Americans Tighten Belts for New Frugal Age

(NEWSER) - American banks will pull in $38.5 billion in overdraft fees this year, a record sum that's largely coming from pockets of the poorest and most indebted consumers. According to the Financial Times, banks hiked fees on overdrafts and credit cards as the financial crisis took hold; this year's take will be double that reported in 2000. Some 90% of overdraft revenues come from just 10% of checking account holders, many of whom have low credit scores. More»

Consumers see way to limit spending; banks adjust fee tactics

(NEWSER) - Credit is no longer the king of cards, Business Week reports. As banks get stingy with credit and consumers look for ways to reel in their "charge it" ways, more and more are turning to debit cards—so many, in fact, that Visa projects debit spending could exceed credit this year. This year's 13% climb in debit purchases may seem like good news for banks, as debit cards users have no payments to default on, but they don't rack up interest, either. More»

The Acropolis, the temple of Delphi, and Parthenon going for $2,070 a day

(NEWSER) - Debt-stricken Greece is taking an unprecedented step and exploiting its own magnificent history to raise cash and help its crippled economy. The Guardian reports that Greece is offering up its architectural masterpieces, including the Acropolis, the temple of Delphi, and the Parthenon, as backdrops for movies, commercials, and photo shoots—for $2,070 a day. The culture minister promises to be selective, but the plan is still controversial as the sites are considered sacred cultural landmarks. More»

...that's more than Americans owe on their credit cards

(NEWSER) - America’s total outstanding student loan debt will cross the $1 trillion threshold for the first time this year, putting those loans ahead of credit cards as the country’s biggest source of debt, USA Today reports, citing figures from the Federal Reserve Bank of New York. Student lending has doubled over the past 10 years, even after adjusting for inflation. Students took out more than $100 billion in new loans last year, the first time they’ve crossed that line. More»

Financial advisers ponder meaning of 'competence'

(NEWSER) - The first sign of Arthur Packel's Alzheimer's was the call from the homeowner's association asking for unpaid fees. As his mind began its long slide, it turns out, the first thing he did was simply stop paying bills. When his wife tried to pick up the slack, she found much of their money gone. And despite a forensic accountant's efforts, “It just disappeared,” Renee Packel tells the New York Times . More»