HealthyLife Articles

Tag: fees

  • Be Smart About Credit Card Offers

    FINANCIAL HEALTH

    Image of man getting mail from mailbox.

    Offers in the mail

    Credit card companies, auto loan companies and other lenders can get a list of names for their credit card offers. They get information from credit reporting agencies about people who have a minimum credit score. Then, they use that list to send out offers for a new card.

    Saying “no” to mail offers

    If you are receiving credit card offers in the mail and don’t want them, there are two things you can do.

    You can opt out of credit card offers for five years. Call 1-888-5-OPTOUT  (1-888-567-8688) or visitoptoutprescreen.com. To opt out forever, you must download and mail a signed paper form. You can get the form on the opt-out website.

    Beware – the opt-out feature only works for certain credit card offers, though. Companies may get your name if they have done business with you before. They may also get your name from other sources that aren’t connected to the credit reporting agencies, such as memberships or subscriptions.

    Why is my child getting a credit card offer?

    Sometimes, a person under 21 years of age gets a credit card offer in the mail. This may happen if the company purchased a list of names and didn’t know that the person was not an adult. But, credit card companies cannot intentionally send their offers to people under 21 years old without permission.

    Phone calls

    Like mail offers, credit card companies can get your name from credit agencies and call you with an offer. You can register your number with the National Do Not Call Registry to stop these calls. Visitwww.donotcall.govor call 1-888-382-1222 to put your phone number on the do not call list.

    What is a prescreened credit card offer?

    Credit card companies can find out if you have a certain credit score. Then, they can offer you a credit card based on that information. This is known as a prescreened offer because they already have some information about your credit. It is not a guarantee that you will get the card. You still have to apply for it and be approved.

    Source: Consumer Financial Protection Bureau

    © American Institute for Preventive Medicine

  • Beware Of “Free” Trials

    FINANCIAL HEALTH

    Image of the words "Scam Alert"

    We’ve all seen offers for “free trials” of products or services. It seems like a good idea because if you don’t like it, you can just end the trial and pay nothing, right?

    Not necessarily. Here are some of the ways dishonest companies may use these trial offers:

    *  They make it hard for the consumer (you) to cancel. Perhaps you need to call a phone number, but you can’t get anyone to answer or they put you on hold for long periods.

    *  They hide the terms and conditions in tiny type that’s hard to read.

    *  They use pre-checked boxes as the “default” setting online.

    *  They have extremely strict rules about returning and canceling something.

    *  They charge you for shipping and handling. This means they now have your credit card number, making it easy for them to charge you for something later.

    *  They automatically enroll you in a club or subscription that sends you things each month. Or, the subscription automatically renews without your consent.

    Even with honest and good business practices, you’ll still need to cancel or take some other action before the trial ends. If you don’t, the company may take this as a go-ahead to charge you for something you may not want.

    Avoiding Scams

    Not all free trials are scams. But, before you sign up for one, take these steps:

    *Research the company online.Look for customer complaints about their service or trial offers.

    *Read the terms and conditions.If you can’t find them, don’t sign up.

    *Beware of pop-ups.A pop-up on a website may be from a different company. Be sure you deal with the company you really want.

    *Watch out for pre-checked boxes.A little checkmark may give your consent to continue the offer past the free trial or to sign up for more products.

    *Mark your calendar.Be sure you are ready to cancel your trial before it expires. Plan to do this at least a couple of days in advance so you are well within the time limit.

    *Check your credit and debit card statements.If you see unknown charges, contact the company. If that doesn’t work, contact your credit card company to dispute the charge.

    If you’ve been wrongly charged for a free trial offer, report it to the Federal Trade Commission. You also can contact your local consumer protection agency, and file a complaint with the Better Business Bureau.

    Source: Federal Trade Commission

    © American Institute for Preventive Medicine

  • Questions To Ask Before Choosing A Financial Planner

    FINANCIAL HEALTH

    Image of women writing different types of investments.

    1. How are you paid? Is it by a fee and commission? Do you fully disclose the fees and the commissions you earn on every investment you make or service you offer? If paid by fees, what is the average fee your clients pay?

    2. How many years have you been in the business? How long have you been a financial planner?

    3. Can you give me some references of people you have worked with for more than two years?

    4. What is your typical client like? Income levels, issues, investment amounts?

    5. What training did you have to be a planner? What requirements were needed to attain this degree or title?

    6. How many hours of continuing education must you have to keep your degree/designation?

    7. What does a completed financial plan look like?

    8. What is the most important difference your work made in someone’s life?

    9. How many clients do you have?

    10. How many support staff do you have? What are their credentials?

    11. Do you have a privacy statement?  May I have a copy?

    12. Is there an agreement among you and your staff to keep information confidential? Have there ever been any violations of that agreement?

    13. Do you have a copy of your Form ADV (a required disclosure form from the securities authorities)? Have you been responsible for any securities violations?

    14. Do you have a formal contract to define the responsibilities of the clients and those of the planners? Does it also address a protocol to settle differences and to terminate the relationship? How long does the contract last?

    Answers you will get to these questions can vary suggests Lynn S. Evans, CFP, author of Power of the Purse: Fear-Free Finances for Baby Boomer Women. You may have other questions that are important to you. Examples include if the offices are nearby and if you can communicate by email).

    A question regarding the planner’s investment performance is absent. For good reason: the planner’s average return on an investment is not the key to his or her success. The ability to meet the clients’ goals is what really counts.

    Lost without cyberspace?

    What if you couldn’t get a Wi-Fi signal on your smartphone? How anxious would you be if you forgot your phone or lost it? Worry about not being able to see instant news and weather? Or freak about a low battery? If you say yes, you may be a nomophobe (that’s having no mobile phone phobia), according to Iowa State University researchers, in the journal Computers in Human Behavior. Take the 20-question test and judge for yourself atwww.news.iastate.edu/news/2015/08/26/nomophobia. It’s not an addiction but an obsession, they say.

    © American Institute for Preventive Medicine

  • Using This Credit Card May Be Bad For Your Health

    WELL-BEING

    Image of young women cutting up a credit card.

    High levels of credit card debt and the stress of having debt may be bad for your health, a study in Social Science & Medicine suggests. People who reported higher levels of stress about their debt showed higher levels of physical impairment and reported worse health than those with lower levels of debt.

    In the study, researchers asked people to rate their own health on a scale of very poor to very good. They rated how much they worried about their total debt. Researchers also asked how difficult it was for survey participants to do everyday activities such as climbing stairs and carrying groceries. Participants also reported how many credit cards they have and whether they carry a balance from month to month.

    But it didn’t matter how many credit cards a person had, the big stress factor related to health was the ratio of credit card debt to their total family income-in other words, how much you owe compared with what you earn.

    “The stress of owing money, and knowledge that we’re paying high interest rates, may lead to increased stress resulting in worsening health,” said the director of Ohio State’s Center for Survey Research. Credit counseling is one way to reverse debt-stress.

    © American Institute for Preventive Medicine