Is the Era of Cheap Generic Drugs About to End?

En español | Prices for generic drugs most commonly used by older Americans fell by the smallest percentage since 2006, with 1 in 4 rising in price — some by more than 1,000 percent, according to a new report from AARP’s Public Policy Institute (PPI). The report looked at 2013 price trends for 280 generic prescription medications widely used by those age 50-plus. The majority of these generics saw price decreases, some of them substantial, but the overall decline slowed …

Hackers Guzzle Your Money via Starbucks Mobile App

Starbucks devotees, prepare for a jolt beyond what’s provided in those morning cappuccinos: Hackers are draining financial accounts of customers who use a Starbucks gift card or mobile app to pay for coffee. The (no latte pun intended) skinny on this scam: Thieves hack victims’ online Starbucks accounts, via the users’ weak and/or overused passwords or credential-stealing malware, to access linked payment accounts – credit and debit cards, PayPal and bank accounts. This allows them to add a new gift card, …

Millennials Are Spending Less and Saving for a Rainy Day

While waiting in line last week at Starbucks, I realized that I was the only “guest” ordering black coffee — not a grande, no-foam macchiato concoction — and the only person using cash. The mostly millennial customers were flashing a smartphone app or swiping credit or debit cards. The way our adult children spend and save money is very different from their boomer parents. “I want it fast, and I want it now” is the millennial mantra when it comes …

Consumer Agency May Clamp Down on Payday Lenders

The Consumer Financial Protection Bureau (CFPB) is proposing new rules to restrict high-cost payday and car-title loans that often leave borrowers in worse financial shape. The agency can’t do anything about the interest rates charged — that’s up to the states — although it does have the authority to regulate the lenders making these loans. “Too many short-term and longer-term loans are made based on the lender’s ability to collect and not on a borrower’s ability to repay,” CFPB Director Richard Cordray …

FTC: $1.7 Billion Lost to Fraudsters in 2014 — ID Theft Top Complaint … Again

Consumers reported losing $1.7 billion to scams and frauds in 2014, according to an annual review released by the Federal Trade Commission. That figure is likely a fraction of actual losses, since many people never report their victimization. For the 15th consecutive year, identity theft was the top complaint in the FTC’s Consumer Sentinel Network Data Book, accounting for 13 percent of the total 2.5 million filed complaints. That’s the same percentage as in 2013, but with more people reporting …