Pleading Ignorance Archive

What You Should Know About Drug Studies

November 19th, 2009. By Kristine B

In light of the recent release of the results from the ARBITER 6-HALTS trial regarding Zetia and Niaspan, there may be questions about what drug studies are and why they are important. This week, Pleading Ignorance examines drug studies: what they do, what they don’t do and what you should know about them.

Drug Studies: What They Do (Timing is Everything)

The names of the drug studies are impressive, aren’t they? Names like ARIBITER 6-HALTS, ENHANCE, RECORD and so on. The fancy thing is that all the letters in the names mean something (an acronym!)—but no one ever remembers what the heck they mean, save of course the folks conducting the test. So the catchy name is fine for the rest of us. (By the way, ARBITER 6 HALTS stands for “Arterial Biology for the Investigation of the Treatment Effects of Reducing Cholesterol 6–HDL and LDL Treatment Strategies“—say that fast 6 times). Once you’re beyond the name though, it’s important to know at what point in time the study is being done—after all, the studies are designed to show something. The timing in which the drug is tested will clue you in to what information the researchers are looking for.

Drug studies that are done before the drug is approved by the FDA (known as clinical trials), are done to prove…

• that a new drug is at least as effective as an older drug
• that the new drug is more effective than just standard therapy alone, or
• that the benefits of the new drug outweigh the risks (see, they’re watching out for you!)

If the studies are done after the drug is approved, they may be done to… Read the rest of this entry »

Tags: Drug Studies, Drugs, FDA, Pleading Ignorance
Posted in Drugs/Medical, Pleading Ignorance | No Comments »

4 Fees To Spoil Your Christmas

November 11th, 2009. By Kristine B

aka, How the Financial Grinches Stole Christmas…

Christmas is just around the corner. How do I know? Because one of my oh-so-thoughtful Facebook friends has already started the Christmas countdown. And, like so many people out there, my concern is with affording Christmas, especially given all the traps and fees associated with bank accounts, credit cards, prepaid debit cards and payday loans. So, to help sort things out, Pleading Ignorance is looking at the top four fees that are likely to have an impact on you this holiday season. 

Why are we so concerned about fees? Well, people have complained to us over and over again that they had no idea these various fees could be charged (they’re called “hidden fees” because you’re not necessarily aware of them—like it’s some sort of game). So, while you’re out buying that super-duper, fancy-schmancy toy-thing that your child has always wanted and just can’t live without, you may find that in addition to the $50 price on the toy, you may be paying some very steep fees. That’s how the financial grinches can steal your Christmas. Here’s what they’ve got in their bag of tricks this season, and what you need to look out for… 

1. Bank Overdraft Fees 

I’ve already discussed this, but it bears repeating. Yes, some of the banks have agreed to change their overdraft fee policies. Yes, lawmakers are looking to rein banks in (although when we look at all the good it’s doing with credit cards, we have to wonder if it’s worth the effort). 

The banks are being accused of automatically enrolling customers in overdraft protection, not telling them about that protection and then charging a fee for that protection (cue ominous laugh here). Even more terrible, they’re accused of reordering transactions to get the highest number of overdraft fees; processing debits before credits so that customers are forced into Read the rest of this entry »

Tags: Credit CARD Act, credit cards, Overdraft fees, payday loans, Pleading Ignorance, Prepaid Debit Cards
Posted in Financial, Pleading Ignorance | 3 Comments »

5 Credit CARD Pitfalls to Look Out for Now

November 6th, 2009. By Kristine B

With Christmas around the corner (at least according to big box retailers and your local Hallmark store) the time to think about how to pay for Christmas presents is upon us. Of course, the new credit card regulations go into effect next year, which means that banks are doing everything they can to maximize profits today. This week, Pleading Ignorance looks at some of the ways the banks are maximizing their profits—so you have all the information before you decide to pay for Christmas with plastic… 

What the Credit CARD Act Means to You…until it goes into effect

The Credit CARD (Card Accountability, Responsibility and Disclosure—picture the brainstorm on that one: “ok, got the “C”, “A”, “R”—what about the “D”, anyone?”) Act goes into effect in February 2010. The reason for the Act is simple—make credit card issuers more accountable for their actions and prevent them from taking advantage of consumers. That means limits on increasing interest rates, limits on offering cards to people under the age of 21, longer wait times before late payment interest rate hikes and no more automatic overlimit allowances on the card. Sounds pretty straightforward, right? 

Wrong! Because the Act doesn’t go into effect until February, some of the banks are—surprise, surprise—doing everything they can to maximize their profits now, so that later, when the Act is in full force, they don’t feel like they’re losing out on money. 

So, what does this potentially mean for you? Here, 5 possible pitfalls to be on the lookout for this holiday season…

1. Higher Credit Card Interest Rates, Now! 

The Credit CARD Act restricts how much credit card issuers can raise interest rates. Good news Read the rest of this entry »

Tags: Credit CARD Act, credit cards, Pleading Ignorance
Posted in Financial, Pleading Ignorance | 1 Comment »

Right To Work vs. Employment at Will: what’s the difference?

October 28th, 2009. By Kristine B

Lately, I’ve been researching state employment laws (for the record, I do have a life). And I’ve come across a lot of people who are confused “right to work” and “employment at will.” Can’t say I blame them. So, this week Pleading Ignorance is setting the record straight about…

The difference between “right to work” and “employment at will”

Both “right to work” and “employment at will” are, obviously, employment terms. One has to do with hiring employees (hopefully you) the other has to do with firing employees (hopefully not you).

Right to Work 

“Right to work” laws govern hiring of employees. In a nutshell, “right to work” means that a person has the right to work for a company without being required to either join a union or financially support a union. Basically, if you live in a “right to work” state, joining a union, or paying union dues, can’t be a condition of your employment.

Even in “right to work” states, unions can still legally operate. In fact, they may even still represent all employees in grievances and negotiations. However, they can’t force a person to join the union or pay union dues if the person doesn’t want to.

Now, there are arguments both for and against “right to work” laws. The short version is that Read the rest of this entry »

Tags: Employment Law, Labor Law, Pleading Ignorance
Posted in Employment, Pleading Ignorance | 5 Comments »

What the heck are Overdraft Fees & “NSF” on my bank statement?

October 21st, 2009. By Kristine B

There’s no shortage of financial news in the headlines lately, but the thing that might impact you the most is news about bank overdraft fees. So, that’s what we’re covering today in Pleading Ignorance. 

So, What Is an Overdraft Fee? 

Let’s back up first and answer what Overdraft Protection is. Banks either include or offer Overdraft Protection on their checking accounts to let you buy something with a check—or on your debit card—even if you don’t have enough money in your account to cover the transaction.

Ain’t that sweet? 

So let’s say you’re at the cash register trying to buy a coffee and a muffin for $4.00 with your debit card. But, you only have $3.50 in your account. Without overdraft protection, the bank would decline the transaction and you would probably suffer some momentary embarrassment. With overdraft protection, the transaction goes through and you can carry on with your life without any embarrassment about “Insufficient Funds.” (Oh, that “NSF”–that’s what it stands for: Insufficient Funds.)

Sounds good, right? Except that the $0.50 cents the bank has covered you for isn’t free. And the bank might not have told you that you were given Overdraft Protection and would be charged for it.

And guess what—the fee the bank charges you for covering that $0.50 cents is…drum roll please…an Overdraft Fee.

The thing about Overdraft Protection is that banks charge fees for overdraft transactions—the transactions that require more cash than you’ve got on hand—and those fees are high. Up to $35 per overdraft transaction (gulp). So, that $4.00 coffee and muffin suddenly becomes Read the rest of this entry »

Tags: Overdraft fees, Pleading Ignorance
Posted in Emerging Issues, Financial, Pleading Ignorance | No Comments »