SCDCA Advises How To Save Some Green, By Saving On Greens

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.

Consumer Affairs Partners With The Attorney General's Office To Offer A Mortgage Fraud Hotline To Consumers

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.

Don't Let A Reverse Mortgage Take All The Money Out Of Your Home

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.

The South Carolina Department Of Consumer Affairs Presents: SHRED DAY

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.

"Homebuying 101" – A Free Conference For Consumers

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.