By Elliot Millner on May 20th 2010 12:13PM
Filed under: News
The
Federal Communications Commission (FCC) recently proposed changes that would require Internet service providers (ISP's) to treat all content equally -- meaning that providers could not discriminate in any way against websites, even if certain sites and applications may put extra strain on their network. These changes, called "net neutrality," would put regulations an industry (Internet service providers) that has operated with little regulation for many years.
Some of the arguments made by proponents of net neutrality are that:
1. It will promote an environment of creativity and innovation.
2. It will prevent Internet service providers from blocking access to popular sites that place a heavy burden on their networks. And,
3. It will prevent service providers that own media companies from showing favoritism toward the content that they own.
Opponents of net neutrality say that:
1. Net neutrality would slow Internet access, and increase cost due to more regulations. And,
2. It is an unnecessary hindrance for an industry that has functioned very well without government regulation for many years.
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Can They Really Do That?
No. 1: Can my credit card company REALLY lower my credit limit for no reason?
Banks and credit card companies are tightening their belts in a big way. A recent study found that 62% of credit card companies have cut back their lines of credit to existing customers. And many have reduced them by as much as HALF. So even if you have a good credit score and make your payments on time, if they decide that your credit limit is too high, they can cut it. And, unfortunately, there isn't a darned thing you can do about it. Read those inserts in your card statement and any letters from your credit card company so you'll know if your credit limit has been changed.
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Can They Really Do That?
Hey, That's Not Fair!
In this crazy economic environment, some pretty outrageous things are happening to ordinary people like us that leave us scratching our heads wondering "Can they really do that?!" Personal finance experts Ken and Daria Dolan of Dolans.com tackle ten tough money dilemmas and reveal whether your rights are being trampled -- or not.
Continue clicking through our gallery to find out, "Can they really do that?"
Can They Really Do That?
No. 1: Can my credit card company REALLY lower my credit limit for no reason?
Banks and credit card companies are tightening their belts in a big way. A recent study found that 62% of credit card companies have cut back their lines of credit to existing customers. And many have reduced them by as much as HALF. So even if you have a good credit score and make your payments on time, if they decide that your credit limit is too high, they can cut it. And, unfortunately, there isn't a darned thing you can do about it. Read those inserts in your card statement and any letters from your credit card company so you'll know if your credit limit has been changed.
Can They Really Do That?
No. 2: Can a collections agent REALLY call me at work?
No, they can't! You can thank the Fair Debt Collection Practices Act -- which protects the consumer and applies to all debt collectors -- for this one. This law makes it absolutely verboten for a collector to bother you at work. Also due to this law, collection agencies can't even call you at home before 8 a.m. or after 9 p.m. So know your rights! Never accept any such calls at work, and if you receive one, remind the agent they are breaking the law and forbid them from calling that number again.
Can They Really Do That?
No. 3: I rent my home. Can they REALLY evict me if I pay on time but the person who owns the home defaults on his mortgage?
For now, yes. In fact, a full 40% of people evicted due to foreclosure are RENTERS. It doesn't matter one iota if you paid your rent on time or not. If a landlord doesn't pay his mortgage, he's going into foreclosure. Eviction papers override any kind of a lease. The good news is there are now new laws developing to help protect those ousted tenants. One law will warn renters ahead of time about foreclosure proceedings so they can, at least, try and save their security deposit and make other arrangements to move. Let's hope these laws get passed sooner than later!
Can They Really Do That?
No. 4: My company is in trouble. Can they REALLY take away my pension?
No, they can't! Once you are vested in a traditional defined-benefit pension offered by your employer, your employer is obligated by law to pay you. You're protected, to a degree, in case the company goes bankrupt by the Pension Benefit Guaranty Corp (PBGC), which covers your pension much in the same way as the FDIC covers your bank account. As with the FDIC, there IS a maximum pay-out that the PBGC will cover -- that maximum is $51,750 per year for a 65-year old. Thankfully, though, more than 80% of people that have to go through the PBGC do not see their pension payments reduced even a nickel.
Can They Really Do That?
No. 5: Can they REALLY raise my credit card interest rate even if I pay on time and/or pay in full every month?
Absolutely. Take Citibank, for instance. Last fall, they announced they were going to raise interest rates by 2 to 3%. However, many cardholders actually saw their interest rates DOUBLE -- including long-time customers with stellar credit! Here's the bottom line ...the pages and pages of fine print you probably didn't read when you signed up for your credit card give your credit card company the right to change almost any of the terms of your card -- the credit limit, the interest rate, heck, whether you are allowed to keep the card at all!
Can They Really Do That?
No. 6: Can my employer REALLY cut their matching of my 401(k) contributions?
Unfortunately, yes. In this age of economic doom and gloom, many companies are eliminating their matching contributions to their employees' 401(k) plans. Since 401(k) matching is a voluntary benefit, that is completely their right. We can only hope that employers will re-institute 401(k) matching when the economy turns around (though we're not holding our breath).
Can They Really Do That?
No. 7: Can my bank REALLY charge multiple overdraft fees based on what started as one overdraft and set off a chain reaction?
Yes indeedy. And it's not pretty when this happens. Here's an example of what we're talking about. Say you have $100 in your checking account and you just deposited a business check for $1,000. Fees notwithstanding, you should have $1,100 to write checks and use debit cards against, right? Well, not until that check clears. If you get the timing wrong, and have several checks come in against your account before it clears, look out. What does the bank do? Do they call after the first check bounces and tell you what's happening? No. They just keep bouncing checks, creating a chain reaction of MULTIPLE overdrafts that can total several hundred dollars. Your only recourse is to try to ask your bank manager to drop all but the original overdraft fee.
Can They Really Do That?
No. 8: Can a realtor REALLY sell me a house without disclosing its negative history?
Absolutely not! We heard one story where a realtor sold an unsuspecting couple a home someone had been murdered in and didn't disclose that information. That's a big "no-no." A real estate agent is required to disclose any KNOWN defects or problems with a home. But here's the catch: It is NOT the realtor's responsibility to seek out that information. So, if he has been advised by the previous owners that the basement was once flooded or that the home was once riddled with mold, he must disclose that information to the prospective buyer.
Can They Really Do That?
No. 9: Can the company I retired from REALLY take away my health insurance, which was a part of my retirement plan?
This one burns us up, but yes, they can. If you're receiving health benefits from your former company (where the premium is either covered by or shared with the company), and that company is at risk of going under, you could be looking at paying full-fare soon. That's because, while pension plans are protected, health benefits are not...meaning your health benefits could get terminated by a bankruptcy court.
Can They Really Do That?
There appear to be valid points both for and against net neutrality. Government regulation would likely increase the security of the Internet, helping to put a huge dent in the number of frauds and scams that presently take place. If a company is forced to register with the government, it stands to reason that it would be less likely to participate in criminal behavior online. Also, it would decrease the likelihood of certain providers cutting out access to competing products. However, one large area of concern with the idea of government regulation of the Internet (as it is in other areas) is the impact on individual rights, particularly freedom of speech and expression. Although some people often go too far in their expressiveness online, does that mean the proper remedy is to increase government regulation? Many argue that without net neutrality, the ISP's would eventually restrict access far more than any government regulation might, and begin charging premiums for access to certain content.
It seems that outside of those handful of companies that would benefit the most from no regulation, most observers agree with the idea of at least some government regulation; the differences come when determining how much.
Ultimately, this issue should be a reminder of how dependent many of us are on the Internet, and how much power a handful of ISP's have on our ability to access Internet content. With the majority of "mainstream" media being owned by a small number of large corporations, the Internet is the main method we have of accessing alternative views and opinions. Being that the majority of major news sources rarely address issues of relevance to the black community, having consistent access to the Internet is of utmost importance to us.
The main case for supporting net neutrality is that it ironically protects our access to ALL Web content -- at this time. While that could change, for now this is the only kind of governance the Internet needs.
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