Consumer Finance Issues
Don and Marie, in their desire to sell some of the items they no longer use, should consider the impacts of selling these items to the public. The key concern is that Marie feels that some of the items they need to sell as toys may no longer be safe for use. It is therefore of utmost importance that the two find out for sure exactly which items those are and to only sell the safe ones. To achieve this, the Consumer Products Safety Commission (CPSC), is the best resource to consult. CPSC provides a list of toys that are considered unsafe for children, and which are no longer on sale (Goldsmith, 2016). As such, Don and Marie can confirm from the CPSC website whether some of the toys are listed as unsafe. For the others about which they are still in doubt, they can contact personnel at the CPSC and have them evaluated before selling them.
From the CPSC website, the duo can get information on testing and certification of products and could request for business guidance on the products for sale. The website provides sufficient information on the products already withdrawn out of the markets including the reasons for withdrawal and risks to safety per product evaluated (CPSC, 2018). Given the depth of information provided by the website, it can be deduced that it is a useful resource in a case like that of Don and Marie where a decision has to be made based on facts. In case all the toys in the couple’s custody are within those describe by the website or even if the toys about which Marie has doubts are presented in the website, this would be the ultimate resource for the couple’s decision. Otherwise, the couple can still go ahead and seek for more information directly from the CPSC concerning specific products about which they are still in doubt.
Getting a credible investment professional to work with is the first step towards effective and time worthy investment. For Mary’s mother, it may be necessary to know the investment professional she is working with before putting her finances at risk. The issue is that while Mary suspects that the investment professional may be a fraud due to the undue pressure he is subjecting her mother to, Mary’s mother is not aware that there may be a fraud case impending. Mary thus needs not only to find out the truth about this investment professional but also to find sufficient evidence to convince her mother of her findings. The best place to look for resources for this issue would be from the Financial Industry Regulatory Authority (FINRA) website.
From the FINRA website, Mary can get information that would enable her to ask the right questions and thus get enough information about the investment professional in question. The website provides sufficient details on factors to consider when choosing an investment professional as well as the questions that should be asked to confirm that the professional is whom they claim to be (FINRA, 2018). As evidence of the speculations that Mary has, she can obtain a list of licensed brokers from the FINRA website and subsequently confirm whether the said professional is listed among them. In case he is not licensed not recognized by FINRA, she can use that information to convince her mother that she is being defrauded. The FINRA website is a sufficient resource for the kind of information sought by Mary in terms of content and depth.
Jack and Jill’s issue pertains to their credit history, which they fear would impact negatively on their desire to make progress in the ensuing years. Past expenses resulted in growth in their credit and they are afraid they would not be able to meet the requirements for mortgage provision. From their history, Jack and Jill only need to repair their credit history before focusing on getting financing for their house. Whether a credit repair company can help them remains a question that needs further exploration. There are however high chances that the perceived credit repair company is a scam. The most useful resources for Jack and Jill would therefore be Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB). The FTC website provides information on credit reports, which can be analyzed and used to determine the position of the couple with reference to mortgage access (FTC, 2018). CFPB (2018) on the other hand, provides information on how to move from poor financial management to financial control which the couple can use to rise above their current financial situation.
For Jack and Jill, the best action would be to obtain their credit report from FTC, evaluate the report based on mortgage access capabilities and make the decision to take a mortgage or to learn from CFPB prior to decision making. They need to be in control of their expenses more than they need anything at the moment. Credit repair companies may not be in a position to do anything worthwhile in order to assist the couple rather than offering financial advice. The two resources provide sufficient information for the couple to make the right decision.
CFPB (2018). “Consumer Financial Protection Bureau.” www.consumerfinance.gov/
FINRA (2018). “Financial Industry Regulatory Authority.” www.finra.org/
CPSC (2018). “Consumer Products Safety Commission.” www.cpsc.gov/
FTC (2018). “Federal Trade Commission.” www.ftc.gov/
Goldsmith, E. B. (2016). Consumer Economics: Issues and Behaviors 3rd Ed. Routledge.