| Volume 143 Number 72 |
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The People’s Lawyer’s Tip of the Day
Monthly credit card bills can be a drag, especially when you’re feeling financially strapped. Finding ways to lower those bills — sometimes by simply calling your credit card company directly and asking for a lower rate — can save you lots of cash. So what about those companies that call with a “guaranteed” credit card interest rate reduction offer (for a small fee) and a promise to save you thousands of dollars? Most likely, it’s a deal designed to dupe you out of money. Click here for more.
U.S. Mint asks consumers to put their coins back into circulation
The U.S. Mint, grappling with a worsening national coin shortage, is asking consumers to help by spending cash and using exact change.
The Mint has been under pressure over the last couple of months because of changes in consumer buying behavior, a byproduct of the coronavirus (COVID-19) pandemic. The normal circulation of pennies, nickels, dimes, and quarters has been disrupted for two reasons.
Consumers aren’t spending as much money as in normal times, and when they do spend, they may be more likely to use a credit or debit card. As a result, there aren’t as many coins in circulation on a daily basis. For the most part, they’re staying in consumers’ pockets. Click here for more.
Your Money
When you're ready to retire, you'll want to have more than Social Security to pay the bills. Those benefits typically only provide enough money to replace about 40% of average earnings. To live comfortably in retirement, you should have either a traditional pension plan or a defined contribution plan, like a 401(k) account. While both plans provide money in retirement, they are vastly different in how they are set up and administered. To understand the basics of each account, including the benefits, disadvantages and differences between a pension plan vs. a 401(k), use this guide. Click here for more.
For the Lawyers
Supreme Court to consider FTC’s right to seek restitution. The U.S. Supreme Court announced that it would review the Federal Trade Commission’s authority to seek restitution in federal court for consumers who have been harmed by fraud and other misconduct in the marketplace. Just three weeks after the Court upheld the SEC’s authority to seek disgorgement of profits in civil enforcement proceedings (discussed here), the Court agreed to take up a circuit split regarding the FTC’s authority to seek monetary relief under the Federal Trade Commission Act. Depending on the outcome, the Court’s decision could severely limit what the FTC considers one of its “most important and effective enforcement tools”1—upending its enforcement strategy in both consumer protection and competition cases. Click here for more.