there is still probably about 200k outstanding. In talking with various people about the situation, most of the advice we’ve been getting has been to wait about 2 years from the accumulation of all the debt to begin trying to settle everything. Do you have any resources you can point me towards or any words of wisdom?
If it sounds overwhelming now, just imagine what it was like when there were 6 vehicle purchases involved in addition to all the credit card debt. And, so you know, it’s not anything we can dispute; it was basically a situation where this guy capitalized on my mom’s naivety, loneliness, and immaculate credit and max’ed out on everything he possibly could.
Any info you could pass along would be much appreciated.
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I checked out my credit reports from the 3 agencies online, and I saw on each of them that Verizon Wireless was a negative marker. My reports say that they “wrote off” approximately $200 for my account. This is not what I remember happening, but I have nothing in writing to confirm this. Verizon let me out of my contract because they misadvertised their coverage area. I was told that they would release me from the cancellation fees because I was assured that my phone would work in my home area. Needless to say, it didn’t. I thought I was getting a good deal and have had nothing but good things to say of Verizon because I considered this action to be very honorable. Now, I am extremely frustrated because this is a smear on my credit report, and I don’t understand how or why it is there if the information I was given was correct.
What steps do I need to take to ensure this negative report is taken off my report and to make sure this does not happen to me again?
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For some reason, my comment in response to a question in the “Current Deals and Contests from Online Banks” post was marked as spam.
What gives?
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JD, you MUST see this blog!
http://www.dailymail.co.uk/health/article-1024879/The-best-challenge—One-man-boldly-goes-use-dates-food.html
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I had to share with you an ad that I found while flipping through the June 2008 issue of Smart Money today.
It’s a four minute workout machine that ooonly costs $14,615. The website for it is full of outlandish statements like “[the price]…still makes the ROM 4 minute workout the absolute least expensive method of exercise.”
It also calls doctors and personal trainers “so called experts.”
It’s a super entertaining ad and website (http://www.fastexercise.com/) but the full page ad in the center of Smart Money makes me worry that the company is actually selling enough of these to make a large enough profit that it can afford expensive ad space.
Enjoy!
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I would like you to blog on online high yield savings accounts again. I have had a HORRIBLE experience with WaMu, and I’d really like to hear from you and others about other options. They charged me $10 per transaction after 6, even though they were transactions establishing additional accounts with WaMu, which WaMu encouraged as an option of funding the new accounts. I’ve paid $20 so far, and I’ll pay another $10 on Friday when my check is direct deposited, and probably another $10 at the end of the month when my 2nd monthly paycheck is deposited, plus $10 for ANY other transaction between now and the next billing cycle. I want to scream! Apparently if I had banked in person, these charges would not apply. HELLO!? Are you not an on-line bank? Aren’t you advertising the ease of using your account online? Aren’t you encouraging use of my current Wamu accounts to fund the new accounts? I feel as though I was tricked by the big, bad bank. I would really be interested to learn about any other online bank with a decent APY and GOOD customer service.
I am VERY disappointed in Wamu, and I recommend GRS readers to avoid them like the plague. This is NOT what they are looking for.
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JD,
Thought you might be interested in this post for possible future use or ideas.
http://kblawson.wordpress.com/2008/06/06/rite-wrong-or-rite-aid/
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Hey J.D., I’m an RSS subscriber and lurker here. You may have already come across this article, “A Nation in Debt,” in The American Interest at http://www.the-american-interest.com/ai2/article.cfm?Id=458&MId=20. The full article was free when I viewed it this morning, though the rest of the magazine was subscription.
It seems to echo some of the sentiments found on GRS, taking them to the societal level and then into policy.
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I had an idea for something you might want to post someday…
I started driving 55 (or less on secondary roads)to save gas. The real payoff has been in less stress and a more pleasant commute. Now, instead of getting annoyed at drivers who go too slowly, cut me off, etc. I just go my pace and they all just go their merry way. Rather like the parting of the Red Sea. Also, there is no stress about looking out for cops to avoid speeding tickets.
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I’m trying to lower my monthly cell phone bill. On this blog’s recommendation, I e-mailed my provider and asked for a discount. They offered a different calling plan that has the same services that I am currently using, but for less money. After doing some research, I have found that the major cell phone companies all have discounted plans that they do not market. How do we know if we have the lowest cost plan for our usage?
Also, I understand that the major companies will allow you get out of your contract (usually a 2 year commitment) if you can find someone else to ‘sign’ over your remaining contract time to. Does this really work?
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Thought you and your followers would be interested in this financial literacy system for teens that I launched today. The release is pasted below. Would love to send you more info. All the best, Stephen
For Immediate Release
THE STUDENT MONEY EXPERT™ LAUNCHES
THE DOLLARCAMP FINANCIAL SURVIVAL SYSTEM™,
THE FIRST-EVER PROGRAM TO TEACH HIGH SCHOOL
AND COLLEGE KIDS ABOUT BUDGETING, CREDIT CARDS
AND CREDIT SCORES
Just in time for graduation gift season, program can keep students from racking up credit card debt and ruining their credit scores
San Francisco, CA (June 10, 2008) — Stephen Epstein, the Student Money Expert™, today launched the first-ever financial literacy program to prevent young adults from racking up credit card debt and ruining their credit. The DollarCamp Financial Survival System™ (www.DollarCamp.com) is specifically designed to teach high school and college students how to control spending, how credit cards work and how to build strong credit scores.
Fifty percent of college students graduate with $5000 or more of high interest credit card debt (Sallie Mae), and nearly one-third of students admit that they were “not at all” or “not very well prepared” for managing their money once they got to college (KeyBank and Harris Interactive).
Through his San Francisco-based company, DollarCamp™, Epstein is doing something about this financial mess through a comprehensive, yet easy-to-understand crash course on financial literacy for high school and college kids.
“Unfortunately, most kids are absolutely clueless about money when they leave home and go to college and into the real world. Students have drug education, sex education and driver’s education, but no financial education,” said Epstein. “When I went to college, money wasn’t real to me, and I was oblivious to my credit score. I saw all my friends treat credit cards like they were free money. I have parents that were very vigilant, and I still managed to screw it up.”
After racking up credit card debt in college and in his early twenties, Epstein knew it was time to get his financial house in order. Yet nothing existed to help young adults understand budgeting, credit cards, credit scores and how to stay out of debt. So he consulted dozens of personal finance books and experts, spoke to accountants and certified financial planners. Based on his research, Epstein developed a system that helped him get out of debt and get on the road to great credit and a healthy savings and investment portfolio.
“I wanted to create a way to really get through to kids about money,” said Epstein. “Most teens, and adults for that matter, think that learning about personal finance is boring. What we’re doing at DollarCamp is exploding that myth.”
Decked out as his alter-ego, “Sir Broke-A-Lot,” and backed up by the catchy DollarCamp rap theme song, Epstein gave more than 100 packed seminars to California high schools, colleges and parent groups. After such an enthusiastic response from adults and students, he decided to create a system available to everyone.
The Financial Survival System’s entertaining three-step program consists of DVDs, illustrated course books, slideshows, audio guides, special reports, and unlimited online phone conference support.
Step 1: The DollarCamp Budgeting SystemTM explains why most budgets fail and shows how to create one that works along with foolproof tools for implementing a budget and tracking spending.
Step 2: The DollarCamp Foundations™ teaches students and parents critical lessons about credit cards and debt while pointing out avoidable money mistakes.
Step 3: The DollarCamp Credit Building System™ teaches students the importance of credit scores, how to build solid credit and how to save a fortune in wasted interest payments.
Through the at-home program, students watch the DVDs and work through the print materials, complete the assignments and join the weekly conference calls with Epstein. Parents enjoy access to the Financial Survival Network™ to collaborate with each other to change the way their kids handle money. Also part of the program, students can take an online exam to become DollarCamp Certified™, proving to parents and potential employers that they are serious about money management and financial literacy.
The DollarCamp Financial Survival System™ costs three payments of $300 or one payment of $837, with 100 percent satisfaction guarantee. It’s available exclusively through http://www.DollarCamp.com.
About Stephen Epstein, The Student Money Expert™
Since founding DollarCamp™ in 2006, Epstein has led more than 100 seminars for high school and college students on financial literacy. He is a Certified Educator in Personal Finance™ (CEPF) and co-host of “DollarTalk Radio” on KNBR 1050 AM in San Francisco. Epstein graduated from the University of Southern California with honors in 2003, where he racked up $4,000 in credit card debt, and then worked in real estate development as an analyst. He devised a system that helped him get out of debt and get on the road to great credit and a healthy savings and investment portfolio. Then Epstein developed the Financial Survival System™ to teach others how to control their spending, stay out of credit card debt and build good credit. Epstein, 27, enjoys living well and debt-free in San Francisco.
For more information, visit http://www.dollarcamp.com. To receive a media kit or to set up interviews with Stephen Epstein, please contact Romi Neustadt at rneustadt@gmail.com or 406-579-9947.
# # #
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I know many of us are Warren Buffett fans. Its seems he is putting the GRS creed to the test.
http://money.cnn.com/2008/06/04/news/newsmakers/buffett_bet.fortune/index.htm
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JD, you should have some polls on the site. Maybe weekly or something. It’d be a lot of fun to see the average financial profile of a GRS reader. You could have questions like:
Credit Cards:
() Use them
() Use them but hate them
() Don’t use them
Currently in Debt:
() $0-$5000
() $5000-$10,000
() …
Average age, amount in your 401k, monthly 401k contributions, number of cars, credit score etc.
So many things it’d be fun to learn!
You could make it anonymous so that no one is bragging or feeling bad. And yeah, it’d be an internet poll, and it’d be on a finance site so the results aren’t going to be completely accurate, but they could be interesting none the less.
As a bonus to you, it might help you understand your audience even better…although you seem to do a fine job writing good articles for us anyways.
Thanks,
Richard
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I’m new to investments and I’ve been following this site. I’m just a regular working guy who is trying to simply save money for retirement. But, I would like to learn about how the stock marked really works and how if I can down the line get into really investing. I saw a segment on T.V. about a guy who no nothing about investing and now is a serious player in the marked. It sort of made me wonder; why not me. At any rate, if you could suggest any books or other publication besides your wonderful site I would be very grateful
Regards
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I’ve read a couple of your articles, and I’d like to thank you for posting such great information on your blog. You make this stuff much easier to understand and a lot less scary for people like me!
I have another variation on the “pay down debt or invest?” question.
I’m a 52 year old single woman with a mortgage debt of about $170,000, interest rate of 5.5%, and, as of a couple months ago, stock/money market/mutual funds (non-IRA/retirement restricted) amounting to about $150,000. I’m extremely concerned (like everyone) about the way the market is going, and, unlike my financial advisor, I am not reasonably confident that the market will recover within the next 20 years. He believes that although values will drop for a little while longer, if I’m not going to retire within five years (ha ha ha), I should keep the stock, etc.
I think I should pay off the mortgage, but I know that I’m unusually pessimistic and extremely risk averse. My home is on 40 acres of farmable land: even if the economy tanks and I lose my job, I can still grow food and raise livestock on the property, but you can’t grow tomatoes on mutual funds. ;o)
If I sell the stock, etc., I’ll probably have to pay about $10,000 in capital gains and, of course, I won’t get a deduction of interest for income tax purposes any more. Another consideration is that the capital gains tax rate is relatively low right now – I would be surprised if it did not go up again, substantially, within the next five years.
I will be spending $1000 a month less, though, without the mortgage (I’ll still be paying about $500 a month for insurance and property taxes), and I could be putting that into something safe(r).
I apologize for the disorganization of this message! I hope you decide to consider my question, but even if you don’t, thank you for blogging!
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I came across your blog about a month ago and in all truthfulness it is my favorite blog.
I started a blog about issues facing Americans and their money. I am writing about gas prices, foreclosures and unusual carpoolers.
I wanted to post something under the Money Merge account thread, but I see that you closed it. I was going to post that my wife and I are going to try this system and post about the results on my blog. I am hoping to share with people how it really works.
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Hi JD,
I have been reading for almost a year, really helped me to pay off my credit card debt, yeah! I love your posts and was wondering if you have posted about a ledger book? Now that the debts are paid off, I am focusing more on budgeting and although I use a lot of computer tools (Quicken, PearBudget online, and PearBudget excel spreadsheet) after talking to a friend who said that she prefers the old-fashioned way of jotting receipts down by hand in a ledger book (having kids and not always being able to sit down at the computer uninterrupted). I was interested in trying this way too (I presently have a 17-month old on my lap right now!). Do any other readers have information about this? or have you ever used this? I’d love to hear what you or other readers have discovered on this subject!
Thanks,
Elizabeth
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Hey J.D. – First let me say thanks for all your hard work at putting together this site! I read it everyday and love the articles you post.
I wanted to draw your attention to a story I heard on NPR on the way home yesterday: http://www.npr.org/templates/story/story.php?storyId=91556654
It’s about artists, who have yet to retire, living in New York City and being able to do so on minimal incomes and living frugally. It’s an interesting take on how to prioritize the things that are really important for you – for an artist, it’s their art.
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I was reading the “No credit card” topic and was then curious about using my check/debit card for most purchases other than what rewards I get from my CC, which I pay in full. Can you get suggestions as to the best check/debit card for those day to day purchases that get some sort of bonus? I hate carrying cash around.
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Hi! I recently had a look at the Zen Habits blog, specifically your guest post about eliminating debt -> http://zenhabits.net/2008/06/how-i-paid-off-35000-in-debt-and-how-you-can-too/.
I was curious about the subject of credit cards. In the post you suggest eliminated any ties I have to my credit cards. Right now, I’m 18 and I’ve never had one. My question is, without ever getting a credit card, how would I ‘build credit’? (so say, I could get a loan for a house someday)
I love the blog!
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I am currently comparing Mint and Wesabe for online finance tools. I was wondering if you have any experience with either? Right now im leaning toward Wesabe due to the fact that account information is stored on my personal computer, not their servers.
I just wanted to know if you had much experience with either, and what you thought about each.
Thanks
Jason
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Hi there. I’ve been reading your blog for more than 6 months now and receive daily updates via RSS. What you’ve got to say is fantastic and keep up the good work.
There are a couple of things I’d love to see you write about. First, how about addressing the ethics of putting frugal knowledge to use in dealings with others who may not be so knowledgeable? For instance, if people are willing to make poor financial choices, is it ethical to take advantage of that, or is it better to teach them to make better choices?
Second, I haven’t seen you discuss using one’s investment funds to become a lender, either a micro lender (loaning a few bucks to a 3rd world person to start a business) or lending through some vehicle like Prosper.com. What are the risks, advantages, disadvantages to these systems, do they work, do you know of any success stories? It’s something I’m considering, especially considering one could earn significant interest lending through Prosper.
Anyway, like I said, keep up the great work and I look forward to reading you for years to come.
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Oprah is giving away Suze Orman’s book “Women & Money” on her website for free at the following link (shortened using Snipurl):
http://peek.snipurl.com/2pj70
I gave the preview link instead of the direct link for those thinking it’s some kind of trick.
While the book is targeted towards women I’m sure the tips she provides are good for any man. I haven’t yet had a chance to read the book myself, but it is rated very well on Amazon.
Just wanted to share the info with everyone!
Isaac
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Hi there,
Ive been reading your articles for quite some time now, I have a question. I
make about 1700 a month and my wife makes about 800, so combined income is
about 2300 a month. All of our bills are paid and I still have at least a
1000 dollars left over each month, sometimes more. How would you invest this
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Great blog! Thank you for all your work. I hope it goes well for you. You have inspired me to start my own blog, “Onwards, Ever Onwards” at blogger.com. I have nowhere near your level of expertise, but your writings have inspired me to get my own down on cyber-paper, as it were.
You focus on the “person” in “personal finance,” and that’s what makes your blog so unique. Thanks again,
Hogan
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Has anyone bought the “Top 10 work from home” package advertised on this site? What were your results?
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mygallons.com
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Here’s a situation I would like your (or your reader’s) thoughts on.
When people talk about spending less than they earn (good advice, of course), what do you count as “spending”? Obviously bills/expenses/payments to others count as spending… but what about savings? Is retirement savings (401K, Roth IRA) “spending”? For instance, if you put $1000/month into each spouses’ retirement fund, is that savings? I treat it like a bill in my head (so that it gets paid every month), but if I wanted to make a graph of income v. expenses, should I count it as an expense?
To some degree, it’s overthinking to care, I suppose – we’re lucky to be able to save so much – but I often don’t keep a lot of cash on hand because of large contributions… that leaves me feeling stretched and as if I’m “spending” too much — when really, I’m saving a lot!
This isn’t formulated so well. It’s just a thought I had after I read this entry on another blog:
http://www.thesimpledollar.com/2008/07/01/the-net-worth-mentality-the-road-less-traveled/
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Catherine,
Spending would be money that you give away, not money that you keep. Money that goes to savings, retirement is still yours. Treat it like a bill for your own mind game in commiting to it, but it isn’t spending because you still have it.
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Hi! With oil prices going up and the US economy going down, how what would you recommend to prepare for the short (now-3 years) and long term (3-8 years)?
I’m currently employed so my income is from a salary and i’m single and I have house payments to make.
Would appreciate advice on disposable income in an economic crisis period like this.
Thanks and keep this site going! Its great resource
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Hi JD! Really enjoy GRS and am turning my husband on to it as well.
Would you consider titling your daily posts with a hint to its contents (ie. Get Rich Slowly: Financial Success Stories), so that I can better identify specific emails within my archived GRS email folder?
Thank you!
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I am wondering if you know of an online
calculator that will show how much money can be saved by paying more each month to one’s mortgage. I’ve seen a couple that already have certain values and interest rated set, but I’d like to find one that allows the user to enter their own data.
thanks so much,
Robyn
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thought you might get a kick out of this comic about investing wisely… http://www.geekculture.com/joyoftech/joyarchives/1125.html
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Your website is used in this article: http://www.hbindependent.com/articles/2008/07/10/blogs_and_columns/incidentally/hbi-cindy071008.txt
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Hi,
Your site is fantastic. I have a question regarding 401k rebalancing. At the beginning of this year, I rebalanced my 401k and selected a few new funds which total about 5 now. I have rethought my strategy after finally trying to take care of my finances, and actually coming up with a plan other than “willy-nilly” picking funds.
Since the market is doing so poorly, and some of the funds are down significantly (as many are), is it wrong for me to rebalance and change investments to take on my new, actual plan for retirement? Or should I stay where they are until the end of the year?
Just curious if you have any thoughts.
Thanks,
Garrett
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Yo JD. I love your site. its my favorite finance blog because you deliver good stuff a good handful of times a week.
I think im doing good financially, i just screwed up with my first credit card and got hit with a late fee (payed on the due date. didnt get processed til the day after. late fee city!!!) Other than that and im mostly good for a kid going to a commuter school.
I really want to say thanks and you got me hooked.
Tito
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Here is a different take on what’s become the token phrase “save money by buying a late model used car”
http://dollarsandspence.wordpress.com/2008/07/07/the-late-model-used-myth-part-1-domestic/
http://dollarsandspence.wordpress.com/2008/07/09/the-late-model-used-myth-part-2-import/
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JD
Here’s another Get Rich Quick Quack doing the rounds, Roger Hamilton and the XL Results Foundation Scam.
http://www.brilliant4biz.com/category/xl-results-foundation/
http://blog.datamanagementsolutions.biz/dms.html
http://www.stuff.co.nz/4287069a6442.html
http://www.brisbanetimes.com.au/articles/2007/05/30/11802053...
http://rogerhamilton-consumerwatch.blogspot.com/
http://rogerhamilton-xl.blogspot.com/
http://www.pyramidschemealert.org/
http://xlresultsfoundationscam.blogspot.com/
http://rogerhamiltonexposed.wordpress.com
http://www.businessesfromhell.com/topic.asp?TOPIC_ID=401
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Hi,
Have you done any research into investing in European banks and funds? If so, do you recommend putting my US dollars into a European bank. If so, suggestions on which ones? Or who do you think I can talk to about this?
Thanks!
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JD, just read your post on Back to Basics and you mentioned you and Kris are interested in aspects of Urban Homesteading. Have you checked out http://pathtofreedom.com?
It is amazing what this family is doing with their lot in the city. I’ve been following them for a couple of years now.
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Hey J.D. hope you had an enjoyable weekend! I think your readers might be interested in a post about Upromise. I have been using the service in conjunction with a friend’s account (since I don’t have kids or young relatives) and I have found it to be a great way to help save for college. I wrote my own review: http://letsblogmoney.com/2008/07/18/worried-about-the-rising-cost-of-a-college-education-discover-upromise/ and think your own readers could benefit from a review of your own as well. Take care.
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I have had a FNBO account for some time now. You have their current rate as 3.25% but it is actually 3.50%. When I opened the account it had a promotional rate of 6% which was great — but even now the rate is higher than most. It takes a little more time to transfer funds into my checking account so I have left some in my ING account (which has a lower rate) in case I need to transfer quickly. Both ING and FNBO are good — but why not get the higher rate at FNBO.
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Hi. I would like to know how you decide on who you let guest post. I work for ETF MarketPro (www.etfmarketpro.com) and we are specifically focused on educating consumers on ETFs. Please let me know if we can schedule a time to speak or if you are interested.
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Hi JD. I love reading GRS. Although I don’t read Get Fit Slowly I routing for you on that. I recently lost thirty pounds through exercise (30-50 miles of running a week on top of moderate amount of walking). It takes time and it’s hard at first but it is very much worth it. I just feel freer within my own body.
I find a lot of things relevant in your articles despite the fact that I’m 21, live in a very urban area, and have never had debt. You have universal good advice.
I have two comments/suggestions. One, If you ever get the chance to go to an Aldi (a discount grocery store), please go and review it. I’d be interested in hearing your thoughts. It’s a different kind of place – like a discount TJs. Two, If you could have more posts on GRS-ing in an urban environment, I’d appreciate it. I know it’s best to write what you know, but some things ways of living frugally just don’t apply in a city, while there’s a wealth of other resources not available to those in an suburban or even rural environment.
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JD,
I just got an ad from Capital One in my email inbox. I have a card with them that has been empty for about 18 months. I thought I would share the ad with you:
Subject: Share Your Spending Power with Your Loved Ones
[...]
Adding your loved ones as authorized users to your account is an easy way to cover their everyday needs like textbooks, school activities, gas, car repairs—even a morning coffee.
Authorized users share your existing account, but they get their own card to use when they need it. And, you get everything you need to manage your account efficiently:
• All transactions on a single monthly billing statement
• Online access to your account to track activity any time
• Peace of mind knowing that your loved ones have access to credit 24/7
You can add up to five authorized users to your account [...]
Thanks for all you do,
KP
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Hi JD – big fan of the blog & I have a first time question for you.
I’m 37 and have just been told I will be laid off at the end of August. I have been in the tv industry for 14 years – same company that entire time. In terms of health insurance – what should I do now to make sure I’m covered without breaking the bank? Cobra will cost me $450 a month! Seems steep – what other options should I be looking into? Thanks for any advice!
Thanks
sb in Seattle
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I’ve read in some of your posts and the many subsequent comments that there’s a huge emotional component to personal finance. I know this isn’t a site for counseling, but since compulsive spending is a big issue keeping people (myself included) from saving, I thought I’d share something that’s been helping me for the past couple of years. It’s called The Work, and it gently guides you to analyze the beliefs that upset you and compel you to thoughtlessly spend more than your budget allows.
http://www.thework.com/index.asp
Might help someone. Good luck.
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JD:
I would encourage you to do an entry on “commingled funds.” I notice that many 401K plans seem to offer these in place of mutual funds but fail to really explain the difference.
The basic difference, as I understand it, is that the commingled funds are simply a shared account from which a manager engages in investment activity as opposed to being a registered mutual fund. This should, in theory, keep costs lower since no advertising of the fund is required.
There seems to be a real transparency problem since these funds are named similar to mutual funds offered by the same companies. I’m thinking specifically of the SSgA commingled funds which go by the name “Life Solutions.” It wasn’t until today that I figured out the mutual funds carried under the same name are not the same thing as the commingled fund offered by my employer’s 401k plan. This means its impossible track the performance of these funds without the aid of statements from the fund manager.
This article discusses the recent phenomenon of commingled funds taking the place of mutual funds:
http://www.pionline.com/apps/pbcs.dll/article?AID=/20071029/PRINTSUB/71026050/1031/PIIssueAlert01
Perhaps you could do a post on this issue and get a discussion going. I’d be curious to know what others think.
Do you have any familiarity with these funds?
Feel free to email me.
-M
arcanethoughts@gmail.com
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Hi JD,
Have been following you in the RSS – great blog and lots of good tips.
We are launching a project called “Open Car Price” that might be of great interest to your readers.
OpenCarPrice.com is a project that utilizes the “wisdom of crowd” to build a database of “actual paid prices” for new cars, based on sales records submitted by people who recently bought new cars. See an example of data here: http://www.opencarprice.com/example.php
Such a detailed database has never existed before. It can help consumers save hundreds or even thousands of $$$ in price negotiation
I include a quick overview below and more info can be found at http://www.OpencarPrice.com/faqs.html
I would appreciate if you can introduce this project to your readers.
Thank you very much!
Frank Wang
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What is OpenCarPrice.com?
Have you ever wonder about this question: “why do people pay widely different prices for identical cars”?
The answer is quite simple: a consumer has no way of finding out what other people have paid for similar cars. This lack of price transparency gives car dealers to sell each and every car through a bargaining process that is more like haggling in an Egyptian Market. Facing a blizzard of negotiating tactics from car salesmen, nice people often got bad deals.
According to NADA, identical cars may be sold for prices that vary by hundreds, or even thousands of dollars, depending on buyer’s knowledge and negotiation skills.
OpenCarPrice.com has launched a project that tackles this problem with a unique approach: to use “crowdsourcing” to collect “actual paid price” data that car dealers would never share with you!
Car shoppers have submitted thousands of detailed sales records for new-cars that they recently bought. It is a good example of how the Internet and the collective knowledge of the “crowds” can do amazing things that otherwise difficult to do!
Armed with those sales records, consumers are much strong negotiation positions to get the same deals that other savvy car shoppers have managed to get. Car shopping also becomes a lot simpler – showing up with sales records of similar cars is often enough to make the dealers settle quickly without playing the “games” of negotiation.
Additional info about OpenCarPrice.com can be found at http://opencarprice.com/faqs.html
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I’ve been following your blog for about six months now (since committing to getting my own financial house in order) and it’s my favorite PF site…
I wonder if I’ve missed a post about the credit card reform bill now under consideration at the Federal Reserve Board, #Docket No. R-1314?
The rules propose curtailing abusive credit card practices, the same practices that, along with predatory lending in the housing market have contributed to so many folks being in financial hell right now.
I hope that you’ll pass this information along to your readers… we only have until August 4th to speak on passing these reforms. The rules include:
Stop companies from hiking interest rates on existing balances (unless you pay 30 days late).
Stop them from applying your monthly payment to low-interest debt first.
Give you time between the bill and the due date so you can always pay on time.
Stop interest charges on debts paid off the previous month.
The credit card companies are going to be fighting this with everything they’ve got; the more of us that support the bill, the better the chances of it passing.
People can take action:
Visit http://creditcardreform.org/, a Web site maintained by Consumers Union, and tell your story in the box provided. (Consumers Union is the organization that publishes Consumer Reports.)
Visit the Federal Reserve’s comment site and scroll down to “Regulation AA – Unfair or Deceptive Acts or Practices (R-1314).”
E-mail regs.comments@federalreserve.gov, and type “Docket No. R-1314″ in the subject line.
Send a fax to 202-452-3819 or 202-452-3102, with “Docket No. R-1314″ at the top of your letter.
Send a letter by snail mail to Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th St. and Constitution Ave. N.W., Washington, DC 20551. Again, include “Docket No. R-1314″ on the top of your letter.
Thank you, JD, for all your hard work in creating and maintaining this blog!
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