| Volume 141 Number 73 |
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The People’s Lawyer’s Tip of the Day
The FTC is getting reports about people pretending to be from the Social Security Administration (SSA) who are trying to get your Social Security number and even your money. In one version of the scam, the caller says your Social Security number has been linked to a crime (often, he says it happened in Texas) involving drugs or sending money out of the country illegally. Click here for more.
Is rising debt a threat to the U.S. economy?
The stock market has been a wild roller coaster since October as traders sell stocks just as soon as they rally. Analysts blame the headlines -- China, the Fed, and political turmoil -- for the uncertainty roiling the market. Another underlying factor is concern about rising government, corporate, and consumer debt at a time when interest rates are also going up. It was a concern former Federal Reserve Chairwoman Janet Yellen raised this week, suggesting another financial crisis is possible in the future. Click here for more.
Your Money
It's nearing the end of the year, and for many of Americans, that means it's time to start putting together New Year's resolutions. As many of us know from experience, resolutions often don't last, and the reason for that is that resolutions are often just poorly stated goals. Here are five ideas for setting clear and effective personal finance habits in 2019. Click here for more.
For the Lawyers
Injured Man Must Repay Litigation Funder, despite 46% interest. A New York appeals court ordered a man who obtained a personal injury settlement to repay a $77,000 cash advance funded by a litigation finance company, saying the 46 percent interest rate and other charges were not unfair or illegal. Under terms of the deal, Brunetti would need to repay the advance only if he won his injury case, according to the opinion. Brunetti said the interest rate was excessive, so the parties' agreement ran afoul of state usury laws and was unconscionable, but the panel disagreed. In a unanimous ruling, it upheld the trial judge's summary judgment ruling in favor of Cash4Cases Inc. "Assignment agreements such as the agreement at issue here are not loans, because the repayment of principal is entirely contingent on the success of the underlying lawsuit," the opinion says. The court also rejected Brunetti's assertion that the deal was unconscionable, saying he acknowledged the terms of the agreement — which clearly stated how much interest Brunetti would be on the hook for every six months — and signed his initials on each page of the contract. Click here for more.