Reports

February 2010

As tight money times continue in 2010, how does getting some money back sound? Maybe a thousand dollars or two?

If you’re driving a vehicle financed at any place other than CCU, money back may be closer than you think. If you financed a new or used vehicle some other place, a lot of money back may be in your future.

Thousands of times in the past several years, CCU has refinanced members’ car loans from other financial institutions and has saved members an average of $1790 in interest payments.

Consumer Groups Warn of Debt Settlement Trap — offers debt-strapped consumers advice on getting real relief

On Facebook a lot? Think what you put up and do there is under your control because you’re careful about what you share? Think again.

More than 350 thousand software applications¹ now have unlimited access to virtually everything you post there. Don’t like that? You can stop all 350,000 applications from using your information—if you opt out 350,000 times (you have to opt out for each one).²

Unless you set every privacy setting carefully—which can take hours—millions (that’s right, millions) of companies and people now have access to key information about you—forever.³

IRS Information Returns: An Identity Thief's Dream?

What do you need to know about Facebook's new privacy settings? Check these resources.

January 2010

In May 2009, the Credit Card Accountability, Responsibility and Disclosure Act of 2009, often called the Credit Card Act 2009 was signed into law. The first of the new credit card rules designed to protect consumers went into effect in late August 2009. The remaining regulations take effect in February 2010. The goal of this legislation is to provide new protections for consumers by providing for better disclosures about credit card terms and limiting some practices. Your credit union has always offered a very good card with clear and fair terms, but that has not been true of all issuers. Currently, for instance, many large credit card issuers are busy making changes to protect their profits before the new rules take effect. What do the new regulations and card issuers’ actions mean for you and your use of credit and credit cards? This report gives you a preview.

In college, or going there soon? Here’s a rundown on the “Campus Card” many schools now provide students.

Campus cards are a jazzed-up version of a student identification card. Initially, these cards were used for meal plans in the cantina. Over the past few years, however, campus cards were assigned other uses:

• The card virtually always gives you access to residence halls and other campus buildings.
• The card may give you discounts on recreational facilities, books and school materials, sporting events, or even shuttles and public transportation.
• In some states you may get a tax break while using your campus card.
• At some schools, you can even use your campus card as an ATM card.

Ready for holiday shopping in stores or online? Ten tips from the Privacy Rights Clearinghouse may protect your wallet, identity, and privacy.

Sure, credit cards can be a great way to have a financial safety buffer in your pocket, and they build credit pretty quick, too.

But everybody has heard of dangers that can come with credit cards if you’re not careful, as well as the horrific statistics:

• The average college senior has about 4 credit cards, but only 50% of those students have a job.
• The average balance on these cards is $2,864.
• The number of 18 to 24-year-olds declaring bankruptcy has increased 96% in 10 years.

November 2009

Even though the economy is showing signs of improvement, most consumers are still looking for ways to save money. Making improvements to save energy around your home may cost some money now but produce savings now and in the long-term. This month we’ll look at various ways to improve the energy efficiency of your home, ranging from simple, low-cost strategies to more extensive improvements. Some improvements may qualify for tax credits and help you save even more.

Where Is Your Home Losing or Using Energy?

Where is air likely leaking out of (or into) your home? Is there adequate insulation in your attic or crawl space? Can you feel drafts around your doors or windows or see cracks of daylight? How old or efficient is your furnace or air-conditioning system? Making a home energy audit to answer these questions and more is the first step in planning the most effective improvements for your home. You can do a simple energy audit yourself using the energy audit instructions from the U.S. Department of Energy (DOE). Some utility companies also offer home energy audits for free or at low cost.

Federal tax credit for home buyers extended and expanded

Subprime ploys in reverse mortgage market put seniors at risk, says a new report (pdf) from the National Consumer Law Center.