Payday Lender Ordered to Pay $10 Million Over Collection Practices

Ace Cash Express, one of the nation’s largest payday lenders, has agreed to pay a $10 million settlement over its collection practices. The Consumer Financial Protection Bureau said that Ace, based in Irving, Tex., must refund $5 million to customers who fell victim to such practices from March 2011 to September 2012; it must also pay a $5 million civil penalty. Payday loans are taken out by people who need quick cash between paychecks. Companies such as Ace Cash Express have been known …

11 Things We Didn’t Know Last Week

News, discoveries and … fun     1. Naked mole-rats may hold the secret to conquering aging in humans. (Learn more at Vox.com) 2. A man in deep thought has been lurking beneath one of Pablo Picasso’s first masterpieces. (Learn more at AARP)   3. A new “smart cup” can recognize and track everything you drink – and even tell the difference between Coke and Pepsi. (Learn more at The Verge)   >> Get travel discounts with your AARP Member Advantages. 4. The stereotype of …

Creditors Can Snatch Your (Inherited) IRA, Supreme Court Rules

A U.S. Supreme Court ruling has just made estate planning a lot more cumbersome for some high-net-worth parents who want to leave tax-free money in a Roth IRA to a child. Retirement accounts are protected from creditors in bankruptcy cases so people don’t wind up destitute in old age. However, the court unanimously ruled on Thursday that this is not the case for those who inherit IRAs. The court decision involves a case of a woman who inherited about $450,000 in an IRA from her mother …

Managing Mom’s Money? Do It Right.

Stacks of unopened bills, calls from creditors, compulsive purchases from websites or TV shopping networks, donating sums of money to questionable charities – these may be the signs that it’s time to talk to Mom and Pop about managing their finances. It’s not an easy talk to have. And it’s not an easy job to do. Handling the finances for your parents, or other elderly relatives, involves more than just paying their bills. To understand what’s involved in carrying out …

Could Howdy Doody Save Detroit?

On June 18, Detroit, which has been wallowing in something like $18 billion of debt, became the largest city in U.S. history to seek bankruptcy protection. Detroit’s creditors have already vowed to go to war over a proposal by the city’s emergency financial manager to settle with them for just pennies on the dollar. Now they’re floating the nuclear option: forcing a sell-off of the holdings of the museum of the Detroit Institute of Arts, which is home to 60,000 …