I couldn’t resist re-posting this Lady Marmalade parody on credit cards. Reminds me of way too many karaoke nights from my college days, and sadly, this lady has a way better singing voice than I do (yeah, I’m that bad, so cover your ears next time someone hands me the microphone).
Phishing spikes in 2009
The Antiphishing Working Group just published a new study that shows that phishing, or stealing personal information over the net, has spiked in the first half of this year. So it’s more important than ever that all internet users learn the warning signs of phishing, because websites that look like trusted sites may just be copycats up to no good.
“Operation Phish Phry” serves up some tasty justice
In better news, the FBI is doing its part in cracking down on the phishing problem. A recent FBI bust, dubbed Operation Phish Phry, recently broke up a 100-person phishing ring that had conned over $1.5 million from innocent internet users. The defendants will be subject to 20-year maximum prison terms for committing bank and wire fraud.
Wells Fargo raises interest rates by 3%
If you’re a Wells Fargo credit card holder, expect a 3% interest rate hike come November 30th. This interest rate increase will be applied to almost all card accounts, except the lucky ones who are new customers or transferred over from the recently acquired Wachovia.
“Pretty please, can you stop raising rates?”
In response to the the recent wave of stunts pulled by Wells Fargo and others, 18 members of Congress have asked credit card companies to stop raising rates until after the CARD Act has taken effect in 2010 (when creditors will only be able to raise rates under certain circumstances). You can read the letter these congress people sent to five major credit institutions, which encourages the creditors to follow Bank of America’s example of not hiking rates prior to the implementation of the new law.
What’s one more billion?
Information is Beautiful is dedicated to awesome infographics that convey a lot of info in a visually pleasing, easy-to-grasp way. The Billion Dollar Gram, for instance, puts government spending into perspective (by illustrating just how out of whack it really is).
In other PF news…
Check out the latest happenings in personal finance beyond credit and identity theft. Our friends at Peak Personal Finance bring you this week’s investing, real estate, and savings news and tips.