HSH.com - Compare mortgage rates online
BankRate.com - Compare mortgage rates online
FinAid.org - Explains why annuities shouldn't be a part of saving for your child's college
DoNotCall.gov - Sign up for the National Do Not Call Registry
GrandCentral.com - Combine all of your phone numbers into one new number
IRS.gov - Info about free e-filing or call 1-800-906-9887

There's a bill in Congress to rein in the giant monster mega-banks and their abuses of the public with credit cards. Credit card bills are often due "net 30," which means 30 days after the date the bill was posted. The credit card companies, which are mostly owned by the giant monster mega-banks, have found that they can generate massive late fees by shortening the amount of time you have to pay. Some companies even have it down to net 15 just so they could post late fees of up to $40! Unless you pay electronically, you can't prove timely payments.

Clark was recently talking to a man in Austin who electronically made a credit card payment the day before it was due. The company received it on time, but waited 48 hours to credit his account. They then charged him a $35 late fee and raised his interest rate 15 points. Clark thinks that's despicable. This industry is missing any morality and doesn't care about treating people properly. The federal regulators, meanwhile, only act as the industry's protector. This new legislation would require you be given 25 days to pay your bill; it's ridiculous this has to be done by Congressional act. The legislation also wants to make it so you get 45 days notice -- instead of the current 15 -- that your rates are going up. Clark thinks they're addressing the wrong problem with that latter measure.

The real problem is that the credit card companies are hoodlums because they agree to make a loan to you, get you hooked and then raise the interest rate on loans you already took out. If Congress wants to help the credit card companies, they should allow them to raise the rates on future charges -- not on amounts that are outstanding. It's been said that people love their credit cards, but hate their credit card companies. This is true with any addiction. Credit card debt as a way of life used to be a uniquely American experience, but the international financial press is reporting the same story around the world. The sad thing is that the banks give so much money to Washington D.C. that Clark doesn't foresee anything changing. So you've got to be responsible for getting your balance paid off. Don't carry a card if you can't control yourself. Also, try carrying a check register to subtract your charges from your savings or checking balance so you know when to stop charging.

There are spin-off problems in the home improvement and furniture retail industries anytime we move into a housing recession. It's important to remember that all furniture is local. There are very few true national retailers, save perhaps for Ethan Allen. Levitz is liquidating, and another big regional player -- Wickes Furniture -- is up for auction in bankruptcy. For every regional chain that fails, there will be hundreds of ma-and-pa furniture stores that don't make it.

So why does this matter to you? A lot of people pay deposits for furniture that they haven't taken delivery of yet. If you pay with cash, check or debit card, your money is gone if the retailer fails. In his TV work, Clark has done at least 10 stories standing in front of vacant furniture stores with the camera panning from empty wall to empty wall. It's always the same story: Clark interviews some poor soul who talks about how much money they lost on deposit.

There are only two ways to buy furniture. The first is by seeing it, buying it and taking it home. The other way is to pay via your credit card. Beware if you get past the 6-week mark and the furniture still has not been received. Make sure you file a dispute with your credit card company by the 55th day. A credit card is no better than cash if you go past 60 days without filing a dispute. The dispute will take months to process and really just helps you preserve your rights under the law. You can later release a dispute if your furniture arrives. Some people opt for in-store financing, which is a third gray area. You should have the same rights, in theory, as with a major credit card, but the in-store financing creditors are a hassle to deal with if a furniture store goes bust.

President Bush will sign a bill to extend protection for those on the Do Not Call list. Telemarketers were poised to start dialing up millions who were just about to go off the registry, so the move is a timely one. So many people have registered for protection that those who haven't are just slammed with extra calls now. Now some telemarketers are even beginning to call cell phones.

If you haven't registered on the list, do it now. If you register and still get calls on your cell, the solicitors are either breaking the law or they may qualify for an exception that allows banks and brokerage houses to share your info among all their affiliates. When you set up new accounts of any kind, you should not give out your cell phone number. If you no longer have a landline, Clark recommends that you get a GrandCentral number, which is like a "fake" home number.

Clark recently spoke about the IRS free filing option and confused a lot of people in the process. He hopes to clear things up right now. First off, know that Clark prefers that you e-file because you're less prone to make errors thanks to software improvements. E-filing is free for those who make less than $54K/year, which is the majority of people. Note that the $54K cutoff pertains to adjusted gross income, so you may still qualify if you make in the $60K range.

IRS.gov offers a list of about 20 companies that will prepare your taxes and e-file them for free. You can even try your return with more than one company -- just be sure you don't file more than once! If you are not Internet savvy, free income tax prep is also offered offline by the AARP and the IRS. The latter's volunteer income tax assistance program can be reached at 1-800-906-9887.

Early in the primary season, a lot of GOP candidates were talking about changes to the tax code that would simplify things a lot. Clark hopes the candidate who makes it into office -- be it a Republican or a Democrat -- will put this idea to work. Remember the IRS is just the messenger; it's Congress that is the real culprit for our complex and confusing tax system.