Personal Money Store

Recession makes stocks rise in some industries

info@personalmoneystore.com (Personal Money Store) — Mon, 11 Jul 2011 19:41:26 +0000

Stock in pawnbrokers is increasing as the recession continues. Image: Pink Moose/Flickr/CC BY

As the recession continues, stock is rising in industries that profit from hard times. Pawn brokers, payday lenders, debt collectors and discount stores are more profitable than ever. Brokers are recommending buying stock in these sorts of companies rather than traditionally higher-end investments.

Recession continues as employment falls

The unemployment rate rose to 9.2 percent in June, making many stocks plummet. The number of people living below the poverty line has risen to one in seven, the highest since 1994. Consumer spending has dropped for two months in a row. Times are hard, and nobody knows if or when they will get better.

Profiting from hard times

Some industries profit from bad times. Stocks for many pawnbrokers, payday lenders, discount stores and debt collectors are on the rise. And while that may raise ethical issues for some, stock brokers are recommending buying stocks from many of these companies.

David Rosenberg, an economist at the money management firm Gluskin Sheff, said, "People are broke. They're all chasing value. It's a seismic shift in mindset."

Pawnbrokers and payday lenders on the rise

John Coffey Jr., an analyst with Sterne, issued a report in June urging stock buyers to seek out Ezcorp (EZWP), a firm that owns pawn shops and makes payday loans. The stock has gone up an average of 48 percent for the last five years. Coffey argued that the stocks were worth more than than their cost by a third and would most certainly go up. Within a few hours, the stock rose by 7 percent and is now worth double what it was a year ago. ... click here to read the rest of the article titled "Recession makes stocks rise in some industries"

Ways for bookworms to save money on summer reading

info@personalmoneystore.com (Personal Money Store) — Mon, 11 Jul 2011 17:15:39 +0000

There are plenty of ways to read books for free, starting with visiting the library. Image from Wikimedia Commons.

Everyone knows at least one committed bookworm, a person who loves to read and devours books at a frantic pace. Purchasing books new at stores can be incredibly expensive, but there are plenty of ways readers can save cash on feeding their habit.

Free books

The first leg on a quest to satisfy an appetite for reading should always be the public library. The Institute of Museum and Library Services, the government agency overseeing the public library system in the United States, says there are 123,000 public libraries in the United States, comprised by more than 9,000 public library systems. There are plenty of ways to find a library online. Publiclibraries.com has a list of libraries by state people can browse to find the closest one to them. Many libraries have a "books by mail" program for people in rural areas. If borrowing books is not sufficient, many libraries have a "for sale" section of books, and there are plenty of used book stores one can purchase books from for a steep discount.

For the tech savvy

Since the rise of e-books and e-readers, people have been discarding the page in lieu of the screen. However, downloading books can be an expensive habit. A recent article on Today's website has a list of free or very cheap sites to download e-books from. Amazon.com has a selection of free e-books for Kindle, and Barnes and Noble has a selection of free e-books for Nook users. Both sites have promotional sections where certain books can be purchased and downloaded at deep discounts. The service OverDrive has a list of e-books that public libraries have available for checkout. Users can download e-books for a couple weeks. Check overdrive.com for a list of participating libraries. There is also Ebook Fling, which lets people lend and borrow e-books for free. ... click here to read the rest of the article titled "Ways for bookworms to save money on summer reading"

How to find the best credit card

info@personalmoneystore.com (Personal Money Store) — Mon, 11 Jul 2011 16:49:48 +0000

Choosing the right credit card can be challenging. (Photo Credit: CC BY/MoneyBlogNewz/Flickr)

If you pay for everything in cash, learning how to find the best credit card may not be for you. However, if you plan to use credit cards responsibly and pay them off each month, choosing the right credit card is important. Save cash with these helpful hints.

No credit card is perfect

Imagine a credit card with a permanent zero percent interest rate, rewards and an ample grace period during which no late payment penalties occur. Now crumple up that fantasy and get ready to wade through thousands of credit card offers on sites like Bankrate and Credit Card Offers, to name two of many. The path to finding your ideal credit card must begin with a clear assessment of where you stand. The ideal situation is to pay off your credit card balance each month, but most people fall into one of these three categories:

You're attempting to pay down a pre-existing balance
You sometimes carry a balance, spread across multiple cards
You have either no credit history or are sporting a battle-scarred credit rating

1. Paying down the mountain

If you're already dealing with a balance, you'll want a credit card that offers a low introductory rate and an even lower rate on balance transfers. Such cards generally don't offer additional perks, such as frequent flier miles. However, most credit card companies have pulled rewards programs off the table these days, so go for a great interest rate, no annual fee and no hidden usage fees. ... click here to read the rest of the article titled "How to find the best credit card"

Walmart combats lower sales with coupons and samples

info@personalmoneystore.com (Personal Money Store) — Fri, 08 Jul 2011 23:51:53 +0000

The world's largest retailer is slipping stateside. Image: galaygobi/Flickr/CC BY

Walmart, the world's leading box store, has been steadily losing customers in the United States. To lure shopper back, the store is using heavy coupon promotions and free samples on its website.

US sales on the decline

Though it is the largest retailer worldwide, Walmart's revenue has been on the decline in the U.S. for more than two years now. The retail giant has been steadily losing business amid the rise in the popularity of the dollar store. Walmart's holiday season last year was another disappointment that made stocks dip. Recently, press about the failed class action suit, which accused Walmart of discriminating against women employees, also damaged the mega store's image.

Coupons and samples to lure shoppers

Walmart's move to combat losses is to lean heavily on an old ploy, coupon promotions and free samples. But by concentrating the heaviest promotions on the store website, Walmart is attempting to adapt to the way consumers shop today. Walmart's site, according to the research firm ComScore, was the 29th most visited site in the U.S. in May. The store is offering more coupons than ever and making the site more user-friendly. The site even offers a download for PCs to make it easier for customers to print out coupons.

Promotions from the site

The store's site today showed bargains on everything from chili to specific movies on DVD and Blu-Ray. There was a giveaway of lens cleaner just for visiting the optical section at any store location. There were many larger discounts only available on the site. Items bought online can be picked up at store outlets for free or delivered for a small added fee. ... click here to read the rest of the article titled "Walmart combats lower sales with coupons and samples"

USDA announces cost of raising a child is growing up

info@personalmoneystore.com (Personal Money Store) — Fri, 08 Jul 2011 21:08:29 +0000

The USDA reports that the cost of raising kids is going up. Image from Wikimedia Commons.

The U.S. Department of Agriculture recently released its annual report on the cost of raising a child, and the agency found that kids are getting more expensive. It was found that the cost of raising one child to age 18 has risen by more than $40,000 after adjusting for inflation.

Pitter patter of little feet flattening the family pocketbook

The United States Department of Agriculture has just released its annual report on how much it costs to raise children, according to Today, and those bundles of joy are getting more expensive. The USDA estimates that for children born in 2010, the cost of raising them to age 17 will cost parents on average $226,920. However, the cost rises to $286,860 adjusted for projected future inflation. In 1960, the average cost of raising a child was $185,856 in 2010 dollars. Expenses for college are not included in that estimate, and "average cost" is a bit misleading. The average expenditure varied widely based on a number of factors, including income level of parents, location, single parent or two-parent household and number of children in the family.

Actual costs will vary

Annual spending on child-rearing varies, according to the USDA report, depending on multiple factors. Income level is a significant factor. Families with a gross income of $57,000 or less can expect to spend $8,460 to $9,630 per year. Families making between $57,000 and $99,000 will spend $11,800 to $13,830. Families making $99,000 or more are projected to spend $19,770 to $23,690 per year each child. These numbers are all based on 2010 spending patterns. ... click here to read the rest of the article titled "USDA announces cost of raising a child is growing up"

How to have fun and save money

info@personalmoneystore.com (Personal Money Store) — Thu, 07 Jul 2011 22:57:35 +0000

Learn how to have fun without spending money. (Photo Credit: CC BY/Allan Lee/Flickr)

If you're looking for summer fun but burdened by a miniscule budget, consider what your community has to offer. A little creativity and a community activity guide can lead you to free fun in no time. Here are some ideas about how to have family fun without spending any (or much) money.

Mining your community for gems

It's easy to plop down major coin on entertainment. Food, activities and monthly memberships are fabulous fun, but not if you're left with too little money to pay the bills. City tourism bureaus and chambers of commerce are great places to find out about fun, free summer activities that will enable you to still save money.

Community swimming pools

For little or no money, a community swimming pool is a great place to keep cool. Prices range from free to just a few dollars per visit, depending upon where you live. For frequent swimmers, season passes can translate into significant savings.

Join the YMCA or YWCA

Top-of-the-line gym facilities, swimming pools and childcare are available at most local YMCA/YWCA facilities. Family rates can make the monthly expense much more affordable; they are weighted on a sliding scale depending upon your household income.

Free events at the community center

From art and exercise classes to dances and potlucks, local community centers offer many events that are free or minimally expensive. Community centers are a great place to meet people, too. ... click here to read the rest of the article titled "How to have fun and save money"

Automatic 401(k) enrollment plans less effective than opt-in

info@personalmoneystore.com (Personal Money Store) — Thu, 07 Jul 2011 22:43:02 +0000

Automatic enrollments don't guarantee people will put much into a 401(k) account. Photo Credit: MJ/TR/Flickr?CC-BY

A survey recently found that laws allowing employers to automatically enroll employees in 401(k) plans don't work as well as was hoped. When workers automatically contribute to a retirement plan unless they opt out, they will often put in less than they would if they chose to start a plan.

Automatic contributions fall short of voluntary contributions

A recent study of 401(k) contributions found that a 2006 law giving employers the right to automatically enroll workers in a 401(k) plan has not been very effective in getting people to put more money toward retirement, according to the Wall Street Journal. The law was passed during the George W. Bush administration, which emphasized privatizing Social Security and other retirement plans. The onus was that if people had a 401(k) to contribute to, they would put more money aside into a retirement account. However, the Employee Benefits Research Institute found that most workers who are automatically enrolled into a 401(k) often put in far less than their counterparts who voluntarily begin contributing to a plan.

Most choose default setting

The study found that more than 50 percent of people who were automatically enrolled into a 401(k) plan would contribute 3 percent or less of their salary to their retirement accounts, or whatever the employer-set minimum contribution was. However, more people are contributing to retirement funds as total contributions to 401(k) plans has increased by 13 percent nationwide since the law was enacted in 2006. Aon Hewitt, a human resources company that administers a large amount of 401(k) plans, reported that 85 percent of employees participate -- don't opt out -- in companies that use auto-enrollment on average and 67 percent opt-in at companies that don't. ... click here to read the rest of the article titled "Automatic 401(k) enrollment plans less effective than opt-in"

New Hampshire governor vetoes title loan bill

info@personalmoneystore.com (Personal Money Store) — Thu, 07 Jul 2011 17:45:28 +0000

New Hampshire Governor John Lynch. Image: marcn/Flickr/CC BY

New Hampshire Gov. John Lynch vetoed a bill Wednesday that would raise the ceiling title loan lenders can charge. The bill would have allowed up to 25 percent interest charged monthly. The state joins 31 others in disallowing these kinds of loans.

Short term loans secured by vehicle titles

Title loans are short term loans secured by vehicle titles. The current rate allowable, adopted by the state in 2008, is 36 percent annually. That is the same cap allowed nationally on loans made to members of the military and their families. That federal bill was passed by Congress in 2006 and signed into law by President George W. Bush.

State Bill 57

New Hampshire State Bill 57 would have allowed lenders to charge up to 300 percent annually. It also would have increased the percentage of the principal a borrower would have paid to renew the loan from 5 percent to 10.

Bill had many detractors

Lynch supported the veto by saying the bill was opposed by many legislators in both parties, as well as the Local Welfare Administrator's Association, AARP, the Banking Department, the Department of Justice, the New Hampshire Community Loan Fund and New Hampshire Legal Assistance. ... click here to read the rest of the article titled "New Hampshire governor vetoes title loan bill"

How to write a customized cover letter

info@personalmoneystore.com (Personal Money Store) — Thu, 07 Jul 2011 15:43:12 +0000

Learn how to write a cover letter that gets attention. (Photo Credit: CC BY-SA/Joel Gillman/Flickr)

In order to taste victory in the job market, you must convince a hiring manager that you can financially benefit the company and that you are likable, too. Before securing an interview, stating your case begins with a cover letter. Learn how to write a customized cover letter that emphasizes your unique qualifications to stay ahead of the game.

Don't just send a resume

For the most part, resumes are a painful bore for employers. Names and jobs change, but the anonymity remains the same. The cover letter is an applicant's chance to stand out from the herd and capture some interview time. Tailor your cover letter to the company in your sights, and your chances of receiving attention increase. It isn't as hard as you think.

Changing names on the fly

Admittedly, resume blasts to large groups of companies within a desired field require a great deal of time if you plan to customize each cover letter from scratch. Thus, just changing names to suit the occasion can work, provided you've put thought into truly tailoring your language to match the requirements of the best companies within the chosen industry.

Ramp up the detail

A cover letter shouldn't merely restate the objective or opening statement from your resume -- perhaps it shouldn't do that at all. Change the introduction, including pertinent details you've gleaned from your research of the target company. Point out how your work has increased efficiency, "dollarizing" your worth whenever possible. Once your cover letter packs that extra punch, you can flow in bullets regarding your skill set to sell yourself. ... click here to read the rest of the article titled "How to write a customized cover letter"

Selling credit reports to payday lenders gets Teletrack fined

info@personalmoneystore.com (Personal Money Store) — Wed, 06 Jul 2011 22:25:14 +0000

Credit reporting agency Teletrack has been fined nearly $2 million by the FTC for illegally selling credit reports. Photo Credit: TrinityCreditServices/Flickr/CC-BY

Credit reporting agency Teletrack, which specializes in subprime credit reports, has been fined by the FTC for selling credit reports illegally. The agency was found to have sold credit reports to payday loan lenders and has to pay $1.8 million in fines to the Federal Trade Commission.

Company cited for selling credit reports for marketing purposes

The Federal Trade Commission has slapped credit rating agency Teletrack with $1.8 million in fines for illegally selling credit reports to payday loan companies for marketing purposes, according to WalletPop. Teletrack has agreed to pay the fines, but insists that it acted entirely within the law. The FTC says the company violated the Fair Credit Reporting Act, which prohibits the selling of financial information such as credit histories or borrowing habits of customers or similar information for any reason other than a "permissible purpose," according to Statesboro Business and Lifestyle Magazine. Marketing is not a permissible purpose.

Huge presence in subprime credit market

Teletrack is one of the largest subprime credit reporting agencies. It reports the credit history and activities of hundreds of thousands of people who use subprime credit products. Also known as alternative financial services, Teletrack compiles data on people who borrow payday loans, purchase furniture through rent-to-own companies, use car title loans or get an auto loan through non-prime lenders. The FCRA doesn't prevents companies like Teletrack from providing information when asked for a credit check and paid by a second party, but selling information to third parties for non-approved purposes is grounds for an FTC lawsuit, according to Forbes. ... click here to read the rest of the article titled "Selling credit reports to payday lenders gets Teletrack fined"

Company offers payday loans in exchange for tattooing pets

info@personalmoneystore.com (Personal Money Store) — Wed, 06 Jul 2011 19:11:31 +0000

No, not a tattoo OF a dog. A tattoo ON a dog. Image: Tattoo Lover/Flickr/CC BY

In this stagnant economy, an entrepreneur has found a new way to make money. Antonio Smith's Atlanta-based company Tasq Media Advertising is offering an alternative to payday loans. In exchange for a short-term loans, borrowers agree to let the company tattoo logos onto their pets.

Permanent logos on your pet

To ease that steady burden of debt and need for quick cash, Smith and his company are offering small short-term loans, usually from $50 to $200, which will be deducted from a client's bank account when they receive their next paycheck. In exchange, the borrower's pet is permanently tattooed with an advertisement or a company logo, the advertiser pays Tasq Media, and Tasq Media lets the client borrow a small amount of money. Clients must also agree to walk their pets three times a day for exposure.

Smith says procedure is harmless

The procedure, Smith says, is harmless to your pet. The animal is first put under anesthesia. Once asleep, it is shaved and the logo is inked in with tattooing needles. The pet awakens with no memory of the ordeal, according to Smith.

Reaction from the blogosphere

The new enterprise has drawn some angry and immediate reactions. M. Jones of Tattoo Blog said: ... click here to read the rest of the article titled "Company offers payday loans in exchange for tattooing pets"

How to break your credit card dependency

info@personalmoneystore.com (Personal Money Store) — Tue, 05 Jul 2011 22:51:12 +0000

Credit cards can feed a spending addiction. (Photo Credit: CC BY/Andres Rueda/Flickr)

Once you enter the world of credit cards, it becomes tantalizingly easy to buy today what you can't afford tomorrow. Swiping magic plastic seems painless, but few things are as damaging to your credit score and financial future as unchecked credit card use. Here are some ideas for how to break the cycle of credit card dependency.

Track your credit card spending

Even if it means writing down every cent you put on your credit card, having documentation of your spending is essential. If your credit card bills are too many and too high due to over-spending, seeing hard evidence can be just the “scared straight” encounter you need. Use a pen and paper or a personal accounting program like Quicken.

Understand marketing messages

As wonderful as credit card companies make it seem, using a credit card won't spirit you away to a blissful realm of contentment. Be aware that credit card companies aren't in the business of making you feel better, no matter how many rewards programs or ephemeral references to peace and tranquility are hinted at in brochures and commercials. On the contrary, credit card companies are in the business of creating consumer debt.

Decide to change

Avoiding credit card debt is a logical choice, considering how fast compound interest multiplies. You must approach breaking the credit card cycle of addiction with both your heart and mind. It requires full commitment. ... click here to read the rest of the article titled "How to break your credit card dependency"

Renting smart in a landlord market

info@personalmoneystore.com (Personal Money Store) — Tue, 05 Jul 2011 21:03:17 +0000

Right now, it's Landlords over Tenants. Image: umjanedoan/Flickr/CC BY

Renting a home is not as easy at it once was. As the economy degrades, more and more people are looking to rent, while the number of available rentals is down. Landlords have the upper hand and can afford to be much more selective about who they rent to. The renter has to be more savvy than ever to ensure a happy outcome.

Not so good for the renter

According to Christina Argon of Ebay, rents went up 2 percent in the first quarter of 2011 and are expected to rise 3 or 4 percent over the rest of the year. Vacancy rates, however, are dropping as renters are choosing to stay put. Vacancy rates are down 6.2 percent from this time last year. The trends point to an improvement in the housing market and may be an early sign of economic recovery. It is not, however, currently a great position for the renter to be in. Rents are rising, vacancies are more scarce, competition is tougher for properties, and landlords are less willing to make concessions or offer incentives.

Do your homework

But there are many things a prospective tenant can do to hedge bets in the rental game. The first is to begin early and do your research. Start a month or two before your current lease expires. Once you find a house or apartment you like, contact the County Clerk to search the public records for legal action or liens against the property. Remember, each rental you apply for will require a background search with accompanying application fee. It is best to narrow the field as much as possible ahead of time. ... click here to read the rest of the article titled "Renting smart in a landlord market"

Tips for staying on budget when the urge gets to be too much

info@personalmoneystore.com (Personal Money Store) — Fri, 01 Jul 2011 21:54:07 +0000

One saved is one earned. Image: stevendepolo/Flickr/CC BY

The economic crisis affects most of us every day as we tighten our belts and keep our wallets in check. But like a dieter craving sweets, temptation is always there to consume beyond our means. Thankfully, there are simple things you can do when the cravings get to be too much.

Think ahead

Thinking long term can help. Instead of seeing savings and frugality as a chore, think big picture. You and your family will be happier if you aren't overextending to pay off last month's splurge.

Realistic frugality begins with a realistic plan. If a budget is too restrictive, it adds stress to your life. That constant pressure may lead to abandoning the budget altogether. Make your plan realistic, but not a "starvation diet."

Include some fun

While a budget must begin with month-to-month obligations and essentials -- mortgage, groceries, car insurance, utilities -- it should also include some "fun money." If you enjoy sports, make sure to include some greens fees or club dues. If concerts or theater are your thing, figure in a ticket every couple of months.

Another way to achieve this is to keep a "fun fund," which is reserved only for a specific goal. Instead of giving in to every impulse, focus on the really satisfying ones and put a little away toward it out of every paycheck. Maybe there is a trip you want to take, or one luxury item that you truly want. With a little patience and persistence, it can be yours. ... click here to read the rest of the article titled "Tips for staying on budget when the urge gets to be too much"

How to buy and sell stocks

info@personalmoneystore.com (Personal Money Store) — Fri, 01 Jul 2011 19:14:15 +0000

Get your head in the game with this primer on how to buy stock. (Photo Credit: CC BY-ND/Chris Brooks/Flickr)

Ever wanted to learn how to buy stock? You're in the right place. Learn what a stock is, how to choose good stocks and some of the basics of buying stock with this “stocks for dummies”- style guide.

What is a stock?

Essentially, buying stocks means buying partial ownership in a company. If the financial fortunes of the company improve, share value generally increases. The reverse can also occur. If you purchase shares at $10 each, then the share price skyrockets to $30 each, you've tripled your investment dollar, minus brokerage fees at sale. The classic investing phrase “Buy low, sell high” can truly be a gateway to financial security.

What stocks should you choose?

The Motley Fool demystifies the decision-making process by breaking it down into its component parts. With some due diligence that includes research into corporate earnings, revenue, cash flow and more, you too can chart safe investing waters.

Read the company's balance sheet: This is the record of the company's total assets and liabilities. Corporate balance sheets are available for research purposes via the Securities and Exchange Commission EDGAR website.

Understand valuation: Think of a share of stock as a stand-in for a share of corporate revenue, earnings, cash flow, etc. The portion of these that is paid to individual investors is called the dividend. If a stock has a good dividend yield – a high valuation – the more desirable it is. ... click here to read the rest of the article titled "How to buy and sell stocks"

Social Security and Medicare at risk if debt ceiling not raised

info@personalmoneystore.com (Personal Money Store) — Thu, 30 Jun 2011 22:15:31 +0000

If Congress cannot raise the debt ceiling, Social Security and Medicare payments could be put at risk. Image from Wikimedia Commons.

Currently, the United States Congress and the president are locked in a battle over raising the debt ceiling for the government. It seems to be yet another partisan squabble, but the consequences could include Social Security and other payments could be defaulted on if the debt ceiling isn't raised.

Congress to forgo Fourth of July recess to work on debt issue

One of the biggest political and economic issues to arise in the past year or so has been the national debt ceiling, essentially the credit limit of the United States government. The government is not allowed by law to exceed more than $14.3 trillion in debt, according to Reuters, which was reached in the middle of May. Yet the government has been making payments on it through last-minute measures.

Some members of Congress, mostly comprised of Congressional Republicans, have been refusing to raise the debt limit without substantial changes to fiscal policies. Senate Majoirty Leader Harry Reid Leader has announced that the Senate is going to forgo the traditional week-long recess after the Fourth of July holiday in order to work on the debt ceiling, reports CBS. It has to be raised before August 4.

Warnings issued against default

Though there is nearly a month to forge an agreement to raise the debt ceiling, there are already warnings being issued against allowing the federal government to default on its debt. Besides a potentially catastrophic effect on global financial markets, credit rating agency Standard & Poor's has warned that default on debt would result in currently maturing U.S. Treasury bonds being issued a "D" rating if those bonds are not paid out on August 4. The U.S. has $30 billion in interest payments due on short term loans acquired through sale of Treasury bonds. Chairman of the Federal Deposit Insurance Corporation Sheila Bair has warned Congress that they are getting into "a dangerous game," according to NASDAQ, should they fail to successfully raise the debt limit. ... click here to read the rest of the article titled "Social Security and Medicare at risk if debt ceiling not raised"

Samsung wants to block importation of Apple devices

info@personalmoneystore.com (Personal Money Store) — Thu, 30 Jun 2011 21:02:30 +0000

The iPod may become a rarity in the U.S. Image: strollers/Flickr/CC BY-SA

Court disputes over intellectual property continue between Korean-based Samsung and Apple, Inc. The disputes are surrounding patents for the iPod, iPad and iPhone devices. The suits could have a far-reaching affect on American consumers.

Samsung petitions ITC

Samsung, the world’s largest maker of computer memory chips, filed a suit yesterday in the High Court in London to block iPhones, iPads and iPods -- manufactured in the U.K. -- from being imported into the U.S. On June 28, the Korean firm also asked the U.S. International Trade Commission (ITC) to block importation of the devices. Samsung asserts that the Apple products contain components which violate their patents.

Apple has a suit of their own

Two months ago Apple filed a suit of their own against Samsung in a California federal court. Apple claims that Samsung slavishly copied the look, feel and design of their iPhone, iPad and iPod devices. Apple further claimed harassment by the Korean firm, which is allegedly demanding to see prototypes of the new iPad 3 and iPhone 5.

An ironic dispute

This is the most recent round in an ongoing dispute between the two electronics giants. Samsung has previously sued Apple in Seoul, San Francisco, Tokyo and Mannheim, Germany. The ongoing spat is ironic, since the companies rely so heavily upon one another. Samsung is Apple's chief supplier of memory chips.

Both court battles could take several months to settle. Should Samsung succeed, the iPod could become a rare and much-sought-after collector's item in the U.S. ... click here to read the rest of the article titled "Samsung wants to block importation of Apple devices"