| Volume 32 Number 10 |
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Happy Holidays! Have a happy and safe holiday season, and a Happy New Years! The Consumer News Alert will return on January 7, 2009.
The People’s Lawyer’s Tip of the Day
In today's economy, the buzz-word is "negotiate." Whatever you are buying, be sure to ask if it is "the best price," and shop around. Don't be afraid to ask for a discount. If you don't ask, you won't get it. Click here for more.
Credit Cards Face New Federal Restrictions
Federal regulators approved a new law that will prohibit banks from certain practices, including maximizing penalties, double-cycle billing, and retroactive interest. Now, a payment must be over 30 days late in order to raise interest rates on pre-existing balances. Consumer will now receive a "reasonable" amount of time to make payments, which will be paid to the higher-rate balances first. Critics suggest the law will prevent some consumers from receiving credit at all, in addition to higher overall interest rates. The bad news? The new rules won't take effect until July 1, 2010 - enough time for credit card companies to dramatically change their business models to compensate for the lost revenue. Click here for more.
California Supreme Court Allows Good Samaritans to be Sued for Nonmedical Care
The California Supreme Court ruled Thursday that a young woman who pulled a co-worker from a crashed vehicle isn't immune from civil liability for rendering care considered to be "non-medical." This case is the first by the court to allow someone to be sued for rendering care in good faith. Furthermore, any rescue efforts may now be left to the "trained professionals." The law states, "no person who in good faith, and not for compensation, renders emergency care at the scene of an emergency shall be liable for any civil damages resulting from any act or omission." Although the law does not include the word "medical" before "emergency care," the California Supreme Court has effectively included it within. Click here for more.
President Bush Provides Automaker Bailout
In a move anticipated for weeks, President George W. Bush announced a plan for General Motors and Chrysler that will make $13.4 billion in federal loans available almost immediately. The money will come from the $700 billion fund set aside to bailout Wall Street firms and banks in October. Experts agree, this is not the ultimate solution to the problem. Rather, it merely stops the bleeding until congress can reconvene. What does it all mean? Click here for more.
Your Money
Which is better - income or growth stock? Click here for more.
For the Lawyers
Incarceration is not a “disability” under Bankruptcy Code. A New York District Court has held that an incarcerated debtor is not, by virtue of his imprisonment, disabled and therefore exempt from the Bankruptcy Code’s credit counseling requirement. Click here for more.