Personal Finance

Credit report errors

Study: 10 Million Americans Face Costly Credit Report Errors

By Bill Fay | February 12, 2013

Mistakes by credit reporting agencies could be costing American consumers thousands of dollars, according to a report by the Federal Trade Commission (FTC). The FTC found that 5 percent of…

60 Minutes tackles credit report errors

Credit Reporting Agencies Come Under Fire on ‘60 Minutes’

By Bill Fay | February 11, 2013

Have you checked your credit report this year? Even if you have, you may be one of the 40 million Americans with a mistake on your Equifax, TransUnion or Experian…

piggy bank

Former Bank Vice President Teaches Kids Basics of Finance

By Bill Fay | February 7, 2013

In 1999, Susan Beacham quit her job as senior vice president at Bank of America in Chicago so she could spend more time with her daughters. She volunteered to teach…

Americans don't save enough for emergencies

Nearly Half of Americans Don’t Have Enough Savings to Last 3 Months

By Bill Fay | February 5, 2013

Nearly half of Americans do not have the financial resources to survive for three months if they lose a job or can’t work because of injury. That’s the conclusion of…

psychology of debt

Researchers: Psychology of Debt Tells Us about Ourselves

By Bill Fay | January 28, 2013

Every year, American universities confer more than 3,000 Ph.D.s in psychology. Ever wonder what all those pointy headed academics do with their time? Well, most of their efforts go into…

Young woman with credit card

Young Americans Incur More Debt, Pay It Off More Slowly, Study Says

By Katherine Pilnick | January 21, 2013

Young Americans take on more credit card debt than previous generations did and are slower to repay it, according to research released last week.   New evidence suggests that those…

Hedge fund

The Noose Is Tightening around Necks of Hedge Fund Execs

By Bill Fay | January 2, 2013

Ever wonder how some of the country’s richest hedge fund managers succeed in making such huge fortunes on their stock market bets? How guys like Steven A. Cohen, founder of…

Jumping off the fiscal cliff

C’mon, America! Let’s Take a Dive Off the Fiscal Cliff

By Bill Fay | December 20, 2012

Are you ready to take a dive off the fiscal cliff? I am. I have read, written and regurgitated enough information about the economic doom that awaits all of America…

Facebook IPO

Morgan Stanley Fined $5M; Fallout from Facebook IPO Continues

By Bill Fay | December 19, 2012

Morgan Stanley, the lead underwriter for the Facebook initial public offering (IPO), was fined $5 million for creating an uneven playing field among investors, Massachusetts’s top securities regulator said this…

LGBT Americans better with finances

Study: LGBT Americans Better at Earning & Saving

By Katherine Pilnick | December 12, 2012

Gay Americans deserve a pat on the back, and not just for continuing to overcome added hardships and prejudices. Members of the LGBT community are also significantly better at managing…