Ima Byer

Ways to save at the grocery store

Everyone is feeling the pinch at the checkout line and it’s not coming from the fresh lobster you just purchased.

Grocery bills have risen 5.7 percent over the past two years and with no relief from fuel costs, this trend is expected to continue.

Here are a few tips for trimming your grocery bill and flattening your wallet:

• Make a list, stick to it

Make a list of what you need and stick to it. This prevents you from buying unnecessary items - i.e. - You already have four bottles of vanilla extract. Steer clear of impulse purchases; like the newest brand of chocolate chip cookies. Buying duplicates, especially of perishable items. Impulse buys can quickly wreck your budget. While you’re making out your list, go ahead and pre-plan what meals you will cook for the week.

• Eat what you buy

Pay closer attention to expiration dates, become fond of leftovers, or invest in a vacuum-seal device that will allow foods to stay fresh five times longer.

• Look high, then low

Grocery stores place higher-priced items at eye-level, where they’re easiest to see and grab. You’ll usually find lower-priced versions on shelves above and below eye level.

• Bigger isn’t always better

Don’t assume that bigger boxes offer the better savings. Check the unit price listed on the shelf tab and do some basic math to find out if the item in the larger box is a better deal, than the smaller one.  Also, think about it; will you actually eat that much?  The larger box may be the better deal, but it won’t matter if you end up throwing half of it away.

• Meat and greet

Getting to know your butcher can help you save on meats. Many butchers are happy to package smaller cuts of meat. You can request cheaper (tougher) cuts and have them run  through the tenderizer. If you notice a package has reached it’s sell-by date, ask if they’ll mark it down.

• Frozen assets

You normally pay a premium for ready-prepared frozen meals, so it is best to avoid them. However, if you find you eat out alot, because you’re just too tired or pressed for time to cook, frozen meals are a low cost alternative to eating out. 

• Mind the scanners

Whether computer-based or the result of human error, costly mistakes can occur at the register. To avoid them, shop with a partner, so one person can unload, while the other watches the scanner. And if savings don’t ring up until you order is totaled, don’t leave the store without checking your receipt.

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The South Carolina Department of Consumer Affairs (SCDCA) and the Attorney General’s (AG) Office are pleased to announce the launching of the state’s first Mortgage Fraud Hotline.

 Consumers who suspect they are victims of mortgage fraud are encouraged to call the toll-free number 1-800-553-7723 for the Stop Mortgage Fraud hotline. The phone line will be operational Monday through Friday from 8:30 a.m. - 5:00 p.m. and housed at SCDCA.

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Many consumers age 62 or older are finding themselves “house rich, but cash-poor,” meaning their mortgage is paid off, but they are living on a fixed or limited income.

In response, reverse mortgages are becoming increasingly popular alternatives for senior citizens who want their “home equity to work for them.”

A reverse mortgage is a loan in which the lender gives a lump sum, monthly advance, or line of credit, based on the equity in your home. The homeowner retains the title to their home and typically does not have to pay back the loan as long as they live in their home.

However, the homeowner is responsible for maintenance and any applicable taxes.

To qualify for a reverse mortgage you must be 62 or older and own your home.

There are three types of reverse mortgages:

1. FHA - insured
2. Lender insured
3. Uninsured

Each of which vary in costs and terms.

Consult family members, an attorney, or a financial advisor to select the type that is best suited for you.

What to consider when choosing a reverse mortgage:

• Reverse mortgages are rising-debt loans, which means interest is added to the principal loan balance each month. Paying “interest on interest” can compound quickly, devouring the equity in your home. Reverse mortgages can also be either a fixed rate or adjustable, so it is important to understand what the rate is before committing.
• Reverse mortgages use up some or all the equity you have in your home, leaving fewer assets for you and your heirs.
• Your legal obligation to repay the loan is limited by the value of your home at the start of the loan. This could include any appreciation in the value of your home over the duration of the loan. If your home were to increase in value, due to home improvements or an upturn in the market, you would not receive any financial benefit.
• Typically, there are loan-origination fees, closing costs, and if insured-insurance premiums associated with reverse mortgages. Again, since you are not making any regular payments on the loan, interest is accuring on all of these charges and will strip the equity in your home without benefiting you financially.

For more information, contact the Public Information Division at (803) 734-4190, 1-800-922-1594 (toll-free in SC), or online at www.scconsumer.gov & click on Live Chat.

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Protect yourself from ID theft and fraud.

Bring you personal, financial and other sensitive materials to be shredded for FREE !

WHEN:      Thursday, June 12, 2008

TIME:         7:30 am - 12:00 pm and 2:00 pm - 6:00 pm

WHERE:    Two Locations!

                     SCDCA  /  at 3600 Forest Drive at Beltline, Columbia, SC

                                                           -AND-

                       Ben Lippen Elementary School / at 500 St. Andrews Road, Columbia, SC

• Shredding will be performed onsite by Shred 360, a professional AAA certified document destroying company.
• Limit: 4 boxes
• Consumers will be served first.
• This event is co-sponsored by Ben Lippen Elementary School.

For more information, contact the Public Information Division at (803) 734-4190, or 1-800-922-1594 (toll-free in SC), or visit online @ www.scconsumer.gov & click on Live Chat.

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The South Carolina Department of Consumer Affairs (SCDCA) will sponsor its 2nd Annual “Homebuying 101: Building the Foundation For Your American Dream” on Wednesday, June 25, 2008. Consumers looking to buy a home, as well as business professionals in the industry, are encouraged to attend this one-day woorkshop.

The workshop is free and will be held at the Brookland Banquet and Conference Center in West Columbia Wednesday, June 25, 2008 from 8:30 a.m. to 4:00 p.m.

“Homebuying 101 is an excellent opportunity for consumers to learn the importance of homeownership, the role of the lender, financial and household budgeting techniques, credit issues and the analysis of the credit report in the homebuying process.

 This seminar will also share tips to prevent consumers from becoming victims of mortgage fraud. According to a recent Mortgage Asset Research Institute (MARI) report. South Carolina continues to show significant improvement in reducing mortgage fraud, moving from #1 in the nation in 2001 to #22 in 2007,” said SCDCA administrator, Brandolyn Thomas Pinkston.

Prior to a panel discussion on government sponsored homebuying products and services, concurrent sessions will allow consumers to attend all three presentations.

1. “Credit Reports, Scoring and More”, presented by Donna DeMichael, Director of Consumer Services and Education will discuss how to obtain your free credit report, how to read your credit report, what makes up your credit score and other valuable information.
2. “Credit Counseling in 2008″, presented by Carri Grube, staff attorney will discuss what debt managers, credit repair companies and debt settlement companies can and cannot do under the Consumer Credit Counseling Act. She will also discuss steps consumers can take to improve their credit files.
3. “Mortgage  Workshop”, presented by Charles Knight, staff attorney, will discuss with consumers the many forms surrounding a home mortgage, including the application, Truth in Lending form and broker fee agreement. Additionally, the session will cover mortgage products and how to detect and defend against mortgage fraud.

Breakfast and lunch will be provided.

Online registration is now available at: www.scconsumer.gov by clicking on the “2008 Homebuying 101 Conference Registration” link. Space is limited, and advance registration is required.

http://www.youtube.com/watch?v=0KJKJmnGDbg

The conference is being held in conjunction with National Homeownership month.

SCDCA would like to thank the conference’s presenting sponsor, the South Carolina Association of REALTORS®, as well as cosponsors SC State Housing Finance and Development Authority, Carolina First, and other public and private sector organizations.

For more information, contact the Public Information Division at (803) 734-4200 or toll-free in SC at 1-800-922-1594.

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If your phone, cable and Internet services are with three different providers, you’re throwing away money every month.

Some of the best money saving deals out there right now can be had by combing these three services with one provider.

Sometimes you can get all three for about $100 a month, and that includes long distance.

Digital phone service offers consumers the benefits of paying a set monthly fee for unlimited telephone service. Some of these packages even include unlimited long distance.

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Everyone enjoys a new car, but before you fall in love with that new car smell  there are a couple of things you need to do.

1. Get your financial house in order.

Review your credit report for erroneous information and look for ways to raise your credit score, such as paying off some open credit card accounts.

You can obtain a free copy of your credit report at www.annualcreditreport.com .

  2.  How much car can you afford?

Many consumers get in over their heads with new cars. Find out what the monthly payment will be and see how that fits into your budget. Be careful not to overextend yourself.

Your total car expenses - payments, insurance, gas and maintenance - shouldn’t be more than 20 percent of your take-home pay.

Due to rapid value loss on new vehicles, if you fall behind on payments and have to sell you will not recover your total costs. You could end up owing money on a vehicle you no longer own.

  3.   Shop for the best loan deal before buying.

One way to avoid getting burned on your next car purchase is to have your financing in place, before you set foot on the dealer’s lot. A good resource should be your credit union, which typically has the lowest rates.

  4.  Consider buying a used vehicle.

A new vehicle - no matter how pretty - loses at least 30 percent or more of its value the minute you drive it off the lot. To take advantage of this, look into vehicles that are two to three years old and have low mileage, particularly if you do not plan on keeping the vehicle very long.

  5.  Build up your down payment.

Too many people these days buy cars with little or no money down and then are surprised that for the first three or four years of ownership they owe more than their car is worth. A good rule of thumb is to put at least 20 percent down on any vehicle, either in cash or trade.

  6.  Be aware of low-cost lease deals.

Leases can be an attractive option, but be aware of the fine print. If you drive more than the allotted mileage, often set at just 10,000 miles a year, you will be hit with huge fees of as much as 25 cents a mile for every mile over your allotment.

  7.  Clean up your trade-in.

A car that appears to have been taken care of is worth more than one that looks like it has seen its better days. If you’re trading in your old car this could mean the difference in hundreds, if not thousands, of dollars.

Also, be aware that if you still owe money on your trade, make sure you can get enough to pay off the loan, rather than roll the balance over into the loan on your new car.

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Unsolicited telephone calls can be annoying, but unsolicited faxes can be expensive.

Given the cost of printer ink and paper, these unwanted faxes can be costly, but luckily there is a way to stop them.

In accordance with the law, use of a facsimile (fax) machine to transmit unsolicited advertising materials is prohibited, unless there is a prior or current business relationship between the sender and the receiver. The lone exception are faxes sent as a follow-up response to a sales call, lead, or other business related contact.

If you are receiving unsolicited faxes you can stop it by either calling, writing, or faxing the offending company a notice to quit sending faxes to your number. It is advisable to do so by writing a letter and sending it certified mail, you then have evidence the company was instructed to stop. If the faxes continue, you may have grounds for legal action.

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A bill to regulate mortgage lenders and their loan originators has moved from a Senate committee and is now headed to the Senate floor. Senator David Thomas, Senate Banking and Insurance Chair, stated that South Carolina is one of only two states in the nation that does not license and regulate mortgage lenders. Thomas also said there is not a South Carolinian who can condone unscrupulous lending practices that allow our citizens to be fraudulently manipulated into losing their homes.

In 2003, the South Carolina General Assembly took extraordinary steps to help protect consumers from predatory mortgage lending through the High Cost and Consumer Home Loan Act. This landmark legislation addresses a number of the problems that occur when consumers are steered into a high cost predatory loan. The law limits flipping, prohibits the financing of credit insurance, mandates counseling for high cost borrowers, and limits certain fees and charges. This law made a hugh difference in providing protection for many consumers, yet the stories and data clearly indicate South Carolina consumers are not safe from mortgage abuse. Since 1988, the South Carolina Department of Consumer Affairs has provided oversight for mortgage brokers and beginning in 2005, after the passage of the anti-predatory lending legislation, began licensing loan originators.

How S.1090 Protects Consumers:

• Requires a license for mortgage lenders and mortgage brokers and their loan originators.
• Requires pre-licensing education and testing requirements.
• Requires FBI background checks.
• Requires eight (8) hours of continuing professional education annually.
• Makes mortgage fraud a crime that carries stiff penalties.
• Requires data reporting to the Department of Consumer Affaris to ensure compliance with federal and state laws.
• Prohibits false information on credit applications.
• Prohibits lending without regard to repayment ability on a high cost loan.
• Provides oversight for mortgage servicing companies making them accountable to regulatory guidelines.
• Prohibits coercion, intimidation or influencing of appraisers.

For more information on S. 1090, predatory lending or other consumer issues, contact the Department of Consumer Affairs at (803) 734-4200, 1-800-922-1594 (toll-free in SC), or online at www.scconsumer.gov and click on Live Chat.

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The SCDCA Department has received several calls from the Upstate in the past week from consumers who were told their Medicare account numbers had been changed. Although the caller knew the persons’ names and addresses (generally easy for scammers to obtain), this alerted consumers and they became suspicious when asked for sensitive information, such as Social Security and bank accounts numbers. Consumers should be aware that no government agency will ever contact you by telephone and ask for sensitive and identifying information.

Seniors and caregivers of seniors are being targeted with this scam and others. Medicare fraud can take the form of many health-related scams. Senior citizens are frequent targets of Medicare schemes, especially by medical equipment manufacturers who offer seniors free medical products in exchange for their Medicare numbers. Because a physician has to sign a form certifying that the equipment or testing is needed before Medicare pays for it, con artists fake signatures or bribe corrupt doctors to sign the forms. Once a signature is in place, the manufacturers bill Medicare for merchandise or services that was not needed or was not ordered.

The Federal Bureau of Investigation confirms that the threat to seniors is growing - and changing.

 Baby boomers (born between 1946 and 1964) are now the largest segment of our population. That means that the number of senior citizens is rising. Many younger boomers also have considerable computer skills, so criminals are modifying their targeting techniques - using not only traditional telephone calls and mass mailings, but also online scams  like phishing and email spamming.

Some Tips To Avoid Health-Related Fraud:

• Never sign blank insurance claim forms.
• Never give blanket authorization to a medical provider to bill for services rendered.
• Ask your medical providers what they will charge and what you will be expected to pay out-of-pocket.
• Carefully review your insurer’s explanation of the benefits statement. Call your insurer and provider if you have questions.
• Do not do business with door-to-door or telephone salespeople who tell you that services of medical equipment are free.
• Give your insurance/Medicare identification only to those who have provided you with medical services.
• Keep accurate records  of all health care appointments.
• Confirm with your doctor’s office that your physician ordered equipment for you.

For more information on senior and health-related scams or other consumer issues, contract the Public Information Division at (803) 734-4190, 1-800-922-1594 (toll-free in SC), or online at www.scconsumer.gov & click on Live Chat.

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