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Inflation hits hard on Americans trying to pay off debt


Credit card issuers charged $12 billion in late fees in 2020, while the average global debt level per individual increased the following year.

SEATTLE — From gas to groceries, families in western Washington and across the country are being forced to stretch their dollars.

The U.S. annual inflation rate is 8.6% for the 12 months ending May 2022, the largest annual increase since December 1981 and after rising 8.3% previously, according to data from the US Department of Labor released on June 10.

Rising inflation is only part of the current challenge for Americans. According to a report from Consumer Financial Protection Bureau (CFPB)credit card issuers charged $12 billion in late fees in 2020.

Late fees and credit card interest add to consumer borrowing debt, but according to Experian, mortgages and auto loans, by far the two largest components of a consumer’s budget, have experienced the fastest year-over-year growth of any debt category. Experian 2021 Third Quarter Report Consumer debt balances rose 5.4% to $15.31 trillion, an increase of $772 billion from 2020.

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“During the pandemic, people were able to use the extra money they might be getting to make sure they were sticking to their payments and working to get out of debt,” said Seattle-based director of strategic initiatives Becky House. for American financial solutions. ” Now it’s over. They fight. We see the increase in gas prices, the increase in food costs that really take a bite out of the income that people have to make those payments. »

Missing payments can have a huge impact on a person’s credit rating, according to House, who said a personal budget review needs to be done to get someone back on track.

If necessary, House recommends researching professional debt management help which is available free of charge from several non-profit organizations.

The most frequently asked questions about buying and crediting a car


Buying a car is a big decision and many inexperienced buyers tend to have a lot of questions about the process. But it’s not just the car buying process that can be confusing. In fact, many car buyers are inexperienced when it comes to credit in general. In order to help car buyers navigate the process, we decided it might be helpful to compile a list of the most frequently asked questions about car buying and credit.

What is a good credit rating?

credit report from the Equifax credit bureau.” class=”wp-image-1425185″ data-lazy-srcset=”https://www.motorbiscuit.com/wp-content/uploads/2022/06/Equifax-form.jpg 1300w, https://www.motorbiscuit.com/wp-content/uploads/2022/06/Equifax-form.jpg?w=300&h=225 300w, https://www.motorbiscuit.com/wp-content/uploads/2022/06/Equifax-form.jpg?w=768&h=576 768w, https://www.motorbiscuit.com/wp-content/uploads/2022/06/Equifax-form.jpg?w=1024&h=768 1024w, https://www.motorbiscuit.com/wp-content/uploads/2022/06/Equifax-form.jpg?w=1200&h=900 1200w, https://www.motorbiscuit.com/wp-content/uploads/2022/06/Equifax-form.jpg?w=80&h=60 80w” sizes=”(max-width: 1300px) 100vw, 1300px”/>

Close-up of the top corner of a consumer credit report from the Equifax credit bureau. | Smith/Gado/Getty Images Collection

RELATED: Used Car Shoppers Should Know These Tips

The three credit bureaus (Experian, TransUnion and Equifax) measure your credit in different ways. However, the two main credit scoring models are FICO and Vantage. Almost any dealership you visit will check your credit using the FICO 8 model, while online credit sites like Credit Karma use the Vantage scoring model.

Here are the different score ranges for each model:

online credit score chart

FICO Scoreboard and Vantage | experian.com

As we can see, a good credit score is between 670 and 739 on the FICO scale and 661 and 780 on the VantageScore. However, Experian notes that many banks consider a score above 700 to be good.

Why do I have so many different credit scores?

If you received your score from different credit apps, websites, dealers, or banks, you might be wondering why there are so many different credit scores. Experian laid out some of the basic reasons why this is:

  • Each of the three credit bureaus maintains its own credit history on you and this history may vary.
  • FICO and VantageScore use different scoring models.
  • Banks and other lenders use different algorithms to calculate your score.

Instead of paying attention to a single score you receive, a better rule of thumb is to think of your score as a range rather than a single number. For example, if you check your credit score using Credit Karma or your bank’s app, they will be quite similar (728 and 735, for example). In this case, your score will likely be close to that obtained by a bank or credit union when you buy a car.

What factors affect my credit rating?

Close up of the Experian credit bureau logo.

Close up of the Experian credit bureau logo. | Smith/Gado/Getty Images Collection

Although different scoring models have different criteria, five main factors can affect your credit score:

  • Payment history: Making regular payments on time each month is important. So your payment history can represent about 35% of your credit score.
  • Use of credit: The portion of your total credit that you use represents about 30% of your score.
  • Length of credit history: The length of your credit history can account for around 15% of your score.
  • Composition of credit: It’s not just about credit cards. Credit bureaus like to see a mix of lines of credit, including other auto loans, home loans, etc. The mix can be 10% of your score.
  • New credit accounts: Any new credit account you open can affect your credit score by up to 10%.

Is leasing better than financing?

In some cases, yes. There are major advantages when it comes to leasing a car rather than financing it. According to Consumer Reports, some of these perks include a lower monthly payment, a lower down payment, possible free maintenance, a new car with the latest safety features, and the ability to drive a new car every few years.

While you can certainly trade in a financed car every few years, there’s a chance it has negative equity that you’ll have to deal with. However, if you lease a car, you can trade it in at the end of the lease or walk away from it altogether.

How much down payment should I put on a new car?

In general, you should aim for a 20% down payment on a new car and 10% on a used car, reports NerdWallet. The more down payment you make, the lower your monthly payment will be. Additionally, banks and other lenders like to see a larger down payment, if possible, to lower your loan-to-value (LTV) ratio. Having a lower LTV can increase your chances of approval because the bank will see you as less of a risk of defaulting on the loan.

Is it worth buying an extended warranty?

A man inspects new Toyota cars on display.

A man inspects new Toyota cars on display. | Justin Sullivan/Getty Images

It depends on the type of car you buy. For example, if you are financing a luxury German car that you plan to keep for a long time, it might be worth buying an extended warranty. Many parts and repairs for German cars can be expensive, so buying an extended warranty can help

Otherwise, many car buyers who purchased an extended warranty when purchasing their car never used it. In this case, it is not worth the money invested. But if you’re buying an older used car with a lot of miles on the odometer, it might be a good idea to buy an extended warranty.

Credit and car purchases

There is a lot of credit and car buying information out there and you can find a lot of it here on MotorBiscuit. We’ve got it all covered, from leasing, financing, trading and selling cars. Visit our Car Purchases section to learn more.

RELATED: What are the pros and cons of buying a car from Carvana?


NEW YORK, May 9, 2022 /PRNewswire/ — To Ironnet, Inc. (“Ironnet”) (NYSE:IRNT) shareholders:

The law firms of Vincent Wang announce that a class action lawsuit has been filed on behalf of investors who purchased between September 15, 2021 and December 15, 2021.

If you have suffered a loss on your investment in Ironnet, contact us about potential recovery using the link below. There is no cost or obligation for you.


ABOUT THE SHARE: The class action lawsuit against Ironnet includes allegations that the Company made materially false and/or misleading statements and/or failed to disclose that: (i) the Company materially overstated its business and financial prospects; (ii) the Company was unable to predict the timing of material customer opportunities that formed a substantial part of its published fiscal 2022 financial guidance; (iii) the Company had not established effective disclosure controls and procedures to reasonably ensure that its public disclosures were timely, accurate, complete and not misleading; and (iv) as a result, the Company’s public statements were materially false, misleading and/or lacked any reasonable basis in fact at all relevant times.

DEADLINE: June 21, 2022

Ironnet’s harmed investors only have up to June 21, 2022 ask the court to appoint you as the main plaintiff. You are not required to act as the primary plaintiff to participate in any collection.

Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigation involving financial fraud and violations of shareholder rights. Lawyer advertisement. Prior results do not guarantee similar results.

Vincent Wong, Esq.
39 East Broadway
Office 304
New York, NY 10002
Such. 212.425.1140
E-mail: [email protected]

View original content: https://www.prnewswire.com/news-releases/class-action-alert-the-law-offices-of-vincent-wong-remind-ironnet-investors-of-a-lead-plaintiff – deadline-of-june-21-2022-301541736.html

SOURCE The law firms of Vincent Wang

Mastercard and Visa won’t stop payments for ghost guns


In February, George Gascón, the Los Angeles County District Attorney, asked Visa, Mastercard and American Express to stop processing online ghost gun purchases. “By your action, you can prevent the sale of a phantom weapon on the Internet with just a few clicks on a smartphone or computer,” the letters read. “It is your company’s sense of right and wrong that we are now appealing to.” Discussions with card networks are ongoing, he said, although there have been no changes to network policies on this issue so far.

Gascón said he hoped that would eventually change. “A good corporate citizen can put a stop to bad businesses that would otherwise thrive because the law will always be inadequate to fully address the problem,” he said.

Bronx District Attorney Darcel Clark and Santa Barbara District Attorney Joyce Dudley, co-chairs of the prosecutors’ gun violence advocacy group, wrote a similar letter to Mastercard and Visa last month on behalf of more than 50 district attorneys everywhere. countries that make up the organization.

Clark and Dudley say Visa has not responded, and last week Mastercard officials said in a call with district attorneys that the company would not stop payments unless there was has clear evidence of illegal activity.

In a statement to BuzzFeed News, Visa said it “requires every transaction processed on our network to be legal in the jurisdictions of both the buyer and the seller. We do not condone the use of our network and our products for illegal activity, and we are vigilant in our efforts to deter illegal activity on our network.

A Mastercard spokesperson said, “We believe it is the responsibility of elected officials to enact meaningful policies to address the issue of gun violence, while Mastercard’s role is to ensure that consumers are authorized to make legal purchases on our network. He added that he is working to ensure that his products are not used to purchase these weapons in jurisdictions where they are not legal.

“American Express is committed to complying with all applicable laws and regulations relating to the sale of firearms on our network and requires that all merchants who accept American Express cards adhere to them,” the credit card company said. in a statement to BuzzFeed News.

How to Reduce Credit Card Debt After the Fed’s Rate Hike

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It’s the worst debt to carry in good times. It can be oppressive when the economy is struggling with high inflation, a plummeting stock market and rising interest rates.

Do you have credit card debt? Now is the time to come up with a plan to pay off that debt as soon as possible, because it will cost even more.

To bring inflation down, the Federal Reserve raised its key rate by three-quarters of a percentage point, its biggest hike in nearly 30 years. One of the implications of this decision is that interest on credit card debt will increase.

What will the Federal Reserve rate hike mean for consumers?

The average credit card interest rate is now over 20%, according to Matt Schulz, chief credit analyst at Lending Tree. “The worst news for cardholders when the Fed raises rates is that they don’t just raise rates on the things you buy in the future,” Schulz said. “The rate you pay on your current balances also increases, usually within a billing cycle or two.”

Maybe you’ve kept your credit card debt like a pet, biting it off bit by bit with minimum payments or occasionally throwing extra cash at the balance. Or maybe your financial situation has forced you to rely on credit to make ends meet. Whatever your situation, here are seven ways to reduce your credit card debt in light of this latest Fed rate hike and more increases that are likely to come.

Seven Ways to Financially Prepare for the Economic Recession

1. Stop charging your credit cards. Have you ever heard of the expression “If you’re in a hole, stop digging?” » You should stop using your credit cards if you don’t pay off balances each month. Also consider that whatever you’ve been billing for, whether it’s a TV, dinner, vacation, or clothes, will end up costing you more money in the long run if you keep rolling over debt. .

The share of credit card revolvers, or those who carry a monthly balance, rose 0.6 percentage points to 40.1% nationally in the fourth quarter of 2021, the American Bankers Association reported on last month. The Fed has said it expects more rate hikes if it can’t get inflation under control.

“What really matters is that all of these rate hikes come on top of potential multi-percentage-point increases in credit card rates in a single year,” Schulz said. “So many people’s financial margin of error is tiny anyway. The last thing they need with their grocery bills and rising gas prices is for their credit card interest rates to rise.

What the Federal Reserve’s interest rate hike means for mortgages

2. Start paying the smallest balance. The question I often get when it comes to credit card debt is, should I pay off my credit cards with the highest interest rate first or the one with the lowest balance first?

On paper, the logical method would be to go into debt at the highest interest rate. But what works on paper doesn’t always work in practice. The debt reduction method that I recommend is what I call the “debt dash method”. With this, like a 100-yard dash, the goal is to make a super-fast run to debt.

In my experience I have helped hundreds of people pay off their credit card debt, their motivation to get rid of debt increases when they get a quick win. The result is that they become more aggressive in tackling what remains of the debt, ultimately paying less interest charges than if they had started with the card with the highest interest rate. Part of the battle for debt reduction is sticking to a plan.

With the debt dash, you list all your debts starting with the one with the lowest balance. Then, use any extra cash you can find to apply it to that first card on your list while making minimum payments on all other debts. Once you’ve eliminated that card, move on to the next one on your list, and so on. If two cards have a similar balance, the one with the higher interest rate gets priority processing.

Have you been plagued by series of debt troubles?

3. Transfer balances to a zero percent card. If you have good credit, you may qualify for an offer that lets you transfer your balances to a card with zero percent interest for a limited time. Zero percent balance transfer offers are still plentiful, Schulz said. “We’re even seeing a few select cards offering a full 24 months interest-free,” he said.

But as the Fed continues to raise rates and delinquency rates rise, those offers are in danger of disappearing, Schulz said. Instead of being able to find deals for 15 to 20 months interest-free, consumers may end up finding zero percent interest for 9 to 12 months, he said.

According to Ted Rossman, senior industry analyst at Bankrate.com and CreditCards.com. “The average FICO score is 716, so most people should be able to qualify,” he said.

Balance transfer credit cards can be a good deal for some people

4. Talk to your credit card issuer. Talking ain’t cheap when it comes to credit card debt. Many borrowers struggling with the weight of their Debts never ask for help, according to Bruce McClary, senior vice president of membership and communications at the National Foundation for Credit Counseling.

Before calling your creditor, check your credit report and credit score, McClary said. It helps to know the strength of your negotiating position. “You want to make sure you know exactly what you’re going to say to the creditor, to start the conversation about finding more affordable options,” he said. “Use a high credit score to your advantage.”

Here’s everything I did to get a perfect 850 credit score

Maybe when you first got your card your credit history wasn’t great, so you were offered a card with a high rate. But with on-time payments, you could now qualify for more affordable terms or even an interest-free credit card rate, McClary said.

“It’s a huge win because then you can start planning the power to pay off the balance while you have that interest-free repayment period,” he said. “But these offers go to people with the best credit ratings.”

5. Use debt consolidation or a personal loan. It makes sense to try to consolidate debt and make one payment, especially if you can lower the interest rate. But don’t just focus on the monthly payment, warns McClary. “What you don’t want to do is tinker with the terms so that you have this artificially low payout,” he said.

You might get a lower monthly payment, but you could drag out the loan for years and end up paying more interest over time than your issuer was charging.

6. Contact a non-profit consumer credit counselor. If you don’t feel comfortable negotiating with your card issuer, get help from a nonprofit credit counseling agency by visiting National Credit Counseling Foundation or by calling 800-388-2227.

By working with a credit counselor, you can put a debt management plan in place. You make a lump sum payment each month to the nonprofit, which then forwards the payments to your creditors. By participating in this type of debt management program, you may benefit from reduced or waived finance charges or fees.

7. Treat bankruptcy as a last resort. I’ve helped a few seniors overwhelmed with credit card debt for bankruptcy protection. For them, the credit had become the bridge to extending their Social Security retirement benefit checks. This is how they were able to make ends meet. Bankruptcy gave them a fresh start.

Ask for recommendations for a bankruptcy lawyer or use the Find a lawyer National Association of Consumer Bankruptcy Attorneys database.

2022 Rocket Mortgage Review


Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

The process of buying a home is notoriously stressful and can be confusing, especially if you’ve never applied for a mortgage before and don’t know how to navigate the seemingly endless pool of lenders.

However, one name you may have heard in the real estate business is Rocket Mortgage. The company is an established name when it comes to looking for a loan and is one of the largest mortgage lenders in the United States. Plus, it’s a great option for homebuyers with lower credit scores. While most mortgage lenders look for a minimum credit score of 620, Rocket Mortgage accepts applicants with a score of 580.

To make your mortgage search easier, Select has taken a closer look at Rocket Mortgage and taken a closer look at some of its home loan options, considering factors like interest rates, minimum down payments, term, and more. advantages in the process. You can read more about our methodology below.

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Rocket Mortgage Review

Rocket Mortgage

  • Annual Percentage Rate (APR)

    Ask online for personalized rates

  • Types of loans

    Conventional Loans, FHA Loans, VA Loans, and Jumbo Loans

  • Terms

    8 to 29 years old, including 15 years old and 30 years old

  • Credit needed

    Generally requires a 620 credit score, but will consider applicants with a 580 credit score as long as other eligibility criteria are met

  • Minimum deposit

    3.5% if you go ahead with an FHA loan


  • Can use the loan to purchase or refinance a single family home, second home or investment property, or condo
  • Can be pre-qualified in minutes
  • Rocket Mortgage app for easy access to your account

The inconvenients

  • Performs a thorough investigation to provide a personalized interest rate, which means your credit score may take a hit
  • Does not offer USDA loans, HELOCs, construction loans, or mobile home mortgages
  • Does not manage accounts for jumbo loans after closing


The best way to determine the annual percentage rate, or APR, Rocket Mortgage will likely offer you to pre-qualify and submit your home loan application.

Although mortgage interest rates can fluctuate quite often, the rate you receive will depend heavily on your location, credit score, and credit history. Check each lender’s website to get a better idea of ​​the types of interest rates they charge, but keep in mind that they vary depending on your location and creditworthiness. In any case, it is important to provide the information necessary to verify your personalized rate.

Loan offers

Minimum deposit

The The lowest down payment you can make with Rocket Mortgage is 0% and is only available to those who are eligible to apply for its VA loan option.

For anyone who doesn’t qualify for Rocket Mortgage’s VA home loan, they can make a down payment as low as 3%, as long as they continue with their 30-year fixed rate or 15-year fixed rate. mortgage options. Note that both of these loans require a credit score of at least 620 to qualify.

If you’re considering going ahead with a jumbo loan (over $647,200), keep in mind that the typical down payment amount for these types of loans from lenders is usually 10%. Rocket Mortgage requires a credit score of at least 680 to be approved for one.

Terms of office

Rocket Mortgage offers flexible loan repayment terms ranging from eight to 29 years, including standard terms of 15 and 30 years. You will also have the choice between fixed rate and adjustable rate mortgage conditions.

Options include a 7/6 Adjustable Rate Mortgage (a seven-year fixed rate period followed by a rate that changes every six months), a 10/6 Adjustable Rate Mortgage (a fixed rate period of 10 years followed by a rate that changes every six months), an FHA adjustable rate mortgage and a VA adjustable rate mortgage.

Customer service

Homebuyers can contact Rocket Mortgage’s home loan experts by calling Monday through Saturday during business hours or by using the live chat feature on its website. Customers can also choose to receive text messages from Rocket Mortgage about how their payments are handled.


Rocket Mortgage will provide you with a Pre-Qualified Approval Letter and a Verified Approval Letter, which indicates that Rocket Mortgage has already verified your income, assets and creditworthiness in advance so you can stand out from home sellers – and potentially give you a competitive advantage over other homebuyers. who have been pre-approved for a loan but whose income and assets have not yet been approved.

Rocket Mortgage can also order an appraisal on your behalf, which is necessary to assess the fair market value of the home and any property taxes you would have to pay. The lender even offers a Fresh Start program, which aims to help potential applicants increase their credit score before applying.

At the end of the line

Rocket Mortgage is a long-time industry competitor with solid lending options to meet many financial needs. Its Fresh Start Program and Verified Approval Letter are two outstanding resources offered by this lender, each aimed at helping homebuyers in an ever-competitive housing market.

Those who want a more involved customer service presence throughout the home buying process might look to other lenders, as Rocket Mortgage’s standard chat and phone hours may not be as appealing. A good option is Chase Bank, which matches customers with a home loan advisor near them who can meet their needs and simplify the home buying process. Home Loan Advisors are also there to make sure they’ve completed all the necessary paperwork and can even connect buyers with home inspectors, real estate agents and other professionals they’ll need to interact with during the process. process.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Our methodology

To determine which mortgage lenders are the best, Select analyzed dozens of US mortgages offered by online and brick-and-mortar banks, including major credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to meet a range of mortgage needs. funding.

When selecting and ranking the best mortgages, we focused on the following characteristics:

  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you’ll lock in one interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Types of loans offered: The most common types of mortgages are conventional loans, FHA loans, and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender is able to meet a wider range of applicant needs. We have also considered loans tailored to the needs of borrowers who plan to buy their second home or rental property.
  • Closing timeline: The lenders on our list are able to offer closing times that range from as little as two weeks after signing the home purchase agreement to up to 45 days after signing the agreement. Specific closing times have been noted for each lender.
  • Costs: Ongoing fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining each lender’s overall offer. Although some lenders on this list do not charge these fees, we have noted all instances where a lender charges such fees.
  • Flexible minimum and maximum loan amounts/terms: Each mortgage lender offers a variety of financing options that you can customize to suit your monthly budget and the length of time you need to pay off your loan.
  • No prepayment penalties: The mortgage lenders on our list do not charge borrowers for prepaying their loans.
  • Simplified application process: We looked at whether lenders offered a convenient and fast online application process and/or an in-person procedure at local branches.
  • Customer service: Every mortgage lender on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or an online advice center to help you learn about the personal loan process and your finances.
  • Minimum deposit: Although minimum down payment amounts depend on the type of loan requested by the borrower, we have noted lenders who offer additional specialty loans with a lower minimum down payment.

After reviewing the features above, we’ve sorted our recommendations by lowest credit scores, flexible down payment options, no fees, flexible loan options, and to save money. .

Note that advertised rates and fee structures for mortgages are subject to fluctuation in accordance with the Fed rate. However, once you have agreed to your mortgage contract, a fixed rate APR will guarantee a constant interest rate and monthly payment for the life of the loan, unless you choose to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment, and loan amount depend on your credit history, creditworthiness, debt-to-equity ratio, and desired loan term. To take out a mortgage, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

Tyranny of the ruling minority

ALTHOUGH the rakyat have had three prime ministers in the past three years, power in the country and the way it is governed is concentrated in the hands of a small group of elites.

The general public may find the idea far-fetched or absurd.

This small group is made up of the leader of the largest political party in the country and a handful of council members and close advisers, big business owners, directors and high-ranking officers of the armed forces.

They work and play together, work and marry into each other’s families. Their common experiences have given them shared perspectives in terms of economics and politics.

Just look at the top echelons of leadership in the country since 1981. Leadership positions hold the power to direct the programs and activities of major political, economic, legal, educational, cultural, scientific, and civic institutions. Occupants of these offices control half of the country’s industrial, communications, transport and banking assets, and two-thirds of all insurance assets.

In addition, they direct substantial resources from government trust funds and government related entities whether listed or unlisted in Bursa Malaysia.

They hold the most influential positions in the executive, legislative and judicial branches of the federal government and control the mass media.

At the top of this small group, another small elite group makes all the most important decisions for everyone below.

A relatively small intermediate level consists of individuals normally thought of when referring to senators, MPs, MPs, mayors, party leaders, etc.

The rakyat sits below. It is the average men and women of the country who are powerless to hold the highest levels to account.

In short, a small group of people decide matters of life and death for the nation, leaving relatively minor matters to be handled at the middle level and almost nothing for the rakyat to decide for themselves.

It is indeed a bleak picture.

Many of the members of this group have enjoyed a head start in life by being born into prominent families. Many have tried but rarely succeeded in being co-opted into this small group.

This small group of elites draws its strength from controlling the highest positions in politics and business and from shared values ​​and beliefs.

They hold positions of command in society. These positions give their holders enormous authority not only over government institutions, but also over financial, educational, social, civic and cultural institutions.

Decisions made on the boards of large corporations and banks affect inflation and employment rates. The influence of the CEOs of Tenaga Nasional, Telekom, Maybank, CIMB, for example, sometimes rivals that of the ministers of international trade or internal trade.

As the government continues to play a more paternalistic role in the governance of the country, whether regulating and taxing companies that have enjoyed windfall profits at the expense of their public shareholders, or pushing for a ban tobacco for young people born after 2005, corporate institutions play an important role in the execution of government tenders.

Conversely, industries now rely heavily on federal support, grants, protection and loans to ensure the success of their businesses.

So even if business and politicians never stop taunting each other, the fact remains that they have become so close that they prosper much more together than apart.

At the top of the pyramid, this elite group makes all the decisions. Once the policy has been formulated at the top, it is reduced to the public.

The middle level of government is primarily concerned with how best to implement these policies. It’s a colorful and loud group that attracts the attention of the press. But for most of his activities, those in the middle tier are driven by rather selfish and parochial interests, using all sorts of gimmicks to promote themselves.

As a substantial portion of the rakyat become increasingly alienated from politics, coupled with apathy and disinterest, as can be seen in their declining turnout in recent state elections, all of this only serves to strengthen the influence and control of this small group over the country. It is no surprise that these elites will continue to control and rule this nation for years to come, regardless of who is elected to be the government of the day.

And the rakyat must continue their symbolic activity – going to the polls every four to five years.

Through their positions, this minority group has unprecedented authority to make decisions of national and international importance.

An important belief of this small group seems to be that the primary responsibility of government is to maintain a favorable climate for business activities. Other responsibilities, such as social welfare and care for the environment, are secondary to this task. – June 16, 2022.

*FLK reads The Malaysian Insight.

* This is the opinion of the author or publication and does not necessarily represent the views of The Malaysian Insight. The article may be edited for brevity and clarity.

South Fulton officials are asking Fulton DA to investigate new mayor’s use of city-issued credit card


In South Fulton, an investigation into the mayor’s use of his city-issued credit card is ongoing following a request by city council members to the Fulton County Attorney’s Office. Council members voted to request the investigation of DA Fani Willis on Tuesday night after an audit revealed some purchases they called “questionable”.

“The transactions were concerning,” District 3 Councilwoman Helen Willis told FOX 5. “We thought it best to just send them to the Fulton County District Attorney’s Fraud Unit for review. and give an opinion.”

Willis said they hope nothing comes of the investigation, but council members feel they need to take this step as part of their commitment to transparency.

“We have strict financial protocol on how they’re supposed to be used, and they’re not to be used for anything of a personal nature,” Willis said of the city-issued credit cards.

The call for an investigation came as South Fulton town officials confirmed the firing of town supply officer Anthony Kerr early Wednesday. Kerr was escorted out of city office buildings by South Fulton police, which is standard practice according to Police Chief Keith Meadows.

Willis did not comment on specifics of the transactions in question, citing the integrity of the investigation.

“We want to be fair to the mayor and the town of South Fulton, but especially to the residents. They elected us all to be good stewards of taxpayers’ money,” she explained.

Mayor Khalid Kamua issued the following statement in response:

“In the past 3 weeks in Camelot, a woman was murdered in front of her 4-year-old child; another person was found overdosing on drugs in a covered walkway; a third resident was attacked by an off-leash pit bull (already accused of attacking others) and several citizens are without power, due to illegal wiring, as we begin the hottest summer on record.

“But the last City Council avoided any discussion of these emergency conditions in favor of a smear campaign over credit card charges authorized by city staff. This is petty, partisan politics – and working-class residents and the elderly of the Old National are suffering.”

Willis told FOX 5 that South Fulton City Council members have taken the extra step of having their city-issued credit cards audited as well, and are considering hiring an internal auditor. No investigation timetable has been set.

Fake Instagram account preys on followers of popular Miami Kids Magazine


MIAMI- In the past few days, someone created a social media account claiming to be the editors of Miami Kids Magazine in an attempt to scam people out of hundreds of dollars.

CBS4’s Lauren Pastrana and her family have previously graced the cover.

“Miami Kids Magazine is a parenting magazine dedicated to families finding different places to go, educational information,” said publisher Karla Richey.

But now Richey and the Coral Gables Police Department are forced to educate the public about something more sinister.

It’s an Instagram scam that preys on the popular South Florida publication’s approximately 30,000 followers. The fake account’s nickname has an extra “i” in “miami”.

“It looks very similar, but they have a special link that click here to claim your prize or click here to visit our website,” said Sgt. Alexander Escobar.

It’s something Richey says they would never make you do if you won a prize.

“They have to come to our office here in Coral Gables and have to bring their ID, sign the paper that we give them,” Richey explained.

And it’s a click that could cause more than embarrassment.

“Someone with all this information can now start taking out auto loans, home loans, a whole bunch of fraud, identity theft,” Escobar said.

Coral Gables PD said they contacted Instagram, but the fake account is still active.

The best thing to do if you’ve been scammed is to freeze your credit report, which sets off a red flag.


The following discussion and analysis of our financial condition and results of
operations should be read in conjunction with our consolidated financial
statements and the accompanying notes included in Item 8 of this annual report
on Form 10-K.

This discussion contains forward-looking statements that involve risks,
uncertainties and assumptions. Our future results may vary materially from those
indicated as a result of the risks that affect our business, including, among
others, those identified in "Forward-Looking Statements" and "Item 1A. Risk


We are a leading global provider of connected fleet and mobile asset solutions
delivered as Software as a Service ("SaaS"). Our solutions deliver a measurable
return by enabling our customers to manage, optimize and protect their
investments in commercial fleets or personal vehicles. We generate actionable
insights that enable a wide range of customers, from large enterprise fleets to
small fleet operators and consumers, to reduce fuel and other operating costs,
improve efficiency, enhance regulatory compliance, enhance driver safety, manage
risk and mitigate theft. Our solutions mostly rely on our proprietary, highly
scalable technology platforms, which allow us to collect, analyze and deliver
information based on data from our customers' vehicles. Using an intuitive,
web-based interface, dashboards or mobile apps, our fleet customers can access
large volumes of real-time and historical data, monitor the location and status
of their drivers and vehicles and analyze a wide number of key metrics across
their fleet operations.

We were founded in 1996 and we have offices in South Africa, the United Kingdom,
the United States, Uganda, Brazil, Australia, Romania and the United Arab
Emirates as well as a network of more than 130 fleet value-added resellers
worldwide. MiX Telematics shares are publicly traded on the Johannesburg Stock
Exchange (JSE: MIX) and MiX Telematics American Depositary Shares are listed on
the New York Stock Exchange (NYSE: MIXT).

We derive the majority of our revenues from subscriptions to our fleet and
mobile asset management solutions. Our subscriptions generally include access to
our SaaS solutions, connectivity, and in many cases, use of an in-vehicle
device. We also generate revenues from the sale of in-vehicle devices, which
enable customers to use our subscription-based solutions, installation services
of our in-vehicle-devices and driver training for fleet customers. We generate
sales through the efforts of our direct sales teams, staffed in our regional
sales offices, and through our global network of distributors and dealers. Our
direct sales teams focus on marketing our fleet solutions to global and
multinational enterprise accounts and to other large customer accounts located
in regions of the world where we maintain a direct sales presence. Our direct
sales teams have industry expertise across multiple industries, including oil
and gas, transportation and logistics, government and municipal, bus and coach,
rental and leasing, and utilities. In some markets, we rely on a network of
distributors and dealers to sell our solutions on our behalf. Our distributors
and dealers also install our in-vehicle devices and provide training, technical
support and ongoing maintenance for the customers they support.

Impact of COVID-19

We have considered the impact of COVID-19 including its impact on expected
credit losses and potential goodwill impairments, however numerous uncertainties
remain, including the severity of the disease, the duration of the outbreak,
actions that may be taken by governmental authorities, the impact on our
customers and other factors identified in Item 1A. "Risk Factors - The extent to
which the COVID-19 outbreak and measures taken in response thereto impact our
business, results of operations and financial condition will depend on future
developments, which are highly uncertain and are difficult to predict." in this
Form 10-K.

Businesses, employees and operations

The majority of our employees have returned to our offices and we have
implemented protocols to promote social distancing and enhance sanitary measures
in our offices and facilities to conform to government restrictions and best
practices encouraged by governmental and regulatory authorities.



COVID-19 has disrupted the operations of our customers and channel partners, our
operations and the results of our operations. The nature and extent of the
crisis, multiple variants and waves of the virus, the public health measures to
contain it, the progress and effectiveness of vaccination programs, different
levels of restrictions and the resultant economic impact may differ between
regions and remains uncertain.

Cash and Liquidity

Based on our internal projections we believe that we have sufficient cash
reserves to support us for the foreseeable future. Further details on our cash
resources and borrowings available under our credit facilities are provided in
the liquidity and capital resources section below.

Financial position and impairments

We have taken into account the impact of COVID-19, to the extent possible, on
our financial statements as of reporting date. However, future changes in
economic conditions related to COVID-19 could have an impact on future estimates
and judgements used, particularly those relating to Goodwill sensitivities and
impairment assessments, as well as expected credit losses. Refer to note 2 to
the Consolidated Financial Statements for additional information regarding
Goodwill sensitivities. We will continue to evaluate the nature and extent of
the impact to our business, consolidated results of operations, and financial

                  Key Financial Measures and Operating Metrics

In addition to financial measures based on our consolidated financial statements, we monitor our business activities using various financial and non-financial metrics.

Subscription revenue

Subscription revenue represents subscription fees for our solutions, which
include the use of our SaaS fleet management solutions, connectivity, and in
many cases, our in-vehicle devices. Our subscription revenue is driven primarily
by the number of subscribers and the monthly price per subscriber, which varies
depending on the services and features customers require, hardware options,
customer size and geographic location.

In fiscal year 2022 subscription revenue has decreased as a percentage of total
revenue due to an increase in hardware and other revenue. A key driver of our
recent hardware revenue improvement has been the new MiX Vision AI solution,
which is seeing strong adoption. In fiscal years 2020, 2021 and 2022,
subscription revenue represented 87.6%, 89.3% and 86.2% respectively, of our
total revenue. In fiscal years 2020, 2021 and 2022, our top 10 customers
represented 23.7%, 21.8% and 16.6% respectively, of our subscription revenue.

The subscribers

Subscribers represent the total number of discrete services we provide to customers at the end of the period.

                                Fiscal Year Ended March 31,
                     2020                  2021                 2022
Subscribers       818,487               744,677               815,165

                       Factors Affecting Our Performance

Level of subscription revenue and hardware revenue

In fiscal year 2022 subscription revenue has decreased as a percentage of total
revenue due to an increase in hardware and other revenue. In fiscal year 2022,
subscription-based revenues accounted for 86.2% of our total revenues, down from
89.3% in 2021 and 87.6% in 2020.

We believe that we are well positioned to grow our base of subscribers, by
adding both fully-bundled subscriptions; subscriptions where the hardware has
been purchased upfront and various add-on solutions that can drive incremental
average revenue per user ("ARPU") expansion over time. We intend to maintain our
investment in sales and marketing and continue to attract new subscribers by
introducing attractive new features and services.



Additionally, we believe we have the opportunity to expand our fleet management market share among our existing customer base by demonstrating our value proposition, growing with the customer, introducing new innovative value-added solutions and replacing existing fleet management solutions.

Exchange rate fluctuations

Revenue from our international operations has historically represented a
substantial portion of our total revenue. Accordingly, changes in exchange
rates, and in particular a strengthening of the U.S. Dollar, will negatively
affect our reported income and expenses as expressed in U.S. Dollars (our
reporting currency). The South African Rand is the functional currency for the
Company. Currency fluctuations in the South African Rand may positively or
negatively impact our reported income and expenses due to the effects of
translating the functional currency of our foreign subsidiaries into Rand at
different average exchange rates and then translating into our reporting
currency of U.S. Dollars.

In fiscal year 2022, the rand strengthened by 9.2% against the WE dollar and 5.0% against the pound sterling, as shown in the table below.

                                                        Average exchange 

rate for the year ended March, 31st,

                                                         2020                    2021                   2022
South African Rand for U.S. Dollars (per $1.00)                14.78                  16.37                  14.86
% movement                                                    7.5  %                10.8  %                (9.2) %
South African Rand for British Pound (per £1.00)               18.78                  21.35                  20.29
% movement                                                    4.2  %                13.7  %                (5.0) %

We expect continued exchange rate volatility in the South African Rand against
other major currencies. The South African Rand has been even more volatile due
to the uncertain economic conditions in South Africa, the war in Ukraine and
sanctions against Russia. As of June 10, 2022, the South African Rand/U.S.
Dollar exchange rate was 15.66, 5.4% higher than the average exchange rate for
fiscal year 2022.

Mix of subscribers with different revenue and cost savings

We offer services to a wide range of customers, from large enterprise vehicle
fleets to small fleet operators and consumers. The subscription revenue and cost
per subscriber and the subscriber retention pattern differ by type of
subscriber. For example, our entry-level consumer solution, Beam-e, is
characterized by lower revenue and lower cost per subscriber compared to our
large enterprise solutions. Small fleet and consumer customers will enter into
and terminate contracts much more frequently than our enterprise customers,
thereby affecting subscriber retention. As the mix of our subscriber base
evolves, the average revenue per subscriber and average cost per subscriber is
likely to change.

Variable economic conditions in our markets

We seek to capitalize on opportunities and manage risks in our key markets,
which are geographically dispersed with subscribers located in more than 120
countries worldwide. Overall, we believe that our presence across multiple
geographic markets and our exposure to multiple economies provides us with
diversification from the risk of changing economic conditions in any one country
or region. Other macroeconomic factors, such as expectations for future crude
oil and natural gas prices, affect our customers' spending habits. Prolonged or
substantial declines in crude oil and/or natural gas prices, or the perception
that such prices will decrease in the future, negatively impacts our net
subscriber growth and hardware sales in this sector. In addition to
macroeconomic changes, performance in any given region may vary due to multiple
factors, including growth in subscribers, the overall profile of the customer
base (for example, in Africa, we have a significant consumer subscriber base),
the services and hardware options selected by particular subscribers and our
distribution strategy in the region.

Changing regional conditions require management to formulate strategic responses that protect our financial position and maintain our balanced approach to generating revenue growth, profitability and cash flow.

Changing customer needs and Continuous investment in technology

We continuously analyze market trends and opportunities in the various geographies in which we operate and have identified an opportunity to increase subscription revenue growth through the addition of new products and services in some of the regions in which we operate. Our investment in software development is at the heart of our business strategy. Our



software teams employ an agile software development methodology. We have made a
significant investment in product development, and we have routinely been among
the first to market with innovative solutions and features that cater to the
needs of our customers. For example, major updates to the MiX Vision solution
were made in fiscal year 2021 and MiX Vision AI was launched in fiscal year

Long sales cycle for our enterprise fleet management solutions

From period to period, our revenues may fluctuate depending upon the customer
contracts we have secured. The typical sales cycle for large enterprise fleet
management solutions contracts may be long, especially in comparison to the
sales cycle for our consumer solutions. It may also be difficult for us to
predict the timing of when we will enter into enterprise fleet management

Longer sales cycles for large contracts, for both customers who purchase
in-vehicle devices and those who opt for the fully bundled option, may affect
the comparability of financial results in certain segments. Our revenue may
fluctuate from period to period depending on the level and timing of hardware
sales, while subscription revenue growth is also impacted by the timing of the
rollout of large enterprise fleets. We are focused on mitigating these long
sales cycles and the associated volatility by enhancing our sales pipeline
management process, by increasing our sales and marketing investment levels
across all geographical segments and by diversifying our customer segment focus.

Investment in sales and marketing

We offer our solutions in over 120 countries through a combination of our direct
and indirect marketing efforts. Our sales and marketing strategy is segmented by
geographic region and customer type in order to cost effectively target and
acquire new customers. In certain regions, we sell subscriptions of our fleet
management solutions to large enterprise fleets through our direct sales force.
In other regions, and for sales to small fleet operators and consumers, we work
with an extensive distribution network of regional partners and national
distribution dealers. Through our central services organization headquartered in
South Africa, we provide optimized marketing, product management, technical and
distribution support to each of our regional sales and marketing operations. We
continue to focus on growth and expect to continue to invest in sales and
marketing to grow our customer base and to expand within existing customers.

Basis of presentation and key elements of our results of operations

In fiscal year 2022, we managed our business in six segments which include
Africa, Americas, Brazil, Europe and the Middle East and Australasia (our
regional sales offices ("RSOs")), and our central services organization ("CSO").
CSO is the central services organization that wholesales products and services
to RSOs which, in turn, interface with our end-customers, distributors and
dealers. CSO is also responsible for the development of hardware and software
platforms and provides common marketing, product management, technical and
distribution support to each of the other reportable segments. CSO is a
reportable segment because it produces discrete financial information which is
reviewed by the chief operating decision maker ("CODM") and has the ability to
generate external revenues.

The CODM has been identified as the Chief Executive Officer who makes strategic
decisions. The performance of the reportable segments has been measured and
evaluated by the CODM using Segment Adjusted EBITDA, which is a measure that
uses income before income tax expense excluding net interest income/expense, net
foreign exchange gains/losses, net loss/profit on sale of property, plant and
equipment, depreciation, amortization, operating lease costs, stock-based
compensation costs, restructuring costs, legal costs associated with patent
infringement, gains or losses on the disposal or impairments of long-lived
assets and corporate and consolidation entries. Product development costs are
capitalized and amortized and this amortization is excluded from Segment
Adjusted EBITDA. The adjusted EBITDA definition has been updated also to exclude
legal costs relating to a patent infringement matter that arose during fiscal
year 2022.

In determining Segment Adjusted EBITDA, the margin generated by CSO, net of any
unrealized intercompany profit, is allocated to the geographic region where the
external revenue is recorded by our RSOs. The costs remaining in CSO relate
mainly to research and development of hardware and software platforms, common
marketing, product management and technical and distribution support to each of
the RSOs.

Each RSO's results reflect the external revenue earned, as well as the Segment
Adjusted EBITDA earned (or loss incurred) before the remaining CSO and corporate
costs allocations. Segment assets are not disclosed because such information is
not reviewed by the CODM.



The majority of our revenue is subscription-based. Consequently, growth in
subscribers influences our subscription revenue growth. However, other factors,
including, but not limited to, the types of new subscribers we add and the
timing of entry into subscription contracts also play a significant role. The
price and terms of our customer subscription contracts vary based on a number of
factors, including fleet size, hardware options, geographic region and
distribution channel. In addition, we derive revenue from the sale of in-vehicle
devices, which are used to collect, generate and transmit the data used to
enable our SaaS solutions.

Our customer contracts typically have a three to five year initial term.
Following the initial term, most fleet customers elect to renew for fixed terms
ranging from one to five years. Our third party dealers are typically billed
monthly based on active connections. Some of our customer agreements, including
our consumer subscriptions, provide for automatic monthly or yearly renewals
unless the customer elects not to renew its subscription. Our consumer customer
contracts in South Africa are governed by the Consumer Protection Act, which
allows customers to cancel without paying the full balance of the contract
amount. Our fleet contracts and our customer contracts outside of South Africa
are generally non-cancellable.

Revenue Cost and Gross Margin

Cost of revenue associated with our subscription revenue consists primarily of
costs related to cellular communications, infrastructure hosting, third-party
data providers, service contract maintenance costs, commission expense related
to third party dealers or distributors (commission is capitalized and amortized,
on a straight-line basis, unless the amortization period is 12 months or less)
and depreciation of our capitalized installed in-vehicle devices. Cost of sales
associated with our hardware revenue includes the cost of the in-vehicle
devices, cost of hardware warranty, shipping costs, custom duties, and
commission expense related to third party dealers or distributors. We capitalize
the cost of in-vehicle devices utilized to service customers, for customers
selecting our bundled option, and we depreciate these costs from the date of
installation over their expected useful lives.

We expect that cost of revenue as a percentage of revenue will vary from period
to period depending on our revenue mix, including the proportion of our revenue
attributable to our subscription-based services. Subscription revenue generates
a higher gross profit margin than hardware and other revenue. The majority of
the other components of our cost of revenue are variable and are affected by the
number of subscribers, the composition of our subscriber base, and the number of
new subscriptions sold in the period.

Functionnary costs

Sales and Marketing

Sales and marketing expenses consist primarily of salaries and wages to sales
and marketing employees, commissions paid to employees, travel-related expenses,
and advertising and promotional costs. We pay our sales employees commissions
based on achieving subscription targets and we capitalize commission and
amortize it (unless the amortization period is 12 months or less). Advertising
costs consist primarily of costs for print, radio, television and digital
advertising, search engine optimization, promotions, public relations, customer
events, tradeshows and sponsorships. We expense advertising costs as incurred.
We plan to continue to invest in sales and marketing in order to grow our sales
and build brand and category awareness.

Administrative and other costs

Administration and other charges consist primarily of salaries and wages for
administrative staff, travel costs, professional fees (including audit and legal
fees), real estate leasing costs, expensed research and development costs and
depreciation of fixed assets including vehicles and office equipment and
amortization of intangible assets. We expect that administration and other
charges will increase in absolute terms as we continue to grow our business.

Research and development

For additional information regarding research and development, technology and intellectual property, please see “Item 1. Business”.




In fiscal years 2020, 2021 and 2022, our effective tax rates were 47.2%, 15.3% and 33.1% respectively, compared to a South African statutory rate of 28%. Taxation mainly consists of normal statutory income tax paid or payable and deferred tax on any temporary differences.

Our effective tax rate may vary primarily according to the mix of profits made
in various jurisdictions and the impact of certain non-deductible/non-taxable
foreign exchange movements, net of tax. As a result, significant variances in
future periods may occur. A reconciliation of the actual tax rate to the South
African tax rate of 28% is disclosed in note 11 to the consolidated financial


                             Results of operations

The following table presents certain consolidated income statement data:

                                                                                For the year ended March 31,
                                                                   2020                  2021                  2022

                                                                                       (In thousands)

Total revenue                                                $      145,650          $ 126,894          $          143,294

Total cost of revenue                                                53,015             43,865                      51,859
Gross profit                                                         92,635             83,029                      91,435

Sales and marketing                                                  13,324             11,344                      15,436

Administration and other                                             58,263             53,487                      61,550
Income from operations                                               21,048             18,198                      14,449
Other expense                                                           299                897                         574
Net interest income/(expense)                                            67                (72)                      (510)
Income tax expense                                                    9,829              2,634                       4,418
Net income                                                           10,987             14,595                       8,947

Less: Net income attributable to non-controlling                          -                  -                           -


Net income attributable to MiX Telematics Limited            $       10,987          $  14,595          $            8,947

The following table presents, as a percentage of sales, the data from the consolidated statements of income:

                                                                                For the year ended March 31,
                                                                   2020                  2021                  2022
Total revenue                                                           100.0%             100.0%                   100.0%
Total cost of revenue                                                     36.4               34.6                     36.2
Gross profit                                                              63.6               65.4                     63.8
Sales and marketing                                                        9.1                8.9                     10.8

Administration and other                                                  40.0               42.2                     43.0
Income from operations                                                    14.5               14.3                     10.1
Other expense                                                              0.2                0.7                      0.4
Net interest income/(expense)                                                -              (0.1)                    (0.4)
Income tax expense                                                         6.7                2.0                      3.1
Net income                                                                 7.5               11.5                      6.2

Less: Net income attributable to non-controlling
interest                                                                     -                  -                        -
Net income attributable to MiX Telematics Limited                          7.5               11.5                      6.2


Operating results for fiscal year 2021 compared to fiscal year 2022

                                                      For the year ended March 31,
                                                   2021                   2022                     % Change           % Change at
                                                                                                                   constant currency
                                                           (In thousands, except for percentages)
Subscription revenue                        $       113,351          $    123,573                          9.0  %              2.8  %
Hardware and other revenue                           13,543                19,721                         45.6  %             41.2  %
                                            $       126,894          $    143,294                         12.9  %              6.9  %

Our total turnover increased by $16.4 million or 12.9%, from fiscal 2021 to fiscal 2022. The main factors that affected our revenue growth were as follows:

•Subscription revenue increased by 9.0% to $123.6 million, compared to $113.4
million for fiscal year 2021. Subscription revenue represented 86.2% of our
total revenue for fiscal year 2022 compared to 89.3% for the prior year.
Subscription revenues increased by 2.8% on a constant currency basis, year over
year. During fiscal year 2022, our subscriber base grew by a net 70,500
subscribers to 815,200 subscribers at March 31, 2022.

The majority of our revenues and subscription revenues are derived from
currencies other than the U.S. Dollar. Accordingly, the weakening of the U.S.
Dollar against these currencies (in particular against the South African Rand)
following currency volatility, has positively impacted our revenue and
subscription revenues reported in U.S. Dollars. Compared to fiscal year 2021,
the South African Rand strengthened by 9% against the U.S. Dollar. The Rand/U.S.
Dollar exchange rate averaged R14.86 in fiscal year 2022 compared to an average
of R16.37 during fiscal year 2021. The impact of translating foreign currencies
to U.S. Dollars at the average exchange rates during fiscal year 2022 led to a
6.2% increase in reported U.S. Dollar subscription revenues.

•Hardware and other revenue increased by $6.2 million, or 45.6%, from fiscal
year 2021 to fiscal year 2022. Our fiscal year 2022 hardware revenue strength
has been due to the new MiX Vision AI solution, which is seeing strong adoption,
as well as the improvement in trading conditions in line with economic recovery
from the pandemic.

The impact of converting foreign currencies into WE Dollars at average exchange rates in fiscal 2022 resulted in a 6.0% increase in WE
Income in dollars.

The breakdown of third-party revenue by segment is shown in the table below:

                                                                            For the Year Ended March 31,
                                         2021               2022                2021                2022           2021                 2022
                                                                                   (In thousands)
                                              Total Revenue                      Subscription Revenue            Hardware and other revenue
Africa                               $  67,948          $  83,176         

$62,453 $74,778 $5,495 $8,398

                                18,981             15,574               18,211             14,036               770             1,538
Middle East and Australasia             21,237             22,554               16,558             16,950             4,679             5,604
Europe                                  14,579             17,254               12,138             13,509             2,441             3,745
Brazil                                   4,064              4,654                3,922              4,253               142               401
CSO                                         85                 82                   69                 47                16                35
Total                                $ 126,894          $ 143,294          $   113,351          $ 123,573    $       13,543          $ 19,721


In the Africa segment, subscription revenue increased by $12.3 million or 19.7%.
On a constant currency basis, the increase in subscription revenue was 9.5% as a
result of a 10.6% increase in subscribers since April 1, 2021. Hardware and
other revenue increased by $2.9 million or 52.8%. Total revenue increased by
$15.2 million or 22.4%. On a constant currency basis, total revenue growth was

In the Americas segment, subscription revenue declined by $4.2 million or 22.9%
despite a 8.1% increase in subscribers since April 1, 2021. Included in fiscal
year 2021 subscription revenue reported was a once off contract modification fee
of $1.1 million, pertaining to the reduction of existing subscriber contracts of
a major energy sector customer following a reduction of their fleet due to
prevailing economic conditions. Hardware and other revenue increased by $0.8
million or 99.7%. Total revenue declined by $3.4 million or 18.0%.

Subscription revenue in the Middle East and Australasia segment increased by
$0.4 million or 2.4%. On a constant currency basis, the increase in subscription
revenue was 0.5%. Subscribers increased by 3.5% since April 1, 2021. Hardware
and other revenue increased by $0.9 million or 19.8%. Total revenue increased by
$1.3 million or 6.2%. Total revenue in constant currency increased by 4.1%.

In the Europe segment, subscription revenue increased by $1.4 million or 11.3%.
On a constant currency basis, the growth in subscription revenue was 9.9%.
Subscribers increased by 10.0% since April 1, 2021. Hardware and other revenues
increased by $1.3 million or 53.4%. Total revenue increased by $2.7 million or
18.4%. On a constant currency basis total revenue growth was 16.9%.

In the Brazil segment, subscription revenue increased by $0.3 million or 8.4%.
On a constant currency basis, subscription revenue increased by 7.2%.
Subscribers increased by 4.4% since April 1, 2021. Hardware and other revenue
increased by $0.3 million or 182.4%. Total revenue increased by $0.6 million or
14.5%. On a constant currency basis, total revenue increased by 13.2%.

Revenue Cost and Gross Margin

                                                                    For the year ended March 31,
                                                                     2021                    2022

thousands, except for percentages)

Cost of revenue - subscription                                $      33,414            $         36,683
Cost of revenue - hardware and other                                 10,451                      15,176

Gross profit                                                  $      83,029            $         91,435
Gross profit margin                                                    65.4    %               63.8   %
Gross profit margin - subscription                                     70.5    %               70.3   %
Gross profit margin - hardware and other                               22.8    %               23.0   %

Compared to an increase in total revenue of $16.4 million or 12.9%, cost of
revenues increased by $8.0 million or 18.2%, from fiscal year 2021 to fiscal
year 2022. This, together with the higher levels of hardware and other revenue,
resulted in a lower gross profit margin of 63.8% in fiscal year 2022 compared to
65.4% in fiscal year 2021.

Subscription revenue, which generates a higher gross profit margin than hardware and other revenue, contributed 86.2% of total revenue in fiscal 2022, compared to 89.3% in fiscal 2022. financial year 2021.

During fiscal year 2022, hardware and other margins were higher than in fiscal
year 2021, mainly due to the geographical sales mix and the distribution
channels. Hardware sales via our dealer channel and the MiX Vision AI attract
lower gross margins.

Sales and Marketing

                                            For the year ended March 31,
                                         2021                                   2022
                                       (In thousands, except for percentages)

Sales and marketing           $              11,344                          $   15,436
As a percentage of revenue                      8.9    %                       10.8   %

Sales and marketing costs increased by $4.1 million, or 36.1%, from fiscal year
2021 to fiscal year 2022 against a 12.9% increase in total revenue. The increase
in fiscal year 2022 was primarily as a result of increases of $1.9 million in
advertising costs, $1.5 million in employee costs, $0.2 million in bonuses, $0.2
million in travel costs and other increases of $0.3 million, none of which were
individually significant. In fiscal year 2022, sales and marketing costs
represented 10.8% of revenue compared to 8.9% of revenue in fiscal year 2021.

Administrative and other expenses

                                       For the year ended March 31,
                                            2021                       2022
                                  (In thousands, except for percentages)

Administration and other     $                            53,487    $   61,550
As a percentage of revenue                               42.2  %      43.0   %

Administrative and other expenses increased by $8.1 millioni.e. 15.1%, from fiscal year 2021 to fiscal year 2022.

The increase mainly relates to increases of $3.4 million in salaries and wages,
$1.2 million in bonuses, $0.8 million in information & technology costs, $2.3
million in professional fees (including $0.6 million in legal costs associated
with patent infringement), $0.6 million in training and recruitment costs,
increases in expected credit loss provision of $0.9 million, offset by $0.9
million saving due to restructuring costs and other decreases of $0.2 million,
none of which were individually significant.

                               For the year ended March 31,
                                    2021                      2022
                          (In thousands, except for percentages)

Income tax expense   $                             2,634    $   4,418
Effective tax rate                               15.3  %      33.1  %

Income tax expense increased by 67.7%. Our effective tax rate increased by 17.8%
to 33.1% in fiscal year 2022. A reconciliation of our effective tax rate to the
South African corporate tax rate of 28% for both fiscal years 2022 and 2021, is
presented in note 11 to the consolidated financial statements. In fiscal year
2022 the effective tax rate decreased by 3.1% as a result of certain non-taxable
foreign exchange movements on intercompany loans which have led to deferred tax
charges being recognized in the consolidated statements of income. In fiscal
year 2021 non-taxable foreign exchange differences decreased the tax rate by


Operating results for fiscal year 2020 compared to fiscal year 2021

                                                          For the year ended March 31,
                                                   2020                       2021                        % Change           % Change at
                                                                                                                          constant currency
                                                               (In thousands, except for percentages)
Subscription revenue                        $        127,570          $             113,351                     (11.1) %             (6.1) %
Hardware and other revenue                            18,080                         13,543                     (25.1) %            (23.8) %
                                            $        145,650          $             126,894                     (12.9) %             (8.3) %

Our total turnover decreased by $18.8 million or 12.9%, from fiscal 2020 to fiscal 2021. The main factors affecting our revenue contraction are as follows:

•Subscription revenue decreased by 11.1% to $113.4 million, compared to $127.6
million for fiscal year 2020. Subscription revenue represented 89.3% of our
total revenue for fiscal year 2021 compared to 87.6% for the prior year.
Subscription revenues decreased by 6.1% on a constant currency basis, year over
year. The decline in constant currency subscription revenue was primarily due to
the contraction in our subscriber base as a result of economic conditions
attributable to the COVID-19 pandemic. During fiscal year 2021, our subscriber
base contracted by 73,800 subscribers to 744,700 subscribers at March 31, 2021.
We experienced fleet contraction in a number of key verticals such as the oil
and gas vertical, consumer vertical and leasing vertical which impacted both our
subscriber-count and subscription revenue line, the contraction is mainly
attributable to our low ARPU asset tracking subscribers.

The majority of our revenues and subscription revenues are derived from
currencies other than the U.S. Dollar. Accordingly, the strengthening of the
U.S. Dollar against these currencies (in particular against the South African
Rand) following currency volatility arising from the economic disruption caused
by COVID-19, has negatively impacted our revenue and subscription revenues
reported in U.S. Dollars. Compared to fiscal year 2020, the South African Rand
weakened by 11% against the U.S. Dollar. The Rand/U.S. Dollar exchange rate
averaged R16.37 in fiscal year 2021 compared to an average of R14.78 during
fiscal year 2020. The impact of translating foreign currencies to U.S. Dollars
at the average exchange rates during fiscal year 2021 led to a 5.0% reduction in
reported U.S. Dollar subscription revenues.

•Hardware and other revenue decreased by $4.5 million, or 25.1%, from fiscal
year 2020 to fiscal year 2021 primarily as a result of a global economic
slowdown following the disruption caused by the COVID-19 pandemic. As shown in
the table below, hardware and other revenue was lower across all geographical

The impact of converting foreign currencies into WE Dollars at average exchange rates in fiscal 2021 resulted in a 4.6% reduction in WE
Income in dollars.

The breakdown of third-party revenue by segment is shown in the table below:

                                                                            For the Year Ended March 31,
                                         2020               2021                2020                2021           2020                 2021
                                                                                   (In thousands)
                                              Total Revenue                      Subscription Revenue            Hardware and other revenue
Africa                               $  76,756          $  67,948         

$70,886 $62,453 $5,870 $5,495

                                24,529             18,981               22,322             18,211             2,207               770
Middle East and Australasia             23,130             21,237               17,389             16,558             5,741             4,679
Europe                                  15,027             14,579               11,682             12,138             3,345             2,441
Brazil                                   5,795              4,064                5,181              3,922               614               142
CSO                                        413                 85                  110                 69               303                16
Total                                $ 145,650          $ 126,894          $   127,570          $ 113,351    $       18,080          $ 13,543


In the Africa segment, subscription revenue decreased by $8.4 million or 11.9%.
On a constant currency basis, the contraction in subscription revenue was 3.4%
as a result of a 10.1% decrease in subscribers since April 1, 2020. Hardware and
other revenue decreased by $0.4 million or 6.4%. Total revenue decreased by $8.8
million or 11.5%. On a constant currency basis, total revenue contraction was

In the Americas segment, subscription revenue declined by $4.1 million or 18.4%
as a result of both a 27.7% decrease in subscribers since April 1, 2020 and as a
result of economic conditions in the oil and gas vertical. Included in fiscal
year 2021 subscription revenue reported above is revenue of $1.1 million
pertaining to the reduction of existing subscriber contracts of a significant
energy sector customer, following a reduction of their fleet due to current
economic conditions. Hardware and other revenue declined by $1.4 million or
65.1%. Total revenue declined by $5.5 million or 22.6%.

Subscription revenue in the Middle East and Australasia segment declined by $0.8
million or 4.8%. On a constant currency basis, the decline in subscription
revenue was 7.2%. Subscribers decreased by 1.8% since April 1, 2020. Hardware
and other revenue declined by $1.1 million or 18.5%. Total revenue declined by
$1.9 million or 8.2%. Total revenue in constant currency declined by 10.7%.

In the Europe segment, subscription revenue growth was $0.5 million or 3.9%. On
a constant currency basis, the growth in subscription revenue was 0.3%.
Subscribers increased by 0.5% since April 1, 2020. Total revenue decreased by
$0.4 million or 3.0%, due to a decrease in hardware and other revenues of $0.9
million compared to fiscal year 2020. Total revenue decreased by 6.4% on a
constant currency basis.

In the Brazil segment, subscription revenue declined by $1.3 million or 24.3%.
On a constant currency basis, subscription revenue decreased by 0.5%.
Subscribers increased by 3.9% since April 1, 2020 which was offset by pricing
concessions granted to customers as a result of economic conditions attributable
to the COVID-19 pandemic. Hardware and other revenue declined by $0.5 million or
76.9%. Total revenue declined by $1.7 million or 29.9%. On a constant currency
basis, total revenue decreased by 7.8%.

Revenue Cost and Gross Margin

                                                                    For the year ended March 31,
                                                                     2020                    2021

thousands, except for percentages)

Cost of revenue - subscription                                $      39,828            $         33,414
Cost of revenue - hardware and other                                 13,187                      10,451

Gross profit                                                  $      92,635            $         83,029
Gross profit margin                                                    63.6    %               65.4   %
Gross profit margin - subscription                                     68.8    %               70.5   %
Gross profit margin - hardware and other                               27.1    %               22.8   %

Compared to a decline in total revenues of $18.8 million i.e. 12.9%, the cost of sales decreased by $9.2 million i.e. 17.3%, from fiscal year 2020 to fiscal year 2021.

Subscription revenue, which generates a higher gross profit margin than hardware
and other revenue, contributed 89.3% of total revenue in fiscal year 2021
compared to 87.6% in fiscal year 2020. Fiscal year 2020 included $2.0 million
in-vehicle device accelerated depreciation which resulted in an increased
subscription revenue margin in fiscal year 2021 compared to fiscal year 2020.

In fiscal 2021, hardware and other margins were lower than in fiscal 2021, primarily due to the geographic distribution of sales and distribution channels. Hardware sales through our reseller network generate lower gross margins.


Sales and Marketing

                                        For the year ended March 31,
                                             2020                       2021
                                   (In thousands, except for percentages)

Sales and marketing           $                            13,324    $   11,344
As a percentage of revenue                                 9.1  %       8.9   %

Sales and marketing costs decreased by $2.0 million, or 14.9%, from fiscal year
2020 to fiscal year 2021 against a 12.9% decrease in total revenue. The decrease
in fiscal year 2021 was primarily as a result of savings of $1.0 million in
employee costs, $0.7 million in travel costs and other decreases of $0.3
million, none of which were individually significant. In fiscal year 2021, sales
and marketing costs represented 8.9% of revenue compared to 9.1% of revenue in
fiscal year 2020.

Administrative and other expenses

                                       For the year ended March 31,
                                            2020                       2021
                                  (In thousands, except for percentages)

Administration and other     $                            58,263    $   53,487
As a percentage of revenue                               40.0  %      42.2   %

Administrative and other expenses decreased by $4.8 millioni.e. 8.2%, from fiscal year 2020 to fiscal year 2021.

The decrease mainly relates to savings of $4.1 million in salaries and wages,
travel costs of $0.8 million and decreases in expected credit loss provision of
$1.0 million, offset by restructuring costs of $1.1 million.

                               For the year ended March 31,
                                    2020                      2021
                          (In thousands, except for percentages)

Income tax expense   $                             9,829    $   2,634
Effective tax rate                               47.2  %      15.3  %

Income tax expense decreased by 73.2%. Our effective tax rate decreased by 31.9%
to 15.3% in fiscal year 2021. A reconciliation of our effective tax rate to the
South African corporate tax rate of 28% for both fiscal years 2021 and 2020, is
presented in note 11 to the consolidated financial statements. In fiscal year
2021 the effective tax rate decreased by 19.7% as a result of certain
non-taxable foreign exchange movements on intercompany loans which have led to
deferred tax charges being recognized in the consolidated statements of income.
In fiscal year 2020 non-deductible foreign exchange differences increased the
tax rate by 19.6%.

Inflation Risk

We do not believe that inflation had a material effect on our business,
financial condition or results of operations in the last three fiscal years.
Current economic projections remain uncertain as a result of the COVID-19
pandemic sweeping around the world, a sudden and sharp surge in global inflation
mainly as a result of global supply chain constraints, global politics,
sanctions and the impact thereof on global trade. If our costs were to become
subject to significant inflationary pressures, we may not be able to fully
offset these higher costs through price increases. Our inability to do so could
harm our business, financial condition and results of operations. Refer to Item
1A. "Risk Factors" for further information regarding inflation risk.



                          Non-GAAP Financial Measures
We use certain measures to assess the financial performance of our business.
Certain of these measures are termed "non-GAAP measures" because they exclude
amounts that are included in, or include amounts that are excluded from, the
most directly comparable measure calculated and presented in accordance with
GAAP, or are calculated using financial measures that are not calculated in
accordance with GAAP. These non-GAAP measures include adjusted EBITDA, adjusted
EBITDA margin, adjusted net income, adjusted net income per share, free cash
flow and constant currency information.

An explanation of the relevance of each of the non-GAAP measures, a
reconciliation of the non-GAAP measures to the most directly comparable measures
calculated and presented in accordance with GAAP and a discussion of their
limitations is set out below. We do not regard these non-GAAP measures as a
substitute for, or superior to, the equivalent measures calculated and presented
in accordance with GAAP or those calculated using financial measures that are
calculated in accordance with GAAP.

Adjusted EBITDA and Adjusted EBITDA margin

Adjusted EBITDA and adjusted EBITDA margin are two of the profit measures
reviewed by the CODM. We define adjusted EBITDA as income before income taxes,
net interest income/expense, net foreign exchange gains/losses, depreciation of
property, plant and equipment including capitalized customer in-vehicle devices,
amortization of intangible assets including capitalized internal-use software
development costs and intangible assets identified as part of a business
combination, stock-based compensation costs, restructuring costs, legal costs
associated with patent infringement and profits/losses on the disposal or
impairments of assets or subsidiaries. The adjusted EBITDA definition has been
updated also to exclude legal costs relating to a patent infringement matter
that arose during fiscal year 2022. We define adjusted EBITDA margin as adjusted
EBITDA divided by total revenue.

We have included adjusted EBITDA and adjusted EBITDA margin in this Annual
Report on Form 10-K because they are key measures that our management and Board
of Directors use to understand and evaluate our core operating performance and
trends; to prepare and approve its annual budget; and to develop short and
long-term operational plans. In particular, the exclusion of certain expenses in
calculating adjusted EBITDA and adjusted EBITDA margin can provide a useful
measure for period-to-period comparisons of the Company's core business.
Accordingly, we believe that adjusted EBITDA and adjusted EBITDA margin provide
useful information to investors and others in understanding and evaluating our
operating results.

A reconciliation of net income (the most directly comparable financial measure
presented in accordance with GAAP) to adjusted EBITDA for the periods shown is
presented below.

                     Reconciliation of net income to adjusted EBITDA for the year ended March 31,

                                                                    2020                 2021                2022
                                                                                   (In thousands)
Net income                                                     $       10,987       $       14,595       $       8,947
Plus: Income tax expense                                                9,829                2,634               4,418
(Less)/plus: Net interest (income)/expense                               (67)                   72                 510
Plus: Foreign exchange losses                                             610                  959                 648
Plus: Depreciation (1)                                                 16,149               12,878              10,693
Plus: Amortization (2)                                                  3,823                3,681               4,258
Plus: Impairment of long-lived assets                                       6                    8                  47
Plus: Stock-based compensation costs                                      660                1,273               1,325

Net (minus)/plus: (profit)/loss on sale of property, plant and equipment

                                                               (270)                   13                (36)
(Less)/plus: Restructuring costs                                          (1)                1,055                 164
Plus: Legal costs associated with patent infringement                       -                    -                 591
Adjusted EBITDA                                                $       41,726       $       37,168       $      31,565
Adjusted EBITDA margin                                               28.6   %             29.3   %             22.0  %

(1) Includes depreciation of equipment held (including on-board devices). (2) Includes amortization of intangible assets (including intangible assets identified as part of a business combination).



Our use of Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools and should not be considered as isolated performance measures or as a substitute for analysis of our results such as presented in accordance with GAAP.

Some of these limitations are:

•although depreciation and amortization are non-cash charges, the assets being
depreciated and amortized may have to be replaced in the future, and adjusted
EBITDA does not reflect cash capital expenditure requirements for such
replacements or for new capital expenditure requirements;

•Adjusted EBITDA does not reflect changes or cash requirements for our working capital requirements;

•Adjusted EBITDA does not take into account the potentially dilutive impact of stock-based compensation;

•Adjusted EBITDA does not reflect tax payments which may represent a reduction in the cash available to us;

• other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure; and

•certain of the adjustments (such as restructuring costs, impairment of
long-lived assets and others) made in calculating adjusted EBITDA are those that
management believes are not representative of our underlying operations and,
therefore, are subjective in nature.

Because of these limitations, adjusted EBITDA and adjusted EBITDA margin should
be considered alongside other financial performance measures, including income
from operations, net income and our other results.

Adjusted net income

Adjusted net income is defined as net income excluding net foreign exchange gains/losses net of tax.

Reconciliation of net income to adjusted net income

                                                                        For the year ended March 31,
                                                                  2020                 2021               2022
                                                                               (In thousands)
Net income                                                 $    10,987              $ 14,595          $   8,947
Net foreign exchange losses                                        610                   959                648
Income tax effect of net foreign exchange losses                 4,028                (3,657)              (563)
Adjusted net income                                        $    15,625              $ 11,897          $   9,032

Adjusted basic and diluted net earnings per share

Adjusted net earnings per share is defined as adjusted net earnings divided by the weighted average number of ordinary shares outstanding during the period.

We have included adjusted net income per share in this Annual Report because it
provides a useful measure for period-to-period comparisons of our core business
by excluding net foreign exchange gains/losses net of tax and associated tax
consequences from earnings. Accordingly, we believe that adjusted net income per
share provides useful information to investors and others in understanding and
evaluating our operating results.



Reconciliation of net income and adjusted net income per share


the year has ended March, 31st,

                                                                 2020                 2021               2022
                                                                               (In thousands)
Net income                                                 $    10,987             $ 14,595          $  14,595
Net foreign exchange losses                                        610                  959                959
Income tax effect of net foreign exchange losses                 4,028               (3,657)            (3,657)
Adjusted net income                                        $    15,625      

$11,897 $9,032

Weighted average number of ordinary shares in issue
Basic ('000)                                                   553,653              549,415            551,923
Diluted ('000)                                                 567,879              560,624            563,958

Adjusted net income per share
Basic ($)                                                  $     0.028             $  0.022          $   0.016
Diluted ($)                                                $     0.028             $  0.021          $   0.016

Free Cash Flow

Free cash flow is determined as net cash provided by operating activities less
capital expenditure for investing activities. We believe that free cash flow
provides useful information to investors and others in understanding and
evaluating the Company's cash flows as it provides detail of the amount of cash
the Company generates or utilizes after accounting for all capital expenditures
including investments in in-vehicle devices.

The following table (in thousands) reconciles net cash provided by operating activities to free cash flow for the periods indicated:

                                                     For the year ended March 31,
                                                   2020              2021          2022
                                                            (In thousands)

Net cash flow generated by operating activities $28,178 $38,572

     $ 19,402
Less: Capital expenditure payments               (20,372)           (8,654)      (26,217)
Free cash flow                               $     7,806          $ 29,918      $ (6,815)

Constant Currency Information

Constant currency information has been presented in the sections below to
illustrate the impact of changes in currency rates on our results. The constant
currency information has been determined by adjusting the current financial
reporting year's results to the prior year's average exchange rates, determined
as the average of the monthly exchange rates applicable to the year. The
measurement has been performed for each of our currencies, including the South
African Rand and British Pound. The constant currency growth percentage has been
calculated by utilizing the constant currency results compared to the prior year

The constant currency information represents non-GAAP information. We believe
this provides a useful basis to measure the performance of our business as it
removes distortion from the effects of foreign currency movements during the

Due to the significant portion of our customers who are invoiced in non-U.S.
Dollar denominated currencies, we also calculate our subscription revenue growth
rate on a constant currency basis, thereby removing the effect of currency
fluctuation on our results of operations.



See discussion below for annual growth in constant currency. The following tables provide the reconciliation in constant currencies to the most directly comparable GAAP measure for the years indicated:

Subscription Revenue

                                                                  For the year ended March 31,
                                2020                 2021                    % Change              2021               2022               % Change
                                                             (In thousands, except for percentages)
Subscription revenue as
reported                    $ 127,570          $         113,351                (11.1) %       $ 113,351          $ 123,573                    9.0  %
Conversion impact of U.S.
Dollar/other currencies             -                      6,437                  5.0  %               -             (7,048)                  (6.2) %
Subscription revenue on a
constant currency basis     $ 127,570          $         119,788                 (6.1) %       $ 113,351          $ 116,525                    2.8  %

Hardware and Other Revenue

                                                                    For the year ended March 31,
                                  2020                  2021                   % Change              2021               2022              % Change
                                                               (In thousands, except for percentages)
Hardware and other revenue as
reported                      $   18,080          $         13,543                 (25.1) %       $ 13,543          $  19,721                  45.6  %
Conversion impact of U.S.
Dollar/other currencies                -                       230                   1.3  %              -               (596)                 (4.4) %
Hardware and other revenue on
a constant currency basis     $   18,080          $         13,773                 (23.8) %       $ 13,543          $  19,125                  41.2  %

Total Revenue

                                                                   For the year ended March 31,
                                2020                 2021                    % Change               2021               2022               % Change
                                                              (In thousands, except for percentages)
Total revenue as reported   $ 145,650          $         126,894                 (12.9) %       $ 126,894          $  143,294                  12.9  %
Conversion impact of U.S.
Dollar/other currencies             -                      6,667                   4.6  %               -              (7,644)                 (6.0) %
Total revenue on a constant
currency basis              $ 145,650          $         133,561                  (8.3) %       $ 126,894          $  135,650                   6.9  %


                        Liquidity and capital resources

We believe that our cash and borrowings available under our credit facilities
will be sufficient to meet our liquidity requirements for the foreseeable
future. Liquidity risk is reduced as a result of stable income due to the
recurring nature of our income, available cash resources, as well as unutilized
facilities which are available.
The following tables provide a summary of our cash flows for each of the three
years ended March 31, 2020, 2021 and 2022:

                                                                                    Fiscal Year Ended March 31,
                                                                         2020                 2021               2022
                                                                                          (In thousands)
Net cash generated from operating activities                        $   28,178            $  38,570          $  19,402
Net cash used in investing activities                                  (19,422)              (8,650)           (26,157)
Net cash used in financing activities                                  (15,451)              (5,209)            (5,067)

Net (decrease)/increase in cash and cash equivalents and restricted cash

                                                         (6,695)              24,711            (11,822)

Cash and cash equivalents and restricted cash at the beginning of the year

                                                   27,838               18,652             46,343

Effect of changes in exchange rates on cash and cash equivalents and restricted cash

                                                     (2,491)               2,978                198

Cash, cash equivalents and restricted cash at the end of the year

                                                            $   18,652            $  46,341          $  34,719

We fund our operations, capital expenditures and acquisitions with cash generated from operating activities, cash on hand and our unused debt facilities.

Our current policy is to pay regular dividends, and we expect these dividend payments to be made on a quarterly basis.

From March 31, 20202021 and 2022, the Company had approved, but not yet contracted, capital commitments for intangible assets of $3.0 million, $4.7 million and $5.6 million respectively.

From March 31, 20202021 and 2022, the Company had approved and entered into capital commitments for property, plant and equipment of $1.8 million, $1.2 million and $14.8 million, respectively; and for the intangible fixed assets of $0.9 million, $1.3 million and $1.6 million respectively.

Capital commitments will be funded from a mix of working capital and cash and cash equivalents. Capital commitments for intangible assets relate to software and technology and capital commitments for property, plant and equipment relate primarily to embedded devices.

On May 23, 2017, the MiX Telematics Limited Board approved a share repurchase
program of up to R270 million (equivalent of $18.6 million as of March 31, 2022)
under which we may repurchase our ordinary shares, including ADSs. On December
3, 2021, the Board approved an increase to the share repurchase program under
which the Company may repurchase ordinary shares, including ADSs. Post this
increase, and after giving effect to shares already purchased under the program
as at December 2, 2021, the Company could repurchase additional shares with a
cumulative value of R160 million ($10.0 million). The total value of the whole
share repurchase program post the December 3, 2021 increase is R396.5 million
($24.9 million). During fiscal year 2022 shares with a value of R44.7 million
(equivalent of $3.0 million as of March 31, 2022) were repurchased under the
share repurchase program. Additional shares to the value of R115.3 million
(equivalent of $8.0 million as of March 31, 2022) may still be repurchased.

We expect any repurchases under this share repurchase program to be funded out
of existing cash resources. During fiscal year 2022, the Company repurchased
6,020,085 ordinary shares on the open market at prevailing market prices for a
cumulative consideration of $3.0 million. Refer to "Item 5. Market for
Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities" for information regarding our share repurchase program.



Operational activities

Net cash provided by operating activities during fiscal year 2020 consisted of
our net income (after excluding non-cash charges) of $52.3 million, a net
reduction in operating assets and liabilities investments of $18.8 million, net
interest received of $0.5 million and taxes paid of $5.8 million.

Net cash provided by operating activities increased from $28.2 million in fiscal
year 2020 to $38.6 million in fiscal year 2021 which is primarily attributable
to improved cash generated from operations of $10.5 million offset by lower net
interest received of $0.1 million. The improved cash generated from operations
is primarily as a result of improved working capital management of $17.9 million
(specifically a decrease in accounts receivables of $9.2 million due to improved
management of receivables and lower revenues, an increase in accrued expenses
and other liabilities of $8.6 million, foreign currency translation adjustments
of $6.0 million, and lower capitalized commissions of $1.4 million, partially
offset by a decrease in accounts payables of $5.9 million, prepaid expenses and
other current assets of $1.6 million and an increase in inventories of $0.4
million), and an increase in net income of $3.6 million.

Net cash provided by operating activities decreased from $38.6 million in fiscal
year 2021 to $19.4 million in fiscal year 2022. This is primarily attributable
to lower cash generated from operations of $17.4 million, lower net interest
received of $0.3 million and increased taxation paid of $1.4 million. The lower
cash generated from operations is primarily as a result of a decrease in net
income of $5.6 million and a deterioration in working capital management of
$10.0 million (specifically an increase in accounts receivables of $10.3 million
due to slower collection of receivables and higher revenues, an increase in
capitalized commissions of $1.1 million due to higher revenues, an increase in
inventories of $0.5 million, a increase in prepaid expenses and other current
assets of $0.8 million and an adverse change in foreign currency translation
adjustments of $2.5 million, partially offset by an increase in accounts
payables of $3.8 million and an increase in accrued expenses and other
liabilities of $1.4 million).

Net cash provided by operating activities during fiscal year 2022 consisted of
our net income (after excluding non-cash charges) of $38.1 million, a net
reduction in operating assets and liabilities investments of $11.5 million and
taxes paid of $7.2 million.

Investing Activities

Net cash used in investing activities in fiscal year 2020 increased to $19.4
million from $19.2 million in fiscal year 2019. Net cash used in investing
activities during fiscal year 2020 primarily consisted of capital expenditures
of $20.4 million. Capital expenditures during the year included purchases of
intangible assets of $5.7 million, which included internal-use software of $3.4
million as well as computer software, technology and other intangibles of $2.3
million, and cash paid to purchase property, plant and equipment of $14.7
million, which included in-vehicle devices of $13.6 million. Net cash used in
investing activities also included $0.3 million loan advanced to third parties
offset by proceeds on sale of property, plant and equipment and intangible
assets of $1.3 million.

Net cash used in investing activities in fiscal year 2021 decreased to $8.7
million from $19.4 million in fiscal year 2020, primarily due to lower
in-vehicle devices capital expenditure as a result of lower revenues during the
COVID-19 pandemic. Net cash used in investing activities during fiscal year 2021
primarily consisted of capital expenditures of $8.7 million. Capital
expenditures during the year included purchases of intangible assets of $4.0
million, which included internal-use software of $2.8 million as well as
computer software, technology and other intangibles of $1.2 million, and cash
paid to purchase property, plant and equipment of $4.6 million, which included
in-vehicle devices of $4.2 million.

Net cash used in investing activities in fiscal year 2022 increased to $26.2
million from $8.7 million in fiscal year 2021. Net cash used in investing
activities during fiscal year 2022 primarily consisted of capital expenditures
of $26.2 million. Capital expenditures during fiscal year 2022 included
purchases of intangible assets of $5.9 million and cash paid to purchase
property, plant and equipment of $20.3 million, which included in-vehicle
devices of $18.3 million.

Fundraising activities

During fiscal 2020, the cash allocated to financing activities of $15.5 million
includes share buybacks from $9.8 milliondividends paid from $6.0 millionoffset by $0.3 million from the facilities used.



In fiscal year 2021, the cash used in financing activities of $5.2 million
includes dividends paid of $5.4 million and $0.7 million from facilities repaid,
offset by proceeds of $0.9 million from the issue of ordinary shares in relation
to the exercise of stock options.

During fiscal 2022, the cash allocated to financing activities of $5.1 million
includes dividends paid from $5.9 million and common shares repurchased from $3.0 millionoffset by $3.9 million from the facilities used.

Credit facilities

As of March 31, 2022, our principal sources of liquidity were net cash balances
of $28.1 million (consisting of cash and cash equivalents of $33.7 million less
short-term debt (bank overdraft)) of $5.6 million) and unutilized borrowing
capacity of $1.8 million available through our credit facilities. Our principal
sources of credit are our facilities with Standard Bank Limited and Nedbank

As of March 31, 2022, we had an overdraft facility of R64.0 million (equivalent
of $4.4 million as of March 31, 2022), a working capital facility of R25.0
million (equivalent of $1.7 million as of March 31, 2022) and an unutilized
vehicle and asset finance facility of R8.5 million (equivalent of $0.6 million
as of March 31, 2022) with Standard Bank Limited that bear interest at South
African Prime less 1.2% except for the working capital facility that bears
interest at South African Prime less 0.25%.

As of March 31, 2022, the overdraft facility was fully utilized. We use this
facility as part of our foreign currency hedging strategy. We draw down on this
facility in the applicable foreign currency in order to fix the exchange rate on
existing balance sheet foreign currency exposure that we anticipate settling in
that foreign currency. Our obligations under the overdraft facility with
Standard Bank Limited are guaranteed by MiX Telematics Limited and our
wholly-owned subsidiaries, MiX Telematics Africa Proprietary Limited and MiX
Telematics International Proprietary Limited, and secured by a pledge of
accounts receivable by MiX Telematics Limited and MiX Telematics International
Proprietary Limited.

We have a R25.0 million (equivalent of $1.7 million as of March 31, 2022)
working capital facility with Standard Bank Limited that bears interest at South
African Prime less 0.25%. As of March 31, 2022, $1.2 million of the facility was
utilized. We use this facility for working capital purposes in our Africa

We have a R10.0 million (equivalent of $0.7 million as of March 31, 2022)
facility with Nedbank Limited that bears interest at South African Prime less
2%. As of March 31, 2022, the facility was undrawn. We use this facility for
working capital purposes in our Africa operations.

Our credit facilities with Standard Bank Limited and Nedbank Limited contain
certain restrictive clauses, including without limitation, those limiting our
and our guarantor subsidiaries', as applicable, ability to, among other things,
incur indebtedness, incur liens, or sell or acquire assets or businesses. These
facilities are not subject to any financial covenants such as interest coverage
or gearing ratios.


                   Critical Accounting Policies and Estimates

Our consolidated financial statements are prepared in accordance with GAAP.
Certain of our significant accounting policies and critical accounting estimates
are summarized below. The preparation of consolidated financial statements in
conformity with GAAP requires the use of estimates and assumptions that affect
the amounts reported and disclosed. Significant estimates include, but are not
limited to, allowances for doubtful accounts, the assessment of expected cash
flows used in evaluating goodwill for impairment and income and deferred taxes.
Our actual results could differ from those estimates, and such differences may
be material to the consolidated financial statements. We evaluate our estimates
and assumptions on an ongoing basis.

Allowance for doubtful accounts

The allowance for doubtful accounts on accounts receivables is calculated by
considering all relevant information, internal and external about the
collectability of cash flows, including information about past events, current
conditions, and reasonable and supportable forecasts of future economic
conditions to appropriately reflect the risk of losses over the remaining
contractual lives of the assets. Historical loss rates, calculated as actual
losses over a period as a percentage of revenue, are adjusted for current
conditions and management's expectations about future economic conditions.

The allowance is assessed on a collective basis when management groups its customers appropriately based on their credit risk characteristics.

The allowance for doubtful accounts is an valuation account and the carrying amount of the asset is written down and the amount of the loss is recognized in the consolidated statements of earnings. Subsequent recoveries, if any, are credited to the allowance. Actual impairments are recorded when the asset is deemed unrecoverable after all recovery efforts have failed.

Good will

Goodwill is not amortized but is tested for possible impairment at least
annually, or when circumstances change that would more likely than not reduce
the fair value of a reporting unit below its carrying value. Goodwill is
allocated to a reporting unit for the purpose of impairment testing. The
carrying value of the reporting unit, to which goodwill has been allocated, is
compared to its fair value, and a goodwill impairment charge is recognized for
the amount (if any) by which the carrying value exceeds the fair value, limited
to the amount of the goodwill.

The fair values of the reporting units are determined based on the use of
pre-tax cash flow projections based on approved financial budgets covering a
5-year period. These cash flows take into account market-based assumptions and
near-term expectations. The discount rates used were calculated using the
capital asset pricing model. These rates reflect specific risks relating to the
relevant reporting units. The growth rate has been determined based on the
expected long-term inflation outlook.

No impairments of goodwill existed as of the most recent testing date, March 31,
2022 or the previous testing, March 31, 2021. Given the headroom that exists in
the reporting units, we believe that a reasonable change in assumptions would
not result in any goodwill impairments. The changes in the carrying value of
goodwill during fiscal year 2021 and fiscal year 2022 are attributable only to
foreign currency translation adjustments.

Although there were no impairments of goodwill as of March 31, 2021 and 2022,
significant judgement was exercised in determining the fair value of each
reporting unit. In particular, to the extent that anticipated new contracts do
not materialize and the business strategy does not come to fruition, or key
personnel are not retained, the forecasts on which the impairment tests were
performed could be negatively impacted.


We are subject to income taxes in numerous jurisdictions. During the process of
determining our world-wide provision for income taxes, we are required to make
judgements in respect of international tax matters, including transfer pricing
and controlled foreign company legislation. Where applicable tax legislation is
subject to interpretation, management makes assessments, based on expert tax
advice, of the relevant tax that is more likely than not to be paid and provides

Income taxes are accounted for under the asset and liability method. Income tax
expense is recognized in the consolidated statements of income, except to the
extent that it relates to items recognized in other comprehensive income or
directly in equity. We use the portfolio approach for releasing income tax
effects from accumulated other comprehensive income.


The current income tax charge is calculated on the basis of the tax laws and tax
rates enacted by the reporting date in the countries where we operate and
generate taxable income. Interest, and penalties, incurred on the underpayment
of income taxes is classified as interest expense, and administration expenses,

Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases and operating loss and tax credit carryforwards. Deferred tax is measured
using enacted tax rates expected to apply to taxable income in the years in
which those temporary differences are expected to be recovered or settled.
Uncertainty generated by the current economic environment may affect the
valuation of our deferred tax assets over time. Our accounting for deferred tax
balances represent management's best estimate of future events that can be
appropriately reflected in the accounting estimate.

Deferred tax liabilities arising on investments in domestic subsidiaries are not
recognized to the extent that the investment can be recovered on a tax-free
basis; and on investments in foreign subsidiaries to the extent that the
undistributed earnings will be invested indefinitely or will be remitted in a
tax-free liquidation.

————————————————– ——————————

© Edgar Online, source Previews

Capital One adds Plaza Premium lounges to its network of airport lounges


This article contains links to products from our advertisers, and we may be compensated when you click on these links. Our recommendations and advice are our own and have not been reviewed by any of the issuers listed. Terms apply to offers listed on this page. Read our editorial standards.

An elegant white marble bar with five stools and decorative light fixtures at the Plaza Premium Lounge at Dallas-Fort Worth Airport.

Capital One Venture X cardholders can now visit the Dallas-Fort Worth Airport Plaza Premium Lounge for free.

Plaza Premium Lounge

  • Capital One has just expanded its network of airport lounges to include Plaza Premium Lounges.
  • Capital One Venture X Rewards credit card members get free access, in addition to free Priority Pass and Capital One Lounge visits.
  • Capital One Venture Rewards or Capital One Spark Miles credit card for businesses

    cardholders get two free visits per year.

  • Read Insider’s guide to the best travel rewards credit cards.

Capital One has seen a wave of improvements over the past year, adding air and hotel transfer partners, revamping its travel portal and launching new perks like Capital One Airport Lounges. Now there’s more good news if you have the Capital One Venture X Rewards credit card — and it’s especially welcome for international travelers.

Starting today, the issuer is expanding its network of airport lounges you can enter for free with the Capital One Venture X Rewards credit card. In addition to Priority Pass and Capital One airport lounges, cardholders now enjoy complimentary access to more than 100 Plaza Premium lounges worldwide, including all Virgin Atlantic domestic pavilions and other airline brand operated by Plaza Premium. Cardholders can also bring two guests free of charge.

If you are a Capital One Venture Rewards credit card or Capital One Spark Miles for Business cardholder, you will also be able to use your two free annual visits at any Plaza Premium Lounge, as well as Capital Lounges One.

Here’s what to know about these new lounge options and why it makes the Capital One Venture X Rewards credit card even more valuable.

We focus here on the rewards and benefits that come with each card. These cards aren’t worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay off your balance in full each month, make your payments on time, and only spend what you can afford.

Capital One Adds Plaza Premium Airport Lounges to Its Network

Regular APR

17.24% – 24.24% (Variable)

Recommended credit score


Regular APR

17.24% – 24.24% (Variable)

Recommended credit score


  • Excellent welcome bonus and earning miles
  • Premium benefits including airport lounge access and statement credits
  • Visa Infinite benefits including travel and purchase protections
The inconvenients
  • High annual fees
  • Annual Travel Statement credits only apply to Capital One Travel purchases

Read our review
Read our review A long arrow pointing to the right

More information
  • Earn 75,000 bonus miles when you spend $4,000 on purchases within the first 3 months of account opening, equivalent to $750 on travel
  • Receive up to $300 per year in statement credits for bookings through Capital One Travel, where you’ll get Capital One’s best prices on thousands of options
  • Get 10,000 bonus miles (equivalent to $100 to travel) every year, starting on your first birthday
  • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
  • Earn unlimited 2X miles on all other purchases
  • Escape the airport crowds and recharge your batteries before your flight with unlimited access to all-inclusive amenities at Capital One Lounge and more than 1,300 Priority Pass lounges worldwide
  • Receive up to $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more – you can even transfer your miles to your choice of over 15 travel loyalty programs

The Capital One Venture X Rewards credit card is already one of the most rewarding premium credit cards on the market, offering premium benefits for an annual fee far lower than comparable cards like the Chase Sapphire Reserve® or the Platinum Card® from American Express.


One such benefit is access to the airport lounge. Not only is access to the Priority Pass and Capital One lounges free for the primary cardholder, but authorized users (free add-on) also get free access. Priority Pass lounges number more than 1,300 worldwide, and while there is only one Capital One lounge open so far in Dallas-Fort Worth (DFW), more will open later this year.

The addition of Plaza Premium Lounges gives cardholders even more options when traveling, and it’s an especially great offer for people traveling outside of the United States. Most Plaza Premium lounges are at airports overseas, although there are a few at US airports:

  • Dallas-Fort Worth: Plaza Premium Lounge, Terminal E
  • Newark (EWR): Virgin Atlantic Clubhouse (operated by Plaza Premium Group), Terminal B
  • New York (JFK): Virgin Atlantic Clubhouse (operated by Plaza Premium Group), Terminal 4
  • San Francisco (SFO): Virgin Atlantic Clubhouse (operated by Plaza Premium Group), Terminal A
  • Washington, DC (IAD): Virgin Atlantic Clubhouse (operated by Plaza Premium Group), Terminal A

The International Plaza Premium Lounge locations are much more numerous. You’ll find them at dozens of airports in Canada, South and Central America, the Middle East, Europe, Africa and the Asia-Pacific region. Some airports even have lounges in several terminals and concourses. For example, my airport of choice for international flights, Toronto Pearson (YYZ), has seven Plaza Premium lounges spread over two terminals. You can view the list of all eligible lounges here.

Adding these lounges makes a lot of sense since Capital One is partnering with Plaza Premium to operate its branded airport lounges, with two more locations in Denver (DEN) and Washington Dulles slated to open later in 2022.

Capital One Venture Rewards or Capital One Spark Miles for Business credit card members still have the option to try out these new lounges if they wish. Cardholders receive two complimentary lounge passes each year, which can now be used at Plaza Premium Lounges worldwide (as well as Capital One Lounges).

And if you don’t yet have the Capital One Venture X Rewards credit card but you often fly through airports with Plaza Premium lounges, it might be time to review the card. You can discover all its advantages in our Capital One Venture X review.

Tips, tricks and budgeting for student loans and grants


If there’s an affordability gap, NerdWallet’s Cecilia Clark suggests borrowing federal loans first.

INDIANAPOLIS — If any of your children have applied to college, they likely received or will receive a letter outlining the cost of their education. This letter is called an award letter. It is divided into two main categories: the cost of participation and the amount of financial assistance you receive.

Cecilia Clark of NerdWallet said if you see a grant or scholarship, it’s free money.

“Work-study is money that you don’t have to pay back, but you have to work for that money. If you see a student loan or a loan in any capacity, it’s not free money,” Clark said.

RELATED: Student Loan Forgiveness May Be Coming Closer For Some

Clark added that schools can list federal loans as part of financial aid, so understand the money has to be repaid.

Next, determine your reimbursable expenses.

“Take that equity cost that you’ll see there, that big number, and subtract every line item that’s not a loan. That’ll let you know how much you have to pay back,” Clark said.

If there is an affordability gap, Clark suggests borrowing federal loans first.

“Federal loans have protections that private student loans don’t, they offer repayment based on income, you may have the ability to forgive government loans,” she said.

Federal loans do not require a co-signer or credit.

RELATED: Yes, New Federal Student Loan Interest Rates Set to Rise for 2022-23 Academic Year

If that’s still not enough money, enter private loans.

“If you feel you have a strong enough credit score, go ahead and get pre-qualified. Many lenders will let you know your terms and interest rate with a soft credit check.”

The higher the signer’s credit, the better the interest rate.

To make sure your student understands how much money is involved, create a mock budget after graduation.

Let’s say they expect to earn $60,000 per year or $5,000 per month.

Subtract from this amount taxes, rent and utilities, car payment and insurance, groceries, savings, restaurant meals and loan payment with interest.

“What at first seemed like a reasonable amount to borrow for your education, can eventually turn into a monthly payment of $700 or more,” Clark said.

Live updates on finances and payments in the United States: child tax credit, inflation, interest rates, CPI report, SS disability…


Jobs lead as Fed tightens monetary policy

The healthy finances of US banks, businesses and households, heralded during the pandemic by Federal Reserve officials as a source of resilience, may pose an obstacle to fighting inflation as central bankers raise interest rates in an economy so far able to pay the price.

In describing their aggressive shift to tighter monetary policy, Fed officials say they hope to suppress the economy without destroying jobs, with rising interest rates slowing things down enough for companies to reduce the current high number of job vacancies while avoiding layoffs or a drop in income Household.

But that means the pain of controlling inflation should fall primarily on owners of capital via a slowing housing market, higher corporate bond rates, weaker securities and a rising dollar to make cheaper imports and encourage domestic producers to keep prices low.

Economists, including current and former Fed officials, note that unlike previous cycles of Fed rate hikes, there is no obvious weakness to exploit or asset bubble to burst to make quick work of. lower inflation – nothing like the heavily overvalued housing markets of 2007 or the overvalued Internet stocks of the late 1990s to give the Fed more impact on its expected rate hikes.

The adjustment to Fed policy tightening has been rapid by some measures. But it has spread moderately across a range of markets, none catastrophically, with little impact yet on inflation or consumer spending.

The global payday loan market is expected to grow by USD 8.4 billion during the period 2022-2026, accelerating at a CAGR of 4.34% during the forecast period



Global Payday Loans Market 2022-2026 Analyst has been monitoring the payday loans market and it is poised to grow by $8.4 billion during the period 2022-2026, accelerating at a CAGR of 4 , 34% over the forecast period.

New York, June 13, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Payday Loans Market 2022-2026” – https://www.reportlinker.com/p06285009/?utm_source=GNW
Our Payday Loans Market report provides comprehensive analysis, market size and forecast, trends, growth drivers, and challenges, and vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis of the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by a growing awareness of payday lending among young people, an increase in the adoption of advanced technologies by payday lenders and the basic eligibility criteria are lower than other services and financial institutions.
The payday loans market analysis includes type segment and geographical landscape.

The payday loan market is segmented as follows:
By type
• In-store payday loans
• Online payday loans

By geographical landscape
• North America
• Europe
• South America
• The Middle East and Africa
• WE
• China
• UKI Japan
• Germany

This study identifies the growing number of payday lenders as one of the major reasons for the growth of the payday loan market over the next few years. Moreover, the growing adoption of online payment methods and increased spending on luxury goods among the adult population will lead to significant demand in the market.

The analyst presents a detailed picture of the market through study, synthesis and summation of data from multiple sources by analysis of key parameters. Our payday loans market report covers the following areas:
• Sizing of the payday loan market
• Payday loan market forecasts
• Industry analysis of the payday loan market

This robust vendor analysis is designed to help clients improve their position in the market, and in line with that, this report provides detailed analysis of several leading vendors in the Payday Loans market including AARC LLC, Axis Bank Ltd., Citigroup Inc., Creditstar Group AS, CS SALES LLC, DJS UK Ltd., Enova International Inc., FloatMe Corp., GAIN Credit Inc., GC DataTech Ltd., Kotak Mahindra Bank Ltd., KrazyBee Services Pvt. Ltd., Maxed Up Media Ltd., Payday America Inc., Payday Loans Ltd., PDL Finance Ltd., Speedy Cash, Upward Finance Ltd., Western Circle Ltd. and Whizdm Innovations Pvt. ltd. In addition, the Payday Loans Market analysis report includes insights into upcoming trends and challenges that will influence the growth of the market. It’s about helping businesses strategize and take advantage of all the growth opportunities ahead.
The study was conducted using an objective combination of primary and secondary information, including contributions from key industry participants. The report contains a comprehensive market and vendor landscape in addition to an analysis of major vendors.

The analyst presents a detailed picture of the market through study, synthesis and summation of data from multiple sources through analysis of key parameters such as profit, price, competition and specials. It presents various facets of the market by identifying the major industry influencers. The data presented is comprehensive, reliable and the result of extensive research – both primary and secondary. Technavio’s market research reports provide a comprehensive competitive landscape and in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.
Read the full report: https://www.reportlinker.com/p06285009/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.


CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001

Global Payday Loans Market Expected to Grow $8.4


New York, June 13, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Payday Loans Market 2022-2026” – https://www.reportlinker.com/p06285009/?utm_source=GNW
Our Payday Loans Market report provides comprehensive analysis, market size and forecast, trends, growth drivers and challenges, and vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis of the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by a growing awareness of payday lending among the youth, an increase in the adoption of advanced technologies by payday lenders and the basic eligibility criteria are lower than other services and financial institutions.
The payday loans market analysis includes type segment and geographical landscape.

The payday loan market is segmented as follows:
By type
• In-store payday loans
• Online payday loans

By geographical landscape
• North America
• Europe
• South America
• The Middle East and Africa
• WE
• China
• UKI Japan
• Germany

This study identifies the growing number of payday lenders as one of the main reasons for the growth of the payday loan market over the next few years. Moreover, the growing adoption of online payment methods and increased spending on luxury goods among the adult population will drive a large demand in the market.

The analyst presents a detailed picture of the market through study, synthesis and summation of data from multiple sources by analysis of key parameters. Our payday loans market report covers the following areas:
• Sizing of the payday loan market
• Payday loan market forecasts
• Industry analysis of the payday loan market

This robust vendor analysis is designed to help clients improve their position in the market, and in line with that, this report provides detailed analysis of several leading vendors in the Payday Loans market including AARC LLC, Axis Bank Ltd., Citigroup Inc., Creditstar Group AS, CS SALES LLC, DJS UK Ltd., Enova International Inc., FloatMe Corp., GAIN Credit Inc., GC DataTech Ltd., Kotak Mahindra Bank Ltd., KrazyBee Services Pvt. Ltd., Maxed Up Media Ltd., Payday America Inc., Payday Loans Ltd., PDL Finance Ltd., Speedy Cash, Upward Finance Ltd., Western Circle Ltd. and Whizdm Innovations Pvt. ltd. In addition, the Payday Loans Market analysis report includes insights into upcoming trends and challenges that will influence the growth of the market. It’s about helping businesses strategize and take advantage of all the growth opportunities ahead.
The study was conducted using an objective combination of primary and secondary information, including contributions from key industry participants. The report contains a comprehensive market and vendor landscape in addition to an analysis of major vendors.

The analyst presents a detailed picture of the market through study, synthesis and summation of data from multiple sources through analysis of key parameters such as profit, price, competition and specials. It presents various facets of the market by identifying the major industry influencers. The data presented is comprehensive, reliable and the result of extensive research – both primary and secondary. Technavio’s market research reports provide a comprehensive competitive landscape and in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.
Read the full report: https://www.reportlinker.com/p06285009/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.



Inflation will fuel the long, hot summer of labor struggles in the United States

Millions of workers in the United States and around the world are being pushed to the brink by the staggering impact of rising prices for essential goods and services. “We can’t go on living like this” is the feeling gripping an ever-increasing number of people.

US inflation jumped 8.6% year-on-year in May, beating economists’ estimates. This is the fastest rise in consumer prices since 1981, more than 40 years ago.

Gasoline prices rose the most, rising 48.7% from a year ago, up 7.8% in just one month. A gallon of gasoline cost a record average of $5.01 on Sunday. In many of the country’s most populous metropolitan areas, the price is significantly higher, averaging nearly $6.50 in Los Angeles, nearly $6.00 in the Chicago area, and around $5.60 in Phoenix. , Arizona.

A gas pump is shown at a gas station Friday, June 10, 2022 in Salt Lake City. [AP Photo/Rick Bowmer]

A substantial portion of workers’ paychecks are gobbled up just to pay to get to work. In the United States, it’s not uncommon for workers to drive 50 miles or more round trip, refueling several times a week. A day’s work on a $15 an hour wage won’t even cover filling a gas tank in many trucks and larger vehicles, the cost of which can easily exceed $100.

Beyond fuel, soaring costs for many goods and services are making life increasingly impossible. Families are spending $460 more per month on essentials, according to a recent report from Moody’s Analytics.

Food prices rose 10.1% in May. Prices for meat, poultry, fish and eggs increased by 14.2%; dairy products 11.8%; and fruits and vegetables 8.2 percent. A gallon of milk now costs an average of $4.33 and the price of a dozen eggs hit $2.86, up more than $1 from a year ago, according to data from the St. Louis Federal Reserve.

Even if rising food prices mean more people will choose which meal to skip today, Democrats and Republicans plan to send millions of children into even greater hunger. Congress deliberately failed to renew an expansion of COVID-related free school lunch programs in its latest spending bill, which means about 10 million children will no longer receive free lunches after the end of the month.

Meanwhile, the housing affordability crisis is getting worse. Average rents are up 15.2% from a year ago, according to real estate firm Redfin. The median monthly asking rent for apartments hit a record high of $2,002 in May, the firm said.

Home ownership, once out of reach for many, is now totally out of reach for much of the population for the foreseeable future. The median home listing price hit $447,000 in May, a 17.6% increase from 2021, as average home loan rates hit their highest levels in more than a decade .

With prices rising, workers are earning less in real terms than a year ago, falling further and further behind. Real wages fell 3% between May 2021 and May 2022, according to the Bureau of Labor Statistics on Friday.

Pro-business unions bear central responsibility for this brutal regression, having pushed workers into contracts that lock in increases of just 2-4%, well below inflation, while often raising health care costs at home. patient care. Average wage increases for unionized workers (3.5%) were actually lower than those for nonunionized workers (4.9%) over the past year, according to the latest Bureau of Labor Statistics figures.

Inflation has become the focal point of workers’ anger. However, rising prices and falling wages are part of a whole series of social grievances that are accumulating in the working class. There are the degrading conditions of sweatshops, overwork, understaffing, six- or seven-day work weeks, the ongoing pandemic, and deadly working conditions. Then there are the manifestations of capitalist collapse more broadly, such as the recent shortages of everything from baby formula to tampons. All of these issues and many more, directly and indirectly, are driving workers to struggle.

Significant worker battles have already emerged this year, from the ongoing six-week strike by CNH farm and heavy equipment workers, to earlier walkouts by Chevron oil workers in California, nurses’ strikes in California and New Jersey, teachers in Minneapolis and Sacramento, as well as opposition among Arconic aluminum workers, Kroger grocery store workers and many others.

New sections of workers are expected to come into battle in the weeks and months to come. More than 12,000 nurses in Minneapolis and St. Paul are currently working without contracts, and contracts are set to expire for 20,000 West Coast port workers, 50,000 construction workers in Southern California and tens of thousands of teachers in Los Angeles and New York. Three thousand car transport truck drivers, who have already voted overwhelmingly in favor of the strike, will learn on Thursday the details of the concession contract accepted by the Teamsters.

The development of the class struggle is an international process that extends far beyond the borders of the United States. Rising fuel prices sparked a truckers’ strike in South Korea last week. In the UK, 50,000 railway workers are expected to go on strike later this month, in the biggest series of strikes since the late 1980s. And in Sri Lanka, runaway inflation and commodity shortages sparked massive anti-government protests and a series of one-day general strikes this year.

In all cases, however, workers come into conflict with the unions that claim to represent them. At the same time, the corporate and political establishment, particularly the Biden administration, is increasingly relying on union bureaucracies to enforce “labor discipline,” i.e. removing or the isolation of strikes and other forms of labor opposition.

The ruling class is well aware of the explosive implications of its policy. “If people can’t feed their children and families, then politics collapses,” David Beasley, head of the United Nations World Food Program, told CNN last month.

The White House has crudely sought to deflect anger at inflation and channel it behind its war effort against Russia, calling rising gas prices “Putin’s price hike”.

The surge in inflation, however, began long before the Russian invasion of Ukraine. This is the result of the massive money-printing operation by the Federal Reserve and other central banks, which was used to bail out the wealthy. The impact of these monetary policies is now exploding across the economy as a whole.

As for the war, the facts show that the US government instigated and provoked Putin’s reactionary invasion of Ukraine. Since the outbreak of war, the United States and its NATO allies have recklessly escalated the war, dumping weapons on Ukraine and blocking a negotiated settlement.

The financial aristocracy has no progressive reforms or proposals to expand the social safety net on offer. Imperialist war abroad and class war at home is what is planned.

By raising interest rates, the main objective of the Federal Reserve and other central banks is not to curb inflation as such, but rather to trigger a recession, raise unemployment and attempt to roll back workers’ demands for higher wages.

Putting this bluntly, a financial analyst at FWDBONDS told Reuters last month: “Job gains across the country are slowing, but few workers are actually losing their jobs. It’s not yet a soft landing or a hard landing for the economy. No sign of corporate layoffs means the labor market is not easing as much as Fed officials had hoped.

A movement in the working class against this whole rotten configuration is emerging. Workers are increasingly rebelling against claims by corporations, the capitalist state and unions that there is no money to provide workers with a decent standard of living. This rebellion found its initial expression through the rejection of a series of business-friendly contracts over the past year and a half, from Volvo Trucks to Kroger and Detroit Diesel more recently.

But this nascent movement must find the organizational form and political program commensurate with the challenges facing workers. In a growing number of workplaces, workers began to organize independently of pro-business unions, launching rank-and-file committees with the help of the WSWS and socialist equality parties to fight for their basic needs. This network of committees should be greatly expanded and developed, within the framework of the International Workers Alliance of Rank-and-File Committees (IWA-RFC) launched last year.

At the same time, the desperate economic situation facing workers requires a program of struggle. Wages must be dramatically increased, cost-of-living adjustments implemented to protect against inflation, fully paid pensions and health care restored, and worker control over line speeds and safety at the imposed work.

Achieving these measures and many others will require a direct attack on the ill-gotten wealth and privileges of billionaires and the financial aristocracy so that social needs, not private profit, determine how the resources of the society are organized.

Payments Giant American Express to Launch New Crypto Rewards Credit Card: Report


Payments giant American Express is reportedly set to launch its first-ever credit card offering crypto rewards.

According to a new report per Forbes, the financial titan is teaming up with crypto wealth management platform Abra to launch a credit card that would allow users to earn crypto rewards on any category or purchase amount.

Forbes also says the credit card will transact in US dollars and offer a number of benefits from the American Express network, such as travel, dining and shopping promotions.

While no specific date was mentioned, the card is expected to roll out by the end of the year.

According to Mohammed Badi, President of Global Network Services at American Express,

“This is a credit card for crypto explorers and enthusiasts.”

Abra CEO Bill Barhydt told Forbes that the crypto rewards will be redeemable across the 100 virtual assets supported by Abra and will have no foreign transactions or annual fees.

says Barhydt,

“[The partnership] represents another step towards Abra’s goal of eventually offering an instant line of credit directly at the point of sale. This is the future of payments.

American Express now joins fellow credit card giants Visa and Mastercard in offering support for crypto assets.

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Should you chase card sign-up bonuses?


Some days it seems like the main purpose of my mailbox is to get a new credit card offer. While most should be shredded, does it make sense to consider some of the alluring ones?

David GardnerFor the camera

Before applying for a new card, let’s make sure you don’t misuse the ones you have. Some personal finance experts recommend that even wealthy people avoid credit cards. It is true that they can be weaponized by allowing you to constantly spend more than you earn. Plus, studies show that even highly educated people tend to spend more with a credit card than with a cash equivalent. Retailers realize this, which explains their willingness to pay so much for credit card processing. So before looking for new credit card offers, be sure to take care of the long term by paying off your credit cards in full each month and saving at least 15% of your income.

Some may be hesitant to buy new credit cards because they are worried about their credit score. It is true that new credit applications affect your scores, but the impact is relatively minor. Your history of paying your bills on time is much more important. Another critical factor is the percentage of available credit you use in a month. Your score will plummet if your credit utilization exceeds 30%. To determine your credit usage, simply add up the current balance of all your cards, then divide that amount by the combined credit limits of those cards. You must include the balance from the last statement even if you pay off all of your cards each month. This way, a new credit card with a healthy limit can actually improve your credit score by reducing your credit usage.

If you manage your credit wisely and reach your savings goals, it may be worth researching new credit card offers if you enjoy gambling. cards. When a card has faded, you should stop using it, except for the occasional transaction to keep the card open. If it’s an annual fee card that no longer makes sense to you, ask the company to switch you to a no-fee card that allows you to preserve your available credit limit.

New card offers usually come with a promise of bonus cash, points or miles, often with an obligation to charge a certain amount over an initial period. Currently, Wells Fargo has a $200 bonus for its Active Cash card, which has the gold standard of no annual fee with a 2% cashback bonus. Although cash is easier to quantify and use, bonus points and miles can be even more lucrative. For example, United’s $95 Chase Explorer Card offers up to 70,000 bonus miles. According to your source, United miles are worth about 1.1 cents per mile. So that effectively becomes a $770 bonus, plus you get the $95 annual fee waived for one year plus baggage fee waivers and other perks. But this card loses its value after the first year, unless you travel regularly with United.

Good web resources for new card offers are Nerd Wallet, One Mile at a Time, and Points Guy. Be a little wary of their breathless card reviews, as these sites are heavily incentivized through affiliate links to trick you into applying for a card.

When you switch from one credit card to another, you are playing with fire to some extent. A steady stream of new credit cards can be misused and leave you with far less wealth in the end if you try to raise fees to meet signing bonus requirements. Only touch it if your finances are solid. If you’re wise enough to transcend this stuff, consider trimming the offers in your mailbox by heading to optoutprescreen.com. Then you can move on to a less dangerous hobby!

David Gardner is a Certified Professional Financial Planner with Mercer Advisors practicing in Boulder County. The opinions expressed by the author are his own and are not intended to serve as specific financial, accounting or tax advice. They reflect the author’s judgment at the date of publication and are subject to change.

As Abortion Rights Look Set to Tumble, Women’s Economic Prospects Darken


But the continuation of those gains is threatened by the likelihood that the Supreme Court will overturn Roe in the coming days, ushering in a new reality where abortions will be banned or nearly banned in about half of US states. This possibility threatens the economic gains that the Supreme Court majority attributed to Roe two decades later, when she wrote in Planned Parenthood v Casey in 1992 that abortion rights had helped give women “the ability … to participate equally in economic and social life”. of the nation. »

If Roe is overthrown, experts and advocates have said many women — especially women of color and those with low incomes — would take a significant economic hit, and the nation could as well. According to a study by the Institute for Women’s Policy Research, a nonprofit advocacy group, existing state restrictions on abortion already cost the economy about $105 billion a year, including by reducing the number of working women.

“In 50 years, we’ve come a long way, but we’re not there yet,” said Leng Leng Chancey, executive director of 9to5, a national organization that advocates for the economic security of women, especially those of color. . “It’s definitely going to set us back a lot.”

Treasury Secretary Janet Yellen, an economist and former chair of the Federal Reserve, recently warned that unseating Roe “would have very detrimental effects on the economy and set women back decades.”

“It has enabled many women to complete their studies. This increased their earning potential. It has allowed women to plan and balance their families and careers,” she told the Senate Banking Committee last month, days after the release of a draft Supreme Court opinion in majority in a Mississippi abortion case that would overthrow Roe. “There are many research studies…examining the economic impacts of access or lack of access to abortion. And it clearly shows that denying women access to abortion increases their chances living in poverty or needing public assistance.

Abortion opponents have questioned Roe’s extensive economic impact research, calling it inconclusive. And in the draft opinion drafted by Judge Samuel Alito, he argued that it was difficult for the court to assess “the effect of the right to abortion on society and in particular on the lives of women. “.

Experts who have studied the economic effects of abortion rights have said the results are conclusive.

“We find clear evidence of economic harm when people are denied abortion,” said Diana Greene Foster, research director at the University of California San Francisco’s Advancing New Standards in Reproductive Health program and author of a historical study. Repealing the federal abortion law will cause additional financial hardship for women in states that ban the procedure, forcing them to travel hundreds of miles in many cases to obtain one, she said.

“It’s going to be a lot more expense and time off and child care costs for people who can afford abortions elsewhere,” Foster said of women in those states. “But for people who can’t afford it, it’s going to be years of economic hardship.”

Although numerous studies have extensively examined the effects of abortion on factors such as fertility rates and women’s labor force participation, Foster said it is difficult to study the direct financial impact on women of a refusal of abortion. Women often seek abortions when they fear they won’t have enough money to raise a child, so it doesn’t make sense to compare them to a control group of women who go ahead with a pregnancy, probably because these women feel economically more secure.

But Foster found a solution: Look at the women who sought an abortion when their pregnancy was just within a clinic’s gestational age limit to perform the procedure, either because of state laws or of its own policies. Some of these women showed up just under the line and had an abortion while others were just over the line and were turned away.

In what’s called the “Turnaway Study,” Foster’s team recruited about 1,000 pregnant women at 30 facilities in 21 states between 2008 and 2010. The researchers followed the women — those who had abortions and those who didn’t – for five years, with some participants dropping out along the way. The data led to several research papers and revealed that women refusing abortion suffered an economic blow that lasted for years.

“Before the pregnancies, these two groups of women were really similar,” said Sarah Miller, an assistant professor of business economics and public policy at the University of Michigan, who collaborated with Foster on a study taking into account the financial data of the participants’ years. ‘ credit reports. “Then when women were denied abortions and ended up giving birth, there was this kind of spike in financial problems.”

Their article, updated in January, found that the women who were unable to obtain an abortion had financial problems that lasted throughout the five-year study period. They included a 78% increase in unpaid bills and an 81% increase in negative credit scores, such as bankruptcies and evictions, compared to women who were able to have an abortion.

“It really seemed like they were on a different trajectory at this point and it was a consistently tough financial trajectory for these women,” Miller said.

The results demonstrated the so-called “motherhood penalty,” a long-studied financial hit for women who have children. And the study is among several from the 1990s that show the negative economic impact when women have unplanned births.

“There is a mountain of evidence,” said Caitlin Myers, professor of economics at Middlebury College, who asked 153 other economists to sign with her an amicus brief they filed in the Mississippi case. describing the research. “These are really common and accepted facts.”

The brief was a rebuttal of one filed by a coalition of “pro-life feminist groups,” as well as 240 academics and professionals who oppose abortion rights. They questioned the validity of the research and the court majority’s statement in the Casey decision that abortion rights had helped give women economic equality.

“The claims of the Casey plurality and abortion advocates that unrestricted access to abortion is a necessary condition and a major contributor to women’s economic and social advancements simply cannot be substantiated,” he said. worth the coalition.

Mississippi officials, who defend the state’s ban on most abortions after 15 weeks of pregnancy, made a similar argument in court, saying improvements to maternity leave and other social services have improved the economic landscape of women since 1973.

“Roe suggested that, without abortion, unwanted children could ‘impose’ on women ‘a painful life and future,'” Mississippi state officials explained in a filing. “But many of the laws enacted since Roe – dealing with pregnancy discrimination, requiring time off, helping with childcare, etc. – facilitate women’s ability to pursue both professional success and a family life. rich.”

Julie Kashen, director of women’s economic justice at the Century Foundation, a progressive think tank, said many women do not have access to benefits such as paid maternity or paid time off to care for children. a sick child, and services like childcare are often unaffordable. And a majority of lawmakers in states likely to ban abortion, as well as Republicans in Congress who oppose abortion rights, oppose expanding government assistance for child care, or demand paid sick and family leave.

“As a country, we have never invested in a comprehensive childcare and early learning system that truly meets the needs of mothers and children, so it remains very difficult to work and have a family. “, she said. “Having choices about it really makes a difference.”

The lack of social services is exacerbated for women of color, Chancey said.

“We are already in a crisis situation,” she said. “We have many working women, especially women of color, in low-wage hourly jobs and they don’t have access to paid time off.”

Miller said his study and others validated what researchers found anecdotally when talking to women seeking abortions. They worry about the lack of government services and workplace benefits, as well as the lack of money to raise an unplanned child.

“You can see why there are these financial hardships when there aren’t a lot of clear areas of support for these additional family obligations,” she said. There are negative economic effects of making it difficult for women to control when, if and how they have families.

Shirley Leung of Globe staff contributed to this report.

Jim Puzzanghera can be contacted at [email protected] Follow him on Twitter: @JimPuzzanghera.

Kaw Lake pipeline faces 3-month ‘substantial completion’ delay due to river realignment | New

Construction of the City of Enid’s Kaw Lake Water Pipeline Project is now expected to be “substantially complete” by early 2024, a three-month delay reported by project officials earlier this week.

Officials from Garney Construction, the at-risk construction manager for the project, told city commissioners during a project update from the study session on Tuesday that a realignment of drilling on the Arkansas River would take an additional 100 days from the previous substantial completion date of October 2023.

Garney Vice President David Burkhart said the realignment north of the river would be 500 feet from the current pipeline route, delaying substantial completion until late January 2024.

Enid’s ongoing water supply project, which stretches from Osage County Lake to the city’s new water treatment plant on West Chestnut, includes two boreholes below the river.

“As you well know, due to land acquisition constraints, we have now identified an alternative realignment to move this work that Garney has completed and continue to do this drilling, on schedule and not avoid delay costs. extra,” Burkhart told the commissioners on Tuesday.

The commissioners then approved the fourth change order of nearly $1.4 million to raise Garney’s guaranteed maximum price to nearly $250 million at their regular meeting on Tuesday.

The change order allows Garney to move nearly 2,500 linear feet of pipeline from the west Arkansas River to the north and restore the current site to its original state, according to Garney.

Construction of the new road will begin on Monday, Burkhart said.

State permitting approvals also caused a months-long construction delay for the water treatment plant, he said.

“It’s a good schedule. It’s going to be aggressive and it’s going to be ambitious, but it can be done,” Burkhart said.

The commissioners also agreed to a third private land easement that city officials said is needed for the Arkansas realignment of Ponca City resident Dalton Cloud for $12,950, including damages coverage.

Last month, commissioners had approved two adjacent parcels of land also along the Arkansas River in Timothy Mowdy, Kay County. Land acquisition agents from Garver, the design company for the Kaw project, had negotiated the easement acquisitions in April.

The city needs 230 parcels for the pipeline portion of the project, apparently with a private easement and six through the U.S. Bureau of Indian Affairs, according to Garver.

Burkhart did not specify “land acquisition constraints,” but the city has been trying to acquire plots from the Ponca tribe for several years for the project.

Jason Jansen, with Garver, said at Tuesday’s meeting that nearly a quarter of the 70-mile pipeline has been stripped and separated, including all of the easternmost segments one and two in Garfield County. .

In the first segment, Carstensen Contracting crews have been working to install the 30-inch pipeline for the past few weeks along what Jansen called a “very congested and narrow corridor” of Phillips Road between Cleveland and Van Buren. .

“It’s been a tough section to build,” Jansen said.

About 31% of that segment has been built, he said.

Feds Arrest Merced Man in Credit Card Scam – GV Wire


Ruben Chavez III, 36, of Merced, was arrested Friday after a federal grand jury indicted him the day before for credit card fraud and related identity theft.

According to court documents, from April 2021 to March 2022, Chavez obtained the victims’ credit cards and used them to make more than $60,000 in fraudulent purchases. He also allegedly changed victims’ mailing addresses to his own address and created fake ID cards in their names to help pursue his fraud.

If found guilty, Chavez faces two to ten years in prison.

Assistant U.S. Attorney Joseph Barton is prosecuting the case.

Fresno men charged in illegal possession of firearms cases

The federal grand jury also returned indictments on Thursday against Mike Marty Hernandez, 26, and Julio Cesar Lopez, 33, in separate cases involving alleged illegal possession of firearms, U.S. Attorney Phillip announced. A. Talbert in a press release.

Both defendants are from Fresno.

Hernandez was arrested on May 23 after law enforcement officers observed him in possession of a loaded 9mm handgun fitted with a high-capacity magazine. In 2019, Hernandez was found guilty of threatening a public official. He is prohibited from having a firearm, according to court documents.

Prosecutors say Lopez had a loaded 45-caliber semi-automatic with a 13-round magazine with him on May 17. A subsequent search of Lopez’s residence resulted in the recovery of a sawed-off shotgun and approximately 50 rounds of ammunition. Lopez has previous convictions for burglary, escape from a peace officer and firearms offences.

Hernandez and Lopez face up to 10 years in prison if convicted.

Assistant United States Attorney Antonio J. Pataca is prosecuting these cases.

Cheap home insurance in Florida in 2022


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In 2019, the average home insurance premium was $1,989 in the United States, according to the Insurance Information Institute. Florida’s average premium cost in 2022 is $3,585, a rate hike of about 55% over the past three years, according to To assure.

Over the past few years, natural disasters and political unrest have reduced the risk appetite of providers nationwide, Ken Gregg, CEO of Orion180, a home insurance provider serving the US, told Insider. independent agents in the southeastern United States.

Florida is experiencing some of the highest home insurance rate increases and the highest number of policy non-renewals in the country. According to data from S&P Global Market Intelligenceas of mid-April 2022, the Florida home insurance market has seen the cancellation of approximately 37,000 policies.

Due to housing scams, frivolous lawsuits and extreme weather conditions in the area, Florida residents are noticing a huge increase in

home insurance


Is home insurance mandatory in Florida?

For Florida residents, home insurance is not mandatory. However, your lender will likely require you to purchase homeowners insurance to protect your assets. In Florida, consider purchasing flood insurance, as the state is prone to frequent flood damage. You’ll also want to make sure your policy covers you adequately against wind and water damage.

Florida’s Cheapest Home Insurance

Several factors affect your home insurance costs, for example, the age of your home and your credit score. The Insurance Information Institute recommends gathering quotes from three insurance companies to compare policies or using an online brokerage tool to compare multiple quotes at once.

More than half of policies written in Florida come from Citizens Insurance. Citizens Insurance was “designed as a ‘last resort’ option but is fast becoming the only option,” according to the Goosehead team.

According hen head:

Source: hen head

Best Florida Home Insurance, Based on Customer Satisfaction

The latest study from J.D. Power – a consumer research firm that conducts consumer surveys – shows that customer service and a home insurance company’s reputation are more important than price to homeowners.

Here’s how home insurance companies ranked when consumers were asked about overall satisfaction:

* USAA is restricted to active military members, veterans and their families.

Source: JD Power 2021 Home Insurance Satisfaction Survey

Using S&P Global Market Intelligence, we have gathered the market share of the following insurance companies in Florida. Market share refers to the total percentage of customers for each vendor in Florida. Allstate holds the largest share of state financial assets in 2019.

Source: 2019 data from S&P Global Market Intelligence

The cheapest home insurance for homes with pools in Florida

Swimming pools are considered an “attractive nuisance” under “other structures” in your home coverage. Having a swimming pool can increase your liability as an owner, thereby increasing your premiums.

Here are some of the cheapest insurers in Florida for homes with pools:

Source: To assure

Cheapest landlords in Florida for homes near the coast

Coastal communities are exposed to frequent natural disasters such as tsunamis and hurricanes. As a result, homeowners in this region face higher insurance rates. Here are some of the cheapest home insurance companies for homes near the coast.

Source: To assure

Cheapest Home Insurance in Florida for Homeowners with Dogs

Owners who own dogs are considered a liability for insurers, especially if their dog is of an aggressive breed. Here are some of the cheapest insurance companies for households with a dog.

Source: political genius

Florida’s Cheapest Home Insurance for homeowners with bad credit

Insurance companies use credit-based insurance to determine your likelihood of filing a claim. If you have a poor

credit score

your premiums could be higher than someone who has

good credit


Here are some of the cheapest home insurance companies for homeowners with bad credit.

Source: political genius

Frequently Asked Questions — Florida Home Insurance

How Do I Add Flood Coverage to My Florida Home Insurance Policy?

Florida is prone to flooding everywhere and all year round. Ask your home insurer if they offer flood insurance. If not, you will need to purchase flood insurance from NFIP approved providers such as National Flood Services. Visit the NFIP website for flood insurance providers.

What are the Florida roofing scams and how does it affect my home insurance costs?

One of the major Florida home insurance scams involves bad faith roofing contracts. Contractors ask you, the homeowner, to pay for a new roof with your insurance, claiming that they can offer a discount for your deductible.

The scammer will have you sign an agreement allowing them to file a claim with your insurer. An adjuster will then visit your property to inspect the “damage” (the reason you filed the claim), and if they find little or no damage, your insurance company will refuse to provide compensation. The dishonest real estate contractor will then sue your supplier for underpayment, and the insurer will either have to initiate legal proceedings or settle compensation out of court.

The roof is not free for two reasons. First, your premiums will increase because you filed a claim for a new roof. And second, everyone who buys insurance will also have to pay for that new roof. As a result, the overall cost of premiums increases for policyholders. Due to a growing number of insurance scams and real estate lawsuits in Florida, insurers are seeing huge losses in net income.

How can I reduce the cost of my home insurance in Florida?

Compare the prices

Shop around and compare quotes each year to see if you can get a better deal elsewhere for the same level of coverage. Note that some insurers may charge you fees for early termination.

Look for discounts

Save on your insurance premiums by bundling several products such as your auto and home insurance policies. Discounts can also reduce your premiums. Insurers usually list the discounts they offer on their websites. Contact your insurance agent to see if you qualify for lesser-known discount opportunities.

Increase your deductible

Raising your deductible from $500 to $1,000 could save you up to 25% on your insurance bill, according to Insurance Information Institute. Be aware that deductibles may be subtracted from your total coverage amount.

Regularly maintain your home

Complaints can significantly increase your premiums and even be grounds for denial. Doing your due diligence in making sure your systems are working properly and identifying early signs of foundation problems will reduce the likelihood of major damage.

Fortify your home against wind damage

Fortifying your home’s structure and roof against wind-related damage can qualify you for wind mitigation discounts, says Gregg. This is especially important in Florida, where hurricanes are frequent and devastating.

Why Credit Scores Affect Insurance Rates | Company


To protect his credit, a customer froze his credit accounts. While this measure protected their credit by preventing anyone from opening a line of credit in their name, they were also concerned about how it would affect their insurance rates. Great question, because in Pennsylvania, credit score can be used to develop an insurance score.

A credit report is specific information relating to a consumer’s use of credit. It contains information such as where you live, how your bills are paid, how much you owe, how long your credit history is, and whether there have been any legal actions such as financial judgments, tax liens or bankruptcy filings.

A credit score is a number based on your credit history that ranks your creditworthiness. The factors in your credit report are multiplied and divided in many ways to arrive at your credit score.

When an insurance company sells your home or auto insurance, they collect information about you and assign you an insurance rating. Companies find insurance scores to be a good measure of your likelihood of filing P&C insurance claims. They are not the same as your credit score, but they are similar.

Assurance scores are made up of many data points. Credit score is just one of them.

Every insurance company has a secret formula for determining insurance ratings. The reason the formula is secret is because of the competitiveness of the industry. The company that can best price a policy based on risk will not only be profitable, but will be able to provide the lowest cost at the best risk. The more data points a company uses, the more accurate the odds, the more accurate the price/risk ratio.

Each insurance company uses your credit report factors differently, so it’s important to shop around to find the best price for your policy. Also, if your insurance company’s agent tells you that you don’t qualify for their best rate because of your credit score, ask what exactly that means.

Remember that a company that only uses a credit score in their formula may not give you the right rate.

In Pennsylvania, companies can use your insurance score when you first take out your policy and can use it when you renew to lower your premium. Insurance scores cannot be used to increase your insurance premium at renewal time.

A good way to keep tabs on your credit information is to check your credit report with all three credit bureaus. Dispute anything you find incorrect – there is no penalty for disputing incorrect information! There are three different credit bureaus.

Some creditors report to only one office, while others may report to more than one.

To make sure your reports stay correct, you might consider ordering a free credit report every four months and rotating your requests to each company. You can now get your credit report for free.

You can contact the credit bureaus individually, or you can get a report of all three through the website: www.annualcreditreport.com.

Bob Hollick is a Washington-based State Farm Insurance agent. His column appears every other Friday in the Observer-Reporter.

Puma Exploration announces a record date as part of a

RIMOUSKI, Quebec, June 09, 2022 (GLOBE NEWSWIRE) — Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the “Company” Where “Puma“) is pleased to announce the expected timing and additional details regarding a previously announced distribution of common stock of Canadian Copper Inc. (“Canadian copper”) (formerly Melius Metals Corp.).

Specifically, in connection with a reduction of its stated capital of $1.5 million, which is based on a deemed price of C$0.25 per Canadian Copper common share and was approved by shareholders of the Company at an extraordinary meeting held on March 9, 2022 (see press release of March 10, 2022), the Company:

  1. distribute a substantial portion of the 6,000,000 common shares of Canadian Copper which were previously issued to the Company (the “Distribution“) to all of its shareholders other than its Beneficial Shareholders who are residents of the United States (the “US shareholders”) and which will be registered as of June 17, 2022 (the “Registration Date”); and
  2. pay in cash, in U.S. dollars, the amount otherwise payable to U.S. Shareholders who will be of record on the Record Date in connection with such reduction in stated capital (the “Cash payment”).

Based on the 107,587,244 common shares of Puma issued and outstanding as of the date hereof and assuming that 7,000,000 common shares of Puma will be held by U.S. shareholders as of the record date, each shareholder of Puma who is not a U.S. Shareholder would be entitled to receive approximately 0.0521 of a common share of Canadian Copper for each common share of Puma held on the record date (equivalent to one (1) common share of Canadian Copper for each approximately 19.178 common shares of Puma)

The final distribution-related exchange ratio and the exact amount of the cash payment that will be payable to US shareholders will both be determined as soon as practicable after the record date.

The distribution and cash payment must take place on or about June 30, 2022.

For more information, please contact Marcel Robillard, President and CEO of Puma.

All conditions precedent under the option agreement with Canadian Copper (the “Option contract”) (see press release of July 6, 2021, November 11, 2021 and February 14, 2022) are now satisfied. Transactions with Canadian Copper under the Option Agreement remain subject to final approval by the TSX Venture Exchange.

Puma has therefore decided to proceed with a reduction of its stated capital for an amount of $1.5 million and to set a record date of June 17, 2022 for the Distribution and the Cash Payment.

Following the distribution, Canadian Copper expects to comply with the public distribution requirements of the Canadian Stock Exchange (the “CSE”) and be able to obtain final approval for CSE registration.

Canadian Copper has obtained a receipt for its final long form non-offering prospectus dated May 24, 2022 (the “Prospectus”) of the Ontario Securities Commission. The prospectus has been filed under the Multilateral Instrument 11-102 Passport System in British Columbia, Alberta and New Brunswick.

Along with its prospectus, Canadian Copper has also received conditional approval from the CSE to list its common shares on the CSE under the symbol “CCI”, subject to the satisfaction of public distribution requirements and final approval by the CSE. CCI’s listing price is expected to be set at $0.25 CAD. A trading date will be determined after confirmation of compliance with the conditions.


Canadian Copper is a Canada-based mineral exploration company with a copper and base metals portfolio of historic resources and base projects. The company is focused on the prolific Bathurst Mining Camp (BMC) in New Brunswick, Canada.

For more information please contact:

Simon Quick,
Director and CEO, (905) 220-6661
[email protected]
[email protected]


Puma Exploration is a Canadian based mining exploration company with precious metals projects located near the famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. The Company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum shareholder value with low share dilution.

Join us on Facebook / Twitter / LinkedIn

Visit www.explorationpuma.com for more information or contact:

Marcel Robillard,
President, (418) 750-8510;
[email protected]

Mia Boiridy,
Head of Investor Relations and Corporate Development, (250) 575-3305; [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This press release may contain forward-looking statements. These forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that may cause Puma’s actual results, performance or achievements to be materially different from any actual future results and achievements expressed or implied. by these forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

How many Americans live paycheck to paycheck? | Credit card


Here’s what it means to live paycheck to paycheck: All of your income goes towards paying your monthly expenses. There is no money left after paying the bills.

About 64% of Americans live paycheck to paycheck, May 2022 study finds loan club investigation.

You might think this is only a problem for those on low incomes. But it can happen to anyone at any income level. In fact, an earlier version of the study also found that 48% of those earning more than $100,000 a year lived paycheck to paycheck.

The inflation rate for the last 12 months ending in April 2022 was 8.3%. High prices could be a factor in rising consumer revolving debt, which includes credit card debt. The of the Federal Reserve The consumer credit report shows there was a 29% increase in revolving debt in March 2022 compared to February 2022.

For some, increased income may not be possible at this time. But whether or not you can find a way to make more money, here are some suggestions to help you survive until your situation improves.

How to Survive the Paycheck-to-Paycheck Life

Living paycheck to paycheck is full of stress. It is almost impossible to build up an emergency fund because there is no money left. It’s like walking on a wire without a net. If a sudden financial crisis occurs, such as an expensive car repair, it could mean credit card debt because your cash flow can’t cover anything more.

Here are some tips to consider if you’re in survival mode:

  • Keep a low interest credit card. If you need to use a credit card as a temporary emergency fund, get the lowest annual percentage rate you can qualify for. It’s not a perfect solution, but it will at least reduce the amount of compound interest on your balance. And you will have the card in hand for emergencies that must be paid immediately.
  • Use a 0% spend APR credit card. If you have a sudden expense, but have time to apply for a new credit card, consider a 0% APR purchase credit card. These cards offer the possibility of reimbursing an expense over 12 to 21 months without accumulating interest. It works best if you know your situation will improve in about a year.
  • Create a ruthless budget. I recognize that it is a painful choice to make. Think of it as a temporary cut until your cash flow improves. Decrease your discretionary spending, which is the purchases or activities you pay for that are nice to have, but not necessary.
  • Look into the secondary scrambles. If you are already working crazy hours, this might not be possible. But if you can swing it, the extra income can give you the relief you need.
  • Ask for a raise. I know this won’t work for everyone, but do some research to see what your market value is. If you’ve worked for your employer for many years, you may learn that you don’t earn what you could earn in the open market. Finding a new job that pays your worth is another option to consider.
  • Get credit advice: Drowning in debt? You can ask for help. I often recommend contacting the National Credit Counseling Foundation. They’ll refer you to an NFCC-accredited counseling agency, and help is available over the phone, online, or in person at no upfront cost.

Once you’re out of survival mode, you can take steps to propel yourself to financial health.

How to Stop Living Paycheck to Paycheck

As I mentioned before, income is not always the main factor. It is possible to have an income of more than $100,000 a year and still be in a catastrophic financial situation. Maybe you’re spending too much or facing medical debt.

Whatever the root cause of your cash flow problems, if you’re making a lot of money and still can’t make ends meet, here are five steps to take.

Limit your expenses

As you can see, the key to surviving the paycheck life is also a key to getting away from it.

Cut your budget and focus on the needs, but save some cheap treats for your own sanity. You’ll take the money you save from this step and apply it to paying off your credit card debt.

This is a temporary cost-cutting measure, so don’t be shaken. Stay focused on the ultimate goal: financial freedom.

Deal with your credit card debt

When you get out of debt, you will feel liberated. The next step to taking back your financial life is to stop using credit cards. Only then can you begin to get rid of your debts. Here are some effective ways to get out of debt and limit the amount of interest you have to pay.

  • Get a credit card with balance transfer. If you still have good credit, transfer balances you have on high APR credit cards to a card with a 0% introductory APR. This is similar to the 0% purchase APR credit card. But with a balance transfer card, you can pay off your balance without paying interest for a year or more.
  • Find out about a debt consolidation loan. If you don’t have good credit right now, you can consider a debt consolidation loan. This combines your debt into one loan. It’s easier because you only have one monthly payment at a fixed rate. Most likely, you will have an interest rate lower than the APR of your credit cards.
  • The debt avalanche method. If the above two options don’t work, try the debt avalanche approach: pay off the debt with the highest APR first. Then you move on to the card with the next highest APR and so on. You pay less interest with this approach.
  • The debt snowball method. You start with the lowest balance and progress to the highest balance. You pay more interest, but those who use it say it motivates them with quick wins.

Create an emergency fund

Start setting aside a little each week for a rainy day fund. Over time this will increase and it will help you deal with emergencies.

It takes time, so hang on to that low-interest credit card you used in survival mode. I hope you won’t need it. But life is unpredictable, so it makes sense to have low-cost options.

Consider a side business

Again, this suggestion will not work for everyone. If you have kids and a stressful job, that’s probably not a good idea. But if you’re in a manageable situation at home, it can generate multiple sources of income. You might even find a side activity that you can do from the comfort of your family room.

Save some treats for yourself

You might think that goes against everything I just said about spending limits. This is not the case !

Add this line item to your budget: budgeted spend. We are talking about little follies.

Instead of a weekly manicure, opt for a monthly manicure. Choose a small treat or two and work it into your budget. Reduce your latte to twice a week and only have one every other week. It would be nice if we could live a truly spartan life and save every penny we could. But depriving yourself of everything usually backfires.

Jim Waters: Best Practices for a Better Kentucky? Debt management


Although significant improvements have been made to Kentucky’s fiscal situation — including significant reforms to its public pension systems — there is still a long way to go to create a Commonwealth that is as “red” in its economic policies as it is in its political representation. .

To its credit, the politically super-red Legislature made strides in that direction at this year’s General Assembly, including a demonstrable commitment to a stable, stronger, and secure economic future with a discussion of “how much to save.” happening with at least as much enthusiasm as the usual conversations about “how much to spend”.

This discussion resulted in the strongest fiscal reserve trust fund in Kentucky history, which occurred – remarkably – in a budget year with notable surpluses and a pile of federal dollars. pandemic relief.

These actions offer the promise of continued momentum to build a strong rainy day fund for future generations.

Jim Waters

Having strong reserves in place to weather economic downturns and natural disasters is a sign of a competitive state.
The same applies to the control and good management of debt.

Concurrent House Resolution 81 (HCR 81), introduced by Owensboro Republican Rep. DJ Johnson during this year’s legislative session, establishes the Debt Affordability Task Force to study debt obligations. Kentucky’s non-retirement debt and report on “best practices” and recommendations for managing the state’s debt moving forward.

Skepticism that Frankfurt could go beyond “studying” to take meaningful action to get its debt under control would be understandable.

But the progress already made in resisting demands from the left to burn excess dollars on new government spending is showing restraint.

Putting those dollars in savings instead offers real hope for meaningful movement in dealing with Commonwealth debt, which now stands at more than $11 billion.

Another reason for optimism is recognition of the progress made by Fitch Ratings, which, as mentioned in Johnson’s resolution, changed the state’s outlook from “negative” to “stable” in May 2021.

But Kentucky has a long way to go to get the kind of credit scores that, like an individual’s credit score, indicate generally sound financial condition and ability to repay debts, which can lead to reduced costs to taxpayers for capital projects.

Even with the recent improvement in its fiscal position, the resolution acknowledges that “Kentucky still has one of the lowest credit ratings in the nation.”

HCR 81 also nods to the Federal Reserve Bank’s warning that “policymakers must carefully balance a state’s capital needs with efforts to keep debt levels affordable.”

Another worrisome development is the increase in spending on government debt service – from $474 million in 2010 to $1.15 billion in the current fiscal year.

Just as people wishing to improve their creditworthiness need to do more than check their credit score from time to time, a valuable service that this task force would provide would be to establish a clear approach to consistently collect, assess and monitor debt. the state.

The more transparent this effort is – ensuring, for example, that taxpayers have full access to the information collected – the more conscientious legislators will gain support from citizens to better report and manage our state’s debt.

Johnson and the UNHCR 81 co-sponsors deserve praise for resisting the “Not Invented Here” syndrome – which often hampers consideration of new ideas – by specifically stating that “identifying and recommending best practices for measuring and publicly reporting debt unrelated to Kentucky pension bonds, the Commonwealth’s ability to repay existing debt, and decisions on the issuance of new debt” would be among the tasks of the new task force.

Best practices for better debt management.

Best practices for a better deal for taxpayers.

Best Practices for a Better Kentucky.

Jim Waters is president and CEO of the Bluegrass Institute for Public Policy Solutions, Kentucky’s free market think tank. Read previous columns at www.bipps.org. He can be reached at [email protected] and @bipps on Twitter.

Today’s stock market news and events: 07/06/2022


Today will bring the foreign trade balance and a consumer credit report.

The following public companies are expected to report results today, June 7:

Academy Sports and Outdoors Inc. (NASDAQ: ASO — $35.57) provides enterprise technical, engineering and information technology (IT) services primarily in the United States. Academy Sports and Outdoors will release its second quarter 2022 results before the bell today.

Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL — $101.89) develops and operates the Cracker Barrel Old Country Store concept in the United States. Cracker Barrel will release its second quarter 2022 results before the bell today.

Dave & Buster’s Entertainment Inc. (NASDAQ:PLAY — $37.25) owns and operates entertainment and dining venues for adults and families in North America. Dave & Buster’s will release its second quarter 2022 results before the bell today.

(A d)

Geologists predict that Nevada could contain 25% of the world’s lithium supply. And with lithium quickly becoming the most valuable (and most important) metal on the planet, Nevada could quickly become one of the wealthiest states in the United States…

G-III Apparel Group Ltd. (NASDAQ: GIII — $27.36) designs, sources and markets women’s and men’s apparel in the United States and around the world. G-III Apparel will report its second quarter 2022 results before the bell today.

Hello Group Inc. (NASDAQ: MOMO — $6.26) provides mobile social and entertainment services in the People’s Republic of China. Hello Group will release its first quarter 2022 results before the bell today.

The JM Smucker Co. (NYSE: SJM – $123.26) manufactures and markets branded food and beverage products worldwide. JM Smucker will release its second quarter 2022 results before the bell today.

REV Group Inc. (NYSE: REVG — $12.17) designs, manufactures and distributes specialty vehicles and related replacement parts and services in the United States, Canada, Europe, Africa and around the world. REV Group will release its second quarter 2022 results before the bell today.

United Natural Foods Inc. (NYSE: UNFI — $44.91) distributes natural, organic, specialty, produce, and conventional grocery and non-food products in the United States and Canada. United Natural Foods will release its second quarter 2022 results before the bell today.

Casey’s General Stores Inc. (NASDAQ: CASY — $207.32) operates convenience stores under the names Casey’s and Casey’s General Store. Casey’s General will release its second quarter 2022 results after today’s close.

Guidewire Software Inc. (NYSE: GWRE — $79.48) provides software products to P&C insurers worldwide. Guidewire Software will report its second quarter 2022 results after today’s close.

Smartsheet Inc. (NYSE: SMAR — $39.14) provides a cloud-based enterprise platform to plan, capture, manage, automate and report on the work of teams and organizations. Smartsheet will report its second quarter 2022 results after today’s close.

Torrid Holdings Inc. (NYSE: CURV — $5.54) operates in the plus size women’s apparel and lingerie market in North America. Torrid will release its second quarter 2022 results after today’s close.

Verint Systems Inc. (NASDAQ: VRNT — $51.86) provides customer engagement solutions worldwide. Verint Systems will report its second quarter 2022 results after today’s close.

Looking ahead to tomorrow, a review of wholesale inventories is expected.

All economic dates shown here are tentative and subject to change.

There is simply no options strategy that more perfectly approaches trading the most volatile and fastest-moving stocks available in the market than this one. Be sure to brush up on the basics of how to trade verticals now:

7 great biotech stocks to buy while waiting for better days

The biotechnology (biotech) sector was one of the best performing sectors in 2020. Many companies saw their stock prices rise as the race for the Covid-19 vaccine was on.

However, many of these companies were pre-revenue companies. Or they were companies that only had one or two products or therapies on the market. And as the calendar turned to 2021, investors took notice. And what went up came down fast. And in the case of the biotechnology sector, it has been difficult.

One way to tell is to look at biotech ETFs. One of the most popular ETFs, the VanEck Vectors Biotech ETF (NYSEARCA:BBH) is down more than 15%. So you can imagine what that looked like for many individual biotech stocks. If you’re a buy-and-hold investor, you’re healing wounds right now.

But investors who knew which companies to buy did well. And many of these names will continue to dominate the biotech sector in 2022. In this special presentation, we offer investors seven biotech stocks that represent different aspects of this diverse sector. We believe there is something for investors of all risk tolerances.

Check out “7 Great Biotech Stocks to Buy While Waiting for Better Days”.

W&T Offshore’s first quarter earnings: unique approach to hedging (NYSE: WTI)

Imaginima/E+ via Getty Images

I am currently exploring stocks whose prices are exposed to the energy market, particularly thermal coal and natural gas. Both baseload energy sources have seen dramatic price increases since the invasion of Ukraine, yet the market still seems to discount the possibility of a prices close to current levels. I found cheap and limited bearish action in Unitary company (OTCPK: UNTC) but kept looking for something with more torque on the upside. The name that caught my attention is W&T Offshore (NYSE: WTI), in part due to their unique approach to cover.


To frame WTI’s story, consider their production forecasts and hedges for FY22:

WTI Guidance

WTI Guidance (WTI Q1-22 Press Release)

WTI hedges

WTI hedges (WTI Investor Presentation)

WTI hedges

WTI hedges (WTI Investor Presentation)

WTI was to hedge a substantial portion of its natural gas production in cooperation with its current loan agreements; however, to maintain market price exposure, they purchased a natural gas call bundle through 2025 for around $20 million. Only the current quarter portion is now worth more than $40 million at current spot prices. In their own words:

For the remainder of 2022, W&T is 28% hedged for oil and fully hedged for natural gas. The Company has also purchased natural gas call options with a weighted average strike price of $3.78 per MMBTU covering approximately 88% of its expected natural gas production for the remainder of 2022; these call options help offset the Company’s other natural gas hedges and allow W&T to capture a significant portion of natural gas price increases.

WTI did not benefit as much from the repricing of these calls in Q1 as it did in Q2 (see natural gas spot price table below) and futures prices:

Natural Gas Spot Pricing

Natural Gas Spot Pricing (Looking for Alpha)

The WTI production forecast also reflects that the first quarter will be its weakest production of the year, partly due to recent acquisitions.

Let’s take a look at the WTI forecast for the second quarter at the midpoint of the forecast above:


  • 1,388,000 barrels of oil, including 238,000 sold forward at $48.20 and 236,000 sold at $55.28. We can assume that the balance is sold at $110.

  • 390,000 barrels of NGL, uncovered. Assume a realization of $50.

  • 11,175 MMCF of natural gas, 1,296 sold at $2.56, 4,250 at $3.06, 7,200 at $2.49 (fully hedged, ~1,500 MMCF not produced against hedges). Calls made at $8 and I cleared gas not produced for $8 million.

Turnover (M)







Calls sold


Total income












Net revenue


standardized EPS


(Source – Company Tips, Spot Price)

Given that the Street estimates second-quarter revenue at $240 million and EPS of $0.47, that doesn’t seem set for a major earnings beatdown — unless WTI provides the high end of the forecast. as they did in the first quarter. There will also be significant bets and takes marking their hedging book in the market, so GAAP to the above estimates may look different.


Based on the guidance above, WTI should trade around 4x PE if a Q2-22 annualized. They also have about $500 million in net debt and nearly half a billion in asset retirement obligations that will eventually need to be addressed, implying a ~$2 billion in enterprise value. The company made $220 million in FY21 adjusted EBITDA and $91 million FCF, suggesting it’s trading at 10x and 20x multiples in a more normalized environment, but also ignoring its production growing. annualized Q1-22 EBITDA and FCF were $359m and $188mgenerating less demanding 6x and 11x multiples for what should be their lowest production and achievement quarter of the year.

Note – I am not adjusting the EV for the millions of in-the-money natural gas calls.


WTI Reserves

WTI Reserves (WTI Investor Presentation)

In support of the above assessment, at a weighted average lagged price of oil at $77.42 and gas at $4.66, WTI still has proved reserves well above their current VE at a rate 10% discount. Management materials explain how they have historically been able to produce reserve levels above SEC guidelines due to the nature of the sandstone formations in the gulf:

Growth of WTI reserves

Growth of WTI reserves (WTI Investor Presentation)


One of the unique characteristics of WTI is their concentration of ownership, as Founder, Chairman and CEO Tracy Krohn holds 48 million shares (~34%) and exercises significant control over the company through this interest. This type of insider ownership is not something you often see in energy, which has allowed WTI to pursue growth initiatives at a time when most public E&P is focused on returns. of capital, reflecting their belief in what will best increase shareholder value.

Insider ownership

Insider ownership (WTI Investor Presentation)

Interestingly, from the 2008 energy crash through 2014, WTI has paid out over $350 million in dividends, demonstrating its ability to take care of shareholders through a cycle.

Upward bonus

A previous article has comments highlighting a possible unique advantage over WTI. The WTI well is expected to begin drilling in Q4 22, “Holy Grail” is a new well from Callon Energy’s 2008 effort which was sidelined by the energy crash. Expectations were for 22,500 boe per day of two wells in the field, which will probably end up looking optimistic, but still demonstrates that there could be significant growth in bringing this well online. This, with recent acquisitions and the deployment of hedges, demonstrates that WTI is a rare energy growth story and a very attractive way to play on expectations of higher and sustained energy prices.

WTI has also developed joint ventures with deep-pocketed investors, including current efforts with HarbourVest (OTCPK:HVPQF) and Baker Hughes (BKR), and a recently announced agreement with Korea National Oil. These agreements allow WTI to access capital without significant financial exposure, with opportunities to increase their returns through execution.

Since WTI has natural gas calls of 30 million, 25 million and 23 million for the remainder of 2022, 2023 and 2024, if the price of natural gas were to reach $16, these calls would equal the full capitalization the company’s $1 billion stock market, given their ~$3.50 strike. This excludes the profitability of the company’s current operations with gas hedges in place, partially unhedged oil and NGL production, and future acquisition growth.

It’s generally best to avoid taking a firm stance on where commodity prices are headed, but there are cases that suggest gasoline at $20 and above is more likely than a return to $3. in the short term, because Shale production in the United States does not progress as expected. If this prediction comes true, WTI should be one of the best performing stocks in the market.


  • WTI is focused on growth through acquisitions and new exploration, so poor execution on either front could lead to value destruction.

  • WTI has an ATM of $100 million to use if needed in connection with an acquisition or refinancing (possible 10% dilution to $8 share price). This risk would be more acute if there were not significant insider participation.

  • No return on capital programs are currently running, unlike most public E&Ps.

  • WTI strongly hinted during their last earnings call that they were approaching a refinancing of their 9.75% Notes Due 2023. I expect the outcome of a refinance to be strongly positive, but the execution risk remains until it is completed.


The The history of W&T Offshore is quite simple – grow the business, increase production, maintain exposure to rising energy prices. WTI hedges offer some downside protection if prices crash, but buying WTI is primarily a bet on continued energy strength.

CFPB calls for credit card issuers to provide actual payment histories | Cadwalader, Wickersham & Taft LLP


In a blog postthe Consumer Financial Protection Bureau (“CFPB”) disclosed that it had letters sent request information from credit card issuers about why actual payment histories are often not reported to credit bureaus.

To date, a combination of systems, technology and operational issues has generally prevented the provision of this information by credit card issuers, who report monthly on the status of credit card accounts. Under the Fair Credit Reporting Act, companies that have consumer credit usage information have the ability to “provide” that information to the credit bureaus. However, the CFPB interpreted a creditor’s failure to report information to the credit bureaus as potentially misleading (see Review Procedures, FCRA, page 53). As a result, this CFPB investigation appears to set the stage for the CFPB to conclude that failure to provide actual payment histories to credit bureaus is also potentially misleading. Although the CFPB to research on this topic from 2020 suggests that including actual payment histories could increase consumer credit scores by up to 20 points, this level of granular detail could also be potentially problematic for credit applicants.

What precautions should be taken to guard against identity theft?


While online payments and digital wallets have made life easier and much more convenient for all of us, they have also led to an increase in digital scams, including identity theft.

Anurag Sinha, Co-Founder and CEO of OneScore and OneCard says, “Usually these transactions go unnoticed and the person doesn’t know until the lender starts chasing them for repayment.

This is another important factor why it is important to continue monitoring your credit score regularly.

How can checking your credit score regularly prevent identity theft?

There are several free platforms available online that give you access to a free credit score and show your detailed payment history and discrepancies, if any, in your credit profile that could potentially lower your credit score. Discrepancies can be many – “closed accounts flagged as open, accounts incorrectly flagged as overdue or overdue, or the same debt listed more than once (possibly with different names with similar spellings to yours) are a few of these, if not dealt with in a timely manner can have a serious impact on one’s credit rating,” says Sinha.

For example, if there are any loans opened under your name that you are not personally aware of, you should immediately report it to your credit bureau for the same to be rectified. The overall rectification process takes between 45 and 60 days.

Sinha points out, “Proactive monitoring and immediate reporting of such errors can therefore prevent fraud or financial loss.”

Precautions to take to guard against identity theft

According to experts, identity theft or phantom loan cases have become very common these days and can happen to anyone.

Here are some tips and tricks you can adhere to to protect yourself against such scams;

Regular credit score monitoring – Regularly checking your credit score and reading your credit report can help you identify discrepancies that already exist or could potentially affect your credit score. Therefore, “Proactive credit score monitoring will provide everyone with the opportunity to take ownership of the situation and employ immediate measures to bring the situation under control before the damage becomes irreparable,” Sinha says.

Avoid downloading/registering with an unregistered lender – Unverified lending apps and portals can get you in big trouble. Sinha points out, “These apps can collect crucial banking data which can then be used to trick someone into financial fraud. It is always advisable to apply for credit only when needed and through a credit verified lender.

Sign up for mobile banking alerts – Signing up for SMS alerts/notification for all your banking transactions can be an ideal way to keep digital frauds like identity theft at bay. According to experts, they can help you do a thorough check of any unauthorized transactions while keeping you updated on your account activities.

Avoid using public/unencrypted wifi – Submitting your personal information/banking credentials for certain transactions using an unencrypted or public Wi-Fi network can help hackers gain access to your private information. Sinha explains, “Use of public wifi should be avoided for any financial/banking transactions and they should only be done via personal devices and internet connection.”

Australian grocery delivery startups face funding challenges as venture capital pulls out | gig economy


Downtown residents who like to have their groceries delivered within 10 minutes from services like Milkrun should take advantage while it lasts.

Analysts say rising inflation and interest rates have made venture capitalists – who over the past decade have been willing to invest billions of dollars in “disruptive” companies like Uber in case they can ever make a profit – much more conservative with their cash.

Two companies offering fast delivery of groceries to some suburbs of major Australian cities have collapsed in the past two months: Send, which promised 10-minute delivery in Melbourne, and the smaller Quicko, which operated in Sydney and allowed himself two hours. to get to the door.

The collapses leave Milkrun, which operates in Melbourne and Sydney and is backed by investors such as Atlassian billionaires Mike Cannon-Brookes and Scott Farquhar, and Voly, which operates in Sydney, battling it out for grocery orders.

Both are backed by venture capital funds that have raised large sums of money: $85 million in the case of Milkrun and $18 million for Voly. But Send’s collapse shows that startups can burn through cash almost as quickly as they can deliver fruits and vegetables.

A report to creditors filed with the Australian Securities and Investments Commission by Send’s directors Matthew Kucianski and Matthew Jess of Worrells shows he burned a total of $11 million in the eight months over from which it was negotiated.

As sales increased, losses also increased. In October of last year, Send had sales of $8,113 and recorded a loss of over $658,000. By March, sales had exploded more than 50 times, to almost $417,000 per month, but losses also soared, to $2.38 million per month.

According to a report filed with Asic, the main expense incurred by Milkrun competitor Send was on personnel. Photograph: Blake Sharp-Wiggins/The Guardian

Trustees said staff costs of $5.5 million were the top expense during the eight-month period.

“The large salary expenses incurred are associated with the business model of the 10-minute grocery delivery business, as the business needed to employ a large number of employees in order to meet its business model,” they said in The report.

“As a result, despite management’s attempts to reduce the losses incurred, it is clear that without external financing, the business model of the company was not sustainable.”

Patrick Coghlan, managing director of credit reporting group CreditorWatch, said early-stage companies may find it harder to secure crucial funding as they seek to turn a profit.

“Supply chain issues, interest rates, inflation; they’re going to be talking points for at least six months,” he says.

“So we’re not going to see a silver bullet, and it’s just going to put pressure on companies that depend on raising capital to stay alive, fundamentally, not even for continued growth.

“If you’re… a business that needs a fundraiser right now, and there’s no obvious path to profitability, then you’re probably going to struggle.”

Even large supermarkets – experts in warehousing and logistics – have struggled with home delivery, which has exploded during Covid shutdowns over the past two years. Neither Coles nor Woolworths offer to deliver as quickly as 10 minutes. Instead, delivery slots that can last several hours are reserved hours or days in advance.

Even then, while both make money from their online shopping services, the margins are thinner than what they enjoy in-store.

Woolworths, which led the charge online, suffered the biggest margin erosion from the change, analysts at investment bank UBS said in a note to clients in April.

Businesses like home delivery are expensive to start and run. In addition to staff, they need a network of warehouses close enough to customers to make deliveries – and the faster the deliveries are supposed to be, the more warehouses are needed.

Milkrun Delivery Rider on Bike
Milkrun founder Dany Milhan says “our ambitions have not been dampened by recent examples of [grocery delivery services] poorly managed and executed”. Photograph: Blake Sharp-Wiggins/The Guardian

Coghlan says the costs involved mean transportation-heavy companies need to be able to get big to survive.

“If you look at it from an investment or venture capital perspective, you need scale, and that takes a lot of investment until you actually reach profitability,” he says. .

“The most extreme version – although it’s not about deliveries – is Uber. Ten years later, no matter what they spent, [they’re] still not necessarily profitable – and no doubt they have a global scale.

He says Australian suburban sprawl has also challenged delivery businesses.

“Australia [is a place] where you don’t have a huge density of people like you would in, say, New York and other big cities around the world, you’re more spread out.

“So how many of these companies can actually survive? Is this some sort of winner-takes-all scenario? »

Voly co-founder Mark Heath could not be reached for comment.

However, Milkrun founder Dany Milhan says “his company’s business model is definitely sustainable and we are outperforming initial forecasts and projections.”

He rejected any comparison with Send or Quicko. “Companies enter government every day in categories where competitors are thriving and doing extremely well,” he says.

“We have (confidentially) reviewed Send’s financial information and can confirm that we are a materially different company in all respects.

“The fundamentals of scaling this business model have not changed since its launch eight months ago and our ambitions have not been dampened by recent examples of poor management and execution.”

You Should Consider These 6 Things Before Getting A Mortgage MyrtleBeachSC News


When you’re ready to buy a home, one of the most important decisions you’ll make is whether or not to get a mortgage. A mortgage is a loan that uses your home as collateral, which means your home will be at risk if you can’t make your payments. For most people, a mortgage is the best way to finance a home because it offers the lowest interest rates and the most flexible repayment terms. However, the whole process can be very confusing and complicated, especially if it’s your first time. That’s why it’s important to understand all the details of a mortgage loan before signing on the dotted line. Here are the six most important factors to consider:

Your credit score

Your credit score is one of the most important factors when it comes to getting a mortgage. A good credit score means you’ll get a lower interest rate and it’ll be easier to qualify for a mortgage. Your credit score is determined by your history of borrowing money and repaying debt. If you have a history of missed payments or defaults, your credit score will be lower. That’s why it’s important to make sure you always pay your bills on time and don’t borrow more than you can afford. You can also improve your credit score by adding a cosigner to your loan or enrolling in a credit enhancement program.

Mortgage rates

Mortgage rates fluctuate all the time, so it’s important to keep up to date with the latest rates. There are two main types of mortgage rates: fixed rate and adjustable rate. A fixed rate mortgage has an interest rate that stays the same for the life of the loan, while an adjustable rate mortgage has an interest rate that can change over time. Variable rate mortgages generally have lower interest rates than fixed rate mortgages, but they can also be riskier. On the other hand, fixed rate mortgages are more predictable, which may make them a better choice for some borrowers. However, to get the lowest fixed mortgage rates, you may need to pay discount points. These are one-time fees paid at closing in exchange for a lower interest rate.

The amount of your deposit

The amount of your down payment is another important factor when it comes to getting a mortgage. Most mortgages require a advance payment at least 20%, although some programs offer mortgages with down payments as low as 5%. The larger your down payment, the lower your interest rate will be. That’s why it’s important to save as much money as possible for your down payment. You can also use the money you save to pay for other costs associated with buying a home, such as closing costs and fees.

Your work history

Your work history is another important factor when it comes to getting a mortgage. Lenders want to see that you have a stable income and a good work history. Most lenders require at least two years of work experience, although some programs may require more. If you are self-employed, you may need to provide additional documents, such as tax returns, to prove your income. If you have been unemployed for a long time or are used to changing jobs, it will be more difficult for you to obtain a mortgage. That’s why it’s important to have a stable job before applying for a mortgage. You can also improve your chances of getting a mortgage by having a co-signer who has a good work history.

Mortgage conditions

The term of your mortgage is another important factor to consider. Mortgage terms can range from 10 to 30 years, with the most common being 15 and 30 years. The longer your mortgage term, the lower your monthly payments will be. However, you will also pay more interest over the life of the loan. That’s why it’s important to choose a mortgage term you’re comfortable with. If you are thinking of selling your home or refinancing your mortgage before the end of the loan term, a shorter term mortgage may be a better choice.

Mortgage insurance

Mortgage insurance is required for all mortgages with a down payment of less than 20%. Mortgage insurance protects the lender if you default on your loan. The mortgage default insurance premium is paid by the borrower, and it can be a one-time closing fee or an annual premium that’s added to your monthly payment. Mortgage insurance typically costs between 0.5% and 1% of the loan amount, and if you have a down payment of less than 20%, you may also need to pay PMI or private mortgage insurance. Whether or not you have to pay PMI, all borrowers are required to have homeowners insurance and it’s important to factor this cost into your budget when considering a mortgage so you don’t overpay for your home.

While there are many factors to consider when applying for a mortgage, these six are some of the most important. By taking the time to understand each of them, you can be sure you’re getting the best mortgage for your needs. And if you need help, don’t hesitate to contact a mortgage advisor who can guide you through the process.



Stop saving if you want a credit card, ANZ tells high-earning Wellington woman


All Louise Giles and her husband Stewart Boyce wanted was a modest change to their credit card arrangements with their ANZ bank.

What followed was a long, sometimes bizarre forensic financial examination and the bank’s humiliating ‘no’, which stunned the Wellington couple, who have their own home, have savings and both earn incomes six digits.

The bank has since backtracked on that ‘no’ and apologised, blaming an ill-trained member of staff and stricter responsible lending rules introduced by the government on December 1.

The couple, who manage their finances jointly, already had a credit card with ANZ with a credit limit of $15,500, which they always paid off in full without fail, every month.

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It was in Boyce’s name, with Giles as an additional cardholder, and they used it to pay for their regular living expenses.

But they decided to get a second card to maximize both cash back and Airpoints rewards.

They didn’t want a higher credit limit. They wanted two cards, one with an $8,000 limit and the other with a $7,500 limit.

Most banks will still issue joint credit cards, but they may charge additional fees. ANZ no longer issues joint credit cards. There are risks in going into debt on a credit card with another trusted person.

It was smart banking, and the couple thought it would be a simple request, but Giles’ call to ANZ, which started at 11 a.m. on Saturday May 28, lasted until 1 p.m.

She and her husband, who worked for ANZ and had a mortgage with the bank on their house, were stunned to learn that what they wanted was not possible.

“We should keep the first card with the same credit limit and apply for a second card, increasing our overall credit limit,” she said.

“I was annoyed because it wasn’t what we wanted, but if that was the only way to get a second card, so be it,” she said.

The higher credit limit was not a problem for them, as they had no intention of using it.

But Giles said: ‘What ensued was a harrowing two hours on the phone as they went over every transaction on our account over the past six months.

“These are transactions with them because they are the one and only bank we use. After two harrowing hours, the computer logarithm’s response was ‘no’. My husband and I were furious and humiliated.

Part of the problem is that ANZ does not offer joint credit cards for couples. Each card must be in the name of one or more partners, with the other person added as an additional cardholder.

Some of the most excruciating minutes of the two-hour ordeal were ANZ trying to figure out what ‘his’ expenses were, despite the couple managing household finances together.

ANZ does not issue joint credit cards, even to married couples, and says it has not done so for 15 years.

David White / Stuff

ANZ does not issue joint credit cards, even to married couples, and says it has not done so for 15 years.

When the application was denied, Giles requested that the matter be checked by a senior executive, but this led to another surprise.

A few days later, Giles received a call from a bank official.

“The good news was that he could approve the second credit card, but only on the promise that we would stop saving money in our savings account every fortnight,” Giles said.

“The fact that we could prove that we paid off our credit card in full each month, as well as money saved in our savings account fortnightly, was seen as a negative,” he said. she declared.

“We had to promise to stop saving and then we could get the second card approved. My husband was a bank manager for over 20 years and couldn’t believe the stupid anti-logic the bank was using.

After being contacted by ThingsANZ apologized to the couple and gave them the credit card arrangement they originally wanted.

An ANZ spokesperson said: “We also regret that the conversation could have been interpreted in a way that suggests the customer should stop saving.”

She said that following recent changes to the Responsible Lending Act, lenders must capture savings and investments as an expense.

“We expect changes to be made to the … regulations soon to clarify that lenders are no longer required to capture savings and investments as an expense in affordability assessments,” she said. .

She also denied that ANZ’s processes struggled to deal with couples who shared their finances.

Although delighted to now have the card she wanted to issue him, Giles remains in disbelief that ANZ does not have a “reminder” on its phone system, and instead makes customers wait in a queue until a member of the call center staff is free.

“There is no benefit or need for people to sit on hold,” she said.

ANZ has earned enough money to pay for a reminder system, she says, and it would show that it understands that its customers’ time is valuable to them.

The ANZ spokesperson apologized for Giles’ time on hold.

MONEY CLINIC | I am under debt review. What happens to my credit report afterwards?


It is important to continue monitoring your credit report for the next six months after leaving the debt review. If you see any paid payments appear, report them immediately to the credit bureau.

With many South Africans struggling to make ends meet and keep their credit records in good shape, it’s no surprise to consider a debt review to resolve a debt problem. But what exactly are the implications of the process on our credit records?

According to Sebastien Alexanderson, Founder and Debt Advisor at National Debt Advisors, one of the main determinants of whether your credit application is approved or rejected is a credit report – arguably the most important aspect of any transaction. credit.

Alexanderson explains what a credit report is and the impact a debt review has on your credit report.

What is a credit report and why is it important?

If you’ve ever taken out credit, whether it’s a loan, credit card, chattel account, auto finance, and surety, you’ve probably heard of a credit report or a credit score. While your credit score is a consolidated assessment of your creditworthiness, your credit report is the detailed and objective record of all your credit transactions that is used to determine credit score.

Compiled by registered credit bureaus, your credit report is considered an unbiased measure of your financial responsibility and can be used in a variety of life situations, from opening a clothing account to buying a home and even applying for a new job.

What happens to your credit report when you undergo a debt review?

You are declared over-indebted and reported as a debt review client to the credit bureaus during your debt review. This prevents you from taking out more credit, as the debt review aims to help you clear existing debt.

Once the debt review process is complete, a debt counselor will issue a clearance certificate. This can be used to remove the debt review indicator from your credit report update and reset your credit score to zero.

How long does it take to obtain a debt clearance certificate?

Debt counseling is a legal and regulated process and therefore, like any other legal matter, it can only be officially closed through a court proceeding. Once you have paid off all of your debts and your debt counselor has requested and received your clearance certificate, they have seven days to submit it to the credit bureaus to clear your file.

The credit bureaus themselves also have seven days to remove the debt review flag from your file and update on their end that your debt review file is closed. The whole process should therefore take about 21 days.

Life after the debt review, the window period

Once you have completed your debt review program, all debts that have been paid through the debt review should show as “paid” on your report, and your credit score should be reset to zero. The only record that appears on your credit report after your clearance certificate is issued is your payment history which may remain on your report for up to two years.

That’s why it’s important to continue monitoring your credit report for the next six months after you exit the debt review. If you see any settled payments showing up, report them to the credit bureau immediately, says Alexanderson.

Re-entering the credit market: a beginner’s guide

Due to the devastating impact of over-indebtedness on our mental health, debt counseling is often a lifeline at a time when you need it most. It’s like being rescued from near drowning and then receiving free swimming lessons to take with all the experience.

This is one of the main benefits of going through the debt review process. As a debt review client, you come out of the debt review process with an increased knowledge of the importance of sound financial habits like budgeting, saving, investing, and underwriting. of insurance. With these skills in place, you are now ready to start over and face the scary world of the credit market once again.

However, before diving into the depths, remember that your credit report is now at zero; therefore, you are still not ready for major purchases on credit such as a car or a house. So if you want to acquire more credit, start slowly and monitor your credit movements and their impact on your credit report.

Questions may be edited for brevity and clarity.


The following discussion and analysis of financial condition and results of operations are based on our consolidated and combined financial statements, which have been prepared in accordance with GAAP. The following information should be read in conjunction with our financial statements and related notes included in Section 1. Financial Statements.

Executive Overview

Victoria's Secret is an iconic global brand of women's intimate and other
apparel, personal care and beauty products. We sell our products primarily
through two brands, Victoria's Secret and PINK. Victoria's Secret is a
category-defining global lingerie brand with a leading market position and a
rich, 40-year history of serving women across the globe. PINK is a lifestyle
brand for the college-oriented customer, built around a strong intimates core.
We also sell beauty products under both the Victoria's Secret and PINK brands.
Together, Victoria's Secret, PINK and Victoria's Secret Beauty support, inspire
and celebrate women through every phase of their life.

Victoria's Secret and PINK merchandise is sold online through our e-commerce
platform, through retail stores located in the U.S., Canada and China, and
through international stores and websites operated by partners under franchise,
license, wholesale and joint venture arrangements. We have a presence in over 70
countries and we believe we benefit from global brand awareness, a wide and
compelling product assortment and a powerful, deep connection with our

In the first quarter of 2022, our operating income was $94 million as compared
to $226 million in first quarter of 2021, and our operating income rate was 6.3%
as compared to 14.5% last year. The operating income decrease in the first
quarter of 2022 as compared to the first quarter of 2021 was primarily driven by
a decrease in net sales and merchandise margin as compared to the first quarter
of 2021. Merchandise margin in the quarter as compared to last year decreased
approximately $80 million as a result of incremental supply chain and
inflationary cost pressures. Additionally, the decrease in net sales and
merchandise margin in the quarter was driven by incremental net sales and
merchandise margin recognized in the first quarter last year as a result of
federal stimulus benefits. Net sales decreased $70 million, or 5%, to $1.484
billion compared to $1.554 billion in the first quarter of 2021. Our North
American store sales decreased $2 million, to $931 million compared to
$933 million in the first quarter of 2021. In our North American stores, an
increase in traffic in the first quarter of 2022 as compared to the first
quarter of 2021 was offset by a decrease in conversion (which we define as the
percentage of customers who visit our stores and make a purchase). Our direct
channel sales decreased by 19%, or $100 million, to $421 million compared to
$521 million in the first quarter of 2021, primarily due to a decline in traffic
and average unit retail (which we define as the average price per unit

————————————————– ——————————


We remain committed to our brand transformation focused on evolving our
positioning and promoting inclusivity and diversity, which we believe will allow
us to attract new customers while also deepening our connection with existing
ones. We will continue our advocacy for women, our commitment to being best at
bras, and our focus on enhancing the customer experience. We plan to continue to
enhance our omni-channel capabilities and personalization, increase our "store
of the future" footprint and expand internationally into new markets while
growing our digital presence. We will continue to search for new growth
opportunities, including new brands we develop as well as partnerships with
existing brands that help us attract new customers and better meet the needs of
existing ones. This will include continuing to partner and invest in women-led
companies that are potential sources of growth, either in revenue or customer
goodwill, or both.

We continue to focus on maximizing our performance and leveraging the strength
of our brands and connection to our customers. Despite the supply chain cost and
macroeconomic pressures we expect to continue to face, we are confident in our
opportunities and remain committed to delivering long-term sustainable value for
our shareholders.

For more information on our first quarter 2022 financial performance, see “Operating Results”.

Impacts of the Victoria’s Secret spin-off

The spin-off of Victoria's Secret & Co. into an independent, publicly traded
company was completed on August 2, 2021. We believe the spin-off will enable us
to maximize management focus and financial flexibility to thrive in an evolving
retail environment and deliver long-term profitable growth.

In connection with the Separation, we expect incremental, future capital and
expense related to the implementation of new information technology platforms.
We currently estimate that our total incremental expenditures could be $100
million to $150 million over the next several years. These estimated costs will
consist of internal and external labor, software licensing, networking, security
and physical infrastructure required to separate the current information
technology capabilities (systems and infrastructure) in support of two
independent companies. Such estimates are subject to change as our work
continues. We will provide technology services to the Former Parent under the
transition services agreements while independent systems environments are
created, which we believe will help to minimize dis-synergies. The above
estimates are preliminary in nature, are based solely on information available
to us as of the date of this quarterly report and are inherently uncertain and
subject to change.

Impacts of COVID-19

The coronavirus pandemic has created significant public health concerns as well
as economic disruption, uncertainty and volatility. We remain focused on the
safe operation of our business, including our stores, distribution, fulfillment
and call centers. There remains the potential for COVID-19-related risks of
closure or operating restrictions, as well as risks related to delays or
disruptions in our supply chain and related pricing impacts, which could
materially impact our operations and financial performance in future periods.

presentation basis

Our financial statements for periods through the Separation date of August 2,
2021 are combined financial statements prepared on a "carve-out" basis, which
reflects the business as historically managed within the Former Parent. The
balance sheets and cash flows for the periods prior to the Separation include
only those assets and liabilities directly related to the Victoria's Secret
business, and the statements of income include the historically reported results
of the Victoria's Secret business along with allocations of a portion of the
Former Parent's total corporate expenses. Our financial statements for the
period from August 3, 2021 through April 30, 2022 are consolidated financial
statements based on our reported results as a standalone company. For additional
information on the "carve-out" basis of accounting, see Note 1, "Description of
Business, Basis of Presentation and Summary of Significant Accounting Policies."

  Table of Contents
Adjusted Financial Information

In addition to our results provided in accordance with GAAP above and throughout
this Form 10-Q, provided below are non-GAAP financial measures that present
operating income, net income attributable to Victoria's Secret & Co., and net
income per diluted share attributable to Victoria's Secret & Co. on an adjusted
basis, which remove certain special items. We believe that these special items
are not indicative of our ongoing operations due to their size and nature. We
use adjusted financial information as key performance measures of results of
operations for the purpose of evaluating performance internally. These non-GAAP
measurements are not intended to replace the presentation of our financial
results in accordance with GAAP. Instead, we believe that the presentation of
adjusted financial information provides additional information to investors to
facilitate the comparison of past and present operations. Further, our
definition of adjusted financial information may differ from similarly titled
measures used by other companies. The table below reconciles the GAAP financial
measures to the non-GAAP financial measures.

                                                                                     First Quarter
(in millions, except per share amounts)                                          2022                2021

Reconciliation of Reported Operating Earnings to Adjusted Operating Earnings Reported Operating Earnings – GAAP

                                           $          94          $   226
Occupancy-related Legal Matter (a)                                                    22                -
Adjusted Operating Income                                                  

$116 $226

Reconciliation of Reported to Adjusted Net Income Attributable to Victoria's Secret & Co.
Reported Net Income Attributable to Victoria's Secret & Co. - GAAP         $          81          $   174
Occupancy-related Legal Matter (a)                                                    22                -
Tax Effect of Adjusted Items                                                          (6)               -
Adjusted Net Income Attributable to Victoria's Secret & Co.                

$97 $174

Reconciliation of net income to adjusted net income per diluted share attributable to Victoria’s Secret & Co. reported net earnings per diluted share attributable to Victoria’s Secret & Co. – GAAP

                                                                 $        0.93          $  1.97
Occupancy-related Legal Matter (a)                                                  0.19                -
Adjusted Net Income Per Diluted Share Attributable to Victoria's Secret &
Co.                                                                        $        1.11          $  1.97

(a)In the first quarter of 2022, we recognized a pre-tax charge of $22 million
($16 million after-tax), included in buying and occupancy expense, related to a
legal matter with a landlord regarding a high-profile store that we surrendered
to the landlord prior to the Separation. For additional information see Note 14,
"Commitments and Contingencies" included in Item 1. Financial Statements.

Store data

The following table compares company-operated store data from the first quarter of 2022 in the United States to the first quarter of 2021:



                                                       2022         2021        % Change
        Sales per Average Selling Square Foot (a)    $   158      $   154           3  %
        Sales per Average Store (in thousands) (a)   $ 1,096      $ 1,064           3  %
        Average Store Size (selling square feet)       6,943        6,885           1  %
        Total Selling Square Feet (in thousands)       5,589        5,790          (3  %)


(a)Sales per average selling square foot and sales per average store, which are
indicators of store productivity, are calculated based on store sales for the
period divided by the average, including the beginning and end of period, of
total square footage and store count, respectively.

  Table of Contents
The following table represents store data for the first quarter of 2022:

                                                      Stores at                                                       Reclassed to                 Stores at
                                                   January 29, 2022            Opened            Closed            Joint Venture (a)             April 30, 2022
U.S.                                                       808                     -                (3)                       -                         805
Canada                                                      26                     -                 -                        -                          26
Subtotal Company-Operated                                  834                     -                (3)                       -                         831

China Joint Venture:
Beauty & Accessories (a)                                    35                     -                (2)                       8                          41
Full Assortment                                             30                     -                 -                        -                          30
Subtotal China Joint Venture                                65                     -                (2)                       8                          71

Beauty & Accessories                                       335                     1                (4)                      (8)                        324
Full Assortment                                            128                     3                 -                        -                         131
Subtotal Partner-Operated                                  463                     4                (4)                      (8)                        455
Total                                                    1,362                     4                (9)                       -                       1,357


(a) Includes eight stores operated by partners.

The following table represents store data for the first quarter of 2021:

                                      Stores at                                    Stores at
                                   January 30, 2021       Opened      Closed      May 1, 2021
U.S.                                      846               -          (5)            841
Canada                                     25               1           -              26
China - Beauty & Accessories               36               1          (1)             36
China - Full Assortment                    26               -           -              26
Subtotal Company-Operated                 933               2          (6)            929

Beauty & Accessories                      338               2          (3)            337
Full Assortment                           120               1           -             121
Subtotal Partner-Operated                 458               3          (3)            458
Total                                   1,391               5          (9)          1,387

Results of Operations

First quarter of 2022 versus first quarter of 2021

Operating result

For the first quarter of 2022, operating income decreased $132 million, to $94
million, compared to operating income of $226 million in the first quarter of
2021, and the operating income rate (expressed as a percentage of net sales)
decreased to 6.3% from 14.5%. The drivers of the operating income results are
discussed in the following sections.


————————————————– ——————————


Net sales

The following table presents net sales for the first quarter of 2022 compared to the first quarter of 2021:

                             2022         2021        % Change
First Quarter                  (in millions)
Stores - North America     $   931      $   933           -  %
Direct                         421          521         (19  %)
International (a)              132          100          32  %
Total Net Sales            $ 1,484      $ 1,554          (5  %)


(a) Results include consolidated sales of joint ventures in Chinaroyalties associated with franchise stores and wholesale sales.

The following table provides a reconciliation of net sales from the first quarter of 2022 to the first quarter of 2021:

                                                                                (in millions)
2021 Net Sales                                                                $        1,554
Comparable Store Sales                                                                   (24)

Sales associated with non-comparable new, closed and renovated stores, net

Direct Channel                                                                           (93)
Credit Card Programs                                                                      (2)
International Wholesale, Royalty and Other                                                35
Foreign Currency Translation                                                               2
2022 Net Sales                                                                $        1,484

The following table compares comparable revenue for the first quarter of 2022 to the first quarter of 2021:

                                              2022       2021

Comparable store sales (a) (8%) 25% Comparable store sales (a)

                    (3  %)      3  %


(a)The percentage change in comparable sales represents direct and comparable
store sales. The percentage change in comparable store sales represents the
change in sales at comparable stores only and excludes the change in sales from
our direct channels. The change in comparable sales provides an indication of
period over period growth (decline). A store is typically included in the
calculation of comparable sales when it has been open 12 months or more and it
has not had a change in selling square footage of 20% or more. Closed stores are
excluded from the comparable sales calculation if they have been closed for four
consecutive days or more. Upon re-opening, the stores are included in the
calculation. Therefore, comparable sales results exclude the closure period of
stores that were closed for four consecutive days or more as a result of the
COVID-19 pandemic. Additionally, stores are excluded if total selling square
footage in the mall changes by 20% or more through the opening or closing of a
second store. The percentage change in comparable sales is calculated on a
comparable calendar period as opposed to a fiscal basis. Comparable sales
attributable to our international stores are calculated on a constant currency

Net sales in the first quarter of 2022 as compared to the first quarter of 2021
were impacted by incremental net sales recognized in the first quarter last year
as a result of federal stimulus benefits.

In the stores channel, our North America net sales decreased $2 million to $931
million as compared to the first quarter of 2021 as an increase in traffic was
offset by a decrease in conversion. Net sales in stores outside of North America
increased in the first quarter of 2022 compared to the first quarter of 2021 as
a result of fewer COVID-19-related store restrictions.

In the direct channel, net sales declined $100 millioni.e. 19%, at $421 millionmainly due to a decline in traffic and average unit sale.

Gross profit

For the first quarter of 2022, our gross profit decreased $150 million compared to the first quarter of 2021 at $522 millionand our gross margin rate (expressed as a percentage of net sales) increased from 43.2% to 35.1%.


————————————————– ——————————


The gross profit decrease was due to the decrease in merchandise margin dollars
related to the decrease in net sales and incremental supply chain and
inflationary cost pressures of approximately $80 million. Additionally, the
decrease in net sales and merchandise margin in the quarter was driven by
incremental net sales and merchandise margin recognized in the first quarter
last year as a result of federal stimulus benefits.

The lower gross margin rate was due to a lower merchandise margin rate reflecting lower net sales and increased supply chain pressures and inflationary costs, as well as a slight deleveraging of capital expenditures. buying and occupancy driven by lower net sales.

Store general, administrative and operating expenses

For the first quarter of 2022, our general, administrative and store operating
expenses decreased $18 million, or 4%, compared to the first quarter of 2021 to
$428 million due to lower incentive compensation and selling expenses.

The general, administrative and store operating expense rate (expressed as a
percentage of net sales) increased to 28.8% from 28.7% due to slight deleverage
driven by the decrease in net sales.

Interest charges

For the first quarter of 2022, our interest expense increased $11 million to $12
million compared to the first quarter of 2021, driven by the increase in our
outstanding debt during 2021 due to the issuance of the 2029 Notes in July 2021
and entering into the Term Loan Facility upon Separation in August 2021.

Provision for income taxes

For the first quarter of 2022, the Company's effective tax rate was 2.4%
compared to 22.5% in the first quarter of 2021. Both rates were lower than the
Company's combined estimated federal and state statutory rate primarily due to
the recognition of excess tax benefits related to share-based awards that vested
in the respective quarter.


Cash and capital resources

Liquidity, or access to cash, is an important factor in determining our
financial stability. We are committed to maintaining adequate liquidity. Cash
generated from our operating activities provides the primary resources to
support current operations, growth initiatives, seasonal funding requirements
and capital expenditures. Our cash provided from operations is impacted by our
net income and working capital changes. Our net income is impacted by, among
other things, sales volume, seasonal sales patterns, success of new product
introductions, profit margins and income taxes. Historically, sales are higher
during the fourth quarter of the fiscal year due to seasonal and holiday-related
sales patterns. Generally, our need for working capital peaks during the summer
and fall months as inventory builds in anticipation of the holiday period.

Prior to the Separation, we generated annual cash flow from operating
activities. However, we were operating within the Former Parent's cash
management structure, which used a centralized approach to cash management and
financing of our operations. As a result, a substantial portion of our cash was
transferred to the Former Parent. This arrangement was not reflective of the
manner in which we would have financed our operations had we been an
independent, publicly traded company during the periods presented prior to the

The cash and cash equivalents held by the Former Parent at the corporate level
prior to the Separation were not specifically identifiable to us and, therefore,
were not reflected in the Consolidated and Combined Balance Sheets. The Former
Parent's third-party long-term debt and the related interest expense were not
allocated to us for any of the periods presented prior to the Separation as we
were not the legal obligor of such debt.

Following the Separation from the Former Parent, our capital structure and
sources of liquidity changed from the historical capital structure because we no
longer participate in the Former Parent's centralized cash management program.
Our ability to fund our operating needs is dependent upon our ability to
continue to generate positive cash flow from operations, and on our ability to
maintain our debt financing on acceptable terms. Based upon our history of
generating positive cash flows, we believe we will be able to meet our
short-term liquidity needs. Management believes that our cash balances and funds
provided by operating activities, along with borrowing capacity and access to
capital markets, taken as a whole, provide (i) adequate liquidity to meet all of
our current and long-term obligations when due, including third-party debt that
we incurred in connection with the Separation, (ii) adequate liquidity to fund
capital expenditures, and (iii) flexibility to meet investment opportunities
that may arise. However, there can be no assurances that we will be able to
obtain additional debt or equity financing on acceptable terms in the future.

We expect to utilize our cash flows to continue to invest in our brands, talent
and capabilities, and growth strategies as well as to repay our indebtedness
over time. We believe that our available short-term and long-term capital
resources are sufficient to fund requirements over the next 12 months.


————————————————– ——————————


Working capital and capitalization

Prior to the Separation, we generated annual cash flow from operating activities
to support our working capital needs. However, we were operating within the
Former Parent's cash management structure, which used a centralized approach to
cash management and financing of our operations. As a result, a substantial
portion of our cash was transferred to the Former Parent. This arrangement was
not reflective of the manner in which we would have financed our operations had
we been an independent, publicly traded company during the periods presented
prior to the Separation. Based upon our history of generating positive cash
flows, we believe we will be able to continue to meet our working capital needs.

The following table provides a summary of our working capital position and
capitalization for the periods post-Separation as of April 30, 2022 and
January 29, 2022:

                                                             April 30,       January 29,
                                                                2022             2022
                                                                    (in millions)
Net Cash Provided by (Used for) Operating Activities (a)    $     (146)     $        851
Capital Expenditures (a)                                              21               169
Working Capital                                                     63                (7)
Long-term Debt                                                     977               978
Victoria's Secret & Co. Shareholders' Equity                       227      


Total Capitalization                                        $    1,204      $      1,235
Amounts Available Under the ABL Facility (b)                $      611      



(a)The April 30, 2022 amounts represent a thirteen-week period and the
January 29, 2022 amounts represent a fifty-two-week period.
(b)For the reporting periods ending April 30, 2022 and January 29, 2022, our
borrowing base was $651 million and $564 million, respectively, and there were
no borrowings outstanding under the ABL Facility for either period. We had
outstanding letters of credit, which reduce our availability under the ABL
Facility, of $40 million as of April 30, 2022 and $41 million as of January 29,

© Edgar Online, source Previews

How I use credit cards to fight inflation


Inflation is on the rise. The average inflation rate is currently 8.3% and some sectors of the economy are experiencing even greater price increases. The US Bureau of Labor Statistics recently reported that grocery store prices, for example, have risen 10.8% over the past year.

What to do when everything is more expensive than usual? Believe it or not, choosing the right credit card could be the right decision. By signing up for one of today’s top rewards cards, you’ll have the chance to earn valuable credit card rewards with every purchase. Plus, you can turn sign-up bonuses and discounts into inflation-proof money savings.

Want to know more? We asked a budgeting expert how she uses credit cards to fight inflation. Here’s what we learned.

Why this money-saving expert asked for a new airline credit card

Personal finance expert Andrea Woroch recently applied for the Citi®/AAdvantage® Platinum Select® World Elite Mastercard®, a mid-tier airline credit card with a $99 annual fee (waived in the first year) and the ability to earn 2 miles per dollar on gas stations, restaurants and qualifying American Airlines purchases.

However, that wasn’t the main reason Woroch requested the card. “I was buying plane tickets,” she explained, “and we got a discount on the purchase by choosing to open the card and pay with it at checkout.”

The airfare discount was the first economic benefit Woroch got from his new credit card, but not the last. The credit card’s welcome bonus offered enough AAdvantage miles to help Woroch cover the cost of a summer trip.

She also has the option to take advantage of cost-saving AAdvantage travel benefits, such as 25% off inflight food and beverage purchases and a $125 discount on American Airlines flights available to renewing cardholders. their card after spending $20,000 or more the previous year.

Plus, she gets her first checked bag for free. As Woroch points out: “Those checked baggage fees add up!”

How to make the most of your credit card against inflation

If you plan to use credit cards to cover the rising costs of inflation, choose your new credit cards wisely. “Don’t choose just any credit card,” advises Woroch. “Analyze your spending habits to find one that rewards you for the purchases you make the most.”

It’s also a good idea to ask yourself how you want to be rewarded. Woroch chose an American Airlines credit card because she travels frequently and uses American as one of her major airlines. But she also recommends taking a look at some of today’s best cash back cards.

“Right now, cash may be more useful for most consumers,” Woroch explained. “Getting a cashback card can be very helpful in offsetting the price hikes we’re seeing at gas stations and grocery stores because you can redeem that money as statement credit to pay for your purchases.

There’s another way to get the most out of your credit card against inflation: make sure you pay off your balances regularly. “The only way to earn rewards on a credit card is to pay off your card in full,” says Woroch. “If you keep even a small balance, the interest rate that applies after the introductory offer is many times higher than any rewards you earn.”

If you’re worried about accidentally forgetting to make a payment — a mistake that could negatively impact your budget and credit score — consider signing up for automatic credit card payment. This is how Woroch manages his credit card bills. “I’ve set up autopay to pay off my statement balance in full, and I do my best to immediately refund large purchases so the balance doesn’t get out of control,” says Woroch.

The bottom line

With prices rising everywhere you go, it’s time to think about how to use credit to cut costs. Choose a credit card that rewards the purchases you make regularly. Take advantage of bonuses and discounts.

And try to pay off your balances in full each month. This way, you can take advantage of all the benefits offered by today’s best credit cards and use those benefits in your anti-inflation budget. “My new credit card will make travel more affordable,” Woroch told us, just before leaving for another trip.

Banks are increasing lending rates: why your CIBIL score matters more than ever

NEW DELHI: Several public and private sector banks raised their interest rates on home and car loans from June 1 after the Reserve Bank of India (RBI) raised India’s repo rate by 40 le last month. When the repo rate is high, the cost of funds is higher for banks, leading to higher interest rates for home, auto and personal loans. But did you know that if your credit score is high, you can get the lowest possible interest rate from the banks?
Your CIBIL score tells the bank how well you can manage your credit as well as your ability to take out and repay loans.
How and what affects credit scores?
Credit score is a 3-digit number that determines one’s ability to repay credit on time, in other words, it is proof of one’s creditworthiness. “Although the credit score is assigned over 900, any score above 750 is considered a healthy score. Any score below 720 is considered a low score and may restrict your ability to acquire credit. There is no no single characteristic that determines how good or bad an individual’s score is, but a list of factors cumulatively affect an individual’s credit score,” said Anurag Sinha, Co-Founder & CEO, OneScore & OneCard, a veteran in the field of consumer credit.
These include past credit repayments, credit usage, number of difficult inquiries, credit mix, any loan paid off, still showing as active, despite payment in progress, irregular contact details among many accounts, a timely credit repayment history, fewer loans used, having a healthy mix of different credit products, and keeping credit card bills under control.
Therefore, the CIBIL score is calculated by the TransUnion CIBL credit bureau after considering your past payments, credit history, current and former credit accounts, among others.
Benefits of a high CIBIL score
A higher CIBIL score will put you in a position to negotiate with lenders to get a lower interest rate on the loan. There are several lenders who offer preferential rates on loan interest rates to people who have a high credit score.
According to BankBazaar, the interest rate on a home loan or car loan varies from bank to bank, however, if you have a high CIBIL score, you can get a discount on the interest rate. If you have a CIBIL score of 750 and above, banks will offer you loans at a competitive interest rate.
Banks charge cheaper interest rates for consumers with a high CIBIL score and higher interest rates for people with a low or poor CIBIL score. Therefore, it is important to establish a good credit profile and monitor your CIBIL score from time to time.
For example, the State Bank of India offers interest rates based on the CIBIL score. Regular SBI home loans have an interest rate of 7.05% for credit scores of 800 or higher. The interest rate is 7.35% for credit scores of 650-699 and 7, 55% for credit scores 550-649. The interest rate is 7.25% with an NTC/non-CIBIL score.
Housing Development Finance Corp also raised its retail prime rate (RPLR) by 5 basis points (bps), its third increase in a month. The latest increase means that the minimum rate for a borrower with a credit score over 780 is now 7.05%. borrowers below a credit score of 780 will have to pay a minimum of 7.15% for loans up to 30 lakh and 7.40% for loans between 30 lakh and 75 lakh.
“A good credit score helps you get the best loans and credit card offers based on your eligibility. Every lender you apply for a loan or credit card from will verify this and base your offer on your credit score. Your credit score is contained in your credit report, which contains a summary of your history, which will show whether you have paid your debts in full and on time.You enjoy several benefits of a good credit score, and a lower interest rate is one of them.Almost all lenders consider a credit score of 750 and above as ideal.They offer lower interest rates to applicants with high credit scores because these borrowers are less risky and less likely to default. With a high credit score, you can negotiate lower interest rates and request to waive some of the additional fees,” said D Adhil Shetty, CEO of Bankbazaar.com.
More importantly, banks check your CIBIL score to analyze whether you have ever failed in your financial journey in the past, as would have been recorded on your CIBIL report. Thus, if your CIBIL score is good, the lender will not hesitate before granting you a loan. But a bad CIBIL score can lead to loan rejection because the lender is unsure of your creditworthiness.
A good CIBIL score will also ensure that you get a home loan without any hassle and the same goes for enjoying rental accommodation.
A good or high CIBIL score will also ensure you get bank approval for higher limits.
How can you improve your credit rating?
“Timely repayment of EMIs, paying more than the minimum due on credit card bills can help improve your credit score,” said Sinha of OneScore.
You should only use 15-30% of your credit card limit. Using your credit limit to the maximum suggests that you are credit hungry and unable to manage your finances.
Another trick, according to BankBazaar, is to ask your bank to increase the credit limit on your credit card. Once the credit limit is increased, you need to keep credit usage low. It will suggest that you are not greedy for credit and you are able to handle credit.
A long credit history will help you improve your CIBIL score. So if you have old credit cards with a good credit history, you better not close them. When you close your credit cards, you lose a good credit history and it can hurt your CIBIL score.
Correct errors in your CIBIL report (if any): If you have noticed a sudden decrease in your CIBIL score, you should check your credit report as it may contain errors.
“Regular credit score monitoring, avoiding sharing personal information on online platforms, unverified apps, and reporting any errors immediately can help protect your credit health from identity theft,” Sinha said.
How to get credit scores rectified and the long term implications of the same on the score?
When someone finds an error in their credit report, the first step is to file an online complaint with the credit bureau to dispute the error. Once the form is submitted, the credit bureau approaches the bank to check for errors as they cannot resolve the errors on their own.
Mail confirmation from bank, office and bank offer formal resolution to the discrepancy within 45 days of complaint. The user is then informed of the error in the revised score. If the discrepancies are not identified in time, it might cause the credit score to drop and the users should opt for a secured product to repair their credit score. It will take its own time,” Sinha explained.

Musk’s Twitter deal and Tesla’s reliance on China

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By dominating the supply of multiple components critical to Tesla’s fortunes, the Chinese government wields so much sway over CEO Elon Musk’s wealth that his proposed acquisition of Twitter should worry national security officials. a dozen current and former officials involved in foreign investment review. told the Washington Post.

While Musk has said he would like Twitter to allow an even wider range of speech than it does today, China’s leaders’ ability to affect Musk’s fortune could encourage them to ask him to identify the opposition and US Twitter users, to block content that the government considers illegal, or at least allow its own propaganda to flow unchecked, these people said.

There’s no way to know how Musk and a private Twitter would respond, and Musk didn’t respond to email questions. But because the majority of his wealth is tied to or backed by Tesla stock, some experts said the interagency panel that reviews foreign investment should step up its nascent probe into the deal.

“Given the volume of information, the number of Twitter users and therefore the amount of sensitive personal data that Twitter has, any foreign investment is likely to come under scrutiny,” said Richard Sofield, partner at Vinson. & Elkins who led such Justice Department reviews under the two previous presidents.

Potential access to only user data is “clearly a significant national security concern,” said an official in former President Barack Obama’s administration. US officials have previously charged Chinese nationals with hacking into insurance company Anthem and credit reporting agency Equifax for personal information they fear could be matched with files on agents U.S. intelligence, which were stolen from the Office of Personnel Management in 2015.

The ability to extract sensitive personal information from hospitals and insurers that could be used in counterintelligence work was reason enough to block or modify acquisitions in those industries, the former official said, and “to obviously Twitter would be one of those things.” Like others, he asked to speak anonymously because of his previous involvement in the secretive process run by the Committee on Foreign Investment in the United States, known as CFIUS.

Led by the Treasury Department and involving representatives from justice, defense, state and other departments, the CFIUS was given more power in 2018 to recommend blocking acquisitions when a company was not taking direct control of an American company. The Washington Post reported on Wednesday that CFIUS had begun asking questions about foreign investors participating in Musk’s bid.

Musk has not been accused of wrongdoing and, as CEO of SpaceX, a launch partner for NASA missions, he has been thoroughly vetted by the US government.

China’s potential influence on Tesla, however, is hard to dispute.

The company’s Shanghai plant accounted for nearly half of Tesla’s manufacturing in 2021, and China is one of the biggest markets for vehicles. Last year, Musk said he would become the greatest.

Musk also has to deal with all-powerful authorities there, as he recently did over coronavirus pandemic restrictions that shut down the Shanghai factory.

China is even more crucial on the supply side.

In an impact report released in May, Tesla revealed the direct sources of its batteries, most of which were in China.

All of those listed provided cobalt, lithium or nickel, some of the most sought after commodities in the industry. Having focused on the supply of electric batteries as a strategic objective ten years ago, China produces the world’s majority.

Tesla and its rivals also source minerals from Congo and elsewhere, but China has maneuvered to take stakes in the companies involved and win longstanding concessions from governments.

To increase Tesla’s bargaining power and secure future supplies, Musk has entered into long-term agreements with mines in Canada, Australia and other countries.

But China not only has a near-lockdown on key minerals, it has another on processing those minerals, analysts said.

Musk recently floated the idea of ​​Tesla getting into mining itself, which would take 7 to 10 years in Western countries, according to Wood Mackenzie research director Gavin Montgomery.

“In the final analysis, it’s not practical to get out of China entirely,” Montgomery said. “They could cut Tesla, or they could cut everyone. And if we find ourselves in a crisis, China has the option of keeping this cobalt for its own domestic industry.

Musk raised hopes for greater independence from China last year when he said he would move Tesla’s cars to iron phosphate batteries that don’t have no cobalt or nickel needed. In April, Tesla said nearly half of new vehicles in its previous quarter included these types of batteries.

Unfortunately for the company, the vast majority of so-called LFP batteries also come from China.

“You would think that switching to LFP would reduce some of the dependencies, but all of the LFPs he uses are either made in China or sourced from there,” Montgomery said.

Some US intelligence analysts and White House officials are among those worried about the potential for arm-twisting by China if Musk gets his hands on Twitter.

This alone would not be enough to formally block the $44 billion transaction: the CFIUS is generally barred from intervening when the acquirer is American, as Musk is.

“Twitter wouldn’t be ‘foreign investment in the United States,’ and it’s overkill to use that authority to review it,” said Matthew Turpin, senior analyst for the Commerce Department and White House China until in 2019, when he became a councillor. to government contractor Palantir Technologies.

Nevertheless, after having authorized and then regretted certain transactions in semiconductors and elsewhere, the CFIUS has taken a broader view of its authority, looking not only at the acquirer but also at its backers and customers. This has been especially true for Chinese minority investments in tech companies.

In other A pivotal case, Obama blocked a China-backed acquisition of the U.S. operations of semiconductor company Aixtron, in part because a former Chinese customer of Aixtron had ties to the acquirer and government backing.

“Where there might be Chinese interests, for example if there are Chinese operations or customers of the existing US business, CFIUS conducts a very thorough risk-based analysis, regardless of how benign the transaction,” wrote law firm Covington & Burling. at the time.

Then-President Donald Trump then blocked chipmaker Broadcom’s attempted takeover of Qualcomm in 2018, shortly after the former said he was moving to the United States from Singapore. In this case, CFIUS was concerned about both Broadcom’s Chinese customers and Qualcomm’s sensitivity as a supplier to the Department of Defense and other critical industries.

Former officials said there was at least reason to ask more questions and that they assumed Musk’s lawyers were preparing to brief officials and avoid concerns.

“It’s likely CFIUS will ask for more information, and they may want a submission to flesh out the national security issues,” the Obama veteran said. “In theory, could they ruin everything? Absolutely.”

A member of Musk’s legal team did not respond to emailed questions.

A former Commerce Senate staffer said questions are likely to come, though going further would open up new territory.

“It’s clearly a sensitive national security asset, but you have to find the jurisdictional hook,” he said, requesting anonymity due to the sensitivity of the issue.

One way to get more information, current and former officials said, would be to lobby Musk’s team about influence and access to Twitter information that will be held by his minority investors, including a sovereign wealth fund from Qatar and Saudi Prince Alwaleed Bin Talal Bin Alsaud. .

Governments in countries like Russia, China, and Saudi Arabia have invested in using Twitter to advance their national interests, and regulators fear it could be facilitated by access to insider information or influence over Twitter executives.

Countries like Saudi Arabia are constantly on the lookout for inside information about American tech companies, including social media companies like Twitter, according to national security experts. In 2019, a former Twitter employee was charged with spying for Saudi Arabia.

Major cryptocurrency exchange Binance could also play a role in any investigation, some officials said: While leaving its original home in China, the company partnered with a Chinese government-owned company as part of a blockchain initiative. A spokesperson for Binance said that effort was lapsed, that it had no presence in China, and that it had never taken an investment from a Chinese government-controlled entity.

Ivan Schlager, a trade lawyer for Kirkland & Ellis, said the US government was already paying close attention to supply chain issues related to the growing demand for batteries for electric vehicles, especially after it failed prevent a Chinese company from buying a bankrupt US battery manufacturer.

“CFIUS is increasingly concerned about access to raw materials and protecting what’s left of battery manufacturing,” Schlager said.

American companies should also be concerned, especially if they have Musk’s kind of money, said Robbie Diamond, founder of the nonprofit group SAFE, formerly Securing America’s Future Energy.

“The entire electric vehicle industry is currently handcuffed by China and completely dependent,” said Diamond, who has backed Tesla and Musk.

“I can’t talk to Twitter. But I think in some ways his money would be better spent building that supply chain to support the auto company that gives him that wealth.

Faiz Siddiqui and Gerrit De Vynck contributed to this report.

American Express Centurion Black Card Review – Forbes Advisor UK


The American Express Centurion Black Card is a premium, ultra-exclusive payment card ideal for the biggest spenders and most frequent travelers – if you can get your hands on it, of course. The card is only offered by invitation and not by request.


  • Exclusive concierge
  • Membership Rewards® points redeemable for air travel
  • No interest charged on overseas purchases
  • Unique card designs by fashion brand Prada

The inconvenients

  • invite only
  • Eligibility criteria not made public
  • Substantial initiation fees
  • Additional annual fee required for authorized user cards

APR representative

N/A – payment card


Initiation / annual fees apply


Show more
Show less

Main characteristics

  • invite only
  • Exclusive perks including 24/7 Centurion concierge service
  • Earn Membership Rewards® points to redeem with 17 travel partners and other spend categories
  • Amex app to view your transactions and pay your bills


Commonly known as Amex Black, this card rewards those with the most luxurious lifestyle.

Although American Express does not share the terms and conditions of the card online, anecdotal information offers clues to the stipulations associated with this card in the UK.

Online publications from Centurion Black cardholders suggest that the initiation fee for UK cardholders is £3,000 and the annual fee is £2,200.

Since this card is actually a “charge card” as opposed to a “credit card”, there is no prior spending limit or Annual Representative Rate (APR).

However, you will need to clear the card balance each month you spend on it, otherwise you will face high fees. The use of this card abroad is free.


American Express is more open about the rewards associated with this card. It comes with a unique offering designed to accommodate a tiny portion of the market, making side-by-side comparisons with other cards impossible. But when the rewards are used – which means considerable spending on the card – they can outweigh the initiation and annual fees.

With this card, you will be able to earn Membership Rewards® points on your purchases which can be transferred to one of 17 travel partners. American Express also offers transfer bonuses so you can get the most out of your points.

Points can be redeemed for a wide variety of gift cards in travel, retail and restaurant categories. You can also use your points for purchases from many lenders, including Amazon. However, there are no bonus rewards to be earned in common spend categories.

It is essential to note here that you can opt for a personal or professional version of the Centurion Black card. The business version offers a generous 50% discount on airline tickets purchased with Membership Rewards® points.

But although this card offers an attractive rewards program, earning points is not its main feature. This card includes a range of benefits such as invitations to high profile events and curated experiences at a range of fine hotels and resorts.

American Express concierge services may be of particular interest. Centurion Black cardholders can request anything from finding an exhausted Christmas present to managing an evacuation in the midst of a volcanic eruption.

When you fly, you get free Delta SkyMiles Platinum Medallion status, which includes priority waitlisting, enhanced mileage earning, priority check-in and boarding, and courtesy upgrades.

Other travel benefits include access to the Global Lounge Collection – the only credit card airport lounge access program with exclusive lounge locations worldwide, including the exclusive Centurion Lounge.


The Centurion Black card is a payment card and not a credit card. This means it does not fall under Section 75 of the Consumer Credit Act, which provides protection on goods and services costing over £100 and up to £30,000.

However, American Express offers its own refund and purchase protection system. Cardholders will receive up to £2,500 for repair or replacement if an eligible item purchased with the card is stolen or damaged within 90 days of purchase (maximum cover over 12 months is £20,000) .

And if a UK retailer refuses to take back an eligible item purchased with your card, American Express offers refunds of up to £300 within the first 90 days of purchase (maximum 12-month cover is £1,000).

Additionally, all American Express cards come with chargeback rights that allow you to dispute transactions. If you want to know more about the Chargeback system, the company advises customers to contact it directly.

Will I be eligible?

American Express offers this card by invitation only. Chances are, to qualify, you’ll need to already own an American Express card, have a great credit score, and be considered a top earner and spender.

However, the specific eligibility criteria for this card, including required spending habits and level of wealth, are mostly shrouded in mystery.

What more do I need to know?

It is essential that you clear your entire balance each month by the due date to avoid damaging your credit score.

If you are eligible for the card, American Express will provide you with the terms of use, which will include all rates and fees.

Is the card suitable for me?

Although American Express may offer you this card, it may not be in your best interest to accept it, especially if you are not interested in the rewards. Plus, if you’re not a big spender, this card will be far from worth the initiation and annual fee.

What are the alternatives ?

Some of the benefits of the Centurion Black card are also available on the Business Platinum card and Personal Platinum card from American Express, for a fraction of the annual fee.

For example, the Business Platinum card includes exclusive access to the airport lounge and a points discount on airline tickets, although this is limited to 35%, compared to 50% on the Centurion Black card.

On personal and business Platinum cards, you can earn more Membership Rewards® points per pound, although the Centurion Black card likely allows for a higher monthly spend.

The new law would allow 100% interest on payday loans; Louisiana governor vetoes what critics call a trap


Louisiana Democratic Governor John Bel Edwards has vetoed new legislation that would have inflicted undue hardship on state residents who take advantage of payday loans.

Senate Bill 381 was sponsored by Republican Senator Rick Ward, who said it would help those who use the loans deal with unexpected expenses. The legislation would have offered installment loans of up to $1,500. However, with fees and interest, the amount owed or principal could increase by 100%, depending on the lawyer.

Check ‘n Go Cash Advances and Payday Loans on Scott Street in Covington, Ohio is featured in 2019. (Photo: Cara Owsley/The Enquirer, Cincinnati Enquirer via Imagn Content Services, LLC)

The report notes that with “maintenance fees” of up to 13% of the original loan amount, a $1,500 loan could have fees equivalent to $195 per month.

Edwards agreed with critics of the bill who complained that predatory lending would have further trapped low-income people in cycles of debt. In his veto note, he references Ward, writing, “despite the best efforts of the sponsor of the bill, I do not believe that this bill adequately protects the public against predatory lending practices.”

Without a will, heirs' property attracts land-grabbing predators, but ex-USDA worker helps protect black farms

“I have long been opposed to payday loan products,” Edwards added, “that are designed to keep vulnerable people in debt, often paying exponentially higher interest rates than would otherwise be available in commercial banks”.

The governor said he “would be willing to support and enact legislation that reforms payday loans in a way that provides appropriate safeguards on interest rates and fees.”

Capitol Drive Loan offers Milwaukee installment loans and cash advances, visit their website at capitoldriveloans.com to inquire.

the lawyer noted that Senate Bill 381 would not have replaced or reformed the existing system. Instead, he would have created a new product, with monthly payments over three to 12 months.

According to a study by The Pew Trust, “Black people make up about 13% of the total US population, but they make up 23% of all in-store payday loans.”

Black Birders Week Is A Thing, And It's Much More Than A Response To The Lie Told In Central Park

Pew finds that many payday lenders, both in storefronts and online, rely on returning customers, noting that “regular customers are also desirable because they do not repay loans at lower rates than new customers. . Industry analysts estimate that even charging a fee of $25 for every $100 borrowed per pay period, an online lender would need the customer to borrow at least three times to make a profit.

The University of North Georgia notes that many families who use payday loans are unbanked and underbanked and are disproportionately black or Hispanic, recent immigrants, and/or undereducated. The university has a Student Money Management Center, which helps students establish emergency savings funds and financial plans.

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“I am a 53-year-old single man with very little savings”: I want to take out a mortgage over 30 years, but pay it back in 7 years. Is it possible?


I am a 53 year old single male with very little savings. I paid off all my credit card debt a few years ago. I have now decided to buy a house. My rent has gone up to the point where it’s almost as high as a mortgage, and that’s why I’m buying a house. I try to pay off the mortgage as quickly as possible.

My caisse credit card allows me to make a balance transfer to 0% financing free of charge once a year. That’s a really high credit limit, and I was thinking of taking that and putting it on the mortgage as a way to pay off the mortgage sooner, rather than making extra payments every month to the mortgage company.

If I do it that way, I can pay off the card over the course of the year and save a lot of interest on the mortgage. My calculations for paying a weekly principal payment means the house could be paid off in less than seven years. I think it would be a bit better with a large down payment. I just wanted to know your opinion on this.

Here are my numbers: a $260,000 30-year mortgage with monthly payments of $1,390 per month. If I pay $2,500 more per month, I can pay it off in about seven years. But paying $25,000 once a year might be a bit quicker.

Potential buyer

Dear Potential Home Buyer,

By taking out a 0% loan on your cashier credit card, you rob Peter to pay Paul. But in this case, you’re both Peter and Paul.

I’m sorry about put all Dostoyevsky on you, but you need to be careful how you repay this loan, as you may be committing to both a mortgage and a loan. If you fall behind on the latter, you’ll likely face heavy repayments when that 0% interest ends. Also, your bank will not accept a credit card payment as a down payment. When you apply for a loan, they will also do a forensic examination of your finances before accepting a mortgage.

I’m not the only one sounding the alarm. “Dangerous Curves Ahead!” said David Waltzer, a New York-based bankruptcy attorney. “What happens when you’re late with one payment and the zero interest rate jumps to 18%? What happens when you have another tough time and you can’t Paying off the card on time Even if you make all payments perfectly on time, these credit card companies regularly check your credit.

Credit card companies have a lot of fine print. “You plan to transfer a low balance debt to another low balance card. But what happens when that new low interest offer never arrives? Now you can’t make any more payments by credit card — and you’ll have trouble with the mortgage as well,” Waltzer adds. “I’ve filed tens of thousands of bankruptcies in New York and New Jersey. A lot of them were for people who tried to do what you’re describing.

“You rob Peter to pay Paul. But in this case, you are both Peter and Paul. I’m sorry to have all of Dostoyevsky on you, but you have to be careful.

Your basic monthly repayments seem slightly optimistic. Talk to a financial advisor about your goals and why you’re becoming a homeowner. The big missing piece here is your salary and, to a lesser extent, the prospect of an inheritance. Please seek the advice of an advisor before you start. Lay bare your finances, hopes and dreams, especially where you’d like to be when you reach retirement age, and if you see yourself working beyond the traditional retirement age.

I fully support your wish to buy a house. Let’s say you work another 15 to 20 years: not only will you have acquired this equity in your home through your monthly mortgage payments, but your home will also likely – or very likely – appreciate in value during this period, you giving more options if you want to withdraw money and move to a smaller house. With inflation and hopefully a higher salary, you may also find that your mortgage payments are becoming manageable.

You are 53 years old. You do not have have to pay off that loan in seven years, and you don’t have to accumulate any additional debt. If your mortgage manager allows it, paying down a regular amount on your mortgage—since you’re simultaneously paying interest—may be more efficient than an annual lump sum. For those who can afford to pay extra, both are a good idea as long as you make sure you have the necessities such as an emergency fund.

Waltzer is more cautious about home ownership than I am. He warns that your mortgage interest rate could also exceed 5% if you have a low credit score. “Homeownership costs are always higher than expected,” he adds. “If you buy a house for $260,000, I’m assuming you’ll put down 10% ($26,000). But closing costs will be a bit higher. So you’re probably looking closer to $40,000. Will this be included in your mortgage? »

Present all your options: 15 years versus 30 years; the pros and cons of paying extra rather than saving that money; insurance and property taxes; home repairs; closing costs; and potential bidding wars. The shorter the term (a 15-year mortgage rather than a 30-year mortgage), the lower the interest payment. Yet rates are rising: monthly mortgage payments with a 30-year mortgage rate and a 20% down payment are about 50% more expensive than they were a year ago.

And, finally, the Moneyist is an optimist (most of the time): you may not be single forever.

Check the private Facebook Moneyist group, where we seek answers to life’s trickiest money problems. Readers write to me with all sorts of dilemmas. Ask your questions, tell me what you want to know more or weigh in on the latest Moneyist columns.

The Moneyist regrets not being able to answer the questions individually.

By emailing your questions, you agree to have them published anonymously on MarketWatch. By submitting your story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including through third parties..

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EXCLUSIVE Credit Suisse assesses options to strengthen capital – sources


The logo of Swiss bank Credit Suisse is seen at its headquarters on Paradeplatz square in Zurich, Switzerland October 1, 2019. REUTERS/Arnd Wiegmann/File Photo

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ZURICH, May 30 (Reuters) – Credit Suisse (CSGN.S) is in the early stages of evaluating options to bolster its capital after a series of losses eroded its financial reserves, two people told Reuters. knowing the case.

The size of the increase would likely exceed 1 billion Swiss francs ($1.04 billion), but that has yet to be determined, said one of the people, who declined to be named because deliberations are always internal.

The cash injection would help Switzerland’s second-biggest bank recover from billions in losses in 2021 and a series of costly legal headaches.

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Selling shares to some of its existing major investors is the preferred option, but Credit Suisse hasn’t ruled out appealing to all shareholders, the person said.

Selling a business, such as Credit Suisse’s asset management division, is also a possibility, the other person said. The bank has not yet decided on a potential action, they said. No transaction was planned for the second half of this year.

“Credit Suisse does not currently plan to raise additional equity capital,” the bank said in a statement.

“The Group is solidly capitalized with a CET1 ratio of 13.8% and a CET1 leverage ratio of 4.3%. Asset management is a key element of our group strategy presented last November, with four main divisions .”

The CET1 ratio is a key indicator of a bank’s financial strength.


Credit Suisse is reeling from the billions in losses accumulated in 2021 due to failed investments, as well as the impact of several legal cases, including a court case in Bermuda that could cost around $600 million. Read more

The bank is trying to reform its risk management culture and turn the page on a series of scandals, which have prompted several waves of management reshuffles, abrupt departures and internal and external investigations.

The bank’s shares have fallen by more than a fifth in the past year.

Both Fitch and Standard & Poors downgraded Credit Suisse’s credit rating this month. Read more

One of the sources said the annual rating of major Swiss banks by Swiss financial watchdog FINMA had scored Credit Suisse at 4, unchanged from last year, the lowest rating possible.

One of the watchdog’s main concerns was capitalization at the group level, the source said.

FINMA declined to comment.

Deliberations on a capital increase come just a year after the Swiss bank raised about 1.75 billion Swiss francs from investors via convertible bonds. Read more

In April, Credit Suisse downplayed the need for fresh capital even as it reported a first-quarter loss that intensified its financial woes. Read more

Credit Suisse executives said at the time that capital could remain constrained over the next six months as the bank continues to spend heavily on compliance and risk, but a source familiar with the matter said that A capital increase was not envisaged at the time.

The bank’s core capital ratio weakened to 13.8% at the end of the first quarter of 2022 from 14.4% at the end of 2021.

But a further capital increase would strengthen Credit Suisse’s balance sheet and also send a positive signal. If well-known investors brought fresh cash to the bank, it could be seen as a sign of confidence, one of the sources said.

($1 = 0.9572 Swiss francs)

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Reporting by Oliver Hirt. Editing by Jane Merriman

Our standards: The Thomson Reuters Trust Principles.

2022-05-30 | NYSE:IRNT | Press release

New York, New York–(Newsfile Corp. – May 30, 2022) – The law firm Klein announces that a class action lawsuit has been filed on behalf of shareholders of Ironnet, Inc. (NYSE: IRNT) alleging that the company has violated federal securities laws.

Class period: September 15, 2021 at December 15, 2021

Lead Applicant Deadline: June 21, 2022

No obligation or cost to you.

Learn more about your recoverable losses in IRNT:


Ironnet, Inc. NEWS – IRNT NEWS

CLASS ACTION CASE DETAILS: The filed complaint alleges that Ironnet, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) the Company materially overstated its business and financial prospects; (ii) the Company was unable to predict the timing of material customer opportunities that formed a substantial part of its published fiscal 2022 financial guidance; (iii) the Company had not established effective disclosure controls and procedures to reasonably ensure that its public disclosures were timely, accurate, complete and not misleading; and (iv) as a result, the Company’s public statements were materially false, misleading and/or lacked any reasonable basis in fact at all relevant times.

WHAT THIS MEANS FOR YOU AS A SHAREHOLDER: If you suffered a loss in Ironnet, you have until June 21, 2022 ask the court to obtain the status of principal plaintiff. Your ability to participate in any collection does not require you to serve as the lead plaintiff.

AT NO CHARGE TO YOU: If you have purchased Ironnet securities during the relevant period, you may be entitled to compensation without payment of out-of-pocket costs.

HOW TO PROTECT YOUR FINANCIAL INTERESTS: For more information on the IRNT trial, please contact J. Klein, Esq. by phone at 212-616-4899 or click on this link.


J. Klein, Esq. represents investors and participates in securities litigation involving financial fraud across the country. Klein Law Firm is a litigation firm with experience in a wide range of areas, including securities law, corporate finance and commercial litigation. Since 2011, our experienced lawyers have achieved superior results for our clients with a personalized approach. Lawyer advertisement. Prior results do not guarantee similar results.


J. Klein, Esq.

Empire State Building

350 Fifth Avenue

59th floor

New York, NY 10118

[email protected]

Telephone: (212) 616-4899

Fax: (347) 558-9665


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125852

Chase credit cardholders can earn 10 times more points at Starbucks this summer


Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Calling all coffee lovers: if you visit Starbucks this summer with an eligible Chase credit card, you can earn up to 10 points per dollar or 5% cash back on up to $500 in purchases made through the Starbucks website or app, depending on which card you’re using.

The promotion starts on May 31 and ends on August 31. Below, select the details you need to know about the promotions and how to get the most out of them.

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Chase Credit Cards Promotion Starbucks

To be eligible for the bonus cash-back offer or the chance to win 10X Chase Ultimate Rewards®, you must register your card by August 31 using one of the activation links below.

Once your card is registered, you can earn additional rewards on your Starbucks purchases. For the 10X points bonus, you’ll earn an additional 7X points on top of the 3X points you already get from using your card to eat. For the 5% cash back promotion, you will earn an additional 2% cash back on top of the 3% you already earn in the restaurant spending category.

For the 10X points promotion, eligible credit cards include the Chase Sapphire Reserve® and Chase Sapphire Preferred® Card. Register your credit card earning points via this link by August 31. Ultimate rewards points can be transferred to travel partners where you can get great value from them – many travel bloggers value them at around 1.5 cents each – meaning 10X points could equate to a return 15% (or more) on your Starbucks spend.

Chase Sapphire Reserve®

  • Awards

    Earn 5X the total points on air travel and 10X the total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases by year. Earn 3 X points on other trips and restaurants and 1 point per dollar spent on all other purchases, plus 10 X points on Lyft rides through March 2025

  • welcome bonus

    Earn 50,000 bonus points after spending $4,000 on purchases within the first 3 months of account opening

  • Annual subscription

  • Introduction AVR

  • Regular APR

  • Balance Transfer Fee

  • Foreign transaction fees

  • Credit needed


  • $300 annual travel credit for travel purchases
  • Global Entry or TSA PreCheck application fee credit of up to $100 every four years
  • Priority Pass™ Select lounge access in over 1,000 VIP lounges in over 500 cities worldwide
  • Points are worth 50% more when redeemed for travel through Chase Ultimate Rewards®
  • Special Benefits at The Luxury Hotel & Resort Collection
  • Free Year of Lyft Pink Membership

The inconvenients

  • High annual fees, but they can be offset by taking advantage of all the benefits of the card
  • No introductory APR
  • Estimated rewards earned after 1 year: $1,469
  • Estimated awards earned after 5 years: $3,346

Total rewards include points earned through welcome bonus

Chase Sapphire Preferred® Card

  • Awards

    $50 annual Ultimate Rewards Resort Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining, 2X points on all other travel purchases and 1X points on all other purchases

  • welcome bonus

    Earn 80,000 bonus points after spending $4,000 on purchases within the first 3 months of account opening. It’s $1,000 when you redeem through Chase Ultimate Rewards®.

  • Annual subscription

  • Introduction AVR

  • Regular APR

    16.24% – 23.24% variable on purchases and balance transfers

  • Balance Transfer Fee

    Either $5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fees

  • Credit needed


  • Points are worth 25% more when redeemed for travel through Chase Ultimate Rewards®
  • Transfer points to major frequent travel programs at a 1:1 rate, including: IHG® Rewards Club, Marriott Bonvoy™ and World of Hyatt®
  • Travel coverages include: Collision Damage Waiver for Rental Vehicles, Baggage Delay Insurance and Trip Delay Reimbursement
  • No fees charged on purchases made outside the United States

The inconvenients

  • $95 annual fee
  • No Intro 0% APR
  • Estimated rewards earned after 1 year: $1,506
  • Estimated awards earned after 5 years: $2,528

Total rewards include points earned through welcome bonus

Hunt Unlimited Freedom®

  • Awards

    Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and restaurant meals, including eligible takeout and delivery services, and 1.5% on all other purchases

  • welcome bonus

    Earn an extra 1.5% on everything you buy (up to $20,000 spent in the first year) – worth up to $300 in cash back. That’s 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on restaurants and drugstores, and 3% on all other purchases.

  • Annual subscription

  • Introduction AVR

    0% for the first 15 months from account opening on purchases and balance transfers

  • Regular APR

    15.24% to 23.99% variable

  • Balance Transfer Fee

    Introductory fee of $5 or 3% of each transfer amount, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of each transfer amount, whichever is greater.

  • Foreign transaction fees

    3% of each transaction in US dollars

  • Credit needed


  • No annual fee
  • Rewards can be transferred to a Chase Ultimate Rewards card
  • Generous welcome bonus

The inconvenients

  • 3% fees levied on foreign transactions

Chase Freedom Flex℠

  • Awards

    5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%), 5% cash back on travel booked through Chase Ultimate Rewards®, 3% on pharmacy purchases and meals (including eligible takeout and delivery services), 1% cash back on all other purchases

  • welcome bonus

    $200 cash back after spending $500 on purchases within the first three months of account opening

  • Annual subscription

  • Introduction AVR

    0% for the first 15 months from account opening on purchases and balance transfers

  • Regular APR

    15.24% to 23.99% variable

  • Balance Transfer Fee

    Introductory fee of $5 or 3% of each transfer amount, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of each transfer amount, whichever is greater.

  • Foreign transaction fees

  • Credit needed


  • No annual fee
  • Generous welcome bonus
  • Opportunity to earn up to 5% cash back in select categories upon activation
  • Rewards can be transferred to a Chase Ultimate Rewards card

The inconvenients

  • Bonus categories must be activated quarterly
  • 3% fees levied on foreign transactions
  • Estimated rewards earned after 1 year: $852
  • Estimated awards earned after 5 years: $2,844

Total rewards include cashback earned from welcome bonus

Be sure to save your maps before you make purchases in the Starbucks app or online because you won’t earn bonus rewards until you do. Also, it looks like you won’t get bonus points or cashback for swiping your card through a Starbucks register, you’ll need to top up in the Starbucks app to earn the extra rewards.

Keep in mind that if you use one of these cards in the Starbucks app, you’ll also earn Starbucks® Rewards for all your purchases, which are redeemable for free items in-store. Between the points or cashback you’ll earn using your Chase card and the freebies you’ll score using the app, you can really get a good amount of rewards on your next coffee run.

At the end of the line

If you visit Starbucks regularly, one of the four Chase cards listed above will net you a decent amount of rewards. And with this new promotion, you’ll be able to earn a whole lot more points or cash back on your next Starbucks visit, not to mention additional benefits through Starbucks just by using the app.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

Credit card: what’s the best and smartest way to use it?


IIt’s a good idea to pay for everyday purchases with a credit card. Credit card payments are convenient, generally safer than cash or debit, and can be extremely rewarding. Plus, if you use your cards responsibly, you’ll build good credit.

The basics of using a credit card are simple: buy something with it, earn rewards equal to a percentage of your purchase, and then pay your bill when it arrives (ideally in full to avoid charges). interest).

However, you can personalize and optimize your credit card experience to get more value and security. Here are some tips to help you get the most out of your cards.

Balance alerts can help you track your spending

When you pay cash, it’s easy to know how much you’re spending when the tens and twenties disappear from your wallet. It’s not as easy to track how much you’re spending on a credit card (or debit card, for that matter), especially if you’re new to credit.

Many credit card companies, on the other hand, allow you to set up balance alerts, which send you an SMS, email, or in-app message when your balance approaches a preset threshold. You can set an alert when your balance reaches a certain threshold, such as $500 or 30% of your credit limit.

Budgeting tools can help with your spending

Most major credit card companies provide expense analysis tools that you can access through your online account. You select a period – a month, a year, or a custom period – and the tool displays how much money you’ve spent on your card in different categories. These categories are usually determined by the merchant where you spent your money – supermarkets, gas stations, restaurants and department stores, for example.

Mid-cycle payments can help improve your credit score

Each month, your credit card issuer sends information about your account to the three major credit bureaus. Your balance is an important piece of information that is reported because it is used to calculate your credit utilization rate. This percentage refers to the amount of your available credit that you are currently using. If you have a credit limit of $5,000 and a balance of $1,000, for example, your credit utilization is 20%.

Your credit score is heavily influenced by your use of credit. This is part of the “amounts you owe” category, which is 30% of your FICO score. In general, you should aim for less than 30% utilization, but the lower the better.

Shopping malls and bonus offers can make you a lot of money

If you’re a frequent online shopper, check to see if your issuer offers a bonus mall or card-linked offers where you can earn extra rewards. If you do this, you could get 10% cash back on a purchase instead of the usual 1%-2%. Alternatively, you could receive an immediate discount of $5, $10 or more. Some issuers give more importance to these options than others. To see what’s available, go to your transmitter’s website or app.

Changing your deadline can help you stay on track

It’s bad news if you don’t pay your credit card bill on time. You will almost certainly be charged high late fees, and since your payment history accounts for 35% of your FICO score, one late or missed payment can be disastrous for your credit. If your credit card’s due date falls at an inconvenient time during the month, whether because of your schedule or cash flow, ask your issuer if you can change it. You may be able to do this by going online or by calling your issuer.

Film producer Boney Kapoor’s credit card misused loses ₹3.82 lakh | Latest India News


According to the complaint, 3.82 lakh was transferred from Kapoor’s account in five fraudulent transactions on February 9.

Fraudulent transactions of approximately 4 lakh took place allegedly using Bollywood producer Boney Kapoor’s credit card.

According to the complaint, 3.82 lakh was transferred from Kapoor’s account in five fraudulent transactions on February 9.

A case was registered at Amboli police station in Mumbai on Wednesday under the relevant sections of the Information Technology Act.

Read also : Insurance fraud: 3 detained in Noida for cheating on Chandigarh man 8.5 million

Kapoor learned that money had been withdrawn from his bank account and he asked the bank about it. Following this, he filed a written complaint with the police.

The producer told police that no one asked for his credit card details and he had not received any phone calls about it. Police officials suspected someone had obtained the data while Kapoor was using the card.

Read also : Class 10 passout behind 1,352 cyber fraud cases: Chandigarh police

It was learned that the money from Kapoor’s card had gone to a company account in Gurugram.

The investigation is ongoing.

Close story

Mobile payment users are more likely to overspend; Apple launches Tap-To-Pay


People who use mobile payments are more likely to overspend

Whether it’s Apple Pay or Google Pay, many of us are now using our mobile phones to make contactless payments on the go. But a new study might make you reconsider using mobile payments. Researchers from the University of Puget Sound in Washington found that people who use these payment methods are more likely to overspend. Participants who used mobile payments were 34% more likely to spend more than their annual income than those who used other payment methods. They were also 31% more likely to have trouble paying bills and expenses. [Daily Mail]

Launch of iPhone-to-iPhone Tap to Pay in Apple Stores

Apple will begin rolling out its new Tap to Pay feature to the public. The feature was unveiled in February and allows compatible iPhones to accept payments via Apple Pay, contactless credit and debit or other digital wallets. The feature will allow small businesses and merchants to accept contactless payments through supported iOS apps. The merchant at checkout will prompt the customer to hold their device, either an iPhone, Apple Watch, or contactless credit or debit card, near the merchant’s iPhone, and payment will be processed. The feature began testing at the Apple Park Visitor Center earlier in May. [PYMNTS]

Why Mastercard and Visa Rarely Caught Scammers Who Scam Consumers

A year-long investigation by BuzzFeed News reveals that Mastercard and Visa, which together process three-quarters of all credit card payments in the United States, transfer money to companies with extensive histories of fraud, which which allows them to continue defrauding customers, sometimes for years. The credit card giants take a percentage of every sale, legitimate or not. BuzzFeed News’ review, based on tens of thousands of pages of court records, confidential investigative reports, secret recordings, internal corporate records and more than 120 interviews, shows how Mastercard and Visa continue to host thousands of businesses that have been flagged for issues including lying to customers, lying to banks and breaking the law. [BuzzFeed]

CFPB alleges TransUnion lured consumers with dark patterns

The CFPB filed a lawsuit against TransUnion and John Danaher, a former TransUnion executive, alleging that the credit bureau manipulated consumers into signing up for subscription services. According to the consumer protection agency, when consumers requested a free annual copy of their credit reports, TransUnion was asking for their credit card information for identity verification purposes. An online button appeared which seemed to offer a free credit score in addition to the credit report. What actually happened was that consumers who pressed the button were signed up for credit monitoring services with a recurring monthly fee using the card information they provided. Disclosures regarding this charge were made in fine print that is difficult to locate. Consumers who have tried to waive these recurring charges have found there is no easy way to do so. [Bankrate]

PayPal seeks to adopt all possible crypto and blockchain services

Global payments giant PayPal is doing its best to bring all possible blockchain and cryptocurrency integrations to its services. PayPal works hard to support all possible digital services, including digital currencies and central bank digital currencies. After rolling out its Bitcoin buy, hold, and sell service across the United States in 2020, PayPal continues to expand its digital currency-related offering. [Coin Telegraph]

CFPB targets credit card data deletion practices

The CFPB said it has sent letters to the nation’s largest credit card companies asking why they don’t regularly provide data to credit bureaus on the actual monthly payments their borrowers make. According to CFPB research, only about half of the largest credit card companies provide data to credit reporting companies on the exact amounts of monthly payments made by borrowers. The same research also showed that over a short period of time, several of the larger credit card companies began to remove the actual payment amount information they had previously provided or provided about consumers. This practice of deleting payment data can be detrimental as it can impact consumers’ ability to access credit at the most competitive rates. [PYMNTS]

Mastercard Focuses on Southeast Asia and Latin America After India Ban and Russia Exit

Southeast Asia and Latin America are high growth regions for Mastercard following its March withdrawal from Russia and India’s 2021 ban on issuing new cards. India’s central bank has banned Mastercard after declaring it “non-compliant” with the country’s 2018 rules that required foreign card networks to store Indian payment data locally for “unfettered surveillance access”. Mastercard suspended operations in Russia, a market that accounted for about 4% of its net revenue in 2021, in March following its invasion of Ukraine. [Reuters]

Bank of America CEO Says Nothing Will Stop American Consumers From Spending Money

US consumers are “in good shape” and will continue to spend at a high level, at least in the short term, according to Bank of America CEO Brian Moynihan. “Consumers are in good shape, not overleveraged,” Moynihan said. The bank’s customers have checking and savings accounts that are even bigger than before the pandemic and are spending 10% more in May so far than the year-ago period. “What’s going to slow them down?” Nothing yet,” Moynihan said. [CNBC]

Africa accounts for 70% of the $1 trillion global mobile money market

Africa now accounts for 70% of the $1 trillion global mobile money value. The value of mobile money transactions in Africa increased slightly by 39% to $701.4 billion in 2021 from $495 billion in 2020, underscoring that the future of African banking is mobile. GSMA figures show mobile money transaction volume jumped 23% to 36.7 billion in 2021 from 27.5 billion in 2020. During the reporting period, registered mobile wallets in Africa surpassed 621 million, a 17% increase from the 562 million captured in 2020. There are now over 184 million active mobile money wallets on the continent compared to 161 million accounts just over a year ago previously. [Quartz Africa]

Klarna used a pre-recorded video message to fire 10% of employees

Klarna, Sweden’s “buy now, pay later” service, announced it was laying off 10% of its global workforce in a pre-recorded video message. The company currently has around 7,000 employees, and a 10% reduction brings the number of workers affected to around 700. BNPL businesses exploded during the height of the pandemic when many people were short of cash and had nothing to do but shop online. Last week, The Wall Street Journal reported that Klarna is seeking to raise a new funding round that would value the company at $30 billion, about a third below the $46 billion it was valued at nearly a year ago. year. BNPL’s rival service Affirm has also seen a similar decline, with its share price falling 75% this year. [The Verge]

Chase announces limited time offers on Southwest credit cards

Chase has announced a limited-time offer for its Southwest co-branded credit cards. The card issuer offers an increased sign-up bonus for new cardholders, offering 75,000 bonus points. The limited-time offer offers new cardholders 75,000 bonus points after spending $5,000 in the first three months. The bonus is now available on Southwest Rapid Rewards Plus, Premier and Priority cards. Any points you earn with a Southwest Airlines credit card count toward your eligibility for the coveted Southwest Companion Pass, which requires you to earn at least 125,000 points in a calendar year. [Investopedia]

Scottish Mortgage Investment Trust: high risk, high return

long term strategist

However, Slater argues that while “Chinese companies have suffered from President Xi’s regulatory crackdown,” most of his investments have still generated “exceptional levels of growth over two years.”

And the trust has always warned of its “aim to outperform the FTSE All-World Index (in sterling terms) over a rolling five-year period”, and that “this is only on periods of five years or more that sustainable competitive advantages and managerial excellence within companies truly translate into returns.

Based on this metric alone, Scottish Mortgage still delivers on its mandate, with an astonishing ability to selectively invest early in disruptive winners.

This high-risk, high-reward approach has seen trust benefit early on at companies such as NIO, Tesla, Amazon and Spotify. In a recent example, he has for years owned shares of private Tik Tok owner Bytedance, the company that has been cited by Meta’s Facebook and Alphabet’s YouTube as a key market competitor.

Of course, accessible investing in private companies has always been a major draw for UK retail investors, who own around 75% of Scottish Mortgage shares.

But Jefferies analyst Matthew Hose warned they could now account for 30.4% of his holdings, above the 30% policy limit. And that could limit the trust’s ability to redeem shares in the future.

Additionally, Chelsea Financial Services analyst James Yardley says “rising inflation and rising interest rates are creating an unfavorable environment for the type of high-growth companies backed by the trust.” As a result, Scottish Mortgage has been usurped by 3i Group, the other investment fund in the FTSE 100, as the largest in the UK.

But deputy Lawrence Burns encouraged that “the pressure to sacrifice long-term gains for immediate respite is growing day by day”. If ever our own time horizon were to shorten significantly, we would destroy our greatest advantage…we have no intention of doing so.

And Numis analysts led by Ewan Lovett-Turner remain optimistic, saying the trust has always maintained that “the approach could be volatile and returns will differ significantly from market returns.” Investors may have been aware of this, but that will not prevent the recent period from suffering.

They enthused saying that “buying a manager or approach that has a good long-term track record at a time when it’s out of fashion is normally a profitable approach.”

It should be noted that there has been an average share price increase of around 40% in the year following each substantial decline in Scottish Mortgage’s share price.

And although market timing is notoriously tricky, averaging the cost in pounds in old fashioned Scottish mortgage lending could reap significant rewards.

Go short and long with CFDs on over 16,000 stocks with our award-winning trading platform.* Learn more about stock trading with us or open an account to get started today.

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Using the credit card at the pump could cost you more


NASHVILLE, Tenn. (WSMV) – As gasoline prices rise ahead of the holiday weekend, many continue to feel the sting in their wallets.

“It was hard to follow,” said Adam West.

West owns a landscaping company serving the Nashville area. It usually stops several times at the gas station during a typical week.

“You know, I use about $250 worth of gas a week, and it’s gone up a lot,” West explained.

It’s a costly leap we’ve all seen. But, as a Certified Financial Planner and Vice President of Beacon Capital Management, Daniel Benson notices the impact beyond the pump.

“It’s been interesting this year; there are statistics there. The average credit card debt in the United States today is $841 billion, approaching all-time highs,” Benson said.

On top of that, he says credit card interest rates are also approaching all-time highs. So delaying your payments could cost you even more for those who prefer to use cards at the pump.

“If you’re paying off that credit card every month, you don’t really see those interest rates going up. But if it doesn’t, you have food inflation, high gas prices, and your credit card bill going up all at the same time, which is not a good scenario for anyone,” Benson explained.

But despite this price spike, there are still ways to save.

“The amount we were allocating to spend on food, gas and clothes, all of that costs more. We have to make sure we’ve gone into our budget and adjusted those numbers to make sure there may be other areas in our lives that we have to give up,” Benson said.

Copyright 2022 WSMV. All rights reserved.

Property developer sues S&WB, claims utility caused credit rating to plummet over disputed bills | Economic news


New Orleans developer Anthony Marullo, owner of a large portfolio of residential and commercial properties, is suing the Sewerage and Water Board, alleging the utility reduced his credit rating and damaged his reputation over bills disputed water.

The lawsuit, filed in Orleans Civil District Court earlier this week, involves two multi-family apartment buildings in Central City, which together have 23 rental units.

Marullo alleges that after disputing bills totaling nearly $62,000 last year, the S&WB sent the disputed bills to its collections department without giving it notice. He also claims that he was never informed of the outcome of the dispute settlement procedure.

A long history of conflict

Marullo’s lawsuit highlighted growing frustrations among S&WB ratepayers over local utility billing systems, which recently sparked a bigger political tussle between Mayor LaToya Cantrell and the City Council.

At issue is a long history of disputed water bills as well as general questions about the utility’s finances and how it will pay for much-needed infrastructure upgrades.

The S&WB declined to comment on Marullo’s lawsuit, but said it hands over final invoices to a collection agency 30 days after their due date and does “every effort” to notify customers.

Water board executive director Ghassan Korban said last week that the utility had chosen a supplier for its $65 million project to replace its hand-read meters with new “smart meters” that will eventually help ease his billing problems. He said he hoped the project would start this year, but conceded it would take three years to complete.

Marullo declined to comment beyond the lawsuit’s allegations.

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Following Marullo’s $62,000 debt being placed in the water board’s collections department, the lawsuit claims Marullo’s score with rating agencies dropped from around 750 to around 500.

Credit scores – also called FICO scores – are compiled by three major rating agencies and affect a person’s ability to borrow money and the cost of borrowing.

Banks and other lending institutions are generally limited by regulations in terms of the loans they can give to people with bad credit. A FICO score above 740 is considered “very good”, while one below 579 is “poor” and would limit a person’s ability to borrow.

Marullo’s lawsuit claims the S&WB’s actions mean it is currently unable to secure financing for its property development projects. He also claims it has caused “irreparable damage to his reputation” and could affect his ability to remain on the board of directors of American Bank and Trust in Covington.

Application for injunction

Marullo, who is the third generation of the family that has owned the French Market Restaurant & Bar on Decatur Street since 1965, also owns multi-family housing with nearly 1,000 rental units in the greater New Orleans area.

It also has a portfolio of commercial properties, including the recently acquired Forum at 3131 Veterans Memorial Boulevard and Lakeside Plaza, a strip mall on 17th Street in Metairie.

Marullo’s lawsuit seeks an immediate injunction to order that the disputed bills be removed from the water board’s collection process; a hearing is scheduled for Friday. He also seeks unspecified damages and attorneys’ fees.

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“I didn’t activate a credit card, but I was charged an annual fee”


In the third quarter of 2019, I took out a credit card with a local bank. At the time, the bank agent assured me that the card had no annual fee.

However, after receiving the card and reading the attached information, I found out that the card charges an annual fee of Dh200. Therefore, I did not activate the card and never used it.

I recently received monthly statements by email from the bank and when I called them I was surprised to find that I owed over Dh2000 ($544.58) on the card.

The bank agent said he had canceled the card on my behalf, but it would take 45 days and someone from the payments department would call me.

However, I haven’t heard of them yet. Obviously, the longer this drags on, the more the penalties will increase and the amount owed will increase rapidly.

Additionally, I was also flagged as defaulter on my Al Etihad Credit Bureau credit report. I discovered this when I applied for a loan, which was consequently rejected.

Can you advise me on what I should do and what my legal rights are regarding this issue? LB, Dubai

Debt Speaker 1: Sameh Awadallah, Acting Global Head of Retail Banking at Islamic Bank Abu Dhabi

Your decision not to activate your credit card and not use it is not the solution, as it may result in you paying charges without enjoying your cardholder’s benefits.

Your account is automatically opened when your application is approved. This means that even if you do not activate the credit card, you will still have to pay the annual fee associated with it.

Given your situation, I would recommend arranging a face-to-face meeting with a senior bank official and explaining your situation. As this is not a huge amount and if you are an existing customer of the bank, you can ask them to waive the annual fees that have accrued so far.

You could then ask to switch to another card from the same issuer that does not charge an annual fee. It may be less hassle for you than canceling your card and applying for a new one from a different issuer.

Once the settlement is complete, ask the bank to remove the default status and change the original credit information provided to the AECB.

The bank can correct and update its records instantly using the data correction tool provided by the AECB.

There is a link on the AECB website that allows you to contact your bank (information provider). If you can convince the bank to do so, make sure the agreement is in writing.

I also suggest obtaining both the authorization letter and the written agreement, on bank letterhead, to change the delisting status.

Debt 2 Panelist: Jaya Ratnani, Managing Partner at Freed Financial Services

Quite often people have small, unknown defaults and payments piling up on their credit cards, which go unnoticed over a period of time. This amount increases due to penalties and interest and can negatively impact an AECB credit report.

It is frustrating to be refused a loan from a bank for such a reason. The cancellation of the credit card and the non-cancellation of the annual fees charged by the bank can be due either to a system error or to a bad internal communication of the services of the bank.

The first step is to resolve this issue by contacting the bank and requesting a waiver of all fees.

In the event of inaction by the bank, a complaint can be lodged via its online complaints portal or by e-mail. Attach any supporting documentation to prove your argument should be submitted at this stage.

It may have been a one-year promotional offer that the bank offered to encourage people to sign up for the credit card.

Alison Soltani, Founder of Leap Savvy Savers

If the bank takes no action for the next 30 days, you can file a complaint with the UAE Central Bank through its website. You will need to attach the supporting documents and the reference number of the complaint from your bank.

Once the matter has been resolved with the bank, ask for a disclaimer letter. The bank must notify the AECB in its monthly report of the closure of the card. When the AECB receives corrected data, it will update your credit file, which will result in a change in your credit score.

Be sure to review your AECB credit score after 30-45 days to ensure the default has been removed and the score is updated.

In the meantime, if you are applying for a loan, you can provide the bank with justification for these charges and the credit assessment team can review your case for approval.

Alternatively, you can wait for the AECB report to reflect the account closure and reapply for the loan.

Debt 3 Panelist: Alison Soltani, Founder of Leap savvy savers

I’m sorry to hear about your predicament – it’s frustrating to realize that charges were accumulating, without your knowledge, on a credit card you weren’t using.

This may have been a one-year promotional offer the bank was offering to encourage people to sign up for the credit card, and they may not have explicitly confirmed that the charge would be applied. after the expiration of the offer period.

It is worth asking all agents, companies, financial institutions or banks to outline in writing all fees associated with their financial products before signing up.

Although you have not activated the card, you are still liable for the fee unless you cancel it with the bank.

The 2,000 Dh will, in all likelihood, be the annual fee plus accrued interest and late fees on the account. This will definitely affect your credit score and is likely the reason your loan application was rejected.

You can complain about the agent — for not informing you of the charges — to the bank’s relationship manager and to the central bank by filling out the form on their website or by calling 800 22 823.

It may help your case if you have written evidence, such as a message or email, that suggests the credit card did not incur a charge.

Unfortunately, if the interactions were verbal only, your complaint may not succeed because the bank sent you documents with the card, which informed you of the charges. I would also check to see if the fees are listed in the documents you signed when you applied for the card.

If you want to improve your credit score, however frustrating it may be, the best thing to do would be to clear the Dh2000 charge as soon as possible. Although your score will immediately reflect this, it will take time to recover to a point where you can claim credit.

In the meantime, there are steps you can take to speed up improving your credit score.

Make sure all bills, fees, and loan payments are made on time. Also limit the number of accounts, cards and loan applications you make in a short period of time.

Also, do not use the maximum amount of any existing credit you have. For example, if you have a credit card with a limit of 10,000 Dh, it will be to your advantage to use 3,000 Dh to 4,000 Dh per month and pay it back in full.

You can also apply to become an authorized user on a tax-responsible partner’s card, which will also have a positive impact on your credit report.

The Debt Panel is a weekly column to help readers manage their debts more effectively. If you have a question for the panel, write to [email protected]

Updated: May 25, 2022, 5:00 a.m.

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Optimus Cards Introduces Credit Card for Credit Union


In a UK first for credit unions, Optimus Cards, the UK’s most innovative provider of white label cards and banking solutions for traditional and new currencies, has launched its new credit card product flexible and responsible to credit unions at the annual ABCUL conference.

Additionally, Optimus Cards announces its collaboration with NestEgg to support its credit card program enabling credit unions to adopt automated decision making for credit card applications. NestEgg helps individuals improve their financial health by starting with affordable credit from selected responsible lenders.

In another giant leap for the industry, this collaboration means credit unions can set their own risk appetite for credit card approvals by automating limits based on the borrower’s credit profile.

Optimus has been at the forefront of this new credit card strategy. The company has served on the ABCUL’s Credit Union Working Group, which has led to the development of a policy framework on behalf of its members over the past 18 months.

This new initiative is based on the same Optimus principles of owners of the balance sheet, line of credit, risks and receivables still owned by the credit union.

Lindsay Ward COO of Optimus Cards commented. “This is an important strategic decision for Optimus. Working with Adrian and the NestEgg team has given us a better understanding of the needs of the credit union industry. The additional insights from NestEgg Systems means we can launch a flexible and robust credit card solution that is unmatched in the credit union space. This credit card program will allow credit unions to adopt a new service for their members while opening a new book of affordable loans.

“Optimus provides a credit card on behalf of UK credit unions in a very transparent and simple way. All receivables in the program are owned by independent credit unions. The solution and loan portfolio are owned by the credit union, while such as their consumer credit license, risk and portfolio P&L. This is an exciting time for Optimus,” concluded Ward.
Adrian Davies, co-founder of NestEgg, said, “NestEgg is thrilled to partner with Optimus Cards to fulfill a long-standing ambition of the credit union movement: to provide a credit card to members.”
“With 1/3 of credit union borrowers holding revolving credit elsewhere, the demand is there. In fact, more than two-thirds of members using revolving credit had near or optimal credit scores. And once opened, credit card accounts stay open; in most cases for more than six years.

“We sought out this opportunity with several credit unions. and were amazed to find that in some credit unions, 94% of borrowers had not missed a single repayment. The challenge has always been to make revolving credit work in a practical way for members. Now Optimus Cards can make that a reality,” Davies concluded.

As a regulated CaaS (cards as a service) provider and principal member of Mastercard, Optimus Cards provides payment and banking solutions to regulated and unregulated businesses, from simple BIN sponsorship to program managers, to managing full of cards and banking services. solutions, Optimus’ strategy is based on innovation, speed and flexibility. Offering its solutions to mutual businesses such as credit unions and building societies. Optimus’ footprint and success is built on ecosystem integrations with many core banking platforms. Providing the ultimate in integrated banking and card solutions.

As a result of the research, NestEgg has developed automated decision making for credit card applications. This means credit unions can set their own risk appetite for credit card approvals, automating limits based on the borrower’s credit profile. Currently, NestEgg helps a credit union decide on a loan application every three minutes, 24 hours a day, 7 days a week, 365 days a year.

How to Get the Best Mortgage Interest Rate as Rates Rise


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Improve your credit score

When applying for a new line of credit with a low credit score, you will likely receive a higher interest rate, which will make it more expensive for you to borrow money. The same idea also rings true when it comes to applying for mortgages.

Remember that your credit score can give lenders clues as to how likely you are to repay borrowed money on time and in full – which is why lenders consider people with lower credit scores to be more borrowers. risky and offer interest rates that are towards the higher end of the lender’s range.

Conversely, when you apply for a home loan with a higher credit rating, you will be considered a less risky borrower who is likely to repay the loan amount on time and in full. Lenders will then feel more comfortable offering a lower interest rate and it will be cheaper for you to borrow money.

Paying your bills on time is the most important thing you can do to boost your credit score. You should also try to keep your debt balance low and check your credit report regularly so you can challenge any potential inaccuracies that could lower your score – credit monitoring services like Experian and IdentityForce® can help with that.

Find the best rate in your area

Mortgage interest rates can fluctuate depending on the market and national rates can provide a good rough estimate of where your rate might be. Keep in mind that the rate you are likely to receive will depend more on factors such as your specific location, credit score and credit report. While you can check each lender’s website to get an idea of ​​the interest rates they charge, the best way to get an accurate idea of ​​what you’ll be paying is to provide the necessary information and check your rate.

That said, it’s important to submit your information and verify your rate with more than one lender so you have a better chance of getting the lowest rate possible. Don’t worry about your credit score getting hit multiple times – when you apply for a mortgage, you can submit your information for further investigation as often as needed within 45 days without your credit score suffering.

Although you won’t always get an extremely low rate between lenders, even a small distinction can make a big difference in the amount of interest you’ll pay each month.

Consider a shorter loan term

Terms of 15 and 30 years are common for mortgages, meaning you would have 15 and 30 years respectively to pay back the money you borrowed to buy your home. A 30-year loan generally gives you a longer time horizon to make payments, as well as smaller monthly payments. Note that shorter loan terms usually carry slightly lower interest rates since you agree to repay the loan over a shorter period.

Rocket Mortgage offers home loans with terms as short as eight years and as long as 29 years — this lender also offers Federal Housing Administration, or FHA, loans with down payments as low as 3.5%. Other lenders, such as SoFi and NCP Bank, offer durations between 10 years and 30 years. SoFi is also offering a number of loan benefits — a $500 rebate for SoFi members and up to $9,500 in cash back when you buy a home through the SoFi Real Estate Center — that could potentially offset at least part of the interest you would pay even if you decide to opt for a longer loan term.

Rocket Mortgage

  • Annual Percentage Rate (APR)

    Ask online for personalized rates

  • Types of loans

    Conventional Loans, FHA Loans, VA Loans, and Jumbo Loans

  • terms

    8 to 29 years old, including 15 years old and 30 years old

  • Credit needed

    Generally requires a credit score of 620, but will consider applicants with a credit score of 580 as long as other eligibility criteria are met

  • Minimum deposit

    3.5% if you go ahead with an FHA loan


  • Can use the loan to purchase or refinance a single-family home, second home or investment property, or condo
  • Can be pre-qualified in minutes
  • Rocket Mortgage app for easy access to your account

The inconvenients

  • Performs a thorough investigation to provide a personalized interest rate, which means your credit score may take a hit
  • Does not offer USDA loans, HELOCs, construction loans, or mobile home mortgages
  • Does not manage accounts for jumbo loans after closing


  • Annual Percentage Rate (APR)

    Apply online for personalized rates; fixed and adjustable rate mortgages included

  • Types of loans

    Conventional loans, jumbo loans, HELOC

  • terms

  • Credit needed

  • Minimum deposit


  • Quick pre-qualification
  • Provides access to mortgage officers for advice
  • $500 off for existing SoFi members
  • Interest rate deduction of 0.25% when you lock in a 30-year rate for a conventional loan
  • Offers up to $9,500 cash back if you buy a home through the SoFi Real Estate Center

The inconvenients

  • Does not offer FHA, VA, or USDA loans
  • Mortgages are not available in Hawaii, New Mexico or New York

Choosing your term is an extremely important decision as there are advantages and disadvantages to choosing a shorter term over a long term. If you end up opting for a shorter term, make sure that the larger monthly payments that would inevitably follow can fit within your budget.

Check out Select’s in-depth coverage at personal finance, technology and tools, welfare and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

Credello: How to get a personal loan of $50,000 or more


NEW YORK – May 23, 2022 – (Newswire.com)

A personal loan of $50,000 or more can help you get the money you need to buy a new car, pay off your mortgage or start a business. But how do you find a lender who will give you the best personal loan for your needs?

Step 1: Get your credit score in top shape.

Your credit score is the key factor that lenders use when considering a personal loan for you. If your credit score is in poor shape, your lender may not be willing to give you a loan or may require more collateral than you are willing to give. Generally, to get a $50,000 loan, you must have a credit score of 700.

To improve your credit score, you must first understand how your credit score is calculated. Your FICO score – the score used by the majority of lenders – is based on five factors, each representing a different percentage of your total score:

  • Payment history – 35%
  • Use of credit – 30%
  • Credit age – 15%
  • Credit composition – 10%
  • New credit applications – 10%

Although negative items such as late payments or difficult inquiries/credit inquiries will remain on your report for a few years, you can lessen their damage by improving other areas. Creditors typically report activity to the credit bureaus about once every 45 days. So if you’re considering applying for a personal loan, try to do so about 60 days after you’ve made improvements in your credit report.

How to quickly improve your credit score.

There are a few things you can do to quickly improve your credit score:

  • Pay your bills on time. This will help you establish your credit history and show lenders that you are a responsible borrower.
  • Pay more than your minimum payment. This will help you reduce your use of credit.
  • Don’t open too many new accounts. Having too many credit accounts can hurt your score because it suggests you’re not being careful with your money.
  • Use a credit monitoring service. This will help you track your progress and see if there are areas where you need to improve.
  • Consider getting a secured credit card. Secured cards are a great way to build your credit score because they show lenders that you are a responsible borrower.

Step 2: Compare interest rates and terms.

Before starting your loan application, it is important to compare the interest rates and terms offered by different lenders. You want to find a lender that offers the lowest possible interest rate while giving you enough time to pay off the loan in a way that fits your budget.

Step 3: Get pre-approved for a personal loan.

Once your credit score is in good shape and you’ve compared interest rates and terms, it’s time to get pre-approved for a personal loan. This will help speed up the application process and ensure that you are approved for a loan that fits your needs and your budget.

Step 4: Complete the application process.

Once you’ve been pre-approved and completed the application process, it’s time to wait for a response from the lender. You will likely receive a decision within 24-48 hours, but you may need to be patient as some lenders take longer to approve loans.

The bottom line.

Follow these steps and you’ll be well on your way to getting the money you need!

press release department

Primary source:

Credello: How to get a personal loan of $50,000 or more

5 things we learned from Sunday’s Premier League action

Another Premier League season is on the books but not before another frenetic ending that will long be remembered.

Here, the PA news agency reflects on what we’ve learned from the latest round of encounters.

The city shows its courage

Manchester City have won a fourth Premier League title in five seasons (Martin Rickett/PA) (PA wire)

After withering in the Bernabeu cauldron earlier this month, there would have been uncomfortable questions for Pep Guardiola if Manchester City had been propelled to the title by Liverpool. And for moments over the past two weeks, it looked possible that Guardiola’s side would fall flat. Against West Ham and Aston Villa they lost 2-0 but fought back to a 2-2 draw at the former before a stunning upset against the latter in a 3-2 win to claim a fourth title in five seasons. While that doesn’t hide their Madrid grief, they showed strong character to get through a testing period.

Liverpool must move on – quickly

Liverpool’s four-time bid ended on Sunday (Peter Byrne/PA) (PA wire)

Perhaps the fact that Liverpool have not, at any point, reached the top of the table on an absorbing final day will soften the blow. The title was never within their reach, with only a few late goals securing a 3-1 win over Wolves. But an unprecedented quadruple goes up in smoke and it will sting in the days to come. But Jurgen Klopp can get his hands on the prize Guardiola covets most as Liverpool travel to Paris to face Real Madrid in the Champions League final next weekend. Now, then, is not the time to wallow. Adding the Champions League to the FA and Carabao Cup gongs would still be a great season.

Tottenham redefines ‘Spursy’

Son Heung-min, pictured, has been unstoppable for Tottenham this season (Nigel French/PA) (PA wire)

There was a time when Tottenham capitulated at the end of the season, and north London rivals Arsenal reveled in their misfortune. But there was no indication there would be a mistake at Carrow Road as Spurs netted five goals against bottom Norwich to claim fourth and final Champions League berth. Arsenal won big – 5-1 against Everton – but that result was only enough for Europa League football next season. South Korean striker Son Heung-Min, whose brace on Sunday means he shares the Golden Boot with Liverpool’s Mohamed Salah, has been instrumental for Spurs this season.

walk together

Leeds head coach Jesse Marsch celebrates Premier League survival (John Walton/PA) (PA wire)

Hours after Leeds secured their top-flight status for another season, chairman Andrea Radrizzani threw his support behind head coach Jesse Marsch. The 48-year-old American is yet to convince much of the fan base after replacing Marcelo Bielsa in February, but Sunday’s 2-1 win at Brentford – coupled with Burnley’s loss to Newcastle – has largely helped to silence his detractors. And Radrizzani said: “We believe that with time and a full pre-season, Jesse will be the man to take this club forward.”

Burnley’s roll from the Dyche finally backfires

Burnley have been relegated to the Championship (Nick Potts/PA) (PA wire)

Burnley have drawn heavy criticism for getting rid of Sean Dyche and while caretaker boss Mike Jackson has won almost as many games in a month as the Clarets have won the previous eight, a 2-1 loss at home to Newcastle have ended their six-year stay in the division. . A player exodus could now occur, with captain Ben Mee and fellow defender James Tarkowski out of contract while goalkeeper Nick Pope and winger Dwight McNeil are also likely to move on. Meanwhile, Burnley’s accounts have confirmed the club would have to repay a “substantial” part of a £65million loan taken out during the leveraged takeover of ALK Capital if relegated. An instant return, at this time, does not seem a certainty.

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SOS: Identity of the woman confirmed; credit card account reactivated | Just ask us


Margaret Guadarrama had a trying winter holiday season.

First a hacked debit card, then a lost phone, then having to create a new Gmail account because the number that Google wanted to confirm as hers so she could access her old Gmail account was the old number that she no longer had.

“In the meantime, I got a new debit card, but some of my creditors got paid with my debit card and because I had a new one, they weren’t getting paid,” he said. she stated. “Because I had a new phone number and email, they couldn’t contact me.”

Almost all of this she was finally able to train on her own, she said. The exception was his Amazon Rewards credit card from Chase Bank.

Guadarrama emailed SOS on March 24 to say she had spent the past week trying unsuccessfully to re-establish friendly relations with the account which apparently could not confirm her identity via phone number, device or personal information.

At one point, she says, the identity verification gods asked her if she had ever lived at one of the four addresses in Cedar Park, Texas. Her ex-husband had, she said, but not her, which “wasn’t the answer they wanted.” She said Chase told her to refrain from using her card and she would call him the next day. She did, but they didn’t, she said.

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“All I want to know is how much I owe them and how much I have to pay per month,” she said. “However, it seems unimportant to them because they cannot verify that I exist.”

SOS first emailed Chase and Amazon on behalf of Guadarrama on April 11; nine days later, neither she nor SOS had replied.

So SOS harassed them again on April 21 and was rewarded less than an hour later with a response from Ashley Dodd, card communications manager for Chase Card Services, who said Guadarrama’s concern had been “transmitted” to “our executive office”.

SOS: Getting Dave Brubeck's

The next day she was back to say “we have spoken directly with Ms Guadarrama and confirmed that she now has full access to her account”.

Guadarrama confirmed the same to SOS on April 26.

“The security of our customers’ accounts is a top priority and for its protection, a temporary suspension has been placed on Ms. Guadarrama’s account after we detected a potential suspicious call when she was initially unable to pass security authentication,” Dodd said.

SOS: Credit/refund in Fiji is the latest element of the “dream trip” canceled by COVID-19

Paschke said “Josh” said to keep his number and he would “personally make sure I get the money back after December.”

SOS records its first twofer: another canceled flight reward runaround

Loyal readers may remember John Schmitz from April, when, at the start of the COVID-19 pandemic, SOS was able to help him break through…

SOS: mail delivery, wire harness, airline credits, oh boy!

“If I hadn’t gone to the post office and done my own investigation, we wouldn’t have received our ballots.”

SOS: Travel reimbursement to United Airlines provided a lot of turbulence

Paul Weimer called United’s explanation “the revisionist story”.

SOS: Frontier Airlines Responds to 1 of 2 Customer Complaints

“Why wouldn’t I use those 50,000 miles for free flights if I had them in my account in early June?”

SOS: Frontier Airlines changes course and refunds canceled flight

Airlines have taken advantage of federal rules that allow them to deny refunds of non-refundable tickets to travelers who cancel their trip.

SOS: At least mitigate the damage caused by the COVID-19 pandemic

SOS tackles the problems of unemployment and plane tickets.

SOS: a fan promised reimbursement for a flight she never took, a match she did not attend

“They don’t seem to understand that if I couldn’t get to Tampa, how was I supposed to use the ticket and get back?”

1 artificial intelligence growth stock to buy right now


The stock market is currently experiencing the toughest losing streak since the pandemic began in 2020. The broad S&P500 The index is down 19% from its all-time high, putting it a hair’s breadth away from bear market territory. But technology centered Nasdaq-100 the index is already there, with a loss of 28.3% since November 2021.

While the investment picture can be scary for many investors, history suggests that bear markets always eventually recover, so this might actually be a great time to put some cash to work. Here’s a fast-growing stock leveraging cutting-edge technology, and it’s worth considering as it’s trading at an 88.9% discount from its all-time high, despite the company being very profitable .

Image source: Getty Images.

Upstart is transforming the lending industry

For several decades now, Just Isaacit is (FICO 4.41%) The FICO credit scoring system has been the standard for determining consumer creditworthiness. It takes into account five key factors, including an individual’s repayment history, current level of debt, and types of loans currently held.

But Assets received (UPST -13.34%) says these metrics don’t paint a full picture of a person’s ability to repay a loan. The company built an artificial intelligence algorithm that measures 1,600 data points, including where a potential borrower currently works and their education, to generate a more accurate credit score. The algorithm also arrives at a decision instantly 74% of the time, which can save days or weeks for an employee manually generating a credit score.

It’s a big win for the banks, one of which has completely ditched FICO scores in favor of this new era technology. This raises an important point: Upstart’s goal is not to issue loans itself, but rather to offer them to its banking partners in exchange for a fee. Typically, this means that Upstart has little to no credit risk, although it has recently temporarily deviated from this strategy, which is one of the reasons its stock has fallen so sharply.

The company conducted research and development for its new auto lending segment, and it had used $252 million of its own cash by the end of 2021 to provide loans to borrowers. At the end of the first quarter of 2022, that figure soared to $597 million as the company struggled to sell the loans to its partners under difficult credit conditions.

Upstart management says it expects this to be temporary, and since Upstart originations exceeded $4.5 billion in the quarter, the $345 million in additional credit risk that it absorbed in the first quarter represent only 7% of all the loans that its algorithm has created.

Upstart’s growth soars

Upstart has come a long way from humble beginnings creating unsecured personal loans, which represents a $112 billion annual market opportunity. The company’s 2021 entry into the much more lucrative auto loan segment opens up an addressable market roughly six times larger.

The key to getting the maximum auto loan volume is to meet potential borrowers where they shop – at car dealerships. To accelerate its progress, Upstart acquired car dealership sales software company Prodigy. He integrated his algorithm into this platform to create what is now called Upstart Auto Retail, a two-in-one sales and lending software that has been adopted by 525 dealerships serving 35 different automakers. That’s a whopping 224% jump from just a year ago.

These advancements helped Upstart generate $310 million in revenue in the first quarter of 2022, a 156% year-over-year increase.

But it’s better for Upstart

Upstart has hinted that its eye may be on even broader segments of the lending market. In his presentation last quarter, he highlighted the $644 billion small business loan market and the $4.5 trillion mortgage market. The company hasn’t explicitly outlined its plans to enter these ventures, but by mentioning them, it offers some insight into the direction Upstart could take for its next phase of growth.

Unfortunately, an expected slowdown in economic growth caused Upstart to limit its revenue forecast for 2022. Management expected to generate $1.4 billion, but that was revised down to $1.25 billion; that’s still a 47% jump from the 2021 result of $849 million.

The company is also very profitable, with adjusted earnings per share of $2.72 on a 12-month basis. That puts Upstart stock at a price/earnings multiple of 18.9, a 27% discount to the Nasdaq-100 index, which trades at a multiple of 26.

Upstart’s stock price may be down 88.9% from its all-time high of $401, but it is up 77% from its 52-week low, which was fixed after the publication of its results just two weeks ago. Clearly, some investors still see value in the company, and it’s arguably still very cheap.

Where should the poor be allowed to live?

Image by Anders Holm Jensen via Unsplash

Saturday, May 21, 2022

When affordable housing is scarce, where should Boulder build it and how far should the government go to punish people who survive by living in cars or on public land? Ones where the issues were debated by elected officials this week as Boulder City Council weighed plans to add housing to East Boulder and county commissioners rejected plans to punish homeless people.

Below is a look at the city and county’s action this week:

Business concerns kill housing plan near pharmaceutical manufacturing plant

Boulder leaders have spent the past month finalizing the East Boulder Sub-Community Plan, a primary document intended to guide redevelopment in the employment-intensive area for decades to come. With public engagement completed and the plan nearing completion, City Council on the eleventh hour removed an area near the Corden Pharma manufacturing plant from the table for future housing, until there is no more heavy industry.

He pulled some 150 homes from the table under the plan, which has been in development for three years. This decision was made at the behest of Corden Pharma over concerns that its manufacturing operations would clash with potential future neighbors over light, noise and pollution.

Likewise, Boulder Municipal Airport users secured a last-minute addition to the plan to alleviate complaints from potential future residents. The council already receives many letters related to airport noise from neighboring property owners.

Read: Potential housing removed from plan after drugmaker pushback. Boulder Reports Lab

“I’m a proponent of housing, but I’m a proponent of housing done right,” Councilwoman Junie Joseph said. “We want more housing, but we want desirable housing.

Councilwoman Tara Winer said, “In a way, I feel like we’re protecting people by saying we’re not going to build housing here.”

Low-income renters, especially people of color, have historically been pushed against heavy industry and transportation by local zoning regulations like Boulder’s, and state and federal governments pushing highways in the heart of historic low-income neighborhoods, especially black people. The health disparities associated with such decisions are well documented.

Other council members pushed back, noting the severe housing shortage and its link to growing homelessness – itself a major contributor to illness and premature death.

“We have people living on the streets, in their cars, in pretty dangerous situations right now because we don’t have enough housing,” Councilwoman Nicole Speer said. “Not everyone has the ability to live in a nice neighborhood. People need roofs.

“To say that we are not going to have housing in an area excludes any design or creative solution that might alleviate our concerns,” said councilor Lauren Folkerts, architect. “It might be a new kind of life that we have elsewhere in Boulder, but the community engagement suggests that’s what’s being sought.”

The vote to remove housing near Corden Pharma was 6-3, with Councilors Speer, Folkerts and Rachel Friend dissenting. All three voted with the rest of the board to adopt the plan as a whole, with the recommended changes.

Boulder’s second sub-community plan is yet to be approved – planning board and council must agree on terms, and council has rejected a key planning board provision that would impose a hard cap on the number jobs allowed in East Boulder.

“In general, the city does not regulate the number of jobs”, said Kathleen King, a municipal planning official. “Employment fluctuates over time and post-COVID dynamics are really changing.

There are city goals to balance jobs and housing, and specific policies can be used to limit the number of jobs, like Boulder did by updating rules on where office space is located. . The East Boulder sub-community plan, for example, allows offices only in certain areas and restricted to specific floors of buildings.

Flatiron Business Park now accounts for 24% of all Boulder jobs. The plan strives to maintain that share over 20 years, King said.

County commissioners rescind camping ban – for now

People of a place can living on is on the streets of unincorporated Boulder County, in cars or otherwise. Two county commissioners have rejected a camping ban similar to those in Boulder and Longmont. Laws in those cities pushed people into county lands, officials argued.

the arrangement would subject people living in their cars to fines, similar (although more expensive) to parking tickets: up to $100 for the first offense, $200 for the second, and $300 for the third and subsequent offenses.

Such policies have been decried by civil rights activists, homelessness advocates and experts as well as people who are experiencing homelessness themselves, who say they criminalize poverty and people’s living conditions. having few other legal options. Research has shown that the laws undermine stability and trust in the system, disrupting lives and extending time spent without housing.

Fines and fees “can potentially affect a credit report“, Commissioner Marta Loachamin said, making it harder to get housing. “There are effects.”

Concerns also exist about the legality of the measure as drafted, which was framed to allow searches of tents or vehicles without a warrant, in direct violation of the constitutional right to privacy.

Lily: Boulder County commissioners reject camping ban. Daily camera

Proponents acknowledge that criminalizing homelessness is not a solution, but say some action is needed to allay concerns of homes and businesses as well as damage to county lands, usually in the form of litter and of waste water.

“That’s definitely not going to solve the problem,” Sheriff Joe Pelle said. “It’s just one tool among others to allow us to deal with a particular aspect that is problematic for our community. I have a constituency of people who live in homes and neighborhoods that are affected.

It’s really our only option other than just not regulating it and letting it happen.

A county camping ban is not dead yet. The commissioners can review the order after the reviews.

$3.1 million allocated to forest fire resilience, other council priorities

In the first adjustment of the 2022 budget, the city added more than $3 million to projects and programs the new city council directed staff to pursue. Assignments include:

$612,500 for housing and social services

  • $375,000 to rehabilitate existing municipal facilities into a “respite center for the homeless”
  • $40,000 for a down payment assistance pilot project for middle-income people
  • $70,000 for a 5-year strategic plan for inclusive housing
  • $7,500 for a survey on updating ADU rules
  • $120,000 for HOA Assessment Pilot Expansion

$503,900 for wildfires and disaster preparedness:

  • $250,000 to accelerate climate resilience work
  • $109,933 to hire wilderness staff for OSMP
  • $43,967 for wildfire home appraisals
  • $100,000 for forest firefighting equipment

The bulk of the expenditure ($2 million) is for the hiring of 22.5 full-time staff, including several in the Department of Housing and Human Services for activities such as homelessness outreach, response to crises and the prevention of evictions.

Soon a guaranteed income

The Council will also review a plan to provide cash assistance to low-income Boulderites. Staff have offered to spend federal COVID recovery dollars on a pilot project, which has fueled the proliferation of programs across the country.

Twenty-eight cities have launched guaranteed income projects, and 12 more are in the pipeline. Typically, recipients receive $500 per month for about two years. Times and amounts vary from city to city, as does who receives the funds.

Cambridge, Mass., gives money to “single babysitters” while Alexandria, Virginia, randomly selected households earning at least 50% of the area’s median income. Newark, New Jersey has gone a long way, offering assistance to anyone “facing housing insecurity.” (Mountain View, Calif., home of Google, was the stingiest among the staffing examples listed, allocating payments for only one year to very specific groups: “very low-income” families with children.)

A report from Stockton, California, one of the first US cities to implement guaranteed income, found increased employment levels, improved mental health, food security and housing stability and “an increased ability to set goals, consider new job opportunities, and take risks.” (for example, taking time off from current employment to pursue other options such as internships or vocational training) and meeting family needs associated with full-time caregiver work.

Boulder offered direct cash assistance in much smaller amounts, using a $100,000 grant from the Colorado Left Behind Workers Fund in 2020. $1,000 was awarded to 94 people to whom unemployment benefits and funds federal stimulus packages were not available; the results were not reported in the memos to the board.

If approved by the board – an early preview has garnered majority support – the money could start flowing to the Boulderites in early 2023.

Next week’s discussion will also include a discussion of Boulder’s budget and long-term financial outlook.

Also this week

— Shay’s Castle, @shayshinecastle

Help improve the Beat. Was there a perspective we missed or facts we didn’t consider? Email your thoughts to [email protected]

Governance Lodging Rock Boulder County Commissioners Boulder Reports Lab budget no camping municipal Council boulder town Corden Pharma Daily camera East Boulder Sub-Community Plan roaming lodging

“Wealthy people can do it. It could become prohibitively expensive for others” – welcome to FL’s new normal property insurance industry | Florida

Florida lawmakers ready to act on soaring property insurance rates could respond to claims of insurance fraud and successfully lure jittery reinsurance companies into Florida’s crippled market.

But one thing they can’t do is change the weather.

“Insurers believe that because of climate change, this is the new normal. They are seeing catastrophic and non-catastrophic weather events increasing in severity every year,” said Paul Handerhan, president of the Federal Reform Association. of Insurance, a national nonprofit advocacy organization based in Fort Lauderdale.

The consequences of climate change include not only catastrophic – and increasingly costly – weather such as hurricanes and wildfires, but also more everyday events such as storms that batter residential and commercial properties from wind and hail in a straight line.

Add to that rapid population growth in Florida, high demand for high-risk areas such as coastal communities, higher prices for construction and labor, and alleged abuse by contractors. that prompt policyholders to file inflated damage claims, and you have what one prominent insurance executive calls “total collapse of the entire Florida market.”

The actuarial way to respond to the new normal is to raise rates, cut coverage, or throw in the towel, as eight Florida property insurance companies have done since 2018. Just this week, three more asked state insurance regulators to approve a high rate. increases – up to 49% on policyholders not among the tens of thousands of people who have recently lost coverage due to non-renewals.

Over time, Handerhan said, property insurance coverage will become so expensive that only the richest of the rich can “afford to live in paradise.”

The impending problem

Job 1 for lawmakers meeting in a special session that begins Monday, May 23, Handerhan said, is to secure as much reinsurance coverage as possible for Florida’s remaining insurance companies by June 1, the start of the official hurricane season, in 13 days.

Reinsurers with access to vast capital guarantee primary insurance companies to cover payments in the event of catastrophic events that exceed the primary companies’ available funds. Without reinsurance, primary insurers cannot afford to provide coverage in high-risk areas — which applies to most of Florida.

“The most pressing and imminent problem is to solve the problem of reinsurance,” Handerhan, a 20-year-old property and casualty insurance executive, said in an interview Thursday.

“It has to be on the agenda and it has to be meaningful. They must provide comprehensive reforms to provide a sufficient supply of reinsurance capacity, so that these insurers are able to run their programs and have the reinsurance capacity they need to get through this hurricane season.

Handerhan said that means lawmakers must take billions of dollars from Florida’s Hurricane Catastrophe Fund. The so-called Cat Fund provides reinsurance coverage but likes to be stingy to keep a strong surplus in case Florida suffers another Hurricane Andrew (1992) or a season of back-to-back hurricanes like the series that hit Florida four times in 2004 (Charley, Frances, Ivan, Jeanne).

Citizens Property Insurance Corp., the state’s insurer of last resort, has more than doubled its insured volume in less than two years to absorb customers left behind when their insurers failed to renew their policies or ceased their activities.

This week, its board of governors authorized the spending of $400 million to buy $4.25 billion in reinsurance coverage. That’s almost double what he needed last year.

“This market is completely, 100% out of control,” Barry Gilway, president, CEO and executive director of Citizens, said at the board of governors meeting. “It all has to do with the total collapse of the overall Florida market, and that collapse continues.”

Gilway said the massive growth of the state’s insurer of last resort, caused by the massive decline in private coverage, has seriously spooked reinvestors. It would be “an incredible event” if Citizens were able to land even a substantial portion of the $4.25 billion in reinsurance capacity it is seeking, he said.

“We’re struggling, frankly, to get reinsurers interested, knowing this level of growth, not knowing when it’s going to stop and how far it’s going to go,” Gilway said. “We are struggling to find reinsurers willing to provide this level of capacity.”

Gilway said the insurance industry is watching closely to see “if anything relevant” comes out of next week’s special session.

“It will be a determining factor, I think, as to whether reinsurers somehow reverse their position and release their capacity in the market.”

“It’s going to get more expensive. Affluent people can do it. It could become prohibitive for others. It’s Florida.

Portions of this story appeared on the website of the Florida Phoenix, a nonprofit news organization dedicated to covering state government and Tallahassee politics. You can visit them by clicking here.

Falsetti, the little canillita who hacked a credit card algorithm and completed a millionaire scam


In a case that seems incredible, a canilleta who worked at a newsstand The slaughter discovered a algorithm create Credit card and so he succeeded steal over a million pesos after cheating large companies operating in Argentina.

is about Fernando Alberto Falsetti what will remain free by order of the judge of San Isidro Stephane Rossignoli, despite the fact that Vicente López’s prosecutor, Alejandro Musso, had requested his immediate arrest.

I also read: Argentinian Tinder scammer defends himself from prison: “I’ve never been aggressive with a woman”

One of the main annotations discovered by the investigators in the notebook of the canillita Fernando Falsetti, accused of fraud. (Photo: Police Vicente López)

The investigation began after a complaint was filed by the fraud control area of ​​a recognized organization pay television company. This presentation was made after several credit card holders ignored 169 transactions for the purchase of prepaid accounts and other miscellaneous services offered by the firm, carried out between the May 12, 2021 and September 27 of the same year.

Musso managed to determine that with the credit card numbers he created with his algorithm, the accused acquired prepaid services from different companies, then resell them to third parties.

“Given the number of scams and criminal mechanisms, we first assumed that there was a criminal behind it all. large criminal group. But as we continued to investigate, we discovered that the whole activity was in charge of a ‘Lone wolf’, a person from very low profile. said one of the judicial sources consulted.

Other entries found in the notebook of the newsagent Fernado Falsetti, accused of repeated fraud.  (Photo: Police Vicente López)
Other entries found in the notebook of the newsagent Fernado Falsetti, accused of repeated fraud. (Photo: Police Vicente López)

The newspaper seller, accused of having repeated scams, were able to be located by the researchers after analyzing, among other things, the IP addresses where the contracted services had been paid for.

To clarify the alleged fraud, the defendant should not have hacked any computer system and would not even have used the technology. On the contrary: each of his discoveries has been write by hand in a notebook striped leaves.

One of the forensic spokespersons explained that in order to carry out the scams, Falsetti “discovered how to identify numbers of cards from the same bank and their respective security codes. He did all this with his own algorithm which allowed compatible the data, and thus obtain credit cards activated for the purchase”.

Falsetti, the canillita who hacked a credit card algorithm and set up a millionaire scam

I also read: Villa Soldati: Three police officers stopped a man at a checkpoint and robbed him of $500,000

After reviewing the aforementioned notebook, Musso’s team of collaborators found on one of the pages the suspect had written: “WAY TO CHANGE NUMBERS” and, above a group of numbers, added: “The eighth and ninth digits change every 12 or 2 digits” and another series of explanations of the algorithm he had discovered to carry out the frauds.

Likewise, Falsetti had registered invoices services he had contracted illegally. In addition to the pay TV company, the justice has indications that the small newspaper seller also deceived other large companies who preferred not to file a complaint.

3 Ways Buy Now, Pay Later Can Boost Your Credit Score


In recent years, due to advancements in fintech, the credit ecosystem has undergone a massive transition. Today, there are many types of credit solutions available to you in the market. For example, you can now check CIBIL score by PAN card completely online, while accessing your credit report in minutes. Another innovative solution in this space is Buy Now, Pay Later (BNPL), a progressive solution that makes accessing credit much simpler and easier. This is primarily because BNPL solutions lack the strict eligibility criteria typically associated with credit instruments such as credit cards or loans. As a result, they are the preferred choice for the person new to credit.

In addition to access to credit, the BNPL allows customers to finalize their purchases without encumbering their savings. Choosing to pay in installments not only has short-term affordability benefits, but can also have long-term benefits for your credit score. Indeed, timely credit payments are known to boost your score. Additionally, BNPL is recognized as consumer credit and major credit bureaus like CIBIL include deferred repayment loans in their consumer credit reports. All of this indicates that BNPL provisions can be a smart way for you to not only establish your credit score, but also maintain it.

To find out how to get the most out of this financing solution and add value to your credit profile, read on.

Allows easy access to credit

If you are one of those people who have little or no prior experience with formal credit, you may not receive a CIBIL score. You can check it by doing a Free CIBIL Score Check via digital service providers like Bajaj Finserv and note whether you have an “NA” or “NH” score. With such a rating, it will be difficult to get loans or even get approved for a credit card. In cases where you get approved, you may not get a high limit or you may be offered an unfavorable interest rate. It’s not ideal and BNPL is a smarter alternative for accessing credit and building your score.

You will be able to benefit from BNPL offers at retailers, even without prior credit experience. By leveraging digital KYC, you can get quick approval and make purchases instantly, without dipping into your savings. In addition, BNPL’s target market is much broader, as it is accessible even to non-employees who are new to credit. Additionally, defaulting on credit card EMIs can cost you up to 48% interest, while it typically goes up to 24% with BNPL. This makes BNPL a better option for smaller purchases and one you can use to build your score regularly.

Make sure you make all payments in full and on time

BNPL payments are like all other EMI payments and the duration usually varies up to 90 days. So, when using the option at a retailer, make sure the EMI amount is something you can easily manage. One way to do this is to choose a longer duration. You may be allowed to choose between a short or a long tenor and to maximize affordability choose the latter. This way, you can make consistent payments throughout and steadily increase your credit score.

Note that your CIBIL score is based on 4 main factors, in which your payment history has a 30% weighting on the score. So, prioritize affordability when it comes to payments because defaults due to high amount of EMI are not worth the risk. In fact, failure to pay will have a negative effect on your score.

Diversifies your credit mix

A healthy credit mix always adds value to your credit profile. Having several forms of active credit and managing them effectively increases your CIBIL score as it accounts for 25% of the score. As such, using BNPL can be a smart option as these deals are short term and small in size. By including it in the mix and paying it off on time, you can easily boost your score.

These are the many ways in which BNPL serves as a viable tool to build your credit score, especially as an individual with a low credit score. Along with its affordable and transparent pricing model, the instant digital sign-up provisions make it a unique and easy-to-use model. Even with a low credit score or minimal credit history, you can use BNPL to make purchases, and this benefit has made it extremely popular with Gen Z and Millennials. Although you can use a card loan or take out a personal loan for major purchases, opting for BNPL is a prudent choice for small purchases.

Over time, as you make payments consistently, you can run a free CIBIL score check on Bajaj Finserv and notice changes in your score. Bajaj Finserv also offers a personalized CIBIL health report, which contains crucial information about your credit profile and status. Access it to see the impact of your credit behavior and track the impact of your finances on your score.

[Disclaimer: This article is a paid feature. ABP and/or ABP LIVE does not endorse/ subscribe to the views expressed herein. We shall not be in any manner be responsible and/or liable in any manner whatsoever to all that is stated in the said Article and/or also with regard to the views, opinions, announcements, declarations, affirmations, etc., stated/featured in the said Article. Accordingly, viewer discretion is strictly advised.]

A Gen-Z guide to improving financial health


Find out how good financial habits can improve your credit score – opening doors to achieving long-term financial goals

The latest TransUnion Consumer Pulse Survey found that 96% of Gen Z Filipinos (born between 1995 and 2004) believe access to credit and loan products is important to achieving their financial goals. However, only 29% said they have sufficient access to credit, and 50% of Gen Z Filipinos plan to apply for credit or refinance existing credit in the next year.

Access to credit is an important step in everyone’s financial journey. Effective access helps improve financial inclusion, where more people can use financial products and services that meet diverse needs.

With more banks and financial institutions willing to lend funds, these organizations determine an individual’s eligibility and creditworthiness using multiple inputs, including information provided by the applicant as well as accessing and assessing their credit score. Taking into account a person’s payment history, length of credit history, money owed, and credit mix, a “good” credit score could help secure a loan that will serve capital for a business, the funds to buy a car or a house, or the means to recover after an emergency.

In the Philippines, consumer attitudes towards credit are changing. The TransUnion survey also found that 40% of Filipinos believe in the importance of credit monitoring, and almost half (48%) believe their credit score would improve if companies leveraged non-standard information in part of the assessment of their credit score.

As the first international private credit bureau in the country, TransUnion was established in the Philippines in 2011, leveraging alternative data assets where traditional financial data is not available to provide a traditional credit score. Along with products and services that harness the power of information, TransUnion believes that improving consumer credit literacy and helping people develop good financial habits can help unlock more credit for Filipinos.

Here are some tips to help Gen Z Filipinos develop good credit scores and improve their financial health:

Build good credit early habits

With more Gen Z Filipinos entering the workforce, this creates more opportunities for them to participate in the formal financial system. Applying for a credit card is a good first step in establishing your credit history.

Apply for different types of credit

Successfully repaying various types of credit can make a good impression on lenders. This is considered one of the fastest ways to establish a credit score.

Avoid applying for multiple credit cards and loans the same time

Applying for too many credit cards or loans at once can signal a problem and be seen as an indicator of financial stress. Multiple requests and denials can even hurt your credit score.

Manage your minimum payments

Regularly paying above the monthly minimum is a good indicator of good credit management. Not only can credit balances be paid off faster, but going over the minimum can also help save money on interest payments.

Make your payments on time

Credit commitments, including utilities such as telecommunications bills, must be paid on time. As banks and financial institutions use credit history to make their lending decisions, proof of prompt payments can help increase your chances of getting a loan.

Credit is an important means of empowering consumers to achieve their financial goals. However, credit and loans are big responsibilities, so good financial habits are needed to manage them effectively. As more and more Gen Z Filipinos enter the workforce, financial services need to be made accessible to more Filipinos to lead a better life. To learn more about your financial health, request a TransUnion credit report today.

PIA ARELLANO has over 25 years of experience in banking, payment solutions, telecommunications and money transfer services. She was instrumental in establishing TransUnion as a risk management, data and information solutions partner for banks and financial institutions in the Philippines.

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Top 5 Online Payday Loans For People With Bad Credit


Payday loans are a form of financing widely used by thousands of people across the United States, providing a quick way to generate cash for unexpected expenses. Payday loans for bad credit tend to be characterized by high interest rates – although if you dig a little deeper you’ll find an array of payday loan providers who can offer reasonable rates to consumers with bad credit. credit.

Payday loans for people with bad credit – fast, hassle-free decisions

As detailed above, there are plenty of payday loan services out there, and below you’ll find a list of the top picks while highlighting their strengths.

  1. Viva Payday Loans: Overall best for bad credit payday loans
  2. Core paydays: Ideal for installment loans with bad credit
  3. Credit Clock: Overall best for fast payday loans with bad credit
  4. Money Lender Squad: Ideal for online payday loans same day deposit
  5. Very Happy Loans: Best for Bad Credit Online Fast Payday Loans

Payday loans bad lenders online in 2022

Payday lenders are financial institutions that consider giving loans to people with bad credit, while taking into account that a borrower can repay their loan on the agreed date based on their current financial capacity. Typically, bad credit payday loans can come with higher interest due to higher repayment risks, but this varies from lender to lender.

Below are the top 5 choices for getting an online payday loan with bad credit.

1. Viva Payday Loans – Best Bad Credit Payday Loan

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Viva Payday Loans is one of the best bad credit payday loans that serves between borrowers and direct lenders and welcomes US customers regardless of a person’s credit scores. All you need to do to access online payday loans is to visit their website and follow the instructions there.

Final loan approval and lender decisions are based on your credit and financial capacity.

Benefits of Using Viva Payday Loans

  • Access to small and large amounts of money, ranging from $100 to $5,000
  • It connects borrowers to credible lenders
  • Payment can be made directly to your bank account

Disadvantages of Using Viva Payday Loans

  • High interest rate, minimum being 5.99% and maximum 35.99%
  • Availability is limited to certain states.

Click here to visit Viva Payday Loans >

2. Heart Paydays – Best for Installment Payday Loans with Bad Credit

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Heart Paydays is renowned for its installment loans and low rates in the United States. This platform is inclusive. Heart Paydays has an exemplary user interface that is easy to navigate. In addition, the application process is confirmed as soon as possible.

Benefits of Using Cardiac Paydays

  • Lenient repayment terms
  • Reimbursement can be made in several instalments
  • Fast approval of applications
  • Your application can be approved even if you have a bad credit rating.

Disadvantages of Using Heart Paydays

  • It is not available in some states, such as Hampshire, New York, and Montana.
  • Taking out a short-term loan can be more expensive than a traditional bank loan.

3. Credit Clock – Overall best for same day loans with bad credit

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Credit Clock is a loan matching service that acts as a link between borrowers and lenders. This company has an impeccable reputation in the market, providing small online payday loans to borrowers even if their credit score falls below 630. The application process is seamless, with Credit Clock offering several types of loans, including payday and short-term loans. term loans.


  • Payments are available quickly, based on approval
  • Loan up to $5,000
  • Bad credit score applicants welcome
  • Transparent application process.

The inconvenients

  • Credit clock services are not available in 11 US states
  • You can only access the loans if you earn at least $1,000 per month.

4. Money Lender Squad – Best Quick Payday Loan With Bad Credit

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Money Lender Squad is a loan matching platform that offers easy online payday loans with instant bad credit approval, subject to final checks by the lender, which you can repay within 3-24 hours months, according to your agreement. This platform also provides one of the best bad credit loans ever.

You can take advantage of its services using the easy-to-navigate platform, which connects you to credible lenders to choose from. You will need to read a contract containing terms and conditions before payment is made.


  • The application process is quick and easy
  • You can access loans of up to $5,000
  • Online payday loans same day deposit
  • The repayment tenure could last for 24 months

The inconvenients

  • High fees and interest rates
  • Loans may be higher than you bargained for, putting you further into debt.

5. Very Merry Loans – Best for fast online payday loans with bad credit

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Very Merry Loans provides loan matching service for fast online payday loans. It is a reputable online broker founded in 2013, working with lenders who offer competitive loan terms, with users receiving up to $2,000 quickly.

The application process is transparent. The borrower can request the term of the loan that suits him. Very Merry Loans also offers a service where you can get bad credit payday loans online on the same day, depending on whether or not you are accepted by a relevant lender.


  • Works with lenders offering same day payments
  • Several short-term loan options to choose from
  • The repayment tenure can last around two years.

The inconvenients

  • Rates differ from lender to lender

Bad credit payday loan application process

If you’re looking to get connected to the best lenders in no time, regardless of your credit score, check out Viva Payday Loans. Here is a step by step guide to follow the procedure.

Step 1: Choose your loan amount on VivaPaydayLoans.com

2nd step: Complete your registration by filling out the application form

Step 3: Wait for the decision of one of their lending partners

Step 4:
In case of acceptance, subject to additional verifications, receive your loan

Online payday loans for bad credit are exceptional to meet urgent needs and emergencies, but be careful and apply them wisely. If you need to take out a payday loan, you should seek out trustworthy and credible services like Viva Payday Loans. However, before applying for payday loans, make sure you have explored other loan options.

Bad Credit Online Payday Loans FAQ

How did we choose the best bad credit payday loans online?

The above are some of the top picks for the best online payday loans with bad credit, based on working with a wide range of lenders, lending networks, and third parties who consider those with bad FICO scores to help you with your application.

What are the general eligibility requirements for applying for a bad credit payday loan?

  1. To be eligible to apply for a loan, you must be at least 18 years old
  2. You must have proof of permanent address
  3. The borrower must have a stable source of income, earning at least $1,000 per month
  4. You must have a valid US ID

Are bad credit payday loans approved same day for everyone?

You may be able to get your bad credit payday loan approved the same day, but it will depend on which lender approves your application. All requests are subject to additional checks, therefore in some cases the approval time may not be until the next business day.

Disclaimer – The above content is not editorial, and TIL hereby disclaims all warranties, express or implied, with respect thereto, and does not necessarily guarantee, vouch for or endorse any content .

The loan websites reviewed are loan matching services, not direct lenders. Therefore, they are not directly involved in the acceptance of your loan application. Applying for a loan with the websites does not guarantee acceptance of a loan.

Your bosses might have a file on you, and they might misinterpret it


For decades, much of the federal government’s security clearance process relied on techniques that emerged in the mid-20th century.

“It’s very textbook,” said Evan Lesser, president of ClearanceJobs, a website posting jobs, news and advice for positions that involve security clearances. “Driving in the car to meet people. It’s very outdated and time consuming.

A federal initiative launched in 2018 called Trusted Workforce 2.0 officially introduced semi-automated federal employee analytics that occurs near real-time. This program will allow the government to use artificial intelligence to subject employees who seek or already have security clearances to “continuous monitoring and evaluation” – essentially, continuous evaluation that constantly takes in information, throws red flags and includes self-reporting and human analysis.

“Can we build a system that verifies someone and continues to verify them and is aware of that person’s disposition as it exists in legal systems and public record systems on an ongoing basis?” said Chris Grijalva, senior technical director at Peraton, a firm that focuses on the government side of insider analysis. “And from that idea came the notion of continuous assessments.”

Those efforts had been used in government on a more ad hoc basis since the 1980s. But the 2018 announcement aimed to modernize government policies, which typically reassess employees every five or ten years. The motivation for adjusting policies and practices was, in part, the backlog of required investigations and the idea that circumstances and people change.

“That’s why it’s so imperative to keep people under some sort of constant, ever-changing surveillance process,” said Martha Louise Deutscher, author of the book “Screening the System: Exposing Security Clearance Dangers.” She added that “every day you will run the credit check, and every day you will run the criminal check – and the bank accounts, the marital status – and you will make sure that people don’t end up in these circumstances where they become a risk if they weren’t yesterday.

The first phase of the program, a transition period before full implementation, ended in the fall of 2021. In December, the US Government Accountability Office recommended that the effectiveness of the automation be evaluated (but not , you know, continuously).

Gutierrez named executive vice president and provost at McPherson College

Amanda Gutierrez

Amanda Gutierrez, executive vice president and provost of McPherson College.

Amanda Gutierrez has been named executive vice president and provost of McPherson College. She has worked at McPherson College for over 16 years. Her most recent role was as Vice President of Automotive Restoration, a position she has held since 2012.

Gutierrez began her college career in 1995 when she served as Director of Annual Giving. After a brief hiatus to start a family, she served on the board of trustees from 2006 to 2009. She returned to campus to lead the advancement team and quickly distinguished herself as a fundraiser in touch with key automotive industry partners. The position of Vice President for Automotive Restoration was created based on the potential she identified for student opportunities and industry support in the field.

“Under Amanda’s leadership, the Automotive Restoration Program has become a center of excellence in the industry with record enrollment, substantial fundraising increases, and a bold vision to elevate the academic experience,” said President Michael Schneider. “She will bring considerable experience and thoughtful insight to her new role and help lead growth initiatives for the entire campus.”

The position aligns with the objectives set out in the Community by Design strategic plan that calls for nurturing entrepreneurial faculty and developing engaging academic programs inspired by recent automotive restoration successes.

“With initiatives such as the Student Debt Project and new academic programs such as Health Sciences, McPherson College is poised for significant growth over the next few years and I am pleased to bring this I learned from the automotive restoration program to facilitate growth on campus,” Gutierrez says. “I enjoy the culture and community of our faculty and our campus community and look forward to working together as we chart a course for the future of the college.”

As executive vice president and provost, Gutierrez will provide administrative direction for academics, the Registrar’s Office, institutional compliance and research, and academic support services. She will oversee the Health Sciences and Automotive Restoration programs. As he transitions into his new role, Gutierrez is also leading the search for a new vice president of academic affairs. The new VPAA will replace Dr. Bruce Clary, who is retiring after 39 years with the college on July 1, 2022.

“I’ve worked closely with Bruce Clary for over a year and learned a lot from him,” Gutierrez said. “He was an inspirational leader for the faculty for many years and our academic programs have flourished under his leadership. Our work moving forward honors his legacy.

Gutierrez will continue to dedicate a portion of his time to working with the Automotive Restoration Program to ensure a smooth transition to new leadership over the next year.

According to a report, consumers aged 35 to 40 are the most financially healthy


NEW DELHI: Consumers aged 35-40 are the most financially healthy, while those under 25 are the worst off, according to a report by Paisabazaar, a digital marketplace for consumer credit .

Over the past six years, over 2.7 million consumers have accessed a free credit score and report on the Paisabazaar platform. Analyzing data from its large consumer base, Paisabazaar has launched the second edition of its Insights report “Making India Credit Fit”.

According to the report, only 28% of consumers under 25 have a credit score above 750, generally considered the benchmark for a strong credit score. On the other hand, 42% of consumers between the ages of 35 and 40 have a score above 750. The main reason behind this, according to Paisabazaar, could be that the need to access credit for life goals like purchasing of a house is most common at this stage of life.

About 75% of new credit score consumers come from Tier 2 and 3 cities

Showing a clear trend of increasing credit awareness in the country, the report also showed a surge in the number of consumers from Tier 2 and Tier 3 cities checking their free credit score from the Paisabazaar platform. According to the report, in 2016, only 34% of consumers who checked their free credit score on the Paisabazaar platform were from outside the top metros. Currently, over 75% of new Paisabazaar consumers who check their credit score are from Tier 2 and Tier 3 cities and towns.

“Conversations with customers made us realize that large sections needed to deepen their understanding of credit scoring. Simply having free access to their credit report was not enough. Language was a barrier, especially beyond the metros. Providing a jargon-free credit report in the language of their choice has been a great catalyst for better credit awareness,” said Radhika Binani, Product Manager, Paisabazaar.

However, Subway consumers continue to be healthier, with almost 43% possessing a credit score above 750. On the other hand, approximately 36% of non-Subway Paisabazaar customers have a rating of 750 or more.

Regular monitoring of key credit health score

According to Paisabazaar’s report, continuous credit score monitoring over a period of time through its platform has helped consumers work towards a strong credit score and enabled them to access credit. According to the Paisabazaar report, more than 45% of consumers, who checked their credit score through its platform, subscribed to at least one credit product within 6 months.

The report also revealed that more than 52 lakh Paisabazaar consumers have significantly increased their credit score through regular monitoring and responsible credit behavior. Also, more than 65 lakh consumers, who checked their free credit score from its platform and had DPD (days overdue) in their report, have cleared their debt in the last 4 years.

“Like your personal health, your credit health also depends on taking the right steps. While knowing and monitoring your score is the first step towards accessing credit, it is also crucial, especially for those with low scores, to understand what went wrong for them and take corrective action. to improve and strengthen their credit score. Paisabazaar is focused on being a catalyst for credit adjustment in India,” added Radhika Binani.

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Is Suncor on the wrong track with its latest bold move?


VSLean energy advocates would probably be happier if the world could eliminate carbon fuels from the energy landscape overnight. It’s just not possible, and the transition to fuels like oil and natural gas will likely take decades, which means oil producers like Suncor Energy (NYSE:SU) will still be able to produce reliable cash flow for years to come. But how they use that money will be an increasingly important topic for investors to watch. Suncor, for its part, is starting to cut its bets.

Not a simple affair

Suncor operates what amounts to oil mines. Simplifying things greatly, he digs up the oil-rich earth and then processes it to extract the oil. Oil sands assets are expensive to build, but once operational they tend to have long lives and fairly low operating costs. On top of this business, Suncor has layered a chemical and refining operation which, under normal circumstances, helps to even out high-level performance. It is quite a reliable and stable company, considering that it operates in an industry prone to volatile, commodity-driven price fluctuations.

Image source: Getty Images.

Like other energy companies, however, Suncor can see the writing on the wall. Clean energy will continue to grow in importance as the world seeks to move away from carbon fuels. So, while an “all of the above” approach is still underway, it has begun to invest outside of its oil business. It’s a logical approach that began in 2002 when Suncor partnered with Enbridge on a first renewable energy project. It has since built eight wind farms. In addition to this investment, the company has also worked on carbon capture and storage, renewable fuels and hydrogen, among others.

Gear switch

In early April, however, Suncor announced it was selling its solar and wind assets. This is part of a broader business simplification plan that involves the sale of some oil assets. The goal is to focus on what Suncor does best rather than trying to do too many things at once. He intends to focus on renewable fuels and hydrogen in the “clean energy” space, as the two share some similarities with the oil sector.

At first glance, this move looks like a solid plane. No investor wants a company that is pulled in so many directions that it can’t really focus on anything. And by focusing on just a few areas, Suncor can put more money into the investments it chooses to make. So he can grow bigger faster in the key niches where he wants to lead.

It’s not the same approach taken by companies like TotalEnergies, PBand Shell. These companies, admittedly much larger entities, are spreading their bets much more liberally and in fact highlighting solar and wind as key growth opportunities. This more dispersed approach has the advantage of allowing the integrated giants to stick their fingers in so many pies that something is likely to work in the long run. Suncor’s approach, perhaps necessitated by its small size, forces management to choose winning technologies, a much riskier proposition.

While Suncor still has a strong energy business and plenty of time to pivot if weight loss doesn’t go as planned, it could end up wasting valuable time. Plus, there’s no reason he can’t leave the heavy lifting to others, simply choosing to provide cash for minority stakes in wind and solar projects.

To be fair, the American energy giants Chevron and ExxonMobil both take a similar approach, choosing complementary clean energy investments rather than projects such as large solar and wind farm developments. So it’s hard to say that Suncor is making a big mistake. However, for investors who favor safety and diversification, Suncor’s change in business probably deserves careful consideration.

A more targeted bet

When it comes to the energy sector, investors increasingly need to think about the environment of today and the environment of tomorrow. Although carbon fuels will remain important for years to come, it makes perfect sense to start thinking about the transition now. For investors who don’t know which technology is going to be the “oil killer”, European names like TotalEnergies, BP and Shell will probably be a better breeding ground. That said, if you think the transition is likely to be gradual and include fuels similar to oil and natural gas, then Exxon, Chevron and now Suncor would be reasonable alternatives. The problem here is that $50 billion market capitalization Suncor doesn’t have the same resources as $300 billion-plus giants like Exxon or Chevron to quickly shift gears if things don’t go the way foreseen.

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Film distribution study aims to explore self-regulation for competitive landscape, says CCI chief

The Competition Commission is conducting a market study on film distribution in the country with the broader intention of exploring the possibility of a self-regulatory mechanism within the industry to ensure a competitive landscape.

Separately, the antitrust watchdog conducted a study to understand the scenario, where large institutional shareholders hold minority stakes in a number of companies operating in the same industry and competing with each other.

A market study on film distribution has been commissioned to better understand various aspects of the state of competition and concerns over anti-competitive practices in the film distribution chain, said the chairman of India’s Competition Commission (CCI), Ashok Kumar Gupta, to PTI in an interview.

Read also | Indian cinema and its claim to international fame

The study also fits in the context of digitization and OTT (Over The Top) platforms which are becoming key factors in the cinema space.

The watchdog, which monitors unfair business practices in the marketplace, has received cases related to the film industry from time to time.

To get a better understanding of the “construction and dynamics of the market”, CCI commissioned the study and “the intention is also to explore whether there may be a mechanism for self-regulation within the industry to ensure a competitive landscape,” Gupta said.

In the film industry, there are essentially three key players: producers, distributors and exhibitors.

“The study is an attempt to understand the role of different federations and associations in the industry in India and the horizontal and vertical arrangements that exist between market players,” the CCI chief said.

According to him, new challenges have arisen with the digitization of cinema and the use of technology.

“OTTs and other platforms are becoming important channels for content distribution. The study aims to highlight the impact of these developments on the ecosystem in India,” he said, adding that “the study is complete and CCI will now review the report and decide accordingly”.

He noted that the aim was to gain visibility in the markets with major institutional investors, assess common ownership trends and patterns in various sectors in India, and the underlying incentives and motivations of institutional investors behind these investments.

“Given that a significant portion of combination filings come from institutional investors, the idea was also to see if, in the spirit of ease of doing business, the competition assessment could be accelerated.

“This required understanding the rights granted to institutional investors and their impact on the strategic and operational aspects of the activities of companies in the same sector. The investment community engaged with us and also shared their views on the issue of scrutiny and notification, especially when an investor’s investment is in competing companies,” Gupta said.

Lately, CCI has published market research on the e-commerce, pharmaceutical and telecom sectors.

Such studies are done for application and advocacy purposes, and also help to uncover new parameters of competition.

The telecommunications market study highlighted the importance of big tech companies’ data governance structures and privacy at the center of competition law, the ICC said in a speech in March.

Police: Check for identity theft if you used a credit/debit card at Millbrook McDonald’s


Post :


Shytavious Davis – Elmore County Jail Photo

Millbrook Police say anyone who has used a credit or debit card at McDonald’s in the town in recent days should check for identity theft.

It’s because of an identity theft investigation that police say involves 20-year-old Shytavious Davis of Montgomery, who they say is an employee of the restaurant.

According to the police, on May 7, one person reported that someone used their debit card information to make purchases at various businesses without their knowledge or approval. Police say the person told them she used her debit card at this McDonald’s drive-thru window.

According to police, surveillance video showed Davis took photos of the debit card before returning it to the person.

On May 12, Davis was arrested on one count of impersonation and taken to the Elmore County Jail.

“Anyone who was able to visit our local McDonald’s on or around May 6and and used a debit or credit card to make a purchase, we encourage you to check your account for any unauthorized purchases that may have occurred. If so, please contact the police department and report the violation. This case remains active as we want to ensure we have no additional victims,” Millbrook Police Chief PK Johnson said in a statement.

The intersection of data and lending


The nature of lending is always looking for strategic advantage. How can fraud be identified more effectively, underwriting decisions made more accurately, or universal targets expanded more opportunistically than competitors?

To help answer these questions, data has been the backbone of credit institutions for decades. As the potential of data in this space grows with new technological capabilities, the opportunities for lenders to leverage this information to better serve existing customers and attract new audiences also increase.

As more and more lenders seek strategic market advantages to outpace their competitors, there is growing spotlight on how these organizations can leverage consumer-authorized data. This type of customer data allows lending institutions to access intuitively important financial services data, such as verification of transaction data, rental history, and utility payment records. By helping lending institutions learn more about potential customers when they apply, these consumer-authorized data sources help expand their pool of applicants who have historically been excluded from traditional financial services.

Much of our financial health relies on our credit data, but at least 45 million American adults are classified as non-assessable credit. why is this the case? Traditional credit scores capture only a subset of financial behaviors that may not accurately represent consumer creditworthiness, especially for consumers who cannot or do not use credit conventionally. Therefore, when individuals are classified as invisible credit or light credit, they are unable to easily access essential financial support without having to jump through additional hurdles, such as having to pay higher rates or fees for services such as a car loan.

Young consumers new to credit are a prime example of how a lack of credit history does not mean a higher associated risk for lenders. Currently, 80% of 18-19 year olds and 40% of 20-24 year olds are not graded or credited. This is largely because Gen Z and Millennial consumers often start their credit journey and face a “cold start” problem. Essentially, even if these young consumers did nothing wrong to negatively impact their creditworthiness, in the eyes of the credit bureaus, they simply did nothing or did well enough.

Immigrants are another major audience that faces a “cold start” problem with credit when entering the United States. Even though they have worked their whole lives to develop their creditworthiness in their former home country, they are instantly demoted and classified as invisible credit. when they enter the United States because their credit score cannot be automatically transferred. The majority of these people are often highly educated and have steady streams of income, but still have no way of proving they are worth the perceived risk to lenders, further underscoring the need for integrate alternative data to mark more creditworthy consumers. .

Lenders are already on board with the idea of ​​alternative data to fill these gaps – 89% of lenders agree that alternative data allows them to expand their potential pool of candidates and 74% say they currently use other data in their process. One of the fastest growing areas for this type of information growth is cash flow underwriting, where consumers offer access to transaction data from their checking and savings accounts instead or in addition to traditional credit bureau reports.

Consumers are also increasingly willing to use these data sources and are more than willing to provide alternative financial details. In reality, 80% of consumers would share financial information with lenders if it meant increasing their chances of approval or better interest rates.

In addition to providing more flexibility in the process of applying for financial services, consumers appreciate how alternative consumer-authorized data allows them to regain some control, which is another long-standing issue in is about how organizations use consumer data. In a Finicity survey90% of respondents said they believe they have the right to better understand or control the personal financial information used by lenders.

Overall, it is clear that both lenders and consumers want opportunities for universal expansion and financial inclusion for excluded credit. Alternative consumer-authorized data offers both parties the opportunity to achieve these goals and drive systemic change in the way consumers access financial services.

At this point, it’s fair to predict that the use of this data is inevitable. We see younger generations already embracing the use of consumer-authorized data, so lenders would do well to recognize the trend ahead of them and jump on board before they fall behind the game. will only continue to evolve over the next few years as new technologies and innovations in the world of fintech are introduced to support this vision.

About the Author

Sarah Davies, Director of Data and Analytics, Nova Credit. Sarah leads credit risk and analytics for Nova Credit. She has over 20 years of experience in the financial services industry, as a leader and innovator in analytics and decision science. Prior to joining Nova Credit, she was Senior Vice President of Products, Analytics and Research at VantageScore Solutions, where she led the development of VantageScore credit scoring models.

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A Look at Recent Changes in the Online Lending Industry – CONAN Daily


Over the past few years, there have been big changes in the online payday loan industry. In particular, many lenders have moved towards more responsible and moral lending practices. This is a welcome change, as online payday loans can be a useful tool for those who need cash fast.

However, it is important to ensure that you are borrowing from a reputable lender who follows all regulations and offers fair terms. In this blog post, we’ll take a look at recent changes in the online payday loan industry and explain why they’re so important.

American dollar bills (©Alexander Mills)

The payday loan industry is a $40 billion a year business in the United States.

There are approximately 22,000 payday loan stores in operation in the United States. The industry has been accused of preying on financially vulnerable people and trapping them in a cycle of debt.

Over the past few years, there have been significant changes in the payday loan landscape. New players have entered the market, offering alternatives to traditional personal loans that are more flexible and easier to repay. These new lenders are using technology to create a better experience for borrowers and restore morality to the industry.

One of these new players is Trick Technologies, which offers three main products, namely home equity lines of credit (HELOC), installment loans and refinance loans. All of these products have lower interest rates than traditional payday loans and can be repaid over time rather than all at once.

Another new player in the industry is Ipass.Net, which offers unsecured personal loans with fixed interest rates and terms up to 36 months. Borrowers can use the money for any purpose, and there are no origination fees or prepayment penalties.

These new lenders are using technology to create a better experience for borrowers and restore morality to the industry. With more flexible repayment options and lower interest rates, these companies help borrowers avoid the debt trap that payday loans can create.

What is the current state of online payday loans?

The online payday loan industry has come under fire in recent years for its high interest rates and aggressive collection practices. In response to these criticisms, some lenders have started offering more reasonable terms and conditions. However, many of these same lenders still engage in questionable practices, such as using hidden fees and loan renewals.

Rolling over a loan means that the borrower takes out another loan to repay the first loan. This can be extremely detrimental to borrowers, as it can quickly lead to a cycle of debt. Hidden fees are also problematic, as they can add significant costs to the already high interest rates charged by payday lenders.

These practices have led to calls for stricter regulation of the online payday loan industry. Some argue the industry should be banned altogether, while others believe more reasonable conditions should be put in place.


Payday loans are short-term, high-interest loans that are typically used to cover emergency expenses or unexpected bills.

Orville L. Bennett of Ipass.Net warned us that while payday loans can be helpful in some situations, they can also be very detrimental to borrowers who are unable to repay the loan on time.

Over the past few years, there have been a number of changes in the online lending industry that have made it more difficult for borrowers to access payday loans.

Ipass.Net says one of the biggest changes was the introduction of new regulations by the Consumer Financial Protection Bureau (CFPB), a federal agency created in 2010 in response to the financial crisis. One of its main purposes is to protect consumers from predatory lenders. Its payday loan regulations are designed to prevent borrowers from being trapped in a cycle of debt.

The regulations require lenders to assess a borrower’s ability to repay the loan before making the loan, and they place limits on the number of times a borrower can renew or renew a loan. These changes have made it harder for borrowers to access payday loans, but they have also made it harder for lenders to profit from these loans.

As a result, many payday lenders have stopped offering loans altogether. While this is good news for borrowers, it has created a new problem: borrowers who need quick access to cash now have fewer options available to them.

One option that is always available to borrowers is called an installment loan. Installment loans are similar to payday loans, but they are repaid over a longer period and usually have lower interest rates.


The CFPB is working to reform the payday loan industry by introducing new rules that will prevent consumers from being trapped in a cycle of debt.

The regulations, which came into force in July 2019, require lenders to verify a borrower’s ability to repay the loan before extending credit.

The CFPB actions are a response to the growing number of complaints about payday loans, which typically have high interest rates and fees. According to the Pew Charitable Trusts, 12 million Americans take out payday loans every year, and they often end up paying more in fees than they originally borrowed.

The new rules are designed to help borrowers avoid getting trapped in a debt cycle by ensuring they can only borrow what they can afford to repay. This is good news for consumers, as it will help protect them from the predatory practices of some payday lenders.

The changes that the CFPB is putting in place are a step in the right direction when it comes to restoring the morality of personal loans. These regulations will help prevent consumers from being exploited by predatory lenders and being trapped in a cycle of debt.

Credit repair companies in the crosshairs: Bill would help regulate industry


CHICAGO — The multi-billion dollar credit repair industry is largely unregulated. However, WGN Investigates has found a local nonprofit that thinks that should change.

In Illinois, legislation is being drafted to address what some see as industry shortcomings. In exchange for an upfront payment and a recurring monthly fee, some companies promise to boost a person’s credit score. But that bump may not last, and customers keep paying.

“I would say [credit repair companies] market most aggressively in communities of color where there is a lack of trust in financial institutions and the credit system,” said Ricki Lowitz, co-CEO of Working Credit, a Chicago-based nonprofit.

Take Mary Joyce Nunn, for example. The West Side resident needed a car, but his credit rating was low. For some people, this can prevent them from getting housing and employment. In Nunn’s case, that meant she couldn’t get a loan to buy the car she needed. So she sought help from a local credit repair company.

In all, she paid the company more than $2,000. But she says her credit rating has barely moved. Lowitz says Nunn’s experience is not unique.

“I think sometimes we have to pay for the lessons but, man, that was an expensive lesson that I had to pay for,” Nunn said.

In Illinois, there has been a push to hold some credit repair companies accountable.

The Illinois attorney general’s office sued a company, for example, for allegedly charging “illegal upfront fees” and “misrepresenting the cost of its services.”

But Lowitz and other consumer advocates think more can be done.

His group is among those working to introduce legislation that would allow consumers to withhold payment from a credit repair company until it “provides evidence that an item has detached and stayed away”. [a person’s credit report] for six months.”

WGN Investigates contacted the credit repair company that Nunn hired. They declined to comment for this story.

Capital One Spark Cash Select Business Card Review (2022)

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Link: Apply now for the Capital One Spark Cash Select

The Capital One Spark Cash Select is arguably Capital One’s best no-annual-fee business credit card. While it’s not a card super credit card users should consider, the card offers value with the right type of consumer. In this article, I wanted to take a closer look at everything you need to know about this card.

Capital One Spark Cash Select Basics for May 2022

While you’ll find more comprehensive business credit cards, the Capital One Spark Cash Select is a pretty solid option with no annual fee. The card offers a huge welcome bonus, no foreign transaction fees, and a pretty decent return on daily spending.

Spark Cash Select $500 Cash Back Bonus

The Capital One Spark Cash Select offers new cardholders a $500 cash bonus after spending $4,500 within the first three months of account opening. It’s a great bonus for a card with no annual fee, and it’s also a better bonus than what we’ve seen on the card in the past.

Spend the cashback you earn on the card however you like

Spark Cash Select Eligibility Requirements

You are eligible for the welcome bonus on Capital One Spark Cash Select if you have not had this specific card before. You are eligible for the card (including the bonus) if you have had another Capital One Spark product in the past.

Capital One has few other consistent restrictions when it comes to getting approved for cards.

Spark Cash Select $0 Annual Fee

The Capital One Spark Cash Select has no annual fee, so it’s pretty awesome to have a rewards card that has no annual fee. You can also add additional users to the card at no additional cost.

Spark Cash Select 1.5% Cash Back

Capital One Spark Cash Select offers 1.5% cash back on every purchase, everywhere, with no limits or category restrictions. Now, let me note that among cash back cards, I generally consider 2% cash back to be the gold standard. However, there are limited card options with no annual fees or foreign transaction fees, while offering an otherwise solid return.

Spark Cash Select No foreign transaction fees

Capital One Spark Cash Select has no foreign transaction fees, and I think that’s worth pointing out. Most cash back business cards with no annual fee have a foreign transaction fee, which sets the card apart. Other cards sometimes have foreign transaction fees of 3% or more, quickly eliminating any rewards you would have otherwise earned.

Use your card abroad with no foreign transaction fees

Convert Cash Back to Capital One Miles

There’s an interesting twist to Capital One Spark Cash Select, for those looking to earn travel rewards rather than cash back:

This is quite an exciting opportunity, as it means this no-annual-fee card also potentially earns 1.5x the transferable points with no foreign transaction fees.

Transfer Capital One miles to Emirates Skywards

Is Capital One Spark Cash Select worth it?

The Capital One Spark Cash Select is a great card for a certain type of business, but it’s not for everyone.

If you have a small business and don’t want to pay an annual fee for a card, don’t spend as much on cards, and/or make frequent international purchases, then Spark Cash Select is a great option. You won’t find a more rewarding card with no annual fee and no foreign transaction fees.

Likewise, if you have another Capital One card that earns Venture or Spark miles, some might appreciate the opportunity to really earn 1.5 times the miles per dollar spent on a card with no annual fee with no foreign transaction fees. .

Who shouldn’t consider Capital One Spark Cash Select? Well, if your business spends big bucks or you’re happy to pay annual fees for big rewards, there are definitely other cards to consider. Let’s discuss some of these options.

Tip: Ask for Capital One Spark Cash Plus

If you like the general idea of ​​the Capital One Spark Cash Select, but want a slightly more rewarding card, consider the Capital One Spark Cash Plus (balance) instead:

  • The card has an annual fee of $150
  • Card offers 2% cash back on all purchases, 0.5% more than Spark Cash Select
  • The card also has no foreign transaction fees
  • The card offers an annual cash bonus of $200 if you spend $200,000 or more on the card in an anniversary year, recouping more than the annual fee.
  • The card offers a much bigger bonus, up to $1,000 cashback

If you spend a lot on business cards and want to earn cashback, then the Capital One Spark Cash Plus is the obvious choice. It’s a card that I have, and on which I put most of my business expenses.

Best Alternative Business Cards with No Annual Fee

If you really want to stick with a business card with no annual fee, there are two other cards worth considering:

The problem? As you can see, the generous rewards are capped at the first $50,000 spent each calendar year. On top of that, the cards have foreign transaction fees, so they are only worth using for USD purchases.

Earn 2x transferable points with the Amex Blue Business Plus


The Capital One Spark Cash Select is a no-annual-fee business card worth knowing about. The card offers 1.5% cash back on all purchases with no foreign transaction fees, and the card also offers a generous welcome bonus. If you have the card in conjunction with something like Capital One Venture X, the rewards can also potentially be converted into miles.

Personally, I still prefer the Capital One Spark Cash Plus. Although it has an annual fee of $150, the card offers 2% cash back on all purchases, even bigger bonuses and potential spending bonuses as well. It’s an unbeatable cash back business card.

If you want to know more about the Capital One Spark Cash Select or if you want to apply, follow this link.

The following links will direct you to the rates and fees for the American Express cards mentioned. These include: The Blue Business® Plus credit card from American Express (Rates and Fees) and American Express® Blue Business Cash Card (Rates and Fees).

New credit score models and credit reports are front and center for federal agencies


While the topic of credit reporting and credit scoring remains a focus for several federal agencies, a major move by the Federal Housing Finance Agency (FHFA), stemming from a 2019 ruling final rule regarding credit score modeling, is looming. The FHFA’s new scoring models may require Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs), which have used the classic FICO credit score since 2003, to consider several new credit models and alternative data. Depending on what the FHFA decides, this could have huge regulatory implications for lenders, mortgage insurers, mortgage originators, mortgage-backed securities, credit risk transfer investors and technology providers, as well as consumers.

In early March, the FHFA organized a credit score model listening session on this topic. The various scoring model ideas included as part of the discussion were prompted by a directive from Congress in Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 and the FHFA has been working on this issue for several years. During debate on this bill, it was discussed whether rent, utility and cell phone payments were properly accounted for and whether additional data was needed. Notably, FICO has several new credit scoring models that would include additional information, but also has underline that their original model also takes this information into account. Credit bureaus have also developed VantageScore a credit scoring model.

The FHFA announced a four-phase process for considering a new model and four options:

(1) Single Score: GSEs require delivery of a single score of either FICO 9 or VantageScore 3.0, if available, on each loan;

(2) Require both: GSEs require delivery of both scores, if available, for each loan;

(3) Lender choice: GSEs would allow lenders to lend with either score, when available, with certain constraints such as the use of a score or the another for a defined period of time; and

(4) Waterfall: GSEs would deliver multiple scores through a waterfall approach that establishes a primary credit score and a secondary credit score.

After the listening session, the FHFA is expected to make decisions on next steps by the end of the year, then begin a process that could take about two years or more to make the changes. This has been an ongoing project for several years.

Other corresponding agency and administrative activity

In recent years, consumer groups, during discussions regarding the new FHFA scoring model, argued that medical debt should either have less weight or be eliminated altogether. In particular, some models, including FICO 9 and VantageScore 3.0, reduce medical debt score and remove paid debt. As we recently reported, Equifax, Experian and TransUnion have announced major policy changes regarding medical debt reporting and the Consumer Financial Protection Bureau (CFPB) has been active in this area. In testimony before the House Financial Services Committee on April 26, CFPB Director Rohit Chopra said, regarding medical debt on credit reports, that he was not sure “s ‘it is appropriate to include this information at all’, which has raised questions about whether the agency will take action in this area.

The White House also argued for one-time medical debt treatment for credit reports.

Additionally, student loan debt remains at the top of the administration’s agenda and could also be part of any discussion in the coming months as credit modeling and scores are overhauled. More recently, on April 19, the US Department of Education (DOE) announced additional actions it provides to take on student loans, hinting that there are more to come.

Impact on lenders

During FHFA’s March listening session, groups representing various industries provided comments on the potential impact of sweeping new actions in this area. Several groups representing financial institutions and others in the financial services industry questioned whether incomplete credit portfolios would lead to detrimental outcomes for consumers, while others also pointed to the benefits of modeling flexibility. Other participants also discussed the financial burdens associated with radical changes. Additionally, some benefits of using alternative data continue to be part of this discussion, as well as how best to help credit unseen consumers.

The work of the FHFA, combined with other CFPB and DOE activities, as well as the White House directive on medical debt, which could lead to major changes in the scope of the consumer credit portfolio, is something something that could have a major impact on lending and security and soundness.

As agencies continue to make client-impacting decisions in this area, Brownstein will continue to be at the forefront of this activity.


Atlanta, Georgia Apartment Requirements (Income, Pets, etc.) | Lifewnikk


Brookside Apartments


One of the biggest hurdles people face when haunting an apartment in Georgia is the income requirements. The majority of apartments you come across in Atlanta specifically require tenants to earn at least 2.5 times the monthly rent. For example, if you are trying to rent an apartment that costs $1,500 per month, the required monthly income would be $3,750 per month, which is quite high. It’s very rare that you come across an apartment here that doesn’t focus primarily on its income.

Rental history

You would think that his past wouldn’t play such a large role in renting an apartment, but it does. If you have evictions or outstanding balances with previous landlords, don’t even think about applying for an apartment here as they will turn you down. Next to a person’s income, a person’s history is another factor that rental agents pay close attention to. No matter how old or new the eviction/balance is, when your credit is pulled by these apartment complexes, they pay close attention to who you owe and that could play a huge role in whether you are refused or not. That being said, it is important to check your rental history before attempting to apply for an apartment.

Credit report

There are a few states where you can live where money talks, Georgia is unfortunately not one of them. When you are ready to apply, your credit history is also very important. Rental agents not only review your rental history, but they also pull your credit report. Do you have credit cards? A car note? Maybe unpaid collections? These are all things they are looking for. Your overall credit history is important because they want to see what your habits are and if you are unable to pay any of your other bills, in their eyes, how could you pay rent?


In conclusion, the overall requirements for apartments in Atlanta are quite high. So keep an eye on your income, rental history and overall credit report, if you’re interested in renting an apartment here.

Open Hearth Hits $1 Million Fundraising Campaign Goal for New Phoenixville Headquarters – Daily Local

PHOENIXVILLE — Open Hearth Inc. celebrated reaching its $1 million fundraising campaign goal with a toast to key campaign contributors and partners.

The purpose of the “Home Is Where the Hearth Is” fundraising campaign was to raise funds for the renovation of the association’s new headquarters in Phoenixville. The building, located at 701 S. Main St., will house Open Hearth’s community development programs and initiatives, with the goal of fostering a stronger, healthier community for generations to come.

A substantial portion of the campaign focus was contributed by the Phoenixville Community Health Foundation, a longtime partner of Open Hearth. Foundation CEO Tamela Luce shared that the Foundation “is proud to provide $300,000 for renovations to their new building.” She continued: “We had confidence in the board and staff to raise the remaining funds and we congratulate them for reaching this milestone. We look forward to having them in the borough and continuing to help our friends and neighbors find housing and financial stability.

Open Hearth looks forward to hosting a ribbon-cutting ceremony and open house in the fall when interior renovations are complete and all exterior work is complete.

Open Hearth CEO Kelly Raggazino, center, toasts the top campaign contributors and partners who have helped the organization achieve its goal. (Submitted photo – Nettie Wolfe Silva)

In 2019, the Open Hearth Board of Directors recognized that the organization had outgrown its current location. As the need for services increased, additional staff were added. While looking for a new rental space, Open Hearth got in touch with two Phoenixville-area residents, Janice and Paul Hartmann. When the Hartmanns learned of the organization’s needs, they decided to make the most generous donation – a 4,000 square foot building located on one acre of property in downtown Phoenixville.

“The new building will be a place of hope for our customers and partners as they will be welcomed into a place that is both accessible and inspiring,” said Kelly Raggazino, CEO of Open Hearth. “Our new home will reflect the high standards of service set by Open Hearth staff, funders and associates.”

The building needed repairs to bring it up to today’s codes and standards. Funds raised through the “Home Is Where the Hearth Is” campaign were used to carry out these essential repairs.

Located in Phoenixville, the new property offers easy access and parking, increased foot traffic and proximity to many partner agencies. In the new location, the staff will be on one floor, whereas it is currently spread over two floors and 45 steps. More meeting space and room to grow are just a few of the added benefits of the new space.

In addition to the Phoenixville Community Health Foundation, other major campaign supporters include the Chester County Department of Community Development, The McLean Contributionship, Univest and the First Cornerstone Foundation.

Those interested in learning more about the new headquarters can visit www.openhearthinc.org/2021-capital-campaign/

5 reasons to choose a personal loan over a credit card


online shopping
(© Prostock-studio – stock.adobe.com)

There comes a time in life when you need to borrow money quickly. Maybe you need to pay for emergency medical treatment, your car has broken down, or you need to do something important.

At this point, you may prefer to use your credit card to get the money you need and settle your balances later. Swiping your credit card to pay for any expense can be easy, but it’s not always the smartest choice. Credit card debt is expensive and can take a long time to pay off.

If you’re facing an expense that you can’t cover with your savings, consider taking out a personal loan. In some situations, personal loans have a few advantages that make them a better choice than credit cards.

Offers a low interest rate

Credit cards are famous for charge high interest rates on carried forward balances. In April 2022, the average credit card interest rate was 16.36%. What does this number mean? For example, if you have a credit card with a balance of $2,000 and an interest rate of 16.36%, you will be charged interest of $327.20 each year. That’s over $27 a month!

But with a personal loan, lenders usually offer low interest rates. Hence, making it a much better option for you to borrow. And that’s especially true for applicants with a good credit score.

The higher the credit score, the lower the interest rate. Indeed, a high credit rating is an indicator of low risk. Plus, it tells lenders that you’re more likely to repay the loan on time. So if you’re looking to borrow money and want to avoid high interest rates, a personal loan is the way to go, and having a strong credit rating will qualify you for the best rates.

Avoid major damage to credit rating

The lender conducts a credit check when you apply for a personal loan, and it can remain on your credit report for up to two years. Your credit score could drop by 5 to 10 points.

You should expect this hit if you take out a personal loan. On the other hand, if you accumulate too much balance on your credit card, it could put your credit utilization rate in an unfortunate place and damage your credit score more than a thorough investigation could cause.

If you choose between the two, a personal loan is preferable. Imagine what could happen if you couldn’t make your credit card payments on time. Your interest rate would skyrocket, you would start racking up late fees, and your credit rating would plummet.

A thorough investigation is not something to fear if you take out a personal loan. However, the damage caused by maxing out your credit cards is worse.

Fixed monthly payments

Another advantage of taking out a personal loan is its predictability. You know exactly how much you borrow and your monthly payments with a personal loan. Plus, fixed monthly payments make it easier to budget for your loan. Since personal loans have a fixed repayment schedule, you can also prepay your debt without penalty.

Unlike credit card debt, which can fluctuate with changes in your interest rate or spending habits, personal loans give you the peace of mind of knowing exactly when your debt will be paid off. Ready to get a personal loan? To verify creditninja.com to find the best option for yourself.

Wide range of uses

Unlike credit cards, where money is limited to what you have in your line of credit, personal loans are usually granted in a lump sum. So you can use it all at once or in increments, depending on your needs.

You can use a personal loan for a variety of purposes, from consolidating debt to financing a major purchase.

Help build credit

Subscribing to a personal loan requires making regular monthly payments on the capital and interest on the loan. Lenders report your payment record to the credit bureaus.

If you make quick and regular payments on a personal loan, it will increase your credit score. Payment history is one of the most crucial factors in determining your credit score. It represents 35% of your FICO score.

So if you’re looking to improve your credit score, a personal loan can be a useful tool. Simply make your payments on time and in full each month.


A personal loan allows you to borrow money for any reason. Need to consolidate your debts? Make improvements at home? Cover an emergency expense? A personal loan can help you. So before you swipe your credit card, consider a personal loan. The benefits may surprise you.

Tiffany Wagner story

This week’s student loan refinance rate: May 10, 2022


Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

The average interest rate on refinanced undergraduate student loans rose last week, while graduate loan refinance rates fell, according to Credible. Student loan rates are low overall, so you might want to consider refinancing your student loan now before it goes up.

Interest rates on private student loans are linked to a variable indexed rate and the borrowers’ credit ratings. Mark Kantrowitz, President of PrivateStudentLoans.guru, indicates that lenders may be waiting to see where federal loan interest rates start in July. This could help businesses decide what interest rates to charge so they can beat Parent PLUS loans on price, for example.

Kantrowitz thinks rates will start to rise in June.

Variable 5-Year Student Loan Refinance Rates

The average 5-year variable refinanced undergraduate student loan rate is 5.07%, which is a substantial increase of 0.95% from two weeks ago. In November, this rate was much lower, at 2.85%.

Five-year variable graduate rates have fallen significantly over the past two weeks. Currently, the average rate is 2.57%, compared to 3.71% the previous week.

Fixed 10-Year Student Loan Refinance Rates

Refinance rates on 10-year fixed undergraduate student loans last week rose slightly from two weeks ago, with rates rising 0.10%. Undergraduate loan rates have increased by 1.30% since last May.

Graduate loans were down from two weeks ago, falling 0.05%. They are up 1.11% from six months ago.

Student loan interest rates by credit score


credit score

has a major effect on the rate you will get when you refinance. Usually, the better your credit score, the better the rate you will receive. Below, we’ve listed the 10-year fixed student loan rates by credit score:

How to refinance a student loan?

Start the process by researching different companies and checking your terms with each lender. Review the details of each offer and determine the rate and term that works best for you. You must refinance through a private student lender because you cannot refinance a student loan through the federal government.

Once you have chosen a company, you will provide documents that verify your finances and identity. Once the lender gives you their final offer, you will need to agree to the terms and sign on the dotted line. Then your new lender will pay off your existing loan and you’ll be locked into a new loan.

Should you refinance your student loan?

Refinancing your student loan can lower your interest rate, allow you to switch from a variable rate loan to a fixed rate loan, or change the term of your loan. Changing the length of your term can allow you to spread out payments over a longer period for smaller monthly payments, even though you’ll pay more interest overall.

Be careful before refinancing a federal student loan. Even if you are able to get a lower rate when you refinance a federal loan, you will lose the main protections that come with federal loans. For example, you will not be eligible for the COVID-19-related student loan payment pause, currently in place until August 31, 2022, and federal student loan relief programs like Service Loan Forgiveness. public.

You also won’t be able to take advantage of certain repayment options like income-contingent repayment plans, which take into account your specific income and family size when determining monthly payments. In some cases, very low-income borrowers can even pay as little as $0 per month.

Do you need a co-signer to refinance a student loan?

It depends on the lender. Some lenders require one, while others recommend one to increase your chances of getting a loan. You can also get a better rate with a co-signer.

Generally, to get a loan without a co-signer, you’ll need a strong credit score, a reliable payment history, and a stable source of income.

Philippines Presidential Election: Live Updates

Ferdinand Marcos Jr. is running for president 36 years after Filipinos overthrew his father, Ferdinand E. Marcos, in a popular uprising.CreditCredit…Lauren Decicca/Getty Images

MANILA — Ferdinand Marcos Jr., the ousted dictator’s son and namesake, edged closer to a triumph in the Philippines’ presidential election on Monday as early election data shared by the government put him ahead of Leni Robredo, his closest rival.

With about 84% of the election results counted in a preliminary tally as of early Tuesday Manila time, Marcos has secured more than 27 million votes, according to ABS-CBN, a local broadcaster with access to official data. He won more than twice as many votes as his closest rival, Leni Robredo, the vice-president. It put him on the path to the biggest margin of victory in a presidential race in the Philippines since the 1980s, when Corazon Aquino was elected following the ousting of Mr Marcos’ father during the uprising. people power” of millions of Filipinos. .

But by the time the polls closed at 7 p.m., reports of alarming irregularities had been reported across the country: malfunctioning voting machines, an insufficient number of back-up machines, complaints that voters had not been registered on the registration lists and that their ballot papers had been falsified. .

Mr. Marcos’ lead was so strong that it seemed extremely unlikely that Ms. Robredo could prevail. However, in a speech to his supporters on Monday evening, as official voting days approached, he appealed for patience.

“It’s not over yet,” he said. “Let us watch our votes. And if I’m lucky, I hope for your endless help and trust.

A victory for Mr. Marcos would likely lead to a further regression of democracy in the Philippines, where democratic institutions have been wiped out or weakened under Mr. Duterte. Impunity could prevail – Mr. Marcos, known by his childhood nickname “Bongbong”, indicated that he would protect Mr. Duterte from an investigation by the International Criminal Court for a violent war on drugs which claimed thousands of victims.

“Personally, I’m devastated,” said Sol Iglesias, assistant professor of political science at the University of the Philippines Diliman. “It is a dash of hopes that there will be a reversal of the rollback to authoritarian rule that was initiated by President Duterte.”

Spontaneous celebrations erupted outside Mr. Marcos’ campaign headquarters on EDSA Boulevard, where millions of Filipinos had gathered to peacefully protest his father more than three decades ago. Supporters sang a martial law anthem, waved the Philippine flag and chanted “Bongbong, Sara!”

The official count begins at 1 p.m. Tuesday local time, and a winner is expected to be announced in the coming days. It remains to be seen whether Mr. Marcos will claim victory before this process is complete.

Human rights activists, intellectuals and hundreds of thousands of young people had opposed Mr. Marcos’s candidacy for the presidency, fearing that democracy would regress even further under his rule. For many victims of former Mr. Marcos’ brutal rule, his son’s victory amounts to an erasure of their own experiences, as his family has spent years distorting their shared memory of the atrocities committed during the war. martial law.

Prior to the election, all opinion polls had shown Mr Marcos would win the presidency and do so by the widest margin in three decades – an extraordinary comeback for a family forced out of the country in 1986.

Mr Marcos came on a platform of unity, saying he would “help Filipinos up again”. But many of his policy proposals remain thin, and he has accepted few media interviews. He appealed to a public that has become disillusioned with the country’s brand of democracy and its failure to meet the basic needs of its citizens. Poverty is widespread, inequalities have widened and corruption remains endemic.

Mr. Marcos served as Vice Governor, Governor and Congressman in Ilocos Norte, the family stronghold, for most of the period between the late 1980s and 2010. That year he entered the political scene national when he was elected senator.

Suze Orman worries about this disturbing credit card trend


Image source: Getty Images

Could this worrying trend mean bad things for consumers?

Key points

  • Suze Orman worries about the increase in unpaid credit card debt.
  • It is currently a particularly difficult time for owing money on credit cards.
  • Orman has some tips on what to do if you’re in debt, including a balance transfer.

Suze Orman is a personal finance expert who shares her opinion on many money matters. Recently, she became concerned about a specific credit card trend. She also offered some advice for those affected by the troubling patterns of credit card use that worries her.

This credit card trend is concerning

In March this year, Suze Orman said she was worried about an increase in unpaid credit card bills. Specifically, she pointed out that in the last quarter of 2021, the largest quarterly increase in unpaid bills occurred since the New York Federal Reserve began measuring this data.

Discussing his concerns about this, Orman noted that the increase in debt came after a period when many households had managed to reduce their bills. During the COVID-19 shutdowns, spending options were limited, and stimulus checks offered extra money to many so people could pay their bills. That trend has started to reverse, however, and now card balances have been rising rapidly.

Orman isn’t just worried about people charging more and not paying back. She also warned that credit card debt could be more expensive than usual.

“Right now could be a particularly tough time to take on credit card debt,” she said. recent rise in the rate of inflation. Once the Fed starts doing this, credit card issuers are likely to respond by increasing the interest rate they charge on outstanding balances. And this rate is already very high: the average rate is over 16%. %.”

What should you do if you have credit card debt

Orman is right to warn that rising credit card debt could be a big problem, especially as card interest rates rise. If more consumers face high credit card bills, it could affect their ability to save and spend in the future. This can affect both individual household finances and the economy as a whole.

The good news is that she has some advice for those with a balance who could be affected by these high interest rates. Specifically, Orman advises those currently in credit card debt to avoid spending on “wants” rather than needs until your debt is exhausted. She also suggests taking on side jobs to get you out of debt.

For those currently facing very high interest rates, there is also another potential strategy that could help reduce debt repayment costs. This is to take a balance transfer. Orman suggests this for those with a FICO® score of 700 or higher who may qualify for a card with a long 0% APR on transferred balances.

If you can take this approach, you can lower your high rate to 0% for a period of time so that your entire payment goes towards reducing your card’s principal balance rather than high interest rates.

If you can follow these steps, I hope you can get out of debt soon so that you are no longer one of the many Americans contributing to the rising credit card balances that troubled Orman so much.

cibil: Needy Cheat Duo with Better Cibil Score Bait | Pune News

Pune: Wakad Police are looking for two men for deceiving three needy people out of Rs 1.03 lakh since January under the guise of improving their credit score (CIBIL) and then using their documents to avail loans.
Goalkeeper Ankush Gajanan Polkam (50) from Thergaon filed a complaint with the police on Friday. Wakad Police Station Deputy Inspector Jitendra Girnar told TOI: “We have identified the two men. They are residents of Pune and we will arrest them soon.”
Girnar said: “The plaintiff’s wife, Lalita, needed Rs5 lakh to sort out some domestic issues. She learned of the existence of the two men who give loans to people in need. The women then got their phone numbers from a mutual friend and contacted one of them. The person promised to help.
“The two men requested documents such as PAN, Aadhaar cards and bank details from Lalita,” Girnar said, adding, “Lalita gave them all the documents. The two men studied the documents and informed her that her credit score was too bad and that she could improve it with their help. They told her she could improve her credit rating by taking out a loan in her name and they would pay the monthly EMIs,” Girnar said.
“They took her to an electronics showroom and bought a mobile phone worth Rs 40,000. After buying the phone on the EMIs using Lalita’s documents, the duo blocked her phone number on their smartphones and did not pay the EMIs,” he said.
“We have received two further complaints against the duo from two other women. The duo cheated these two women alike from Rs40,000 and Rs23,000,” he said.
“We expect more complaints from people in need. Police said the duo also deceived more than 30 people by promising them loans ranging from Rs2 lakh to Rs5 lakh,” he said.
The Credit Information Bureau (India) Ltd, popularly known as CIBIL, is an RBI authorized credit bureau. It offers CIBIL scores and CIBIL reports for individuals. A CIBIL score is generated by the bureau after reviewing an individual’s detailed credit information. A CIBIL score is a three-digit number between 300 and 900, with 300 being the lowest, that represents an individual’s creditworthiness.

Mortgage Rates Daily Trend Down This Week | May 7 & 8, 2022

After a week of swinging rates, the average 30-year fixed-rate mortgage rate ended the week at 5.939%, 0.17 percentage points lower than last weekend’s rate.

Mortgage rates are expected to continue to rise, but at what pace is unclear. Borrowers planning to buy a home this year should work on their credit to improve their chances of qualifying for a lower rate.

  • The final rate on a 30-year fixed rate mortgage is 5.939%. ⇓
  • The final rate on a 15-year fixed rate mortgage is 4.976%. ⇓
  • The last rate on a 5/1 ARM is 4.375%. ⇓
  • The latest rate on a 7/1 ARM is 4.542%. ⇓
  • The latest rate on an ARM 10/1 is 4.687%. ⇓

Money’s daily mortgage rates are a national average and reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan. right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac weekly rates will generally be lower since they measure the rates offered to borrowers with higher credit ratings. Your individual rate will vary depending on your location, lender and financial details.

Are you looking for a loan? Check out Money’s lists of top mortgage lenders and top refinance lenders.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 5.939%.
  • It’s a day offold by 0.16 percentage points.
  • It’s a month increase by 0.319 percentage points.

The long payback period and fixed interest rate of a 30-year mortgage results in lower monthly payments that won’t change over the life of the loan. The trade-off is that total borrowing costs will be higher compared to a short-term loan because you’ll be paying a higher interest rate for a longer period.

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Average mortgage rates

Data based on US mortgages closed May 5, 2022

Type of loan May 5 Last week Switch
15-year fixed conventional 4.98% 4.87% 0.11%
30-year fixed conventional 5.94% 6.01% 0.07%
ARM rate 7/1 4.54% 4.53% 0.01%
ARM rate 10/1 4.69% 4.6% 0.09%

Your actual rate may vary

Today’s 15-Year Fixed Rate Mortgage Rates

  • The 15-year rate is 4.976%.
  • It’s a day offold of 0.095 percentage points.
  • It’s a month offold by 0.055 percentage points.

A 15 year fixed rate mortgage will have a lower interest rate than a 30 year mortgage. Because you’ll be paying this lower rate for half the time, your overall borrowing costs will be lower than an equivalent 30-year long-term loan. However, it is not such an economical option on a monthly basis. You have to repay the loan in less time, so your monthly payments will be a little higher than on a 30-year loan.

Use a mortgage calculator to determine which option is best for you.

The latest rates of adjustable rate mortgages

  • The last rate on a 5/1 ARM is 4.375%. ⇓
  • The latest rate on a 7/1 ARM is 4.542%. ⇓
  • The latest rate on an ARM 10/1 is 4.687%. ⇓

An adjustable rate mortgage will start out with a low fixed interest rate for an introductory period. After the fixed rate period ends, the rate becomes variable and resets periodically based on market conditions. For example, a 5/1 ARM will have a fixed rate for five years that will adjust each year once it becomes variable.

Some borrowers are attracted to ARMs because the introductory rate tends to be lower than other types of loans. The potential downside is that the rate could increase significantly after it begins to adjust.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 5.585%. ⇓
  • The rate for a 30-year VA mortgage is 5.486%. ⇓
  • The rate for a 30-year jumbo mortgage is 5.184%. ⇓

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 6.262%. ⇓
  • The refinance rate on a 15-year fixed rate refinance is 5.215%. ⇓
  • The rollover rate on a 5/1 ARM is 4.695%. ⇓
  • The refinance rate on a 7/1 ARM is 4.882%. ⇓
  • The rollover rate on a 10/1 ARM is 5.193%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgages closed May 5, 2022

Type of loan May 5 Last week Switch
15-year fixed conventional 5.22% 5.03% 0.19%
30-year fixed conventional 6.26% 6.21% 0.05%
ARM rate 7/1 4.88% 4.57% 0.31%
ARM rate 10/1 5.19% 4.65% 0.54%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly fell to lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve also began to scale back its purchases of mortgage-backed securities and raised the federal funds rate for the first time in March to combat rising inflation. The Fed has signaled that six more hikes are likely this year.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

Also, take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase before the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States. The most recent rates are available. Today we are posting rates for Thursday, May 5, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan right now. These rates were offered to people depositing 20% ​​deposit and include discount points.

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Finding bad credit with a low interest rate is everyone’s first priority. After all, while having bad credit, who would like to pay extra interest on emergency loans. So are you looking for a bad credit loan with a low interest rate? Want to know who to turn to if you need an emergency loan? Lucky for you, you’ve come to the right place! In this article, we are going to discuss the top 3 companies offering bad credit loans on flexible terms.

With advancements in digital technology, lending has become easier than ever with the growing number of online lenders. However, with the increasing options come the technicalities to be aware of in order to get the most out of a bad credit loan.

Online lenders must ensure that borrowers will be able to repay the loan on time. To get a rough estimate of this, they analyze your credit score to gauge your financial performance. As a firm credit inquiry lowers the credit rating, many people try to avoid this. So what if a credit check is not possible and a loan must be taken out at all costs? The answer is short and simple; search for a loan without a credit check. Gone are the days when a good credit score was the necessary condition for taking out a loan. You can now find several online lenders offering loans for bad credit without the need for a credit check.

The best thing about the online loan is that it not only helps you get emergency funds but also boosts your credit score. If you repay the loan on time, you can improve your credit score. Besides, you can also avail different financial services such as debt relief and credit repair.

After extensive research, we have selected and reviewed the top 3 bad credit lenders in America for the year 2022. These lenders are rated positively by their customers and our surveys have revealed them to be the best in their field.

Top 3 Best Bad Credit Lenders in America

In this article, we have briefly discussed the 3 best no credit check lenders in 2022. Starting from their detailed descriptions for a quick summary of their key features and ending with the pros and cons of dealing with them, we have tried to put it all in one word. So without further ado, let’s go!

  1. MoneyMutual: the best in all aspects

  2. FundsJoy: The Fastest Bad Credit Loan Provider

  3. BadCreditLoans: Best No Credit Check Lender

Whenever we talk about bad loans, MoneyMutual is the first name that comes to mind. With over a decade of experience in this industry, they have helped over 2 million people by providing emergency loans and various financial services. One of the main reasons for their growing popularity is that they do not require a full credit check from loan applicants.

MoneyMutual: It is completely free to submit the application and receive a loan on MoneyMutual, their profit only comes from the lender on their website. One important thing to remember is that MoneyMutual only serves as a link between borrowers and lenders; therefore, they do not guarantee you a loan offer. It is up to the lenders to decide whether they want to deal with you or not. Therefore, whatever your requirements, be sure to discuss them in detail with the lender so that they can provide you with a loan offer accordingly.


The main features of MoneyMutual are:

  1. Serves as a bridge between lenders and borrowers

  2. Full credit checks are not required

  3. The application form and the loan process are fully online

  4. Short term loans of up to $5,000 can be obtained

  5. Detailed information is provided on both parties so that they can decide whether or not to proceed with the transaction


  1. Has been continuously ranked as the best bad credit lender for the past few years

  2. Reputable organization with excellent customer service

  3. Short application process that only takes a few minutes to complete

  4. Transfer of funds is provided within 24 hours

The inconvenients

Doesn’t work in a few states like New York

Client experience

As evidenced by MoneyMutual’s consistent positive rating, customers love the services they provide. Their fast application process, instant approvals, and fast fund transfer are some of the many features their customers love.

=> Visit the official MoneyMutual website now for more information!

FundsJoy: One of the fastest and most reliable emergency loan providers in 2022 is FundsJoy. It is a relatively new company, but many people have started using it as a referral lending platform whenever the need arises. Their short and easy application process is their main highlight feature and is appreciated by their clients.


The main features of FundsJoy are:

  1. Loans up to $5000 can be borrowed

  2. Application form that only takes 5 minutes to complete


  1. Automated software for processing requests

  2. The application form can be filled on all types of gadgets

  3. Fast processing of requests is ensured by electronic signatures

The inconvenients

  1. Not as famous as other lenders such as MoneyMutual

Client experience

Customers report that compared to other lending websites, FundsJoy’s designed application form is quick and short. The user interface is perfectly designed to ensure that it is understandable by all types of users. Due to the flexibility of the electronic signature, the request is quickly approved and the transfer of funds is ensured within 24 hours.

=> Visit the official FundsJoy website now for more information!

BadCreditLoans is the third most popular lending platform among people with bad credit scores. Much like MoneyMutual, they provide free services to borrowers and connect them to a large network of lenders, each offering loans on varying terms.

Since people with bad credit scores cannot afford to have a firm credit check, BadCreditLoans does not require them to have one. Hence, it is easier for such people to get cash when needed.

The lenders on this platform are independent and have the power to design the loan offers themselves. Therefore, be sure to negotiate with the lender to customize the deal to suit your needs.

This company provides detailed information about lenders and borrowers so that both parties can decide whether or not to deal with each other.


The following points will give you an overview of the main features of BadCreditLoans:

  1. Provides detailed information on lenders and borrowers

  2. Company-standard encryption technology protects your personal data

  3. Free Services

  4. Negotiation with lenders is allowed after completing the application form


  1. Free services for lenders

  2. Analyzing the credibility of a lender is easy thanks to the detailed information provided by the platform

  3. Credit requirements are not high

  4. Loans of $500 to $5,000 can be borrowed

  5. It is possible to compare the loan offers of several lenders

The inconvenients

  1. Only people with good credit scores can get huge loans

Client experience

Like everything in our lives, we don’t want a complicated application form to apply for a loan. BadCreditLoans understands this! Customers love the short and easy application form that only takes a few minutes to complete. If you are looking for a no credit check loan, BadCreditLoans is your place to go!

=> Visit the official BadCreditLoans website now for more information!

We hope that after reading our review of the best bad credit lenders, you now have an idea of ​​where to go in case you need an emergency loan. Whatever your needs, make sure you understand all aspects of the loan offer and have the ability to repay it on time.

If we talk about a best emergency loan provider in 2022, MoneyMutual has no equal. Their vast network of lenders, simple application process, and excellent customer service are popular with borrowers across America. You can obtain several types of loans on this platform with varying conditions. So if you are looking for an emergency loan, visit the MoneyMutual website, submit an application, compare loan offers, negotiate with the lender and have your funds transferred within 24 hours!

You might also be interested in reading: Best No Credit Check Loans for May 2022

Using your credit card to spend the month? You’re not the only one!


Here are some tips to help you reduce some costs:

Use your transportation wisely

Make sure all grocery shopping, unnecessary trips around town, and fast driving are done as little as possible.

Read more: How to save money despite rising fuel prices

Try shopping in bulk or online and have it delivered

It’s always wise to shop in bulk so you don’t have to travel to stores all the time.

Less designer clothes and more affordable

It’s not always a good idea to buy the most expensive clothes on the market. However, by buying some nice, stylish clothes at a decent price that won’t cripple your budget.

Read more: Six ways to help guide your money-saving journey this year

According to Africa Melane interview with Carla Oberholzer, a debt counselor at DebtSafe, there are some tips you can follow to lead a better financial life in 2022. (msn)

  • Get an overview of your financial situation. Go through your latest bank statements with a highlighter to find leaked expenses. This will help you identify where you are spending unnecessarily
  • Keep an eye on your income and expenses each month. By working this, you can budget accordingly, so assign a total amount to different categories. So, for example, if you have an extra R1500 after paying all your expenses, you can put R1000 in a savings and use the R500 as petty cash (emergency things you might need in the month) .
  • Make sure you have a financial plan in place. Pin your goals; be sure to see them every day.” (msn)

You can find out more about this in click here.

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Credit Suisse froze $10.6 billion in sanctioned assets in the first quarter

The logo of Swiss bank Credit Suisse is seen at its headquarters on Paradeplatz square in Zurich, Switzerland October 1, 2019. REUTERS/Arnd Wiegmann

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ZURICH, May 5 (Reuters) – Credit Suisse (CSGN.S) froze 10.4 billion Swiss francs ($10.63 billion) in wealthy client assets in the first quarter under sanctions imposed under the of Russia’s invasion of Ukraine, according to the bank’s financial report. Thusday.

The Swiss bank’s financial report gave more details on its first-quarter results, which were originally released last week. Read more

“In 1Q22, CHF 10.4 billion of assets under management were reclassified as assets under custody due to imposed sanctions,” Credit Suisse said of its wealth management division.

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The financial report showed that an impact of 10.4 billion francs on the bank’s wealth management assets was linked to the assets frozen due to the sanctions.

The bank also said Russian clients now hold less than 4% of assets under management in its wealth management business.

Last week, Credit Suisse announced a net loss of 273 million Swiss francs in the first quarter, marred by net provisions for litigation of 703 million francs as well as by an impact of 206 million francs linked to the conflict in Ukraine. Read more

The financial report published on Thursday showed that gross bad loans increased by 230 million francs compared to the end of 2021 in wealth management.

Credit Suisse said this was “primarily driven by aviation and yacht financing, Lombard loans, export financing and European mortgages, partially offset by a decrease in ship financing.”

“The increase in impaired loans includes the negative effects of Russia’s invasion of Ukraine and related sanctions,” the bank said.

Credit Suisse said it was “continuously assessing the impact of the sanctions already imposed, the Russian government’s countermeasures and potential future escalations, on our exposures and our relationships with our clients.”

The bank also pointed to China’s strict COVID-19 lockdowns which have heightened concerns about further disruptions to global supply chains and upward pressure on inflation.

Credit Suisse said liquidity and solvency issues persist in China’s property development sector, with potentially negative effects on the Chinese economy and global markets.

“We are closely monitoring the risk management implications of these developments on our Lombard loan portfolio in China, the exposures of our trading and lending portfolio to Chinese local governments and Chinese state-owned enterprises, as well as the trend towards accelerating defaults in the onshore corporate debt market.”

The bank said it expected a legal case in Bermuda to cost around $600 million.

A Bermuda court ruled in March that former Georgian prime minister Bidzina Ivanishvili and his family owed damages “substantially over $500 million” from the local life insurance arm of Credit Suisse. The bank has announced its intention to appeal the verdict. Read more

($1 = 0.9784 Swiss francs)

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