Topic: Bill Hardekopf

Five ways big banks' Libor scandal affects you

London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:

The New Economy
Retirement plans: How to spot financial abuse of seniors

Retirement plans can be compromised when senior citizens become the victims of elder financial abuse, which can cost them an estimated $2.9 billion per year. Here's how to prevent elder financial abuse, protecting retirement plans and other investments.

How Greek economic woes could help US consumers

Fears that Greece may default on its debt are spurring interest in US Treasury bonds, driving down interest rates on mortgages and auto loans – but not (alas) for credit card debt.

Saving Money
What is arbitration? You sign away rights. Is that OK?

Cellphone and credit card applications typically contain an arbitration clause that keeps you from suing the phone carrier or bank if a dispute arises. Often, the bank gets to pick the arbitrator. The federal government is looking to see if arbitration clauses give companies too much power.

Citigroup hacked: What to do if your account was compromised

Some 200,000 of Citigroup's bankcard customers had their accounts hacked. Most won't be responsible for fraudulent purchases, but cardholders should still take precautions.

Debit card fees: Will shoppers benefit from new cap?

Debit card fees paid by retailers to banks could plummet next month after the Senate failed to pass a delay Wednesday. Retailers are happy, but that might not help consumers.

Debit-card rewards: beginning of the end?

Debit-card rewards are being trimmed as banks contemplate loss of revenue from new federal legislation. Will debit-card rewards disappear completely?

Saving Money
Credit cards better than debit cards – sometimes

Credit cards have important advantages over debit cards – if you use credit cards wisely. Here are seven advantages:

Government check in the mail? No, on a debit card.

Governments are replacing paper checks with debit cards to disburse all kinds of benefits. But the cards have fees. Is that fair?

Saving Money
Smartphones: Beware those payment apps

Smartphones encourage overspending. Use cash, instead of smartphones, to make payments.

The New Economy
Discover Card doubles rebate for holiday online shopping

Instead of the usual 1 percent cash back, many Discover Card holders can earn 2 percent starting Nov. 15 – just the thing for Black Friday shoppers.

The New Economy
Credit card fees: Would capping them really help consumers?

Credit card fees and rewards programs help the rich and hurt the poor, according to a recent report. But experts disagree whether a cap on fees would solve the disparity.

Five signs to measure economic recovery in 2010

Economic recovery in 2010 is likely to fall short on job growth. But higher jobless figures might not be a bad thing – if it signals people are looking for jobs again.

The New Economy
Credit-card firms already trimming rewards

Buried by credit-card fees? Washington is on it.

Obama is to meet this week with banks about card-holder complaints. Congress is weighing a 'bill of rights' for borrowers.

AAA's bid to unfreeze car-buying market

Tightening standards and sluggish credit has made getting car loans difficult.

The Fed's big rate cut: what impact?

The lowest rates in more than two generations won't end the recession soon, but analysts see many benefits.

Behind big job losses, a tighter credit squeeze

Layoffs are at their highest rate since 2003. A leaner holiday season is more likely.

Consumers hunt for price relief at the pump

Certain payment methods can save you pennies per gallon, but that can add up.

Are Fed rate cuts nearly over?

After a potential cut Wednesday, the central bank may pause to assess the economy.

Fed cuts interest rates, but lenders still wary

Despite a 3/4-point rate cut Tuesday, mortgages are costlier than a month ago.

Credit squeeze's potential ripple effects

As lenders tighten standards, the possibility of a recession increases.