| Volume 55 Number 3 |
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The People’s Lawyer’s Tip of the Day
In Texas, it is unlawful for a business to charge more to someone who uses a credit card. On the other hand, it is legal to give a discount for someone who pays cash. Why? Credit card companies discount the amount they pay a merchant when you pay with a credit card. A store receives "more" when a customer pays cash. Giving a discount to cash customers is a way to treat both cash and credit card customers the same. Click here for more.
Problems With Social Security Benefit Checks
Although it won't be official until the Social Security Administration makes an announcement in the middle of the month, experts expect no increase in social security benefits for the second year in a row. Traditionally, a cost-of-living adjustment is made in order to balance consumer finances with increases in market prices. In 2009, Social Security beneficiaries received a 5.8% inflation adjustment, primarily due to a temporary spike in energy costs. Do you collect Social Security? Click here for more.
Consumer Loan Delinquencies Increase
In yet another sign of a struggling economy, consumer loan delinquencies jumped for the first time in four quarters. The American Bankers Association use statistics to measure how much trouble consumers are having making payments on loans. Although the increase is slight, from 2.8% to 3.0%, the rate had been steadily decreasing since early 2009. As the economic momentum begins to stall, will consumers continue to struggle to meet their obligations? Click here for more.
Your Money
How much should you put down? Click here for more.
For the Lawyers
Punitive damages for violations of FCRA cannot exceed compensatory damages by a 9-1 ratio. A U.S. District Court held that that a jury’s punitive damage award of $500,000 exceeded the constitutional maximum for punitive awards. The court noted that this standard is not changed by the fact that the defendant is a repeat violator. Because the jury's compensatory award was just $30,000, the maximum punitive award would be $270,000. Click here for more.