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Buy a House? Print E-mail
(5 votes, average 4.00 out of 5)
Personal Finance - Mortgage
Written by livecheap staff   
Monday, 20 September 2010 09:15

"We want to buy a house but we only have enough for a 5% down payment. What do you think about FHA loans? I want to start building equity. Should we be buy a home now?" - Andrew

HouseAndrew, thanks for sending us your question. In general, you shouldn't buy a home until you can come up with at least a 10%, and ideally a 20% down payment. It's true that you can buy a home with as little as 3% down today and if your payments are similar to rent, it might not be a bad idea assuming everything in your life stays the same or gets better. But the problem with low down payment loans are numerous. Here are a few of them:

 

Read more: Buy a House?
 
Today's Best of the Web Print E-mail
Personal Finance - Education
Written by livecheap staff   
Friday, 17 September 2010 03:00

Here's today's best articles on the web:

  • The Lost Decade of Wages
  • Reserve at Table and Save Big
  • Steer Clear of These Credit Card Traps
Read more: Today's Best of the Web
 
Vitacost.com - Another Scam Brewing? Print E-mail
(16 votes, average 3.63 out of 5)
Personal Finance - Investing
Written by Ahmed Amr   
Wednesday, 15 September 2010 03:28

Is there a Vitacost scam? Back in 1987, a major stock scam unraveled when a consumer raised hell about excessive credit card charges on her carpet cleaning bill. Once her story got picked up by the Los Angeles Times, the company went into a free-fall after massive fraud was uncovered. For those of you old enough to remember, the company was ZZZZ Best which was established by celebrated boy wonder Barry Minkow. The company went public when he was nineteen and he got sentenced to 25 years for securities fraud when he was 21.

The scheme to defraud investors and consumers was simple enough. ZZZZ inflated its income and assets by over-charging customers on their credit card bills and claiming it had non-existent contracts with insurance companies to do some major clean up and refurbishing jobs.

Fast forward to 2010. A few weeks ago, a friend of mine, Charlie, noticed a few charges on his credit card statement and for vitamins he never ordered. Not one to overlook that kind of thing, he complained to his credit card company which advised him to contact the Vitacost (symbol: VITC) to reverse the charges. But the folks at Vitacost wouldn’t back down and the next thing he knew, they billed him again on the next month’s statement. My buddy contested the bill but still couldn’t get Vitacost outfit to remove the charges. He finally got ticked off and cancelled the card.

Read more: Vitacost.com - Another Scam Brewing?
 
Today's Best of the Web Print E-mail
Personal Finance - Education
Written by livecheap staff   
Wednesday, 15 September 2010 03:00

Here's today's best articles on the web:

  • Walmart's Cheap $45 Unlimited Talk & Text Plan
  • Co-Signing a Loan: Nice Gesture or Financial Suicide
  • Yes, We Have Bananas on Sale
Read more: Today's Best of the Web
 
Today's Best of the Web Print E-mail
(1 vote, average 5.00 out of 5)
Personal Finance - Education
Written by livecheap staff   
Tuesday, 14 September 2010 03:00

Here's today's best articles on the web:

5 Ways to Score Outlet Mall Deals

How to Play the Tax Wars: The Unknown 2011 Tax Situation

Student Loan Default Rate Continues to Rise

The 3,000 Mile Oil Change Myth

Read more: Today's Best of the Web
 
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