NEW YORK (TheStreet) -- "Debt relief" is a trending search topic today after thousands of consumers were victims of a fraudulent debt-relief program.
The Federal Trade Commission will mail almost 7,000 refund checks to consumers who were involved in the nationwide deceptive operation. According to the FTC, a fraudulent debt-negotiation company collected an up-front fee of about 5% of customer's unsecured debt, but failed to actually help the customers reduce their debt. The average amount of redress per consumer is about $180.
New federal rules have been put in place that require for-profit debt-relief companies to disclose how long it will take to get results before consumers agree to sign up. Companies can no longer charge upfront fees.
"Credit check" is a popular search topic today following concerns that employers are not accepting applicants on the basis of their credit.
A survey conducted by the Society for Human Resource Management showed that 60% of all organizations polled conducted background checks on job applicants.
Reports speculate as to whether this is a fair procedure and if employers should be allowed to keep someone out of a job based on their credit.
"Bankruptcy" is a trending search topic today after a recent study by John Pottow, a law professor at the University of Michigan Law School, showed that the number of Americans aged 65 and older declaring bankruptcy is on the rise
By 2007, 7% of those filing for bankruptcy were 65 or older, up from 4% in 2001.
Professor Pottow said that more than 66% of those 65 and older who filed for bankruptcy blamed credit cards for their financial problems. "They're using credit cards as a maladaptive coping mechanism," Pottow said.
The study also showed that about 40% of adults were still struggling with medical bills after they filed for bankruptcy.
"IRA accounts" is a hot search topic on the Internet today after the Internal Revenue Service announced a new tax law that is scheduled to take effect next year.
The provision in the Small Business Jobs Act, which President Obama signed into law in September, now allows 401(k) plan participants to roll their accounts over into their designated Roth account.
If a participant rolls over an eligible rollover distribution into a Roth account, he or she must include any previously untaxed portion in gross income. The rolled over amount is not subject to the additional 10% early withdrawal tax
The chatter on Main Street (a.k.a. Google) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on Google, and highlights the news that could make stocks move.
-- Written by Theresa McCabe in Boston.
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