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11 alternatives to cut down on the cost of cash advances.


If you are in need of money and need cash fast? The prospect of fast and simple payday loans for cash could be seen to be a feasible option. But is it really the only alternative?

The Center for Responsible Lending calls payday loans “predatory” due to the legal reason. The easy access that payday lenders have to obtain cash to pay for their payday generally results in cost of borrowing being at the highest amount. According to the CRL estimate that the average annual cost of payday loans of 391 USD. This %…

The potential danger with payday loans lies in the high interest rates but the possibility of them being renewed could pose a risk. If you’re not sure to be in a position to repay the loan on its due date, you should consider to extend your credit. Consumer Financial Protection Bureau warns that some states allow extensions to payday loans. This is only the cost to lenders when you extend the loan period. When you’re done with the day, you’ll be charged costs for renewals, extensions as well as late fees. However, you’ll be held accountable for the original amount. It could result in an costly cycle of credit.

The advantages of cash-on-payday advances aren’t the only option for people facing financial challenges. Here are eleven another way to consider.

Create an arrangement to pay

If, for instance, you’re faced with the expense of the loan or credit card which makes it difficult to cover the necessary expenses, you should be aware of whether you’re capable of accepting an arrangement. Many card issuers offer hardship programs that permit the user to decrease or even eliminate payments that you’re not capable of making. The issuer may offer to lower the interest rate to help you control your debts.

If you’ve had a great relationship with a client in the past , the lender will be more likely to consider the request with a serious attitude. In any situation, it is important to be forthcoming about the situation.

Then you can make an application for an individual account

While banks are known for their inefficiency and openness however, they also have long procedure, but it is important to consider the nearby bank when in need of cash. If you need cash for a particular requirement, a personal loan from the bank or credit union is a good option and cheaper than payday loan.

“It’s more like a traditional loan designed specifically to provide you the money you need to cover the things you’d like to buy or refinance. You’ll be able set the repayment timeframe,” says Andy. Laino. Financial analyst at Prudential.

There is however no restriction on brick and mortar firms. Online lenders such as SoFi and Earnest allow you to review the terms and rates you qualify for, and without needing to conduct a thorough examination to see the score on your. While these lenders aren’t able to offer instant cash as cash advance loans can be but personal loans could be paid into your bank account within two days after the loan has been approved.

“Personal loan is often the most efficient method to lower debt, particularly for people who have significant medical bills or anticipating home improvements that are reasonable in costs,” Laino explains. “When you’re facing an expense which require more careful evaluation, you must consider the possibility of getting a personal loan. 

Credit card access your home equity

Homeowners could be eligible to get an interest-free credit line that is tax-deductible in accordance with Howard Dvorkin, personal finance expert and director of Debt.com. “For those earning a salary that is stable it could be the most efficient way to get funds quickly,” he says. The average HELOC cost is approximately five percent.

Take care to be aware when using your home as a means to make money quickly. “For those struggling financially, making use from the value of their homes could cause the home to be in danger should they are unable to repay this loan” Dvorkin said.

You can also get the loan to offer an alternative to payday loan.

Some credit unions can provide cash advances in exchange for payday cash advances. These are short-term loans designed to stop people who are consumers from payday loans which are characterized by high interest rates.

The loans are available in amounts ranging from 200 to $1,000, with periods ranging from one and six years. A credit company that offered the loan may charge processing fees that could be as high as 20 dollars per month, according to MyCreditUnion.gov. You must be active at the moment of purchase to be eligible for a APAL. You must also be associated with the institution for more than one month to be eligible.

Pay attention to the fact that loans for payday without collateral could be extremely expensive to pay back. The good thing is that the fees for PAL are fixed at 28% according to the law.

Advances of cash, made in cash are protected by credit card.

Cash advances made with credit cards isn’t the most cost-effective choice however, they are more secure than loans made for payday. Most lenders will charge an advance-type fee, typically around five percent and with at least 5-10. The average rate of interest for advances in cash is 25.

The most crucial thing is to repay the loan if the rate of interest is over the limit for. Contrary to balance transferred or purchase balance that earn interest from the moment you make it when you cash advance with credit card. If you let the balance to remain unpaid every month and you take out a loan to meet short-term requirements may become a credit problem that lasts for a long period of time.

It is possible that you may obtain an advance loan from an employer who is your

Cash advances from your pay will help you with cash flow issues. Certain companies do not offer these kinds of loans, and the terms differ. It’s important to keep in mind that it’s a loan that you’ll need to pay back within the timeframe you’ve made to set.

Make an application to submit an application to Paycheck Advance application. Paycheck Advance application

If you’re planning to include it into your budget, and to earn an income that is stable, you could make use of apps. Companies like Earnin as well as Brigit will reimburse you for the amount you received for no cost. There are no charges however some applications let you make gratuitous tips.

Get an amount of money in your retirement savings (k)

A method of taking advantage of another source of income in your workplace that is not part of your earnings and this is through retirement savings accounts, also known in the form of (401 (k). While the general wisdom advises trying to gain access the account before taking money from an account for retirement, that you could gain from it. an option (401 (k) credit may be an option if you’re in a bind.

The loan you take out through an account for retirement (k) is tax-deductible if you adhere to the regulations applicable. This means that you’ll have to be capable of repay the loan on time or in full when you leave your current position and begin an offer for a new position. The loan isn’t subject to approval to credit, and you won’t be charged a fee for interest on the account that you’ve created. If the loan is repaid within one more than one year repay the loan in one year or less, the effect on your earnings in the coming years is negligible. Be sure to notify your employers that you may not permit you to take a look at the benefits of pension plans (k) while you make repayments on your loan. This can slow your progress toward creating your nest savings plan in order to save for retirement.

Visit an Pawnshop

Pawnshops provide secured loans that don’t require credit checks or an extensive application. The money can be obtained quickly by placing the collateral on a thing that’s worth. After you’ve paid off the loan, as well as any costs within the period you’ve pledged to pay for your collateral , it will be refunded. If you don’t repay the loan on time the collateral you promised to remove. You made a promise to.

Be aware that the amount you are required to pay to the pawnshop may be different. The interest rates range from 12 to 240 percent, subject to rules of your state you reside in. The cost of storage and insurance may be a part or the total amount. This is a benefit if you’re unable to repay the loan and want to end the loan, it’s possible to do it without incurring additional costs or affecting your credit scores.

Use a peer-to-peer lending platform

Peer-to peer loans are a wonderful method of receiving cash faster through the connection of investors through an online loan platform such as LendingClub or Prosper. Investors who use these platforms are able to explore the loan options and pick which one they would like to transfer their money into. In exchange, they’ll be required to make payments for interest. There’s a chance that you’ll have to have to pay an initial fee that is a fraction of a cent.

The rates of interest for loans made through P2P are usually extremely low, particularly when the applicant has credit scores that are good. With LendingClub rates, the range is between 10.68 percent and 35.89 APR for one. The process for applying is usually less complex as compared to traditional banking. P2P loans can offer some other advantages. “A P2P loan can be more entertaining compared conventional banking” Dvorkin adds. Dvorkin.

The can request relatives or close relatives

When you’re contemplating becoming in debt because of the high cost of interest as well as other charges that are excessive is a significant worry, you may be thinking about reaching out to your family member or a friend of yours to seek financial assistance.

It’s not easy to grasp, but it’s an option you can consider if you wish to stay clear of the cost of interest and fees that come to payday loan. Be aware that borrowing from a friend you trust can turn a casual friendship into one that is formal. It is crucial to make sure that you’re able to repay the person whom you borrowed money from as the relationship may be destroyed in the event you fail to adhere to the conditions of the contract. Family members shouldn’t lend the amount they are in a position to.

US states where payday loans are legal


Payday loans are legal in 37 US states. The most popular states for payday loans are California, Texas, and Nevada. Other locations include Alabama, Colorado and Ohio Payday Loans to name a few.

Payday loans offer a quick and easy way to get extra cash before your payday. They can be extremely beneficial if you encounter a financial emergency or incur unexpected expenses. Currently, there are over 20,000 stores where you can physically request and receive funds on the same day, and it is also possible to apply for a payday loan online.

Payday lenders are coming under increasing media scrutiny for charging high interest rates. As a result, payday loans are currently illegal in 13 states due to rules and regulations that prohibit lenders from offering quick cash. States that ban payday loans include Georgia, New York, and West Virginia.

Other states, such as Colorado, Montana and South Dakota, have set caps on payday loan interest rates to prevent the exploitation of their residents, with key legislation in place to prevent predatory lending.

This article breaks down the states where payday loans are legal or illegal and the types of laws where citizens can borrow money.

What are payday loans?

Payday loans offer a helpful type of short-term financing for customers who need money but can’t wait to pay an urgent expense until they get their next paycheck. The cash advance is intended to help someone get by until the end of the month, with the intention that they pay it back as soon as possible. Common reasons for using payday loans include the need to pay emergency expenses such as medical bills, dental bills, rent, funeral expenses, car repairs, or home renovations.

Private companies offer payday loans, lenders, startups and apps, they are usually not from banks. Loans for bad credit are also generally available.

Payday loans typically last between 2 weeks and 1 month, with the entire loan and interest usually paid in full on the borrower’s next payment date. There’s also normally the option of repaying your loan early – it’s just important to check the terms and conditions of your loan agreement and contact the lender to arrange this.

Since payday loans are often criticized for carrying rates ranging from 300% to 600% APRto make it easier to compare the price with other financial products, the interest rate is multiplied as if it were an annual product, which makes it seem much higher even if it only lasts a few days or a few weeks.

In which US states are payday loans legal?

There are currently 37 US states that allow payday loans, which means getting a payday loan is legal. The states are:

  • Alabama
  • Alaska
  • California
  • Colorado
  • Delaware
  • District of Colombia
  • Florida
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • Caroline from the south
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

What kinds of payday loan regulations exist?

Each state has its own laws regarding payday loans. For example, the maximum loan amount that can be borrowed at one time is $300 in California, $500 in states like Alabama, Alaska, Missouri, and New Hampshire, $1,000 in Delaware and $50,000 in Oregon.

Similarly, there is often a maximum loan term. For example, money cannot be borrowed for more than 13 days in Alaska, 31 days in Iowa, 32 days in Hawaii, and 60 days in Kentucky. Minimum loan terms also exist in states such as Alabama of at least 10 days and at least 14 days in Indiana.

Interest rate caps on payday loans have also been set in states like Colorado, Montana, New Hampshire and South Dakota. In these states, the annual interest rate limit on payday loans is 36% and all additional charges have been banned. On top of that, federal law also states that fees are capped at 36% for all service members, regardless of state.

In which US states are payday loans illegal?

There are currently 13 US states that ban payday loans, making it illegal to borrow money through a payday loan. These states are Arizona, Arkansas, Connecticut, District of Columbia, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, and West Virginia. .

How do I know if a payday lender is legally licensed in a US state?

To check if a payday lender is legally licensed before taking out a payday loan, check to see if the lender or online payday loan companies are licensed by the state. The licenses should be visible in store or on the website, and if you can’t find them, ask to see them. If you are still unsure, you can check the license with your financial regulatory office or state attorney.

How to Request a TransUnion Credit Freeze and Why You Should


Courtney Keating/Getty Images

Your credit report is essential to your personal financial stability. If you have a good credit rating, you will have access to more borrowing options at lower cost. That’s why it’s so important to protect yourself from scammers who steal identities and open loans in other people’s names.

Read: If Your Credit Score Is Below 740, Do These 4 Moves Now

Between 7% and 10% of Americans are victims of identity theft each year. However, you can take steps so that even if a fraudster gets hold of your identity, they can’t open new loans.

One of these actions is to request a TransUnion credit freeze whenever you are not actively seeking new loans.

What is a TransUnion Credit Freeze?

A credit freeze is the most effective way to prevent scammers from opening new loans in your name. When you freeze your credit, TransUnion will deny any credit report requests from lenders, instead informing them that you have frozen your credit and it is unreachable.

However, this does not mean that you cannot apply for a loan.

TransUnion makes it easy to temporarily unlock your credit each time you need to apply for a new loan and refreezes it once the application is complete. You can also request a freeze for your spouse, children, parents or a deceased relative, adding a level of protection for those you love.

How to Request a TransUnion Credit Freeze

The easiest way to freeze your TransUnion credit report is to do it online. Follow these steps to get started.

Request a TransUnion Credit Freeze Online

  1. Click the “Add Freeze” button on the TransUnion Credit Freeze webpage.
  2. Complete the form to tell TransUnion who you are. You will need to provide your name, address, contact information, date of birth and social security number.
  3. Create a TransUnion account online by creating a username and password.
  4. Answer the questions to verify your identity.
  5. Log in and freeze your credit.

Request a TransUnion Credit Freeze by Phone

If you prefer to speak with a TransUnion representative to freeze your credit, you can do so by calling 888-909-8872. They will ask you to set a 6-digit PIN so that you can control your credit freeze in the future. The PIN must be something you will remember, but no one else will guess, and it cannot start with a zero.

Request a TransUnion Credit Freeze by Mail

You can also request a TransUnion credit freeze by mailing your request to:

Trans Union
Box 160
Woodlyn, Pennsylvania 19094

You’ll need to include your name, address, and social security number, as well as a 6-digit PIN, just like a phone request.

How to unfreeze your TransUnion Credit Report

When you freeze your credit with TransUnion, the company locks your credit file, making it impossible to apply for a loan on your behalf. If you need to apply for a loan, you will need to unlock your credit report to do so. Follow the steps below to get started:

  1. Click the “Unfreeze” button on the TransUnion Credit Freeze web page.
  2. Use your username and password to log in to your TransUnion account.
  3. Click on the “Unfreeze” button to unfreeze your credit file and allow access to new loan applications.

Although freezing and unfreezing your credit is often instantaneous, TransUnion notes that it can take up to an hour. So it’s best to plan ahead if you need to unfreeze your credit to apply for a loan.

Why would you want to freeze your credit report?

As mentioned above, between 7% and 10% of Americans are victims of identity theft each year. In case of identity theft, it can be very expensive. In fact, the average identity theft victim in the United States lost $1,551 in 2021, but that’s just an average. In some cases, the cost of identity theft can be significantly higher.

When you freeze your credit report with TransUnion and other major credit reporting agencies, you can eliminate that cost even if a fraudster gets their hands on your personal information. This is because credit freezes prevent lenders from assessing the risk associated with your loan, meaning they will not approve loans on your behalf.

There’s no hassle either – once you have a TransUnion account, you can freeze and unfreeze your credit at any time by simply logging in and clicking a button.

Good to know

Freezing your credit with TransUnion is a good start, but your credit will be better protected if you freeze your credit with all three major credit bureaus: TransUnion, Equifax, and Experian.

Final take

If you’re not already taking advantage of the credit freeze features of TransUnion, Equifax, and Experian, now is the time to start. You don’t want to be one of the 7-10% of Americans who are victims of identity theft every year. Be sure to keep your credit frozen whenever you’re not actively seeking a loan to protect yourself from unnecessary stress and expense.

Common Questions About TransUnion’s Credit Freeze Features

If you’ve never frozen your credit before, you probably have a few questions about the process. Find answers to the most common questions about credit freezes below.
  • How can I freeze all three credit bureaus?
    • TransUnion, Equifax, and Experian are all separate companies, so there’s no way to freeze your credit with all three reporting agencies at once. However, they all offer credit freeze features as part of free online accounts. Simply sign up for these accounts and freeze and unfreeze your credit as needed.
  • Can I unblock TransUnion online?
    • Yes, it’s easy to unfreeze your TransUnion credit report online. Just click “Unfreeze” and log in to get started.
  • Do I have to call all three credit bureaus to unlock my credit?
    • Although you must freeze your credit with all three credit bureaus for the credit freeze to be effective, you do not need to call TransUnion, Equifax, and Experian all offer the ability to freeze your credit through an online account.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We check every stat, quote and fact using trusted primary resources to ensure that the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.

Germany’s Uniper sees bailout cost rise to $53 billion

  • Berlin to inject up to 25 billion euros in additional equity
  • Shareholders will meet on December 19 to approve the package
  • Uniper awaits clearance from the European Commission

FRANKFURT/DUESSELDORF, Nov 23 (Reuters) – Uniper, the biggest victim of Europe’s energy crisis to date, said Berlin should inject up to 25 billion euros ($25.8 billion) in funds additional equity in the troubled gas importer to cover losses. incurred after Russia cut off supplies.

The amended bailout deal reflects the cancellation of a gas tax intended to help German gas importers with additional costs and raises the cost of Uniper’s nationalization to more than 51 billion euros.

Sources said last month that tens of billions more dollars were needed to stabilize Uniper after Berlin decided to scrap the tax, which would have allowed gas companies to pass on most of the higher supply costs to gas companies. clients.

“This is nothing less than a substantial part of Germany’s gas bill, which will now be paid for by tax revenue – and not, as originally planned, through a gas surcharge” , said Uniper (UN01.DE) chief executive Klaus Dieter Maubach. Wednesday.

“Without this relief, our customers, including many municipal utilities, would have inevitably faced an even higher cost wave,” he added.

Shares of Uniper, which are down 84% year-to-date, traded down 4.5% at 12:42 GMT.

According to the most recent agreement, Berlin will subscribe to tranches of authorized capital totaling up to 25 billion euros to cover losses from Russian gas volumes in circulation until 2024, the largest gas importer in the world has said. ‘Germany.

Investors will vote on the deal – including up to €33bn of state-guaranteed equity, up to €18bn of credit lines from state lender KfW (KFW.UL) and 500 million to buy out Uniper parent Fortum (FORTUM.HE) – at a meeting on Dec. 19.

Uniper nearly collapsed after Russia’s Gazprom (GAZP.MM), its biggest supplier, cut off gas flows earlier this year in what Berlin said was a retaliation for sanctions over the war in Ukraine. that Moscow denies.

It not only triggered a net loss of 40 billion euros at Uniper, the largest German company in history, but also forced Germany to nationalize the company to avoid what it described as an effect of the Lehman Brothers style in the energy sector.

“The support of the German government is indispensable for us, and we also count on the support of the European Commission,” Maubach said. “This is the only way to ensure the sustainability of Uniper in the future and thus contribute to the energy security of our customers.”

Uniper said it was in talks with the European Commission, which must approve the bailout deal under state aid and merger control law, adding it expected to get fired green in Brussels ahead of the shareholders’ meeting scheduled for December.

($1 = 0.9697 euros)

Reporting by Christoph Steitz and Tom Kaeckenhoff; Additional reporting by Maria Sheahan; Editing by Madeline Chambers and Kirsten Donovan

Our standards: The Thomson Reuters Trust Principles.

Three Romanian suspects detained in alleged stolen credit card scheme


Charges against three suspects accused of using a stolen credit card to buy gift cards will go to trial after a preliminary hearing on Tuesday. Minodora Serban, Vasile Catola and Maria Branchi were charged earlier this month following incidents at several Westmoreland County Walmarts. According to court documents, the three suspects are believed to be from Romania and most recently lived in the Baltimore area. Court documents claim that one of the suspects told police the trio were part of a larger international criminal network that uses stolen credit cards to buy gift cards. Police were first alerted to the group by loss prevention specialists at Walmart in Hempfield Township. According to police, an employee approached the trio when they tried to buy a gift card from a cash machine and the group fled the store. Shortly after, police said the three suspects were able to purchase a gift card worth more than $900 from Walmart in North Huntingdon Township. Police said one of the employees spotted the group handing over the gift card and stolen credit card to another unknown person. The three suspects were arrested shortly after during a traffic stop. Court documents indicate that one of the suspects claims to have found the stolen credit card in the parking lot of Sam’s Club. The suspects are being held in jail after being denied bail. Officials said Homeland Security was involved and a federal inmate was placed over the suspects. The attorney for the three suspects declined to comment on the case.

Charges against three suspects accused of using a stolen credit card to buy gift cards will go to trial after a preliminary hearing on Tuesday.

Minodora Serban, Vasile Catola and Maria Branchi were charged earlier this month following incidents at several Westmoreland County Walmarts.

According to court documents, the three suspects are believed to be from Romania and most recently lived in the Baltimore area. Court documents claim that one of the suspects told police the trio were part of a larger international criminal network that uses stolen credit cards to buy gift cards.

Police were first alerted to the group by loss prevention specialists at Walmart in Hempfield Township. According to police, an employee approached the trio when they tried to buy a gift card from a cash machine and the group fled the store. Shortly after, police said the three suspects were able to purchase a gift card worth more than $900 from Walmart in North Huntingdon Township.

Police said one of the employees spotted the group handing over the gift card and stolen credit card to another unknown person. The three suspects were arrested shortly after during a traffic stop.

Court documents indicate that one of the suspects claims to have found the stolen credit card in the parking lot of Sam’s Club. The suspects are being held in jail after being denied bail. Officials said Homeland Security was involved and a federal inmate was placed over the suspects.

The attorney for the three suspects declined to comment on the case.

Where Americans Have the Highest and Lowest Credit Scores


Where you live can go a long way in determining your credit rating.

With a low poverty rate and high employment rate, residents of Minnesota have a credit score of 724, on average, well above even wealthier states, such as California and New Jersey, according to a recent WalletHub report based on TransUnion data.

In fact, residents of Minnesota have the highest average credit score of any state in the country, followed by New Hampshire, Vermont and Massachusetts, WalletHub found.

Meanwhile, residents of Mississippi had the lowest credit score in the country – at 662 – along with Louisiana, Alabama and Arkansas, despite the relatively low cost of living.

Overall, the national average credit score sits at an all-time high of 716, unchanged from a year ago, according to a separate report from FICO, developer of one of the most widely used ratings by lenders. . FICO scores range from 300 to 850.

However, this is the first time since the Great Recession that scores have not improved year over year, according to Ethan Dornhelm, vice president of scores and predictive analytics at FICO.

Learn more about personal finance:
Here is the inflation breakdown for October 2022
How to save on groceries in the face of food price inflation
4 of the best ways to pay for Christmas gifts

“We are stabilizing back to pre-pandemic norms, which in itself is not a red flag,” Dornhelm said, despite “this slight deterioration in debt levels.”

“What we are monitoring is if there is continued deterioration,” he added.

How Debt Affects Credit Scores

As prices rise across the board, Americans are actually taking on more debt.

And yet, credit scores have held steady despite the skyrocketing cost of living, which has led to lower credit card balances. skip 15% as well as an increase in missed payments.

In April 2022, average credit card usage was just over 31%, up from 29.6% a year earlier.

Your utilization rate, the ratio of debt to total credit, is one of the many factors that can influence your score. Credit experts generally advise borrowers to keep revolving debt below 30% of their available credit to limit the effect of high balances.

“We are watching closely what the next six months will bring,” Dornhelm said.

There are many factors at play, he added, including inflationthe the job market and lodgingas well as the withdrawal of Covid-era government stimulus packages, including payment break on most federal student loans through December 31.

What is a “good” credit rating?

Generally speaking, the higher your credit score, the better off you are when it comes to getting a loan. You are more likely to be approved, and if you are approved, you may qualify for a lower interest rate.

A good score is usually above 670, a very good score is above 740, and anything above 800 is considered exceptional.

An average score of 716 on FICO measures means that most lenders will consider your creditworthiness “good” and are more likely to grant lower rates.

National average credit scores hit a low of 686 during the housing crisis more than a decade ago, when there was a surge in foreclosures. They rose steadily until the pandemic, when government stimulus programs and an increase in household savings helped scores reach an all-time high of 713.

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Borrower defense releases delayed – The Washington Post



Email has been a godsend for Chris H. Caton.

After four years of waiting, the Department of Education has acknowledged that he was defrauded by WyoTech, a vocational school owned by Corinthian Colleges, and was entitled to full forgiveness of his federal student loans.

The news couldn’t come at a better time. After a stint of homelessness, Caton, 37, had a thriving business making street canes, earning enough money to catch up on bills and save for his own home. But mortgage lenders were nervous about student loan defaults on his credit report, he recalls, and said the $18,000 he still owed made his debt-to-income ratio too high.

Caton thought the release would reduce this ratio and remove the negative mark on his credit. Little did he know he’d be waiting more than a year later for the loans to be erased.

“This email was dated September 7, 2021,” said Caton, who lives in Colorado. “Every time I call the Ministry of Education for an update, I get the bypass. No one has answers. The stain of this loan is holding me back.

Since taking office, the Biden administration has approved $14.5 billion in student loan releases for nearly 1.1 million borrowers defrauded by their colleges. Yet only 53,000 of these former students have actually had their debts cleared to date, according to Department of Education data.

“At this rate, it will take the department 40 years – until the 2060s – to provide full relief to students,” said Libby DeBlasio Webster, senior counsel for the National Student Legal Defense Network. “By then many of these students will have children and grandchildren of their own.”

The Biden administration inherited dozens of petitions from for-profit school alumni asking the department to forgive their debt under a law known as the “borrower’s defense of repayment.” Claims have piled up at the department amid a series of college closings and efforts by the Trump administration to delay and limit loan forgiveness.

Education Secretary Miguel Cardona ended Trump-era policies and began clearing the backlog. The efforts resumed this year with the announcement of five sweeping group releases, including the automatic cancellation of loans held by former students from the former for-profit chains Corinthian Colleges and ITT Technical Institutes.

But the Biden administration traded a problem for another. According to five people familiar with the subject.

The problem is twofold: it took months for the department’s federal student aid office to create a system for canceling large batches of loans. And some student loan service companies, which are responsible for servicing the debt, have also been delayed in implementing the process.

As the Biden administration launched a series of ambitious debt relief programs, education staff Departments and service companies have had to turn to new projects and exert effort to manage rejections, according to the people, who spoke on condition of anonymity because they were not authorized to speak publicly.

Scott Buchanan, executive director of the Student Loan Servicing Alliance business group, said the delays were inevitable and predictable.

“Last year, the administration announced about half a dozen massive, unanticipated new programs and they have been steadily and unexpectedly redefining everyone’s work efforts every time there’s a new press release.” , Buchanan said. “Since Congress has never provided funding for these new programs, everyone at the FSA and the departments are working together to move limited staff and IT resources to the administration’s current priority.”

Education Undersecretary James Kvaal told the Washington Post in an email that the department was “working diligently to reinvigorate a borrower advocacy process after the previous administration failed to approve a single set of new discoveries over their entire tenure”.

He pointed out that the Biden administration has approved the most claims of any administration and has increased oversight of colleges and universities to root out fraud and misconduct.

Because people with defense claims are placed in administrative forbearance during the process, there is no demand that they make payments on loans slated for cancellation. Still, borrowers looking to buy a car or refinance a mortgage may struggle to secure favorable terms with high debt-to-equity ratios because the loans sit on their balance sheets.

More than anything, people became frustrated with the department’s lack of communication. The agency kept many borrowers in the dark about their cancellation eligibility long after it publicly announced the approvals.

When the Department of Education pledged in June to forgive the $5.8 billion debt owed by 560,000 former Corinthian students, Kevin Post, 54, said he contacted the agency the same day and had been told to expect an e-mail regarding the current discharge in a few weeks. Five months later, this notice ultimately arrived Thursday. He first submitted a request for relief for the defense in 2018.

Post is among 750,000 people told by the department last week that they have been approved for a borrower’s defense release based on evidence of fraud at beauty schools Corinthian, ITT Tech and Marinello. campus. The ministry said it also had ordered loan officers to discharge the debt of more than 17,000 people who attended Marinello and will continue to identify loans for discharge over the coming weeks.

The notice, which The Washington Post reviewed, makes no mention of when Post can expect to have its balance cleared, just confirmation that it will take time for the department to do so.

“Since it took them 167 days to just send the notification, I don’t have much faith in Secretary Cardona being quick to get the discharge,” said Post, who from 2004 to 2006 attended Florida Metropolitan University. , later known as Everest. University – one of several schools run by Corinthian.

Post repaid the $48,513 he borrowed for the legal assistance program at UFA, bringing his balance down to $9,400. He had hoped to continue his studies but was blocked by Corinthian’s refusal to provide his official transcript.

“Once I found out I couldn’t get transcripts, it was like paying for a worthless degree,” said Post, an insurance agent in Dallas. “I’ve had this debt on my credit for years.”

The recently sent notices show that the Ministry of Education is beginning to prioritize the backlog of discharge requests.

But Cato remains skeptical. When he first learned last year that he was eligible for relief, he said the department promised to repay the debt within 180 days. He received another email in October from the department, but this one without cancellation period.

“It’s kind of hard to trust anything they say now,” Caton said of the department. “It’s frustrating, but all I can do is hope.”

Five Star Business Finance listings at 5% off issue price, m-cap at Rs 13,110 crore


Five Star Business Finance made a poor market debut on Monday as the certificate fell 5.07% to Rs 449.95 each on NSE from its issue price of Rs 474 each. At this price, the stock commanded a market capitalization of Rs 13,110.02 crore.

On NSE, the stock debuted at Rs 468.80, down 1.10%.

The IPO, which ran from Nov. 9-11, had received a lackluster response from investors, with the show only 70% subscribed. The quota reserved for qualified institutional buyers (QIB) was 1.77 times. The share reserved for retail investors was subscribed for 11% of the reserved quota, while the share reserved for non-institutional investors was subscribed 0.61 times. For this reason, Five Star ordered a discount of Rs 2 on Friday.

Five Star Business Finance is an NBFC that offers guaranteed business loans to micro-entrepreneurs and the self-employed, all of whom are largely excluded from traditional finance institutions. Its head office is in Chennai, Tamil Nadu with a strong presence in South India and all its loans are secured by the property of its borrowers, mainly SORPs.

Over 95% of Five Star Business Finance’s loan portfolio comprises of loans ranging from Rs 1 lakh to Rs 10 lakh in principal amount, with an average ticket amount of Rs 2.90 lakh. Samco Securities had a “subscription” rating on this issue; SMC gave it 1.5 out of 5 stars.

Five Star’s was purely an offer for sale (OFS) by existing institutional investors. The individual promoter did not sell any shares under the SFO. Analysts were largely mixed on the issue. Although a presence in an underpenetrated and fast-growing segment was positive, the geographical concentration, the intense competitive intensity in the small business finance sector and a large share of first-time borrowers were seen as key risks.

Also Read: Archean Chemical IPO: Check Latest BPF, Listing Date & Share Allocation Status

Personal loan interest rates increase slightly for 3 and 5 year fixed rate loans


Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own.

The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (Stock)

Borrowers with a good credit application personal loans in the past seven days pre-qualified for higher rates for 3- and 5-year fixed rate loans compared to the previous seven days.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender between November 10 and November 16:

  • Rates on 3-year fixed-rate loans averaged 12.74%, down from 12.36% the previous seven days and from 11.72% a year ago.
  • Rates on 5-year fixed rate loans averaged 16.10%, down from 15.93% the previous seven days and from 14.09% a year ago.

Personal loans have become a popular means of consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical billstake care of a major purchase or finance home improvement projects.

Personal loan interest rates have increased over the past seven days for 3 and 5 year fixed rate loans. Rates on 5-year loans increased by 0.17 percentage points, while 3-year loans saw a larger increase of 0.38 percentage points. In addition to today’s increases, interest rates for both loan terms are higher than they were this time last year. Yet borrowers can take advantage of interest savings now with a 3- or 5-year personal loan. Both loan terms offer significantly lower interest rates than higher cost borrowing options like credit cards.

Whether a personal loan is right for you often depends on several factors, including the rate you may qualify for. Comparing several lenders and their rates could help you get the best possible personal loan for your needs.

It’s always a good idea to comparison store on sites like Credible to understand how much you qualify for and choose the best option for you.

Here are the latest personal loan interest rate trends from the Credible Marketplace, updated monthly.

Personal Loan Weekly Rate Trends


The table above shows the average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender.

For the month of October 2022:

  • 3-year personal loan rates averaged 12.37%, down from 11.65% in September.
  • 5-year personal loan rates averaged 15.84%, down from 15.60% in September.

Personal loan rates vary widely depending on credit rating and length of loan. If you’re curious about what kind of personal loan rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

All Credible Marketplace lenders offer fixed rate loans at competitive rates. Since lenders use different methods to assess borrowers, it’s a good idea to ask for personal loan rates from multiple lenders so you can compare your options.

Current personal loan rates by credit score


In October, the average prequalified rate retained by borrowers was:

  • 9.90% for borrowers with a credit score of 780 or higher choosing a 3-year loan
  • 29.90% for borrowers with a credit score below 600 who choose a 5-year loan

Depending on factors such as your credit score, the type of personal loan you are looking for, and the repayment term of the loan, the interest rate may differ.

As the chart above shows, a good credit rating can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms.

How to get a lower interest rate

Many factors influence the interest rate a lender can offer you for a personal loan. But there are steps you can take to increase your chances of getting a lower interest rate. Here are some tactics to try.

Increase credit score

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

  • Pay your bills on time. Payment history is the most important factor in your credit score. Pay all your bills on time for the amount owed.
  • Check your credit report. Check your credit file to make sure there are no errors. If you find any errors, dispute them with the credit bureau.
  • Reduce your credit utilization rate. Paying off credit card debt can improve this important credit score factor.
  • Avoid opening new credit accounts. Apply for and open only the credit accounts you really need. Too many serious inquiries on your credit report in a short time could lower your credit score.

Choose a shorter loan term

Personal loan repayment terms can vary from one to several years. Generally, shorter terms come with lower interest rates because the lender’s money is at risk for a shorter period.

If your financial situation allows it, applying for a shorter term could help you get a lower interest rate. Keep in mind that the shorter term doesn’t just benefit the lender – by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

Get a co-signer

You may be familiar with the concept of a co-signer if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, find a co-signer with good credit could help you get a lower interest rate.

Remember that if you are unable to repay the loan, your co-signer will have to repay it. And co-signing a loan could also affect their credit score.

Compare rates from different lenders

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders generally offer the most competitive rates and can be quicker to disburse your loan than a physical establishment.

But don’t worry, comparing rates and terms doesn’t have to be a tedious process.

Credible is easy. Simply enter the amount you wish to borrow and you can compare multiple lenders to choose the one that suits you best.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

PFL announce official credit card ahead of big year-end Championship event


For those clamoring for the opportunity to rack up Professional Fighters League (PFL) points, it’s a pretty happy time to be a fan.

It was revealed today (Thursday 17th November 2022) via Sports business before being later confirmed by PFL’s senior vice president of corporate communications, Loren Mack, that PFL has officially partnered with Concerto – a fintech startup – to launch its own Mastercard.

“The PFL has launched the official PFL Mastercard credit card,” Mack said via LinkedIn position. “With the PFL Mastercard, cardholders can earn points on all their purchases through the PFL Knockout Rewards Mastercard loyalty program. These points can be redeemed for exclusive rewards such as tickets, merchandise, souvenirs and more.

“The card’s launch comes just days before the PFL hosts MMA’s richest night, the 2022 PFL World Championships, which airs live exclusively on ESPN+ PPV (pay-per-view),” he concluded.

The 2022 PFL Championship event will take place next weekend (Friday, November 25, 2022) in New York City at the Hulu Theater with a full lineup of six million dollar title fights along with various other notable fights. The event will be the promotion’s first with a PPV main card and fans can watch for $49.99 after the prelims end on ESPN+.

The star of the event will once again be promotional superstar and two-time lightweight champion, Kayla Harrison. Standing in his way will be none other than mighty old foe, Larissa Pacheco, who is looking for her first victory over the Olympic gold medalist in what will be their trilogy fight. The tilt of the title will also be Harrison’s Last as part of the seasonal format, leaving for exclusive PPV fights in 2023.

Report Recommends Ohio Pass Child Tax Credit | Ohio


(The Center Square) — Ohio could halve child poverty and create tax cuts at the same time, according to a new report released Wednesday morning by the Columbia University Center on Poverty and Social Policy.

The report, which analyzed all 50 states, found that the temporary expansion of the 2021 federal child tax credit has significantly reduced child poverty and that states have momentum to expand child tax credits. The report recommends that the State create its own CTC.

“As we’ve seen at the federal level, a robust CTC is extremely effective in helping families struggling to put food on the table, pay their bills and make ends meet,” said Aidan Davis, director of policy. of State of ITEP and co-author. of the report. “State lawmakers can enact or expand these credits to reduce racial and wealth inequality, alleviate some of the regressivity of state and local tax systems, and help families meet their basic needs.”

The results found that a state child tax credit of $3,100 with a 20% increase in the credit for young children under age 6 could cut the child poverty rate in the state by half. Ohio, lifting more than 150,000 children out of poverty. A credit of $1,100 would reduce the rate by a quarter.

According to the CPSP, ten states have some form of child tax credit and others are considering it. The Ohio General Assembly, currently in lame duck session, has no pending bills regarding a state child tax credit.

The group believes that CTCs have benefits for states, with the potential to significantly reduce child poverty in all states while addressing economic and racial inequalities. The report says well-designed CTCs increase after-tax income and economic security for a diverse group of families and can be especially important for Blacks, Hispanics, Indigenous peoples and other people of color facing economic hardship.

“In 2021, state and local governments have seen how the expansion of the federal CTC has improved the lives of their constituents by strengthening family income and reducing poverty, food insecurity and financial hardship,” said Sophie Collyer, CPSP research director and co-author of the study. report. “This report shows that state governments have the opportunity to achieve the same results by establishing robust and carefully designed state CTCs.”

Onoda: 10,000 Nights in the Jungle


World War II has been the source of dozens of urban legends and bizarre tales that defy explanation. Hiro Onoda’s story has long been among the most fascinating. by French director Arthur Harari Onoda: 10,000 Nights in the Jungle is the most comprehensive approach we have seen so far to the life and work of man. WWII movie junkies will no doubt love this uncompromising and comprehensive film that offers a sobering look at survival and loyalty.

For those unaware, Onoda – played as a young man by Yuya Endo and Kanji Tsuda as he ages – was a Japanese soldier serving in the Philippines at the end of the war as Japan’s prospects for victory seemed to grow darker and darker. After the majority of the Japanese forces on Lubang Island were routed, Onoda and a small group of soldiers escaped into the jungle. There they awaited reinforcements and the right opportunity to regroup and repel the American advance. Subsisting on an almost unlimited supply of coconuts and bananas, they were prepared for the long haul. However, they hadn’t planned for it to be as long as it ultimately turned out to be.

“…unbeknownst to Onoda and her men, Japan surrendered to the Allies…”

The catch is that they escaped into the jungle at the end of the war. As we all know, but unbeknownst to Onoda and his men, Japan surrendered to the Allies in 1945, just as he and his men were beginning their insurgency plans. Even as the soldiers under his command gradually died and their numbers dwindled, he refused to believe that the war was over. Onoda discovered that contemporary radio broadcasts were American propaganda designed to induce his betrayal of the Emperor. The sequence where Onoda and his longtime compatriot Kozuka try to “decode” this propaganda and decipher the geopolitical landscape of the 1970s is genuinely amusing.

Onoda: 10,000 Nights in the Jungle covers a lot of ground. It briefly touches on Onoda’s failure as an airman and his subsequent admission into the Japanese special forces, while the rest of the story moves effortlessly from the structure of a war movie to the eventual adoption of the part of a psychological survival drama. It may be too grand in its scope, and all but the most avid WWII history buffs will scoff at the pacing and overall length. Dare I say it might sound like 10,000 nights in the jungle to some? A more selective focus on certain areas of Onoda’s life in the jungle would probably have been in order to make it more palatable to casual audiences.

This reviewer, however, couldn’t get enough. Onoda: 10,000 Nights in the Jungle provides a rare insight into the thin line between duty and madness that Onoda has reckoned with for a substantial part of his life. Endo as young Onoda and Tsuda as elder are quite effective. The close relationship that develops between Onoda and Kozuka brings some much-needed warmth to what otherwise could have been a tough watch. It’s essential viewing for anyone with a modicum of interest in WWII history. For weird individuals with no interest, it’s still worth watching due to the powerful character study at play.

Why You Should Think Twice Before Signing Up For Store Credit Cards


SALT LAKE CITY — Sounds like a good deal — save 15%, 20%, even 30% on your purchases by signing up for a store’s credit card. As tempting as it sounds, you might want to think twice.

“A lot of us are going to hear that talk this year,” said Ted Rossman, senior industry analyst for CreditCards.com. “I would be very careful.”

We asked Rossman to detail the pros and cons of using a brand name credit card. Let’s start with really, the only pro. Yes, they can save you money on the spot and possibly on future purchases at their store.

“If it’s a store you love and you shop there all the time, and you pay in full and avoid interest, yes, then maybe it makes sense to get their card,” did he declare.

But there are potential downsides, the biggest being high interest rates. We’ve looked at the terms and conditions of a few popular chain store cards. Keep in mind that the average credit card interest rate currently sits at 19.04%.

If you want an Old Navy/The Gap card, expect an interest rate of 28.99%. Macy’s credit card will slap you with an interest rate of 29.74%. Meanwhile, the card offered by Dick’s Sporting Goods carries an APR of 29.99%.

And be especially wary of stores that offer credit cards with promises like “No interest for 12 months!” Usually this means deferred interest. In other words, you have 12 months to pay off the card, but if you hit 12 months and a single day, not only does the interest kick in, but they also retroactively charge you any interest that would have accrued for the L whole year.

“That’s a bad tactic that a lot of store cards do,” Rossman said.

Here’s another negative: Applying for a store credit card will hit your credit with serious demand that will temporarily remove it. Applying for multiple cards at the same time will cause your credit score to drop significantly. So you might want to sign up for just one card instead of a whole bunch.

Best alternatives to payday loans to consider in times of crisis


Getting quick access to cash can be difficult at the best of times. It can be even more difficult when times are tough.

If you’re short on cash, a payday loan might seem like the only option, but there’s rarely a good reason to get one.

Even if it’s just a small amount of money to cover an emergency, a payday loan could leave you worse off than before you borrowed.

Here are 10 alternatives to consider when you need cash fast.

Local charities and nonprofits

Best for: Free help to cover essential expenses.

Local funding sources, like community centers and nonprofits, are especially helpful if you’re balancing grocery, gas, and other expenses with a new emergency. Some of these organizations may be a resource for donations of food, clothing, or bus tickets for medical appointments or job interviews.

The rapidity: How quickly you can get help depends on your needs and the organizations in your area. Call them to find out.

Keep in mind: Charities may require proof that you need help, such as recent pay stubs.

Best for: Reduce a large medical bill or make it more manageable to repay.

  • Payment plans: Ask your doctor’s office if you can set up a payment plan that splits a large bill into smaller monthly payments.

  • Medical bill advocates: Medical bill advocates negotiate bills after an expensive procedure or hospital stay. They can also spot costly mistakes and challenge them.

  • Medical credit card: some medical credit cards offered by doctors’ offices have interest-free promotional periods that can help you cover expenses. Read the terms carefully to avoid high interest charges.

The rapidity: Each option varies in speed, but you may be able to work out a payment plan with the doctor’s office over the phone.

Keep in mind: Each option can be paid. Calculate the amount you will save and compare it to the amount you will pay to make a positive decision.

Best for: Getting money with a credit score below 690.

Some online lenders tailor their loans to borrowers with bad credit. These lenders can approve applicants debt to income ratios and bad or fair credit scores.

If you are unsure whether you qualify for a loan for bad credit, you can pre-qualify to see what lenders will offer you. It does not affect your credit score and pre-qualifying with multiple lenders allows you to compare loan offers.

The rapidity: Many online lenders offer quick funding and can deposit the money into your bank account within a day or two of approval.

Keep in mind: Online lenders report payments to three major credits offices. On-time payments can help you build credit, while missed payments will hurt your score.

See if you’re pre-qualified for a personal loan – without affecting your credit score

Just answer a few questions to get personalized rate quotes from multiple lenders.

Best for: Members in good standing of a credit union.

If you are already a member of a credit union or eligible to become one, you already have an option available to you.

credit unions consider your credit score and income when applying for a loan, but they also look at your membership history.

If your caisse offers alternative payday loansyou can borrow a small amount — usually up to $1,000 or $2,000 — with a maximum interest rate of 28% and repayment terms of up to 12 months.

The rapidity: Larger credit unions may be able to fund and approve a loan within days. If you are a member of a local credit union or need to become one to apply, the process may take longer.

Keep in mind: Credit unions report late and on-time payments to the credit bureaus, which will affect your credit score.

Payment plans for monthly expenses

Best for: Temporary waiver of full or partial bill payments while you cover an emergency.

Ask for a payment extension or installment plan from your landlord, utility company, mortgage lender or other creditor to temporarily alleviate these expenses while you cover another more pressing expense.

Some creditors and utility companies have online forms where you can request an extension or hardship plan, but you may need to make an informal request to someone like a landlord.

The rapidity: Depending on when your bills are due, you may get payment relief before your next payment.

Keep in mind: It can be difficult to keep up with payment plans with multiple creditors or billing agencies. Add the payments to your budget or schedule and make sure you have enough money to pay them.

Best for: Create a temporary or permanent side hustle – or find extra cash where you haven’t looked before.

You can make extra money by selling your clothes, driving for a ride-sharing company, or turning a hobby into an online store.

Some of the options of our guide to making money more time consuming than others, but many of these jobs can be done alone or from home.

The rapidity: How quickly it will earn you money depends on how you choose to earn money. Selling things online can take anywhere from a few hours to a few weeks, while rideshare drivers are usually paid weekly.

Keep in mind: The internet is full of scams to get quick cash. Avoid job postings that require you to pay money or ask for personal or financial information.

Best for: Get money with low or no interest, as long as you are willing to contribute funds to help someone else as well.

A lending circle consists of a group of people who lend money to each other at no or very little cost. This is a long-term commitment because Lending Circles typically raise money for one person each month, but participating can help you raise money for something like a car repair or help you through a hard time.

Some websites work with lending circles to report payments to credit bureaus, which can help improve your credit.

The rapidity: It depends on when the installment cycle comes to you, but this is a slower funding option.

Keep in mind: You must have a stable source of income in order to regularly contribute to the Lending Circle fund.

Best for: Getting interest-free money, if you’re close enough to someone to ask for it.

Asking someone you trust to help you pay a bill or pay you a month’s rent won’t hurt your credit score, but it can hurt your pride.

You and your lender can set terms that define when the loan will be repaid and whether you will repay it in installments or all at once.

The rapidity: It depends on the terms you and the lender agree to.

keep in mind: A loan from a family member or friend doesn’t require physical collateral, but you could put a relationship at risk, so make sure both parties are comfortable with the loan before borrowing.

Best for: When you are employed and need emergency money.

If you have a predictable income and need a payday advance, you may consider a cash advance app.

These apps typically confirm your earnings and when you get paid, and offer an advance between $20 and $500 on your next paycheck.

They generally charge a low fee, but most ask for a voluntary tip for service.

The rapidity: These apps can take a few days to deliver the money, but most will send your advance within hours for an additional fee.

Keep in mind: Payday advances are a temporary solution. If you pay regularly to access the money you’ve already earned, you may need to review your budget.

Best for: Get money without a credit check and without having to sell an item.

A pawnbroker is a no credit check option that is one step away from selling your stuff. To get one, you hand something you own to the staff of a pawnshop, and they assess its value and determine whether they’ll give you a loan in exchange for your item.

You and the pawnbroker agree when you will repay the loan – and any other interest or fees – in order to get your item back.

The rapidity: A pawnbroker will usually tell you on the spot if they will lend you money and how much.

These loans are also not a long-term solution. If you find yourself regularly taking out pawnbrokers, look for another solution.

How to build credit without a credit card


Creditworthiness is something every financial institution considers before lending someone money.

A credit report which shows that using credit responsibly can make borrowing money to buy a house or car more affordable through lower interest rates. It can also be assessed by employers when you apply for a job, landlords when you want to rent an apartment and car insurers when they set your rates.

“We use credit every day,” says Jeanne Kelly, New York-based credit coach and founder of The Kelly Group. But everyone starts with a clean slate, and building credit can take time.

What credit score do you start with?

Credit scores are three-digit numbers created from information in your credit report, including payment history and the amount of debt you have. The score tells lenders how likely you are to repay what you borrow.

To have a score, your credit report must show one or more accounts that are at least six months old and at least one account that has been reported to one of the three credit bureaus—Equifax, Experianor TransUnion—within the past six months.

Credit scores range from 300 to 850. A lower score indicates that there is a greater risk of not paying your bills, based on your history. “Without good credit, you can get a high interest rate, or worse, you may not even qualify for the loan,” says Lyle Solomon, senior counsel at Oak View Legal Groupa Californian company specializing in consumer credit.

A good credit score, according to the Fair Isaac Corporation (FICO) scoring model, is 670 or higher. Another scoring model used by financial institutions is VantageScore, which considers 661 or more to be a good score.

6 Ways to Build Your Credit Without a Credit Card

Opening of a credit card, making purchases and paying off your balance each month is a common way to build up credit from scratch. But this is not the only way.

In fact, 10% of your FICO score is based on your “credit mix,” or the types of loans or lines of credit you have. When you’re just starting out with little to no payment history, your credit mix matters even more. according to MyFICO.com.

Here are six alternatives to opening a credit card to build credit.

1. Credit-generating loan

A credit loan essentially lets you lend money to yourself, Kelly explains. This is an installment loan with fixed monthly payments, but instead of giving you the money up front, the lender deposits it in a savings account or certificate of deposit (CD).

Some banks withhold access to the account until you repay the loan in full, while others will release funds monthly if you make payments on time. “The good thing about it is you show a payment history, and the money will come back to you, and that’s why it’s a loan for yourself,” Kelly explains.

However, these loans often charge interest and origination fees, so make sure you understand the total costs before getting one.

2. Personal loans

Personal loans, which can be secured or unsecured, allow you to borrow a large or small amount of money to use for anything. You repay the loan in fixed installments over several years. The lender reports the balance and your current payment activity to the credit bureaus.

With a low or no credit score, it can be difficult to qualify for a personal loan at a competitive interest rate. Asking a trusted friend or relative with good credit to co-sign the loan could help you get approved and may lead to a better interest rate.

However, warns Kelly, the co-signer should be prepared to step in if you can’t make a payment on time, because a late or missing payment also affects their credit.

3. Car loan

A car loan is money you borrow from a car dealership or third-party lender to buy a car. Usually this requires a cash deposit, although this is not always the case. And without a credit history, you might want to add a co-signer to qualify for a better interest rate.

Payments are part interest and part principal, and due on the same day each month until the balance is paid off. If you miss a payment, the lender may be able to repossess your car. It is similar to a mortgage in this way, since the loan is secured by a physical asset. As with other loans, the lender is responsible for reporting your car loan payments to the credit bureaus. An on-time payment history will boost your credit score.

4. CD loan

A CD is like a savings account, except your money is locked in for one to five years. The trade-off is that you can earn more interest than you would by keeping your money in a traditional savings account. You can always withdraw your money earlier, but you will have to pay a penalty.

A CD loan involves taking out a loan and using the CD as collateral. This means that you receive a lump sum of cash and then pay back what you borrowed, plus interest, to the bank each month. If you miss payments, the bank may take your CD and may even charge a penalty, Solomon says. “Using a CD-secured personal loan to improve your credit score will only work if you make payments in full and on time,” he adds.

5. Federal Student Loan

The U.S. government lends students money to pay for undergraduate and graduate degrees and professional certification programs — and you don’t need a credit history to qualify.

Unlike private student loans, there is no credit check to obtain most federal student loans. Instead, eligibility is based on citizenship, registration, and in some cases financial need, so it can be a good way to start building credit early.

On-time payments will increase your credit score, while late or missed payments will have a negative impact. “Student loans can also help improve your credit score by increasing your average account age and diversifying your credit mix,” Solomon says.

Some student loans only go into repayment after the borrower has left school, which is called forbearance. Even if you are not actively making payments while forbearing, the loan will still appear on your credit report as being in good standing.

6. Peer-to-peer lending

Peer-to-peer (P2P) lending platforms help you borrow money from individuals rather than a bank or credit union. Investors lend money and profit from the interest you pay on the loan.

“Generally, P2P lenders look for scores ranging from fair to excellent, i.e. 580 or higher,” Solomon says, so you’ll need a credit history to qualify. “Because the whole process is online and streamlined, you can get a loan in just days if you qualify,” he adds.

Another benefit is that P2P lenders only do a soft inquiry to check your credit report, Solomon says. Traditional lenders usually do a thorough investigation that could affect your credit score.

A disadvantage of using P2P platforms is that they can send your account to collections faster than a traditional lender if you miss a payment.

Other options

If you’re looking to potentially speed up the process of building credit or are worried about borrowing money just yet, here are some additional strategies to increase your score.

  • Piggybacking on someone else’s good credit: Many credit card companies allow cardholders to add authorized users to their accounts. As an authorized user, you may obtain a card to use for purchases, but the primary account holder is ultimately responsible for payments. The potential benefit to you, assuming the primary account holder is a responsible borrower, is that their credit account will show up on your credit report, along with payment activity. But not all lenders report authorized users to the credit bureaus, Kelly says, so make sure that’s an option before you tangle with another borrower.
  • Report rent and utility payments to offices: The three major credit bureaus do not require landlords and property managers to report rental or utility payment activity, but they will welcome information when submitted. If you pay your rent and utility bills on time, consider asking your landlord if they can report your payments to the credit bureaus or do it yourself. There are several online services (many are free, but some charge a one-time or monthly fee) that you can sign up for. Some of them will even report the last two years of positive payment history.
  • Report recurring bills to offices: Reporting recurring payments, such as streaming subscriptions and mobile phone plans, is another way to prove your reliability. bill payment. Various online services, including one offered directly by the Experian credit bureau, allow you to connect the bank accounts you use to pay your recurring bills, then report those with a positive payment history to some or all three credit bureaus .
  • Pay your bills on time: The most important factor when it comes to establishing good credit is debt payment history, which makes up 35% of your FICO score. Making full and timely payments on every loan or line of credit is imperative to maintaining strong credit.

The take-out sale

The best way to build credit is to borrow money and pay it back on time. You can do this through credit cards or installment loans, although it can be difficult to qualify for either if you don’t have a credit history to back it up. . The solution can start with options that don’t require a credit check, like federal student loans or credit loans, or options that ask for collateral in exchange for a lower interest rate, like CD loans. .

You can also sign up for a service that reports non-debt bills that you regularly pay on time, such as monthly fees or rent, to the credit bureaus. “These are things that can work so quickly [as loans] and they’re inexpensive,” Kelly says. “These are building blocks.”

Should you buy CREDIT (CREDIT) on Saturday?


CREDIT receives a high risk rating of InvestorsObserver analysis. The proprietary rating system analyzes how much money was needed to move the price in the last 24 hours. The metric looks at recent changes in volume and market capitalization to gauge how much a coin can be manipulated by limit trades. The score ranges from 0 to 100, with low scores representing high risk and high values ​​representing low risk.

InvestorsObserver assigns CREDIT a high risk/reward score. Find out what this means to you and get the rest of the leaderboard on CREDIT!

Business analysis

The Risk Gauge ranking for CREDIT shows that the coin is currently a high-risk investment. Risk-oriented traders will find the gauge most useful for avoiding (or adding to) risky investments. CREDIT has traded down 0.04 in the past 24 hours at its current price of $0.000024008. Currently, volume and market capitalization data is not received by our data provider. Lack of available data is usually a sign of either a new coin or token entering the market, or a new one with extremely low volume and value levels that are not picked up by major vendors of data. No recorded volume or market capitalization is generally correlated with highly volatile coins which may not be the best investment choice for the majority of investors. However, those looking for newer cryptos may find coins such as CREDIT more intriguing.


CREDIT’s price volatility over the past 24 hours results in a high-risk analysis due to its price volatility combined with changes in trading volume, giving investors reason to be concerned about the workability of the room from now on. Click here for the full CREDIT report (CREDIT).

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The drop in tobacco production creates competition between buyers; prices hit historic high


Even after the rains destroyed a significant part of the harvest this year, farmers have more than made up for the loss of volumes due to “historic” high prices, officials from the Tobacco Board have pointed out.

Even after the rains destroyed a significant part of the harvest this year, farmers have more than made up for the loss of volumes due to “historic” high prices, officials from the Tobacco Board have pointed out.

Tobacco fetches farmers a record price on Karnataka’s auction platforms; thanks to a sharp drop in production due to heavy rains this year.

Tobacco Board sources said The Hindu that the tobacco crop is expected to be in the range of 62 million kg, although the size of the crop for the year 2022-23 has been set at 100 million kg. ”But the farmers are more than happy. Prices exceeded their best expectations. Against an average price of ₹163 per kg they received last year, farmers have fetched ₹225 per kg so far this year,” sources at the Tobacco Board said.

Given the drop in production, competition among buyers, especially exporters, is at an all-time high, said BV Javare Gowda, president of the Federation of Flue Cured Virginia (FCV) Tobacco Growers’ Associations of the Karnataka. “The demand for tobacco is high in the global market as productivity has dropped even in Brazil and Zimbabwe, which are the two countries known to produce large quantities of tobacco in the world.”

The bidding begins

Auctions at the state’s ten platforms, including eight in Mysuru district alone, began in October this year and are expected to continue until February 2023. The harvested tobacco is cured and graded by the producers in their barns before being transported to the auction platforms.

Even after rains destroyed a substantial part of the harvest this year, farmers more than made up for lost volumes due to “historic” high prices, officials from the Tobacco Board have pointed out.

Premium tobacco prices reigned around ₹265 to ₹270 per kg. “Some farmers were holding back their produce in the hope that prices would cross the ₹300 mark,” Mr Gowda said.

anti-tobacco crusade

The move comes even as anti-tobacco crusaders campaigned for an end to tobacco farming by pressuring authorities to convince farmers to start growing alternative crops.

Tobacco is grown on about 75,000 hectares of land in Karnataka, mainly in Periyapatna, Hunsur and HD Kote taluks of Mysuru district. Over 80% of the VFC tobacco grown in the Mysuru region is an export grade that attracts buyers from around the world for its low nicotine and tar content.

Last year, tobacco farmers realized an average price of ₹163 per kg when production exceeded the crop size by 97 million kg to reach 104 million kg.

You Won’t Like These Costco Credit Card Changes


Image source: Getty Images

Say goodbye to an important cardholder benefit.

Key points

  • The Costco Anywhere Visa® Card from Citi offers many benefits.
  • Its free extended warranty is about to expire.
  • Purchases made next year will not benefit from this additional protection.

The Costco Anywhere Visa® Card from Citi is a popular credit card among Costco shoppers who want a card they can use for both warehouse club purchases and to earn rewards when shopping elsewhere. The card offers many benefits, including a generous cash back program when shopping at Costco.

Unfortunately, a major advantage associated with this card will soon disappear. And cardholders should be aware of this significant change so they don’t expect their credit card to provide protection that it simply won’t make available in the future.

This big change to Costco’s credit card could be costly for consumers

One of the best features of the Citi Costco Anywhere Visa® Card has long been its extended warranty protection.

Cardholders who purchased eligible items on their card would get a whopping 24 months added to their manufacturer’s warranty, up to a maximum of seven years of total protection. The warranty provided up to $10,000 of coverage per claim and reimbursed the lesser of that amount or the cost to repair or replace the covered item.

This extended warranty protection was completely free to cardholders and it meant that those who purchased electronics, appliances or many other items on their card would enjoy purchase protection for a much longer period than that guaranteed by the manufacturer. This could help cardholders avoid major expenses when items break after just a few years.

With that protection gone, cardholders will now have to go without coverage once the manufacturer’s warranty has ended or have to pay extra for third-party warranty service if one is available.

This disturbing news was announced to cardholders via mail, as well as via a pop-up message on your card’s benefits page when you log into your online account.

What does this mean for cardholders?

Extended warranty protections on the Citi Costco Anywhere Visa® Card will end for new purchases made on or after January 22, 2023.

This means that if you purchase items on your card before that date, the extended warranty will still apply and you will receive the coverage you have always had as a cardholder.

The two-year extended warranty period will still apply in full to all such prior purchases before the deadline. So, for example, if you purchased an item with a two-year manufacturer’s warranty in 2021, your Costco warranty will be in place for 24 months after those two years expire, so until 2025. Your Claims Process will not be affected. in any way by change.

However, all purchases made on or after January 22, 2023 will no longer have this warranty protection. This applies to both Citi’s standard Costco Anywhere Visa® card as well as the business version of this card.

While Citi’s Costco Anywhere Visa® Card is always worth a place in your wallet because of the other benefits it offers, you should remember that you can’t rely on warranty protection for purchases from the start. next year – so if this feature is important to you, you may need to shop around for another card that offers it.

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Hughes and Hyman accept laurels for US F4 titles, FR Americas


With the 2022 Formula 4 United States Championship Powered by Honda (F4 US) season officially over, Lochie Hughes was crowned the Drivers’ Champion with Crosslink Kiwi Motorsport winning the Teams Championship at the annual US F4 Reception Awards. Bryson Morris won the Catherine Crawford Most Improved Driver Award.

“It’s been amazing,” Hughes said of his season. “Winning a championship is what you dream of. We couldn’t have won with better style than winning the last two races, and that’s thanks to the team. When I came [to America] this season, I didn’t know anyone. The team welcomed me like family, and for us to win this championship, I can’t thank them enough. It was a great year.

“It was a pleasure working with Lochie,” said Jay Howard, owner of Jay Howard Driver Development. “I couldn’t ask for more. He was all in. His parents are not there; he lives alone. He is dedicated and it shows every time he goes on the right track. I really appreciate all the hard work from the whole team this year; it was really a team effort. Lochie is a well-deserved champion.

Moving from his native Australia to America, Hughes was tagged by Jay Howard Driver Development to compete in the 2022 F4 US season. After being out of the car for two years during the COVID-19 pandemic, Hughes was announced as one of the JHDD drivers just days before the start of the 2022 season. In his first racing season in America, Hughes led the American F4 field with six wins on Hankook tires and tied championship rival Bryson Morris for the most podiums of the year with 10 podiums.

As the 2022 Drivers’ Champion, Hughes earned a scholarship to compete in the 2023 FR Americas season. Worth $215,000, the prize includes an engine rental from Honda Performance Development, a chassis rental from Ligier Automotive, tires from Hankook Motorsports for all official sessions, an entry fee and a marketing package of Parella Motorsports Holdings, as well as $25,000 from HPD. Other prizes include a Bell Athlete Contract, Bell Carbon Helmet, Custom OMP Racing Suit, Bespoke Omologato Watch, Haas F1 Team Miami Grand Prix Guest Experience and Award Ceremony Invitation FIA prizes at the end of the season. . Additionally, the Aussie earned 12 FIA Super License points to help him on his F1 road journey.

Crosslink Kiwi Motorsport has won its fourth team championship this season. Averaging 5.5 American F4 entries per race and with two drivers in contention for the championship until the final event, it was no surprise to see the Dallas-based organization claim team honors. The victory, however, did not come without difficulties. In fact, the team had to fight after being ranked second halfway through the season to claim the title with their driver line-up. Throughout 2022, Crosslink Kiwi Motorsport drivers have won five wins, seven second places and six third places, for a total of 18 podium finishes. The award was accepted by team co-owners Garry Orton, Teena Larsen and Gill Kaszuba.

“It was probably the toughest win in years that we’ve been doing this,” Orton said at the banquet. “It went until the last race, which is actually pretty darn good. It could have easily gone either way, so I’m proud of the team. Just a fantastic result.

“We have such deserving champions this season,” said F4 US Race Director Scott Goodyear. “The battle our US F4 competitors fought all season was nothing short of impressive. We had some outstanding side-by-side racing, clean overtaking and a close championship battle. I’m sure Lochie [Hughes] will be a great representative of the talent that F4 US is developing, and I can’t wait to see where it goes from here.

Bryson Morris received the Catherine Crawford Most Improved Driver Award. Selected by Ligier Automotive North America, Morris received not only a trophy, but also a $5,000 credit from Ligier.

“It was definitely unexpected, but I’m happy to receive the Most Improved Driver award,” Morris said at the end of the evening. “Thanks to Ligier for having selected me. It was a good season; we were second at the end so I’m glad to have been recognized and given all the help available.

F4 US will kick off its 2023 season March 9-12 at NOLA Motorsports Park in Avondale, Louisiana. For more information, visit F4USChampionship.com.

As the 2022 season of the Formula Regional Americas Championship Powered by Honda (FR Americas) is officially announced, Raoul Hyman was crowned champion on Friday night at the FR Americas’ Championship Awards year-end reception. TJ Speed ​​Motorsports won their second consecutive Tag Team Championship.

“It’s been a great year,” Hyman said. “TJ Speed ​​Motorsports has been with me from the start. I’m grateful that we were able to sign with them and have this opportunity in the first place. It’s been two and a half years since I had a car; I’m not didn’t even go to a track. Having the opportunity to come and race – knowing that the purse was at the end of the championship if I could do the job – was such a privilege. I’m grateful to be part of the championship and to come away with the scholarship as well.

Hyman joined the 2022 FR Americas Championship after thinking his racing career might be over. Selected for the PMH Powering Diversity Scholarship Program, Hyman, 26, joined TJ Speed ​​Motorsports to drive the No. 27 Bethesda Holdings Limited/Solomon Capital Enterprises/Oaklands/Kinross Ligier JS F3 in what has been a storybook season. Drawing on his experience from the BRDC Formula 4 Championship, FIA F3 Championship, GP3 Series, Euroformula Open Championship, Toyota Racing Series and as the 2018 FIA F3 Asia Champion, the Englishman was able to pick up where he left off after hanging up. his helmet nearly two and a half years ago. During the 18-race season, Hyman rode his Hankook tires to 16 podium finishes, including 11 wins.

In the battle for the teams championship, TJ Speed ​​Motorsports had an impressive season with drivers Hyman, Jason Alder (#77 Drive for Diabetes Awareness / HAKUN Ligier JS F3) and Nick Persing (#29 OPI Commercial Constructors Ligier JS F3). With their first podium in the final race of the weekend at Road America, it was clear the group had something special, and then they reinforced it the next time the lights went out at Mid-Ohio Sports Car. Race. In 18 rounds this season, TJ Speed ​​Motorsports has earned 14 wins, nine second-place finishes and four third-place finishes.

“One of the highlights of the year was being part of the TJ Speed ​​team,” added Hyman. “Everyone gets along really well; it’s like an extended family. We worked extremely well together. The engineers were brilliant and so were all the guys on the team – every single one of them works hard. You can see it every day; everyone is getting started and they are ready to give the best of themselves. No one slacks off, they don’t take days off; it’s 100% all the time. You can see what it does in the results. There have been a few weekends where TJ Speed ​​has won every race and the pole positions. They were a cut above, I think. It’s almost sad to be at the end of the championship, we got along so well. I’m grateful to have had time here and to be able to come away with wins is also an added bonus. It was amazing.

As the 2022 Drivers’ Champion, Hyman earned a 2023 Super Formula scholarship from Honda Performance Development and Honda Motor Co. Motorsports Division. Worth up to $600,000, the scholarship covers a substantial portion of the cost of a full season, as well as providing an engine to run with a Honda-powered team selected by HM-MS. As a Honda and HPD brand ambassador, Hyman will have the opportunity to participate in Honda-sponsored events such as tours of the Honda Museum in Motegi, Aoyama Headquarters and Honda Appreciation Day. Additional prizes include a Bell Athlete Contract, Bell Carbon Helmet, Custom OMP Race Suit, Bespoke Omologato Watch, Haas F1 Team Guest Experience at the Miami Grand Prix and Invitation to the Grand Prix Ceremony. FIA prize-giving at the end of the season. . Last but not least, Hyman will receive 18 FIA Super License points – the highest of any North American development series.

“It has been a pleasure to have Raoul in our paddock this season,” said Scott Goodyear, Race Director for FR Americas. “His level of dedication, preparation and focus on and off the track has been the reason for his success. He understands how hard a racing driver has to work both on and off the track to be successful in this profession. I know that this level of dedication will bring him success in the 2023 Super Formula Championship.”

The 2023 FR Americas season kicks off March 9-12 at NOLA Motorsports Park in Avondale, Louisiana. For more information, visit FRAmericas.com.

X1 Credit Card Benefits You Can’t Miss


Astarot / Getty Images / iStockphoto

There isn’t much innovation in credit cards these days, but the Card X1 claims to be different. And it has a wide range of benefits, including some that other cards don’t.

The X1 credit card is a Visa card issued by Coastal Community Bank, so it can be used anywhere Visa is accepted, which is just about anywhere. X1 is not a bank, it is a fintech company. This seems to have influenced the benefits offered by the card, as the focus is on technology and security.

Here’s what you need to know about the benefits of the X1 credit card.

Three card types in one

If you get the credit card X1, you will get a metal card with your account number on it. But you can also get single-use virtual account numbers that you use once for an online purchase and then they disappear, so no one can steal your account number. Moreover, you can use your card immediately, even before your metal card arrives.

There are also numbers that are specifically generated to sign up for free trials. These account numbers are automatically canceled within 24 hours, so you won’t be charged for a membership or subscription if you forget to cancel after the free trial ends.

Dots — Lots of Dots

X1 credit cardholders earn 2 points for every dollar spent on any purchase. You don’t have to register or choose categories – it’s just 2 points per dollar all the time. If you spend $15,000 or more on the card in a year, you get 3 points for every dollar, retroactive to the first dollar spent that year. Note that the year is based on your anniversary of getting the card, not the calendar year.

You can also get a referral bonus if you invite others to apply for a card. If someone you refer is approved and activates their card, you’ll earn up to 10 points per dollar on all purchases for 30 days from the time your friend activates their card. Note that this can go up to 10 points because X1 calls it a “mystery reward multiplier” – you can get 4, 5 or 10 points per dollar spent. Unsurprisingly, most people will get 4 or 5 points per dollar, not 10, but that’s still a bonus.

In the X1 app, you can get Boosts, which are special offers for extra points. They offer a higher number of points in certain categories for a limited time.

You can redeem your points for cash back as statement credit or for purchases from X1 Rewards Partners. Your points never expire as long as your account is active and not overdue.

Additionally, the points you earn are awarded as soon as you make the purchase. You don’t have to wait for points to be awarded or for the next statement period to redeem them.

Add cardholders for more points

You can add up to five cardholders to your account. Each gets their own card, with their own number, so you can keep them all straight. And every purchase on every card earns points.

This is a great advantage for married couples who share an account, or for parents with college-aged (or even older) children. Sometimes having your own credit card is a little too responsible for a student, but having your own card on a parent’s account can help build credit and good credit habits. And you can set a limit for each card so kids don’t overspend.

Your credit limit is based on your income

When qualifying for the X1 card, X1 takes into account your current and future earnings. Your credit limit will be based on credit approval and underwriting.

Your interest rate is based on your creditworthiness and is variable. As of November 3, APRs ranged from 16.50% to 27.00%.

No Credit Extraction Until You Accept

Applying for the X1 results in low credit application only, which will not impact your credit score. However, once your request has been approved, X1 will carry out a hard credit draw when you accept the card.

No annual fee

This one speaks for itself. You are not charged for the privilege of carrying this card in your wallet. If you don’t carry over a balance from one month to the next, you pay nothing. No.

The X1 app

Since X1 is a fintech company, it’s obvious that the app has gone through a lot of thought. You can receive notifications for every purchase, find any transaction, dispute a charge, and request a replacement for a lost card, all within the app. It will even tell you how much interest you will owe before making a payment.

Travel benefits

Those with the X1 credit card get trip interruption reimbursement, collision damage waiver for rental cars, and travel and emergency assistance. You also benefit from roadside dispatch, at home or on the go. You are also entitled to the Visa Signature concierge service to help you plan your trip, make reservations and more.

Benefits of Purchase Protection

X1 credit cardholders enjoy cellphone protection, purchase security, extended warranty, return protection, and zero-liability protection.


There are so many credit cards available, it’s hard to know which offers the benefits you need. But if your priorities include security, cash back, and a line of credit based on your income, not your credit score, the X1 credit card is well worth a look.

Information is accurate as of November 4, 2022.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

Why it’s important to monitor your credit score


Do you know your credit score?

A credit score is a three-digit number between 300 and 900 that indicates your creditworthiness. In other words, this score impacts the likelihood that lenders will allow you to borrow money.

Basically, the higher your credit score, the better. You need a credit score above 600 to qualify for a credit card, and you need a credit score of at least between 620 and 640 to qualify for a mortgage in 2022.

With that in mind, credit monitoring is an essential part of fiscal responsibility.

Credit monitoring tracks your financial information and notifies you of any positive or negative changes in your financial situation, including new accounts opened in your name or major purchases, such as cars.

Although it cannot prevent fraud, it provides you with an early warning that can help you take appropriate action quickly to avoid damaging your finances. The sooner you know about any type of theft, the easier it will be to protect yourself.

In our increasingly digital world, fraudsters are getting better and better at extracting the sensitive information needed to practice identity theft, including opening credit card accounts and taking out loans in your name. .

A credit monitoring service can track your credit reports and scores and monitor your consumer information, allowing you to take the necessary steps to ensure you maintain a healthy credit score and don’t fall victim to credit theft. identify.

There are free and paid credit monitoring systems. Free tools, such as Credit Karma, offer basic services that allow you to monitor your credit score and financial activity.

Paid credit monitoring services offer more sophisticated tools, such as simulators, that can show you how specific actions will affect your credit score.

Both options are a great way to make sure you keep tabs on your credit score and protect yourself against identity theft.

iCASH is a online loan provider in Ontario which provides financial assistance.

Opinion: Chad Powell Jr is right – Caymanians face serious challenges


Readers should note that editorials do not necessarily reflect the opinions or beliefs of Loop Cayman.

by Alric Lindsay

Young Caymanian Chad Anthony Powell Jr’s three-minute speech to the UK House of Commons in the UK Youth Parliament recently was a moving and touching display of Mr Powell’s love and concern for these people. he is.

The dangers Mr. Powell considered, however, with respect to the challenges of affordable housing, brain drain and climate change, apply not just to young Caymanians, but to all Caymanians seeking participation in their own country.


On affordable housing, Mr. Powell lamented:

I love the Cayman Islands and plan to live and grow old there one day. But the immensely high cost of living and our disastrous housing crisis caused a lot of people my age, a lot of people like me, not just to think about it, but to have it pretty much, not even in mind , without even thinking about it… they will move away.

In my opinion, Mr. Powell is spot on here; Cayman has a housing crisis. In fact, I believe that this crisis is influenced by many variables, some of which are frequently discussed by government ministers and described in reports, including the recent population census report produced by the Office of economics and statistics.

Looking at the census report, for example, it is clear that a significant portion of the population earns less than $3,000 a month, below what some claim is necessary to meet the high cost of living in the Cayman Islands and underwater at the top GDP per capita is often praised by the country’s employees.

As for what the current government has done about the situation, I have to be honest and say that they have not just stood by and let people suffer.

Instead, members of the new government stepped in to help, including setting up new programs to cover some living expenses.

These programs include postponing electricity tariff increases, restructuring the Needs Assessment Unit (NAU) to make it more efficient, and working with stakeholders to come up with further ideas on how to soften the blow to those who live and work in the Cayman Islands. .

In addition to the efforts of the current government, various community organizations come to the aid of people in need from time to time. This assistance includes food stamp and utility programs, as well as assistance for some people who occasionally find themselves homeless.

Regarding the availability of affordable housing, Housing Minister Jay Ebanks is executing plans for more affordable housing on Grand Cayman. The reality he may face, however, is that there may be hundreds more applications for affordable housing than there are affordable housing units built by the government or put on the market.

Despite these efforts, not much can be done because the government and charities are limited to what their resources allow them to do.

The risk of an inevitable depletion of resources is exacerbated by other factors impacting the Cayman Islands market, including lending rates and property speculation.

On lending rates, for example, banks have consistently raised interest rates on loans throughout 2022, which they say they have done to match the Council’s increases in lending rates. governors of the US Federal Reserve.

If this continues, those who were living hand-to-mouth and near the financial limit before the rate increases could soon be homeless.

The danger of not having a home was also echoed in Mr Powell’s speech to the UK’s Youth Parliament when he explained that after speaking to other people his age their concern was that “it’s too expensive to live” in Cayman and that they “will never be able to afford a house” in Cayman” and will have to “move”.

Powell pointed out that it was “Not that they want to, but they have to… Because if given the choice, they would definitely stay in our beautiful islands.”

As part of the affordable housing solution, Mr Powell mentioned that last year his Youth Parliament proposed a motion titled “Restriction on high cost housing and implementation of land purchase licenses and housing for non-Caimanians”.

Mr Powell explained: ‘This was an effort to get restrictions on house prices and the purchase of property by people not even residing in the Cayman Islands.’

However, this motion appears to have fallen on deaf ears as, since the motion was proposed by Mr Powell’s Youth Parliament, the sale of property in Cayman remains without any price or ownership restrictions.

In fact, international speculators see Cayman as ripe for development and profits and are seeking special local business control licenses (which do not require Caymanian participation for 12 years if granted) to operate as a as property developers and real estate agents.

With no moratoriums imposed on rapid development, no long-term sustainability plans, and no restrictions implemented as Powell implied, land and buildings will be subject to constant and growing speculation, putting forever land ownership beyond the reach of average Caymanians and any foreign worker living in the Cayman Islands earning less than $3,000 a month.

In other words, instead of creating net worth for Caymanians, more net worth will be created for high net worth internationals, some of whom may not be materially affected by the high cost of living and other issues facing Caymanians face.

Without market intervention or a moratorium, Powell’s prophecy (and that of his colleagues) is correct: more Caymanians “will leave”, including those currently living in Cayman and young Caymanian university graduates who will be looking for accommodation elsewhere outside of Cayman.

Brain drain

By making the decision to leave Caymans permanently or not to decide to return to live in Caymans, a negative and unforeseen outcome may materialize.

In particular, the leaders of our economic pillars will take note, when the time comes, of the high number of qualified Caymanian professionals who no longer wish to return to the Cayman Islands to contribute to local businesses, leading to what Mr. Powell calls a “leakage”. brains” occurring in other parts of the Caribbean.

Bizarrely, while a “brain drain” is predicted for Caymanians, Cayman’s population is steadily increasing to 100,000, adding to the more than 100 nationalities that already live here.

In my opinion, this suggests that one or more of the following scenarios may take place:

  • that the hundreds of other nationalities who live here may find a way (unknown to Caymanians) to cope with the high cost of living; Where
  • that members of certain other nationalities may be offered lucrative opportunities not available to Caymanians

Regardless of these (or any other) scenarios that might exist, it is obvious that no one except Mr. Powell and his colleagues is bold enough to both speak out publicly and take meaningful policy action. to further reduce the suffering of many Caymanians. .

Failing to approach the problem in the way suggested by Mr. Powell may also mean that ultimately the situation could become absolutely unbearable for a significant number of Caymanians.

Needless to say, once circumstances become unbearable, some members of society will make bad decisions and engage in criminal activities, including robbery and robbery, to appropriate rather than gain what that they need.

If Cayman’s social and economic climate continues to heat up as it has of late, then the concern raised by Mr. Powell is correct; we could possibly lose all of our Caymanians, while strangely and simultaneously creating non-Caymanian beneficiaries with a long, safe and secure economic future.

Pelosi attack, credit card charges, Jones Beach shows, etc.


After Pelosi attack, unity is needed

It’s time for decent elected officials to stand side by side, Democrats and Republicans, and say that the political attack on Paul Pelosi, the 82-year-old husband of Speaker of the House Nancy Pelosi, is the final straw. overstepping the camel to allow misinformation and conspiracy theories to fester in the minds of individuals [“Pelosi attack exposes some extremist truths,” Opinion, Nov. 3].

And it has to be done without “buts” and “what about isms”. It has to stop now before someone gets killed.

I realize it’s hard to avoid continuing to point fingers at where the demonization began and which party is at fault, but that’s exactly why it must stop now or it will continue and become deadly.

There are plenty of decent, loyal Americans in both parties who could put a stop to these conspiracy theories and debunked allegations.

—Jim Kiernan, Holbrook

How did a certain segment of this country sink so low that they laugh at a man who was attacked in his own home? Because he is the husband of a politician whose wife is a member of the opposing political party? The disgusting jokes that have arisen, especially from the son of a political leader, are beyond low.

No matter which side of the aisle you are on, we should all be shocked by this attack.

Everyone should report this behavior. I’m sure there are other crazy followers who will see this and think it’s okay to attack politicians. Would it be so funny if this happened to someone in his family?

It may be a wake-up call that this has gone too far, but I have little hope. I’m starting to be ashamed to say that I’m American and that I’m a daughter of the American Revolution.

— Karyn Rhodes Dornfield, Westbury

When Rep. Steve Scalise (R-Louisiana) was shot in 2017, House Speaker Paul Ryan said, “An attack on one of us is an attack on all of us. The Democrats made no jokes about it and there was no campaigning around this terrible incident. Congress was unified in support of Scalise.

Unfortunately, we can’t say the same for the attack on Paul Pelosi.

While a few prominent Republican politicians expressed disdain, others showed a lack of compassion for the Pelosi family. Texas Senator Ted Cruz, Louisiana Representative Clay Higgins, Virginia Governor Ted Youngkin and Arizona gubernatorial candidate Kari Lake made nasty jokes about a man nearly killed by someone who spouted lies and conspiracy theories published by Republicans.

This growing lack of empathy and sheer contempt for those who disagree with them is sad.

—Robert Broder, Stony Brook

What happened in Nazi Germany in the early 1930s is apparently happening around the world and in the United States [“All students should see Holocaust series,” Letters, Oct. 6].

Lies, conspiracy theories, anti-Semitism and attacks on minorities, intimidation and threats against our political leaders and election workers, and actual violence.

The attack on Paul Pelosi is a perfect example of how our democracy is going astray. First, the violent attack he suffered for political reasons, then the consequences of the lies and jokes of those who are running for office. And the horrific conspiracy theories circulating on social media.

We must stop this hatred before it destroys us.

—Jeff Goldschmidt, Stony Brook

Credit card companies are duplicating

Credit card fees are no different from the fees charged to buy tickets to a sporting event, concert or show “Credit Card Fees Hurt Small Business”, Opinion, November 4].

I pay the ticket order processing fee and do all the work. My hair salon stopped accepting credit cards and my auto repair shop lets me use a personal check. As I prefer not to carry large sums of cash, I reluctantly absorb credit card charges when there is no alternative.

My complaint is about credit card and merchant processing companies. They practice double dipping, charging both the consumer and the merchant for the same service. It’s a cash grab, and consumers and merchants are caught in the middle.

I’ve given up credit cards that have privilege fees and am using cards that offer rewards. It’s not much, and the card companies don’t care. I expect credit card charges and stopped looking for a poorly written sign.

Reporting a merchant to the Attorney General will not make the fee go away.

—Howard Lev, East Meadow

The recent spate of companies putting a surcharge on paying with a credit card is sheer greed. Fees paid to credit card companies have always been part of doing business.

Since there is no way for me as a consumer to fight this latest display of greed, I can apply the only alternative I have – I will not patronize the business. I have already told the owners of two local businesses that I will not be returning.

—Jim Cleary, Flower Park

Jones Beach shows also need a facelift

I was delighted to read about the “Jones Beach Theater facelift” [News, Oct. 22]. Now if only some entertainment was aimed at older clientele and/or families. I once enjoyed summer musicals with my parents and my husband.

—Vera Galante Anderson, New Hyde Park

For motel owners, justice is overdue

So, let me recap the situation happening at the Sayville Motor Lodge, according to federal prosecutors. [“Owners of motel indicted,” News, Nov. 3].

For 38 years, a dilapidated and dodgy property has thrived on Sunrise Highway.

From 2014 to 2018, a sex trafficking business was carried out there.

For the past eight years, a narcotics business has flourished there, allowing dealers to sell drugs from rooms and people to get high on heroin, cocaine and crack in public view.

It took law enforcement eight years to build a case. Should we all finally be jumping for joy? It is no wonder that, for many, our faith in government has been shaken.

Justice delayed is not justice. We the people deserve much better.

—Karen Sheerin, Islip

WE ENCOURAGE YOU TO JOIN OUR DAILY CONVERSATION. Email your thoughts on today’s issues to [email protected] Submissions should not exceed 200 words. Please provide your full name, hometown, phone numbers, and any relevant expertise or affiliations. Include the title and date of the article you are responding to. Letters become the property of Newsday and are edited for all media. Due to volume, readers are limited to one letter printed every 45 days. The letters published reflect the ratio received on each topic.

6,971 NM veterans used VA home loans last year


From the outbreak of the Mexican-American War in 1846 to the campaigns today in many countries around the world, New Mexico’s military has bravely defended the American Constitution and way of life. Along with this service came a long list of benefits, one of which is the VA home loan guarantee. The third most popular benefit was used by 746,090 U.S. veterans in fiscal year 2022 (Oct. 1, 2021 through Sept. 30, 2022), according to the U.S. Department of Veterans Affairs. A total of 5,259 of these loan guarantees were issued to veterans in New Mexico. Of those, 801 were used to buy, refinance or upgrade a home in Doña Ana County, according to Jesus Rodriguez, public information officer for the VA’s Phoenix Regional Loan Center in Arizona.

“The purpose of the VA Home Loan Guaranty program is to assist eligible veterans, active duty personnel, surviving spouses, and members of the Reserves and National Guard to purchase, maintain, and adapt homes in recognition of their service. to the nation,” according to the VA website at https://www.benefits.va.gov/homeloans/.

The the website also gives details the Native American Veteran Direct Loan Program, which “helps Native American veterans or Native American non-veterans finance the purchase of homes on federal trust lands. The VA has memorandums of understanding with 110 participating Native American tribes. In fiscal year 2022, VA entered into 40 loans under this program. Since its inception, VA has issued 1,205 loans to Native American veterans.

Gary Sandler

The concept behind the program is simple. Veterans with decent credit and a stable source of income can use their allowance to purchase a home in Doña Ana County without a down payment. There is no longer a maximum purchase price for veterans wishing to use a VA loan. Veterans can get a loan for any amount they can qualify for based on their credit and income. Major loan criteria include no maximum debt ratio, no minimum credit score, and no mortgage insurance, although VA requires lenders to ensure the veteran has the ability to repay the ready. Most banks, credit unions, and mortgage companies in the Las Cruces area offer VA loans.

With the exception of disabled veterans and their surviving spouses, the VA charges the veteran a one-time “finance fee” for purchase loans between 1.4 and 3.6 percent of the loan amount, depending on whether the buyer chooses to use a deposit. This fee helps pay for the administrative costs of the program.

A secondary benefit of a VA loan is that it is assumable, meaning a qualified buyer can assume the veteran’s loan. Buyers who take on VA loans do not need to be veterans and are not required to live in the home. Unfortunately for the veteran, his eligibility remains tied to the home until the new borrower repays the loan. However, Veterans can retain their eligibility if another Veteran assumes their loan. Veterans who take on a VA loan and substitute their eligibility for the original borrower’s eligibility free up the original veteran’s benefit for reuse. The veteran who assumes the loan must occupy the house as their principal residence.

VA loans can add value to a property in the future. Let’s say a veteran with an existing 3.5% VA loan decides to sell his home after living there for 5 years. Let’s also say that the value of the house appreciated by 4.0% each of those years, resulting in an equity value of about 20%. Equity is the difference between the value of a property and what is owed to it. Would a buyer with a 20% down payment be better off financing their purchase with a new 7% 30-year loan, or using the 20% to take on a 3.5% VA loan that remains for 25 years? The answer is almost certainly yes.

New Mexico was home to 158,994 New Mexico veterans as of November 2020, according to the NM Department of Veterans Services. According to the Department of Defense’s Defense Workforce Data Center as of December 31, 2021: 13,914 New Mexicans were on active duty, along with 4,774 military spouses, 8,385 children on active duty, 7 824 National Guard Reservists, 3,215 National Guard spouses, and 5,116 National Guard spouses. Child care reserve.

For the thousands of eligible New Mexicans, this valuable benefit may be worth exploring. For more information, contact your real estate agent; the VA Phoenix Regional Loan Center at 800-827-1000 or Phoenix Regional Office, Regional Lending Center – Phoenix Regional Office (va.gov), or your local lender.

Thank you for your service!

Gary Sandler is a full-time realtor and president of Gary Sandler Inc., real estate agents in Las Cruces. He loves answering questions and can be reached at 575-642-2292 or [email protected].

Others read:

What Happens When You Miss Mortgage Payments – Forbes Advisor


Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

When you are behind on your mortgage payments, your lender may possibly repossess your home to recoup the loss. But that won’t happen right away. Lenders must follow a series of steps that begin with pre-foreclosure.

During this first phase of the foreclosure process, you may have the opportunity to rehabilitate your mortgage and keep your home. Here’s what you need to know about pre-lockdown to prepare.

What is a pre-seizure?

Pre-foreclosure is a legal procedure that a lender can undertake when a borrower misses several consecutive mortgage payments. The lender will send the borrower a Notice of Default, which is a legal notice that initiates the pre-foreclosure phase.

The borrower has a few options at this point:

  1. Catch up on payments
  2. Sell ​​the house
  3. Arrange for a loan modification

If none of this happens during pre-foreclosure, the lender can start foreclosure proceedings.

How does the pre-entry process work?

When you take out a home loan, you sign a mortgage agreement that says the bank can get your property back if you stop making payments. If one of your payments is just a few days late, there’s usually nothing to worry about as lenders often offer a 15-day grace period after the due date. If you make a payment within this two-week period, you generally won’t incur any fees or damage your credit.

However, here is what could happen after this grace period:

  • Your lender reports your missed mortgage payment. After 30 days, your loan servicer may report the missed payment to the credit bureaus and charge late fees. They are required to contact you after 36 days without payment, although they may contact you sooner.
  • The loan officer assigns someone to your file. Once your payments are 45 days past due, someone will be assigned to your file. This representative will help you understand your options and answer all your questions. When you reach the 60 day mark, you may incur a second late payment penalty and the late payment will be reported to the credit bureaus.
  • You receive a formal notice. You will receive this letter after missing three consecutive payments. The loan officer will give you 30 days to update the loan before starting the foreclosure process. Additionally, the loan servicer may report the last missed payment to the credit bureaus and charge additional late fees.

The default notification kicks off the pre-locking phase. Depending on the state where you live, the loan officer may add the notice to a public list of borrowers who are subject to foreclosure. After you’ve missed payments for 120 days and haven’t made arrangements to repay the money, your loan officer may seek court approval to place a lien on your property. This begins the official foreclosure process.

Pre-entry vs entry

The pre-foreclosure phase begins when a loan servicer sends the borrower a notice of default. This usually happens after the borrower skips three consecutive mortgage payments without attempting to contact the loan officer.

A pre-foreclosure borrower still owns their home and has several options. They can sell the home, either through a short sale or a regular sale, or work with the lender to catch up on payments. Lenders may be able to enroll the borrower in a special payment or relief plan during this time.

But if the borrower doesn’t sell the home or pay back what’s owed, the lender can start foreclosure proceedings. They will usually need to get court approval to place a lien on the property. This can happen once the borrower misses four mortgage payments. The lender takes possession of the property at this point and can sell the house.

Can the pre-seizure be stopped?

You can usually stop pre-foreclosure by catching up on any mortgage payments you’ve missed. It’s a good idea to contact your loan manager as soon as possible and let them know that you are taking steps to make this happen. They will stop the pre-foreclosure process once your home loan is in process.

Point: You can hire a housing counselor to help you understand your options.

Can I buy a house that is in pre-foreclosure?

Yes, you can buy a house that is pre-foreclosure. These homes may not be on the market because the owner may be trying to remedy the defect. But some pre-foreclosure homes are listed on websites such as REDX, Foreclosure.com, or local multiple listing services.

If you find someone who wants to sell their pre-foreclosure home, you can work with a real estate agent to submit an offer and negotiate the details. However, you may need to act quickly. The owner may only have a few weeks before the lender puts the house up for auction. The home is considered foreclosed after the auction, after which you will need to work with the lender to purchase the home.

What to do if your home is in pre-foreclosure

If you are behind on mortgage payments, you may be able to avoid foreclosure. The following options generally have less of an impact on your credit and finances.


Refinancing your mortgage involves taking out a new home loan, ideally with a lower interest rate. If you paid off part of the original mortgage, your new payments will be lower because the mortgage is based on a lower balance.

You can also refinance to switch from an adjustable rate mortgage (ARM) to a fixed rate loan. This could prevent your monthly payments from increasing.

Request a loan modification

With a loan modification, you will permanently change the terms of your home loan. Your loan officer may be willing to negotiate a loan modification if you have documented financial difficulties. They could, for example, extend the term of your loan or reduce your interest rate to make your monthly payments more affordable.

Sell ​​the house

You can avoid foreclosure by selling your home and potentially making a profit. US home prices are up 13.5% in August 2022 compared to August 2021, so you may be able to sell the home for more than you originally paid.

But if the value of your home has dropped for some reason, your lender may approve a short sale. It’s when someone buys your house for less than you owe on the mortgage.

Offer a deed in lieu of foreclosure

If none of these options work for you, you may consider offering a deed in lieu of foreclosure. With this type of arrangement, you will sign the deed to your home to your loan officer and move out. In exchange, the repairer releases you from your mortgage obligations.

Related: 7 ways to get out of your mortgage

Faster and easier mortgages

Check your rates today with Better Mortgage.

AXCELIS TECHNOLOGIES INC Management report and analysis of the financial situation and operating results. (Form 10-Q)

Certain statements within "Management's Discussion and Analysis of Financial
Condition and Results of Operations" are forward-looking statements that involve
risks and uncertainties. Words such as may, will, should, would, anticipates,
expects, intends, plans, believes, seeks, estimates and similar expressions
identify such forward-looking statements. The forward-looking statements
contained herein are based on current expectations and entail various risks and
uncertainties that could cause actual results to differ materially from those
expressed in such forward-looking statements. Factors that might cause such a
difference include, among other things, those set forth under "Liquidity and
Capital Resources" below and under "Risk Factors" in Part I, Item 1A to our
  annual report on Form 10-K for the year ended December 31, 2021  , which
discussion is incorporated herein by reference. Readers are cautioned not to
place undue reliance on these forward-looking statements, which reflect
management's analysis only as of the date hereof. We assume no obligation to
update these forward-looking statements to reflect actual results or changes in
factors or assumptions affecting forward-looking statements, except as may
required by law.


We are primarily a producer of ion implantation equipment used in the
fabrication of semiconductor chips in the United States, Europe and Asia. In
addition, we provide extensive worldwide aftermarket service and support,
including spare parts, equipment upgrades and maintenance services to the
semiconductor industry. Our product development and manufacturing activities
currently occur primarily in the United States and South Korea. Our equipment
and service products are highly technical and are sold through a direct sales
force in the United States, Europe and Asia. Consolidation and partnering within
the semiconductor manufacturing industry has resulted in a small number of
customers representing a substantial portion of our business. Our ten largest
customers accounted for 60.7% of total revenue for the nine months ended
September 30, 2022.

For Axcelis and the rest of our industry, the first nine months of 2022 has been
a continuation of the unprecedented demand for chips and the capital equipment
required to produce them. At the same time, supply chain challenges also
continued during the first nine months of 2022. Axcelis' strong results in the
first nine months of 2022 demonstrate our ability to meet demand and manage
supply chain difficulties. The growing mature process technology market
continues to be an area of strength for Axcelis, with 84% of shipments during
the first nine months of 2022 going to mature foundry/logic customers.

Critical accounting estimates

Management's discussion and analysis of our financial condition and results of
operations included herein and in our Annual Report on Form 10-K for the year
ended December 31, 2021 are based upon our consolidated financial statements,
which have been prepared in accordance with accounting principles generally
accepted in the United States. The preparation of these financial statements
requires management to make estimates and judgments that affect the reported
amounts of assets, liabilities, revenues and expenses and related disclosure of
contingent assets and liabilities. On an ongoing basis, we evaluate our
estimates and assumptions. Management's estimates are based on historical
experience and on various other assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates under different assumptions or conditions.



Management has not identified any need to make any material change in, and has
not changed, any of our critical accounting estimates and judgments as described
in Management's Discussion and Analysis of Financial Condition and Results of
Operations included in our Annual Report on Form 10-K for the year ended
December 31, 2021.

Operating results

The following table sets forth our results of operations as a percentage of
total revenue:

                               Three months ended           Nine months ended
                                  September 30,               September 30,
                                2022         2021           2022         2021
Product                           96.7 %       95.7 %         96.6 %       95.4 %
Services                           3.3          4.3            3.4          4.6
Total revenue                    100.0        100.0          100.0        100.0
Cost of revenue:
Product                           51.9         52.7           52.4         52.6
Services                           3.0          4.0            2.9          4.3
Total cost of revenue             54.9         56.7           55.3         56.9
Gross profit                      45.1         43.3           44.7         43.1
Operating expenses:
Research and development           9.0          9.4            8.6         10.7
Sales and marketing                6.4          6.5            5.9          7.4
General and administrative         6.5          6.8            6.3          7.3
Total operating expenses          21.9         22.7           20.8         25.4
Income from operations            23.2         20.6           23.9         17.7
Other (expense) income:
Interest income                    0.5            -            0.2            -
Interest expense                 (0.6)        (0.7)          (0.6)        (0.8)
Other, net                       (3.5)        (0.5)          (2.2)        (0.4)
Total other expense              (3.6)        (1.2)          (2.6)        (1.2)
Income before income taxes        19.6         19.4           21.3         16.5
Income tax provision               2.0          3.8            2.0          2.7
Net income                        17.6 %       15.6 %         19.3 %       13.8 %


The following table presents our revenue from products and services:

                             Three months ended       Period-to-Period        Nine months ended         Period-to-Period
                               September 30,               Change               September 30,                Change
                             2022         2021            $          %        2022         2021             $          %

                                                                (dollars in thousands)
Product                    $ 221,540    $ 169,151    $    52,389    31.0 % 
$ 631,998    $ 435,916    $     196,082   45.0 %
Percentage of revenue           96.7 %       95.7 %                              96.6 %       95.4 %
Services                       7,635        7,543             92     1.2 %     21,949       20,828            1,121    5.4 %
Percentage of revenue            3.3 %        4.3 %                               3.4 %        4.6 %
Total revenue              $ 229,175    $ 176,694    $    52,481    29.7 % 
$ 653,947    $ 456,744    $     197,203   43.2 %


  Table of Contents

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021


Product revenue, which includes systems sales, sales of spare parts, product
upgrades and used systems was $221.5 million, or 96.7% of revenue during the
three months ended September 30, 2022, compared with $169.2 million, or 95.7% of
revenue for the three months ended September 30, 2021. The $52.4 million
increase in product revenue for the three-month period ending September 30,
2022, in comparison to the same period in 2021, was primarily driven by an
increase in the number of systems sold.

Deferred revenue includes payments received in advance of system sales as well
as deferral of revenue from systems sales for installation and other future
performance obligations. The total amount of deferred revenue at September 30,
2022 and December 31, 2021 was $122.6 million and $68.4 million, respectively.
The increase in deferred revenue was primarily due to the number of systems sold
and payments received in advance of sales.


Services revenue, which includes the labor component of maintenance and service
contracts and fees for service hours provided by on-site service personnel, was
$7.6 million, or 3.3% of revenue for the three months ended September 30, 2022,
compared with $7.5 million, or 4.3% of revenue for the three months ended
September 30, 2021. Although services revenue typically increases with the
expansion of the installed base of systems, it can fluctuate from period to
period based on capacity utilization at customers' manufacturing facilities,
which affects the need for equipment service.

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021


Product revenue was $632.0 million, or 96.6% of revenue during the nine months
ended September 30, 2022, compared with $435.9 million, or 95.4% of revenue for
the nine months ended September 30, 2021. The $196.1 million increase in product
revenue for the nine-month period ending September 30, 2022, in comparison to
the same period in 2021, was primarily driven by an increase in the number
systems sold.

Services revenue was $21.9 million, or 3.4% of revenue for the nine months ended
September 30, 2022, compared with $20.8 million, or 4.6% of revenue for the nine
months ended September 30, 2021.

Revenue categories used by management

In addition to the line item revenue categories described above, management also regularly disaggregates revenue into the following categories, which it deems relevant and useful:

? Systems and Aftermarket revenue, in which “Aftermarket” corresponds to:

A. The portion of product revenue related to spare parts, product upgrades, and

used equipment, combined with

B. Service revenue, which is the labor component of secondary market revenue

(Aftermarket purchases reflect current fab utilization as opposed to Systems
purchases which reflect capital investment decisions by our customers, which
have differing economic drivers);

? Revenue by geographical area, because the economic factors impacting

purchasing decisions may vary by geographic region; and


  Table of Contents

Revenue from our customer market segments, as they may be subject to different

economic drivers at different times, impacting

? probability of buying capital goods during a given period.

Currently, management references three customer segments: memory, mature

state-of-the-art process and foundry technology and logic.

Aftermarket and systems revenue

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021

Included in total revenue of $229.2 million during the three months ended
September 30, 2022 is revenue from our Aftermarket business of $58.1 million,
compared with $50.5 million of aftermarket revenue for the three months ended
September 30, 2021. Aftermarket revenue fluctuates from period to period based
on capacity utilization at customers' manufacturing facilities, which affects
the sale of spare parts and demand for equipment service. Aftermarket revenue
can also fluctuate from period to period based on the demand for system upgrades
or used equipment. The remaining $171.1 million of revenue for the three months
ended September 30, 2022 was from system sales, compared with $126.2 million of
systems revenue for the three months ended September 30, 2021. Systems revenue
fluctuates from period to period based on our customers' capital spending.

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021

Included in total revenue of $653.9 million during the nine months ended
September 30, 2022 is revenue from our Aftermarket business of $165.7 million,
compared with $149.4 million of aftermarket revenue for the nine months ended
September 30, 2021. The remaining $488.2 million of revenue for the nine months
ended September 30, 2022 was from system sales, compared with $307.3 million of
systems revenue for the nine months ended September 30, 2021.

Gross Profit / Gross Margin

The following table presents our gross profit / gross margin:

                           Three months ended        Period-to-Period        Nine months ended          Period-to-Period
                              September 30,               Change               September 30,                 Change
                            2022         2021            $          %         2022         2021           $            %

                                                                (dollars in thousands)
Gross Profit:
Product                  $  102,548    $  75,950    $    26,598    35.0 % 
$ 289,611    $ 195,693    $    93,918       48.0 %
Product gross margin           46.3 %       44.9 %                              45.8 %       44.9 %

Services                        773          562            211    37.5 %      2,658        1,268          1,390      109.6 %
Services gross margin          10.1 %        7.5 %                         

12.1% 6.1% Total gross profit $103,321 $76,512 $26,809 35.0% $292,269 $196,961 $95,308 48.4% Gross margin

                   45.1 %       43.3 %                              44.7 %       43.1 %

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021


Gross margin from product revenue was 46.3% for the three months ended September
30, 2022, compared to 44.9% for the three months ended September 30, 2021. The
increase in gross margin resulted from improved margins on Purion systems.


Services revenue gross margin was 10.1% for the three months ended
September 30, 2022against 7.5% for the three months ended September 30, 2021. The increase in gross margin is attributable to changes in the composition of service contracts.


  Table of Contents

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021


Gross margin from product revenue was 45.8% for the nine months ended September
30, 2022, compared to 44.9% for the nine months ended September 30, 2021. The
increase in gross margin resulted from improved margins on Purion systems.


Gross margin from services revenue was 12.1% for the nine months ended September
30, 2022, compared to 6.1% for the nine months ended September 30, 2021. The
increase in gross margin is attributable to changes in the mix of service

Functionnary costs

The following table presents our operating expenses:

                                Three months ended        Period-to-Period       Nine months ended         Period-to-Period
                                  September 30,                Change              September 30,                Change
                                 2022         2021           $          %        2022         2021            $           %


(in thousands of dollars) Research and development $20,563 $16,707 $3,856 23.1% $56,267 $49,015 $7,252 14.8% Percentage of turnover

                9.0 %       9.4 %                               8.6 %       10.7 %
Sales and marketing               14,573      11,415          3,158     

27.7% 38,567 33,979 4,588 13.5% Percentage of turnover

                6.4 %       6.5 %                      

5.9% 7.4% General and administrative 14,983 11,996 2,987 24.9% 41,163 33,226 7,937 23.9% Percentage of revenue

                6.5 %       6.8 %                      

6.3% 7.3% Total operating expenses $50,119 $40,118 $10,001 24.9% $135,997 $116,220 $19,777 17.0% Percentage of revenue

               21.9 %      22.7 %                      

20.8% 25.4%

Our operating expenses consist primarily of personnel costs, including salaries,
commissions, incentive-based compensation, stock-based compensation and related
benefits and taxes; project material costs related to the design and development
of new products and enhancement of existing products; and professional fees,
travel and depreciation expenses.

Personnel costs are our largest expense, representing $31.4 million or 62.6% of
our total operating expenses for the three months ended September 30, 2022,
compared to $24.9 million or 62.1% of our total operating expenses for the three
months ended September 30, 2021. Personnel costs were $83.0 million or 61.0% of
our total operating expenses for the nine months ended September 30, 2022,
compared to $72.3 million or 62.2% of our total operating expenses for the nine
months ended September 30, 2021. The higher personnel costs for the three and
nine months ended September 30, 2022 are primarily due to increases in
personnel-related expenses to support growth as well as an increase in
incentive-based pay expense due to strong financial performance.

Research and development

                              Three months ended       Period-to-Period           Nine months ended           Period-to-Period
                               September 30,                Change                  September 30,                  Change
                              2022        2021            $             %         2022         2021             $           %


(in thousands of dollars) Research and development $20,563 $16,707 $3,856 23.1% $56,267 $49,015 $7,252 14.8% Percentage of turnover

            9.0 %       9.4 %                          

8.6% 10.7%

Our ability to remain competitive depends largely on continuously developing
innovative technology, with new and enhanced features and systems and
introducing them at competitive prices on a timely basis. Accordingly, based on


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Strategically, we establish annual R&D budgets to fund programs that we believe will solve customers’ high value, high impact ion implantation problems.

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021

Research and development expense was $20.6 million during the three months ended
September 30, 2022, an increase of $3.9 million, or 23.1%, compared with $16.7
million during the three months ended September 30, 2021. The increase is
primarily due to higher personnel expenses including an increase in
incentive-based pay expense as well as an increase in project materials and
related services for ongoing projects.

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021

Research and development expense was $56.3 million during the nine months ended
September 30, 2022, an increase of $7.3 million, or 14.8%, compared with $49.0
million during the nine months ended September 30, 2021. The increase is
primarily due to higher personnel expenses including an increase in
incentive-based pay expense as well as an increase in project materials and
related services for ongoing projects.

Sales and Marketing

                                  Three months ended         Period-to-Period          Nine months ended       Period-to-Period
                                    September 30,                 Change                 September 30,              Change
                                   2022         2021           $              %        2022         2021           $          %

                                                                      (dollars in thousands)
Sales and marketing             $   14,573    $ 11,415     $     3,158     

27.7% $38,567 $33,979 $4,588 13.5% Percentage of turnover

                  6.4 %       6.5 %                                   5.9 %       7.4 %

Our sales and marketing expenses result primarily from the sale of our equipment and services through our direct sales force.

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021

Sales and marketing expenses were $14.6 million in the three months ended
September 30, 2022an augmentation of $3.2 millioni.e. 27.7%, against
$11.4 million in the three months ended September 30, 2021. The increase is primarily due to higher personnel expenses, including an increase in performance pay expenses and transportation costs.

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021

Sales and marketing expenses were $38.6 million in the nine months ended
September 30, 2022an augmentation of $4.6 millioni.e. 13.5%, against
$34.0 million in the three months ended September 30, 2021. The increase is primarily due to higher personnel expenses, including an increase in performance pay expenses and transportation costs.

General and administrative

                                 Three months ended       Period-to-Period        Nine months ended       Period-to-Period
                                   September 30,               Change               September 30,              Change
                                  2022         2021           $          %        2022         2021          $           %


in thousands) General and administrative $14,983 $11,996 $2,987 24.9% $41,163 $33,226 $7,937 23.9% Percentage of turnover

                 6.5 %       6.8 %                     

6.3% 7.3%

Our general and administrative expenses result primarily from costs associated with our management, finance, information technology, legal and human resources functions.


  Table of Contents

Three months completed September 30, 2022 Compared to Three months ended September 30, 2021

General and administrative expense was $15.0 million during the three months
ended September 30, 2022, an increase of $3.0 million, or 24.9%, compared with
$12.0 million during the three months ended September 30, 2021. The increase is
primarily due to an increase in personnel expenses and professional fees.

End of nine months September 30, 2022 Compared to Nine months ended September 30, 2021

General and administrative expense was $41.2 million during the nine months
ended September 30, 2022, an increase of $7.9 million, or 23.9%, compared with
$33.2 million during the nine months ended September 30, 2021. The increase is
primarily due to an increase in personnel expenses and professional fees.

Other (Expense) Income

                            Three months ended      Period-to-period         Nine months ended       Period-to-period
                              September 30,              change                September 30,              change
                             2022        2021          $          %           2022        2021          $          %

                                                              (dollars in thousands)
Other expense             $  (8,193)   $ (2,181)   $   6,012   (275.7) %   $ (17,183)   $ (5,579)   $  11,604   (208.0) %
Percentage of revenue          (3.6) %     (1.2) %                              (2.6) %     (1.2) %

Other (expense) income consists primarily of interest expense relating to the
finance lease obligation we incurred in connection with the 2015 sale of our
headquarters facility and other financing obligations, foreign exchange gains
and losses attributable to fluctuations of the U.S. dollar against local
currencies of certain of the countries in which we operate as well as interest
earned on our invested cash balances.

Other expense was $8.2 million for the three months ended September 30, 2022,
compared with $2.2 million for the three months ended September 30, 2021. The
increase in other expense was primarily due to an increase in foreign currency
exchange losses. Other expense was $17.2 million for the nine months ended
September 30, 2022, compared with $5.6 million for the nine months ended
September 30, 2021. The increase in other expense was primarily due to an
increase in foreign currency exchange losses.

During the nine-month periods ended September 30, 2022 and 2021, we had no material off-balance sheet risks such as foreign exchange contracts, option contracts or other hedging agreements.

Provision for income tax

                          Three months ended       Period-to-period         Nine months ended       Period-to-period
                             September 30,              change                September 30,              change
                           2022         2021          $          %          2022         2021          $          %

                                                             (dollars in thousands)
Income tax provision    $    4,726      $ 6,698   $  (1,972)   (29.4) %   $  13,002     $ 12,261   $     741       6.0 %
Percentage of revenue          2.0 %        3.8 %                               2.0 %        2.7 %

Income tax expense was $4.7 million for the three months ended September 30,
2022, compared to $6.7 million for the three months ended September 30, 2021.
The $2.0 million decrease was primarily due to the FDII deduction on export
sales. Income tax expense was $13.0 million for the nine months ended September
30, 2022, compared to $12.3 million for the nine months ended September 30,
2021. The $0.7 million increase was primarily due to a $63.9 million increase in
pretax income offset by the FDII deduction on export sales.

The effective tax rate for the three and nine months ended September 30, 2022
was less than the U.S. statutory rate of 21% due to forecasted FDII deductions,
Federal research and development tax credits and a favorable discrete item
related to equity compensation that reduces the annual tax rate. The effective
tax rate for the three and nine months ended



September 30, 2021 was less than the U.S. statutory rate of 21% due to favorable
discrete items related to equity compensation in the period and Federal research
and development tax credits that reduce the annual tax rate.

The deferred income taxes of $28.4 million and $35.5 million as of September 30,
2022 and December 31, 2021, respectively, reflect the net tax effect of
temporary differences between the carrying amount of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes, as
well as the tax effect of carryforwards. We have recorded a $9.3 million
valuation allowance in the U.S. against certain tax credits and state net
operating losses due to the uncertainty of their realization. Realization of our
net deferred tax assets is dependent on future taxable income. We believe it is
more likely than not that such assets will be realized; however, ultimate
realization could be impacted by market conditions and other variables not known
or anticipated at this time.

Cash and capital resources

We had $308.6 million in unrestricted cash and cash equivalents at September 30,
2022 and $33.6 million in short-term investments, in addition to $0.8 million in
restricted cash. Management believes that maintaining a strong cash balance is
necessary to fund a continuing ramp in our business which can require
significant cash investment to meet sudden demand. Additionally, we are using
cash in our stock repurchase program and are considering both organic and
inorganic opportunities to drive future growth, for which cash resources will be

Our liquidity is affected by many factors. Some of these relate specifically to
the operations of our business, for example, the rate of sale of our products,
and others relate to the uncertainties of global economic conditions, including
the availability of credit and the condition of the overall semiconductor
equipment industry. Our industry requires ongoing investments in operations and
research and development that are not easily adjusted to reflect changes in
revenue. As a result, profitability and cash flows can fluctuate more widely
than revenue. Stock repurchases, as discussed below, also reduce our cash

In the nine months ended September 30, 2022 and 2021 we generated
$93.2 million and $112.1 millionrespectively, cash from operating activities.

Investing activities for the nine months ended September 30, 2022 resulted in
cash outflows of $40.5 million, $6.9 million of which was used for capital
expenditures and $33.6 million used to purchase short-term investments.
Investing activities for the nine months ended September 30, 2021 resulted in
cash outflows of $5.7 million used for capital expenditures.

Financing activities for the nine months ended September 30, 2022 resulted in a
cash usage of $53.1 million. During the first nine months of 2022, $45.0 million
in cash was used to repurchase our common stock and $9.3 million was used for
payments to government tax authorities for income tax withholding on employee
compensation arising from the vesting of RSUs, where units are withheld by the
Company for taxes, as well as $0.7 million relating to the reduction of the
liability under the finance lease of our corporate headquarters. These amounts
were partially offset by $1.9 million of proceeds from the exercise of stock
options and purchase of shares under our 2020 ESPP during the first nine months
of 2022. In comparison, financing activities for the nine months ended September
30, 2021 resulted in cash usage of $40.7 million, $37.5 million of which related
to the repurchase of our common stock and $6.5 million related to payments made
to government tax authorities for income tax withholding on employee
compensation arising from the vesting of RSUs, as well as $0.6 million relating
to the reduction of our financing lease liability. These amounts were partially
offset by $3.9 million of proceeds related to the exercise of stock options
during the first nine months of 2021.

Under the rules of the U.S. Securities and Exchange Commission (the "SEC"), we
qualify as a "well-known seasoned issuer," which allows us to file shelf
registration statements to register an unspecified amount of securities that are
effective upon filing. On May 29, 2020, we filed such a shelf registration
statement with the SEC for the issuance of an unspecified amount of common
stock, preferred stock, various series of debt securities and/or warrants to
purchase any of such securities, either individually or in units, from time to
time at prices and on terms to be determined at the time of any such offering.
This registration statement was effective upon filing and will remain in effect
for up to three years from filing, prior to which time we may file another shelf
registration statement to maintain the availability of this financing option.


  Table of Contents
On July 31, 2020, we entered into a Senior Secured Credit Facilities Credit
Agreement (the "Credit Agreement") with Silicon Valley Bank. The Credit
Agreement provides for a revolving credit facility in an aggregate principal
amount not to exceed $40.0 million. Our obligations under the Credit Agreement
are secured by a security interest, senior to any current and future debts and
to any security interest, in all of our rights, title, and interest in, to and
under substantially all of our assets, subject to limited exceptions, including
permitted liens. The revolving credit facility terminates on July 31, 2023. As
of September 30, 2022, we were in compliance with all covenant requirements of
the Credit Agreement. As of such date, no borrowings had been made under the
Credit Agreement, although a letter of credit for $5.9 million reduces the funds
available for borrowing under the credit line. We have no immediate plans to
borrow under the Credit Agreement, but we will use the facility for letters of
credit, for ongoing working capital needs and to fund general corporate
purposes, as desired. We entered into a First Amendment to the Credit Agreement
with Silicon Valley Bank in March 2021 to (i) align the covenants with our stock
repurchase program, and (ii) establish terms to transition from a Eurodollar
based interest rate option to an interest rate benchmark using a secured
overnight financing rate (known as "SOFR") published by the Federal Reserve Bank
of New York.

We believe that based on our current market, revenue, expense and cash flow
forecasts, our existing cash, cash equivalents and equity and debt financing
capacity will be sufficient to satisfy our anticipated cash requirements for the
short and long-term.

Commitments and contingencies

Significant commitments and contingencies at September 30, 2022 are consistent
with those discussed in Item 7, "Management's Discussion and Analysis of
Financial Condition and Results of Operations," and Note 16 to the consolidated
financial statements in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2021.

© Edgar Online, source Previews

4 in 10 consumers plan to use Buy Now, Pay Later for holiday shopping. Should you?


Image source: Getty Images

These plans can be handy, but proceed with caution.

Key points

  • Some shoppers plan to pay off their vacation purchases over time.
  • You have options for doing this aside from a credit card, but it’s important to know what you’re signing up for.
  • BNPL plans can make sense if you know you can handle the payments, and also if you know you’ll have money soon.

At this point, you may already be planning to start your holiday shopping, if you haven’t already. Many retailers release deals early this year, so it pays to start looking around and see what discounts are available.

You might be tempted to buy items that you can’t afford right away. In this scenario, you have a choice. You can charge your purchases to a credit card and pay off your balance over time. Or, you can use a “Buy now, pay later” planor BNPL plan, which allows you to pay for your purchases in installments over a period of usually three months or less.

In a recent Bluedot poll, a good 40% of respondents said they plan to use a BNPL plan to cover vacation purchases. But is it a smart idea?

The Good Side of BNPL Plans

When you charge expenses to a credit card, you automatically sign up to pay interest on the carried forward balance. BNPL plans don’t work that way. If you stick to your plan’s payment schedule, you won’t have to pay interest. And that could mean a lot of savings.

BNPL plans are also quite transparent. Typically, you apply on the spot and, if your application is approved, make an upfront payment and get the option to repay most of your purchase in installments.

The downside of BNPL diets

BNPL plans are a reasonable alternative to credit cards. But they also have their drawbacks.

For one, you only have a limited window of time to refund your purchases.

With a credit card, you can carry a balance for eight months, 10 months, a year or more. With an BNPL plan, you usually have to repay your purchase within three months. And while it’s easy to argue that being able to carry over a credit card balance indefinitely isn’t, in fact, a good thing, the reality is that credit cards can be more flexible.

Additionally, while you won’t incur interest charges on a BNPL plan if you stick with it, once you deviate from your plan’s payment schedule, major consequences can occur. Not only could you incur costly interest charges and late payment fees, but this activity could also be reported to major credit bureaus, in the same way that you are generally notified in the event of a late payment by credit card. The result? Major damage to credit score which could make it difficult to borrow affordably in the future.

What’s the right call?

Paying for your holiday shopping with an BNPL plan makes sense if you know you can afford the payments involved, and also, if you’re sure you’ll have a stack of cash coming in the short term. Let’s say you’ve already been told to expect a $1,000 year-end bonus on December 1st. If you’re trying to get your holiday shopping off to a quick start, it might make sense to sign up for a BNPL plan in November and use your bonus to cover your payments.

On the other hand, if you’re not sure you understand the terms of the BNPL plan you’re considering, don’t sign up. And absolutely don’t sign up if money is tight and you’re barely able to cover your basic bills.

A BNPL plan is not a free pass to walk away with the items you want without having to worry about paying for them. And it is important that you know this before considering one.

The best credit card waives interest until 2024

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% for up to 21 months! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read our full review for free and apply in just 2 minutes.

Federal Bank: This credit card offers free life insurance cover up to Rs 3 lakh


Federal Bank credit card users will now enjoy a Group Credit Shield facility that provides life cover equal to the credit limit up to a maximum of Rs 3 lakh. The Federal Bank has partnered with Ageas Federal Life Insurance to bring this offer to its credit card users.

In a statement, the Federal Bank said that Group Credit Shield is an exclusive cover and is equivalent to the credit limit, up to a maximum of Rs. 3 Lakh for a duration of 1 year.

This product would not require any additional documents or medical examinations. It is a single-premium plan, aimed at customers, especially millennials, who want ease and convenience, while ensuring safety and security, the bank said.

The Group Credit Shield plan can be purchased online in 3 minutes with just a few clicks, he added.

Currently, Federal Bank offers three variations of credit cards namely Celesta, Imperio and Signet in association with Visa, Mastercard and Rupay respectively.

“We are delighted to partner with Federal Bank to introduce our Group Credit Shield to Federal Bank Credit Card customers. Group Credit Shield offers its customers life insurance coverage that will secure their credit spending and save their loved ones from having to bear the burden of debt repayment in the event of an unfortunate incident,” Karthik Raman, Chief Marketing Officer and Head – Products at Ageas Federal Life Insurance said commenting on the announcement.

Read also : Launch of the Shriram Life Premier insured benefit plan. Check features and benefits

“The Group Credit Shield product is designed to enhance Federal Bank’s credit card proposition. The ease and convenience that a fully digital process provides will surely add to the convenience of the customer. By offering such small bundled products, we hope to further increase insurance penetration in the country,” said Shalini Warrier, Executive Director of Federal Bank.

4 reasons why you need a credit card


Rawpixel.com / Shutterstock.com

Whether you’re 18 and just starting to hear about credit cards or you’re 45 and have never thought about the benefits of cards, it’s important to start building credit.

Cash App Borrow: How to borrow money on Cash app
See why: This Credit Score Mistake Could Cost Americans Millions

Credit cards have many advantages. They allow cardholders to take control of their finances and learn valuable money management skills. They also offer fraud protection and monetary benefits to users and allow them to repair or improve their credit ratings for future purchases.

According to a recent survey conducted by GOBankingRates, 16% of Americans do not own a credit card. So one in six Americans don’t have to worry about credit card fees, but they also miss out on the many benefits of opening cards.

Here is more information about this study and why it is important to open a credit card as soon as possible.

16% of Americans do not have credit cards

Of those without a credit card, the majority are between the ages of 45 and 54 — 22% of respondents fall into this category. Additionally, 19% of Americans between the ages of 25 and 34 are also more likely to not be responsible for credit card bills. Additionally, women (18%) are more likely than men (11%) not to have a credit card.

Take our poll : Have you created an emergency fund?

Moreover, among Americans who have credit cards, many have more than one. While the largest proportion of Americans have a credit card, with 28% of respondents falling into this category, the survey found that 25% of Americans have two credit cards, 15% have three, 8% have four and 9% have more than four. .

Now that we have a better understanding of the number of Americans who have credit cards versus those who don’t, let’s look at some of the reasons to consider opening a card.

Education: A credit card can help teach debt management

Opening a credit card not only brings rewards and benefits, it also teaches the user valuable life skills and teaches the person how to stay on top of their finances.

“If you avoid credit altogether, you risk making bigger mistakes when you’re forced to start later due to a cash flow crisis,” said Nicole Strbich, CFP and director of financial planning at Buckingham Councillors. “To avoid this, start with small credit limits and only charge certain expenses, like gas or recurring monthly bills.”

Positive credit history: it is important to establish a credit history

Consider opening a credit card to build up credit for future investments. The minimum age to open a credit card differs; but, in general, most cardholders must be 18 or 21 to open an account. While young Americans may not think about buying a house or a new car, it’s important to get a head start on your financial journey so you can prepare for these expenses later.

“Without a credit card or other loans, it can be impossible to build a credit history so you can buy a house or a car,” Strbich said. “Unfortunately, this story has to be started many years before when you might want to try and qualify for a loan; and, if you don’t take the lead, you may not have many options.

According to our survey, the majority of Americans open credit cards to build credit — 22% of survey respondents use them primarily for this reason.

Pros: Credit cards offer rewards to users

Remember that opening a credit card is not just about opening a new bank account, it allows you to accumulate advantages and advantages that you will not be able to enjoy by using a debit card.

“Select a credit card that offers rewards that fit your spending and your lifestyle,” Strbich said. “Using a credit card for purchases and paying it off each month can generate rewards that can be used against your balance or sent to your bank account.”

According to the GOBankingRates survey, 15% of credit card users use their credit cards primarily for rewards and benefits.

Credit cards offer protection against fraud

Protect yourself against credit card fraud and make sure you can get your money back by opening one of these cards.

“If someone steals your card information and makes fraudulent transactions, you can report it to your credit card company and they will credit your statement for the transaction,” Strbich said. “And, in many cases, the credit card can alert you to suspicious activity before approving the transaction.

“With a debit card, you have less protection against fraud and less time to report activity to limit your potential liability. I suggest customers avoid debit cards for this reason.

Methodology: GOBankingRates surveyed 1,003 Americans ages 18 and older across the country between September 19 and September 20, 2022, asking 12 questions: (1) Which of the following is most important to you when it comes to is choosing a new credit card?; (2) How do you manage your credit card bill each month? ; (3) Do you know your credit score? ; (4) At what age did you receive your first credit card? ; (5) For what main purpose do you use your credit card(s)? ; (6) Do any of the following statements apply to you? (Select all that relate to it); (7) Which credit card fees do you hate the most? ; (8) How many credit cards do you have? ; (9) What is your current total debt on your credit card? ; (10) How long do you think it will take to pay off your credit card debt? ; (11) Have you already reached the credit limit of your credit card? ; and (12) Have you ever charged any of the following to your credit card? Select everything related to it. GOBankingRates used PureSpectrum’s survey platform to conduct the survey.

More from GOBankingRates

This article originally appeared on GOBankingRates.com: 4 reasons why you need a credit card

Does closing a bank account affect your credit?


(NerdWallet) – Ready to close a bank account, but worried about losing your credit score? Do not be.

By taking a few simple steps and adopting good banking habits, you can prevent your credit from being affected by a bank account closure. Here’s what you need to know.

Generally, closing a bank account does not affect your credit

Simply closing a bank account has no direct impact on your credit. The Consumer Financial Protection Bureau confirms that the three major credit bureaus – Experian, Equifax and TransUnion – generally do not include checking account history on their credit reports. But your credit could suffer if you’re not careful when closing an account.

Your credit score could drop if your bank account is not in good standing

Certain imperfections in your bank account history could affect your credit. For example, if you close an account while the balance is negative or a bank closes your account because it’s overdrawn for an extended period of time, the negative balance could go to a third-party collection agency. This could hurt your credit report.

“If the bank sends this unpaid debt to a collection agency, it could be reported to one of three credit bureaus,” said Marguerita Cheng, certified financial planner and CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland, in an email. “Collections can trigger a drop in your credit score.”

How to close your bank account so your credit isn’t affected

You will need to ensure that your account is in good standing and remains so even when you close it. Here are the steps to properly close your bank account:

1. Make a list of recurring deposits and withdrawals. Periodically record invoices and payments paid by direct debit from your account. It is equally important to note all the deposits you receive, even if they are only occasional. You don’t want your tax refund going to a closed bank account, for example, Miguel Gomez said in an email. Gomez is a wealth advisor at Lauterbach Financial Advisors in El Paso, Texas, and host of the “Dinero en Español” podcast.

2. Open your new account and transfer money and automatic transactions to it. “If you have automatic payments taken from the account you’re closing and you don’t update them before you close the account, it can affect your credit due to missed payments,” Gomez said.

3. Pay off any balance on your old account. You should leave money in your old account to cover any pending transactions you might have overlooked, Cheng said. You can also contact your bank to ask if you have any outstanding balances. If you opened an account to take advantage of a cash bonus, make sure your account has been open for the minimum time required to avoid an early closure penalty fee.

4. Close your old account and confirm its closure. Once you have ensured that there are no pending transactions, you can close your account. You may be able to close online, but some financial institutions require you to complete a mail-in form, visit a branch, or call to close your account.

The bank may send you an email to confirm the account has been closed, or you may contact a representative by phone or in person to confirm that the account has been closed and request confirmation in writing.

Note that if your account earned interest or a cash bonus during the year, you will need to obtain the appropriate documents from the bank for your taxes.

Follow these steps when you close your bank account and you’ll avoid fees, missed bills, and credit issues.

Review of Insurance Rate Changes – InsuranceNewsNet


In the midst of a public hearing last summer, after several insurance companies offered double-digit rate increases on their health care plans, the attorney general Guillaume Tong posed a series of questions that summarized the concerns of many gathered at state headquarters Legislative Assembly Headquarters Building That day.

‘I understand that an actuarial analysis is undertaken to ensure that an insurance company has sufficient assets to pay its debts, correct? This is what the analysis shows: ‘ Do you have enough money to pay the claims?’” he asked.

“That’s a consideration, yes,” replied Neil Kelseyvice president and chief actuary of ConnectiCare.

“Do you also do an analysis to see if your customers have the ability to pay your premiums? Tong pressed.

“From an actuarial perspective? That’s not a consideration,” Kelsey said. “When we set rates, our rates cannot be excessive, they must be non-discriminatory, and they must be adequate. These are the three stipulations or thresholds that the actuarial analysis must meet.”

State Representative Kate Farrara West Hartford Democrat, followed up with a challenge to the state.

“I hear from the same nonprofits and small businesses in my district who struggle every year to provide essential health care benefits to employees,” she said. “I would encourage that we use a measure of consumer affordability as a central part of the insurance service rate review process.”

Every year, when insurers offer rate changes for on- and off-the-shelf state health plans, Connecticut the insurance department has the power to approve, reject or modify them. The department assesses trends in unit cost (the total expenses incurred by the business), service utilization and expected severity of claims. Rates cannot be excessive, insufficient or unfairly discriminatory.

Now advocates, elected officials and consumers are calling on them to add an affordability measure to the list.

This year, insurers asked the state to approve an average price increase of 20% on individual health plans, a request far greater than any proposed in recent years. By contrast, they sought an average hike of 8.6% in 2021 and 6.3% in 2020. The state has approved an average increase of 13% this year, though the cost of some plans will increase by as much as 25%.

“We asked lawmakers to require Connecticut Department of Insurance consider affordability for consumers and small businesses when reviewing rate applications,” said Lynne IdeProgram Manager for Communications Outreach and Engagement Connecticut Universal Health Care Foundation. “The department told us every year, ‘Look, we don’t have to do this legally.

“We always think about how state policy affects everyday people. The biggest complaint people have about health care is the cost and the sustainability of that cost.”

Lawmakers frustrated with the demand for high rates this year say they plan to introduce a bill during the legislative session that begins in January that would change the state’s rate review process to include affordability of consumers as the norm.

“I would be really interested in an overhaul of the rate review process, including looking at affordability,” Sen said. Matthew LeserD-MiddletownInsurance Co-Chair and Real estate committee. “I don’t think we should be afraid of a more adversarial system. I think we should reimagine what this process looks like.

“Even though we have made progress in reducing our uninsured rate, there is still a significant portion of our population that is uninsured and a larger percentage that is underinsured – people who have insurance on paper but who can’t afford to access coverage when I never understood why we would want to ration care based on people’s ability to pay.

Sen. Saud AnwarD-Windsor Southa vice chairman of the insurance committee, said he would also support a change to the rate review process that would include adding affordability.

“I feel there is urgency because every day we don’t make it an obligation, insurance companies are raising prices,” he said. “As those prices go up, more and more people can’t afford it.”

While drafting a bill, Lesser said he would keep the safety and solvency of insurance companies as a consideration in the review process. “We shouldn’t back down from this,” he said. “But they can also look at affordability.”

Andrew But, Connecticut insurance commissioner, defended the state’s review process and praised his department’s work over the years.

“We are working diligently to make sure that the people of Connecticut don’t pay more for health insurance than they should,” he said in a statement. “We saved our state’s consumers $365 million over four years by scrutinizing and reducing rate requests.

“We agree that the underlying and rising cost of health care must be addressed. That is why we are working with the Governor’s Office and the Health Care Policy Group on proposals for the next legislative session to reduce the growth in the cost of health care.”

He did not give details on the proposals that could be presented during this session.

Some lawmakers have said the rising cost of medical care should be the focus of legislative reform, not the insurance department.

“We need to put pressure on the cost drivers, not the people covering the people,” Rep. Kerry WoodD-rocky hill, co-chairman of the insurance committee. “I feel like pressuring the insurance department in how they regulate plans completely ignores the main factor, which is the cost of health care.”

But for Lesser and others, the tariff review process is central.

Lesser said he would turn to the state Office of Health Strategy determine how affordability could be defined in the bill. This year, OHS developed a tool called the Health Care Affordability Index, which uses several factors, such as type of insurance, family size, health status and age, to determine costs and affordability of health care.

The bureau also recently began setting annual benchmarks for the inflated cost of health care – requiring providers, insurers and other industry players to declare their annual price increases.

The program is designed to expose hospitals, medical practices and insurance companies whose costs exceed state-mandated targets. There is no penalty for those who exceed benchmarks, but officials say the annual reporting mandate would create public pressure to cut costs.

OHS also tracks annual primary care spending and sets targets for this.

“OHS considers affordability of health care to be essential for the health and outcomes of Connecticut residents, as well as the longevity and effectiveness of Connecticut health care system,” Tina Hydea spokeswoman for the office said in a statement.

At least one state considers affordability in the insurance department’s annual rate review process: Rhode Island.

When assessing affordability, officials from Rhode Island review trends, including historical rates of existing products and national and regional health insurance trends; inflation; insurers’ efforts to control administrative costs; the ability of low-income residents to pay for health insurance; price comparisons with other market rates for similar products; and insurers’ strategies for increasing affordability, according to an analysis of Connecticut Office of Legislative Research.

Rhode Island the insurance commissioner also reviews state and federal requirements such as benefit mandates; costs of medical services over which the plans have limited control; the third-party payment system and the resulting reduction in consumer price sensitivity; and health plan solvency.

To determine whether tariffs are affordable, officials check whether insurance companies have met primary standards: increasing primary care spending, meeting certain quality of care and payment provisions, including an inflation cap on medical expenses when contracting with hospitals, financially supporting the exchange of health information and the adoption of a patient-centered medical house model (places where consumers can receive treatment from various specialists arranged through their primary care physician).

Ted Doolittle, Connecticut health care advocate, said he believes state policy already allows the Department of Insurance to weigh affordability when approving or rejecting annual rates.

“I always thought that an aggressive, consumer-focused administration could start looking at the issues of consumer affordability and underlying pricing right now,” he said. “Historically, they haven’t. Insurers – who have a lot of influence over the insurance department, rightly so in many ways – have no interest in going that route, for obvious reasons.”

Doolittle said he would support a bill that would make affordability a standard in law.

“We live in a high-deductible world where almost everyone has to pay for all of their non-preventive care,” he said. “A generation ago carriers were on the hook starting with one dollarbut now carriers literally have no skin in the game until i pay off my deductible.

“Since Connecticut families have to pay the first thousand dollars of medical bills, [they] have the right to understand exactly what price was negotiated on their behalf and why. »

Jenna Carlesso is a reporter for The Connecticut Mirror (https://ctmirror.org). Copyright 2022 © The Connecticut Mirror.

Upgrade Cash Rewards Visa: A personal loan and credit card all in one


Cash Rewards Visa®* Upgrade is a combination credit card and Personal loan. You make purchases with the card as you would with any Visa credit card, but at the end of the month your balance is converted into a personal loan with a set interest rate and monthly payment. Upgrade typically offers 24, 36, or 60 month installment plans, and your options may vary depending on your credit situation.

For those planning to make a large, time-limited purchase (i.e. you can’t save money up front), the upgrade card offers a structured repayment plan with a defined APR. This can help avoid interest rates that increase over time. It can also help smooth out inconsistencies for those struggling to meet their own monthly payment schedules.

It’s marketed as a rewards credit card that earns “1.5% cash back,” but as we’ll explain, that’s not quite accurate in most cases. The most accurate description is that it is a personal loan that works much like a credit card.

Cash Rewards Visa® Upgrade

Introductory offerN / A

APR14.99% – 29.99% APR

Intro Purchase APRN / A

Recommended credit Excellent/Good/Fair

Reward rate
  • Earn 1.5% unlimited cash back on card purchases every time you make a payment

Annual fees$0

Late payment fees No charges

Foreign transaction fees No charges

  • Earn 1.5% unlimited cash back on card purchases every time you make a payment

How it works

The upgrade card works like any typical Visa credit card when making purchases. But at the end of the month, Upgrade will combine all fees into one plan with a fixed monthly payment amount and a fixed interest rate. This payment plan – and your credit score – will help you determine the overall amount of interest you’ll pay.

Each time you make a monthly payment on your upgrade balance, 1.5% of that payment will be applied as a “bonus” to the next month’s balance. Thus, if you pay $100, a bonus of $1.50 will be deducted from your capital the following month.

That’s why we don’t really consider it a “credit card rewards— most of the time, you’ll just get a small discount on the interest the upgrade charges you. With a typical rewards credit card, the goal is to pay off your balance in full each month so your rewards don’t You can also refund your entire balance with the Upgrade card, but it’s unclear how rewards would be credited in this case, and Upgrade did not immediately respond to our requests.

You can also use the Upgrade card for a cash advance, transferring the funds directly to the bank account of your choice. The same process follows with a cash advance as with purchases, and you don’t have to worry about cash advance fees like you would with a credit card.

Why it’s not a personal loan

Although the Upgrade Cash Rewards card is similar to a personal loan, there are a few key differences.

The first difference is that instead of withdrawing a fixed amount of money, like $5,000, the loan amount is determined by your credit limit and spending. Credit limits generally vary between $500 and $25,000 depending on a number of financial factors, such as your income, credit history and credit score, existing debt, etc. You can use as little or as much of your credit limit as you want, but not without potential impact on your credit score.

The second main difference with a traditional personal loan is that it slightly simplifies the overall process. Rather, it is a line of credit against an asset, such as a HELOC, so you don’t have to constantly reapply when you need a loan. You also don’t have to borrow money you may not need.

Finally, Upgrade doesn’t charge any prepayment fees, so you can always pay off your entire balance if you want or can. However, most of our best choices for personal loans don’t charge prepayment penalties either.

Other options to consider

If you find the combination of a credit card and a personal loan problematic, you can opt for a clearly defined financial product. Here are some recommendations on credit cards and personal loans.

Wells Fargo Reflect® Card

If you are planning to make a major purchase or purchases that you will not be able to pay for immediately, a Credit card 0% intro APR might be a good option. These cards can help avoid interest charges by giving cardholders a limited time frame of 0% introductory APR, sometimes up to 21 months or more. The Wells Fargo Reflect offers 18 months from account opening of an initial 0% APR on qualifying purchases and balance transfers (then 15.99% to 27.99% variable APR), and if you make your minimum payment on time every month during those 18 months, you’ll get an additional 3 months of 0% intro APR.

For more details see our Wells Fargo Reflect Card Review.

Wells Fargo Active Cash® Card

If you were intrigued by the upgrade’s 1.5% cash back offer, the Wells Fargo Active Cash® Card offers 2% cash rewards on your purchases – up front. There is also an APR introductory period so you can take advantage of inexpensive financing for a short time.

For more details see our Wells Fargo Active Cash review.

LightStream Personal Loans

Personal loans tend to offer lower interest rates than credit cards – even upgrade cards – and are specifically suited for large purchases like home renovations, debt consolidation, or other needs. LightStream in particular offers an APR range of 5.99% to 21.49% for its personal loans, but this can vary by loan type. It also features repayment terms of 2 to 12 years and financing ranging from $5,000 to $100,000.


Can I refund my entire upgrade balance sooner?

Yes, you can pay it in full at any time with no additional charges or prepayment penalties.

What happens if I miss a payment or pay late?

It’s unclear exactly what will happen, but based on other information we found on Upgrade’s site, you should at least expect them to report your late payments to the credit bureaus, and the total interest you will pay over the repayment period will be slightly higher since you are maintaining a balance longer.

If new credit is made available and I use my card for other purchases, is the new amount due combined with my old loan?

No. Our understanding is that at the end of the new month, Upgrade would issue a new loan, with its own separate repayment plan.

*All information about the Upgrade Cash Rewards visa has been independently collected by CNET and has not been reviewed by the issuer.

Editorial content on this page is based solely on objective, independent assessments by our editors and is not influenced by advertising or partnerships. It was not supplied or commissioned by a third party. However, we may receive compensation when you click on links to products or services offered by our partners.

2022 US Bank Mortgage Review – Forbes Advisor


US Bank offers home loans in all 50 states plus Washington, DC and has access to over 2,700 branches, which might be helpful if you prefer to apply for a mortgage in person.

The bank also publishes its mortgage rates daily on its website. However, keep in mind that these rates assume a credit score of at least 740, plus a minimum down payment of 25% for a conventional loan or 3.5% for an FHA loan. Your rate will also vary depending on your location.

US Bank offers the following mortgage options:

In addition to fixed rate loansUS Bank offers adjustable rate mortgages (ARM) with options of five, seven and ten years. Jumbo ARMs are also available.

US Bank also offers Smart Refinance Loans, which are no closing cost loans that allow you to tap into the equity in your home.

Minimum loan

US Bank does not publicly disclose a minimum loan amount for its mortgages. If you are interested in a small mortgage loanyou will need to contact the lender to see if this is a good option for you.

Maximum Loan

With a US Bank jumbo loan, you can borrow up to $1.25 million. Keep in mind that your maximum loan amount will depend on the type of loan you choose as well as your qualifications.

loan service

Unlike many lenders, US Bank manages the loans it issues. This means that you will make your payments to US Bank and you can direct your questions to the lender.

Customer service

Current and potential US Bank borrowers can contact customer service by phone or by visiting a branch. You can also book an appointment with a specialist, which can be virtual, in person, or over the phone. Appointments or co-browse sessions — where you share your screen with a US Bank specialist — can also be arranged through the US Bank mobile app.

More than 1.3 million people living in Indiana had private information exposed in 2021 | WDRB investigation


INDIANAPOLIS, Ind. (WDRB) – More than 1.3 million people living in Indiana had personal information such as Social Security numbers and credit card information exposed to hackers last year.

This number of data breaches, as they are often called, represents a stunning 421% increase from 2014 to 2021, according to a WDRB News analysis of publicly available data tracked by Attorney General Todd Rokita’s office.

In 2014, 253,074 Hoosiers had their personal information exposed to hackers.

In 2021, that number grew to 1,319,428. A total of 1,535 businesses or organizations experienced a data breach in 2021 in Indiana. And experts think those numbers are only set to rise.

Data breaches typically involve hacking into a corporate or government computer system that stores large amounts of consumer data. This may include social security numbers, credit card numbers, bank account information, and passwords.

And Indiana isn’t alone in seeing an exponential rise in cybercrime and data breaches. According to the Identity Theft Resource Center, data breaches in the United States increased by 68% between 2020 and 2021.

“Half of all businesses fall victim to some kind of cyberattack every year,” said Jeff Chandler, cybersecurity expert at Z-Jak Technologies. “A lot of them don’t succeed, but that’s pretty common. It’s a never-ending battle, isn’t it? So we have to add a lot of layers. Hackers will find ways around the tools that we use today, and then we build defenses around those, and then they come up with new ways.”

Data breaches have real consequences not only for companies, but also for the people who do business with them.

Tina Whitt, who was diagnosed with multiple sclerosis in 2000, had her personal information stolen last year, possibly at the clinic where she got her COVID-19 vaccine.

“When I went to pick up my COVID vaccine, they got the wrong address,” Whitt said. “A few weeks later, I started getting messages in the mail saying, Best Buy, saying someone had tried to open an account at Best Buy. Lowe’s, Home Depot and I thought, ‘He’s something happens.'”

Whitt had his identity stolen and no less than three credit cards opened in his name. Her credit rating took a hit, leaving her with few loan options to renovate her bathroom to accommodate her disability.

Tina Whitt was diagnosed with MS in 2000 (Photo WDRB).

“I can’t get in and out of my bathtub. We moved into a house that was my grandmother’s house and trying to lift my legs is very dangerous,” Whitt said. “I can’t get a loan.”

Whitt’s fight affects a million Americans as cybercriminals grow bolder and more skilled.

“They’re running this like a business. And that’s what you have to keep in mind; these criminals, this is a business for them,” Chandler said. “So what they want to do is they’re going to try to lock down your systems. They’re going to encrypt your data and then they’re going to demand money to get that data.”

As incidents continue to rise, Chandler says a simple email remains the most effective way for hackers to gain access to a company or government database.

“Unfortunately, most hacks that occur are due to human error. Ninety percent of them are due to someone clicking on a link during a phishing attempt,” did he declare. “You can have a lot of training, filters, but it takes a message to get through, a person to click a link for the bad guys to take over your network.”

Both Indiana and Kentucky have laws that require notifying citizens of potential exposure of their personal data.

“It would be foolish not to admit to anyone that we’re not overwhelmed because we are,” Indiana Attorney General (R) Todd Rokita said. “You can compare it to loose change. Think loose change under a couch cushion. Is that how the companies you deal with treat your data?”

In Kentucky, Attorney General Daniel Cameron’s office provided data only to government organizations, not private companies.

The Indiana law, enacted in 2005, also requires companies to notify the attorney general’s office of the violation. But not all do, which can lead to fines.

Rokita said they issue fines about 2% of the time.

“Like many aspects of life, it’s usually those companies that don’t want to cooperate or want to hide something,” he said.

But often, finding the culprits of data breaches is an almost impossible task.

“Unfortunately, they’re often in places like Russia, the Middle East, North Korea, China. Places where we can’t do anything about it,” Chandler explained.

Jeff Chandler

Jeff Chandler is a cybersecurity expert with Z-JAK technologies (Photo WDRB).

The FBI urges all businesses to report cyberattacks or hacks to their local office, but tracking down hackers in foreign countries remains a challenge.

“Nowadays, we’re not just fighting crime on the streets,” FBI Director Christopher Wray said in a video released last month. “We also fight it every day in the virtual world through computer codes, servers and software. Cybercriminals might feel emboldened by the anonymity they enjoy behind the keyboard. They might assume they can’t not be identified and held accountable. And the nation states that support them might assume so too. They are wrong.

In September, the FBI charged Mansour Ahmadi, Ahmad Khatibi Aghda and Amir Hossein Nickaein Ravari with cyber crimes related to hacking, cyber theft and extortion. All three are Iranian nationals who targeted hospitals, according to the FBI.

Increasingly, healthcare organizations face cybersecurity threats due to the amount and type of data they hold.

“With healthcare providers, because they’re more critical, they’re also more likely to pay a ransom,” Chandler said. “Because they want to get their data back quickly. If it’s the regular professional office, maybe they could do something else, but if it’s a healthcare provider, what are they going to do They have to take care of their patients.”

In many cases, there is little a citizen can do if an organization they provided their information to suffers a data breach.

“The best way to guard against this is to monitor your credit report,” Rokita advised. “Only do business with companies that treat your data with respect. Freeze your credit report to keep others away.”

For Whitt, it was too late by the time she caught him, but she urges others to remain vigilant in the ever-changing criminal landscape.

“Keep track of your stuff. Be careful,” she said.

Data breach dilemma

Copyright 2022 WDRB Media. All rights reserved.

5 ways to maintain your credit score


By Sidharth V, CRO, KreditBee

A good credit score is more than just a number used by creditors to assess a borrower’s creditworthiness. It is a key part of a person’s financial profile and indicates whether or not they have a good credit history. One type of credit score that lenders look at before approving loan applications is a person’s CIBIL score. Lenders determine loan terms based on this assessment, and applicants with a high CIBIL score usually get favorable terms.

While it’s impossible to fix your credit score overnight, here are some steps you can take to see a gradual improvement in your credit score over time.

Maintain a strong repayment history

A person’s CIBIL score is negatively affected by late payment of loan EMIs or credit card charges. In addition, they are saved in the history, where other lenders can review them and determine that the borrower is risky. You have to budget and plan appropriately to avoid this. Making sure IMEs and payments are on budget is a good place to start. Secondly, one must ensure that their payment accounts have enough money so that automated payments can be made without any problems. In this way, one can avoid defaults on their credit report and not miss their due dates.

Use your old credit cards

Using an old credit card with a solid history of on-time payments can help boost your CIBIL score. Thus, it is necessary to maintain his oldest active credit accounts if he wants to increase his CIBIL score.

Do not submit multiple credit applications

Submitting multiple credit applications over a short period of time can hurt your credit rating. Lenders see this as credit-greedy behavior, as these are documented as hard requests. Wait at least a few months between applications and only apply for new credit if they absolutely need the money. This gives everyone plenty of opportunities to increase their score and, therefore, their eligibility.

Track loans with a co-applicant

When a person signs up as a co-applicant for a loan, they and other applicants jointly bear the cost of servicing the loan. Therefore, they even share the responsibility for late or missed payments. So, as the non-payment of other co-applicants will also have an impact on his credit rating, it is essential to monitor these loans and ensure that other co-applicants pay their share of the IMEs.

Check your credit score

Once a year, an individual is entitled to a free credit score. However, if they have recently accumulated more debt, they should obtain a new one to determine if and by how much their credit score has changed. And if any discrepancies or errors are found, they should immediately bring them to the attention of the credit bureau so that the same can be corrected as soon as possible.

To put it briefly, one can use the aforementioned strategies and focus on gradually increasing their CIBIL score because even though credit score is not the only factor that determines the approval of an application, it is one of the main requirements for getting new credit.

U.S. shoppers plan to cheat inflation this holiday season. Here is their simple strategy.


By Zoe Han

Consumers are increasingly realistic about freebies

Americans bow down to their problems and put an end to their worries and woes.

In fact, they seem pretty excited about the upcoming holiday season, despite stagnating wages, rising inflation and the ever-looming threat of a recession, according to a survey by TransUnion (TRU), the travel agency. consumer credit rating, released Thursday.

Indeed, shoppers told TransUnion they were becoming more realistic about their freebies in order to cope with rising prices. The researchers said these changes in buying behavior were particularly pronounced among low-income consumers.

Here’s how holiday shoppers aim to fight inflation: — One-third of consumers said they plan to buy fewer gifts. — 17% said they plan to buy cheaper versions of gifts. — 13% are turning to more practical gifts like gas cards. — 12% will buy the same number of gifts and possibly spend more.

“While budgets were mostly stable or increasing, consumers of all generations still needed to make adjustments to their vacation purchases in order to stretch their budgets,” the report said.

Millennials and baby boomers expected to spend more this year, the researchers said. Baby boomers were likely big spenders due to the presence of grandchildren, they added.

The TransUnion survey was conducted online with 3,000 adults and was conducted August 11-18.

The consumer price index rose 8.2% in September compared to a year ago. With rising grocery bills and essentials like gas and electricity, many Americans are cutting back on their spending.

Low-income households told MarketWatch that they are changing their eating habits and even delaying utility payments to buy food.

“Despite documented concerns about inflation and a possible recession, consumers seem very excited for this year’s holiday shopping season,” said Mark Rose, senior director of retail operations at TransUnion.

Financial worries

Retail sales last November and December hit a record $886.7 billion, according to the National Retail Federation. The trade association has yet to release its holiday shopping forecast for 2022, but there are early indications that people are hungry for bargains.

There are some early hints that shoppers may be cutting spending and increasing bargain hunting. Online holiday sales are expected to rise 2.5% to $209.7 billion this year, Adobe (ADBE) said. This is the slowest growth rate since 2012 and pales in comparison to the 8.6% increase in online holiday sales last year.

Other days consumers may be able to counter those higher prices, at least on some items. The biggest discounts are expected to occur between Thanksgiving and Cyber ​​Monday, Adobe said. Thanksgiving Day (November 24) will be the best day to buy electronics. Black Friday (November 25) will have the biggest TV discounts.

The Saturday after Thanksgiving (November 26) will see the biggest discounts on toys, with the biggest deals on clothes and sporting goods on Sunday (November 27) and the best deals on computers and furniture on Cyber ​​​​Monday (November 28).

Retail sales stagnated in September, the government said on Friday, another sign that the economy is likely to slow in coming months as interest rates rise and consumers cut back on spending. But they increased by 8.2% over the year.

With inflation at its highest level in 40 years, 47% of consumers said they were worried about their finances this holiday season, according to a separate report from Morning Consult’s holiday report.

More than 80% of consumers said they were no less excited about this year’s holiday shopping season. Some 23% of all consumers said they were in better spirits than a year ago.

Of those who expressed excitement about buying gifts this year, 35% said they were in better financial shape, 27% said they were looking forward to getting back to normal – and Christmas cheer is one way to do that – and 21% said the holiday season helps them take their minds off the news.

“Although some consumers end up spending more on their holiday shopping simply because of the higher costs of many goods and services, there is good evidence that consumer optimism is intact,” TransUnion’s Rose said. “It’s the result of rising incomes and a still strong job picture.”

-Zoe Han


(END) Dow Jones Newswire

10-22-22 1719ET

Copyright (c) 2022 Dow Jones & Company, Inc.

When to use a credit card or debit card


Layla Bird/Getty Images

Debit and credit cards allow you shop online and buy things in person without using cash. They are both the same size and shape, they both have 15 or 16 digit card numbers, and they can both sport the same logo from a service provider like Visa or Mastercard. Six of one, half a dozen of the other, right? Not even close.

Explore: GOBankingRates’ Best Credit Cards for 2023
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“While debit and credit cards may look alike, they are very different financial tools,” said Laura Adams, MBA, personal finance expert at Finder.com. “A credit card lets you make purchases with borrowed money that you have to repay with interest over time. A debit card allows you to make purchases using your money in a linked bank account.

Responsible credit card use can earn you points, miles, cash back and other valuable rewards. They also help you build your credit and impress future lenders, which makes credit cards the right choice in many cases. Many, but not all. According to experts, the following scenarios specifically call for one or the other.

Credit card: for small recurring expenses

If you have a few cards that you no longer use, but don’t want to lose the open credit they provide, you can keep them in good standing by using them to pay for small recurring expenses, like streaming subscriptions.

“These services don’t charge much and ensure your credit stays open and active, which can help boost your credit score, provided you make timely payments,” said Tom Koesternen, Chartered Financial Analyst (CFA ) and consultant for secured loans.

Take our poll : How long do you think it will take to pay off your credit card debt?

Debit card: for purchases that offer cashback

Some merchants will reimburse you for allowing them to avoid the fees associated with processing a credit card transaction.

“Sometimes paying with a debit card or cash can get you a discounted price,” said Freddie Huynh, vice president of data optimization at Debt Relief Freedom. “This is seen more often in the case of expensive items.”

It’s not just the expensive stuff. Some everyday purchases, like filling up at a gas station, also offer cash back rewards that you can earn with a debit card. In other cases, stores will reward you for previous credit cards. Target, for example, gives a 5% discount for linking your checking account to its RedCard debit card.

Credit card: to finance large purchases

It’s never a good idea to use a credit card to make purchases you can’t afford, but if you need to stretch an item that’s expensive in payments, strategic use of plastic can get you there. to help.

“If you need to finance a large purchase that needs time to pay off, a credit card is a good option,” said Lauren Davis, founder of the Project Moolah.

But don’t just throw this grand piano on a map with a 24% APR. Davis advises this strategy only with cards that offer a 0% interest introductory period so you can finance the purchase for free.

Debit Card: When You’re Trying to Control Yourself

If credit cards have enabled irresponsible spending, there’s nothing like seeing your bank balance shrink with every purchase to keep you in check.

“Because debit cards are directly linked to your checking account, it’s harder to overspend and get into debt,” said Lucas Solomon, personal and business finance consultant and founder of FX4Biz. “If you’re trying to avoid using credit cards or getting into debt, using a debit card can help you stay on track.”

Credit card: whenever a deposit is required

Some transactions require an initial deposit if the final invoice is uncertain at the time of purchase. In some cases, such as renting a car or a hotel room, a credit card is required. But even if the merchant accepts a debit card, credit is usually a safer alternative.

“When you need to pay a deposit for goods or services, such as equipment rentals or travel reservations, using a credit card allows you to dispute a charge and get your money back if necessary” , Adams said.

Debit card: to withdraw money

When you use your credit card for an ATM cash advance instead of your debit card, you’re not withdrawing money, you’re funding a very expensive short-term loan. Not only do cash advances typically come with higher APRs, they are not considered introductory APR purchases and may trigger interest to start accruing on balance transfers.

Cash advances should only be a last resort for the worst emergencies.

“If you use your credit card to withdraw money, not only are the fees charged high, but it’s also not a good decision from a credit score perspective,” said Damian Serwin, budgeting expert and co-founder of Why budget. “Lenders are looking at this because you’re not able to budget your money the right way.”

Credit card: online purchases

There are very few situations where it makes sense to use a debit card for e-commerce. In the case of online fraud – which is a very real risk – it is much easier to get a credit card company to reverse a purchase than to get a bank to refund the money. Fly.

“Having your debit card information on the internet is risky, which makes credit cards a better option when shopping online,” Koesternen said. “While debit cards are chip-enabled and help deter fraud in person, the chip is not very effective at protecting you online. So avoid saving your debit card information online or choose as your preferred payment method.

More from GOBankingRates

This article originally appeared on GOBankingRates.com: Experts: When to use a credit or debit card

With prices falling and interest rates rising, is now the right time to invest in real estate?


One of the most important decisions a person will make is whether or not to buy real estate – perhaps a house, rental property, duplex or apartment building.

Making such a decision can be very emotional, even if it is very important. It can be both exciting and frustrating to bid on one property and be rejected, then bid on another property and get exactly what you want.

Home buyers have been on an emotional roller coaster since the start of 2021. The global pandemic has caused tremendous concern about the economy – so much so that many have taken a break before considering any type of property purchase. But when people started working remotely because of the COVID lockdowns, they wanted bigger houses or bigger apartments so they could have home offices. Additionally, low interest rates and tight inventories prompted multiple property offers that quickly drove up prices.

But home sales are slowing because the Federal Reserve is raising interest rates in an effort to stem rapidly rising inflation. As a result, properties no longer receive multiple offers and, in many cases, prices drop. Potential real estate investors may be starting to think this is the perfect opportunity to buy. It all depends on what you need and your financial situation. Here are some things to consider to help you determine if you’re ready to invest in real estate.

Check: Bezos-backed startup lets you become an owner with $100

Is it time to make some long-term changes in your life?

Buying a property is a big deal. If you are planning to change jobs, get married or have children, you may want to put off buying real estate. In a few years, your requirements will probably change. When you buy a property, do you have to live in it long enough to allow the property to appreciate to the point of offsetting your purchase costs? Under normal circumstances, it will take about five years.

The last thing you want is to buy a property and have to move immediately because you’ve accepted a new job. The best time to make a major investment is when you have stability in your life and career and are ready to settle down.

Does your budget allow you to buy real estate?

Real estate – and everything that goes with it – is expensive. When determining your budget and the cost of a real estate investment, be sure to consider property taxes, insurance, dues and maintenance costs. And don’t forget the utilities.

Principal, mortgage interest, taxes and property insurance must be less than 28% of your gross income. Discussing your home purchase with a financial adviser is a good idea.

What about depositing money?

Most of the time, you need a down payment to borrow money from a bank or building society to buy real estate. The amount you invest depends on the type of property you buy. Lenders usually require at least 3% down payment, but sometimes buyers like to put down 6%.

By depositing 20% ​​of the purchase price, you can avoid paying mortgage insurance, which covers the bank or mortgage company if you fall behind on your payments. The larger your down payment, the lower your loan will be and your monthly payments will also be lower.

What is your credit rating?

A good credit rating will help you get a mortgage. A credit score above 670 is what most lenders expect from borrowers. Credit scores between 740 and 799 are considered very good. A score above 800 is excellent.

You want to have an appropriate credit score before applying for a loan. If your score isn’t high enough, the best way to improve it is to pay all your credit card bills on time and reduce balances. Remember that your credit usage affects your score. You shouldn’t close credit cards you’ve had for a long time – just be sure to pay off their balances.

In the final analysis, only you really know when it’s the right time to buy real estate.

Read next: Can’t buy real estate in 2022? Consider Fractional Ownership

Who Wants to Be a Millionaire? The 6 money tricks you need to make millions


YesYou know those videos where something you didn’t know existed blew your mind?

My experience was exactly the same when I discovered some basic money hacks that led me to become a millionaire. Unfortunately, I had to learn these money hacks the hard way.

The good news is that I’m going to share them with you so you don’t have to make the same mistakes again. As a result, these six money hacks will help you save money, build wealth, and become a millionaire.

So what are we waiting for? Let’s dive into it.

1. Understand compound interest.

My first money hack is to understand compound interest.

Maybe you don’t consider compound interest a financial hack. However, those who understand its power truly understand its significance. If that describes you, then you’re already on your way to millionaire status.

How powerful is compound interest? According to Albert Einstein, one of the smartest people of all time, compound interest is the eighth wonder of the world. According to Einstein, “Compound interest is the eighth wonder of the world. He who understands it deserves it; whoever does not, pays for it. The math behind this quote shows that it’s not an exaggeration at all.

What if I gave you the option of an immediate cash payment of a million dollars or a magic penny that doubled every day for 30 days?

It’s natural for people to jump on the first million dollar contract they see. However, if you double your penny for 30 days, you will be surprised that on day 30 your penny will be worth over $5,000,000.

Let me give a more specific example.

So we have brothers named Jack and Blake.

Jack started investing when he was 21 and contributes $2,400 a year. At the age of 30, Jack decides he no longer wants to invest, so he stops contributing.

Blake, on the other hand, is a bit of a procrastinator. As a result, he begins investing $2,400 per year at age 30. However, he does so for the next 37 years until he turns 67.

I’m going to assume they’re making an 11.6% return, which is in line with the S&P 500. To recap, Jack started at 21 and stopped at 30. So he invested $21,600 of his own money. Keeping up the pace, Blake invests $91,200 to make up for lost time.

Who has the most money at 67?

At first you might think it’s Blake. After all, he’s saved over $91,000 in 37 years. And, in total, he has $1.48 million. Jack, however, has over $2.5 million. How? Because he started earlier than Blake.

And that my friends, that’s why Albert Einstein was in love with compound interest

2. Set a reminder to check your credit report.

Another money hack I wish I had known about was setting reminders to check my credit report. But it’s stupidly easy to set a reminder these days. All you have to do is say Hey, Siri, Google or Alexa, remind me to check my credit report.

Why are reminders so important? According to reports, 34% of Americans have errors on their credit reports. We are talking about one in three. And I was one of them once upon a time.

Back when I was living in California, I joined a gym. It was costing me about $20 a month. I then moved to the Midwest where this particular gym doesn’t have a franchise. Apparently I thought moving from California meant I no longer had to pay for gym membership. No harm, no fault, right?

It was a costly mistake.

The gym marked me as delinquent on my credit report. Unfortunately, I wasn’t aware of this until I checked my credit report. If you don’t know, you can destroy your credit report by not paying a bill.

Due to my delinquency, my credit rating suffered. In fact, it was in the lower 600s. Yeah, that was so bad.

Please set a reminder on your phone to go to annualcreditreport.com to check your credit report. Before the Covid-19 pandemic, you could request one free report per year. You can now check your credit weekly through the reporting agency.

Does that mean you have to check your credit report every week? Of course not. The exception, however, is if you have some sort of identity theft or you know you have trouble with your credit. But, for most people, you’ll have no problem checking your credit report once or twice a year.

When you have a good credit rating, you can get lower interest rates on credit cards, mortgages, and student loans. Plus, a lower interest rate means lower payments. You can then throw that extra money into your savings or investments like a Roth IRA, stocks, bonds, ETFs, or real estate.

How to fix your credit score.

What can you do to improve your credit rating? I’ll give you some pointers to get you started;

  • Keep your bills up to date by paying them on time.
  • Maintain an open account. The longer you keep your accounts, the better your credit rating will be.
  • Use less than 30% of your credit.
  • Your score will improve if you keep serious inquiries below 1 every 12 months.

3. Have your rate checked.

My third hack? Have my price checked.

Let me break this down for you.

You receive verified approval when an underwriter reviews and approves your income, assets, and credit. It is often used when making major purchases, such as a house or a car.

It’s a fairly simple process. Some of the items you need to submit include your W-2s, tax returns, pay stubs, and bank statements. If you want to know exactly what we need for your situation, please speak to a mortgage expert.

If you qualify for verified approval, you can be confident that your loan will close once it’s been reviewed. After everything has been checked, the sellers and their agents can also be sure that your loan will be closed. Having this advantage can make a big difference in a competitive market.

But having your rate checked is also important when you want to refinance. For example, I had a friend who was going to refinance his mortgage with the bank he had been doing business with for over two decades. Fortunately, before signing the documents, he checked the competitors’ rates.

His bank was not offering him the best rate. In fact, he found someone else who was going to give him a quarter of a percent less. You might think that’s not a lot. However, we are talking about a mortgage of half a million dollars. That’s about $20,672 in savings.

So if he hadn’t had that checked out, he would have paid $20,000 more.

A refinance could save you hundreds or even thousands if you have the lowest rate on anything. So it’s definitely worth doing some homework before you cross your i’s and t’s.

4. Do a savings challenge.

In high school, I desperately needed number four in money hacking. As a student, even more so. In this case, I’m talking about doing a savings challenge.

There are different types of savings challenges. However, let’s first identify the importance of this. Every year, the Federal Reserve Board conducts this study, and in 2021, they found that 35% of Americans could not afford a $400 expense. As a result, they had no cash to cover contingencies. Their only option was to borrow money or use a credit card, or simply not be able to afford the expense.

Sounds amazing, doesn’t it? Unfortunately it’s the truth. There are many people who don’t have enough money to make ends meet.

One way around this problem is to make saving fun. And a savings challenge does just that.

Here is a story for you. I used to balance my checking account by withdrawing $20-40. Once I got my ATM receipt, I checked the balance to see what I had. Honestly, I probably couldn’t cover a $400 expense either. And it wasn’t really an effective way to stay on top of my finances.

Suffice it to say, I was all over these money saving challenges. As soon as I heard about the 52 Week Savings Challenge, I was hooked.

So how does the 52 Week Savings Challenge work? It’s really very simple. The first week, you save a dollar. The second week you save $2, the third week $3, and so on. You’ve saved $52 by the 52nd week.

Sure. Maybe that sounds hokey to you. I’ll tell you something, though. By the end of the challenge, if you stick to it for the full 52 weeks, you will have earned over $1,378. What could be sweeter? This does not take interest into account.

And guess what else? Let’s say an expense of $400 appears. Carefree. You can swing it by withdrawing that money from the $1,378 you have set aside.

5. Unsubscribe from retailers.

This is another hack that I definitely could have used back then. Chances are you need it too.

So why is this an amazing hack? It’s just a matter of unsubscribing.

What am I talking about here? Getting things out of sight and out of mind.

According to reports, 87% of Americans make impulse purchases. No. It’s not you, is it? Well, think about your last trip to the grocery store. There is no doubt in my mind that you made an impulse purchase. Whether it’s a BOGO deal or that candy bar at checkout.

Many factors influence your decision to make impulse purchases, but one of the most important is getting it in the face. In other words, keep it out of sight if you don’t want to make an impulse purchase. It just means unsubscribe. After all, the average person receives over 100 emails a day!

So let’s say you bought something from a retailer in the past. They will keep bombarding you with sales and promotions. And some offers can be terribly tempting. It is possible to opt out of receiving these messages by reporting spam or unsubscribing from all marketing emails.

How about subscribing to an SMS service? You are also taxed on the latest offers. So go ahead and block this number.

I understand. It seems like a lot of work. But, many free services will automatically unsubscribe you from all marketing and spam emails you receive. Some of these services Unroll.me, Sanebox or Clean Email.

Bonus hack: Follow the SJSP principle.

What is the SJSP principle? Well, it’s something I made up. And that means stop justifying your stupid purchases.

So what exactly is considered a dumb purchase? Passives are like designer sneakers, jet skis, or McMansions.

New cars also fall into this category. Why? As soon as you take a new car out of the lot, its value begins to decrease. According to Carfax, which records automobile histories, their value depreciates 20% in the first year of ownership.

The smart thing to do is to buy assets instead. Real estate, insurance policies, cash, stocks and bonds are examples of things that increase in value over time.

By Jeff Rose for Due.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Cork Harbor rock structure declared Stone Age tomb


Ever since the discovery of a stone dolmen on the eastern shore of Cork Harbor in southern Ireland many years ago, archaeological opinion has been divided on the exact nature of the Carraig stone at Mhaistin. New research now seems to prove that it is a Stone Age tomb, as many experts have always believed.

According to the Irish Examiner , Connemara-based archaeologist Michael Gibbons says his research has uncovered conclusive evidence regarding the age and purpose of the monument. He argues that it is now possible to confidently identify the Carraig á Mhaistin Stone in Rostellan, also known as the Rostellan Dolmen, as a megalithic tomb. It had sometimes been suggested that it was an 18th century folly, a purely ornamental garden building serving no purpose.

A close up of the Rostellan Dolmen, Carraig á Mhaistin, which was recently identified as a Neolithic intertidal tomb. (Howard Goldbaum / DC BY NC 4.0 )

Carraig to Mhaistin Origin: A Long-standing Debate

Historian and author Kieran McCarthy addressed the debate over the provenance of the Rostellan Dolmen in his book The Little Book of Cork Harbor . An excerpt from the book published in the Cork Independent in 2019 explained that the dolmen standing at Rostellan, at the eastern end of Cork Harbour, are akin to portal tombs, but it is difficult to identify it categorically as such.

A portal tomb is a single-chamber megalithic tomb. It marks a burial site in a very distinctive way, with two or more vertical megaliths supporting a large horizontal flat capstone or ‘table’ at an angle.

The Cork Harbor monument is made up of three standing stones topped by a capstone, which once fell but was later re-erected. At high tide, the site is submerged and it is difficult to access it through the mudflats. An easier route is through the adjacent Rostellan wood. The wood was planted as part of the former Rostellan House estate, built in 1721 by William O’Brien (1694-1777), the fourth Earl of Inchiquin.

The Carraig Stone at Mhaistin has sometimes been identified as a folly because the estate has a castle tower-like folly nearby, named Siddons Tower after Welsh-born actress Sarah Siddons. According to the Heritage Daily, the folly was built by Murrough O’Brien, the first Marquess of Thomond, in the late 18th century. This led to the suggestion that the Carraig á Mhaistin Stone was another of the Marquis’s follies.

The now ruined Siddons Tower folly is located near the Carraig á Mhaistin dolmen, contributing to the misidentification of the cairn.  (Public domain)

The now ruined Siddons Tower folly is located near the Carraig á Mhaistin dolmen, contributing to the misidentification of the cairn. ( Public domain )

This uncertainty about the age of the monument has meant that it has missed its rightful place in the survey of the megalithic tombs of Ireland carried out by Professor Ruaidhrí de Valera and Seán Ó Nualláin more than 40 years ago. According to the Irish Examiner, Gibbons said: “At this time it was suggested that he might have [been] a folly or type of ornamental structure commissioned by local nobility in the neighboring estate of Rostellan Castle and dating from the 19th century.

New evidence for the megalithic tomb theory

Gibbons said his recent visit to the site led to the discovery that the small chamber of the tomb sits at the western end of a cairn, which is 25 meters (82 feet) long and 4.5 meters ( 14.7 feet) wide. This is quite conclusive, as portal and court tombs “sometimes have long, intact cairns which are both intended to provide structural support for the chamber itself and to enhance the visual presence in the landscape”, a said the Irish Examiner.

He added that the cairn is partially submerged in “estuarine mud”, and that a significant portion will likely be uncovered below the surface. Although it is not known when sea level rise submerged the area, it is believed that sea levels in this part of the harbor have remained stable for the past 2,000 years.

Despite its disputed provenance, some guidebooks have listed Carraig á Mhaistin Dolmen as the only intertidal portal tomb in Ireland. While Gibbons agrees with them that the dolmen is indeed an intertidal megalithic tomb, he argues that there are in fact two such tombs in Ireland. The only other known intertidal portal tomb is at ‘the Lag’ on the River Ilen, between Skibbereen and Baltimore in West Cork.

Interestingly, the portal tombs are often known locally as “The Bed of Diarmuid and Gráinne”, in reference to the Irish folk tale “The Pursuit of Diarmuid and Gráinne”. The story tells of a love triangle between the great warrior Fionn mac Cumhaill, the beautiful princess Gráinne and her lover Diarmuid Ua Duibhne.

Gibbons’ research should give the Rostellan Dolmen its rightful place among the megalithic tombs of Ireland. As a Neolithic tomb, it has far greater archaeological value than an 18th century folly – an architectural extravaganza with no particular utility.

Top image: New research has identified Carraig at Mhaistin, the Rostellan Dolmen, more definitely as a Stone Age megalithic tomb. Source: Howard Goldbaum / DC BY NC 4.0

By Sahir Pandey

How to prevent credit card skimmers from stealing your information and money


Over the past month, DC police have found skimming devices in POS card dispensers at 10 different locations across the city, many of which appear at local convenience stores in the Northwest and Northeast. .

Over the past month, DC police have found skimming devices in POS card dispensers at 10 different locations across the city, many of which appear at local convenience stores in the Northwest and Northeast. .

These skimmers can extract information and money from debit or credit cards when you swipe. So how can you protect yourself when you leave?

According to FICOa data analytics company, card skimming fraud increased by approximately 700% in the first half of 2022. The FBI estimates that skimming costs financial institutions and consumers more than $1 billion each year.

John Breyault, vice president of public policy, telecommunications and fraud at the National Consumers League, suggests the first thing to do is update any card you have with chip technology.

“Any card at this point that only has a magnetic stripe is an insecure card. It just invites fraud,” Breyault said. “Using a chip-based system is much more safe.”

For this reason, EBT cards, which are not yet updated with chips, are often targeted by scammers.

He said trying to spot a skimmer is difficult because it could be hidden inside. But there are certain signs you can look for, like a card reader that’s loose or wobbly, or if there’s a reader somehow attached to the ATM or card reader.

“But again it is professional criminals who are involved in these scams and consumers who just want to withdraw money from an ATM. It’s going to be hard to spot these scams,” Breyault said.

He said when fraudsters place skimmers on ATMs, they often also install cameras or fake keypads so they can steal PIN codes.

To be extra careful, only use ATMs located inside banks rather than stand-alone ATMs in bars, restaurants and convenience stores.

“So when you’re dealing with … people who run a gas station, a convenience store, or restaurant workers, they’re not trained to spot an ATM that’s been tampered with,” Breyault said.

If you’re the victim of skimming, be sure to report it to your bank or credit card company and to the authorities, whether it’s your police department, the Federal Trade Commission, or the Consumer Financial Protection Bureau.

“This is how law enforcement at the state and federal levels identify trends and build cases against fraudsters,” Breyault said.

You can also report instances of skimming to National Consumers League.

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4 great ways to pay off $5,000 in credit card debt


Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Need help paying off $5,000 in credit card debt? Keep reading to understand how credit card debt increases and four great ways to pay it off. (Shutterstock)

Carrying any credit card balance can be costly. Because credit card balances are open-ended, you don’t have a fixed repayment date, which can make it difficult to create a clear debt repayment plan. Plus, interest on that debt can add up, especially if you keep letting balances and new charges roll over from month to month. But that doesn’t mean you can’t find a way forward, especially if you have a manageable amount to repay, like $5,000.

If you have $5,000 in credit card debthere are four good strategies for settling your balances.

A debt consolidation loan is a way to pay off high interest credit card debt. Credible, it’s easy to view your prequalified personal loan rates from various lenders, all in one place.

Why You Should Pay Off $5,000 in Credit Card Debt Fast

Credit cards come with high interest rates, and this high cost is the main reason why you can benefit from them. pay off credit card debt as quickly as possible.

It’s important to note that while $5,000 in credit card debt may not seem like much, it can add up. For example, if you have a credit card balance of $5,000 with an interest rate of 18% and you make a monthly payment of $100, it will take you almost eight years to pay off and you will pay 4,311 $ in interest, almost as much as your original balance. It’s easy to see how this debt could follow someone for a long time and cause them financial stress if they don’t take the necessary steps to pay it off quickly.

Having debts of all kinds can lead to feelings of stress, anxiety and depression. Paying off all of your debt as quickly as possible will not only allow you save you moneybut it can be very beneficial for your mental health.


4 great ways to pay off $5,000 in credit card debt

There are there is no right way to pay off your credit card debtbut these four popular debt repayment methods are a good place to start.

Which one is best for you will depend on your unique financial situation and which method you find most motivating.

1. Debt Snowball Method

The debt snowball method involves making all required minimum payments on all sources of debt you have each month, but taking all the extra money you can afford to spend and putting it on the card credit with the lowest balance. This way, you can progress faster in paying off the smaller balance.

Once you’ve paid it off, you can use that card’s minimum monthly payment and any additional funds to pay off the card with the lowest balance, and so on. This strategy won’t save you the most on interest, but it can be motivating to see balances disappear faster.

Good for: Those who want to see quick wins to help them stay motivated to pay off their debt

2. Debt avalanche method

With the debt avalanche method, you prioritize paying off the credit card with the highest interest rate while making minimum payments on your other balances. Once you’ve paid off that card, you’ll put the money you paid on the card with the next highest interest rate, and so on, until you’ve paid off all of your balances.

Since you’re tackling your most valuable balances first, this method may help you save more on long-term interest charges, but it may not be as motivating as the bullshit strategy. debt snow.

Good for: People who want to save more on interest charges

3. Consolidate with a debt consolidation loan

If you feel overwhelmed by several sources of debt, you can consolidate them into a single source of debt by taking out a personal debt consolidation loan. When applying for that new loan, if you can get a better interest rate than you average on all your sources of debt, you can save money on interest. The downside here is that you generally need a good credit score to qualify for a better interest rate.

Good for: People with good credit who want a clear end date for paying off their debt

Visit Credible for compare personal loan rates from various lenders, without affecting your credit score.

4. Open a balance transfer card

Similar to a debt consolidation loan, you can use a balance transfer card to consolidate multiple sources of credit card debt. The key to getting the most out of a balance transfer card is to look for a card that will offer you an introductory APR of 0%. During this period, you will not have to pay interest, which will allow you to pay off your debt more easily and quickly.

But you’ll usually need good credit to qualify for a balance transfer card with a 0% APR offer. And if you still have a balance at the end of the promotional period, you’ll start earning interest at the card’s regular rate, which can be high.

Good for: People who can afford to repay the full balance before the end of the introductory APR period


4 Wrong Ways to Manage Credit Card Debt

Some debt repayment methods are much less helpful — and in some cases, harmful — for getting out of credit card debt. You should avoid these four options if possible:

  • Exploiting home equity — It’s generally not a good idea to use a home equity loan to pay off your credit card debt, even though the loan may have a lower interest rate. A home equity loan is secured by your home. If you don’t repay this debt, you risk losing your home.
  • Take out a 401(k) loan — Borrowing money from your 401(k) to pay off your credit card debt doesn’t just hurt the progress of your retirement savings. This decision also results in the payment of interest for borrowing your own money and automatic payroll deductions until you repay the loan.
  • Pursue debt settlement — Debt settlement companies claim that they can help you settle or renegotiate your debt to make it easier to pay off. This is not something they can guarantee, and they often charge high fees.
  • Filing for bankruptcy — Filing for bankruptcy may seem like a way to wipe the slate clean, but this process can seriously damage your credit. Bankruptcy stays on your credit report for seven to 10 years and can make it difficult to obtain loan products, get good interest rates, and even rent an apartment.

How to Avoid Credit Card Debt in the Future

Once you’ve paid off $5,000 in credit card debt, it’s important to wipe the slate clean. Here are some ways to avoid credit card debt in the future:

  • Understand how the debt arose in the first place. To prevent debt from piling up again, think back to where the debt originated. Have you spent too much on unnecessary purchases? Is your rent too high? Have you lent too much money to friends? Try to get to the root of the problem in order to avoid these problems in the future.
  • Make or rebalance your budget. Look at where you can make improvements to your budget to prevent spending from falling back on you. Many free budget management tools are available online to help you track your spending.
  • Build an emergency fund. One way to avoid incurring high-interest credit card debt in the future is to have an emergency fund ready and ready to help you when unexpected expenses come your way, such as repairs. car or medical expenses. Try to save three to six months of living expenses in your emergency fund.

If you’re ready to apply for a personal loan as the first step toward meeting your debt repayment goals, Credible makes it quick and easy compare personal loan rates to find the right one for your unique situation.

Easing of credit card loans, billing up, says BSP

BSP building

Bangko Sentral of the Philippines. (File Photo/Philippine Daily Inquirer)

According to the Bangko Sentral ng Pilipinas (BSP), the sustained double-digit growth rates in billings and credit card receivables add to signs that the Philippine economy is returning to pre-pandemic levels, with the sector still having a large room for growth.

BSP data shows that at the end of June this year, credit card billing growth accelerated to 41.4% from 29.5% in June 2021.

Additionally, credit card receivables – money that merchants have yet to receive from credit card issuers or processors – jumped 23.7% to recover from a contraction of 2. 2% observed a year ago.

In June, there were 10.7 million cards in circulation. In the first half of the year, the approval rate for new credit cards was 34.2%. BSP Deputy Governor Chuchi Fonacier said the growth rates show that credit card financing has been slowly gaining momentum, in line with the resumption of economic activities and confirming the resilience of the industry.

BSP Governor Felipe Medalla also noted that despite a difficult operating environment, the credit card industry has managed to grow its portfolio cautiously.

Both Medalla and Fonacier were speakers at the 42nd anniversary celebration of the Credit Card Association of the Philippines on Monday.

Medalla said double-digit loan growth has been sustained this year, with banks’ non-performing loan ratio declining to 5.7% of total loans, “a rate that brings us closer to pre-pandemic levels.”

The BSP chief said the bad debt ratio peaked at 10.1% in November 2020 and improved in part due to industry efforts to manage the quality of credit card receivables.

“Additionally, the growing popularity of digital finance transactions and the gradual shift to cash-saving bode well for the [credit card] the industry is moving forward,” Medalla said.

In addition, Fonacier commended the credit card industry for its assistance in efforts to extend the BSP’s temporary relief measures to individuals or businesses affected by the COVID-19 crisis.

“In addition to keeping finance charges within the BSP caps on credit card transactions, the industry has paved the way for restructuring credit card receivables,” she said.

—Ronnel W. Domingo INQ

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Credit Score and Dispute Resolution


Know your rights: credit score and dispute resolution (representative image) | Photo credit: Pexels

Lenders use credit scores to assess an individual’s likelihood of repaying their loans in a timely manner.

What is the credit score?

The higher the score, the more a borrower turns to potential lenders. A credit score is a number between 300 and 900 that determines a consumer’s creditworthiness.

How is it calculated?

A credit score is based on credit history – number of loans and credit cards, total level of debt, repayment history, balance between secured and unsecured loans, use of credit and the number of credit applications received.

Credit Rating Agencies In India, there are four credit rating agencies licensed by the Reserve Bank of India. These are CIBIL (Credit Information Bureau India Ltd), Experian, Equifax and Highmark. The most widely used credit score in India is the CIBIL score.

What is a good credit score?

The better the CIBIL score, the higher the chances of the loan being approved. Other benefits of a good credit rating are lower interest rates, better repayment terms, and a faster loan approval process. A good CIBIL score can be considered greater than or equal to 750.

How to maintain and improve the CIBIL score?

It is important to make timely loan EMI payments and pay bills on the due dates. Full use of credit limits should be avoided. Also, applying for many credit cards or loans should be avoided.

How to check your CIBIL score for free

  • Visit the CIBIL website (www.cibil.com) and click on ‘get free CIBIL score & report’

  • Enter the personal information needed to create your CIBIL account

  • Continue to verify your identity and verify your CIBIL score

  • Click on the “get your free report” link on your “my account” page

  • Find your CIBIL report in the ‘accounts’ and ‘surveys’ sections and download it

The CIBIL score can only be viewed free of charge once a year on the website.

Benefits of checking personal CIBIL score

Checking the personal CIBIL score provides an understanding of credit health and helps plan monthly expenses. It provides useful information to ensure that the credit profile is in good standing.

In the event of discrepancies/errors in the credit score and report, a dispute may be raised with the credit rating agency and rectified.

How to Raise a Dispute and Get Your Credit Rating Corrected

  • Go to the site, click on ‘my CIBIL’ and log in

  • After logging in, click on “Credit Reports” and select “Dispute Resolution Center”.

  • Select “dispute an item”

  • Complete the dispute form with your details and click ‘submit’

Choose the section of your CIBIL report for which you wish to raise the dispute and enter the relevant details. CIBIL will verify the disputed information and forward these details to the lender depending on the type of dispute.

If the lender accepts this dispute, corrections will be made by CIBIL and the updated details will be reflected on the next credit report.

Contact Details for Raising a Dispute CIBIL Offline TransUnion CIBIL Limited, One Indiabulls Centre, Tower 2A, 19th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013

The writer is a social activist based in Vile Parle

Council considering overhaul of Borough of Newport tenancy ordinance


Big changes could be coming to Newport.

Borough council spent much of its Oct. 4 meeting debating the merits of several potential ordinances changes.

None were more important than a proposed Tenancy Ordinance, which if implemented would revise the requirements for Newport landlords. The majority of residential units in the borough are rentals, and a good number of owners live out of state.

Some provisions discussed at the meeting include a permit requirement and periodic inspections of rental units.

Attorney Mary Dissinger said she should research whether the borough could deny someone the ability to rent their property. Councilman Jacob Zentichko countered that the ordinance was largely copied from a sample ordinance provided by the Pennsylvania State Association of Boroughs and similar to ordinances in other communities. He also noted that the council was in the very early stages of the process of passing the ordinance.

Councilor Tami Halstead also expressed concern about the scope of the proposed order, particularly the ‘disruptive conduct clause’, which she said would be more in the realm of policing than code enforcement. . She also questioned a forecast defining permitted guests, which she said could exceed the borough’s planned scope and whether written agreements between landlords and tenants were required under Pennsylvania law.

Council President Penny Frownfelter wanted to clarify that the borough has a lot of good landlords and that a small minority (perhaps 10%) is the problem. She added that the borough’s intentions were not to punish landlords who do the right thing. It was noted that some of the problematic landlords owned a large number of dwellings.

Dissinger pointed out that if the enacted ordinance were too onerous, it could potentially drive a substantial proportion of owners out of the business with negative consequences. A glut of properties could all hit the market simultaneously or many properties could be abandoned.

Zentichko also provided an update on his review of the Borough’s Vehicle and Traffic Ordinance. Some recommended changes include simplifying the process for obtaining disabled parking permits. He suggested removing the requirement for residents to show doctor’s reports and defer to the state on the matter (automatic approval for those who have already received a handicap sign). It also planned to remove some archaic provisions, such as the one relating to the closing of streets to allow children’s sledding.

The borough also debated whether to include its snow emergency plan in the highway code or make it a standalone ordinance.

An alternate layout—reversing the one-way direction of Locust Street near the high school—was also discussed. The Newport School District requested the change in order to direct traffic on the street away from the school. Council intends to notify neighboring owners of the planned change before any action is taken.

Resident Charles Kipp addressed council regarding the condition of Pine Street on the south end of Mulberry Street. Kipp says he has lived in the borough for 20 years and has never complained about anything, but the street section is very bad. He wonders why the borough did not re-pave the section when it did the rest of the street.

Councilor Christian Fickes explained that the section was an oversight and accidentally omitted from the application package. He said this would be a high priority for the next paving season and he would see if a temporary measure to improve the situation could be taken.

Halstead reported that Newport received a $520,000 grant to replace curbs and sidewalks on North Fourth Street. The grant requires a 20% match. It was under consideration if APRA funds or another grant and loan could be used to account for the counterpart.

Another $105,000 grant was approved for stormwater repairs on Market Street.

Fickes said the borough is continuing its work to ensure proper stormwater drainage throughout the city. Specifically, work was underway on the coves at Caroline and Gantt streets.

Halstead responded to a letter from Mayor Rob Campbell, who was not present at the meeting, explaining why the park restrooms were closed. Halstead said there were several incidents, including someone setting fire to a roll of toilet paper in one of the stalls. She said that with the end of the season looming, the decision was made to close the establishment.

Finally, Newport received a second round of ARPA funding in the amount of $83,422. He also received his annual State Pension Assistance ($10,729) and Fire Relief ($6,912) funds.

Capital One VentureOne Rewards Credit Card vs. Capital One Quicksilver Cash Rewards Credit Card


Although the Capital One VentureOne Rewards Credit Card is marketed as a travel card, the Capital One Quicksilver Cash Rewards Credit Card is the most lucrative choice for your travel and day-to-day expenses because it generates a higher cashback rate .

The VentureOne offers an added travel benefit of car rental insurance*, but this does not exceed the value of the Quicksilver rewards. The Quicksilver still comes equipped with travel accident insurance*, and none of the cards have foreign transaction fees.

Which card does it better?

Card feature Winner



welcome bonus




Travel benefits

Venture One

Introductory APR Offer


Introductory offer: $200 one-time cash bonus after spending $500 on purchases within 3 months of account opening

APR: 17.99% – 27.99% (Variable)

Intro Purchase APR: 0% intro on purchases for 15 months

Recommended credit: Excellent, good

Reward rate:

  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of travel options. Conditions apply
  • Earn unlimited 1.5% cash back on every purchase, every day

Annual fee: $0

Introductory offer: Earn 20,000 bonus miles once you spend $500 on purchases within 3 months of account opening, which equals $200 on travel

APR: 17.99% – 27.99% (Variable)

Intro Purchase APR: 0% intro on purchases for 15 months

Recommended credit: Excellent, good

Reward rate:

  • Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of travel options
  • Earn unlimited 1.25X miles on every purchase, every day.

Annual Fee: $0


Winner: Capital One Quicksilver

The Quicksilver offers 1.5% cash back on every purchase, compared to VentureOne’s 1.25 miles per dollar. They also earn 5% cash back and 5x miles per dollar for rental cars and hotels booked through Capital One Travel, respectively.

No matter how you slice it, the Quicksilver will offer more rewards than the VentureOne for the same amount of spend.

welcome bonus

Winner: Tie

Here are the welcome bonuses for both cards:

  • Capital OneVentureOne: Earn 20,000 bonus miles once you spend $500 on purchases within three months of account opening
  • Capital One Quicksilver: Earn a $200 cash bonus after spending $500 on purchases within three months of account opening

As long as you choose to redeem your 20,000 miles with VentureOne for past travel expenses or to book travel through Capital One Travel, the bonus will be worth $200. Both welcome bonuses offer the same value for the same amount spent.


Winner: Tie

Neither card has annual fees or foreign transaction fees. They both have late payment fees, cash advance fees, and balance transfer fees, so neither card is gaining traction here.

Travel benefits

Winner: Venture One

The VentureOne Rewards card has a slight edge here thanks to the addition of its Car Rental Insurance benefit*. The Quicksilver offers cardholders extended warranty protection* and travel accident insurance*, but not car rental insurance.

It should be noted that the Quicksilver has limited trade-in options for travel compared to the VentureOne. If you plan to use mileage transfers, you can only do so with the VentureOne. However, Capital One doesn’t partner with many US airlines, so unless you primarily fly overseas, you’re still best off using the Quicksilver for its strong rewards.

Introductory APR Offer

Winner: Tie

Both credit cards offer cardholders the ability to avoid interest charges for new purchases and balance transfers through their introductory APR offers. With either card, people get an introductory APR of 0% for purchases and balance transfers for 15 months (then 17.99% to 27.99% variable).

During this time you can pay off existing credit card debt through a balance transferor make a large purchase and pay off the balance when it’s not earning interest.

Keep in mind that both cards carry a 3% balance transfer fee during those 15 months, with no charge after the 15 months are over. But don’t let that deter you from using a balance transfer during this time. A balance transfer fee may seem intimidating, but it will often end up saving you money when combined with an introductory APR given the high level of interest rates.

The bottom line

Ultimately, the Quicksilver is the most powerful card thanks to its higher redemption rate while still offering a few travel-related benefits. What the VentureOne has on the Quicksilver – rental car insurance* – isn’t enough to tip the scales in its favor given that the two cards are on equal footing in many other respects .


What is the difference between a travel rewards card and a general rewards card?

Typically, the difference is in the rewards program and benefits. A travel card might come with travel insurance or airport comfort, while a general rewards card might come with benefits that insure your purchases. A travel card will likely earn miles or points, while a general rewards card might earn points or cash back.

How can I be covered by my credit card insurance offer?

Simply decline any travel accident insurance offered by the merchant and charge the full amount to your card, whether for a plane ticket or a rental car, and you will be eligible for the insurance.

Why would I want a balance transfer?

Balance transfers are a great tool to use to reduce your credit card debt and improve your credit. Even if there are balance transfer fees, the cost of a single payment will generally be better than the cost of paying multiple interest charges at a high APR. By reducing your credit card debt, you will also increase your credit scores by reducing your credit utilization rate, which is the percentage of your overall credit that you are using.

*Terms, conditions and exclusions apply. Please see your Benefits Guide for more details.

Editorial content on this page is based solely on objective, independent assessments by our editors and is not influenced by advertising or partnerships. It was not supplied or commissioned by a third party. However, we may receive compensation when you click on links to products or services offered by our partners.

Buy now, pay later Services not reporting payments


Buy Now, Pay Later (BNPL) services can make point-of-sale purchases more affordable by spreading payments over multiple installments. But unlike other financing options, these payments are generally not reported to the credit bureaus, although the bureaus allow it.

According to a Wall Street Journal report, BNPL companies say it’s because they fear the reports could unintentionally lower users’ credit scores, even with on-time payments.

Key points to remember

  • Buy Now, Pay Later (BNPL) services allow consumers to pay for goods and services over time rather than all at once, often without interest or fees.
  • Although they are authorized to report user payments to the three national credit bureaus, many BNPL services still do not. The bureaus have even devised solutions to report payments without affecting consumer credit scores.
  • BNPL companies are looking for solutions to ensure that their products can help users build credit.

BNPL services do not fit into the current credit scoring system

Earlier this year, Experian, Equifax and TransUnion began allowing BNPL companies to report user payments, but months later the major players have yet to do so.

The reason for this is a test cited by the Wall Street Journal, where a credit bureau reviewed more than 130 million BNPL loans and other short-term payment plans and found that 57% of consumers could suffer a significant drop in their credit rating which could remain for more than a year, despite having made their payments on time.

This is because while BNPL loans are technically installment loans, they do not work the same way as traditional installment loans. Payments are typically made every two weeks instead of monthly, and many BNPL loans are repaid in full in six weeks instead of months or even years.

With an average of 3.8 BNPL loans per user per year, according to C+R Research, the average age of users’ accounts would drop significantly, which could cause long-term damage to credit rating.

Some consumer advocates have argued that BNPL loans should be treated like revolving lines of credit, but that would mean users are essentially maxing out their credit limit each time they choose a BNPL loan as their method of payment. A high credit utilization rate is generally correlated with a lower credit score. In addition, BNPL companies do not want to be subject to credit card regulations.

In other words, current credit scoring models are not designed to treat BNPL loans as separate credit products.

Credit bureaus and BNPL companies are at a standstill

The three national credit bureaus have offered solutions to the credit score problem, but while their answers help keep consumer scores from dropping, they don’t help improve credit scores either.

For example, Experian set up a separate BNPL office, where it would keep BNPL loan data separate from other consumer credit data. Equifax said it will list BNPL data in reports for lenders who request to see it, and TransUnion offers the ability to have BNPL loan information appear in credit reports without affecting consumer credit scores.

But BNPL firms balked at these solutions, saying they wanted a one-size-fits-all approach that would help users who pay on time improve their credit scores. This proposal would likely require new credit reporting models that treat BNPL loans separately from traditional installment loans and revolving lines of credit.

Until then, credit bureaus and BNPL companies remain at a standstill.

Equifax will provide telecommunications and utility information alongside mortgage credit reports


Expanded information has the potential to help create greater homeownership opportunities for millions of first-time mortgage applicants in the United States

ATLANTE, October 13, 2022 /PRNewswire/ — Equifax® (NYSE: EFX) is the first to provide certain telecommunications (telco), pay TV and utility attributes to the mortgage industry to help streamline the mortgage underwriting process and support lending in the secondary mortgage market. The majority of American adults have at least one utility bill in their name. Providing certain telecommunications, pay-TV, and utility attributes to mortgage lenders alongside traditional credit reports can help create greater homeownership opportunities for 191 million U.S. consumers, 80% of whom have credit records. traditional credit, but can benefit from additional information about their financial profile that can make mortgage underwriting faster and easier. Using this expanded data insights can also provide visibility to millions of unseen credit consumers—those without traditional credit records—and improve the financial profiles of thin, young, and unrated consumers when ‘they fill out first mortgage applications.

For many Americans, buying a home is a crucial first step in building wealth. However, credit-blind consumers may struggle to take the first step toward homeownership. Often these consumers have to go through a lengthy manual underwriting process of obtaining physical documentation from third parties to prove they have a credit history when applying for a mortgage. By providing certain attributes, based on a consumer’s aggregate history with telecommunications, pay TV and utilities, Equifax is able to deliver powerful new insights that help automate, save time and resources and Streamline the first mortgage process for each applicant – creating more opportunities for consumers to get a loan.

“At Equifax, we strive to create economically healthy individuals and communities everywhere we do business,” said Mark W. Begor, CEO of Equifax. “While traditional credit reports remain a strong indicator of credit history and past financial reliability, we believe that more data leads to better decisions. Reviewing traditional credit reports alongside other information on data enables the mortgage industry to develop a more complete picture of a consumer’s financial profile to drive greater financial inclusion by potentially streamlining mortgage underwriting processes for more consumers.This new offering is another how we leverage differentiated data assets to help more consumers access traditional financial services and opportunities.

This Fair Credit Reporting Act (FCRA) compliant information provides anonymous information to streamline the mortgage application process when consumers seek approval for a home loan. This expanded data cannot be used by lenders to deny applications for credit or other services.

“The path to financial well-being and equity often begins with home ownership,” said Craig Crabtree, Senior Vice President and General Manager, Equifax Mortgage and Housing Services. “The key to greater financial inclusion lies in higher levels of visibility. By offering these consumer-grade, highly structured telecommunications, pay-TV, and utility attributes in addition to its traditional mortgage credit reports, Equifax offers the mortgage industry the ability to access enhanced data sets that can further facilitate mortgage processes for more consumers. We look forward to working with the mortgage industry so that together we can unleash all the potential to help millions of Americans achieve their goal of home ownership.

This additional consumer information, provided alongside Equifax’s traditional mortgage credit report, will be provided at no additional cost to lenders, helping them simplify the manual underwriting process, improve the customer experience and reduce lender costs. . Equifax will begin making this information available to customers in the first quarter of 2023.

The inclusion of telecommunications, pay TV and utility attributes to mortgage lenders is just one of the many ways Equifax promote better access to credit. Equifax is committed to removing barriers to financial inclusion, supporting a number of industry initiatives designed to provide underserved populations with the same opportunities to succeed and benefit from the nation’s financial system as others.

For more information on Equifax mortgage and housing solutions, visit equifax.com/mortgage.

At Equifax (NYSE: EFX), we believe that knowledge is the engine of progress. As a global data, analytics and technology company, we play a vital role in the global economy by helping financial institutions, businesses, employers and government agencies make critical decisions with greater trust. Our unique blend of differentiated data, analytics and cloud technology generates insights to support decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe and the Asia-Pacific region. For more information, visit Equifax.com.

Rebecca Paul Martin
[email protected]

SOURCE Equifax Inc.

AM Best confirms the credit ratings of Primerica, Inc. and its subsidiaries


OLDWICK, NJ, October 13, 2022–(BUSINESS WIRE)–AM Best affirmed the financial strength rating of A+ (Superior) and the long-term issuer credit rating (long-term ICR) of “aa-” (Superior) of Primerica Life its affiliates, National Benefit Life Insurance Company (Long Island City, NY) and Primerica Life Insurance Company of Canada (Mississauga, Ontario), collectively known as Primerica Group. Additionally, AM Best confirmed the long-term KPI of “a-” (Excellent) from Primerica, Inc. (Primerica) (headquarters in Duluth, GA) [NYSE: PRI], which is the holding company for the group’s insurance and non-insurance operating companies. AM Best also affirmed Primerica’s $600 million, 2.8% senior unsecured notes, due 2031, long-term issue credit rating of “a-” (Excellent). The outlook for these Credit Ratings (ratings) is stable.

The ratings reflect Primerica Group’s balance sheet strength, which AM Best assesses as very strong, as well as its very strong operating performance, favorable business profile and appropriate management of business risks.

Primerica Group’s ratings continue to recognize the highest level of risk-adjusted capitalization in the group, as measured by Best’s capital adequacy ratio (BCAR). Furthermore, the ratings reflect the company’s good liquidity, its financial flexibility and an investment portfolio traditionally more focused on fixed income securities without alternative asset classes, as well as a very modest mortgage exposure, limited to backed by commercial mortgages. Overall, the group continues to maintain a favorable reserve profile comprised almost exclusively of term life products, considered low risk on AM Best’s product risk continuum, supported by a large majority of quality bonds, although it maintains higher allocations to NAIC class 2 bonds relative to the industry average.

Risk-adjusted capitalization ratios are qualitatively mitigated by high reinsurance leverage with a heavy reliance on captive reinsurance solutions to fund its XXX regulatory reserves, which continue to moderate over time at as new business is originated under principles-based funding practices. The company also has strong leverage and interest coverage ratios, still within AM Best’s guidelines for these ratings. Operating leverage is still within AM Best’s overall GAAP tolerance; however, it is in the higher range, primarily due to the use of operating leverage related to the XXX Regulation reserves.

Primerica Group earnings have consistently generated strong levels of GAAP and statutory net earnings due to favorable loss ratios. There has been some increase in claims as a result of the COVID-19 pandemic, although more recently this has continued to decline. Primerica also experienced consistent premium growth in its insurance segment and favorable revenue growth in its investment and savings products segment, but this was partially offset by higher average lapse rates than industry and historically high dividend payout ratios. Additionally, insurance costs and other operating expenses have increased as the company continues to grow and invest in infrastructure. Primerica Group’s operating profile benefits from non-insurance revenue, which represents a substantial portion of overall GAAP revenue; this comes from the sale of mutual funds and other investment savings products, as well as the distribution of annuity products from other manufacturers, which generate fee-based income and provide a source of diversification of income.

Primerica Group, which is one of the largest underwriters of term life insurance in the United States, maintained a strong market position through its dedicated distribution subsidiary, Primerica Financial Services, LLC., with nearly 130 000 life insurance agents and approximately 26,000 mutual funds. authorized representatives across the country. Primerica Group’s business model in the United States and Canada is highly dependent on the need to continually recruit agents to maintain its competitive advantage. AM Best notes some rating factors offsetting the Primerica Group’s somewhat narrow corporate profile, focused on term life insurance and investment and savings products, through expanding relationships, such as the mortgage origination for Rocket Mortgage, LLC, a mortgage lender, and the acquisition of e-TeleQuote Insurance, Inc., which markets Medicare-related insurance products underwritten by third-party health insurance companies.

This press release relates to credit ratings that have been published on AM Best’s website. For all rating information relating to the release and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit AM Best’s Recent Rating Activity web page. For more information on the use and limitations of credit rating opinions, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best’s Credit Scores, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see the Guide to Proper Use of Best’s Best ratings and reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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What is a credit score?


If you have poor credit or no credit at all, don’t worry. Read on for tips on improving your credit score. / Credit: Getty Images

What you were looking for open a new credit cardget a mortgage or get car insurance, you need good credit.

Your credit score helps financial institutions get a realistic picture of your overall credit health. If your score is too low and your credit is weak, you may find that a lender will offer you a higher interest rate or other unfavorable terms. In some cases, you might even be denied the products and services you most want.

If you don’t already know your credit score, you should consider using an online tool to help you. Get a free credit report now!

What is a credit score?

Your credit score is a three-digit number that measures your creditworthiness or the likelihood that you are responsibly managing your financial accounts, including your credit card debt. This number varies between 300 and 900, depending on the credit bureau calculating it. The higher your score, the more creditworthy you are considered. It can unlock lower interest rates, better loan terms, new credit card options, available lines of credit and more.

If your credit score is at an all-time low, don’t panic: there are steps you can take to improve that number. It might not be a bad idea, however, to seek expert advice on how to improve the way you manage your personal finances. You can start the credit repair process now.

There are three credit reporting agencies in the United States, which are responsible for monitoring and maintaining credit-based activity for American adults. These bureaus – TransUnion, Equifax and Experian – receive information from existing creditors and provide this information to potential creditors who can “pull your credit.” These creditors may use a number of different models to calculate your score, including FICO, VantageScore and others. So you can have more than one credit score.

To accurately determine where you stand, it is important to obtain both your credit score and your credit report. With Experian, you can get a free credit report in minutes.

A credit report will provide a detailed look at your credit history, including things like outstanding loan balances, overdue payments, and age of accounts (the older your accounts, the more reliable you can appear to lenders ). Credit reports may also contain outdated and incorrect information that may negatively affect your score. It is therefore worth reviewing it carefully to ensure that it is complete, accurate and up-to-date. These reports are added to your credit history, where they will remain for seven years before dropping.

Again, it’s worth double-checking your score to make sure you have the latest number. Your credit score can change over time, so be sure to use the tools at your disposal to have the most up-to-date information.

Each time you open a consumer account, such as a loan or a credit card, the creditor will report the new account to at least one of the credit bureaus. Each month, they’ll also report your most recent account activity: whether the account is still open, how much you currently owe, what your credit limit is, whether you made your last payment on time, and any personal information related to the account.

What causes a bad credit score?

Although each credit scoring model has its own rating ranges, anything below 580 to 600 is generally considered a bad rating. If you have a bad credit score, it can lead to declined loan applications, limited credit card options, and even higher car insurance rates. Bad credit is usually the result of one or more of the following:

Not having enough (or a diverse mix of) different accounts Payment history (late payments can particularly count against you) Unpaid accounts or those that have been collected or debited Credit usage (how part of your credit capacity is currently available) Too many applications in a short time Too many new accounts recently opened History of bankruptcy and/or judgments

You can also get a bad credit score if your credit history is limited or non-existent. If you’ve never opened (or tried to open) a credit account of any kind – a credit card, a loan, a charge card such as American Express, or even a medical bill on collection, it is likely that your credit report will be quite sparse if not empty. If the credit bureaus don’t have any information about your creditworthiness, it’s difficult for a scoring model to calculate a score for you.

How to improve a bad credit score

If you have bad credit, improving that number to three digits is a smart goal. You don’t have to wait to do it (and shouldn’t). Repairing your credit is a process that can start now.

While a single late payment can drop your score by dozens of points, rebuilding that score can take a lot more time and effort. In general, you will increase your chances of having a good credit score by:

File disputes to correct errors you may find on your credit report. unless you need it secure credit card to help you prove your credit Limit the number of new accounts you open in a short period of time Pay off your debts as quickly and efficiently as possible

If your credit history is limited, you can sometimes get your rent payments and even your utility bill payment history added to your credit report. As long as you made these payments on time, it can help you quickly increase your score and get a good credit score.

At the end of the line

Your credit score can sometimes seem like three arbitrary numbers, but they have the power to control many factors in your financial life. Building and maintaining a healthy credit rating can not only make your life easier, it can also save you money in the long run. Having a bad credit rating is worrisome, but can absolutely be fixed with a little time and a little dedication.

If you’re concerned about your credit score and want to work to improve it, consider working with a credit repair professional. start with a free credit assessment.

Money Matters: Breaking Down the Basics – Credit Reports vs. Credit Scores – Franklin County Times


Credit Scores and Credit Reports – Two Different Things, But What’s the Difference?

Your credit report contains information about your credit activity, current credit status, and historical credit information. It contains all the information about your loan payment history and the status of your credit accounts. It also includes other information reported to the credit bureaus, such as current and former addresses, your employer, inquiries, collection records, and public records.

There are three credit reporting agencies, or credit bureaus, in the United States: Experian, Equifax and Transunion. Each reporting agency compiles your credit information from various reporting sources, such as banks and credit cards, into a credit report.

Your credit report does not include information about your marital status, income, bank account balance, or level of education. Your credit file, however, may include your spouse’s name if reported by a creditor.

Your credit score is a three-digit number calculated based on information in your credit report – basically, summarizing your borrowing and repayment history.

Your credit score is based on five main factors:

  1. 1. Payment history: That’s a big deal! It takes into account whether you have paid your bills on time.
  2. 2. Credit Usage: This is a measure of how much debt you have.
  3. 3. Length of credit history: The longer you have credit, the better.
  4. 4. Types of credit: You want a healthy mix of accounts.
  5. 5. Credit Research History: Excessive credit research can negatively impact your score.

Your credit score is also affected by accounts you have jointly, but there are no joint credit scores.

If you co-sign for someone on a loan or a credit card, it affects both of you, regardless of who is actually responsible for the debt. Having this joint debt will also affect your debt ratio when applying for a loan. Be sure to keep this in mind before signing with anyone. You are both equally responsible for the debt.

Monitoring your credit report and credit score is essential for detecting identity theft and fraud. Knowing what should and shouldn’t be there can help you spot the signs earlier and take action if something fraudulent happens. Knowing more about the basics of your credit report and credit score helps you stay in control of your financial situation.

Emily Mays is Vice President/Administrative Director of Community Spirit Bank in Red Bay, working in finance for 15 years. She is an enthusiastic social media marketer, advocate for financial literacy and a proponent of going local.

Internal or External Magma Oceans in Early Protoplanets – Perspectives from Nitrogen and Carbon Fractionation


Illustrations illustrating the differentiation regimes of the A) inner and B) outer magmatic oceans. A) Fractionation of N and C between molten alloy and molten silicate in an IMO. B) Fractionation of N and C between atmosphere, molten silicate and molten alloy in an EMO. Figure modified from Elkins-Tanton et al. (2011


As the extent of protoplanetary melting approached magmatic ocean (MO) type conditions, the molten alloys effectively separated from the silicates to form metallic cores.

The nature of the MO of a differentiating protoplanet, i.e. internal or external MO (IMO or EMO), not only determines the abundance of volatile compounds essential for life such as nitrogen (N) and carbon (C) in its core and mantle reservoirs, but also the timing and mechanism of volatile loss.

Whether the first formed protoplanets had IMOs or EMOs, however, is poorly understood. Here, we model the equilibrium partitioning of N and C between alloys and molten silicates in the absence (IMO) or presence (EMO) of vapor-degassed atmospheres. Bulk N and C inventories of protoplanets during core formation are limited for IMOs and EMOs by comparing predicted abundances of N and C in molten alloys of the two scenarios with concentrations of N and C in the parent nuclei of magmatic iron meteorites.

Our results show that compared to EMOs, protoplanets with IMOs satisfy the N and C contents of the parent cores with substantially lower amounts of N and C present in the parent body during core formation. As the bulk N and C contents required for IMO and EMO are in the subchondritic and chondritic range, respectively, splitting models of N and C alone cannot be used to distinguish the prevalence of these two diets. of end-member differentiation.

A comparison of N and C abundances in chondrites with their maximum metamorphic temperatures suggests that protoplanetary interiors could lose a substantial portion of their N and C inventories with increasing degrees of thermal metamorphism.

Damanveer S. Grewal, Johnny D. Seales, Rajdeep Dasgupta

Comments: 19 pages, 8 figures, 1 table
Subjects: Terrestrial and planetary astrophysics (astro-ph.EP)
Cite as: arXiv:2210.03237 [astro-ph.EP] (or arXiv:2210.03237v1 [astro-ph.EP] for this release)
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Related DOI:
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From: Damanveer Grewal
[v1] Thu, Oct 06, 2022 10:14:05 PM UTC (1,838 KB)

How to remove a credit or debit card from your Amazon account


One day you might change your mind about which cards you want to give Amazon access to

Source: Unsplash

Amazon is one of the biggest retailers in the world, offering everything from groceries to the best Android tablets. If you’re shopping online, chances are you’ve bought something from Amazon at some point. To buy something from the retailer, you need a registered credit card, debit card, or gift card. And with Amazon’s Prime Early Access sale running October 11-13, you’ll want to make sure your payment information is up to date.


Whether you’ve canceled a card, changed your bank account, or decided not to use a specific card online, it’s helpful to know how to remove a credit or debit card from your Amazon account. The steps are different depending on whether you’re using your desktop browser, an Android or iPhone app, or a mobile browser. Whichever method you prefer, we have a guide on how to remove your card.

How to Remove an Amazon Credit or Debit Card in Your Desktop Browser

Many people find that the online shopping experience is always a bit easier on a desktop computer. The best way to access Amazon on your PC is to visit their website in your favorite browser. If this is your preferred method of shopping online, here’s how to remove your debit or credit card:

  1. Visit the Amazon website in the browser and log in.
  2. In the upper right corner, click Accounts and Lists to open the Account page.
  3. Click on Your payments.
  4. Under Wallet, choose the debit card you want to remove from the account. Card information appears on the right.
  5. Click on Edit to display a dialog to change your payment method.
  6. In the lower left corner of the dialog box, click Withdraw from wallet.
  7. To confirm your choice, click on Remove.

You will see a confirmation at the top of the page that says: “Your payment method has been successfully deleted”.

How to Remove a Credit or Debit Card from Amazon in Android and iOS Apps

If your favorite way to shop on Amazon is on your mobile phone, the Android and iOS apps have the same account functionality as the desktop website. If you want to use the Amazon app to remove a card from your account, follow these steps:

  1. Press the menu icon in the lower right corner of the screen.
  2. In the pop-up menu, tap Account.
  3. Scroll to Payments section.
  4. Faucet Your payments.
  5. Select the card you want to delete.
  6. On the right side, tap Edit.
  7. At the bottom, tap Withdraw from wallet.
  8. On the confirmation screen, tap Remove.​​​

A confirmation appears at the top of the page stating: “Your payment method has been successfully deleted”.

How to Remove a Credit or Debit Card from Amazon in Mobile Browser

Not everyone wants to install an app for every online service they use. If this is you, visit the Amazon website on your mobile browser. You still have access to account features. You can remove your debit or credit card by doing the following:

  1. In the top right corner, tap your account name.
  2. Next to the Your account header, touch See everything.
  3. Scroll to Payments section.
  4. Faucet Your payments.
  5. Select the card you want to delete.
  6. On the right side, tap Edit.
  7. Scroll down the page and tap Withdraw from Wallet.
  8. On the confirmation screen, tap Remove.

At the top of the page, you will see a confirmation that says “Your payment method has been successfully deleted”.

Monitoring your Amazon account

No matter what debit or credit cards you save to your Amazon account, it always pays to check your account once in a while to see where your money went. The best way to do this is to check your Amazon order history using one of two methods.

As rents rise, buying can hedge against inflation

Lester Clements II

Tenants across the country are facing record annual rent increases.

In Bernalillo County, average monthly rents have risen 20.8% since the pandemic began, meaning Albuquerquens are having to sacrifice more of their income to keep up.

Owning a home, on the other hand, is a hedge against inflation and can protect you against rising rental prices. But buyers currently renting may struggle to save for the upfront costs of home ownership. Additionally, recent interest rate hikes mean buyers may need to budget for higher monthly mortgage payments or reconsider how much they are willing to borrow to ensure it is manageable with other financial priorities.

Still, if you find yourself ready to buy a home—or are looking for ways to make it more affordable in the near future—there are several strategies to consider that can help you save on buying a home:

Make the most of the amount you’ve saved: Although many people can afford a monthly mortgage payment, it can be difficult to save for the initial costs of home ownership. If you’re looking to buy, but wonder if you’ve saved enough for a down payment, consider reviewing what percentage of the total purchase price you’re willing to spend on a down payment. A common misconception is that lenders charge 20%, but these days most borrowers put away much less.

There are also plenty of solutions to help potential buyers overcome upfront costs, including loans requiring as little as 3% down payment with lower-cost private mortgage insurance. Additionally, grant programs such as the Bank of America Down Payment Grant and America’s Home Grant provide eligible borrowers in Albuquerque with up to $17,500 in down payment and closing cost assistance without refund required.

Building a good credit rating: Your credit rating affects how you are perceived as a potential borrower when buying a home. It is therefore important to adopt responsible credit behavior, such as making payments on time and being careful not to overspend. One way to take the first step toward improving your credit score is to review a copy of your credit report for any errors. Also, be sure to avoid late payments and keep your credit utilization rate low.

Pay discount points on your mortgage: Mortgage points, also known as discount points, are fees you pay to your lender at closing to get a reduced interest rate on your loan. Paying rebate points on your mortgage could offer potential savings over the life of the loan. In general, the longer you plan to own the home, the more you’ll save by using Points, so consider how long it takes to recoup the cost of purchasing Points – or the break-even period. Also determine if you have the cash available to purchase points in advance.

If you have to choose between making a 20% deposit and buying points, make sure you do the math. A lower down payment may require you to purchase private mortgage insurance, so consider whether that extra cost would negate the benefit you would get from buying points and lowering your interest rate.

Make pre-approval a top priority: Pre-approval makes you a more desirable buyer and can set you apart in a competitive market. If you’re pre-approved for a mortgage, it means the lender has looked at your income, credit, and other expenses to determine the mortgage amount you qualify for.

In markets as competitive as Albuquerque, no pre-approval can mean immediate rejection from salespeople seeking to verify that prospects are serious about buying. The best deal isn’t always the one a seller can pick – sellers often pick buyers they’re most confident will close the loan in the time frame they want.

Buying a home isn’t a one-size-fits-all approach, and working with a loan specialist can help you understand the best money-saving tactics for your financial situation. By knowing where you are and what the next steps look like, you’ll feel more confident and prepared as you make the biggest (and most rewarding) purchase of your life.

The Office of the Executive’s Guest Column provides tips, feedback, or information about resources available to the business community in New Mexico. To submit a column for review, email [email protected]

Dwayne Johnson Reveals The Sweet Reason He’s Canceling A White House Bid, And More News | Gallery

6:27 a.m. PDT, October 8, 2022

Watsonville Police Arrest Los Angeles Man Charged With Credit Card Skimming – Santa Cruz Sentinel


WATSONVILLE — A 34-year-old Los Angeles man faces criminal charges after investigators allegedly linked him to multiple credit card skimming attempts in two counties.

Watsonville police arrested George Cristea Tuesday at a convenience store on Airport Boulevard “moments after placing a skimming device on a credit card reader,” the department said on social media.

Earlier, Cristea allegedly placed skimming devices in at least two convenience stores in Salinas while driving a stolen car out of Southern California, police say.

The Watsonville Police Department’s Special Investigations Unit responded when Cristea allegedly drove to Watsonville in the stolen car. The Salinas Police Department and the Santa Cruz County Auto Theft Reduction and Enforcement Task Force also assisted in the investigation.

Cristea was sentenced to Santa Cruz County Jail on suspicion of possessing a stolen car and possessing and using a credit card skimmer at a business. The Santa Cruz County District Attorney’s Office later filed criminal charges against Cristea, including auto theft, burglary, and misdemeanor possession of a scanning device with intent to defraud.

Watsonville Police encourage business owners to be vigilant and to frequently inspect their credit card readers.

Jumbo Loan Refinance: A Complete Guide


Refinance Jumbo Loan Requirements

Lenders who offer giant mortgage refinances have stricter requirements than conventional, FHA Where AV loans.

Carefully consider the following requirements before applying for a jumbo loan refinance.

Credit score

Your credit score is a three-digit number that indicates how well you manage your debts, both currently and in the past. For 30-year fixed rate loans, the average median credit score accepted by most lenders who offer refinance for jumbo loans is 680. For 15-year fixed rate loans and ARMs, you will need with a credit score of 700 or higher. You may need a credit score of 760 if you are not refinancing a primary residence or single family home for investment properties or rental properties.

Debt to income ratio

Your debt-to-income ratio (DTI) tells your bank or credit union how much of your monthly income you use to pay recurring bills, such as your mortgage payment, minimum payments on credit cards, student loans, personal loans, and loans automobiles. They use it as a yardstick to assess your risk as a borrower. You present more risk to a lender if you have a high DTI. In most cases, you should have a DTI no higher than 36%.

payment history

You will also need to have a clean payment history with no late or missing or recent mortgage payments. bankruptcies in order to obtain a jumbo refinance loan.

home equity

Lenders will require you to have a certain amount of home equity before considering a jumbo refinance. Some types of jumbo refinance, such as cash refinances, may require more equity than others. Your jumbo refinance depends on the current value of your home. Most lenders require you to have a certain loan-to-value (LTV) ratio which measures the appraised value of a home relative to the amount you wish to borrow.

The appraised value of a house is the market value of the house. Since most lenders require you to leave 20-30% of your home equity after you refinance your jumbo loan, you may not qualify for a cash refinance if you are still in the early stages. years of your loan term.

Liquid reserves

Borrowers with a jumbo loan will need cash reserves. Cash reserves refer to the excess cash you have in the bank and in investments. Your lender should know that in case of financial difficulties, you will be able to make your monthly payments. Cash reserve amounts vary by lender, but at Rocket Mortgage® you will need 6 months of cash reserve for loan amounts under $1 million. Loan amounts over $1 million require one year of cash reserves.

LaGrange man convicted of murder in 2019, sentenced to life plus 75 – Reuters

LaGrange man convicted of murder in 2019, sentenced to life plus 75 years

Posted at 1:04 p.m. on Wednesday, October 5, 2022

A LaGrange man was convicted of murder, along with other counts, and was sentenced to life in prison with the possibility of parole, followed by 75 years in prison.

After a week-long trial, a Troup County jury found Travis McFarland, now 21, of LaGrange guilty of murder, aggravated assault with a deadly weapon, felony attempted armed robbery , possession of a firearm in the commission of a felony and two violations of the Georgia Street Gang Terrorism and Prevention Act, according to a press release from District Attorney Herb Cranford.

Coweta Judicial Circuit Superior Court Judge Markette Baker convicted McFarland. Chief Assistant District Attorney Jack Winne prosecuted the case. LaGrange Police Department Sgt. Ley Wynne and LPD gang detective Jarrod Anderson were the lead investigators.

At trial, the evidence showed that James Jake Ponder, 24, while sitting in the driver’s seat of his vehicle, was the victim of an attempted armed robbery that went wrong. Ponder was shot in the back, hands and leg. Ponder succumbed to his injuries that night.

The press release says evidence has shown McFarland was one of two perpetrators who got into the backseat of Ponder under false pretences with the plan to rob him at gunpoint during an incident. in February 2019. McFarland impersonated “Slime Hext”. The press release notes that in Bloods gang lingo, “sliming” someone generally means stealing. The investigation also demonstrated that McFarland was a member of the “Bounty Hunter” set of the criminal Bloods street gang, and that the commission of these offenses was motivated by his participation in the activities of the violent gang, and that he committed these crimes to maintain and increase his status in the gang.

“This case is another tragic example of lives ruined and families destroyed by criminal street gangs,” Cranford’s press release said. “Mr. Ponder, the victim, lost his life and his family will never be the same, all because the defendant chose to commit theft and was willing to kill for it. Accordingly appropriate and just, he will spend a substantial part, if not the rest of his or her life in prison Case after case shows that criminal street gang activity leads to death or substantial incarceration.

California kidnapping of person of interest in police custody after using missing victim’s credit card


This story is about suicide. If you or someone you know is having suicidal thoughts, please contact Suicide & Crisis Lifeline at 988 or 1-800-273-TALK (8255).

California authorities have arrested a person of interest in an investigation into the kidnapping of a family of four, officials said Tuesday. The arrest came the day after officers located a truck belonging to one of the missing victims on fire outside Merced.

The Merced County Sheriff’s Office announced that Jesus Manuel Salgado, 48, was arrested following a brief search instigated by him using one of the victim’s credit cards at an ATM in Atwater . The town of Atwater is located less than 10 miles from Merced.

“On October 4, 2022, Merced County Sheriff’s Detectives received a tip in the morning of October 4, 2022 that one of the victim’s ATM cards had been used at an ATM located at a bank in the city of Merced. ‘Atwater. Investigators have obtained a CCTV photo of a subject doing a banking transaction where the person appears to resemble the CCTV photo from the original abduction scene,’ the MCSO said in a statement.

The MCSO said Salgado was in critical condition when law enforcement located him attempting to kill himself.


Several law enforcement agencies continue to search for the four missing victims: Aroohi Dheri, 8 months, her parents – Jasleen Kaur, 27, and Jasdeep Singh, 36 – and her uncle, Amandeep Singh, 39. Police said all four were taken against their will at gunpoint.

“We continue to ask for the public’s assistance with any information that may help us locate the family,” the MCSO said.

At a press conference on Tuesday, Sheriff Vern Warnke added, “We don’t have any motivation behind this. We just know they’re gone.”


This Tuesday, October 4, 2022, video image released by the Merced County Sheriff’s Office shows a possible person of interest in an investigation into a kidnapping at a bank in the town of Atwater, California.
(Merced County Sheriff’s Office via AP)

The arrest comes a day after Cal Fire Madera-Mariposa-Merced “was dispatched to Buhach Road and Oakdale Road in Winton for a report of a burning vehicle,” the sheriff’s office said Tuesday.

Fire department authorities later identified the vehicle as Amandeep Singh’s black 2020 Dodge Ram truck.

A collage of photos showing the four missing victims of a California kidnapping.

A collage of photos showing the four missing victims of a California kidnapping.
(Merced County Sheriff’s Office)


Anyone with information regarding the abduction or the whereabouts of the victims is encouraged to call the MCSO tip line at 209.385.7547. All information can be shared confidentially.

Audrey Conklin of Fox News and The Associated Press contributed to this report.

Freedom Mortgage Review | The military portfolio


.Freedom Mortgage is one of the most competitive VA lenders out there.

The company was the best VA lender for all loans in 2021 and remains among the top five VA lenders for all VA loans so far in 2022, as well as the top five for cash-out and streamline (IRRRL) VA loans.

  1. About Liberty Mortgage
  2. Products and services
    1. Home Loans Freedom Mortgage VA
    2. Other Freedom Mortgage Home Buyer Loans
  3. Freedom Mortgage Refinance Loans
    1. Streamline refinancing options
    2. Cash out refinance loan options
  4. Advantages and disadvantages of the Freedom mortgage
    1. Mortgage rates

About Liberty Mortgage

According to its website, Freedom Mortgage operates in all 50 states, Washington, DC, Puerto Rico and the US Virgin Islands.

Founded in 1990, Freedom Mortgage offers a range of mortgages, including conventional adjustable and fixed rate loans, FHA and VA.

“We are committed to fostering homeownership at Freedom Mortgage, and the numbers show it,” said Freedom Mortgage President. said Stanley Middleman in a press release.

“While we are proud of this designation, our goal has always been to serve veterans and Americans who have very little or no down payment so they can purchase their first home and experience the joy and rewards of home ownership. In fact, there is no greater honor.


This Year’s Top VA Mortgage Lenders

Products and services

Freedom Mortgage offers conventional, FHA, VA, and USDA loans for buying and refinancing a home.

Home Loans Freedom Mortgage VA

According to its website, Freedom Mortgage offers the following VA home purchase loan products:

Loans for buying a VA home

  • Veterans, active duty, National Guard and reserve service members may be eligible, as well as surviving spouses
  • Competitive interest rates
  • 0% deposit requirement
  • Minimum credit score as low as 550.

VA Streamline refinance loans

  • Easy refinance option for borrowers with existing VA loans
  • Competitive interest rates
  • Hassle-free process with less paperwork and faster closings
  • Credit score qualifications Est.

VA Cash Out Refinance Loans

  • Get cash from the value of your home equity
  • Available to eligible borrowers with other VA or non-VA mortgages
  • Borrowers can finance up to 90% of the value of their home
  • Minimum credit score: 550

Other Freedom Mortgage Home Buyer Loans

Veterans do not have to use a VA home loan to purchase a home. VA home loans have specific requirements that may not work for all veterans. Freedom Mortgage offers these options for veterans looking for another loan option.

FHA loan for buying a home

  • Competitive interest rates
  • Low minimum down payment
  • Minimum credit score of 550
  • Requires mortgage insurance

USDA Home Purchase Loan

  • Competitive interest rates
  • No down payment for many buyers
  • Low mortgage guarantee fees
  • Minimum credit score of 640
  • The property must be located in an eligible rural or suburban community
  • Low closing costs at 2 – 5%

Loan for the purchase of a classic house

  • Offered by financial institutions without the support of a government agency
  • No mortgage insurance with 205% down payment
  • Can be used to purchase primary homes, vacation homes, rental homes, or investment properties

Freedom Mortgage Refinance Loans

Freedom Mortgage also offers several streamlined, cash-out refinance loan products.

Streamline refinancing options

Freedom Mortgage offers VA, FHA, and USDA streamlined refinance loans, allowing borrowers to refinance their home quickly and easily without reappraisals or lengthy closing times.

Here’s what you need to know about each option.

“Streamline” VA Interest Rate Reduction Loans (IRRRL)

Freedom Mortgage offers “Streamline” VA Interest Rate Reduction Refinance Loans (IRRRL) for borrowers who wish to refinance an existing VA loan to obtain a lower interest rate or monthly mortgage payment.

Eligible borrowers can see how much they can lower their payment with Freedom Mortgage loan refinance calculator.

To qualify for a VA Streamline IRRRL:

  • Refinancing must provide a “tangible net benefit” to borrowers, such as a lower interest rate, lower monthly payment, or switching from an adjustable rate mortgage (ARM) to a fixed rate mortgage.
  • The veteran must have held the original loan for six months.
  • The borrower must pay a refinancing fee, which can be 1-3% of the loan amount and a financing fee of 0.5%.

VA IRRRLs take about 30 days to close, according to the VA Lender Handbook. There are no limit to the number of times a veteran can refinance a VA loan.

FHA streamlines refinance loans

Like the VA IRRRL program, FHA Streamline Refinance Loans are available to current FHA borrowers who would gain a tangible benefit by refinancing. FHA Streamline Refinance Loans offer competitive interest rates and an easy loan qualification process. However, borrowers refinancing with an FHA Streamline mortgage must pay for mortgage insurance.

USDA streamlines refinance loans

Freedom Mortgage also offers USDA Streamline Refinance Loans to borrowers with an existing USDA mortgage. USDA borrowers need a minimum credit score of 640 to qualify for a USDA streamlined refinance loan from Freedom Mortgage.

Cash out refinance loan options

A cash loan allows borrowers to withdraw some of the equity in their home to spend or reinvest in another way, such as home improvement or college education.

A loan with withdrawal replaces a borrower’s existing loan with a higher loan amount. The equity withdrawn makes the difference.

For example, suppose a veteran family’s original mortgage was $250,000. They refinance into a $325,000 VA or FHA streamlined refinance loan. They could take $75,000 in cash from their capital to meet other needs.

VA Cash Out Refinance Loans

  • Veterans can finance up to 90% of their home’s value using a VA Cash Loan
  • Minimum credit score of 550
  • Mortgage insurance is not compulsory
  • Requires 2.3-3.6% finance charge unless you qualify for a waiver

FHA withdrawal loans

  • Up to 80% LTV.
  • Minimum credit score of 550
  • Requires mortgage insurance

Conventional collection loan

  • Consolidate other debts
  • Minimum credit score of 620
  • Up to 80% LTV
  • No finance charge, but may require m

Advantages and disadvantages of the Freedom mortgage

  • Specializes in VA and FHA loans
  • Fair Credit Score Requirements
  • Prequalification available
  • Better Business Bureau B+ rating
  • Online bill payment and account management
  • Borrowers cannot complete loan applications online
  • No home equity loans or lines of credit
  • Rates not available online
  • Existing customers can receive aggressive refinance offers (Remember: cumulative refinance fees should never offset mortgage savings).

Mortgage rates

In an email, a Freedom Mortgage spokesperson said the lender does not publish rates online, citing daily fluctuations in interest rates. Request a quote online or call Freedom Mortgage to ask a representative for mortgage interest rates.

Credit Suisse seeks to reassure investors amid financial concerns: FT


A Swiss flag flies over a Credit Suisse sign in Bern, Switzerland


Credit Suisse executives are in talks with the bank’s top investors to reassure them amid growing concerns about the Swiss lender’s financial health, the Financial Times reported, citing people involved in the talks.

An executive involved in the talks told the Financial Times that the bank’s teams had actively engaged with its key customers and counterparties over the weekend, adding that they were receiving “messages of support” from major investors.

Credit Suisse shares hit new lows last week. The stock is down about 55% since the start of the year.

Spreads on the bank’s credit default swaps (CDS), which provide investors with protection against financial risks such as default, rose sharply on Friday. They followed reports that the Swiss lender is looking to raise capital, citing a memo from its chief executive Ulrich Koerner.

FT said the executive denied reports that the Swiss bank had officially approached its investors to possibly raise more capital, and insisted that Credit Suisse was “trying to avoid such a move with the price of its stock at record highs and higher borrowing costs due to rating downgrades.”

The bank told Reuters it was reviewing its strategy which includes potential divestitures and asset sales, and an announcement is expected on Oct. 27, when the bank will release its third-quarter results.

Credit Suisse has also been in talks with investors to raise capital with various scenarios in mind, Reuters said, citing people familiar with the matter, saying this included a chance the bank could “largely” exit the market. American.

The latest news from Credit Suisse signals “difficult times” ahead, but that could lead to a change in direction from the U.S. Federal Reserve, John Vail, chief global strategist at Nikko Asset Management, said Monday on “Squawk Box Asia” from CNBC.

“The silver lining at the end of this period is that central banks will likely start to cool down for a while as inflation is down and financial conditions deteriorate significantly,” Vail said. “I don’t think it’s the end of the world.”

CNBC Pro Stock Picks and Investing Trends:

“We struggle to see anything systemic,” Citi analysts said in a report on the possible “contagion impact” on US banks by “a major European bank.” Analysts did not name Credit Suisse.

“We understand the nature of the concerns, but the current situation is day and night of 2007 because balance sheets are fundamentally different in terms of capital and liquidity,” the report said, referring to the financial crisis that erupted in 2007. .

“We think US bank stocks are very attractive here,” the report said.

Read the full Financial Times report here.

Credit card readers broke down in a quarter of California DMV offices


Nearly a quarter of California Department of Motor Vehicle offices experienced outages that knocked out credit card machines on Friday, adding a new source of frustration for motorists visiting the agency, known for its long waiting time and computer problems.

Credit and debit card machines have not worked at 41 of the DMV’s 170 field offices statewide due to unresolved “machine outages,” said agency spokeswoman Anita Gore, in an email. Customers wishing to pay by credit card were asked to return with cash.

DMV staff members worked to “identify the cause and correct the problem” on Friday, Gore said. As of Friday, the issue was still not resolved.

The credit card problem has added to the agency’s woes as it struggles to regain public trust after years of managerial and technological shortcomings.

In response to widespread criticism of the DMV’s operating procedures, Governor Gavin Newsom in 2019 created a task force to “reinvent” the ailing agency, promising to improve its antiquated computer system and reduce wait times. , which in recent years have averaged more than two hours. The state
hired the consulting firm
McKinsey & Company to recommend improvements, with funding coming from a $240 million increase in the DMV budget that year.

The governor’s office did not immediately respond to a request for comment on the credit card machine failure.

At the San Mateo DMV office on Friday, frustrated motorists abandoned their places in line or rushed to get cash when the computer problem was announced.

It was unclear whether other Bay Area DMV offices were affected by the issue.

The agency declined to provide a list of affected offices.

Nora Mishanec is a staff writer for the San Francisco Chronicle. Email: [email protected] Twitter: @NMishanec

What are VA ARMs? | Accelerate lending


How do VA adjustable rate mortgages work?

VA adjustable rate mortgages are functionally the same as any other ARM. They remain at a fixed rate for a given period at the start of the loan. At the end of the fixed period, they adjust at given intervals. There are caps and floors that limit the initial adjustment of the rate up or down, each subsequent adjustment and over the life of the loan.

When the rate adjusts, it does so based on an index. Whichever index is used, it is added with a margin and rounded to the nearest 0.125%.

In the case of PV loans, the index used for adjustments is the 1-year Constant Maturity Treasury (CMT). Interest rates adjust up or down once a year after the fixed period on a date specified in your mortgage contract.

They don’t have to be, but most MRAs are based on 30-year terms. When you see something like “5-year ARM”, it refers to the period of time you will have a fixed interest rate before any adjustments. Let’s go into an example of how this works. Say you saw an advertisement for an ARM 5/1 with capital letters 1/1/5. Your initial interest rate is 5% with a margin of 2%.

First, the 5/1. This means that the rate remains fixed for the first 5 years of your mandate and adjusts once a year thereafter. Now the caps. The first 1 is the initial ceiling. During the initial adjustment, your rate will not go up or down by more than 1%. The second 1 is the ceiling and floor for each subsequent adjustment. The final number is the lifetime adjustment limit. Your rate won’t go up or down more than 5% as long as you have the loan.

Depending on the difference between current market rates and your original interest rate, the floor may not come into play due to the spread. In this case, your rate will never be less than 2%. But it also helps limit the high end of rate adjustments.

When might you choose an ARM over a fixed rate mortgage? There are two situations to think about. First, if you expect to get in and out of the house before your rate adjusts, you’ll get a lower rate than you would get on a comparable 30-year fixed rate because the rate can be adjusted and n does not require investors to try to project inflation over a long period.

Second, as interest rates rise, ARMs tend to have rates that seem a bit lower than fixed rates. It has to do with a complicated investment concept known as the yield spread premium. We don’t need to dwell on it here. Just be aware that as rates go up, ARMs look better.

Rocket Mortgage® offers 5-year VA ARMs. The VA also gives lenders the ability to provide loans with fixed rate periods of 1, 3 and 5 years from the start of the ARM.

First Reviews Under the Extended Credit Facility and Requests for Modification of Performance Criteria and Inflation Consultation Clause – Press Release; staff report; and Statement by the Executive Director for the Republic of Moldova


Republic of Moldova: First Reviews Under the Extended Credit Facility and Requests for Modification of Performance Criteria and Inflation Consultation Clause – Press Release; staff report; and Statement by the Executive Director for the Republic of Moldova

Publication date:

September 29, 2022

Electronic access:

Free download. Use the free Adobe Acrobat Reader software to view this PDF file


Moldova’s economy is expected to stagnate in 2022 due to fallout from the Russian invasion of Ukraine. The war in Ukraine continues to weigh heavily on Moldova, although some initial pressures have eased. Net withdrawals from bank deposits have ended and are now regularly replenished. The leu has depreciated by around 8% so far, while pressures on foreign exchange reserves have eased. Around 550,000 refugees fleeing the war (representing more than 20 percent of the Moldovan population) transited through Moldova, with around a fifth remaining in the country. Driven by rising food and energy prices, inflation accelerated further above the target range.


Country Report No. 2022/320





Publication date:

September 28, 2022



Stock number:




UPI-credit card linkage has potential to disrupt Visa, MasterCard markets, experts say; Details


Proposed UPI-credit card link: As the number of credit cards in the system increases at a rapid rate, linking them to UPI will give the digital payment platform a significant boost. The number of credit cards in circulation in India jumped 22% YoY in August 2022. The RBI had announced its proposal to allow credit card linking on UPI platforms. Experts said that in the long term, credit on UPI has the potential to disrupt all other program providers, including Visa and MasterCard.

The total number of credit cards in circulation in the system stood at around 7.80 crores at the end of August 2022, a significant increase of 21.9% from 6.40 crores in August 2021, according to data from the RBI.

UPI payments are also growing at a rapid rate. In July, the platform crossed 6 billion transactions, the highest since 2016. It has over 26 crore unique users and 5 crore merchants. According to an ICRA report, UPI-based payment throughput more than doubled to Rs 84.16 lakh crore in FY 2022 from Rs 41.04 lakh crore in FY 2021.

Jaikrishnan G, Partner (Financial Services Consulting) at Grant Thornton Bharat, “Physical cards will see a reduction in issuance and usage. Customers will prefer using a credit card on UPI rather than swiping it. The layer card management industry will have an impact with a decrease in volume.RuPay cards being the first to be integrated, this could mean a substantial change in volumes in favor of RuPay.

He added that in the long term, credit on UPI has the potential to disrupt all other program providers, including Visa and MasterCard. “We anticipate that the cost of paying by credit card may also drop as the UPI infrastructure is more optimized compared to other payment networks.”

Sachin Castelino, Director of Strategy and Transformation at In-Solutions Global, “Just as we have seen a significant increase in the use of digital payments following the adoption of UPI and industry fintech, the integration of credit cards with UPI will have a similar effect.It may also increase the demand for RuPay credit cards due to the standardization of customer experience.

Castelino added that with over 20 million QRs available for UPI transactions, the same technology will be used for credit card transactions, which will also increase acceptance in Tier 2 and -3 cities.

“Issuing banks will need to be risk-aware and strengthen their infrastructure to cope with the increased volumes that will result from this welcome move for the Indian consumer,” he said.

To boost UPI, the RBI has also announced an interoperable cardless cash withdrawal facility using the Unified Payments Interface or UPI platform, which will be available on banks’ ATM networks. Currently, bank customers can only use their ATMs to withdraw cash without a card.

Read all Latest business news and recent news here

Credit Suisse X-Links Gold Shares Covered Call ETN (NASDAQ:GLDI) Short Interest Update


Credit Suisse X-Links Gold Shares Covered Call ETN (NASDAQ:GLDI – Get Rating) was the target of a significant increase in short interest during the month of September. As of September 15, there was short interest totaling 934,100 shares, an increase of 4,739.9% from the total of 19,300 shares as of August 31. Based on an average trading volume of 154,700 shares, the short-term interest rate ratio is currently 6.0 days.

Credit Suisse X-Links Gold Shares Covered Call ETN Price Performance

Shares of GLDI rose $0.34 during Tuesday’s trading, hitting $140.34. 7,278 shares of the company were traded, against an average volume of 7,985. Credit Suisse X-Links Gold Shares Covered Call ETN has a 12-month low of $139.60 and a 12-month high of 175, $80. The stock has a 50-day simple moving average of $7.44 and a 200-day simple moving average of $7.89.

Institutional investors weigh in on Credit Suisse X-Links Gold Shares Covered Call ETN

Institutional investors have recently changed their positions in the stock. B. Riley Wealth Management Inc. acquired a new equity stake in Credit Suisse X-Links Gold Shares Covered Call ETN during the second quarter worth approximately $78,000. Visionary Wealth Advisors acquired a new equity stake in Credit Suisse X-Links Gold Shares Covered Call ETN during the second quarter, valued at approximately $91,000. FSC Wealth Advisors LLC increased its position in shares of Credit Suisse X-Links Gold Shares Covered Call ETN by 53.6% during the first quarter. FSC Wealth Advisors LLC now owns 10,643 shares of the company valued at $91,000 after acquiring 3,712 additional shares in the last quarter. Mackay Shields LLC acquired a new position in shares of Credit Suisse X-Links Gold Shares Covered Call ETN in the first quarter worth approximately $119,000. Finally, Cornerstone Advisory LLC acquired a new position in shares of Credit Suisse X-Links Gold Shares Covered Call ETN in the second quarter worth approximately $324,000.

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Axis Bank will target rural and semi-urban markets for its credit card business; launches the Samsung Axis Bank credit card


Photo: BCCL

New Delhi: The credit card industry in India has experienced a compound annual growth rate (CAGR) of 20% over the past five years. The number of credit cards topped 78 million in July 2022. Recognizing the business potential, Axis Bank, India’s third-largest private lender, is looking to carve out the lion’s share in semi-urban and rural markets.

Revenues in India’s semi-urban and rural markets are steadily increasing, presenting a great opportunity for the banking industry as it seeks to grow the country’s credit card market. India is witnessing rapid growth in consumer spending and by 2026, two out of three transactions are expected to be through digital payment methods, said Axis Bank MD and CEO Amitabh Chaudhry.

“India is heading for an interesting time, it is one of the fastest growing economies in the world and it is on its way to becoming a $5 trillion economy. rapid fundamental changes especially in banking and financial industry like consumerism and disruptions etc.

“I think the real differentiation would come from being distinctive and developing exclusive personalized products driven by innovation,” Chaudhry said at the launch of the co-branded credit card with Samsung and payment solution provider Visa. .

There have been many efforts by the central government and RBI to make India a digital economy, he noted. The RBI’s announcement to launch a central bank digital currency and innovations such as UPI payments point in the same direction.

Regarding the price proposition, especially in the Tier II and III markets, bank officials said that there is no shortage of capital among Indians. People have aspirations and they are willing to spend.

Axis Bank, which is the third largest private sector bank in the country by asset size, is the fourth player in the credit card sector with more than 17% additional market share in the last six months and 12% at the end of the June quarter. . HDFC Bank, India’s largest private lender, is currently the top performer, followed by SBI Card and ICICI Bank.

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Samsung Partners with Axis Bank to Launch a Co-Branded Credit Card Powered by Visa and Get 10 Cash Back on Samsung Products and Services

Samsung Partners with Axis Bank to Launch Co-Branded Credit Card Powered by Visa; get 10% cashback on Samsung products and services

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ICICI Bank credit card users note Paying rent to cost more from this date

Notice to ICICI Bank credit card users! Pay rent to cost more from this date

Samsung Axis Bank credit card

The card offers 10% cashback on Samsung products and services throughout the year, in addition to several other benefits. Cashback will be offered in addition to existing offers, on both EMI and non-EMI transactions.

Users will receive a 10% discount when purchasing products such as smartphones, tablets, laptops, televisions, refrigerators, air conditioners, washing machines or Samsung services such as payment center payments. service, Samsung Care+ mobile protection plans and extended warranties.

Mid-tier credit cards offer cash back – The Ticker


Credit card companies will offer rewards when you raise your credit score to at least 670, which is considered “good” on the FICO scoring model.

In this issue, Credit Fundamentals will focus on “in-between” rewards cards, which are decent but not the cream of the crop in terms of credit cards.

These cards offer respectable cash back at a normal rate and are perfect to pick up when you’re ready to graduate from student cards.

Fixed rate cards, also known as “fixed rate cards”, offer the same cashback rate on purchases, regardless of what is purchased. They are great for people who can’t worry about keeping up with rotating cashback categories.

The Chase Freedom Unlimited card is an example of a fixed rate card. This has a 1.5% cash back pay rate on all purchases.

There are also cards with higher payout rates, such as the Citi Double Cash Card. This won 1% cash back on initial purchase and another 1% cash back when you pay off your balance, giving a total of 2% cash back.

Although this category of cashback cards doesn’t give you the most rewards, it’s the most consistent option. You will never have to strategize to maximize your points.

Tiered Reward Cards are for strategists who have particular shopping habits and like to plan their spending. With these types of cashback cards, you will get a high cashback rate compared to a fixed rate card.

For example, the American Express Gold Card won 4% cash back on restaurants and supermarkets. If you’re a “foodie” and love UberEats credits, this card is for you.

If you prefer groceries to takeout, opt for the American Express Blue Cash Preferred card, which won 6% back on the first $6,000 spent on groceries in a year.

There are also options, such as the Apple Card, which won 3% cash back when shopping at Apple Inc. – sorry, Android users. Another option is the Amazon Prime Rewards Visa Card, which won 5% cash back on purchases made on Amazon.com Inc. with Prime Membership.

There are many tiered rewards cards meant to be used for specific purchases, and some people may hold multiple cards to try and maximize the value of their daily spending.

These cards are for adventurers who love surprises. A rotating category card will generally change the retailers from which it offers a cashback bonus during each fiscal quarter or three months.

A popular rotating card is the Discover It, which currently offers 5% cash back on purchases at restaurants and through PayPal Holding Inc.’s services. This is powerful because restaurants offer delivery services through platforms like UberEats, and many merchants offer PayPal as a payment option.

Another popular option is the Chase Freedom Flex, which has categories for 5% cash back this quarter. These categories include gas stations, car rental companies, cinemas and some live entertainment.

By combining these two cards, you have a wide range of categories with which you will earn more for your money. They also tend to change with seasonal consumer habits, so expect to be rewarded for shopping at big-box retailers in the last quarter of the year.

These cards are great to pick up once your credit score permits, but there is an even higher tier of credit cards. Learn about the elusive, high-profile travel credit cards in the next issue.

Payday Loans Market Outlook 2022 Analysis By Major Key Players | Creditstar, loan flow


Loan market

OREGAON, PORTLAND, USA, Sept. 26, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research titled “Payday Loans Market by Type (Storefront Payday Loans and Online Payday Loans), state Civil (Married, Single, and Others) and Client Age (Under 21, 21-30, 31-40, 41-50, and Over 50): Global Opportunity Analysis and Industry Forecast, 2021- 2030 »

➡ https://www.alliedmarketresearch.com/request-sample/10377

The report will help leaders:
• Understand the dynamics of the market as a whole
• Inspect and review the competitive scenario and future market landscape with the help of different restraints including Porter’s five forces
• Understand the impact of different government regulations throughout the global health crisis and assess the state of the payday loan market during these challenging times
• Consider the portfolios of functional protruding players in the market in conjunction with the in-depth study of their products/services
• Have a compact idea of ​​the most revenue-generating segment

Key segmentation
• By type
o Storefront Payday Loans
o Online payday loans

• By marital status
o Married
o Others

• By customer age
o Under 21
o 21 to 30
o 31 to 40
o 41 to 50
o More than 50

Market Dynamics-
The dynamics of the Payday Loans Market report provides extensive information about the factors that have a negative and positive impact on the market. Additionally, this section offsets segments such as major investment pockets, positioning of key players, market drivers, restraining factors, challenges, and opportunities. Additionally, parent/peer marketing forces are also included in the report to understand the impact of internal and external forces on the global payday loans market.

Interested stakeholders can inquire for the purchase of the report @ https://www.alliedmarketresearch.com/purchase-enquiry/10377

Covid-19 scenario:
• Manufacturing facilities in the sector have been temporarily shut down due to the implementation of global lockdown, unavailability of skilled labor, shortage of raw materials and supply chain disruption worldwide. Thus, the pandemic has had a negative impact on the growth of the global payday loans market
• Nevertheless, demand is expected to pick up during the post-lockdown as market players have adopted various rapid response strategies to stabilize the supply chain and ensure abundant raw material availability and seamless distribution.
The market is described to bring significant growth over the forecast period. Additionally, the report presents detailed statistics of drivers, restraints, and opportunities that directly impact the Payday Loans market. Further, the report focuses on assessing the market scope of four major regions including Asia-Pacific, Europe, North America, and LAMEA. In short, the market report is exclusively intended to assist readers with a comprehensive assessment of industry analysis and trends.

Regional analysis
Major Countries Covered in the Global Payday Loans Market include:-
• North America:- United States, Canada and Mexico
• Europe:- France, Spain, Italy, Russia, UK, Netherlands, Germany and rest of Europe
• Asia-Pacific: India, Japan, China, Australia, Singapore, South Korea and rest of Asia-Pacific
• LAMEA: Latin America, Africa and Middle East

Research Methodology
The Global Payday Loans Market research operations include significant primary and secondary research. Where the primary methodology encompasses a generalized discussion with a plethora of valued participants, the secondary research involves a substantial amount of product/service descriptions. Additionally, several government sites, industry bulletins, and press releases have also been properly reviewed to provide valuable industry insights.

This information also helps market players to take strategic decisions to stay competitive in the market, all along. Additionally, the report also provides key market players who rule the market. The report provides the SWOT analysis of key market players including Cashfloat, CashNetUSA, Creditstar, Lending Stream, Myjar, Silver Cloud Financial, Inc., Speedy Cash, THL Direct, Titlemax and TMG Loan Processing which gives the view of company-wide, financial analysis and product and service portfolio analysis.

Request Customization with Detailed Analysis of COVID-19 Impact in Report @ https://www.alliedmarketresearch.com/request-for-customization/10377?reqfor=covid

Key takeaways from the report
• An explanatory portrait of the global personal loan market coupled with current drifts and future estimates to facilitate investment pockets
• Major revenue generating segment with regional trends and opportunities
• Qualitative assessment of market drivers, challenges, opportunities and trends
• Govern development procedures and trends
• Company portfolios with their investment plans and financial specifics
• Assessment of recent policies and developments and their impact on the payday loan market

About Us:
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

David Correa
Allied Analytics LLP
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As Illinois’ REAL ID deadline draws closer, here’s what residents need to know – NBC Chicago


As Illinois residents renew their driver’s licenses in the coming months, they will be faced with the decision of whether or not to obtain a REAL ID-compliant ID card, as mandated identification by the federal government will be required in a wide variety of circumstances starting next year.

The REAL ID Act institutes a strict set of rules to strengthen the security of identification documents in the United States, and all states have been required to update their own guidelines as required by law.

In the coming months, enhanced identification will be required for travel to the United States, as well as a host of other actions.

Here’s what we know about the program.

What is the deadline for Illinois residents to have REAL ID compliant licenses?

After a slew of extensions during the COVID-19 pandemic, Illinois residents who wish to continue using their driver’s license as identification on federal property must have compliant identification by 3 May 2023.

What actions require REAL ID compliant licenses?

The most notable change will come to airports for Illinois residents, as all domestic travelers will be required to have a REAL-ID compliant license or ID card by May 3.

Illinois residents will also need the cards to visit military bases and other secure federal facilities, including courthouses, as required by law.

Illinoisans have just over a year to get a REAL ID, but residents can prepare ahead of time what they will need to receive the new ID.

What do I need to get one?

There is a set of documents that you will need to obtain a REAL ID from your local Department of Motor Vehicles.

Documented proof of identity (choose one):

– Certified copy of a birth certificate

– Valid US Passport or Passport Card

-Consular report of birth abroad

– Certificate of Citizenship provided by the Department of Homeland Security

-Certificate of naturalization

-Employment Authorization Document

-Foreign passport with a valid US visa

-Permanent resident card

-REAL ID driver’s license from another state

IF your name is different from the one that appears on your ID

In the event that a person legally changes their name, proof of this change will be required

Proof of social security number (choose one):

-Social Security Card


– Payment stub or printed electronic deposit receipt with name and SSN

-Form SSA-1099

-Non-SSA-1099 Form

Proof of residence (Choose two):

-Bank statement

– Canceled check

-Credit card statement

– Certified high school/high school or college level transcript

-Credit report

– Deed/Title, Mortgage or Lease Agreement

-Insurance policy

– Letter on official school letterhead

-Medical request or statement of benefits from a public or private insurance company

– Payment stub or printed electronic deposit receipt

– Official mail received from any government agency

– Pension or retirement statement

– Elementary/high school or college/university report card

– Tuition invoice or other official mail from a college or university

– Electricity bill

-Voter’s card

Proof of written signature (choose one):

– Illinois driver’s license

-Temporary driver’s license or commercial learner’s license

– Out of state driver’s license

– Canceled check

-Court order

-Credit or debit card

-Foreign passport

-ID card for any federal agency

-DCFS Card Verification Form

-Health insurance card

– Mortgage or installment loan documents

-Social Security Card

-U.S. Citizenship and Immigration Services Forms

– US Military ID

How much does it cost?

For drivers between the ages of 21 and 68, a REAL ID will cost $30, the same price as a standard driver’s license.

For drivers between the ages of 69 and 80 or for residents under the age of 21, the cost will be $5.

How long will it take to arrive?

A temporary paper ID will be issued to the DMV. Officials warn that the TSA will not accept paper identification at airports.

The ID will be mailed within 15 business days.

Can I still travel without?

According to the federal government, residents can still travel within the country if they have an active US passport.

No end in sight to Russian war in Ukraine – Hartford Courant


On February 21, the 30-member Russian Security Council agreed, in response to calls from the leaders of the two “people’s republics” created by pro-Russian separatists in the Donetsk and Lugansk regions of eastern Ukraine in 2014 after the annexation of Crimea by Russia, to recognize the independence and sovereignty of the two entities.

President Vladimir Putin signed decrees formally recognizing them as well as treaties of “friendship, cooperation and mutual assistance” with the two, and then ordered the deployment of additional troops to the pseudo-states to reinforce the forces there. Russian troops. Three days later, Putin announced a “special military operation” in eastern Ukraine to protect people who “have faced humiliation and genocide perpetrated by the Kyiv regime”.

The “Special Military Operation” was, in effect, a multi-pronged invasion of Ukraine from Belarus to the north, Crimea to the south and adjacent Russian territory to the east and northeast of Ukraine, accompanied by intensive artillery and missile attacks on many towns across the country. . The invasion initially focused not only on eastern Ukraine, but also on the Kyiv region, the territory between Kyiv and Kharkiv, and southern Ukraine adjacent to Crimea. But at the end of March, after the failure of the attack in the Kyiv region in the face of strong resistance, Russia moved the center of the “special military operation” to eastern Ukraine and proclaimed as its objective principal the “liberation” of the Donbass.

After the “special military operation” focused on the Donbass, one of the most important targets was the city of Severodonetsk, with a pre-war population of 100,000 in the Luhansk region. After a prolonged attack on this town, in late June the Ukrainian forces withdrew and the Russians turned their attention to Lysychansk, another town of about 100,000 just to the west. In early July, Ukrainian forces withdrew from this town. At this time, having taken almost all of the Luhansk region, Russia focused on the substantial part of the Donetsk region that was still held by Ukrainian forces. In particular, he focused on two cities – Kramatorsk, which had a population of about 160,000 before the war, and, 16 km to the north, Sloviansk, a city of about 110,000. However, more than two months later, these two cities as well as a significant part of the Donetsk region are still in the hands of Ukrainian forces, despite the announcement almost six months ago that the “special military operation” would now concentrate on the “liberation” of the Donbass.

Russia’s effort to “liberate” Donbass has stalled largely because a significant portion of its forces are engaged in fighting with Ukrainian forces elsewhere, notably in the Kharkiv region in the north- eastern Ukraine, just west of Donbass, and in the Kherson region of southern Ukraine near the Black Sea. After Russia failed to take Kyiv at the start of the war, its forces nevertheless took a substantial part of the territory in the Kharkiv region. Earlier this month, Ukraine launched an offensive to reclaim this region. Ukrainian forces quickly recaptured a significant portion of the territory, including the towns of Kupyansk and Izyum near the Donbass, which, although small in size, are important road and rail hubs. Ukrainian forces would retake the entire Kharkiv region except for a small slice of territory east of the Oskil River. The Russian Defense Ministry announced that its forces in the Kharkiv region were “regrouping” in the Donbass – a euphemism for a hasty retreat. Having taken Izyum, the Ukrainian forces are now heading towards Lyman and, having secured their control of Sloviansk and Kramatorsk, may attempt to retake Severodonetsk and Lysychansk, which they lost in June and July.

While Russian forces that were, until recently, in the Kharkiv region are “regrouping” in Donbass, other Russian troops in eastern Ukraine have been transferred to southern Ukraine, where Ukraine launched an offensive to retake the Kherson region. This summer, Russia took control of the city of Kherson, which had a pre-war population of nearly 300,000, and a significant part of the Kherson region on the Black Sea in southern Ukraine and began pushing west towards Mykolaiv. Ukrainian forces thwarted Russian westward movement by destroying several bridges over the Dnipro River that Russian forces were using to supply troops west of the river. And when Russian forces installed portable pontoon bridges to replace damaged or destroyed bridges, Ukrainian forces also destroyed them. Ukrainian forces have also launched a major offensive aimed at recapturing the city and region of Kherson. This offensive continues and the Russians have been forced to bring in additional troops from eastern Ukraine, which of course reduces the resources they have to complete the so-called “liberation” of Donbass.

Over the past few weeks, Ukraine has taken over almost all of the Kharkiv region, halted Russia’s advance towards Mykolaiv and recaptured territory in the Kherson region, and halted any further advances in Donbass. But the war is not over. Indeed, there is still no end in sight; When asked recently at a press conference whether, in light of the Ukrainian offensive, it was necessary to adjust the plan for the “special military operation”, Putin replied: “No, the plan will not be adjusted. … The main goal is to liberate the entire territory of Donbass. This work continues despite attempts by the Ukrainian army to launch a counter-offensive. We are not stopping our offensive operations in the Donbass itself. They continue. They continue at a slow pace, but steadily and gradually the Russian army is taking more and more new territory. … The main task remains the same and it is running. And so the war continues.

David R. Cameron is a Yale Professor of Political Science and Director of the Yale Program in European Union Studies.

How to Generate ICICI Bank Credit Card PIN Online?


Follow these steps to generate an ICICI credit card PIN via Net Banking

Using Netbanking, you can create a new PIN code for your ICICI Bank credit card. To create a new PIN code, you must first link your credit card to your Netbanking account. You can generate a new PIN for your ICICI Bank credit card using the methods listed below.

Step 1: Visit the official website of ICICI Bank at www.icicibank.com
2nd step: Log in to your online bank with your username and password
Step 3: Click on “Accounts” then on “My credit cards” and choose “Generate credit card PIN online”.
Step 4: Then enter the OTP you received on your registered mobile number and click “continue”
Step 5: Enter a 4-digit PIN code of your choice
Step 6: Enter it again to confirm.
Step 7: Click on ‘submit’.

Generate ICICI Credit Card PIN via Bank Mobile App

Generate ICICI Credit Card PIN via Bank Mobile App

With the help of the ICICI Bank iMobile application, you can set up a PIN code for your credit card. By entering your card information into the I-Mobile app, you can easily generate a 4-digit PIN. The procedures for creating a PIN for your credit card are listed below.

Step 1: Download the iMobile app to your device.
2nd step: Log in to your iMobile app using your user ID and password.
Step 3: Click on card services and click generate credit card PIN.
Step 4: Enter the required details and click on the ‘continue’ option.
Step 5: You will receive an SMS/email from the bank as confirmation after the PIN code has been correctly generated.

Generate ICICI Bank Credit Card PIN via Bank Customer Service (IVR)

Generate ICICI Bank Credit Card PIN via Bank Customer Service (IVR)

You can call ICICI customer service number 1860 120 7777 from your registered mobile number to generate your ICICI credit card PIN. After calling the customer service number, follow the IVR responses to generate the credit card PIN. To learn more about additional support numbers, you can also visit the bank’s customer service page.

Will personal loans become more expensive in 2023?


Image source: Getty Images

There are reasons to think they might.

Key points

  • Personal loans allow you to borrow money for any purpose.
  • Despite this flexibility, 2023 may not be the best time to pull one off.
  • Borrowing in general could become more expensive in 2023, to stem rising inflation.

If you need money, whether to cover home repairs, renovations or medical expenses, you might be inclined to turn to a personal loan. The advantage of personal loans is that you are not obligated to finance a specific asset, whereas with a mortgage, for example, you can only use the proceeds of your loan to finance the purchase of a house.

Personal loans also tend to offer the advantage of relatively affordable interest rates. And that’s important, because the lower the interest rate on your loan, the less money you spend when you borrow.

But while it’s easy to see the appeal of personal loans, they may not be your best borrowing option next year. Indeed, personal loan interest rates could rise, making these loans a less affordable route than usual.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

Why Personal Loan Interest Rates Might Rise

There are different factors that determine the rate you get on a personal loan. One factor is your credit score, and it is an important factor.

Since personal loans are unsecured, that is, they are not tied to a specific asset, lenders rely on your creditworthiness as a borrower when disbursing this money. The higher your credit score, the less risk a lender thinks it takes. And lenders tend to reward low-risk borrowers with lower interest rates.

But another factor that goes into personal loan interest rates is general market conditions. And there are reasons to believe that borrowing will be more expensive across the board next year.

The Federal Reserve has aggressively raised interest rates in an effort to calm inflation and give consumers some much-needed relief. When rates rise, people tend to borrow less money, which could lead to lower spending. And while that might sound like a bad thing, we actually need to slow down spending a bit so that supply chains can catch up with demand and prices can come down.

But while higher borrowing rates can help slow the pace of inflation, they are likely to make life harder for consumers, including by leading to higher monthly loan payments. And so that’s a good reason to potentially avoid a personal loan next year. Signing one could mean paying a lot more interest than usual.

Other borrowing options to consider

Although personal loans can be quite affordable, next year you could pay more. And so, if you’re a homeowner, it pays to compare personal loan rates to home equity loan rates and see which option gives you the most competitive borrowing.

Many people are sitting on large amounts of equity in their homes since property values ​​are rising nationwide. And so if you’re in this boat, it’s worth seeing if a home equity loan will result in lower monthly payments than a personal loan.

On the other hand, if you don’t own a home, a personal loan could really become your most affordable bet in 2023 – even if you’re stuck with a higher rate through no fault of your own.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

Senator Karla May’s “May Report” for the week of September 19, 2022 – Missouri Senate


Last week, my fellow lawmakers and I returned to the State Capitol to convene the annual veto session and an additional legislative session called by the Governor to deal with income tax cuts and various agricultural provisions. .

Veto session

Each year, the Missouri General Assembly meets for the constitutionally required veto session to discuss whether or not to override one of the governor’s vetoes. A two-thirds vote of the Missouri Senate and House of Representatives is required to override a veto.

Earlier this summer, the governor vetoed House Bill 2090, which included a provision that would allow qualified taxpayers to claim a $500 tax credit for those earning less than $150,000 and a $1,000 credit. $ for couples earning less than $300,000. The governor preferred to give an income tax cut to all Missourians, so he called lawmakers back for an extra session to pass this legislation. The Governor also vetoed the 1720 House Bill, citing a desire to establish a six-year sunset on farm tax credits included in the bill, instead of the two-year sunset that was adopted in HB 1720.

This year, both houses of the Legislative Assembly took no action on vetoed bills, and we adjourned to end the veto session on Wednesday, September 21.

Extraordinary session

The Governor has called lawmakers back for an additional legislative session to address his concerns about HB 2090 and HB 1720. The General Assembly can only pass laws on topics that the Governor has specified in his call, so we will focus on income and farm tax cuts. tax credits.

Senate Bills 3 and 5 would lower Missouri’s top tax rate from 5.3% to 4.95% starting in 2023 and contain triggers to continue lowering the top tax rate to 4.5% as long as Missouri’s economy grows. This legislation would also eliminate the lowest tax bracket. The Missouri Senate passed these bills on Wednesday, September 21 and sent them to the Missouri House of Representatives for consideration.

Senate Bill 8 was also introduced during the extra session to address the governor’s concerns. The bill includes several agricultural provisions, including the wood energy tax credit, the meat processing facilities tax credit, the ethanol tax credit, the biodiesel retail tax, biodiesel production tax credit, urban farm tax credit, rolling stock tax credit, farm machinery sales tax. Exemption and tax credits for agricultural production. This act also establishes a specialty crop loan program for family farmers and expands the definition of “small farmer” in the Family Farms Act to include farms with gross sales of less than $500,000 per year. The Missouri Senate passed SB 8 on Wednesday, September 21, and sent it to the Missouri House of Representatives for consideration.

At this time, we expect to complete an additional session in the next two weeks, so I look forward to sharing more of our progress with you then.

America’s reliance on credit cards is growing. Fed rate hike will make things more painful


Interest rates on nearly all credit cards and home equity lines of credit will rise after this latest rate hike, and borrowers with variable interest rates will quickly notice the difference, said senior industry analyst Ted Rossman. at Bankrate.

“It’s pretty much right now, within a reporting cycle or two,” he said.

At just over 18%, the average annual percentage rate (APR) on new credit cards is less than a full percentage point from its all-time high of 19% set in July 1991, according to Rossman. “The effect on existing credit card borrowers is probably worse,” he said, due to the rate hikes the Fed has already undertaken this year. “Chances are your credit card is already 2.25 percentage points higher than it was in March.”

Despite rising rates, credit card debt is fast approaching the all-time high set in the fourth quarter of 2019, Rossman said.

Personal finance professionals say the best strategy when rates rise is to pay down or consolidate debt, but as the prices of all kinds of goods and services rise, Americans are gorging themselves on debt of all kinds. Borrowers are opening new cards and charging more on the ones they already have.

“What they’re doing is borrowing future income by going into debt. That’s why we’re seeing a huge increase in credit card borrowing right now…to maintain their current standard of living,” Steve Rick said. , Chief Economist at CUNA Mutual. Band.

In August, the Federal Reserve Bank of New York said total household debt rose $312 billion in the second quarter to a total of $16.15 trillion. Credit cards were a big cause: in the second quarter, 233 million new credit accounts were opened, the largest increase since 2008. Of the new debt that accumulated during this quarter, 46 billion dollars were credit card debt.

TransUnion Credit Bureau found that there are more credit cards today and there are more debts on these cards. TransUnion said 161.6 million people in the United States – about half of the total population – have access to a credit card in the second quarter, a jump from 153.3 million a year earlier. During the same period, the average debt per borrower rose from $4,817 to $5,270.

Rising prices are fueling America’s appetite for credit. “Inflation is definitely a big factor. If the same services and goods they’ve always consumed are suddenly more expensive, consumers can use credit to help with short-term financing of those purchases,” said Michele Ranieri, Vice President of the United States. research and consulting at TransUnion. “For many consumers, credit is not just additional debt, but also serves as a necessary expense vehicle.”

Ranieri called this a positive development – ​​as long as borrowers can keep up.

“The fact that more consumers have access to credit is positive until we see a significant increase in delinquencies,” she said. However, she acknowledged that the rapid adoption of Buy Now, Pay Later plans, which are not usually reflected in conventional banking and consumer credit reports, could cloud the true picture of some debtors’ position.

“It takes years to accumulate the behaviors of new products like BNPL in order to analyze them accurately and integrate them into consumer credit scores and credit decisions,” she said. “We have been actively working with lenders to ensure that as much debt as possible is reflected in consumer credit reports.”

Low income borrowers, worse credit adding debt

Bank of America data reflects higher borrowing rates among lower-income Americans. Credit utilization, a ratio of the amount of available credit a person has used as a percentage of their credit limit, has been increasing since the start of 2021. According to Bank of America, households with annual incomes below $50 $000 have a credit of about 28%. utilization rate, compared to about 23% for households with income over $125,000.

“We recognize that the consumer is under pressure, but strong wage growth, a robust labor market and their higher savings deposit levels … are all buffers,” said David Tinsley, senior economist at Bank of America. Institute.

TransUnion found that over the past year, unsecured debt held by subprime borrowers has increased by about four percentage points. Observers worry that if economic conditions deteriorate, that debt could quickly become unmanageable, especially since subprime borrowers pay higher interest rates and typically earn less than prime borrowers.

Transunion said the rate of serious default — debt past due for 90 days or more — in the consumer credit landscape is within its pre-pandemic range, but has started to rise.

This is seen by some as a troubling sign, especially with further rate hikes on the table between now and the end of the year that will raise borrowers’ interest rates even further. “We’re starting to see delinquencies go up a bit, especially around subprime. There are sort of warning signs, especially around the margins,” Rossman said.

More debt means less money for holiday shopping

The combination of higher interest rates and higher prices overall could be a headwind for retailers this holiday season, especially if rising home heating costs eat up even more of the average family’s budget.
How does inflation affect my standard of living?

“It looks like the holiday shopping forecast is on the wrong side of the inflation divide,” Rossman said. “There are reasons to think that people will withdraw.”

A number of executives have already sounded the alarm bells, and the next round of corporate earnings will show if the dominoes are already starting to fall. Last week, FedEx reported weaker than expected results and withdrew its full-year forecast, raising concerns on Wall Street about what this portends for the months ahead, including the all-important winter season. retailer parties.

“We don’t expect this Christmas to be as robust as it was last Christmas,” Rick said. “It’s going to take a toll on people’s spending when they spend more money on interest…Something has to give. You only have a limited amount of income to split.”

Is cash-in refinancing a good idea? | Mortgages and advice


If you’ve been paying your mortgage for several years or if your home has appreciated in value, a mortgage refinance with drawdown allows you to access some of the value stored in your home. With a cash-out refinance, you’ll get a new mortgage for more than you currently owe, allowing you to keep the difference in cash.

A cash-out refinance can be a good idea if you have a good reason to tap into the value of your home, such as paying for college or home renovations. A cash-out refinance works best when you’re also able to get a lower interest rate on your new mortgage, compared to your current one. This can be difficult to do in a rising rate environment like today. So when does it make sense to consider cash refinancing?

What is a cash refinance?

A cash-out refinance is when you take out a new mortgage to pay off your existing mortgage and the new mortgage is more than you owe on your existing mortgage. The difference is paid to you in cash.

Cash refinances allow homeowners to tap into the equity in their home to pay for expenses such as medical bills, home renovations, debt consolidation, and other major purchases.

In 2021, 42% of all refinances were cash outs, according to Freddie Mac, probably due to low interest rates at the time, which made refinancing very important. Average rates, however, increased throughout 2022, exceeding 6% for the first time since 2008 on September 15, 2022.

Although rates may be higher, homeowners continue to build equity in their homes. In the second quarter of 2022, mortgaged homes saw their net worth increase by 27.8% compared to the previous year, according to CoreLogic. That’s an average increase of $60,200 per borrower in one year. With more equity to work with, cash refinancing might still be attractive to some people.

Regardless of the economic climate, it’s important to understand the pros and cons of cash refinances and calculate your personal numbers before moving forward.

How a cash-in refinance works

A cash refinance works the same way as a regular refinance, except the amount of equity in your home plays a bigger role. Lenders typically approve cash refinance for up to 80% of your home’s appraised value. This is called the loan-to-value ratio. (A regular refinance can usually have a higher LTV.)

Sean Grzebin, head of consumer origination for Chase Home Lending, shares this example: Say your home is valued at $200,000 and you owe $100,000 on your mortgage. This means you have $100,000 in home equity. With a maximum LTV of 80%, your new loan can be up to $160,000. Paying off your existing mortgage would leave you with around $60,000 in cash (minus fees or closing costs if you roll them into the loan).

Withdrawal rollover requirements

Getting approved for a cash-out refinance isn’t all that different from a regular refinance, but some lenders may hold you to higher standards, says Grzebin. “Cash-in refinances typically require a higher credit score and lower loan-to-value ratio to ensure the customer’s ability to repay the loan with higher monthly mortgage payments,” he says.

In addition to meeting the lender’s debt-to-equity ratio, credit score and income standards, you may also need to provide a “withdrawal letter,” says Nicole Rueth, senior vice president of the Rueth team at OneTrust Home Loans. “This is an additional document required for the loan that simply states your intention to use the money. It could be as simple as debt consolidation or home renovations,” says Rueth.

Another consideration is that you generally won’t get a valuation waiver with a cash refinance, adds Rueth.

How much money can you get from a cash refinance?

The key number to remember with a cash-out refinance is an 80% loan-to-value ratio, as that is the loan limit set by Fannie Mae and Freddie Mac. In other words, you can borrow up to 80% of your home’s appraised value. The more equity you have at the start, the more money you can withdraw.

Some lenders also have caps on the amount of money you can receive, even if your LTV would be less than 80%. Be sure to ask as you evaluate different lenders.

Advantages and disadvantages of cash-in refinancing


  • Best Rates. If interest rates are lower than what you’re currently paying, or if your financial situation has improved such that you might qualify for better rates and terms, then a cash refinance might be beneficial, Grzebin says.
  • Lower monthly bills. If you decide to use cash refinance for debt consolidation, you may be able to reduce your overall monthly expenses and relieve some financial pressure. This is especially true if you have high interest consumer debt.
  • More cash. If a cash injection helps you achieve a personal financial goal, whether it’s a home improvement or paying a medical bill, a cash refinance can provide you with the cash you need. Funds from a cash refinance can also be used to buy back a share from one property to another, which is why it’s a popular tool for divorced couples.

The inconvenients

  • Too much debt. In the event that your living situation changes after a cash refinance, you could end up putting your home at risk if you can’t afford to pay the new loan.
  • Higher payout. A cash-out refinance could result in higher payments than your previous mortgage, especially if you are unable to secure a lower interest rate. “Cash-in refinances may also require a slightly higher interest rate than standard refinances,” says Grzebin.
  • Go upside down. If the value of your home goes down, a cash-out refinance could result in you owing more than the home is worth. With the current 80% LTV requirement, however, Rueth says the risk is lower now than it was before the 2008 mortgage crisis, when lenders allowed more aggressive borrowing.

Withdrawal Refinance Alternatives

If you need the cash but don’t want to go the cash-out refinance route, you have other options that allow you to leverage the equity in your home.

Home equity line of credit

A HELOC exists as a separate loan, creating a second lien on the property. It’s not really a loan, however; it’s a line of credit you can draw on if needed. Closing costs are minimal. For the first five or ten years (depending on the terms), you only have to repay the interest on the amount borrowed, or a small minimum payment. After this period, you must begin to repay the principal plus interest.

The downside is that the interest rate is variable and tied to the prime rate. “As the Fed rate goes up and it’s expected to go up more than 4%, those home equity lines of credit will go up as well. Probably up to 6% or even up to 7%,” Rueth says. “So that higher interest rate on that variable line could be painful because that mortgage payment fluctuates.”

Home Equity Loan

A home equity loan is another name for a second mortgage. You take out a second loan against the equity in your home, so you’ll have an extra payment to make each month. The appeal of a home equity loan is that you can opt for a fixed interest rate. The key to making this product work for you is to make sure you don’t borrow more than you can afford to repay.

Refinancing by withdrawal HELOC Home Equity Loan
A loan payment Two loans to repay Two loans to repay
Generally fixed rate Floating rate Fixed rate
Lump sum Line of credit to be used as needed Lump sum
Easier to manage More flexibility in how much you borrow Predictable cost
Higher closing costs Reduced or no closing costs Reduced or no closing costs

Is cash-in refinancing a good idea?

“Cash-in refinancing can be productive — even in a rising interest rate market — when long-term circumstances suggest success,” Rueth says.

For example, if you have large debts with high interest rates, consolidation could help you in the long run. “Typically in a higher mortgage rate environment you also have growing consumer debt in interest rates. So if that is the case consolidating debt into a long-term fixed mortgage product could have a lot of sense,” says Rueth. .

The other main factor when considering a cash refinance is the equity in your home. Given that home values ​​have increased significantly, this could be a good time to act for some people. “We have opportunities today that many families might not have had just two years ago,” says Rueth.

Slack plans to strengthen its presence in the enterprise segment


Slack, a collaboration app aims to strengthen its footprint in the enterprise segment with a focus on middle-market organizations, the company’s senior executives said.

He believes that Salesforce’s established presence in the enterprise segment can be leveraged to deepen its presence in the segment. Matt Loop, Asia-Pacific manager at Slack, said activity area“Salesforce has an incredible presence in India with a ton of relationships in the enterprise segment, an area where we want to continue to grow our relationships with said organizations.”

Empowerment of organizations

Both Salesforce and Slack have similar missions of empowering organizations on their digital transformation journey. We align with many factors that bring value to customers. Slack is becoming the core of Salesforce’s overall offering, he added.

The company said it aims to provide services to traditional businesses that are still undergoing full digital transformation. It also intends to deepen relationships with customers who have already adopted the platform by building a broader ecosystem.

Medium-sized organizations

Rahul Sharma, Country Manager at Slack, said, “We are seeing strong interest from enterprise customers in India. This is due to the movement of talent from middle market organizations to enterprises. However, Slack is not limited to the middle market and enterprises, as the goal is to serve all organizations across the country, he added.

In addition to the enterprise segment, Slack also intends to deepen its presence in middle market organizations. “A substantial portion of Slack’s customers are midsize businesses,” Sharma said. The company said it has a strong presence in the small and medium enterprise (SME) and startup market. “We want to help SMB communities, the next unicorns that are currently being built from accelerators, grow their businesses on Slack,” Loop said.

Published on

September 21, 2022

Insurance and credit card companies focusing on Asian markets

KB Kookmin Bank officials open KB Daehan Specialized Bank Plc. in Phnom Penh in 2020.

South Korean credit card and insurance companies are rapidly expanding their overseas business into China and Southeast Asia.

Shinhan Card is currently doing business in Vietnam, Indonesia and Myanmar. In the first half of this year, its overseas net profit was 11.33 billion won, up 400 percent from a year ago. KB Kookmin Card has branches in Southeast Asia in Cambodia, Indonesia and Thailand, and their net profit has increased eightfold to more than 12 billion won during this period.

Woori Card founded TUTU Finance in Myanmar in 2016 and Woori Finance Indonesia earlier this month. BC Card acquired 67% of Indonesian IT developer Cranium on August 12. The developer’s clients include several state-owned companies such as Telkom and Bank Mandiri.

Samsung Fire & Marine Insurance aims to increase its overseas general insurance sales ratio to at least 50% by 2027 from the current level of 30%. Its overseas branches are currently located in seven countries, including China, Indonesia, Vietnam and Singapore.

Hanwha Life Insurance entered the Vietnamese market in April 2009 and later expanded its overseas business to China and Indonesia. Mirae Asset Life Insurance currently owns half of Prevoir Life Insurance in Vietnam and is strengthening its presence in the local variable insurance market.

The concentration of these companies in Asian markets is explained by the fact that their credit card and insurance sectors have yet to be further developed in the fast-growing and high-population region. For example, Indonesia’s population and annual economic growth rate are about 280 million and 5%, and Vietnam’s are about 100 million and 8%, respectively.

“Credit card use is still very rare in China and Southeast Asia and this is due to the lack of personal credit reporting systems for setting credit limits,” a source said. industry, adding, “That’s why big data from South Korean credit card companies credit scoring based on credit rating has a chance there.”

Amazon adds layaway as another installment payment option


Amazon has introduced a layaway option on some of its items, giving shoppers another installment payment option. (iStock)

Amazon has offered its shoppers a new way to fund their purchases that offers the benefits of an installment plan without the hassle of fees.

Amazon recently unveiled Amazon Layaway, a new payment option that allows shoppers to put certain items on hold and pay for them in five installments with no associated fees or credit checks. Plans can be started with any credit or debit card.

At checkout, buyers make an upfront payment of 20% of the total purchase cost. The item is then reserved and the price is locked in, with the remaining balance paid in monthly installments over the next four months.

If buyers need to cancel the layaway plan or fail to make payments, Amazon said it will refund all amounts paid without service and cancellation fees.

“Structured layaway programs like Amazon’s…reduce consumer risk and provide predictability,” said Zachary Johnson, associate professor of decision science and marketing at Adelphi University. “Consumers benefit because they are able to pay off future debt at a pre-determined rate or, if life changes, cancel the purchase for a refund or pay off their layaway products a little faster.

“Business-wise, Amazon benefits because its layaway program effectively provides it with interest-free loans taken out by consumers,” he continued.

Amazon created the program in response to customer demand for a year-round online payment option that doesn’t require credit checks and has no hidden interest or fees, according to a person familiar with. the program. .

A personal loan can be another option to help finance a major purchase or project. Credible makes it easy to see your prequalified personal loan rates from various lenders, all in one place.

Layaway vs. buy now, pay later

Layaway differs from buy now, pay later (BNPL), which has recently gained popularity.

“The benefit of Buy Now, Pay Later for consumers is the ability to receive purchases when needed, and there’s generally no interest rate on those purchases,” said Ansley Hoke, vice president. senior president of marketing at ScanSource. “However, with layaway, people can reserve products in advance and refund the purchase over a period of time, only receiving the product once it has been paid for in full.”

BNPL suppliers – such as Affirm, Klarna and Paypal – partner with retailers to allow shoppers to pay for purchases in installments at checkout. These interest-free payments are usually due a few weeks after purchase. However, missed payments may result in late fees and other penalties.

Layaway is part of a growing list of flexible payment methods that Amazon currently has. The retailer already offers monthly payments, which is a BNPL-like program, as a payment option for certain items. Although the program does not require a credit check and is not reported to credit bureaus, the retailer said it determines eligibility based on a customer’s purchase history with Amazon.com. Unlike layaway, the consumer must link to a valid credit card to make scheduled payments.

Amazon also offers its customers an BNPL option through its partnership with Affirm. The option requires a credit check and based on that, the consumer will be charged a finance charge, which can be an annual percentage rate (APR) of anywhere between 10% and 30%.

“By offering a more traditional layaway program, Amazon customers who don’t want or don’t qualify for credit and don’t want to risk their credit rating now have the ability to split large purchases,” Patrick Haggerty, a BNPL said expert and director of regulatory consultancy firm, Klaros. “The catch is that the customer has to wait until they’ve made all the payments before they receive the merchandise. This won’t appeal to everyone, but for Amazon and other retailers looking to increase sales, it good to offer options.”

If you have accumulated debt under BNPL programs and need help paying it off, you may want to consider using a personal loan. Visit Credible to find your personalized interest rate without affecting your credit score.

Flexible payment options could appeal to consumers in tough times

Experts said recession and inflation concerns are driving consumer demand for more choice in flexible payment options.

Financing options that allow installment payments, such as layaway and BNPL, can attract buyers who may not qualify for other forms of credit. These options may also attract buyers in an inflationary or difficult economic environment.

“For consumers, one of the reasons layaway and BNPL are growing in popularity is that it provides financial inclusion for people who don’t have access to credit cards or any other source of traditional loans. “said Vipin Porwal, CEO and Founder of Smarty. “Many programs also come with no interest rate for a certain period of time, so it can be a great tool for buying items that one wants to acquire right away while they work out issues with their finances right now. about inflation.”

If you are struggling financially, you might consider taking out a personal loan to help you pay off your debts at a lower interest rate. Visit Credible to find your personalized interest rate without affecting your credit score.

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Iowa’s largest credit union lays off employees

Iowa State Flag. (Source: Shutterstock)

Iowa’s largest credit union recently laid off 42 employees due to “market corrections and rising interest rates.”

“This action was necessary due to market corrections and rising interest rates that directly impact GreenState’s operations,” GreenState Chief Marketing Officer Jim Kelly said in a prepared statement. “Employees affected by this move have received severance pay, as well as extensive insurance coverage.”

Prior to the layoffs, the $10.6 billion credit union had 761 full-time employees and 14 part-time employees, according to its NCUA call report for the second quarter.

Most of the workforce reductions have been in GreenState’s mortgage or commercial banking operations.

Kelly added that there were “no immediate plans for further layoffs”.

He also said the proposed acquisition of Premier Bank, canceled in August, had not been factored into the credit union’s decision to lay off employees.

“We still plan to be in Nebraska by the end of 2023,” he said. “In fact, we continue to seek locations in this market for our future branch network.”

Nationally, in the financial services sector as a whole, demand for mortgages has fallen by almost a third since last year due to rising interest rates.

Credit unions issued $72.5 billion in first and second lien residential loans in the second quarter, down from 14.2% a year earlier and down 1.1% from the first quarter, according to a CU time analysis of NCUA data. Additionally, first mortgages fell 5.3% from $58.1 billion in the first quarter to $55.1 billion in the second quarter.

In addition to GreenState, other Hawkeye State financial institutions have laid off employees, including Wells Fargo, one of the nation’s largest home lenders, which operates its mortgage division headquarters in Des Moines.

The bank’s mortgage division laid off 372 employees from May to Sept. 14, according to Iowa Workforce Development. Employers are required to report planned layoffs to affected employees and the state agency.

Wells Fargo plans to lay off 157 additional employees in Iowa by Oct. 25, for a total of 529 employees.

In its second-quarter financial filings, Wells Fargo said its home loans fell 53% from a year ago.

I’m afraid of being rejected if I reapply for my credit card John Lewis | consumer affairs


I’ve had a John Lewis card since the 1980s – first when it was a store card, then when it changed to a credit card.

It’s my preferred method of payment, both in-store and in-store, and I pay off the full balance each month. I’ve been doing it for 40 years.

But, following the company’s change of lender, they are asking cardholders to reapply and I’m afraid my application will be denied.

My sister-in-law, who is retired and a longtime cardholder, has been turned down, and the Trustpilot site is full of horror stories about denied claims or reduced spending limits.

Last year I gave up a job with a six figure income, sold my house and left London. I am two years below the legal retirement age, but I have settled my finances so that my purchasing power is greater than that of my thirty-something daughters.

If I apply and get rejected, will it affect my credit rating?

TM, Eastbourne

Your letter is one of a number of John Lewis cardholders who have encountered problems with the lender transfer from HSBC to NewDay – a process which requires customers to reapply and pass a credit check .

You were so worried that a rejected application would lower your credit score that you decided not to apply.

However, it would have been nice to go through the initial eligibility check which would have told you the likely outcome of the application. This involves a “soft search” and would not have impacted your credit score.

If you cleared this hurdle and proceeded with the full application, at this point a “difficult search” would appear on your credit file.

John Lewis says NewDay has a regulatory obligation to assess the creditworthiness of every customer and says 96% of those who have applied to date have been accepted.

Social media and news articles tell a different story, as previously spending customers were furious at being turned down or given tiny spending limits.

Other readers were upset that the apps are online and require a cellphone for security reasons. They also question the decision to no longer accept payment by check or at the counter.

John Lewis says using mobile for authentication protects customers from fraud, and the decision to stop accepting other payment methods is due to a lack of demand.

With its affluent clientele, for many this card is about rewards (points earned through spending are converted into John Lewis vouchers) and not additional purchasing power, so turning away loyal shoppers is a huge focus. It’s not the only rewards card available, so it’s time to shop around.

We welcome letters but cannot respond individually. Email us at [email protected] or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number. Submission and publication of all letters are subject to our terms and conditions

How buy now, pay later affects your ability to get a home loan – Forbes Advisor Australia


That dress you bought on Afterpay six months ago could impact your ability to get a home loan.

Banks and lenders will now treat any buy it now, pay later (BNPL) agreement as an outstanding debt when lenders assess home loans, which could fall on first-time home buyers.

Previously, buy now, pay later debts were listed as living expenses when borrowers assessed loans. But the industry watchdog, APRA, intervenedinsisting on changing the rules.

APRA clarified in a letter to lenders that buy now, pay later programs must be included in debt-to-income ratios. This change in lending standards must be followed by all banks and lenders from September this year.

Simply put, this means banks will have to consider your purchase now and pay later as “debt” when determining how much you can borrow. Coupled with rising interest rates, this may be another blow for Australians looking to buy their first home.

Size the sector

There are over 30 buy now, pay later companies in the Australian market, including stalwarts Afterpay, Zip, Klarna, Openpay and Commonwealth Bank’s new offering, StepPay, and NAB’s Now Pay Later.

According to a research report in the economic impact of BNPL by the Australian Finance Industry Association, there are 5.9 million active accounts in Australia, with a collective value of $11.9 billion. The average transaction value is $151, with some providers lending for purchases of up to $30,000.

Buy Now, Pay Later has been particularly popular among young Australians, who tend to view the modern version of lay-buy as a better alternative to credit cards. The industry exploded during the pandemic as trading volumes increased 43% in the first year Covid-19 hit, A Deloitte study shows.

The industry has so far escaped regulation, but consumer groups are pushing the government to put in place new rules to keep Australians out of debt, particularly as economic conditions change and the cost of living increases.

A recent CHOICE survey revealed that over the past 12 months, about 21% of people who used a buy now, pay later loan in the past 12 months used it to pay for essentials, such as food, groceries or utilities. The consumer group warns that while many consumers are using buy now, pay later responsibly, this is a potential debt trap for others.

Stricter restrictions are needed

Payments services chief executive Brad Kelly said the impact on customers buy now, pay later is a potential doomsday scenario, as lenders can operate under their own code of practice. He describes the area as a “small but noisy corner of lending space”.

The recent inclusion of buy now, pay later in debt for home loan application purposes means that a dress you bought 12 months ago through a lender could affect whether a lender Whether or not you approve your home loan application, he says.

“Even if you paid for the dress, the fact is that having a relationship with a buy now, pay later business will impact your ability to buy a home under this new change,” says Kelly.

The reason for this, he explains, is that lenders will be able to see that you had a buy-now-pay-later loan on your credit score, but they can’t see how much you’ve borrowed, or whether you’ve paid. this debt. back, he said.

This means the loan could be for $50 or up to $30,000. And the more buy-now-pay-later deals you’ve made, the more likely you’ll get away with it when trying to get a loan.

“Because of the way the law is written, the bank has to assume that these agreements are all maxed out because no credit checks have been performed (by BNPL’s suppliers) on these transactions,” Kelly explains.

Navigate a home loan

The best approach for potential lenders is to look at your debt-to-equity ratio, which refers to the proportion of your income that is used to pay off your debts. Paying off any purchase now, paying your debts later will lower your debt to income ratio, making you a better customer to lenders.

Keep in mind that debt could signal to a lender that you are having trouble managing your finances. If you have multiple buy now, pay later debts, that could also impact your credit score.

The key here is to not become too reliant on the industry to make purchases and to ensure your buy now pays off later debts are paid off when applying for a home loan.

In fact, some banks may require that your purchase be made now, that you pay off all of your debt later before they even consider approving your home loan application.

How to improve your chances of getting approved for a home loan if you used BNPL:

  • Don’t have multiple accounts with a range of lenders because it’s hard to quantify how much you owe.
  • Establish a savings plan and, ideally, ensure that you repay your financial commitment on time.
  • Don’t buy now, pay later if you have other debts and financial commitments, as this sends the message that you are not good at managing your finances.
  • Don’t try to hide the fact that you bought now, pay the debt later. Be upfront about it.
  • Try to pay off your purchase now, pay off all debt later before applying for a home loan.
  • Check your credit score before applying for a home loan and inquire about any past purchases now, pay future debts, or other unrecognized lending activity.
  • There is a range of buy it now, pay later companies and each offer different terms and conditions. Read the fine print to find out how your debt will be handled.

Reddit’s top tips for new credit card users


Image source: Getty Images

A credit card can be a powerful personal finance tool when used responsibly.

Key points

  • Getting a credit card can be a smart way to learn how to manage your money while building up credit.
  • The Reddit forums offer plenty of advice for new credit card users.

When used with care, credit cards can be a beneficial financial tool. You can use them to build your credit and learn how to manage your expenses responsibly.

Reddit is a great resource for new credit card users. You can learn about topics that are new to you while other users share their experiences and knowledge. There are many helpful personal finance resources on Reddit, including helpful credit card tips. Before you get your first credit card, make sure you’re ready. You may find the following tips for new credit card users helpful.

Pay your card balance in full

Reddit user MissPickleChips suggests new card users never carry a balance. She notes that just because you can wear a balance doesn’t mean it’s a good idea. You’ll be charged credit card interest if you don’t pay your balance in full each month, which can get expensive.

Check it out: This card has one of the longest 0% interest intro periods.

More: Consolidate your debt with one of these top-rated balance transfer credit cards

Only buy what you can afford

User pleiop recommends treating your credit card like a debit card. Only use your credit card to buy items you know you can afford. If you spend more than you can afford, you risk incurring credit card debt, which can quickly become a serious financial problem.

Aim for a card with no annual fee

Are you looking for credit card options? User gdq0 suggests giving priority to requesting a card with no annual fee. If you’re new to using credit cards, a card with no annual fee is the best and most affordable way to learn how to use a credit card responsibly.

Consider applying for a secured credit card

Reddit user GastonKobe recommends newbies apply for a secure card. If you’re new to credit cards and have little or no credit, applying for a secured credit card might be a good idea.

This is an ideal option if you are unlikely to be approved for an unsecured card with no annual fee. Keep in mind that secured credit cards require you to make a refundable deposit. Once approved and you make a deposit, you can spend up to the amount of your deposit.

You can show that you are responsible by making good spending and payment decisions. After a while, your card issuer may decide to upgrade your account to an unsecured credit card. If that’s not an option for the secured card you’re starting out with, you can always apply for an unsecured credit card at a later date.

Don’t rush to close your first credit card account

ToxicLogics suggests never closing your first credit card. It’s beneficial to have an older credit card on your credit report because your credit age makes up 15% of your FICO credit score.

If you get a no annual fee credit card as your first card, plan to keep that card in your wallet for many years. This will help you increase your credit age.

If you have a card with an annual fee, you can call your card issuer and request that this card be downgraded to a $0 card so that the account remains on your report.

If you’re new to using credit cards, that’s okay. We all have to start somewhere. The tips above can help you better plan for using your new credit card to build credit, avoid paying interest, and develop responsible credit card usage habits.

If you’re looking for your first credit card, check out our list of the best credit cards to help narrow down your options.

The best credit card waives interest until 2023

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% in 2023! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read our full review for free and apply in just 2 minutes.

Cash Advance Apps vs Payday Loans: Which is Better?


(NerdWallet) – If you were asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday payday “. You probably wouldn’t imagine a mobile app that advertises on TikTok and sports a colorful logo.

But cash advance apps like Earnin and Dave provide advances with the same borrowing and repayment structure as payday lenders, and consumer advocates say they carry similar risks. Both are quick, no-credit-check options for closing an income gap or easing the pressure of inflation.

Neither is an ideal first choice for borrowing money quickly, but knowing their differences can help you save money and avoid hurting your finances.

Cash advance apps work like payday loans

Like most payday loans, a cash advance or paycheck app lets you borrow money without a credit check. You are also required to repay the advance, plus any fees you have agreed, on your next payday.

One payment cycle is usually not enough for borrowers to repay a payday loan, so many people fall into the habit of getting another loan to pay off the previous one, says Alex Horowitz, senior director of The Pew Charitable Trusts.

App users may find themselves in a similar cycle. A 2021 study by the Financial Health Network found that more than 70% of app users get back-to-back advances. The study doesn’t say why users re-borrow, but Horowitz says the behavior is particularly similar to payday loans.

“Direct-to-consumer payday advances share DNA with payday loans,” he says. “They’re structured the same, they have repeat borrowings, and they’re scheduled based on the borrower’s payday, which gives the lender strong collectability.”

Apps can offer more flexibility

Payday lenders and payday advance apps collect repayment directly from your bank account. If your account balance is too low when funds are withdrawn, you could incur overdraft fees, says Yasmin Farahi, senior policy adviser at the Center for Responsible Lending.

An application may try to avoid overcharging your account. Mia Alexander, Vice President of Customer Success at Dave, says the app reviews users’ bank accounts before withdrawing the refund. If the refund puts the balance close to zero or negative, the app may not withdraw the funds, she says.

However, apps typically include language in their user agreements that while they try not to overcharge your account, they aren’t liable if they do.

In states where payday loans are allowed, a payday lender is unlikely to offer a free, unsolicited payment extension, as some apps claim. Some states require payday lenders to offer extended payment plans at no cost to troubled borrowers, but a 2021 report from the Consumer Financial Protection Bureau says some lenders are misrepresenting plans or not disclosing them.

Unlike payday lenders, the apps don’t make collection calls. If a user revokes access to their bank account to avoid a refund, the app will not attempt to collect the funds. The user simply cannot get another advance until they repay the previous one.

Payday loans cost more

Payday loans tend to have high mandatory fees, unlike apps. Instead, they charge a small fee that users can accept throughout the borrowing process. These fees can add up, but they are usually lower than those charged by payday lenders.

For example, an app might charge a monthly subscription fee or a fee for instant access to funds. Most cash advance apps also ask for a tip for service.

The charges on a $375 payday loan are most often about $55 over a two-week period, Horowitz says. Since the cash advance application fee is mostly optional, you can easily keep the cost below $10.

Earnin user Sharay Jefferson says she’s used payday loans in the past, but switched to a cash advance app because it’s a cheaper way to cover bills and unexpected expenses.

“If you get a $200 payday loan, you might be paying something back three times over,” she says. “With Earnin, I’m going to have to pay that $200 back, plus whatever I decide to give them. It’s much cheaper. »

Technically, apps are not lenders

Regulators like the CFPB have not classified payday advance apps as lenders, despite their similarities to payday loans.

Earnin CEO and Founder Ram Palaniappan says the app is more like a payroll service or an ATM because it makes it easier to access your own funds. Earnin asks users to upload a timesheet showing they worked enough hours to earn the cash advance amount. Other apps scan a user’s bank account for income and expenses to determine if they qualify for an advance.

Farahi says applications should be treated like creditors, meaning they would follow the Truth in Lending Act, which requires creditors to disclose an annual percentage rate. An APR allows consumers to compare costs between financing options. For example, users can compare the APR of a cash advance app to that of a credit card and choose the most affordable.

“People still need to know what the real cost of credit is and to be able to assess it and really compare that cost with other options,” she says.

Applications should also comply with applicable state lending laws. Currently, 18 states and Washington, DC, have maximum interest rate caps that could limit application fees, she says.

Cash Advance App vs Payday Loan: Which is Better?

If you’re in dire need of cash, you may have better alternatives than payday loans and advanced apps, Farahi says.

Local charities and nonprofits can provide basic food and clothing needs. A family or friend could lend you money at no additional cost. If you have a few hours to spare, a side gig could generate as much money as a typical payday loan or cash advance application.

If you have the choice between an app and a payday loan, the app is probably the best option because:

  • It is less expensive.
  • It may not trigger overdraft charges.
  • If you don’t pay it back, the app won’t send you to collections.

A cash advance from an app is unlikely to leave you in a better financial position, Farahi says. But it may be a little less likely than a payday loan to make things worse for you.

The scientific phenomenon that ruined your remains


According to Serious Eats, warmed flavor (WOF) is caused by the breakdown of polyunsaturated fatty acids (PUFAs) in the cell membranes of meat, poultry and fish. During the cooking process, the meat cells begin to break down, allowing fat to enter the muscle for tender, juicy results. However, cell breakdown also releases iron molecules, which react with oxygen, and the aforementioned PUFAs.

This creates free radicals and unstable atoms that damage cells as part of disease and aging, according to Medical News Today. They process the fatty acids in the meat, giving it an appetizing aroma, although Serious Eats points out that the meat is still safe to eat at this stage. If it were spoiled meat, it would have a strong sour smell. According to Serious Eats, WOF is worse in poultry and fish because they have higher PUFA concentrations than beef or pork.

To reduce WOF in cold-cut chicken and turkey, many companies process the meat with phosphates and vacuum pack it while still hot. Phosphates neutralize free iron molecules and a vacuum seal keeps oxygen out to prevent a chemical reaction. There’s not much you can do to prevent WOF in a home kitchen, but follow the advice of the pros and try to limit your meat’s exposure to oxygen from the moment it comes off the heat. As soon as you’ve served everyone, pack your leftovers in airtight, heat-resistant containers.

I like cashback cards better than travel cards. here’s why


Image source: Getty Images

Should we opt for cash back cards like me?

Key points

  • Some credit cards offer cash back on purchases, while other cards offer travel rewards.
  • I prefer cashback cards because of the flexibility they offer.

Credit cards can be broadly divided into a few different categories. Some are travel cards that offer bonus rewards for purchasing travel and often encourage you to use those rewards to pay for more travel. Others are cashback cards that reimburse you for all of your purchases.

Although I’ve had both travel cards and cash back cards, I much prefer the ones that offer cash back. Here’s why.

This is the big advantage of cashback cards over travel cards

The main reason I prefer cashback cards over travel credit cards is the increased flexibility these cards offer.

Check it out: This card has one of the longest 0% interest intro periods.

More: Consolidate your debt with one of these top-rated balance transfer credit cards

In most cases, if you have a travel card, you get the best value for your rewards points or miles if you redeem them for a vacation. You usually need to book through a special portal set up by your credit card company in order to get the maximum value for your points. And you often need to use your rewards points or miles for specific types of travel-related expenses, such as flights or hotels.

Now, if you’re absolutely sure that by the time you earn enough rewards to redeem, you’ll want to use those rewards to pay for trips, you might not mind. But, as the past few years of COVID-related uncertainty have demonstrated, it can be hard to know what direction your life will take and whether you’ll still be able and willing to use your points for a vacation in a few months or a few years. when you have collected enough.

I have two small children so it can be particularly difficult to predict what types of trips we will be taking and when as it very much depends on how my children are developing at the time and their ability to take the plane without disturbing the other passengers too much. I don’t want to be forced to book trips just to get the most out of my credit card, so cashback cards work better for me.

With a cashback card, I can Choose use the money I get from my credit card company to pay for a vacation if I want to. But I can also choose to do other things with the funds (for example, most often I invest the money in a brokerage account to save for my future). I’m just not willing to give up the flexibility that a cashback card provides.

What kind of cards are right for you?

Figuring out which credit card is best for you can be tricky, as it depends on both the types of things you tend to spend money on and your preferences for how you want to redeem your card rewards. credit.

If you want to cover the cost of your trips by using credit card points to pay for them, a travel credit card might be the ideal choice. But if you’re like me and want more choice in how to use your rewards without feeling like you have to book trips to maximize their value, a cashback card may also be the best fit for you.

The best credit card waives interest until 2023

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Mortgage borrowers could save thousands with higher credit scores: Zillow analysis


According to Zillow, mortgage borrowers can save big by taking this crucial step before buying a home. (iStock)

Although mortgage savings may be harder to come by in a high interest rate environment, one step borrowers can take to potentially lower their monthly mortgage payments is to improve their credit scores.

A recent Zillow Analysis said borrowers with an “excellent” credit score – between 760 and 850 – could save up to $103,626 in mortgage interest payments over the life of a 30-year fixed-rate loan, based on the current price of a typical home, $354,165. Buyers with “fair” credit scores – between 580 and 669 – can pay up to $288 more on their monthly mortgage payment than those with “great” credit.

“When considering buying a home, the best first step you can take is to fully understand your financial situation, what you can afford, and your outstanding debts or obligations,” said Libby Cooper, vice president of Zillow. Home Loans.

She added that some steps low-credit borrowers could take to improve their scores include disputing any reporting errors and paying off as much debt as possible. This could increase the home loan a borrower qualifies for and potentially help them save hundreds in monthly mortgage payments.

If you think you’re ready to shop around for a mortgage, consider using Credible Marketplace to help you easily compare interest rates from multiple lenders in minutes.


Equifax sent bad credit scores to lenders

Zillow’s analysis shed light on the high cost of reporting errors by any of the big three credit bureaus for borrowers. Equifax recently revealed that it sent poor credit scores to lenders, potentially affecting borrowers’ interest rates or even causing their loan applications to be turned down.

Equifax said as many as 300,000 people have experienced a score change of 25 points or more, enough to move a borrower’s credit rating from good to fair or from fair to poor. However, lenders typically pull scores from all three credit bureaus when underwriting a mortgage,

Fannie Mae and Freddie Mac probably only bought a small number of loans affected by bad credit, according to the wall street journal. Mortgage lenders who may have purchased higher-rated loans before the error was disclosed owed money to government-sponsored entities (GSEs). GSEs should, conversely, reimburse lenders for fees charged on loans underwritten at lower scores.

If you want to take advantage of current mortgage rates, you might consider refinancing your loan to lower your monthly payment. Visit Credible to find your personalized interest rate without affecting your credit score.


High interest rates could mean borrowers are locked in longer

The current high interest rate environment only exacerbates the situation for borrowers with low credit ratings, as it leaves them little room to refinance at higher rates, even if their credit rating improves. , Zillow said. This potentially leaves many borrowers stuck longer with the high cost of poor credit.

Homebuyers nationwide are also facing record house prices, adding to affordability issues. House prices rose 15.8% a year in July, according to CoreLogic. Meanwhile, borrowing rates have roughly doubled since last year, when rates were below 3%, according to Freddie Mac Data. Mortgage rates have fluctuated this year, but currently hover around 6%.

One silver lining to rising house prices is that Americans have accumulated a record amount of equity in their homes. According to data reported by ATTOMreal estate data curator.

Rick Sharga, executive vice president of market intelligence at ATTOM, said that after the continued appreciation of home prices, “it’s no surprise that the percentage of equity-rich homes is the highest than we’ve ever seen and that the percentage of seriously underwater loans is the lowest.”

Sharga noted that even if home price appreciation begins to slow, homeowners are likely to continue to leverage the record amount of equity they have for the remainder of 2022.

If you want to take advantage of rising home prices, you might consider taking out cash refinancing to help pay off debt or fund home improvement projects. Visit Credible to find your personalized interest rate without affecting your credit score.

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Martha’s Vineyard: Governor Ron DeSantis takes credit for sending 2 planes carrying migrants to Massachusetts



Two planes carrying migrants were sent by Florida Gov. Ron DeSantis to Martha’s Vineyard on Wednesday night, his office said, infuriating Democratic politicians and prompting a frantic response that included humanitarian aid from locals and assistance from officials. from Massachusetts.

It is the latest in a series of moves by Republican governors to ferry migrants to northern liberal enclaves to protest what they say are insufficient federal security efforts at the southern border. Located off the coast of Massachusetts and long known as a posh summer destination for wealthy vacationers, Martha’s Vineyard provided an unusual and unexpected place for migrants to send.

Lawmaker says DeSantis used migrants for his own political advantage

“We’re not a sanctuary state, and it’s better to be able to get to a sanctuary jurisdiction, and yes, we’ll help facilitate that transportation so you can go to greener pastures,” DeSantis said Thursday, a day after claiming credit for sending the two planes to the island. “Every community in America should share the burdens. Not everything should fall on a handful of red states.

Massachusetts U.S. Attorney Rachael Rollins told reporters Thursday she would speak with Justice Department officials about DeSantis sending the migrants to Martha’s Vineyard, saying she did not yet have enough information. information to say whether he had broken any laws in doing so. She added that their first priority was to make sure people arriving were treated with respect.

About 50 migrants arrived at Martha’s Vineyard on Wednesday on two planes, according to Massachusetts State Senator Julian Cyr, a Democrat who represents Martha’s Vineyard. The two planes arrived just after 3 p.m. ET, Cyr said, and white vans took the migrants to Martha’s Vineyard Community Services.

Edgartown city administrator James Hagerty told CNN on Thursday that officials believe all of the migrants were from Venezuela, and a local fire chief said earlier in the day that the migrants included seven families. , with four children aged 3 to 8. .

“There was no advance notice to anyone in Martha’s Vineyard or Massachusetts that these migrants were coming to my knowledge,” Cyr said.

City officials and state officials are in contact on next steps, but Cyr stressed that the current focus is on supporting the migrants who have arrived.

In addition to island residents’ response efforts, the Massachusetts Emergency Management Agency is expected to be on the ground to coordinate efforts.

Terry MacCormack, press secretary for Republican Massachusetts Governor Charlie Baker, said in a statement obtained by CNN affiliate WBZ, “The Baker-Polito administration is in contact with local authorities regarding the arrival of migrants in Martha’s Vineyard. Currently, short-term accommodation services are provided by local officials, and the administration will continue to support these efforts.

DeSantis’ claim drew a strong backlash from Democratic officials in Florida and the White House.

“Even for Ron DeSantis, this is a new low,” Florida Democratic President Manny Diaz said in a statement. “There’s nothing DeSantis won’t do, and nobody he won’t hurt, in order to score political points.”

Charlie Crist, the Democratic candidate for governor of Florida, said in a statement, “This is just another political stunt that is hurting our state. Tonight, the 4.5 million immigrants who live in Florida must be wondering if they are next.

And the White House on Thursday denounced DeSantis’ decision and Republican Gov. Greg Abbott of Texas’ decision to intentionally send two busloads of migrants to Vice President Kamala Harris’ residence in the nation’s capital. Those migrants were safely transported to a local church, according to a Department of Homeland Security spokesperson.

White House press secretary Karine Jean-Pierre accused governors of using migrants as “political pawns” and said their actions constituted a “cruel and premeditated political coup”.

The latest measures follow in the footsteps of Republican Governor Doug Ducey of Arizona, who began sending migrants to Washington, DC, earlier this year. Abbott has since expanded its efforts to include New York and Chicago.

Migrants released from government custody often move to other cities in the United States during their immigration process. It is unclear whether the migrants who arrived at Martha’s Vineyard knew where they were going.

Despite the unexpected arrivals, some islanders have worked quickly to provide some essential services.

“This is a community gathering to support immigrant children and families. This is the best in America,” Massachusetts State Rep. Dylan Fernandes, a Democrat who represents the island, said in a series of tweet which included photos of the migrants receiving food and beds.

“Our island has sprang into action by bringing together 50 beds, giving everyone a good meal, providing a play area for the kids, making sure people have the healthcare and support they need. need,” Fernandes wrote in another Tweeter. “We are a community that comes together to support immigrants.

Martha’s Vineyard officials say they are working with a coalition on the island to provide “shelter, food and care for people” who arrived on the island on Wednesday, according to a statement from the Management Association. county emergencies.

The Edgartown Police Department said no additional supplies were needed for the migrants who arrived Wednesday and asked people to refrain from dropping off additional items to keep traffic flowing.

A media representative from Martha’s Vineyard Community Service helping coordinate services for migrants praised the community’s response, saying some local restaurants were offering free food.

Resources from a programmatic perspective include coordinating food, clothing and translation services, the representative said.

The migrants slept at St. Andrew’s Church on Wednesday night, which often helps house those in need, the representative said.

Some of the migrants on Thursday morning said they were cold and the service center helped bring more clothes, the representative said.

Meanwhile, Hagerty said on Thursday that migrants would have been told before arriving on the island that they would find employment and accommodation there.

“They received community service packets before they got off the plane,” he said, adding that he was not sure which third party provided the information packets to the migrants.

CORRECTION: This story has been updated to reflect that the Massachusetts Emergency Management Agency is involved in the response to the arrival of migrants. It has also been updated with additional reports.

Apple Card credit chief quits startup


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As Apple prepares for new financial services, Apple Card credit manager Abhi Pabba has left the company

Pabba will join a credit card startup called X1 to be its chief risk officer, a job he knows well. Prior to Apple, Pabba worked at Capital One on credit card authorizations, analyzing cardholder metrics such as consumer spending, number of credit accounts that end up delinquent, and average credit scores. approved.

“I would say these three [metrics] are of a pretty high standard, but you know, Capital One takes great pride in being very, very thorough with these things, and of course Apple had similar standards as well,” Pabba said in a report of CNBC.

His new job at X1 may involve developing the company’s underwriting policies. The startup plans to use data such as bank account access, FICO scores, or information from companies such as Plaid, a financial data transfer company.

Apple is working on a new service with Apple Pay called Apple Pay Later. It’s a feature coming later in 2022 that offers to split purchases into four weekly payments.

Although Apple continues to partner with Goldman Sachs for the Apple Card, it has created a subsidiary called Apple Financing LLC for Apple Pay Later. It will operate independently from Apple’s main corporate entity.

EXPLANATION: What you need to know about “buy now, pay later”


NEW YORK (AP) — Since the start of the pandemic, the “buy now, pay later” option has exploded in popularity, especially among young and low-income consumers who may not have easy access to traditional credit.

If you’re shopping online for clothes or furniture, sneakers, or concert tickets, you’ve seen the option at checkout to split the cost into smaller installments over time. Companies like After-payment, To affirm, Klarnaand PayPal all offer the service, with Apple expected to enter the market later this year.

But with the increase in economic instability, the unpaid ones too. Here’s what you need to know:


Called “interest-free loans,” buy-it-now-pay-later services require you to download an app, link a bank account or debit or credit card, and sign up to pay in weekly or monthly installments. Some companies, such as Klarna and Afterpay, perform soft credit checks, which are not reported to credit bureaus, before approving borrowers. Most are approved within minutes. Scheduled payments are then automatically deducted from your account or charged to your card.

The services generally don’t charge you more than you would have paid upfront, which means there’s technically no interest, as long as you make the payments on time.

But if you pay late, you may be subject to a flat fee or a fee calculated as a percentage of the total you owe. These can reach $34 plus interest. If you miss multiple payments, you could be barred from using the service in the future, and the delinquency could hurt your credit score.


In the United States, buy-it-now and pay-later services are currently not covered by the Truth in Lending Act, which regulates credit cards and other types of loans (those repaid in more than four installments).

This means you may have a harder time settling disputes with merchants, returning items, or getting your money back in the event of fraud. Companies can offer protections, but they are not obligated to do so.

Lauren Saunders, associate director at the National Consumer Law Center, advises borrowers to avoid linking a credit card to buy now, pay later applications whenever possible. If you do, you lose the protections you get from using the credit card while exposing yourself to owing interest to the card company.

“Use the credit card directly and get those protections,” she said. “Otherwise it’s the worst of both worlds.”


Because there are no centralized reports on Buy Now, Pay Later, these debts won’t necessarily show up on your credit profile with major credit rating agencies.

This means more businesses can afford you to buy more items, even if you can’t afford them, because lenders don’t know how many loans you’ve taken from other businesses.

Payments you make on time are not reported to credit rating agencies, but missed payments are.

“Right now, buy now, pay later usually can’t help you build credit, but it can hurt,” Saunders said.

Elyse Hicks, consumer policy adviser at Americans for Financial Reform, a progressive nonprofit, said people might not be considering seriously enough whether they will still be able to afford the payments in the future.

“Because of inflation, people may think, ‘I’m going to have to get what I need and pay for it later in these installments,'” she said. “But are you still going to be able to afford the things you’re affording now six months from now?”


Retailers accept buy-it-now fees and pay for services later as products increase basket sizes. When shoppers have the option of paying for their purchases in installments, they are more likely to purchase more goods in one go.

When Apple recently announced it would be creating its own buy now, pay later service, 23-year-old Josiah Herndon joked on Twitter about “paying for 6 carts of (things) I can’t afford with Apple, Klarna, Afterpay, PayPal Pay in 4, shop, pay in 4 and confirm.

Herndon, who works in insurance in Indianapolis, said he started using the services because it took him a long time to get approved for a credit card because his age meant he didn’t have no extensive credit history. He has since used them to pay for high-end clothes, shoes and other luxury goods. Herndon said he aligns payment schedules with his paychecks so he doesn’t miss payments, and called the option “very convenient.”


If you have the ability to make all payments on time, buy now, pay later, loans are a relatively healthy, interest-free form of consumer credit.

“If (the loans) work as promised, and if people can avoid late fees and don’t have trouble managing their finances, they have a place,” said Saunders of the National Consumer Law Center.

But if you’re looking to boost your credit score and are able to make payments on time, a credit card is a better bet. The same applies if you want strong legal protection against fraud and clear, centralized loan reporting.

If you’re unsure whether you’ll be able to make payments on time, consider whether the fees charged by buy-it-now and pay-later companies will incur higher fees than the penalties and interest charged by a credit card company or other lender.


As the cost of living rises, some shoppers have started splitting payments on essentials, rather than big-ticket items like electronics or designer clothes. A Morning Consult poll released this week found that 15% of ‘buy now, pay later’ customers use the service for routine purchases, such as groceries and gas, raising alarm bells among financial advisors .

Hicks points out that the growing number of overdue payments is a sign that buy now, pay later could already be contributing to unmanageable debt for consumers. A July report from ratings agency Fitch found app chargebacks rose sharply in the 12 months to March 31, up 4.1% for Afterpay, while chargebacks on credit cards were relatively stable at 1.4%.

“The growing popularity of this is going to be interesting to see over these different economic waves,” Hicks said. “The immediate fallout is what’s happening now.”


The Associated Press receives support from the Charles Schwab Foundation for educational and explanatory reports aimed at improving financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Democrats want to bring back Biden’s child tax credit since it reduced poverty

  • A measure of the poverty rate fell to its lowest level last year, according to a new report from the Census Bureau.
  • Expanding the Child Tax Credit has helped cut child poverty by about half, and some Democrats want to bring it back.
  • Poverty could rise next year since programs like direct payments were only temporary.

The poverty rate fell to 7.8% in 2021, the lowest level on record due to extraordinary federal assistance last year, according to a new Census Bureau report released Tuesday.

Much of that stems from stimulus checks, enhanced unemployment benefits and a monthly child allowance briefly established as part of President Joe Biden’s stimulus bill.

The new report also indicates that the number of children living in poverty has been reduced by approximately half. The data comes from the Supplemental Poverty Measure, a measure that takes into account federal assistance such as food stamps, the child tax credit and wages. The official poverty rate, which does not take into account aid such as MPS, rose to 11.6%.

The PMS rate for children was 5.2% in 2021 after being almost twice as high at 9.7% in 2020. In 2009, the PMS rate for those under 18 was 17.0% .

Experts said the enhanced child tax credit was among the federal relief programs with the biggest impact.

“This is what policy success looks like,” Chuck Marr, vice president of federal tax policy at the Center on Budget and Policy Priorities, told Insider. “This is a historic achievement to reduce child poverty by a record amount through the expansion of the Child Tax Credit.”

“Generally, you might see a steady decline,” Joshua McCabe, a policy pundit at the libertarian-leaning Niskanen Center, told Insider. “But in this case, at least for the kids, it was a pretty big drop.”

Marr said that “what led to this reduction in poverty was that for the first time the child tax credit was fully available to low-income children, just as it is available to children in the middle class”.

He added that since the expanded child tax credit has expired, “the challenge now is for Congress to extend it.”

Some Democrats want to restore the expanded child tax credit

The Enhanced Child Tax Credit provided up to $300 per monthly check per child to parents for six months. But resistance from Republicans and Sen. Joe Manchin of West Virginia prevented Democrats from expanding it as part of their ill-fated Build Back Better plan in 2021. No child benefit was included in the Democratic bill. on health, climate and taxes adopted last month.

Now some Democrats like Sens. Sherrod Brown of Ohio and Michael Bennet of Colorado want to use an expiring portion of the 2017 Republican tax cuts to bring Republicans to the negotiating table for a deal by year’s end. The White House supports them, Axios reported.

“We shouldn’t be extending corporate tax relief at the end of this year without also extending the expanded child tax credit,” said Bennet, Brown, Sen. Cory Booker of New Jersey and Reps. Rosa DeLauro of Connecticut. , Ritchie Torres of New York, and Suzan DelBene of Washington said in a statement Tuesday.

These figures follow a recent comprehensive analysis by the research organization Child Trends, which found that child poverty has fallen by 59% since 1993, with children of all races and states having less need for multiple parameters during this period.

Nearly 28% of children were classified as poor in 1993, according to the researchers, “poor” defined as not having the income deemed necessary to meet basic needs. By 2019, that metric had fallen to around 11% — and that’s not counting what temporary pandemic relief has done to further reduce that.

Research from Child Trends suggests that the expansion of the social safety net has only helped reduce child poverty over the years, even in light of economic crises like the Great Recession.

Sharon Parrott, president of the Center on Budget and Policy Priorities, said in a statement without the child tax credit expansion, “some 2.1 million additional children would have lived in families with incomes below the poverty line”. This number was also highlighted in a Census Bureau article.

There was also some other positive news from the Census Bureau on Tuesday as well. The share of Americans with health insurance soared to 91.7% in 2021, a slight increase from the previous year. This is partly due to the enhanced Affordable Care Act grants made available to people under the stimulus act. It allowed low-income Americans to pay a small amount or nothing for private health care.

Without measures like the expanded child tax credit, poverty likely increased in 2022.

“I certainly fear that without these economic impact payments and child tax credits, we will see an increase in poverty in 2022,” Elise Gould, senior economist at the Economic Policy Institute, told Insider. “So we know that some of these measures have helped reduce things like food insecurity. So, unfortunately, I think without them we’re going to see an increase in hardship in 2022, even though we’ve had a growing economy. .”