Personal Finance Buzz

A reader recently asked me write about Swoopo – an online auction site, that seems to be distantly related to the Ebay model. I just first want to mention that while I am very comfortable selling stuff on ebay and even started an Ebay business, I have never used Swoopo – so if you happen to be a Swoopo-Ninja, please share your wisdom in the comments!

SnipKit - USA's leading online penny auctions marketplace. Exciting live penny auctions and outstanding deals on brand new products like Apple iphones, ipad, imac, ipod, macbook pro and much more... Bid and win penny auctions from SnipKit.com

Without knowing what these penny auctions are, it is very risky to try to win listed items because you can lose a lot of money. So how are penny auctions different?

Quibids, Bidzilla and any other penny auction website is a scam. The auctions are designed to cost consumers double and triple the cost of certain merchandise and they should be avoided at all costs.

Property auctions can be a great way to get a steal on your dream property, but the atmosphere is very competitive and cut throat. Before you get involved, you need to do your research and attend as many auctions as you can before jumping in.

With penny auction sites, bids start at a single cent to buy expensive electronics for low prices, but penny auctions give you a slim chance of getting a deal.