Welcome to Consumers’ Notebook, where we feature news-you-can-use and other timely information to help you become a more informed consumer. Check back often to read the latest pieces in our Notebook.
Buying Your Leased Car Could Be a Smart Move (Right Now)
At the end of their lease, many people turn in that old vehicle and lease another one. They like driving something new––and it doesn’t make economic sense to buy that old ride. A shortage of new and used cars has changed that economic equation, at least for now.
Road Hazard: Major Auto Repair Chains Offer ‘No Interest’ Financing That’s Often Very Costly
Many auto repair shops work with third party lenders to offer on-the-spot “free financing.” Unfortunately, these offers can turn out to be costly loans, with interest rates sometimes as high as nearly 200 percent.
Is It Time to Buy an Electric Vehicle?
Electric vehicle sales are still a tiny part of the U.S. auto market. But surging gas prices are driving up demand and automakers are racing to get new plug-in hybrids and all-electric models to market.
IRS Has $1.5 Billion in Refunds for Taxpayers Who Did Not File a 2018 Return; Deadline is April 18
Time is running out for the estimated 1.5 million people who did not file a 2018 federal income tax return. After April 18, these unclaimed refunds—totaling almost $1.5 billion—will become property of the U.S. Treasury Department.
Do I Owe Taxes on My Cryptocurrency Investments?
If you sold or exchanged any virtual currency last year—including using it to buy goods or services—and the value of that crypto was higher than when you acquired it, you likely made a taxable capital gain, subject to federal taxation.
Escalated Threat of Cyber Attack Makes Good Computer Hygiene Even More Critical
Your digital devices are vulnerable to a malware attack anytime they’re connected to the internet, but the war in Ukraine has raised this risk. It is more important than ever to break bad computing habits.
Higher Interest Rates Are on the Way; Here’s How to Prepare
To combat inflation, the Federal Reserve is expected to increase the federal funds rate three times during 2022, and possibly more in 2023. Here’s a quick look at how these increases are likely to affect consumer borrowing and saving.
WA Cares Long-Term Care Program Delayed Until Summer of 2023
Washington state’s first-of-a-kind long-term care program has been put on hold until 2023 while lawmakers figure out a host of problems.
Holiday Shopping Tips: Gift Yourself Less Stress and Lower Spending
For the 2021 holiday shopping season, brace yourself for shortages, shipping delays, changes to retailers’ traditional discounting practices, and more. But there are still plenty of ways to save money and make sure you cover everyone on your “nice” list. Here are our top tips for holiday shopping.
Class Action Lawsuit Filed to Stop WA Cares Program
The lawsuit, filed on behalf of three businesses and six individuals, asks the court to block the mandatory premium payroll deductions and declare the program illegal.
New Mortgage Underwriting Program Could Help More Renters Become Homeowners
As of September 18, Fannie Mae will consider rental payment history as part of its risk assessment for loan approval.
New Federal Rule Targets Fraudulent ‘Made in USA’ Claims
“Made in USA” claims are often meaningless and sometimes outright deceptive. This month the Federal Trade Commission finalized a new rule to crack down on marketers using false labeling about where their products were made.
Complaints Against P2P Payment Apps Soar
It’s easy to make mistakes when paying on your phone and difficult to get help if something goes wrong.
The Pros and Cons of ‘Buy Now, Pay Later’ Financing for Travel
The travel industry has a solution for those who want to book a vacation but have limited budgets: Buy now, pay later (BNPL) financing. These plans can help with cash flow, and they are easy work-arounds for those who don’t have credit cards. But as with all financing options, it’s important to read the fine print.
Credit Bureau Mistakes Still a Problem, New Survey Shows
A unique study by Consumer Reports, released this week, found that errors in credit reports are all too common.
Downsizing: A Sneaky Way to Raise Prices Without Upsetting Customers
Most shoppers don’t notice when packaged goods are downsized ever so slightly. This inconspicuous shrinkage—fewer sheets on a roll of toilet paper, skinnier paper towels, and less coffee in the can—has been going on for decades. And there’s no end in sight.
Cryptocurrency Investment Scams Skyrocket
Cryptocurrency investment schemes have skyrocketed during the pandemic, as criminals leverage this gold-rush mentality, promising huge returns in just days or weeks.
FCC Offers Subsidies to Help Families Afford Computers and Connect to the Internet
Starting today, the Federal Communications Commission’s Emergency Broadband Benefit Program will provide financial assistance to families who need help paying for internet access or buying a computer.
Fraud Alert: Bogus COVID-19 Vaccine Survey
Fraudsters have figured out another way to exploit the pandemic. They’re sending out emails and text messages asking people to complete a bogus COVID-19 survey about the Pfizer, Moderna, or Johnson & Johnson vaccines. There’s even a fake survey for AstraZeneca, which hasn’t even been approved for use in the U.S.
Update: Most Unemployment Benefits Won’t Be Taxed; IRS Will Issue Automatic Refunds
The $1.9 trillion COVID stimulus package, which President Biden signed into law on March 11, provides a tax break for the millions of Americans who received unemployment compensation last year.