Just in time for the Holidays: Higher Credit Card Interest Rates?

November 5th, 2009. By AbiK

How’re your holiday shopping plans looking? If you’re one of the millions who are either unemployed or thinking that you might be on a bit of job security thin ice (hello, J&J with 8,000 job cuts pending), you may be thinking of whipping out some plastic this holiday season just to ensure that jolly old elf—St. Nick—shows up.

So make your shopping list (and check it twice)—because that’s what your credit card issuers appear to be doing…just in time for the holidays. Yes, the banks who issue credit cards have a little list, too. They know what presents they want to find under their trees: higher interest rates, higher fees on late payments and special transactions, reduced credit limits…and the banks need to find these presents under the tree THIS YEAR because next year, it will be too late. Merry, merry!

See, next year—February, 2010 to be specific—is when the next wave of the Credit CARD Act goes into effect. That’s when credit cards will have to play by some new rules including:

Limits on Interest Rate Hikes: Interest rate increases on existing balances would only be allowed under certain conditions, such as when a promotional rate ends, there is a variable rate, or if the cardholder makes a late payment. Interest rates on new transactions can increase only after the first year. Significant changes in terms on accounts cannot occur without 45 days’ advance notice of the change.

No more Universal Default: “Universal default,” when interest rates are raised based on customers’ payment records with other unrelated credit issuers (such as utility companies), would end. 

More Time to Pay Monthly Bills: Credit care issuers will have to give card account holders “a Read the rest of this entry »

Do Toyota Floor Mats Mask a Larger Problem for All Manufacturers?

November 4th, 2009. By Hunter West

In late August, after an off-duty California Highway Patrol officer and three passengers were killed when their runaway Lexus crashed at speeds exceeding 120 mph, Toyota triggered the largest recall in its history and placed a focus on ill-fitting, or improperly-installed floor mats that could jam the accelerator pedal and hold it down. 

But then came the statement released yesterday by the US Department of Transportation (DOT)… 

“Toyota has announced a safety recall involving 3.8 million vehicles in which the accelerator pedal may become stuck at high vehicle speeds due to interference by the driver’s side floor mat, which is obviously a very dangerous situation. Toyota has written to vehicle owners stating that it has decided that a safety defect exists in their vehicles and asking owners to remove all floor mats while the company is developing a remedy. We believe consumers should follow Toyota’s recommendation to address the most immediate safety risk. However, removal of the mats is simply an interim measure, not a remedy of the underlying defect in the vehicles. NHTSA is discussing with Toyota what the appropriate vehicle remedy or remedies will be. This matter is not closed until Toyota has effectively addressed the vehicle defect by providing a suitable remedy.” 

The one sentence is telling: “…removal of the mats is simply an interim measure, not a remedy of the underlying defect in the vehicles.” 

What is the defect? The DOT won’t say, or doesn’t know. Meanwhile the National Highway Traffic Safety Administration (NHTSA) has done six separate investigations Read the rest of this entry »

Asbestos News Roundup: 11.03.09

November 3rd, 2009. By LucyC

A roundup of recent asbestos-related news, asbestos lawsuits and the latest asbestos hot spots—places where asbestos has been found—and that you should be aware of.

Asbestos Lawsuits

Jefferson County, TX: The widow and daughter of a man who died from asbestos mesothelioma are suing a total of 34 companies alleging they were responsible for the development of his disease, because the failed to adequately test their products, and failed to issue warnings about the dangers of asbestos exposure.

The defending companies named in the suit are: A.W. Chesterton, American Optical Corporation, Ametek, Inc., Bayer Cropscience, Bechtel Corporation, CBS Corporation, Certainteed Corporation, Coltec Industries, Crane Company, Crown, Cork and Seal Company, D&F Distributing, Dana Companies, Fluor Enterprises, Fluor Maintenance Services, Foster Wheeler Constructors, and Foster Wheeler Corporation.

Also Garlock Sealing Technologies, General Electric Corporation, General Refractories Company, Goulds Pumps, Henry Vogt Machine Company, Honeywell International, Industrial Holdings, Ingersoll-Rand Company, John Crane, 3M, Owens Illinois, Sepco Corporation, Treco Construction Services, Union Carbide Corporation and Uniroyal. (setexasrecord.com)

Asbestos Settlements

Baltimore, MD: A woman who was diagnosed with asbestos-related cancer in 2008, as a result of exposure to asbestos fibers from her grandfather’s work clothes as a child, Read the rest of this entry »

Reality TV Live from Your Baby’s Bedroom

November 3rd, 2009. By LucyC

A man in Illinois filed a lawsuit on Friday—a proposed class action—alleging that his recently purchased “Summer Day and Night Video Monitor” has broadcast capabilities he and his wife were not aware of. Oh boy… 

Wes Denkov bought the monitor for their infant son. His next door neighbors, coincidentally, had just had twins, and also have a baby monitor. One day, about six months after Wes’ son was born, his neighbors informed him that their monitor was receiving the audio and video from Wes’ baby monitor. 

Not surprisingly, the neighbor’s news set Wes’ mind racing as he realized that his wife , who would breastfeed their baby in the baby room at all hours of the day and night, could be seen and heard. Not only that, a little detective work on Wes’ part revealed that when he switched channels on his monitor he could hear and see his neighbors. Thank goodness they’re all on good terms… 

So, Wes calls the Summer Infant customer service line and is told that the device is NOT malfunctioning. And, if he wants to solve the problem, he should buy the more expensive model. (Hopefully that model doesn’t have a “record” option…) 

I couldn’t help thinking as I read this story that aside from the obvious privacy problems, what happens when you’re woken up at 3:00 in the morning—when you’re not at your most mentally alert—and you and don’t recognize the baby on the video monitor, or the person in the room with the baby? Surprise! Well, maybe that’s not a malfunction, but it could certainly cause one…

California Overtime at the Car Wash: Are Inspection Numbers for Real?

November 2nd, 2009. By AbiK

By now you’ve read the news about the California Labor Commissioner imposing close to $1 million in fines after a statewide investigation of the California carwash industry.

The investigation went as follows:

42 investigators

did

230 car wash inspections

netting

141 citations

for

103 car wash businesses 

The citations issued total $916,711.

Ok, great. There’s some progress. But here’s the part I’m having a hard time swallowing (as reported at Reuters; the bold is mine)…

Investigators found 49 businesses that failed to provide workers’ compensation coverage for their employees. Citations issued totaled $240,000 and businesses without workers’ compensation Read the rest of this entry »