News : Cash Advance Payday Loans USA

Consumer Capsule: 5/27/08

The non-profit Alliance to Save Energy has launched a "Drive Smarter Challenge" to help consumers lower their gasoline costs by using less gas. The Alliance joined with 16 public and private sector partners for this campaign which includes an inter-active website, gas-saving "tip" cards, and public service ads. The Alliance says a consumer could save hundreds of dollars off the average $3400 dollars he or she will spend on gas this year by following the fuel-efficiency tips it's offering.

You can start calculating your fuel savings at drivesmarterchallenge.org, and you can get there easily through our website, nbc4.com, click consumer watch and then consumer links.

Speaking of saving fuel, the USA Today reports that Gas-saving tires are riding a popularity boom. The tires offer what's known as "low-rolling resistance" which is supposed to squeeze a few extra miles out of every gallon of gas. They are made with specially formulated compounds and tread designs that cut friction. However, be warned that right now there are no regulatory definitions for what constitutes a "gas-saving" tire, so consumers should beware of deceptive marketing hype. Also, experts say a 25-percent cut in rolling resistance yields only one-percent better fuel economy. The National Highway Traffic Safety Administration is expected to come up with a fuel-efficiency rating for tires.

A warning tonight for all consumers considering internet loans on the Web. Over the past few months, we have reported several stories warning about the dangers of Payday Loans and Car Title Loans. Now with tough economic times, many consumers are getting trapped by online web loans that can charge up to 2-thousand percent interest rates. The Consumer Federation of America reports that a typical internet web loan often costs $30-dollars for each $100 borrowed.

It cites an internet payday loan for $183, that carried a 573-percent interest rate, leaving the consumer with a $557 debt one-month later. What's more, payment is electronically drafted from the borrower's checking account which is usually drained dry. Consumer advocates say web loans are becoming more widespread as local governments restrict payday and car title loan storefronts.

And a final word tonight on who's loving the current housing market in the U.S. Foreigners. The Wall Street Journal reports that thanks to falling home prices and the weak U.S. dollar, foreign investors are buying up U.S. homes. Eighteen percent of realtors surveyed by the National Association of Realtors last year said they had sold homes to international clients. Experts say foreign buyers think property in the U.S. is cheap, and they are also optimistic about the long-term health of the U.S. economy.

Source : http://www.nbc4.com/