Moralize.us is a site with an interesting concept: users post hypothetical scenarios, and other users vote on whether a course of action is right or wrong, according to their own personal moral codes. It’s a nice theory, that we have the ability to crowdsourcing our tricky moral dilemmas. In practice, though, the responses mostly seem to hover around the level of discourse you might find in the comments on a YouTube video.

For example, someone asked “is it right or wrong to push a fat man off a bridge in front of a speeding train to cease it from killing five people?” The responses ranged from “Right: he’s fat” to “Wrong: the fat man is Michael Moore.” This is not exactly erudite stuff here, friends. Our recommendation: if Moralize.us is going to be more than a place for lame jokes, they should just ditch the ability to leave a justification, and just ask users to vote right or wrong. The data would probably be a lot more meaningful — because hey, they’re at zero now, and it can only get superior.

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The economy is pulling marital bliss right down the crapper along with it and due to fewer assets raising the temperature of already emotional and heated divorces to boiling level. Many divorcees are already fighting over money and with the economy doing so poorly are now dividing up debts rather than fighting over summer homes and frequent flier miles. MSNBC reported on a case in which a freshly divorced husband and wife had to remain living in the same home because they couldn’t afford to live elsewhere and another case in which the income of the involved parties had to be adjusted down from $15 million to under $1 million causing even more bitterness!

Historically divorces and the economy have had an interesting relationship, in the last 3 recessions the divorce rates have risen and peaked within a year of the end of the recession. In the early eighties the divorce rate peaked at 5.3 per 1,000 during the recession caused by the Iranian revolution after which it tapered off until the early nineties where it again capped off at 4.8 during a downturn in the industrial and manufacturing industry. Finally the divorce rate climbed back up to its most recent high as the tech bubble popped and dot coms began failing.

Continue reading As goes the economy, so go divorces!

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A GfK Roper Public Affairs and Media for CreditCards.com poll found that people would be rather speak about anything with complete strangers before they discuss credit card debt. Religious views, politics, age, weight and health problems are more popular topics.

Obviously it’s difficult to find solutions to a problem when you can’t even talk about it. But it may be even more damaging. The rise of consumer credit has made it almost impossible to tell a person’s financial situation without looking at their tax returns. Remember the LendingTree commercial with the guy who has a dream home and a nice vehicle but is in debt up to his eyeballs? That’s a very common situation. That guy you envy probably leases his automobile, is upside down on his house, and pays for his haute couture with a wallet full of credit cards.

But you have no way of knowing that, and so you end up feeling a need to keep up with the Joneses, although the Joneses are broke. There’s nothing you can do about people’s unwillingness to speak about their debt, even though you certainly should think about opening up about your issues with a few trusted friends. You might find out they have similar problems. But keep in mind that most people are probably in far worse financial shape than you’d think from meeting them. We live in an age of conspicuous consumption.

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The garage was stacked with thousands of dollars of merchandise still in original packaging. There were 100% cotton t-shirts studded with rhinestones (2 per package - $5.00), stacks of heavy knit sweaters in pastel colors (8.00), boxes of shoes and boots still wrapped in tissue paper ($10.00/pair). It was a yard-sale shopper’s feast, distinguished by the fact that everything was new. It was also - as the niece running the sale explained - a display of her aunt’s full-blown QVC shopping addiction.

How many days or nights had a probably sad and lonely woman sat in front of the television set, ordering two of these and six of those? How many UPS deliveries had arrived? What percentage of the purchases had actually been worn?

Closets of clothes with price tags still attached are one of the signs of compulsive buying. This one was hard to miss.

Much more common in women than in men, compulsive shopping often appears in a cluster of other addictions - alcohol, drugs, eating disorders. It can show itself as a symptom of depression as well as of bipolar disorder. It may also be associated with a trauma history or emotional deprivation in childhood. Like other addictions, compulsive shopping and spending initially makes a person feel superior then ultimately much worse. When it comes to on the web addiction, what is frequently found is women shopping, men viewing pornography, and teens playing games.

Continue reading Compulsive shopping - I’ve a book about it in one of these boxes

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In the midst of a 23-month prison sentence on dog-fighting charges, former Atlanta Falcons star quarterback Michael Vick has filed for bankruptcy protection. The bankruptcy filing states that Vick owes between $10 million and $50 million to creditors.

It’s hard to know what to say here besides the obvious: Michael Vick is a complete moron. He jeopardized his career and freedom by participating in animal cruelty and mismanaged his money. Is there some facet of his life that Vick hasn’t messed up royally?

In the bankruptcy filing, his lawyers said that Vick hopes he “can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he has the ability to resume his career.”

Anything’s possible. He’s broke and in prison, so there’s nowhere to go but up. Perhaps he has the ability to make a comeback as a late-night televangelist.

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Walk past a newsstand these days and you’ll see dozens of glossy magazines with the faces of the rich and famous staring back at you. Glamour, fame, fortune! But behind the fancy clothes and re-touched pics, celebrities are just people who, like us regular Joes, make serious mistakes. No, not bad plastic surgery or making the Worst Dressed list, we’re speaking about making serious money mistakes.

Here are nine that have made headlines recently…

Money Mistake #1: Not Signing a Pre-nuptial Agreement
If the rampant rumors are true, Madonna and Guy Ritchie might be the latest celebrities calling it quits–and the latest to potentially end up in a nasty fight over money since the Material Girl apparently didn’t have a prenuptial agreement. This puts Madonna’s estimated $600 million fortune at risk. Remember, earlier this year another British court ordered Sir Paul to pay ex-Heather Mills a whopping $48.7 million, so this could cost Madonna dearly.

You don’t need to be filthy rich to need a pre-nup. If you bring assets to your partnership that you want to be sure you keep 100% of if things don’t work out, it’s essential you work out a pre-nuptial agreement before you are married.

Money Mistake #2: Not keeping your will up to date.
Actor Heath Ledger’s tragic death was compounded by the fact that neither his girlfriend, Michelle Williams, nor their daughter, Matilda, was included in his will. That wasn’t a slight…Ledger just hadn’t updated his will since 2003, well before either was in his life.

We all get busy, and visiting a lawyer to update your will isn’t at the top of anyone’s “fun” list, but it’s one of the most important things you can do to protect your loved ones should something unexpected happen to you. Be sure you update your will to address any major life event, such as marriage, divorce or the birth of a child or grand-child.

Money Mistake #3: Losing a home to foreclosure
You’ve probably seen former Tonight Show host Ed McMahon in the headlines lately. In a sad turn of events, McMahon, once famous for knocking on people’s door to make their dreams come true, is now facing the nightmare of losing his home to foreclosure.

Records show McMahon is $664,000 behind in payments on his Beverly Hills mansion. How could this happen? Simple: McMahon got caught by the housing bust just like so many other Americans. He bought a large home and took out a home equity loan when banks were saying “yes” to nearly any request. Meanwhile, the value of his house went down with a very weak real estate the market, and he got behind in his payments.

Other celebs to lose their homes this year include queen of soul Aretha Franklin and disgraced baseballer Jose Canseco, who simply abandoned his $2.8 million pad — just walked away and let the bank take it. (See a gallery of current celebrity foreclosures here)

Money Mistake #4: Going Bankrupt
We know, we know, cry us a river, right? It’s hard to muster much sympathy for celebrities who made a fortune and squandered it all, but the list of celebs forced to declare bankruptcy is surprisingly long. The newest member to join this unfortunate club is rapper MC Hammer, who burned through $30 million with his penchant for fancy cars, homes and a large entourage. Other bankrupt celebs include boxer Mike Tyson, figure skating darling Dorothy Hamill and Debbie Reynolds.

Keep reading to learn about the two superstars who are in danger of adding their name to the list…

See the full list

Continue reading Money Mistakes of the Rich and Famous

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As lenders realize that they spent the last few years throwing cash at anyone with a pulse and an IQ over 20, they’re slicing back credit limits for a lot of people, even those who have never been delinquent.

Here’s where it gets really bad: one component of your FICO score is the amount of credit you currently have drawn down divided by the amount you’ve available. Lowering your limits decreases the denominator and can swiftly send your credit score plunging — although you didn’t miss a payment, open a new account, buy a Ferrari, or do anything else to draw the ire of the credit gods.

So millions of people have seen their credit card stories go something like this: use credit card, make regular payments to build strong FICO score, see your credit limit slashed because of broader macroeconomic conditions, be required to pay a higher interest rate because of changes in your credit score caused by something the bank, not you, did. Oh, and you’ll also have to pay a higher interest rate if you borrow money from someone else to purchase a home, which cost you thousands of dollars over the years.

The conspiracy theorist in me thinks that that’s exactly how it’s supposed to work out: lend someone money, reduce the limit, and then lend them more money at a higher interest rate. It’s brilliant!

I would be nice to see the Fair Isaac take some action to prevent these credit limit cuts from increasing the cost of credit for people who have behaved responsibly. Somehow I doubt that will happen.

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Flock has released a second public beta of Flock 2, a web browser based on Firefox 3. What sets Flock apart from Firefox is the integration with a ton of social networking services including Facebook, Flickr, Twitter, Digg, del.icio.us, YouTube, PhotoBucket, and more. There’s a blog editor for updating your web site from the browser, and a media bar for viewing images and videos shared by your friends without navigating away from your current web page.

Flock has always been based on Firefox, but what sets Flock 2 beta apart from Flock 1.x is that the beta version is built on Firefox 3. That means you get a redesigned location bar, a new bookmark manager, and a new rendering engine that helps most web pages load faster.

The Flock team has addressed over 175 bugs that were found in the first beta of Flock 2. Aside from bug fixes, there aren’t many new features in Flock 2 beta 2. But the browser is based on Firefox 3.01, which means it also includes some important security updates. So if you’re using Flock 2 beta 1, we’d suggest upgrading.

[via Mozilla Links]

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If achieving financial security is important to you — and it probably is if you’re reading WalletPop — the totally worst source of information is the Madison Avenue marketing genius. If you want to be rich and happy, you would do well to take a sledgehammer to your television.

But even by Madison Avenue standards, the message behind the funny FreeCreditReport.com commercials is bad. Here are the lyrics to catchy song I recently found myself humming:

Well I’m shopping for a new vehicle, which one’s me? A cool convertible or an SUV.

F-R-E-E-E, that spells “free”, credit report dot com baby …

I’ve stated before that I oppose the idea of automobile loans for the vast majority of consumers, and this commercial makes abundantly clear why they’re so stupid: mortgaging your financial future to prevent strangers from laughing at your posse is … well let’s just state that my thoughts on that one sentence would have to be edited considerably to qualify as merely vulgar.

Here’s my advice for automobile shoppers: pick them like upwardly mobile executives pick wives. First get the automobile you can afford, and then upgrade when your fortunes are improved.

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Attention, law-abiding citizens! If you believe in BitTorrent as a means of distribution for large files, but you’re concerned about the claims of piracy that are often associated with it, you should take a look at YouTorrent. Despite having to close down for a while because of legal issues, YouTorrent is back in operation, with a reported 67,170 torrents that are all legal to share.

YouTorrent is a meta-search that can find verified torrents across a number of popular torrent sites, including Jamendo, Vuze, BitTorrent, Legaltorrents, Legittorrents, Gameupdates, Wortharchiving, BT.etree and Mininova’s featured torrents section. With all those sites combined, you can use YouTorrent to search over 6TB of data. This is a very good thing for the torrent community in general, as it shows how widely BitTorrent is used for non-piracy purposes.

[via TorrentFreak]

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