The new McDonald’s restaurant in St. Joseph will offer all-you-can-eat french fries as reported by The St. Joseph News-Press. The McDonald’s of the future will also include digital kiosks for customers to order their food for quick service. The play area will have interactive light board tables, tabletop video games with different gaming options, and digital play. (newspressnow.com)
Consumer
Americans prefer low prices to items ‘Made in the USA’
According to an Associated Press poll, the vast majority of Americans say they prefer lower prices instead of paying a premium for items labeled “Made in the USA,” even if it means those cheaper items are made abroad. People in higher earning households earning more than $100,000 a year are no less likely than lower-income Americans to say they’d go for the lower price. (ap.org)
“ROBOCOP Act” Would Force Phone Companies To Do Something About Robocalls
Chris Morran writes on Consumerist: “A new piece of legislation introduced today hopes to compel the telecom providers to finally make it easier for customers to just say no to robocalls. Congresswoman Jackie Speier of California is introducing the ‘Repeated Objectionable Bothering Of Consumers On Phones’ — or ROBOCOP Act, which would require that telephone service providers offer their customers free, optional robocall-blocking technology.” The proposed law also seeks to hold the telecoms accountable if they fail to take action. (consumerist.com)
USPS to Cut Postage Rates to 47 Cents
Reversing the price hiking trend, the U.S. Postal Service will reduce the price of first-class stamps by 2¢ down to 47¢ this weekend. As reported on Consumerist, “The price cut came from the government entity that regulates the postal service, the logically named Postal Regulatory Commission. The original price hike for letters back in 2014 was actually a surcharge enacted to help the postal service’s cash flow, and the PRC ordered that the postal service roll back that surcharge. The Postmaster General estimates that the price cuts for domestic and international letters will cost the USPS $2 billion per year.” (consumerist.com)
Fingerprints to be Tested as ‘Currency’
Iphone owners already use fingerprint to unlock their phone, but to buy things using their fingerprints? Starting this summer Japanese government will let foreign tourists to shop using only their fingerprints. Using fingerprint as a new payment would “prevent crime and relieve users from the necessity of carrying cash or credit cards.” The government plans to roll out the new technology by the 2020 Tokyo Olympic. By the end of this month Tokyo-based Aeon Bank will allow customers to withdraw cash from automatic teller machines using only fingerprints for identification and omitting the use of debit cards. “The system is also superior in the area of security, such as preventing people from impersonating our customers,” an official from the bank said. Last year this new technology was already introduced on a trial basis in the Huis Ten Bosch theme park in which visitors can make payments with just their fingerprints. The government aims to showcase the country’s advanced technology when tourists visit Japan for the Tokyo Olympics and Paralympics.
Wall Street Analyst Afraids the Big Short Movie Has Discouraged Investors From Buying Risky Auto Loans
Morgan Stanley Analyst fears that people might be worried about subprime auto bonds because of the Big Short movie. The risky auto loans bring profits to Wall Street by selling to naive borrowers then bundling into bonds and sold to investors. The analysis reads: “However, concerns about growing recessionary risks – and perhaps even the popularity of the recent movie The Big Short – have motivated investors to investigate any potential source of weakness. Consumer sectors that involve large initial outlays, such as housing and autos, provide a natural place to start. Combine that with recent headlines from Fitch suggesting that delinquencies in some sectors of the auto ABS market have reached 20- year highs, and you get a target sector for investors’ concerns. Those concerns are not without merit, at least as far as delinquencies are concerned. It is interesting to highlight that as the housing market continues to heal from its post-crisis depths, mortgage delinquencies have been on a steady decline while auto delinquencies have been going in the opposite direction.” (bloomberg.com)
Alibaba Surpasses Walmart As Largest Retail Company In The World
In SEC filing on April 5, 2016, China’s e-commerce behemoth Alibaba has officially surpassed Walmart as the world’s largest retailer. That means Alibaba has surpassed the $482.1 billion in 2015 revenues reported by Walmart. This success marks a paradigm shift as China has switched from offline to online where the world’s biggest e-commerce company is now bigger than the world’s largest brick and mortar retailer. “We took 13 years to demonstrate the power of a different business model compared with brick-and-mortar retailers,” Alibaba said in the statement to the China Daily. “In 2024, we want to be a business platform serving 2 billion consumers and tens of millions of enterprises at home and abroad,” Alibaba CEO Zhang Yong told journalists. (rt.com)
Consumer Bureau Finally Shut Down Fraudulent Student Debt Relief Firm
The Consumer Financial Protection Bureau finally halted Student Aid Institute, based in San Diego, for illegally tricking borrowers into paying fees for federal benefits. Many companies in this shady industry prey on holders of the $1.3 trillion outstanding in student debt by misleading borrowers with terms like “student loan forgiveness.” The fraudulent companies pretend to help borrowers obtain lower student loan payments or a reduction in debt. “We see more and more companies and websites demanding large upfront fees to help student loan borrowers enroll in income-driven plans that are available for free,” said Richard Cordray, bureau’s director. Student Aid Institute received millions of dollars in fees by charging borrowers hundreds of dollars upfront and $39 a month in maintenance fees. Persis Yu, director of the National Consumer Law Center’s student loan borrower assistance project, said the debt relief companies were “a huge problem.” In some cases, she said, the companies take over management of a student’s debt, making the minimum payment to the lender but charging the student additional fees that it pockets. (nytimes.com)
Worst New Cars for 2016
Consumer Reports previously released their ranking for best cars of 2016. While it’s good to know which cars have excellent ratings, it’s also important to know which models are lowest rated in their categories to avoid buying. Here are the lowest-rated cars for 2016:
- Lowest-rated subcompact: Mitsubishi Mirage
- Lowest-rated compact: Fiat 500L
- Lowest-rated midsize sedan: Chrysler 200
- Lowest-Rated Compact Luxury Car: Mercedes-Benz CLA250
- Lowest-Rated Midsized Luxury Car: Lincoln MKS
- Lowest-Rated Family SUV: Dodge Journey
- Lowest-Rated Luxury Compact SUV: Land Rover Discovery Sport
- Lowest-Rated Large Luxury SUV: Cadillac Escalade
- Lowest-Rated Minivan: Chrysler Town & Country
U.S. Consumers Waste $161.6 Billion Per Year
According to National Institutes of Health, U.S. consumers waste up to 50 percent more food than Americans did in the 1970s. In fact, 31 percent—or 133 billion pounds—of the 430 billion pounds of the available food supply at the retail and consumer levels in 2010 went uneaten. The estimated value of this food loss was $161.6 billion using retail prices. The main culprit is the trend toward fresh food. “A lot of product is excluded earlier in the supply chain because not everything grows that perfectly,” said Dana Gunders, a scientist focused on food and agriculture for the Natural Resources Defense Council. In California alone, 25% of all state landfill waste is from food and agricultural waste. As the world’s population projected to add 2.4 billion more people in the next three decades, food demand is expected to grow and food waste will become a big issue. According to the U.S. Department of Agriculture, a U.S. family of four discards around $1,500 a year on food. Don’t be a part of the problem. We all can address this issue of food waste starting in our own household. (cnbc.com)
15 Ways To Reduce The Costs of Kitchen Appliances
Kichen appliances cost a lot of money, but The Practical Saver gives 15 tips to reduce the expensive costs. “A lot of people are hooked on HGTV shows. For those who watch HGTV Shows like Love It or List It, Flip or Flop, and Fixer Upper, you’ll see how beautiful the renovations are. I don’t know if it is just me but a lot of renovations include kitchen overhaul. I’ve seen the before and after looks of the kitchens featured in those shows and I have to say that the renovations really look good and the kitchen really look more functional. Of course, these kitchen renovations cost a ton of money and sometimes, is the biggest chunk in the renovation budget.” You can apply some of the saving techniques to reduce the costs of kitchen appliances for your renovation project. Some of the ways to reduce costs include finding rebates for energy-efficient appliances, waiting for holiday sales, using military discounts, considering pre-owned or open box, and negotiating the prices. (thepracticalsaver.com)
Everyone Wants Their Own Bourgeois Bunker
If you live in a frugal lifestyle, you will have fun reading about the never-ending buying and consuming of material possessions in the modern middle class. Being middle class is not quite enough now that everyone wants their own bourgeois bunker in “mass affluent” competition. “Yet the list is out there, and it rings true. It is also indicative of how we have turned our homes into post-Cold War nuclear bunkers. Heated with an underfloor system, naturally. The MA class doesn’t need to go out any more; whether due to economics, the internet, fear or, frankly, cooking standards, it more and more chooses to stay at home, drinking fine wine, looking at art and listening to professional-level music on a Sonos system. Who needs to indulge in office banter when you have your own private office? Who needs to engage with a local nursery when your child has its own playroom? The rise in home cinemas and restaurant-style range ovens is part of the same mindset.” (independent.co.uk)
Best Cars for 2016
Consumer Reports just released their ranking for Best Cars of 2016 with extensive data to back it up. The ranking is based on performance, reliability, owner satisfaction and safety.
- Best Subcompact Car: Honda Fit
- Best Compact Car: Subaru Impreza
- Best Midsized Car: Toyota Camry
- Best Small SUV: Subaru Forester
- Best Luxury SUV: Lexus RX
- Best Large Car: Chevrolet Impala
- Best Pickup Truck: Ford F-150
- Best Minivan: Toyota Sienna
The Best Time to Buy Anything During the Year
It’s not a surprise that a bit of planning can save you a lot of money when it comes to buying throughout the year. Lifehacker has a comprehensive, up-to-date guide on the best times to buy everything this year. Certain things are always cheaper at certain times such as holiday airfare during September or Television during December. Whether you’re buying airfare, dining out, shopping online, or buying anything else, there is often a “best time to buy.” (lifehacker.com)
5 Car Insurance Companies to Consider
There are several types of coverage that you should have with your policy. Some of them such as liability are not optional while collision and rental are. Here are the top five car insurance companies that you should consider: All State, Geico, Liberty Mutual, State Farm and USAA. While choosing a car insurance, make sure to pick a top-rated insurer and take advantage of all the available discounts.
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