• ajc.com - read about Clark testifying on payday loans

Clark recently had the privilege to testify before a legislative committee that is considering enacting a “pay day loan” statute. “Pay day loans” are high-risk loans that people take out to tide them over until pay day. They anticipate being able to pay the loan back after pay day. But the interest rates are so high - typically 300 percent and higher – that it starts a vicious cycle and consumers get more into debt each time. These loans have been banned in several states already because they are so damaging and because there are no regulations in the industry. Clark thinks the marketplace should determine what rates should be, as is the case in the credit card industry. About 17,000 soldiers have taken out pay day loans and, as a result, they could not serve overseas. Taxpayers paid money to train those military personnel and it was basically a waste because the soldiers were too financially strapped to be deployed. If you have taken out these kinds of loans in the past, STOP. If you have family members in the military or in emergency services fields (police and firefighters), find out what kind of loans they've taken out and help them make good choices. We have to watch out for each other when it comes to these kind of loans, which are also known as cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans.

The Virginia House of Delegates and the Senate have both passed bills that ban cell phone use by teenagers in a car. That includes hands-free talking and text messaging, as well. The state has seen a number of horrific accidents due to the carelessness of teens on cell phones. Teenagers lack experience behind the wheel, so adding the distraction of a cell phone to the mix makes it even more dangerous for people on the road. If you know that you are not paying attention because you’re on a cell phone, rethink using it. We all think we are good drivers and everyone else can’t drive. But consider the possibility that you’re wrong about that.

Forbes magazine has put together a list of the best places to find a job right now. So, after scouring 100 cities in the country, Forbes says the No. 1 place to find a job is Raleigh, N.C. The city has a decent climate, friendly people and a fantastic job prospects. No. 2 is Phoenix, followed by Jacksonville, Fla.; Orlando, Washington D.C.; Salt Lake City; Honolulu; Las Vegas; Fort Lauderdale and rounding out the Top 10 is Norfolk/Newport News, Va. Now, living in some of these places will cost you a pretty penny, especially Hawaii. Housing, gas and food are all very expensive there. But it may be worth it to you if you have a great job. So, what are the worst places for jobs these days? The worst city is Detroit. New Orleans is just above it in 99th place, preceded by Youngstown, Ohio; Troy, Michigan; and Toledo, Ohio at 95th place. If you’re in a dead-end job or in an area with few job opportunities, check out some of the towns that have more to offer. Don’t just sit there and do nothing.

Have you heard about Raymond James getting into trouble recently? The company just got fined about $3 million for failing to supervise some out-of-control employees. These employees were putting senior citizens into inappropriate investments. And it’s not just Raymond James. This complaint has come up time and again with full-commissioned brokerage houses who are putting people into high-risk annuities and investments. One branch manager in Wisconsin convinced an 84-year-old grandmother to put 80 percent of all her personal wealth into a crummy investment with huge commissions. She lost 60 percent of her money overnight. You need to remember that there are two different business models with brokerage firms – commissioned and non-commissioned. With commissioned brokers, you pay someone in that firm a fee to put your money in investments. With a commission-free broker, you do it yourself. Now, some people don’t feel comfortable making those decisions, so the other alternative is to hire a fee-only certified financial planner to pick investments for you. That person has no connection to the brokerage house and just gets a fee for his or her advice. There is no commission and, therefore, no incentive to put you in risky funds. The industry calls it putting people in inappropriate funds, but Clark says it’s stealing. So, keep an eye on your parents’ funds. Stick your nose in their business, even if they don’t want it. They are being targeted and need help.