Fellow Floridian:

Along with students from pre-kindergarten to college, my daughter headed off to school this week. As we prepare for her first semester in college, I was reminded of the many financial issues faced by college students and how, as Florida's Chief Financial Officer, I would like to help educate our youth about financial responsibility.

I felt it was important to share some advice to help ensure Florida’s college graduates have a clean financial start in life.

• Avoid predatory lending – Predatory lenders offer easy access to money but often use high-pressure sales tactics, inflated interest rates, outrageous fees, unaffordable repayment terms and harassing collection tactics.

• Update car insurance information – Make sure your insurance company has updated information about where your car will be driven if your college student is moving to another city or state.

• Avoid credit card debt – College students are often targeted by credit card companies. Since many students seek loans for school, it is important to avoid incurring excessive credit card debt during college years.

• Create a simple budget – Heading to college can often be an expensive undertaking for parents and students. To determine funds needed for school, it is best to set a budget by identifying costs for rent, food, gas, sundry items and books.

• Warn students to never give anyone personal information, such as PINs, account numbers or social security numbers, especially over the Internet.

Our consumer specialists at the Department of Financial Services are ready to answer your financial questions. Our statewide toll-free helpline, 1-800-342-2762, is available 8 a.m. to 5 p.m. weekdays.

Visit MyFloridaMoney.com for more tips on financial responsibility.

Sincerely,

Alex Sink

For more information on the  Minouche Noel case:

For 36 years, Floridians have taken for granted that if they suffer from injuries in a car accident, the first $10,000 in medical and related benefits are automatically covered by the No-Fault law, commonly referred to by the medical benefits portion called PIP, Personal Injury Protection.  In six weeks when the law is set to expire Florida will enter a new world.  

I support the intent of the No-Fault law, which is to ensure that Floridians receive medical treatment for injuries they suffer in an auto accident without delay and without the need to file a lawsuit to recover costs relating to these medical benefits. However, the law, and especially the PIP provision of the law, has major flaws.  A culture of fraud and abuse has grown around PIP, one that my fraud investigators fight every day.  Medical costs are not managed well in the PIP system.  Claims for PIP medical benefits should not be used to support unnecessary and costly lawsuits. 

But the idea behind the law – the protection of Floridians and their assets – is the centerpiece of my role as your Chief Financial Officer. Although I want to make the No-Fault law and PIP work, there is no indication that the legislature will address this issue in the upcoming special legislative session. Therefore, with the impending sunset of the law, I have been working to increase Floridians’ awareness about life after No-Fault.   CONTINUED

SUMMER 2007 – SPECIAL EDITION: 51 WAYS TO SAVE HUNDREDS ON LOANS AND CREDIT CARDS

A Message to Readers from FDIC Consumer News
You probably think of loans and credit cards as services — as ways to borrow money and buy things. And of course, you're right about that. But given the astounding array of credit-related services available today, with their varying degrees of complexity and costs, it's smart to think of mortgages, credit cards and auto loans as products — tangible items that you should research and compare before you buy, and then use with care.