{"id":85633,"date":"2024-12-21T01:00:54","date_gmt":"2024-12-21T09:00:54","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=85633"},"modified":"2024-12-26T14:28:10","modified_gmt":"2024-12-26T22:28:10","slug":"black-coffee-21-dec-2024","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id85633-black-coffee-21-dec-2024.html","title":{"rendered":"Black Coffee: Pillow Talk"},"content":{"rendered":"

\"\"It’s time to sit back, relax and enjoy a little joe<\/em> …<\/p>\n

Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance.<\/p>\n

Well … another busy week is behind us. So with that in mind, let’s get this party started …<\/p>\n

Ignorance is the softest pillow on which a man can rest his head.<\/em><\/p><\/blockquote>\n

– Michel de Montaigne<\/strong><\/p>\n

Credits and Debits<\/strong><\/p>\n

Debit:<\/strong><\/span> Did you see this? MyPillow owner Mike Lindell said in a lawsuit this week that his company took on a loan at an annual interest rate of 409%<\/a>, compunding the company’s already-dire financial straits. The loan agreement was made official in September for $1.6 million, which would require a significant payback at a 409% annual interest rate. Lindell isn\u2019t alone; 18 other companies joined in the lawsuit, which leaves us wondering: Don’t these companies have CFOs who are supposed to review this stuff before signing on the dotted line?<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

Credit:<\/strong><\/span> The good news for Mr. Lindell is that the Consumer Financial Protection Bureau just put the finishing touches on a proposed rule that would cap how much banks can charge their customers for overdrawing their checking accounts. The new regulation<\/a> would require large banks and credit unions to either charge just $5 for overdrafts or pick an amount no higher than the cost of offering overdraft protection. Today, banks commonly impose overdraft fees upward of $35 on their suffering customers. Crazy, isn\u2019t it? Oh, and speaking of suffering individuals \u2026<\/p>\n