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Marathon Oil Corporation... Oil Corporation spotlightOperating across the globe, Marathon ... Business Development; Supplier Relations; Contractor Relations ... Marketing and Transportation; Technology; Natural Gas ... Read full post here. (c) Marathon StationsBusiness Development; Supplier Relations; Contractor Relations ... to Marathon stations and manages Marathon credit cards. Marathon ... Have questions about gas price changes? Read about ... Read full post here. (c) 5 Rip-Offs Pitfalls to AvoidA lot of people are after your cash, and you, quite understandably, would like to hold on to as much of it as you can. It won't be easy. Today, as I was thinking about what to write for my Newsletter, I read a story about a family who was ripped off by a Craigslist scam: The Reeves family consists of nine members and they lost their savings after falling for an elaborate rental scam listed on Craigslist. The Reeves family was new to the Arizona Valley area and they thought they had found the perfect home to rent, listed in Craigslist. Matthew Reeves and his wife met a man and his wife, Jim and Jaime Williams, that they thought were the owners of the house, painters were painting, but other work needed to be done to make the house ready for occupants. They made arrangements to do the carpets, maintenance and get the locks changed in return for a discount on their deposit. They signed the lease and got their receipt for $1,500. Then they went home to celebrate. The next day they went and started cleaning the home and then on Saturday, they started the move but when they got there Pam Dambley, the actual owner of the house was there. This family like many others are "tricked" out of their funds by dubious scam artists. But what about those scams that aren't quite so "obvious"? What about those "so-called" bargains that don't "pay off"? 1. Payday Loans - With gas prices rising & grocery bills doubling, I see more and more TV ads for Payday Loans or "title loans". According to the Center for Responsible Lending, payday lenders rake in $4.2 billion a year by charging a whopping 391 to 500 % in interest. For many people these loans become like financial quicksand. For example, a CRL study reports that these loans turn the average borrower's debt from $325 to a $793 repayment. - Advice: If you're in a pinch, opt for a cash advance on your credit card (at 28% plus transaction fees) or if you belong to a credit union, you can usually get up to 18% interest on small unsecured loans. Definitely better than the alternative above. 2. Rent-to-Own Merchandise: The $6.8 billion rent-to-own industry offers TVs, computers, appliances, jewelry, and furniture for "low, easy payments" with no money down. But many of the three million people who shop in chain stores like Rent-A-Center end up buying over time - and paying exorbitant rates. I remember renting a large TV for a Super Bowl Party. The LG flat-screen TV that retails for $1300 can be rented for about $36/week. After 142 weeks, you own the TV. That means you've just paid $5,100 for the TV. - Advice: Spending $36 to rent a big-screen for a Super Bowl party might be a great deal. But over the long term these rental fees are exorbitant and if you miss a payment, the item will be reposed immediately, with the loss of all your money. 3. Extended Warranties - Now here is something my father hates! And for most things in today's society where technology is "outdated" as soon as you walk out the door and items can be replaced cheaper than they can be fixed, I agree. The only time we've had one of these warranties work is on the purchase of a projection TV. The cost of one replacement bulb within the TV was more than the warranty cost - it was worth the investment. But, even when they are legitimate, "extended warranties are usually always a sucker's bet" says Tod Marks, a senior editor at Consumer Reports. You're gambling that your new product will malfunction. - Advice: Bank the money you would have spent on the warranty and save it. Not everything you own is going to "fall apart" at the same time. - Scams to look out for: I don't know about you but recently, on my husbands SUV, we have received several urgent-sounding notifications claiming that the manufacturer's warranty is about to expire. These are often phony notices trying to get money from us. Yet, they come from firms with the words dealer and warranty on them and the create a very official illusion to take my cash while my warranty is still in effect - BEWARE. 4. Medical Insurance Clubs - When we opened our own business, we had to seek out medical insurance. Since I had been in the medical industry for 18 years and had worked with HMO contracting, I was used to having "good" insurance coverage. We invited several sales people over to the house to give us their product "pitch". One afternoon, we had a very nice, young gentleman come over. He was enthusiastic about his services and made it all sound fantastic. Dental discounts, drug discounts, and for the group membership fees: tons of discounts for fun things like travel, etc. It sounded fantastic and wasn't too expensive. That should have been our first "Red Flag". As I had done with everyone else, I asked him to leave his information. I began to thoroughly read everything and compare it to the services of Anthem BC/BS. This service was just what they said: A Club. It tried to negotiate "discounted fees" on my behalf with physicians and hospitals. It gave me a % off of my drug costs. Most of these things, I could have done on my own without their monthly fees and membership dues. - Advice: Beware of discount clubs - they are growing in the medical arena as people are looking for a variety of ways to control their health care costs. Remember, if you don't have insurance or go to a doctor or hospital that isn't covered in your network: they will negotiate a "pay off" and payments with you. As a cash paying patient, even with the lower negotiated price, they will be getting paid more than they do from the insurance companies. There are also a number of discount drug cards available for free - it just takes the time to find them and fill out the appropriate forms. Don't waste money on dues. 5. Travel Clubs: Consumers have filed thousands of complaints about travel clubs with the Better Business Bureau in the past 3 years. These clubs promise "insider deals" but with a little effort and "Google", individuals can often get better prices on their own. RED FLAGS TO WATCH FOR: - Claims that you've won a "free" prize, or a fee to collect your "winnings" - for a contest you never entered. IF YOU HAVE A COMPLAINT: - Send your complaint to the company in writing - if you have used a credit card, you can dispute the charges through them (I recently had to do this against Best Buy and with the help of a wonderful agent at Chase, Best Buy finally helped me with my refund). If it's a local business, consider small claims court. Author: Kimberly Cheryl Elliott, MBA is CEO of Executive Defense Technology, LLC. She is a self defense instructor, consultant, speaker, and author. As a certified, Rape/Aggression/Defense trainer, Mrs. Elliott is a safety advocate teaching thousands each year at high school programs, church meetings and Fortune 500 organizational seminars. To sign up for future Newsletters and to find complete information on Kimberly Elliott visit her at http://www.execdeftech.com
NAVIGATION
Credit Dilemma, Part 2
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