In New York and New Jersey, more than one out of every 25 workers has a commute of 90 minutes or more. The Census Bureau released its report on commuting yesterday, and the New York Times picked up the story.

The chart to the right shows the top commutation times by state, and inside the report you can find more interesting statistics.

My commute is 60 to 70 minutes in the morning but usually less at night since I often stay at the office late, especially towards the beginning and end of each month. In fact, I left at about 8:00 last night.

Here’s a New York fact: Among the 10 counties with the highest average commuting times, the highest percentages of extreme commuters [with drive times over 90 minutes] were found in the New York City metro area: Richmond, N.Y. (11.8 percent); Orange, N.Y. (10.0 percent); Queens, N.Y. (7.1 percent); Bronx, N.Y. (6.9 percent); Nassau, N.Y., (6.6 percent); and Kings, N.Y. (5.0).

What about shortest commutes? Worker bees in Corpus Christi, Texas commute an average of 16.1 minutes.

Gothamist answers this question:

My parents are always bugging me about renting an apartment in New York City, saying I am throwing money out the window by renting and that I should buy a place[...] They’ve offered to help me with a down payment, but is it really a good idea?

Janine Papp answers the question and takes a Wall Street Journal article into account. She goes as far as to suggest that people should wait until they have the money for the down payment rather than accept help from others. I wouldn’t mind hearing readers’ opinions on that topic.

When a credit card company with which you have a card sends a letter in a thin envelope, it’s best to read it. Likely, the company is notifying you of changes within the terms of the agreement. (The thicker envelopes are usually new card offers and unless it’s a great deal, it’s best to shred that junk mail.) According to an article from The Motley Fool, two credit issues are set to change their terms.

Bank of America and Wachovia (one of my credit card issuers and my checking bank) are raising their minimum monthly payment from 2% to 4% of the balance. People who have budgeted $150 per month for paying off these credit cards will now have to budget $300 per month to avoid fees.

With credit card interest rates as high as they are, it’s best to stay away from carrying a balance. I use my credit card to pay for almost all of my expenses, but I pay the entire balance off every month. On top of that, my card offers a cash-back rebate which is paid to me by check; in fact, I should shortly be receiving a $200 check for purchases over the last nine months or so.

For most of last year and the year before, I was able to charge my rent to my credit card for an even higher rebate, but my apartment complex has discontinued that ability.

Following up on the topic of 401(k) loans, which was discussed here, there is a new article on CNN Money by Walter Updegrave. This article compares a scenario for two options: borrowing $40,000 through a 401(k) loan and borrowing the same amount through a home equity line of credit. Assuming the two options are available to an individual in need, one comes out better when exercising the home equity line option.

Here’s their calculation: Read the rest of this article »

If you’re looking for a career change with six-figure possibilities, consider becoming a professional matchmaker. You’ll be providing a sought-after service for other professionals who don’t have time to meet new people. There are many differences between matchmaking and dating services, but are they worth the big bucks?

I could use the service, sure. It’s hard to meet people outside of work. Unfortunately, it’s a little pricey. A matchmaking service based in my home state of New Jersey, MChatfield, has this to say about their fees:

We charge an interview fee of $100, which can be applied to any type of contract. Our fees range from $1,800 (junior contract) to up to $30,000 (personal executive search/ with success bonus).

The company founder, Maureen Chatfield, majored in art in college, with a minor in theater. Not a bad gig for an artsy chick.

This MSN Money article includes an interview with Bonnie Winston, who charges “only” $1,000 for her services. That’s a far cry from Orly, who works out of Beverly Hills. She charges up to $200,000.

If you’re considering doing business with Orly, there is at least one person on the internet who wants to warn potential customers about an outstanding lawsuit.

There seems to be a lot of money in this industry if you can attract an affluent clientele. If you have a knack for setting people up, why not give it a try?

Also: Consumerism Commentary is officially a “Gold Channel” (sounds better than “Gold Member”) on the PFBlog Network. So check us out there with other PFBlog Network websites, but participate in the discussions and comments here. For those who link to this site, don’t forget the new address is consumerismcommentary.com!

I’ve had many new returning visitors to Consumerism Commentary over the past couple of months, so I think it is only fair to formally introduce myself. Read the rest of this article »

Neville is writing about predicting the markets. Are the markets predictable? What were people predicting in 1930 and 1940, and were those predictions accurate?

I was researching these questions and I came across a paper by Felix Stalder, a PhD Student at the University of Toronto, entitled The Nature of Financial Networks. It’s an interesting paper about the markets and the history of globalization, among other things. Be sure to check out the section on the forecasting of markets.

CNN Money has yet another profile of a couple, Dave and Annie Hall, on their way to $1M in net worth. The couple’s income is $120,000 and they budget wiseley. Much of their net worth is in their home and other investment property, which is the same story shared by many of the subjects of CNN’s Millionaire in the Making profiles.

“The least I ever spent for a hotel room was 20 or 30 cents in India,” says Dave. The couple has extensively traveled around the world.

At the moment, there are tons of typos (well, at least two) throughout the article, which is typical over at CNN. See if you can spot them, not that I am one to talk about perfectly written articles, of course.

I also like how the context-sensitive ads on the profile page refer to the Woody Allen movie, Annie Hall.