From Our President: Protecting Your Pocketbook

Inflation has had a terrible impact on our money, forcing Americans to reconsider everything from what we buy at the grocery store to whether to purchase a new home. It’s a reminder that, as a consumer-powered organization, protecting your pocketbook is a critical part of our mission.

That’s why CR provides trusted tips on products and services at prices that won’t bust your budget. From Amazon Prime Day to Black Friday—and every big sale in between—we advise you on the best deals out there. And while our top-rated items are those that work the best and last the longest, we use the CR Smart Buy label to highlight the top-rated products that offer great value for the money.

Beyond the countless products we can purchase online, today’s marketplace also includes new digital services that help us handle our finances. Banking apps give us access to our accounts wherever we are. Peer-to-peer payment apps make it easier to transfer money. Budgeting apps help you track your spending and thus achieve your savings goals. There are big benefits to using these, but they also come with risks, such as threats to your data security. CR has investigated many of these new digital tools, and you can read our guide, “Benefits and Risks of Using Personal Financial Apps and Websites.”

CR also works with and for consumers to remove financial traps in the marketplace, such as excessive credit card late fees. Last year, American credit card debt hit new highs—and late fees can be as high as $41! This is why we’re calling on the Consumer Financial Protection Bureau to cap late fees at $8, which could save consumers up to $9 billion. You can help by signing our petition to end outrageous credit card fees.