Clark has always been a fan of German car technology. German drivers can be on the road and get a signal through their cell phones about an accident up ahead. Not only that, but the phone will give instructions on finding an optional route. It’s usually only available in highly-populated areas and it’s been a huge success. Well, there are several competing technologies on the market now for the U.S., which include both urban and suburban areas. So, we’re kind of leap-frogging the German with this technology. One recently written about is called “Dash.” Well keep you posted on when it’s available.
Clark is being asked often lately about “debt consolidation” or “debt representation” firms. They all have fancy names, but they do the same thing. They claim they can take your debt and reduce it, as long as you pay them a fee up front. In reality, they are disasters for your wallet. And some are crooked. They are rogue businesses that take you for all you’re worth, even if you don’t have debt. They take money from people will similar or the same names, and it could happen to you. So, if you are contacted by a collector saying you owe money, you must ask for proof of the debt. If they are legitimate, they will send you the 5-day proof letter that they are required by law to send in the mail. So, even if you legitimately owe a debt, never give your checking account number over the phone. Make sure you send a check, and never post date it. Be on your guard.
A brand new report out from the Census Bureau shows that Americans are spending an exorbitant amount of their money on housing. In some states, people are spending more than 30 percent of their income on housing. It’s a direct result of the housing bubble that many parts of the country have been in for a few years now. So, what do people do? Do they sell their homes at a much lower price or hold out and see if things get better? It’s a tough spot. Clark wants to make an educated guess about what people should do. Just remember that it’s just his prediction – it’s not fact. So, if you want to get out, you cut your price and take the loss or turn your home into a rental. If neither of those are options, you must be prepared to hang in for another five years minimum. That’s when the value of homes in mountains, lakes and beaches will return.
After just two weeks of Clark's challenge, Bank of America customers told us they had taken close to $26 million out of their accounts and the number continues to rise. For the most current figure, check out our BOA "Money Loss" meter. So, why are people taking money out? For the back story, click here. Bank of America has declined to go back on the air with Clark since his initial conversation with two BOA representatives on Sept. 25. They claimed to have followed the law and admitted no wrongdoing. In and off-air conversation, they also refused when Clark offered to pay half of Matthew's legal fees if the bank paid the other half. Clark has also asked the bank’s CEO, Kenneth Harris, to discuss the matter on air, but so far no response. Consumers are fired up about this story. There are blog sites all over the Web about it. Accounts have been created on Facebook and MySpace. And in the next week Clark will appear on “Handel on the Law” and on CNN to discuss the matter. Do what you can to get the word out.
About six months ago, Clark talked about the “Wright Amendment.” It’s an anti-consumer law passed in the ‘70s that prevented people from flying in cheap flights out of Dallas. It was specifically designed to keep Southwest Airlines from getting all of the business. But over the past several months, it’s become clear that the Wright Amendment is not going to survive. American and Southwest have worked out an agreement that now allows people to fly out of Dallas on Southwest. The only caveat is that people must stop once along the way. When all of this happened, fares to the Kansas City area dropped by 92 percent. In addition, if you live in a Southwest city and have business that takes you to Dallas, your airfare costs will drop by about 75 percent. So, this is a huge change for air travelers.
Are you familiar with “docs” and “pacs?” These are terms used in the auto industry that are basically bogus fees and charges added on to the cost of a car. They are the fees charged for writing up paperwork, floor mats and other filler functions that should be included in the cost. It’s all happened because of the Internet. Before the Internet, there was little people could do to research the cost of a car. So, many consumers arrive at dealerships with lots of information, including the value of the car. As a result, dealers lowball people with the price and lure them in. Then, they add all kinds of fees at the end, boosting the price by hundreds of dollars. So, when you get quotes on the Web or in person, make sure it includes all of the fees. You want the “drive-out” price. And if it’s different when you leave, you want an itemized list of how and why it changed.
