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South Africans struggle to pay their bills – here’s how much we owe on our credit cards


New data from consumer credit reporting agency TransUnion shows that despite a declining supply of new credit, credit card balances have risen as lenders in South Africa continue to focus on increasing limits for existing cardholders.

Findings from TransUnion’s Q2 2021 South Africa Industry Insights Report cover a period when unemployment was still on the rise, but before the July civil unrest and the peak of the third wave of Covid-19 cases.

The report shows that a number of trends, observed immediately after the Covid-19 epidemic over a year ago, have continued to progress with a few notable exceptions, particularly with regard to delinquency.

Understanding the delinquency picture

Default rates during the pandemic were influenced by a number of important factors, the credit specialist said. Deferrals, payment holidays and other accommodations by lenders have helped borrowers in need. A drop in new borrowing over the year since the start of the pandemic has also altered the overall ratio of good and bad debt in lender portfolios.

While a general increase in overall debt has been apparent, the total number of new loans and accounts has declined due to the decline in loan arrangements. This means that while the numerator in the delinquency equation (i.e., existing accounts with delinquencies) increases, the denominator does not increase at the same rate, TransUnion said.

Add other factors that financially troubled consumer accounts choose to pay off – for example, prioritizing product utility such as credit card functionality for online payments or car loan payments to make sure you avoid public transport – and it’s clear that there are often several factors that change levels of delinquency, the group said.

Typically, defaults have often followed broader macroeconomic trends such as GDP growth and changes in unemployment.

In the latest figures for the second quarter of 2021, although there have been improvements in most major categories of consumer credit, unsecured personal loans have seen a significant increase in defaults at the balance level – the Bank personal loans increased by 260 basis points year-on-year and non-bank personal loans by 700 basis points.

A higher default rate is to be expected for non-bank personal loan providers, as they have historically targeted high-risk consumers who are more likely to default and will be less resilient to lasting financial difficulties, such as those caused by the pandemic.

“Finding and financing resilient consumers becomes even more crucial during tough economic times when looking to maintain a healthy portfolio default rate.

“The key is to fuel new credit growth by finding good consumers, who are likely to meet lender’s target thresholds and, in turn, can help maintain a good bad / good ratio for lender growth. long term, ”said Carmen Williams, director of research and consulting at TransUnion South Africa.

Credit application in a post-pandemic world

Throughout the pandemic, data from TransUnion showed a reduced appetite from consumers (demand) and lenders (supply) for new account openings (as measured by creations), and this continued into the second. quarter 2021.

“However, with the global economy slowly starting to reopen and immunization programs accelerating, the future shape of the consumer credit market will depend on a number of important variables,” he said.

Historically, macroeconomic conditions have played an important role in the pace of credit growth. Likewise, consumer sentiment also has a significant impact. Although the latest IIR data is for the second quarter of 2021, TransUnion also conducted its regular consumer pulse study in August 2021, which tracked civil unrest and the initial peak of wave three of Covid infections. -19 observed in early July.

The study showed a number of important trends regarding potential future demand and market direction in South Africa, the credit specialist said.

The number of South African consumers predicting in August that they would apply for new credit or refinance an existing one in the next year was just under a third (31%). Applications for personal loans (43%) and new credit cards (35%) continued to top the list, TransUnion said.

“The South African consumer credit market continues to experience significant turbulence, with a number of potential new trends emerging, particularly in the area of ​​delinquency. Broad economic and political news continue to impact consumer sentiment and outlook, and these will shape the recovery as it continues to emerge, ”said Williams.

“Lenders must continuously monitor changes in consumer behavior and adapt to changing demand and future consumer preferences if they are to be successful. There is no doubt that the road to recovery will be bumpy, but by being informed, lenders will have the best possible chance of competing and succeeding. “

The credit card is the only credit product to show high levels of continued decline in origination since the start of the pandemic (down 23% yoy in Q2 2020, 63.2% yoy in the third quarter of 2020 and 48.6% year-on-year in the fourth quarter 2020 and 42.7% year-on-year in the first quarter of 2021). This is largely due to lenders implementing stricter credit granting policies amid economic uncertainty, the credit specialist said.

Lenders remain focused on extending credit to existing customers rather than onboarding new borrowers. Average balances increased 17.6% and total credit limits increased significantly by 15.2% while new loan amounts increased only 2.2%.

Overdue credit card balances (up 10.6% year-on-year) were driven by consumers’ need to balance household budgets, maintain liquidity and finance subsistence purchases, particularly when revenues were negatively affected. However, the increases were not evenly distributed and a clear generational gap emerged.

Younger consumers have increased their credit card balances more than older generations. The year-on-year change in Q2 2021 for Millennials (born in 1980-1994) was 9%, compared to 6% for Generation X (1965-1979) and only 3% for baby boomers (born in 1946-1964) ).

Younger generations tend to do more online transactions, and the utility of a credit card is fundamental to this business. Credit card account defaults fell 50 basis points (bps) from their high in Q2 2020, and Q2 2021 stood at 12.3%, and were unchanged level than in the second quarter of 2019.

This improvement provides further proof that credit cardholders protect and value the revolving functionality contained in this product, TransUnion said.

Read: Here Are The Top 5 Digital Scams In South Africa You Should Know About

Battle for the 165 billion euro war chest

In July, as the country was bathed in a heatwave and the coalition struggled to agree on precise rules for the return of dining room, a seismic spending battle was underway between ministers backstage. Public Expenditure and Reform Minister Michael McGrath has been locked into a series of tense bilateral meetings with ministers and their officials over funding for infrastructure projects over the next decade. The talks turned “quite hairy in July,” according to a well-placed source, but those tensions have remained largely under the radar.

Among the most controversial negotiations were those on the financing of the new accommodation model for asylum seekers which will replace Direct Provision before – the Minister of Equality and Children Roderic O’Gorman hopes – the end of the mandate. of the government. There were also important discussions on capital commitments to housing and school buildings.

But the longest and perhaps most tense discussions have been about transport. It is not necessarily the specific projects that will be described in the National Development Plan tomorrow, but the overall allocation of expenditure. In the end, Green Party leader Eamon Ryan, Minister of Environment and Transport, secured an allocation of 35 billion euros until the end of the decade, when some of the projects that will be announced and re-announced tomorrow should be delivered.

Liz Weston: Can a person get away with not having a credit score at all?


Dear Liz: As I counsel my teenagers on their personal finances, I wonder if they can live without a credit score.

It is surprising that in order to get a good credit score, you have to have debt, or at least a credit card. Wouldn’t living debt free be better? With FICO scores becoming de rigueur, is it reasonable for anyone to get away with no credit score, especially if the only debt they would ever consider is a mortgage?

In addition, credit reporting companies now have ancillary services that provide reports based on rent and utility payments that could be useful. How effective are these reports?

Reply: Credit scores are not meant to gauge how well you are managing your money. They are meant to gauge how well you are managing credit. If you don’t have and don’t use credit, you won’t have a score, and lenders will be reluctant to give you credit when you want or need it.

You may also have to pay higher down payments for utilities, miss out on the best mobile phone deals, and struggle to rent an apartment. In most states, credit information also helps determine property insurance premiums. In fact, your credit may be more important than your driving record in determining auto insurance premiums.

It’s a myth that you have to be in debt to have good credit scores. You just need to have and lightly use a credit card, and you have to pay it off in full each month. Another option is a credit builder loan, whereby the money you borrow is placed in a savings account or certificate of deposit that you can claim when you’re done making 12 monthly payments.

There are services that will add rent and utility payments to your credit reports. However, the most commonly used versions of the FICO score do not include this information when calculating scores.

Liz Weston, Certified Financial Planner, is a personal finance columnist for NerdWallet. Questions can be sent to him at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.

3 credit card tips you shouldn’t listen to


Knowing how to use credit cards wisely is a crucial financial skill. While cards can help you build your credit and improve your financial life, they can also get you into a world of trouble.

There are a lot of tips on how to best handle credit card liability, and most of the information is good enough, but there are three common tips that you might not want to follow in all: the situations.

Here is what they are.

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1. Never wear a scale

A rule of thumb we hear all the time is that you should never carry a credit card balance. And while that might sound like good advice, the problem is, “never” is too strong a word. There are, in fact, times when it might be a good idea to keep a balance on your card.

A good example is if you have to make a large purchase that you plan to pay off over time and are able to qualify for a credit card with a 0% introductory rate on purchases. As long as you can pay off your balance before the 0% rate expires, charging for the item might be your best and only option for you to purchase it interest-free.

A better rule of thumb might be to avoid paying credit card interest at the standard interest rate, as this is when the balance becomes costly and interferes with your other financial goals.

2. Avoid annual fees

You may also hear that it makes sense to avoid the annual fee, especially since there are many cards that don’t charge you an annual fee. However, this advice isn’t necessarily sound, as sometimes annual fee cards come with rewards and perks that more than justify what you would pay for them.

For example, let’s say you get a travel rewards credit card with an annual fee of $ 99. It allows you to bring free baggage on flights and saves you $ 150 per year in checked baggage fees by using it. In that case, you’d be better off getting this card rather than a no-cost card that doesn’t offer this benefit.

When deciding whether a card with an annual fee is worth it, take a look at what the card offers and add up the value of the benefits you will enjoy. If the rewards and perks more than cover the cost of the card, this is probably a good request.

3. Choose the card with the lowest interest rate

Finally, you might hear that you should make sure you get the lowest possible interest rate on your credit card because the interest on the card can be very high. However, the interest rate won’t matter if you plan to never carry a balance.

As long as you are sure that you always pay off your card in full before payment is due and interest begins, you should look for a card that offers the best rewards and benefits tailored to your spending habits. In this case, the APR of the card should not even be taken into account.

By avoiding this bad credit card advice, we hope you can find the perfect card to meet your individual needs.

Buy a house – Saratogian


Fifteen years ago I was looking for a house to rent in Rensselaer County.

I had a budget of about thirteen hundred dollars a month to work. After calling a few places, a real estate agent asked me why I wasn’t just buying a house. I explained that due to the circumstances of life, I didn’t have a large amount of money to put in or the thousands that I would need for closing costs. He assured me that none of this was necessary.

Keep in mind; that was in 2006, just before the bubble burst and the housing crisis nearly bankrupted the country. If you’ve seen the highly entertaining movie “The Big Short”, you know that a stripper with bad credit could buy a house back then. Excuse me, I meant exotic dancer. I wasn’t a dancer or a little exotic, just a TV guy who didn’t realize how relaxed the rules had become.

I should never have been able to buy my house in North Greenbush, but six weeks later I was holding the keys and mowing the lawn. A few months after my purchase, the bottom collapsed in the housing market, and I felt like the last guy to reach Noah’s Ark.

Since that purchase my life has changed dramatically, marrying a lovely wife and adopting a small group of dogs with special needs. Suddenly the half acre of land around the house felt a bit cramped. So my wife and I have spent the last year and a half looking for a new home.

Finding a home in this market has been difficult. For months it seemed like you saw a house on the market, only to see five people offering the seller more than they were asking for. It left you unable to buy everything you wanted, unless you were ready to go into an unlimited bidding war, which I wasn’t.

I’m an old fashioned guy, I think you give your price away and if someone gives it to you, the deal is done. Back when I left Channel 13 to do the Fox news, my future boss asked me what I would do if my old boss exceeded his offer. I said, “I’ll tell you what it takes for me to jump, if you hit that number, I jump.” End of story. ”And I jumped.

Anyway, after over a year of searching and disappointing, we finally found a home we liked with almost four acres of land around. Room for dogs, quiet for my wife and privacy for me. It was a victory, a victory, a victory for all of us.

What I hadn’t realized was how much things had changed with banks and credit unions since the housing crisis and my last purchase. Where no one cared at the time, suddenly everything you have and do is suspect. You are suspicious until you can prove to the lender that you are not Al Capone.

You think I’m exaggerating but no. The lender has done the required credit reports on my wife and I more than once. I had to give them months of bank statements, which had to be signed and stamped by a bank clerk to prove that I wasn’t preparing the books.

If you have deposits in your account that are over a few thousand dollars, they want to know where that money is coming from, even if the bank statement shows where it came from. In my case, I took out a small loan on my 401k to cover closing costs and they needed me to contact the investment group and prove that they sent me the check.

At one point I had a meltdown and asked the mortgage lender if they wanted me to assign the bank statements and request their surveillance video from the day I walked into the bank and I deposited the check? They didn’t appreciate my humor and assured me that everyone was passing by.

Once I went through all of this and my loan was approved and my rate was frozen, I was told not to open an account, make any large purchases, or pull my own credit report. It looked like an additional order for rice from Taco Bell could lead to the collapse of the entire loan and the cancellation of the fence.

Finally, I held my breath and everything went well. It’s always fun at a fence when you’re the buyer because everyone at the table seems to get some of your money. You don’t mind paying the seller, realtor, or lawyer, but when the government reaches out and gets paid for doing nothing; It’s boring.

I know the tougher rules are all the result of the real estate crash. It’s typical though, that the guys who caused it got rich and walked away unscathed, while the rest of us are now jumping through hoops. In the end, it’s all worth it. My blind deaf puppy now has a nicer yard to sunbathe in. Ultimately, in the grand scheme, nothing else matters.

John Gray is a news anchor on WXXA-Fox TV 23 and ABC’S WTEN News Channel 10. His column is published every Sunday. Email him at [email protected]

Pakistani stocks set to remain bullish following positive IMF review results

KARACHI: After a roller coaster ride in the week ending October 1, 2021, Pakistani stocks are expected to build on the upcoming International Monetary Fund (IMF) earnings and review season, where official talks are expected start next week.

“[The] the government appears to be preparing for tough measures to increase the tax base. Meanwhile, gas price hikes also appear to be a possibility, ”an AKD Securities analyst said.

“Investors should take a top-down approach to invest where [the] the possibility of further interest rate hikes could [the] banking sector in [the] the limelight, while tech and textiles (on currency depreciation where higher profits have yet to be factored in) are other areas of focus. “

The Pakistan Stock Exchange’s KSE-100 index fell 0.44%, or 201.82 points, to close at 44,871.70 points. The KSE-30 stock index fell 0.75%, or 134.2 points, to close at 17,608.16 points.

“This was the third Friday that the index closed negatively on a weekly basis,” said Ali Zaidi of JS Global Capital.

Average daily volumes traded declined 7.5 percent to 355 million shares / day, while the value of shares traded averaged $ 76 million / day. Foreign sales were seen in the outgoing week, reaching $ 21.9 million, against net purchases of $ 6.7 million last week.

“A substantial part of the net sales of foreign investors has been absorbed locally by banks and insurance companies,” Zaidi added.

On the news side, the Paris Club has extended until December 2021 the deadline for paying Pakistan’s $ 1 billion debt. the import invoice.

Internationally, coal prices have continued to rise above $ 200 / tonne, more than levels last seen during the 2008 global financial crisis, making the cement sector one of the of the main latecomers during the week.

On the revenue side, the Federal Board of Revenue (FBR) collected 1.395 billion rupees in taxes in the first quarter of the fiscal year, exceeding its target and posting 38% growth from 1.011 billion of rupees collected during the same period last year. year.

The central bank’s foreign exchange reserves declined from $ 248.9 million to $ 19.29 billion in the week ended September 24, 2021.

“The market is expected to be positive over the coming week as the scripts are trading at attractive valuations,” one analyst said.

“Besides, [the] The IMF review begins on October 4, 2021, which, if successful, could provide [the] much needed respite from the feeling of a bad investment.

In addition, the recent statement by US Secretary of State Antony Blinken, recognizing Pakistan’s crucial role in making talks with the Taliban successful, will allay investor concerns.

Personal loan review Before


Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

Whether you need a few thousand dollars to cover the cost of an upcoming move or up to $ 35,000 to consolidate your credit card debt, sometimes a personal loan can be a handy tool.

While personal loans aren’t exactly free money, when you can get a low interest rate, they can help you get out of debt faster or pay for a large purchase at an affordable price over time.

The best personal loans offer an APR as low as 2.49% APR. But generally, you need a good to excellent credit rating to qualify for such rates.

If your credit score is in the fair or middle range, you may have a hard time finding a lender. This is when you need to be very careful with predatory loan companies that offer payday loans or securities lending who charge exorbitant interest rates and high fees for missing payments. Such lenders may not even check your credit score to make sure that you are a good candidate to borrow in the first place, putting you in an impossible situation if you fail to make a payment.

With Avant, you can borrow $ 2,000 to $ 35,000 the next business day and pay interest ranging from 9.95% to 35.99% APR. These interest rates aren’t the lowest in the market, but the process is a bit more transparent and there’s an interest cap below 36% (compared to the exorbitant 500% interest rates that some lenders payday charge).

Ahead, Select reviews Avant personal loans, taking into account APR, benefits, fees, loan amounts and term. (Learn more about our methodology below.)

Opinion on the personal loan Before

Before Personal Loans

  • Annual percentage rate (APR)

  • Purpose of the loan

    Debt consolidation, major expenses, emergency costs, home renovations

  • Loan amounts

  • terms

  • Credit needed

  • Original fees

  • Prepayment penalty

  • Late charge

    Up to $ 25 per late payment after a 10 day grace period


Avant’s APRs range from 9.95% to 35.99%, which is slightly above industry averages. At the time of writing, the average two-year personal loan interest rate is 9.58%, according to the Fed.

The lowest APRs are available to borrowers and co-borrowers with excellent credit. If you have an exceptional credit score, you should consider applying to more affordable lenders like LightStream Where Marcus by Goldman Sachs. In every loan application, factors such as credit score, income, loan amount, and loan term are all taken into account when determining your APR.


Avant’s advantages lie in its accessibility and flexibility. Not all lenders will accept borrowers with a credit score of less than 600, but Avant will consider these applicants. If you are concerned that you may be eligible, the lender offers you the option of making a smooth credit check on its website, so you can see what rates and terms you qualify for.


There is no prepayment charge for Avant loans, which means you won’t be penalized for canceling your loan faster by paying a little more each month. And if you miss your payment due date, there’s a 10-day grace period before you are billed the $ 25 late fee.

However, Avant charges some borrowers high origination fees of up to 4.75% of the total loan amount. If you borrow $ 20,000, you could see $ 950 being deducted from the loan amount deposited into your account.

Amount of the loan

Avant personal loans range from $ 2,000 to $ 35,000.

Mandate’s duration

The terms vary from 24 to 60 months and depend on your request, the amount of the loan, the interest rate and the monthly payment.

At the end of the line

Avant is a comparable option to other lenders that cater to borrowers with fair credit scores, such as OneMain Financial. If your credit is damaged, you probably won’t qualify for the best rates, but you can still find a loan that offers better interest rates than if you were to have a large balance on your credit card.

Our methodology

To determine which personal loans are the best, Select has analyzed dozens of US personal loans offered by online and traditional banks, including major credit unions, with fixed rate APRs and flexible loan amounts and terms to meet a range of financing needs. Where possible, we have chosen loans with no origination or enrollment fees, but we have also included options for borrowers with a lower credit rating on this list. Some of these options have origination fees.

When selecting and ranking the best personal loans, we focused on the following features:

  • APR at fixed rate: Variable rates can fluctuate over the life of your loan. With a fixed rate APR, you lock in an interest rate for the life of the loan, which means your monthly payment will not vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts / conditions: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long it takes to pay off your loan.
  • No early repayment penalties: The lenders on our list do not charge borrowers for prepayment of loans.
  • Simplified application process: We looked at whether lenders offer same-day approval decisions and a fast online application process.
  • Customer service: Each loan on our list provides customer service available by phone, email or secure online messaging. We have also opted for lenders who have an online resource center or advice center to help educate you about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by wire transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We have noted lenders who reward you for signing up for automatic payment by lowering your APR from 0.25% to 0.5%.
  • Creditors payment limits and loan amounts: The above lenders offer loans of various sizes, from $ 500 to $ 100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​your interest rate and monthly payment for such amount.

After reviewing the above features, we sorted our recommendations based on overall financing needs, debt consolidation and refinancing, small loans, and next day financing.

Note that the advertised rates and fee structures for personal loans are subject to fluctuation based on the Fed rate. However, once your loan agreement is accepted, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a serious credit check and ask for a complete application, which might require proof of income, identity verification, proof of address, etc.

* The terms of your LightStream loan, including the APR, may differ depending on the purpose of the loan, the amount, the duration and your credit profile. Excellent credit is required to benefit from the lowest rates. The rate is shown with the AutoPay discount. AutoPay rebate is only available before the loan is funded. Rates without AutoPay are 0.50% higher. Subject to credit approval. Conditions and limitations apply. The advertised rates and conditions are subject to change without notice. Example Payment: Monthly loan payments of $ 10,000 at 3.99% APR with a three-year term would result in 36 monthly payments of $ 295.20.

Editor’s Note: An earlier version of this story stated that Avant offers secured personal loans in some states. It is not. This story has been updated to correct this error.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

They want to give your child a debit card. What are you doing?


Then some basics. If you are looking for regular allocation and management of allocations, most departments can handle it. But if you pay your kids for household chores and want to check the chores by line item before you put money on a kid’s card, this is a feature you should select specifically. Gohenry does this, and FamZoo helped the pioneer.

In addition, what financial behaviors do you want to encourage – or change? Many parents like to reward their savings with automatic increases in interest rates or goal-based bonuses. “This allows parents to exaggerate the point to take stock,” said Tim sheehan, co-founder of Greenlight. So check this feature if it is important to you. Greenlight offers it, and FamZoo has a solid offering as well.

Then there is the goal of comprehensive financial literacy. Tanya van court, the founder of Goalsetter, has invested resources in this side of her business. “A map is actually an incomplete solution,” she said.

Goalsetter allows parents to pay their kids extra if they do well on financial literacy quizzes and withhold the money when they don’t complete them. She also tries to persuade the credit bureaus to reward 18-year-old Goalsetter clients who are particularly knowledgeable.

“It’s not fair that some kids are added to their parents’ American Express accounts and develop a fantastic credit score when they haven’t spent a dime,” she said. (The step already has a system in place to allow young users to start building good credit.)

Also consider what help you might need. “Everyone underestimates customer service,” said Mr. Dwight of FamZoo, which has a rather modest list of 13,000 family customers. “When your teenage daughter is stuck in a gas station, you kind of don’t want a bot. “

He would say something like that, given that this is sort of a house product, where he and his partner respond to customer requests themselves. FamZoo also earns bonus points for the granularity of the FAQ on its website, which extols my dazed heart for the way it anticipates almost every use (and abuse) case. Test out any startup you are considering by sending a message with a question to see what type of response you get.

I’m not sure this credit card bill is mine. What to do?


Q. I received a credit card bill for a card that I did not recognize. At first I thought maybe it was an old card that had changed its name, but I don’t think it was ever mine. What should I do?

– Confused

A. You will have to do some research.

There could be some fraud here, so you want to make sure you’re protected.

Search online for the credit card‘s customer service number to see if it matches the information on the invoice, Jerry Lynch, a certified financial planner with JFL Total Wealth Management in Boonton.

“It can be a fake invoice that can look real with logos and customer service numbers,” he said. “If the numbers match, call the number, but if they don’t, call the number you find on Google and ask about the account and balance. Does their answer on where it came from make sense? “

If you’ve determined that you didn’t make the debit, or if the account was set up without your knowledge, report it to the credit card company and credit bureaus, he said.

Then run your credit report, Lynch said.

“It can be an indication that someone has stolen your credit information and created a new account,” he said. “You may want to freeze the credit on your accounts to restrict the ability of people to create new accounts in your name. “

“I am amazed at the number of people who pay bills without knowing what they are used for,” he noted.

Email your questions to [email protected].

Karin Price Mueller writes on Bamboo column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com‘s weekly electronic newsletter.

Ride on a safer Milvia – Streetsblog San Francisco

A major part of a Milvia Street improvement project in Berkeley, from Blake to Hearst, is now complete. Concrete and protected bike lanes with parking, vehicle lane reductions and intersection treatments are in place from Blake to Allston Way.

Streetsblog took a look at it this morning and couldn’t say it better than Bike East Bay’s Dave Campbell below: “Always be my beating heart”.

Since the protected cycle lanes on both sides removed two lanes for cars, the project reduced sections of Milvia to one direction, which, as Campbell told Streetsblog, is a relatively unusual solution to the complaint ” where are people going to park ”against the creation of space for bicycles. This is encouraging from Streetsblog’s point of view: when awareness raising is carried out, neighbors should be able to choose between losing lanes of traffic or losing a parking lot. Giving up protected cycle lanes and allowing cyclists to continue to be run over (Milvia is a high injury rate corridor) should not be on the table.

The loading area in front of Berkeley High
The loading area in front of Berkeley High

Berkeley planners “also took inspiration from the Valencia Street school loading zone in San Francisco,” Campbell explained, for the treatment he used outside Berkeley High School as a way to avoid conflict between cyclists. and children who are dropped off and picked up for school. Note the fence to prevent children from wandering the bike path.

Another look at the cargo area / Berkeley High Island
Another look at the cargo area / Berkeley High Island

Hopefully more high school kids won’t need to be dropped off in the first place once Berkeley’s bike plans come to fruition. Other sections depend on parked cars or concrete curbs (see below) to ensure that stray motorists do not drift into the bike path.

A cyclist descending the now protected Milvia cycle path
A cyclist descending the now protected Milvia cycle path. Note the driveway on the right.

Note that there is a lot alleys along Milvia, despite the constant response of engineers from other towns that the alleys make it somehow impossible to install protected cycle paths.

Entrance to one of Milvia's many alleys
There are many alleys on Milvia

Campbell pointed out that the project is only half completed. Crews still need to add vertical bollards to improve motorists’ ability to see the concrete protection.

Another view of the loading area in front of Berkeley High

When completed early next year, the project will provide protected pathways to Hearst, which received protected treatment in 2018.

What there is so far on Milvia is really encouraging and shows what can be accomplished across the Bay Area when cities commit to safety.

The transition from the treatment of the Milvia cycling boulevard to the start of the protected section, in Blake
The transition from the treatment of the Milvia cycling boulevard to the start of the protected section, in Blake

Hidden Costs Of Credit Score Applications Credit Karma, Credit Sésame


Consumers must agree to all of the above just so they can see their credit score. But there is even a problem with that. Consumers don’t have just one credit score, but dozens, Ejaz says. Four of the CR applications reviewed reveal only one score, and “that score is unlikely to be the same score that lenders or banks use to decide whether or not you qualify for a loan or credit card.” , he said.

Experian and myFICO give you access to other scores, perhaps more useful, but they require you to pay for the privilege.

With the exception of Credit Karma, the free apps also charge consumers a fee to access their credit report. This is the file maintained by the three major credit bureaus – Equifax, Experian, and TransUnion – that lists your credit card, mortgage, and other loan and financial history, and on which your score is based. But you can check your credit reports for free via AnnualCreditReport.com, a website operated by these credit bureaus in accordance with Federal law. Until April 2022, you can do this every week; after that you can do it once a year.

Overall, using a credit app is a compromise that could do more harm than good, says Ed Mierzwinski, senior director of the Federal Consumer Program at the US Public Interest Research Group, an advocacy group. consumers, who has not been involved in the reviews of the apps and is also a member of the board of directors of CR. “You give up a huge amount of information and allow these companies to collect a large amount of information so that they can provide it to you for free or, worse yet, sell you a credit score that is not used in the real world ”he says.

But the fact that these companies see a financial opportunity by making credit scores available to consumers is in itself problematic, Ejaz says. “The only reason credit apps exist is that consumers don’t have the right to access the kind of credit scores that really matter,” he says. “This is why CR supports the Protecting Your Credit Score Act, 2021, which would establish a secure portal where consumers could access their credit reports and ratings for free and an unlimited number of times. ”

The bill was introduced in the House by Rep. Josh Gottheimer, DN.J.

CR surveyed the five companies about their privacy, data collection and data sharing practices. They emphasized that they take consumer privacy very seriously and that consumer trust is paramount to their business.

Christian Brothers Automotive Corporation Promotes Donnie Carr To CEO

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Named successor to founder Mark Carr as longtime leader retires

Amid Strong National Performance and Company Growth, Auto Repair & Service Brand Launches Generous Employee Share Ownership Plan

October 01, 2021 // Franchising.com // HOUSTON – Christian Brothers Automotive, the auto repair company ranked # 1 for customer satisfaction by JD Power in 2021, today announced the retirement of its Founder and CEO, Mark Carr; and the appointment of his son and longtime company executive, Donnie Carr, to the role. Mark is leaving the company’s operations after a strategic transition phase, where he worked closely with Donnie to continue the success and growth of the brand.

For nearly 40 years under the leadership of Mark Carr, Christian Brothers Automotive has grown from a single location in Houston to over 240 locations in 30 states, never closing a store. Donnie has held leadership roles with the company for over a decade, most recently as President, which he will continue to serve in addition to that of CEO. In recent years, Donnie and Mark have worked together to co-lead the business, setting sales and profitability records and expanding into new geographic markets across the United States.

“Donnie brings the leadership qualities Christian Brothers Automotive needs as it enters its next phase of business. He’s a visionary who sets compelling goals that are quickly adopted by the head office team and franchisees, and he does so with humility and intense personal responsibility, ”said Mark, who started the business in 1982. “Having watched Donnie launch significant profit-focused initiatives as he has assumed new leadership roles over the past 14 years, I have no doubt that his innovative spirit will take the ABC to new heights. .

Today’s announcement comes as the company celebrates two and a half decades of franchising and nears its 40th anniversary in 2022. Recognizing that it has taken immeasurable contributions from employees over the years to reach where the company is today, Christian Brothers Automotive also announced the launch of an employee share ownership plan (ESOP), which collectively gives employees the opportunity to take ownership of a substantial part of the company.

“As we continue to expand our presence and increase our profitability, I am very grateful for the tireless efforts of our team, many of whom have been with the company for years. Their loyalty and commitment to the values ​​of the CBA is a real source of pride for me and for the entire organization, ”said Donnie. “It was thanks to their dedication that we launched ESOP. It’s a way of showing them our thanks and our allegiance. In addition, it is an incredible legacy for my father, whose generosity and passion inspire me every day.

SOURCE Christian Brothers Automotive Corporation



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Card issuers resisted reduction in credit limits during pandemic: CFPB


Unlike the previous U.S. economic crisis, most credit card issuers last year avoided restricting borrowing limits for their existing customers, according to a new report from the Consumer Financial Protection Bureau.

The report, one of the most in-depth analyzes of credit card trends during the pandemic, found a significant tightening in credit availability as lenders decrease their appetites for new business. But the tighter credit criteria seemed to primarily affect potential new customers rather than existing customers, the CFPB’s biennial report to Congress on credit cards said.

Card account closings and credit limit cuts remained stable last year even as unemployment skyrocketed, which analysts say is another indication that unprecedented government support for consumers has radically altered the typical patterns of an economic downturn.

“We had a crisis,” said Brian Riley, director of credit counseling services at Mercator Advisory Group, “but with the support that has been provided it has really kept the consumer credit market stable.”

He added that card issuers have behaved “much more rationally” in relation to the 2007-2009 crisis. The relative stability of the card market last year has raised expectations of a potential rebound in card balances in 2021, although an industry-wide recovery has yet to materialize.

Last year some media reports reported a widespread reduction in card limits, but the CFPB found that only 0.9% of general purpose credit cards saw their available credit limits decrease in the second quarter. of 2020. This was well below the peak of 3.7% at the height of the Great Recession, the report notes.

“There is little evidence to support an unprecedented reduction in existing industry-wide credit limits, as was widely reported during the national COVID-19 emergency,” the CFPB said in its report, adding that one explanation for the reluctance of card issuers to reduce lines of credit may be that they “avoid angering their customers”.

Card issuers were on “fairly high alert” when the pandemic first hit, but ended up responding with what was more of a pause in new business than a prolonged and widespread withdrawal from credit availability. said Erik Budde, founder of credit card advice site GigaPoints.

“The attitude was almost like ‘This is going to be just a blip,’” Budde said, noting that financial markets rebounded quickly.

Customers with lower than premium credit scores were more likely than other consumers to have their credit limits lower, the CFPB noted. The declines were “surprising and often felt keenly,” and the CFPB recorded a 65% increase in complaints related to the issue last year, according to the report.

Line drops can have long-term effects on borrowers’ credit scores, according to the CFPB, which noted that a large drop in the line could result in a nine-point reduction in the rating.

The CFPB said it intends to conduct additional study on the effects of declining lines of credit on credit usage and credit scores, especially for consumers who have unprivileged ratings.

Most measures of credit availability on cards fell last year after steadily growing since the Great Recession, according to the report. The pullback was likely due to a combination of healthier consumer balance sheets leading to reduced demand for credit and a pullback from issuers in marketing, according to the report.

In 2020, consumers submitted more than 140 million credit card applications, up from 172 million in 2019. Mail solicitations for cards plunged last year, hitting a new low of 61.6 million in July 2020 , compared to 311 million per month in 2019.

Credit card debt levels have also fallen sharply, as many borrowers have paid off or reduced their balances thanks to savings they accumulated from staying home more often and government assistance payments. Although card balances began to rebound later in 2020, aggregate credit card debt ended the year at $ 825 billion, below the peak of $ 926 billion in 2019.

Lenders have been relatively bullish this year that consumers will start taking their card balances again, although the delta variant will spread this summer. risks cut in this momentum. A new update on consumer lending is expected to be released in mid-October, as banks begin reporting their third quarter results.

The CFPB report also noted the increase in buy now / pay later products from companies like Affirm, Klarna, and Afterpay, which offer short-term installment loans on merchant websites. Their ancestry has guest heavyweights of the credit card to add similar products within traditional cards.

The growing popularity of the BNPL model has also raised questions on the approach the CFPB can take to regulate entry-level lenders. The agency alluded to the matter, saying buy now / pay later products “have continued to attract regulatory attention (as well as calls for more regulatory attention) nationally and internationally.”

The main differences between buy now / pay later loans and credit cards “can pose risks to consumers,” the agency said. BNPL lenders are not required to consider clients’ ability to repay loans, may not offer the same information, and may not have the same procedures for resolving billing errors, according to the report.

But the Office of Consumer Affairs also wrote that buy now / pay later products “offer not only convenience, but a new way of financing for many consumers.”

“The Bureau encourages all suppliers in this space to take measures to ensure that users of these products are adequately informed of the risks of these products,” the report said.

Archbishop Welby confirms fight against payday loans continues


Archbishop Welby signs the register for a new credit union for clergy and church staff in England and Scotland at the General Synod in York, July 2013

Archbishop Welby signs register for new credit union for clergy and church staff in England and Scotland at General Synod in York,…

THE fight against payday loans continues, the Archbishop of Canterbury confirmed this week.

An article in the Church hours this week reviews the results of the Archbishop’s so-called “War on Wonga” (News, August 2, 2013), which resulted in the creation of the Just Finance Foundation in 2016. He finds that many parishes, inspired by the archbishop’s intervention, provided debt counseling and managed credit unions, although not all initiatives have stood the test of time.

Archbishop Welby said this week: “The Church of England runs 33,000 social projects, including debt and financial advice centres, across the country. We don’t do this to be nice – we do it because Jesus calls us to care for those who are vulnerable and uplift those who are struggling.

“The Church has pioneered alternative methods of lending through credit unions and other innovative people-centered models; Christians campaigned for fairer financial systems; and Christian charities strive to educate and empower people facing real financial challenges.

“The Bible speaks forcefully of debt slavery, money, and equity. I am determined that we will continue to answer God’s call to respond with compassion and courage to the injustices of usury and poverty.

Comment: What happened to the war against Wonga

Inspector investigating thefts from USPS blue mailboxes


Thieves steal checks from government mailboxes, forge them and then cash them in banks in the region.

COLUMBUS, Ohio – It’s a simple task that many do without thinking twice – drop mail in a blue USPS mailbox.

“In August, I paid my bill by check, mailed it in a mailbox and forgot about it,” said Marcey Goulder Forman.

But that check she left in a Worthington mailbox would not be forgotten for long. About a month later, she received a notice stating that her bill had not been paid. But the check had been cashed more expensive than she had written it.

“Someone had used what looked like a black magic marker and wrote down my amount and increased the price by $ 200, and somehow they cashed the check,” Forman said. “So I went to the bank, I talked to the manager and told him what was going on. And he said, well, it’s all done electronically now, so, when a human being could look at that check. and know it had been tampered with, a machine doesn’t know, so he just walked in. He said they knew who owned the account and the police were dealing with it.

In fact, Worthington Police have taken around 20 reports of mail theft so far this year, with the main targets being the blue letterboxes outside the Kroger and those outside the Worthington Post Office.

Meanwhile, the Columbus Police Division has collected more than 400 reports this year, some from large blue mailboxes.

Both agencies referred to the United States Postal Inspector for questions about the investigations. 10TV requested more information but instead received this response:

“I cannot speak to ongoing investigations as it could jeopardize those investigations. We encourage customers to report any suspicious or illegal activity to the US Postal Inspection Service by calling 1 (877) 876-2455.”

Of course, mail theft isn’t new, but technology is now making it a bit easier, bank officials say.

“Unfortunately, check fraud has been with us probably for as long as we have checks, and we’ve certainly seen fraudsters of all types throughout the pandemic really taking advantage of Ohioans,” said Mike Adelman, President and CEO. from the Ohio branch. League of Bankers.

But Adelman says there has been an increase in theft and fraud during the pandemic. Thieves can steal checks straight from mailboxes, forge and forge them, then deposit them at ATMs or via cell phone without ever having to see a cashier face to face.

This is why banks implementing intensive fraud detection systems are so important.

“Banks are making extraordinary efforts to protect and protect accounts receivable, as our latest deposit account fraud investigation shows, which shows banks have stopped $ 9 out of $ 10 of attempted fraud on accounts receivable. deposit in 2018, ”said Sarah Grano, spokesperson for US bankers. Association. “We have seen criminals revert to check fraud and luckily banks are well equipped to catch it thanks to sophisticated fraud prevention systems and the constant vigilance of dedicated employees.”

But, even with face-to-face contact, thieves still find ways to profit from mail theft.

“It’s just too easy today, given the printing technology that a lot of us have in our own homes, where we could create some sort of documentation to maybe look like I’m working for one. particular company and have the ability to cash a check on that company name, ”Adelman said.

The best advice from government officials is to do as much online banking and pay bills as possible, and deposit a check directly at a post office to mail it.

This is something Forman certainly took to heart. She has changed some of her habits, but is still waiting to get her money back from that August robbery. He was told it should happen in October.

In the meantime, she hopes to spread the word about the risk of mail theft.

“It was a surprise to me to hear that checks that I always thought were pretty safe, especially when deposited in a US PO box, are no longer secure,” she said.

The ABA also provided 10TV with data and advice for consumers:

ABA’s most recent check fraud data:

  • U.S. Banks Prevented $ 22.3 Billion in Deposit Account Fraud Attempts in 2018
  • While total deposit account fraud attempts reached $ 25.1 billion in 2018, bank prevention measures halted nearly $ 9 in every $ 10 of attempted fraud.
  • According to the report, check fraud accounted for 47%, or $ 1.3 billion, of the industry’s deposit account fraud losses, followed closely by debit card fraud losses at 44%, or $ 1.2 billion. The remaining 9%, or $ 265 million, of losses was attributed to electronic banking transactions, including bill payments, P2P transfers, wire transfers and ACH transactions.
  • Total check fraud attempts increased to $ 15.1 billion and accounted for 60% of deposit account fraud attempts.
  • Report any suspected fraud to your bank immediately.
  • Use online banking to protect yourself. Regularly monitor your financial accounts for fraudulent transactions. Sign up for your bank’s SMS or email alerts for certain types of transactions, such as online purchases or transactions over $ 500. Also, consider making and receiving payments electronically through online bill payment and other options.
  • Beware of phishing scams. Never give out personal financial information in an email or over the phone unless you initiated the contact.
  • Monitor your credit report. Order a free copy of your credit report every four months from one of the three credit reporting agencies at annualcreditreport.com.

ABA consumer advice related to check scams and joint ABA infographic with the FTC.

Counterfeit checks remain one of the most common instruments used to commit fraud against consumers. Before you deposit a unexpected check or wire funds to an unknown recipient, here’s what you need to know:

How do fake check scams work?

There are many variations of the scam. It usually starts with someone offering to:

  • Buy something that you have listed for sale
  • Pay you to work from home
  • Give you an “advance” on a raffle where you won
  • Give you the first installment of the millions you will receive for agreeing to transfer money in a foreign country to your bank account for safekeeping

Scammers give you a check or money order for more than the amount owed to you and ask you to return the excess funds to them before they receive your lump sum payment. After you send the money, you find out that the check or money order is forged.

Tips for avoiding fake check scams:

  • Even if the check is “cashed”, you may not be in good standing. Federal law requires banks to make deposited funds available quickly, but just because you can withdraw the money doesn’t mean the check is good, even if it is a cashier’s check. or a warrant. If you have questions about whether the check is good or not, talk to your banker. Be sure to explain the source of the check, the reasons it was sent to you, and if you are being asked to wire money.
  • Don’t be fooled by the appearance of the check. Scammers use sophisticated technology to create counterfeit checks that mirror the appearance of legitimate checks. Some are counterfeit money orders, some are fake cashier’s checks, and some appear to be from legitimate business accounts. The companies whose names appear may be real, but someone has forged the checks without their knowledge.
  • Never “pay to play”. There is no legitimate reason for someone giving you money to ask you to wire money or send you more than the correct amount – this is a red flag that they this is a scam. If a stranger wants to pay you something, demand a cashier’s check for the exact amount, preferably from a local bank or local branch.
  • Do not respond to online solicitations for “easy money”. Social media scams like card cracking can offer “quick ways to make some extra money,” but keep in mind that easy money is rarely legal money.
  • Verify the requester before transferring or issuing a check. It’s important to know who you’re sending money to before you send it. Just because someone contacted you doesn’t mean it’s a trusted source.
  • Report any suspected fraud to your bank immediately. Bank staff are experts in spotting fraudulent checks. If you think someone is trying to withdraw a fake check, don’t deposit it, report it. Contact your bank and report it to the Federal Trade Commission or the Better Business Bureau Scam Tracker.

CrimeTracker 10: Recent Coverage ⬇️


Africa: How to ensure that global debates on inequalities are informed by the perspectives of developing countries


Over the past decade, inequalities have been placed at the center of the global social and economic policy agenda. This was driven in large part by the pioneering work of British economist Sir Tony Atkinson, French economist Le Capital au XXIe siècle by Thomas Piketty, and the work of sociologists like Goran Therborn.

All of the United Nations’ key development goals, such as the Sustainable Development Goals, are premised on the need to tackle increasing levels of inequality across the world and have as key goals.

Global attention to inequality is also informed by a set of issues that have given rise to more virulent right-wing politics in the US, UK and much of Europe. This is the result of increasing levels of inequality and high levels of discontent among so-called “blue collar workers”, and the consequent rise in identity politics.

But, in our opinion, the debates on inequalities have not been sufficiently informed by the perspectives of the countries of the South.

If we are to tackle inequalities across the world, the issue of inequalities between countries – and the historical and political factors that give rise to it – cannot be ignored.

In view of this reality, we have identified four main problems which we believe should guide the research agenda in the countries of the South. Despite the attention the world has paid to the issue of inequality, in reality very little has been done to address the problem. This is most clearly shown by the COVID-19 pandemic, which has revealed massive inequalities across the world.

Part of the reason is that the realities of inequality in developing countries and the forces behind these patterns are not sufficiently understood. For example, according to the International Labor Organization in Africa, around 85.8% of jobs are informal. These workers are not part of the way labor markets are traditionally understood.

Another big difference is that in most northern countries, tax transfers are able to improve inequality outcomes. The Global South has limited fiscal reach because it lacks the capacity to raise significant tax revenues.

Areas of intervention

Based on our knowledge gained from establishing the Southern Center for Inequality Studies and our first four years of research, we have identified four areas that we believe should be at the forefront of the research agenda of academics in the countries of the South.

We present them below.

Technical solutions : These include in particular fiscal transfers. While important, they alone are not enough to tackle inequalities. What is needed is a better understanding of the political, social and economic factors behind the growth of inequalities. This includes how these forces may be different in countries of the South. Inequality is a global problem, but that does not mean that its causes are universal. Inequality is in essence a matter of power, which is socially constructed. For this reason, context is important. While inequality is a global problem, its growth is most pronounced and the political, social and economic challenges it poses are the most complex and pronounced in the countries of the South.

Monetary valuations: An example of such assessments is the Gini coefficient, which measures levels of inequality. These assessments have been useful in measuring inequalities but do not offer useful solutions. Studies and policies on inequalities must move away from the concern of these measures. This is important if we are to understand inequality as a violation of human dignity. Here, a multidisciplinary approach is needed if we are to resolve the challenge of inequalities. History, sociology, gender studies, anthropology, philosophy, natural sciences and health sciences have as much to contribute as economics.

It is for this reason, for example, that UNAIDS Executive Director Winnie Byanyima will be presenting the Southern Center for Inequality Studies annual conference on inequality. Ms. Byanyima was previously Executive Director of Oxfam International and Director of Gender and Development at UNDP.

Differences in capacity: It is important to understand the differences in the fiscal capacities of the countries of the North and the South to fight against inequalities. High-income countries can alleviate high levels of inequality somewhat because they have high tax levels and strong state capacity. But this is not possible in most countries of the South – at least not to the same extent. This generates complex social and economic challenges that require political attention.

Hip joint: This highlights the need to understand that inequalities within countries are inextricably linked to the forces that shape inequalities between countries. The problem cannot be solved in just one geography. Inequalities between countries must be tackled simultaneously.

After that

The COVID-19 pandemic has highlighted how countries are bearing the burden of the pandemic in very different ways.

The heaviest tolls were imposed on the most economically marginalized countries. In South Africa, for example, job and income losses have been most pronounced. Low-paid workers, youth, and workers in the informal economy and service sectors have borne a disproportionate burden of job and income losses. Women, who represent a substantial share of workers in the service economy, have been hit the hardest.

Northern countries have been able to protect their economies from the impact of the COVID-19 pandemic thanks to a stimulus package of an unprecedented level. The US stimulus package has been estimated at US $ 1.9 trillion. Developing and emerging economies, on the other hand, have been plunged into a deep economic crisis as a result of the pandemic.

The COVID-19 pandemic has also highlighted inequalities between countries. This is particularly evident in the way access to vaccines has been determined. This undermines recovery in both developing and developed countries and underscores the need to address inequalities as a global problem, between countries and within countries.

Despite all of the excellent academic research on inequality, the COVID-19 pandemic shows us that very little has been accomplished at the political level to actually rise to the challenge and move to a more equal world. If we are to do this, global policies must take into account the realities of unequal economic and social models around the world.

Moreover, the realities of inequality from the perspective of the countries of the South must inform these policy changes. If we do not pursue such an ambitious political agenda, the COVID-19 pandemic will be another shock, like the 2008 global financial crisis, which exposes the fragility and inequalities of our economic and social systems, but which we quickly forget – that is, until the next global shock.

Southern Center for Inequality Studies Annual Inequality Conference 2021 to be presented on Thursday, September 30

Imraan Valodia, Dean of the Faculty of Business, Law and Management and Director of the Southern Center for Inequality Studies, University of the Witwatersrand

Are your annual credit card fees refundable?


Image from the article titled Are Your Annual Credit Card Fees Refundable?

Photo: Shutterstock (Shutterstock)

It can be easy to overlook the annual fee when your credit card automatically renews for another year. Once you’ve got over the excitement of the welcome bonuses and cash back benefits, it’s easy to forget, as fees become just one of many items on a monthly statement, only noticed long after processing. expenses. But what if you didn’t intend to renew your card? Can you still cancel it and get a refund on the annual fee?

Most credit card companies reimburse annual fees

Fortunately, most lenders will retroactively reimburse your annual fee if you call them to cancel the card, provided it is still relatively close to your renewal date. Usually, you will need to do this before the closing date of the statement on which the charge appears.

As a general rule, the earlier you cancel, the more likely the fees are to be refunded. After all, it’s much harder for a lender to justify a one-year fee if the card is canceled after a month or so. Here is an overview of the repayment policies of the major lenders:

  • American Express offers a refund if you cancel within 30 days the closing date of the billing statement on which the annual fee appears.
  • Bank of America doesn’t have a set policy, but you’re more likely to get a refund if you cancel right after posting charges. It also helps if you are used to making payments on time.
  • Barclays offers a refund if you cancel within 60 days the closing date of the statement which includes the modification of the annual subscription.
  • A capital letter provides a refund if you cancel in 30 days the date of the statement.
  • also hunt allows refunds in 30 days the closing date of the billing statement on which the fee appears.
  • Citi will reimburse your annual membership fee up to 37 days after the charge hits your return.
  • American Bank automatically reimburse their annual fees if you close the account within 30 days charges appearing on your statement.
  • Wells fargo will reimburse you within 90 days to be billed for the annual membership fee.

One thing to keep in mind: closing a credit card account can hurt your credit score. Instead of closing the account, you can consider upgrading to a no-cost card. To know more, check out this article from Lifehacker, which lists all of your options.

What you need to know about using multiple credit products at the same time


Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

You’ve probably heard the words “buy now, pay later” (BNPL) in the news or seen a BNPL option when you reach the checkout page after an online shopping session. BNPL services, which are essentially point-of-sale loans, have gained traction over the past year, with big names like Amazon partnering with Affirm (a popular BNPL provider) and Mastercard announcing the launch of its own. BNPL service.

Why has BNPL exploded in popularity? TransUnion researchers looked at nearly 4.5 million point-of-sale applicants and found that the main reasons people wanted to use BNPL were to spread their payments over time and for its ease of use.

With BNPL, a $ 200 purchase can be split into four (potentially interest-free) installments of $ 50, paid every two weeks. Plus, most popular retailers have the option built into their websites, so consumers can be approved for a loan almost instantly, as many don’t require a credit check.

The study also found that applicants were more likely to have a greater number of cards, such as credit cards and retail cards, than the general population.

“Based on this research, it appears these consumers are more credit-active and more credit-hungry,” says Liz Pagel, senior vice president of consumer loans at TransUnion. “So I think these are consumers who want to finance their retail purchases and they also want to finance other parts of their lives.”

In the study, POS loan applicants had similar credit utilization ratio levels for all risk levels. In other words, POS seekers were looking for these loans when they could make purchases on their credit card.

Should Consumers Use POS Loans When They Already Have Credit Cards? How can “credit-hungry” consumers balance multiple credit options?

We spoke with Kate Mielitz, assistant professor of family financial planning at Oklahoma State University, about how consumers should manage their credit cards and BNPL loans.

How to manage credit cards and BNPL loans

When you’re juggling regular credit card payments and bi-weekly payments for a POS loan, it can be difficult to keep track of all your spending. You’ll want to know the due dates for all of your payments and set up automatic payment to make sure you don’t miss any payments and incur late fees or high interest rates.

While some BNPL providers don’t charge interest on their POS loans, others, like Affirm, may charge up to 30%. Also, for a loan with a 0% interest rate, you could end up paying large late fees: Afterpay charges $ 8 or 25% of the transaction, whichever is less.

When it comes to your credit card, not making the minimum payment by the end of the grace period can result in late fees of up to $ 40. You will also earn interest if you don’t make the payment in full. If you’re not on time with your payments on both your BNPL loan and your credit card, you could end up paying more late fees and interest than on your initial purchases.

The other thing to consider is whether a purchase with a BNPL loan fits your long-term budget.

BNPL offers consumers instant gratification. You don’t need to have enough cash to cover the cost of a new pair of stiletto heels or an expensive exercise bike. Instead, you will receive the product immediately (as long as you have enough for a down payment) whether you can afford it or not.

Mielitz suggests that customers refrain from making purchases with a BNPL loan that they cannot afford in advance. If you don’t have enough money in your checking account to cover the costs, it’s best to skip the purchase if you can.

Finally, you need to compare and contrast the pros and cons of using a POS loan versus a credit card to finance your purchase. If you’re looking to build your credit score, it’s probably best to go with a credit card because many BNPL providers don’t report to credit bureaus, says Mielitz.

While on-time payments on your POS loans should help your score, they could actually end up hurting it. By opening a new POS loan, you decrease the average age of your credit history, which lowers your credit score.

With credit cards, you also have the opportunity to reap more rewards. The Chase Sapphire Preferred® Card currently offers a welcome bonus of 100,000 points, worth $ 1,250 if redeemed for travel, if you spend $ 4,000 within the first three months of opening the account. While some providers like Klarna have rewards programs, you’ll likely make more money from credit card welcome bonuses and the cash back and / or points they offer for spending.

Chase Sapphire Preferred® Card

  • Awards

    $ 50 annual Ultimate Rewards Resort Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on meals, 2X points on all other travel purchases, 5X points on Lyft trips through March 2022 and 1X points on all other purchases

  • Welcome bonus

    Earn 100,000 bonus points after spending $ 4,000 on purchases in the first 3 months after opening the account

  • Annual subscription

  • Intro APR

  • Regular APR

    15.99% to 22.99% variable on purchases and balance transfers

  • Balance transfer fees

    Either $ 5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fees

  • Credit needed

If you’re drawn to the longer repayment period and 0% interest rates offered on some BNPL loans, you may also want to consider getting a 0% APR rate credit card – some even have a bonus of welcome and rewards. These cards have an introductory period, typically between 12 and 20 months, during which cardholders will not have to pay interest on their revolving balance.

Wells Fargo’s Active MoneySM The card is one of those options. The Active Cash card has an introductory period of 15 months at 0% on new purchases and eligible balance transfers (after that, a variable APR from 14.49% to 24.99%) and comes with a $ 200 cash rewards bonus after spending $ 1,000 in the first three months of opening an account. With this card you will get rewards such as 2% cash rewards on all qualifying purchases and get 0% APR introductory period.

Wells Fargo Active Cash Cardâ„ 

  • Awards

    2% unlimited cash rewards on purchases

  • Welcome bonus

    $ 200 cash rewards bonus after spending $ 1000 on purchases in the first 3 months of account opening

  • Annual subscription

  • Intro APR

    0% APR on qualifying purchases and balance transfers during the first 15 months from account opening

  • Regular APR

    14.99% to 24.99% variable on purchases and balance transfers

  • Balance transfer fees

    3% launch fee ($ 5 minimum) for 120 days from account opening, then up to 5% ($ 5 minimum)

  • Foreign transaction fees

  • Credit needed

At the end of the line

When it comes to juggling monthly credit card payments and bi-weekly loan payments, consumers need to be clear about when payments are due, what late fees are and interest rates, if their purchases are due. fit their budget and what effect either product has on their credit score. Most importantly, you’ll need to make sure that the purchases you make with your credit card or BNPL loan are within your budget and that you can ultimately afford them.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

McMaster rallies base in Sun City speech – Beaufort, SC The Island News


State Senator Davis continues to tout Jasper Harbor at Beaufort County GOP rally

Above: SC Gov. Henry McMaster discusses a myriad of topics Friday when he stops to speak to Republicans in Sun City. Photos by Bob Sofaly.

By Mike McCombs

South Carolina Governor Henry McMaster visited Beaufort County on Friday, September 24, addressing a crowded pavilion at a rally of Republicans in Sun City.

The event, which was not on McMaster’s official calendar, was essentially a campaign rally a year before the 2022 SC gubernatorial race.

McMaster attacked President Joe Biden’s leadership and touted the state’s success against COVID-19.

“Does anyone think that if Donald Trump was president we would see what we saw (in Afghanistan)? McMaster asked the crowd.

“He made some noise there (in Florida), so he’s alive. Maybe we’ll see him again, who knows, ”McMaster said of Trump, drawing cheers from the crowd.

The governor also attacked Biden’s vaccine mandate for big business.

“Just the president’s show saying we need to get vaccinated,” McMaster said. “It’s unconstitutional.”

McMaster touted South Carolina’s “different approach” to the COVID-19 pandemic as a success, asking without the Republican governors, “Where would we be now?

“We have more people working this year than last year and almost as many as the year before…” said McMaster.

“We’re never going to choose… to shut down someone’s business is like taking someone’s property away from them,” he added.

Governor touted the state’s passage of a “heartbeat bill,” limiting abortions, and assured supporters the state would never fund police or teach critical theory of the race.


State Senator Tom Davis de Beaufort, who introduced McMaster, also criticized President Biden and the “radical” Democrats – “Our DNA as a country is under attack” – but a significant portion of his time in front of the microphone has was devoted to discussing progress on the proposed Jasper Harbor.

Davis called the Port of Jasper a success in the making and said the area will move from the “Corridor of Shame” to the “Corridor of Opportunity”.

“… Once you have a timeline set and the private sector knows it, you see investments coming in in anticipation of it,” Davis said. “We are in a completely different situation now than when the SC Ports Authority was our representative. I think Jasper County putting themselves in their shoes has made all the difference in the world.

State Senator Tom Davis at a Sun City Republican club meeting on Friday. Photo by Bob Sofaly

Davis believes Jasper County will experience the same kind of prosperity that Berkeley and Dorchester counties, adjacent to Charleston County, have achieved.

“… Capital arriving. Well-paying jobs after that, and people coming to the area because of those high-paying jobs. The tax base is increasing. Schools are improving. You will see the health care system improve. This is going to be a drastic change, ”Davis said. “For so long, these areas were rural ponds, and no one paid attention. Now if you look at it you have access to an international airport, you have direct access to an international port, you are on a freeway, I-95, you are in a beautiful part of the world where people want to live and having the company headquarters, you are close to the rail – CSX and Norfolk Southern – you have everything you need in the world for an explosion of economic growth, and that’s what’s going to happen.

Davis said that while logistics infrastructure is still a concern, you are already starting to see development spilling over to the Jasper County side of the Savannah River to support existing operations in Savannah as they are already being built on the side of the Savannah. Georgia.

“Even before the Port of Jasper exists, you find that this whole area is part of Savannah’s economic sphere of influence,” Davis said. “This is what is happening now.”

Original economic studies conducted over 10 years ago in anticipation of the Port of Jasper need to be updated, Davis said. He said a lot has changed in 10 years and we need new projections using news calendars.

Davis said the only certainty with the development of the Port of Jasper is that there will be an explosion of growth in and around Jasper County. This explosion will not only create a lot of pressure and force changes on the region’s infrastructure, it will also put a lot of pressure on the environment in the region.

“When we plan for this growth, we have to take it into account. With buffer zones and areas that are not built and monitoring watersheds, ”Davis said. “That’s one of the things I think they didn’t do as well in Charleston. They just let the growth happen. We have a chance here to get it right. I’ve talked to Jasper County about it and he understands. With growth comes pressure on the road system, pressure on land uses, perhaps some pressure on the estuarine system. We have time to… I hope to avoid some of the things that happened in Charleston.

Electoral redistribution

Davis said the 2020 census results will likely have a significant impact on Beaufort County, when it comes to the redistribution.

“On the home side, we’ll likely have another seat in southern Beaufort County,” Davis said. “And southern Beaufort County is going to have enough people for its own Senate district. “

Davis said northern Beaufort County is not likely to be combined with any part of southern Beaufort County. Instead, northern Beaufort County will likely be folded into Margie Bright Matthew District (Colleton) or Chip Campsen District (below Charleston).

Mike McCombs is the editor of The Island News and can be reached at [email protected]

10 Best Credit Cards in India 2021 – Forbes Advisor INDIA


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Where can I get a personal loan of $ 80,000?


Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

It is possible to get a personal loan of $ 80,000, but larger loans can come at higher costs, so be sure to compare APRs and loan terms carefully before choosing the right one for you. (iStock)

If you’re looking to consolidate your credit card debt or finance a major home renovation, you can look to a personal loan. Unsecured personal loans provide a flexible way to borrow money at fixed, stable rates without risking your property as collateral. Some lenders offer personal loans of $ 80,000 or more, although you need good to excellent credit to borrow such a large amount.

Before taking out an $ 80,000 personal loan, think about all of your options to find the loan that’s right for you. Here’s where to look for an $ 80,000 loan and some things to consider before getting a large personal loan.

Where can I get a personal loan of $ 80,000?

The personal loan market has grown rapidly in recent years, reaching a record high of $ 323 billion in the third quarter of 2020, according to Experian data. With this growth, more and more lenders are offering personal loans. Here’s where to find an $ 80,000 personal loan.

  • Online lenders – Businesses specializing in personal loans, such as Avant, Payoff and Upstart, allow borrowers to apply for a loan and receive money within days. With online lenders, it’s relatively easy to compare interest rates and fees – and many of these lenders allow you to get a personalized loan estimate in minutes.
  • Banks and credit unions – Traditional institutions can also offer unsecured personal loans, and many have an online application process. These institutions can offer the advantage of allowing you to meet in person with a loan officer to discuss your financial situation. Some banks and credit unions may also offer discounts if you have a checking account or other product with them.

Credible allows you to compare personal loan rates from various lenders in minutes.

Things to Consider When Comparing $ 80,000 Loans

Before committing to a personal loan, get quotes from several different lenders to find out the rates and terms they offer. Here are some things to compare:

  • APR – APR stands for annual percentage rate and takes into account the interest rate and any charges invoiced. This represents the cost of your loan. Most personal lenders advertise their APRs, and looking at them rather than just the interest rates provides a better comparison.
  • Costs – Personal loans often come with origination fees, usually a percentage of the loan amount that is deducted before the money gets to your bank account. With a good credit score, you should be able to find a lender who doesn’t charge a set-up fee. You should also be able to avoid administration fees and the like.
  • Repayment period – This is the length of time you have to repay the loan. The duration of personal loans can be as short as a year and as long as 10 to 12. With a personal loan of $ 80,000, you will probably want to find a lender who offers longer repayment terms to lower your monthly payment. Keep in mind, however, that a longer loan term will increase the amount you will ultimately pay in interest.
  • Monthly payment – The amount of your loan, the interest rate and the repayment period determine your monthly payment. Make sure you know the monthly payment for each loan you are considering and see if it fits your budget.
  • Total cost of the loan – All of the above will contribute to the total amount you will pay for your personal loan. Higher interest rates and longer terms will increase the amount of interest you pay over time, which means you pay a higher amount to borrow money.

How much will an $ 80,000 personal loan cost?

The cost of your $ 80,000 personal loan will depend on the APR and the repayment term. You can use a personal loan calculator like this one from Credible to figure out what your monthly payments will be and the total cost based on the terms you are considering.

People with better credit will generally be entitled to a lower APR than people with bad credit. This is because lower credit scores represent a greater risk for the lender, and companies charge higher rates to compensate.

If you have excellent credit, you may be eligible for APRs as low as 2.5% to 5%. If your credit is fair to poor, your APR can reach 20% or more. This difference in interest rates can mean a dramatic increase in the amount you pay. For example, a personal loan of $ 80,000 with an APR of 3% repaid over five years would have a monthly payment of $ 1,437. Over the course of the loan, you would pay $ 86,249. With an APR of 19%, your monthly payment on that same five-year loan would be $ 2,075 and your total cost would be $ 124,514.

Loan terms can also make a big difference. Longer terms will have lower monthly payments, but will result in larger total payments over the life of the loan. Here’s how your costs break down in two different scenarios: an $ 80,000 personal loan with a 10% APR and a three-year term versus a five-year loan.

Three-year term

  • Monthly payment – $ 2,581
  • Total cost – $ 92,929

Five-year term

  • Monthly payment – $ 1,700
  • Total cost – $ 101,985

Compare personal loan rates using Credible without affecting your credit score.

$ 80,000 personal loan lenders to consider

Although a number of financial institutions offer personal loans, not all will lend you $ 80,000. Here are two credible partner lenders to consider who offer $ 80,000 personal loans.


LightStream offers loans of up to $ 100,000 with no upfront costs and longer loan terms than most competitors.

  • Loan amounts: $ 5,000 to $ 100,000
  • Repayment Terms : Two to seven years (12 years for renovation loans)
  • Average financing period: From the same working day
  • Who could it be good for: People looking for lower monthly payments over a longer period of time


SoFi offers unemployment protection, which means your payments will be suspended if you lose your job – and you may also be eligible for career coaching.

  • Loan amounts: $ 5,000 to $ 100,000
  • Repayment Terms : Two to seven years
  • Average financing period: From three working days
  • Who could it be good for: People who want support in their career and protection in the event of job loss

The next lender is not a credible partner, but still offers $ 80,000 personal loans and is worth a look.

Wells fargo

Wells Fargo offers a wide variety of loan sizes, fast, no-cost financing.

  • Loan amounts: $ 3,000 to $ 100,000
  • Repayment Terms : One to seven years
  • Average financing period: From the same day or the next working day
  • Who could it be good for: People who want to pay off their loan faster

Other lenders may also offer $ 80,000 personal loans, so it’s important to shop around and compare your options. If you’re ready to find a personal loan that’s right for you, compare personal loan rates in minutes using Credible.

Alternatives to a personal loan of $ 80,000

If you need $ 80,000 for a real estate project or to consolidate your debt, a personal loan is not your only option. Here are a few more to consider.

Home equity loan

A home equity loan is paid in a lump sum and the amount you can borrow is based on the equity in your home. (Home equity is the difference between the value of your home and the amount you owe on your mortgage.) Home equity loans typically have a fixed rate, which means you’ll have the same monthly payment for the entire period. duration of your loan. Because these loans are secured by your home, they tend to have lower interest rates. But you risk losing your home to foreclosure if you can’t make your payments.


Homeowners can also take out a home equity line of credit, or HELOC, which is another loan based on the equity in your home. These loans work more like a credit card. When you purchase a HELOC, you enter the draw period and can spend up to your credit limit as needed. Then you will enter the repayment period, paying back the money you borrowed with interest. These loans usually have variable rates, which means that your monthly payment will change over the course of your loan. HELOCs are also secured by your property.

Refinancing of collection

With withdrawal refinancing, you take out a new mortgage that pays off and replaces your original mortgage. Your new mortgage is more than you currently owe, and the difference comes back to you in cash. These loans have lower interest rates than the other options, although you will usually pay a substantial amount in closing costs.

Add a co-signer

If you are having trouble qualifying for an $ 80,000 personal loan, you may consider finding a trusted friend or relative to co-sign your loan. They will also be responsible for repaying the loan if you are unable to make your payments. But if they have strong credit, it can help you qualify for a loan or for a low rate.

Borrow less

A personal loan of $ 80,000 can be difficult to obtain. Consider applying for a smaller loan if you are having difficulty finding a lender for the full amount.

Most small businesses don’t feel supported by their banks or government


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TORONTO, Sept. 29, 2021 (GLOBE NEWSWIRE) – As most financial institutions and governments rush to tout their commitment to small business, a recent Equifax Canada survey conducted ahead of Small Business Month indicates that despite pandemic support programs, more than half feel they are not being backed by their banks or government. In a national panel of 300 small business owners, 52 percent said this about their banks and 62 percent thought that way about government.

Many small and medium-sized businesses have struggled through the pandemic. To survive, they took out loans and accessed emergency benefit programs like the Canada Emergency Account for Businesses (CEBA). Almost half of survey respondents (46%) say they have obtained a private or government loan. Interestingly, 56% of respondents feel they have enough government credit to meet their needs in the fourth quarter of 2021, and 77% agree they have enough credit from their suppliers to get by, especially those whose businesses have been in operation for three years. or more.

“For a small business owner who has struggled during the pandemic, it’s not just about money. It’s also about helping them better understand their relationship to credit and how best to repay those loans, ”said Jeff Brown, Head of Small and Medium Business, Equifax Canada. “Small business owners are grappling with a lot of problems and banks need to be more than just a conduit for these emergency funds. Banks have the ability to advise small business owners on how to pay off their debt as soon as possible to avoid accrued interest and possible interest rate increases, ”Brown noted.

Brown continued, “Some small business owners can expect or hope for some level of debt forgiveness, and more attention should be paid by policymakers and financial institutions to ensure that weathering the pandemic. remains a priority. ”

Confidence, challenges and concerns

Despite their debt load, 68% of small business owners surveyed are confident their business will recover in 2022, and those in online retail and whose businesses have been operating for 3 to 5 years feel very confident. Those in the retail / e-commerce and online construction sectors are the most optimistic about a return to pre-COVID normalcy in the last quarter of 2021. Companies that have been operating for more than 6 years are many more likely to report that they are less confident than businesses that have been operating for a shorter period of time (27 percent vs. 12 percent of those

Small business owners who participated in the survey said the cost of goods was their top concern, with almost half (47%) being concerned, followed by customer demand (42%), availability of products from suppliers (39%); and staffing (33 percent). Those who are not Confident in their ability to recover in 2022 are much more likely to be concerned about their ability to repay their loans (26% vs. 18% of those who are confident).

“In providing support to a small business owner, we need to recognize that everyone is unique and at a different stage in their journey as an entrepreneur,” Brown added. “It is true that some have struggled, but others have thrived and successfully adapted to the changes the pandemic has forced upon them. For many of them operating in industries such as online retail, travel, and food and beverage, they will be among the first to say their industry has changed permanently due to the pandemic. “

Pandemic hubs

Survey results show that small business owners are resilient and will continue to pivot as needed during the pandemic:

  • Four in ten (39%) have created or developed their business strategy online, with around two-thirds (63%) of these people offering curbside pickup and half (50%) offering door-to-door delivery.
  • Those with businesses with revenues over $ 100,000 last year were much more likely to report that they had incurred additional debt / credit during the pandemic.
  • Almost half of those who have taken on additional debt / credit plan to pay it off by the end of 2022.

According to Brown, historically many small businesses have had limited access to trade credit. Less than a quarter of the smallest businesses applied for credit in 2018 to fuel growth, in part reflecting access to trade credit products. The share of small businesses applying for credit tends to lag behind. For some, lower approval rates will push them to have personal credit. Their credit needs tend to be much lower and focused on working capital.

Equifax Canada is committed to providing information to financial institutions and all levels of government to help small business owners get through these tough times. A priority remains to help small business owners better understand their relationship to credit, which survey shows many entrepreneurs need:

  • Six in ten small business owners (59%) know that a business can get their own business credit report, only 30% know how / where to get one, and 29% don’t know how / where to get it. a.
  • Of the 59 percent who know the business credit report, only 40 percent know their business credit rating, while just over half (55 percent) admit they don’t. do not know.

* Equifax Canada commissioned Leger to conduct an online survey of 300 owners / managers / decision makers of small (255) and medium (45) Canadian businesses in the food, construction, retail sectors and travel. It was carried out between August 20 and 29, 2021, using Léger’s online panel.

About EquifaxAt Equifax (NYSE: EFX), we believe knowledge is the engine of progress. As a global data, analytics and technology company, we play a vital role in the global economy by helping financial institutions, businesses, employees and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technologies drive insights to make decisions to get people moving. Based in Atlanta and supported by more than 11,000 employees worldwide, Equifax operates or has investments in 25 countries in North America, Central and South America, Europe and the Asia-Pacific region. For more information, visit Equifax.ca and follow company news on LinkedIn and Twitter.

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Source: Equifax Canada

Count the incarcerated | | Santa Fe Reporter


While nearly a third of New Mexico state prisoners who disclosed where they lived before their incarceration gave addresses in Albuquerque, in the nation’s decennial census they are counted as living in small towns and rural areas. About a quarter of New Mexico’s population lives in Albuquerque, so it’s no surprise to find a prevalence of residents of New Mexico’s largest city in the correctional system.

But correctional data obtained by New Mexico In Depth suggests that the city’s voting power is diffused in small towns and rural areas where New Mexico’s prisons are located, a practice that advocates of justice reform criminal call “the gerrymandering of prisons”. This is where prison communities – often rural and, nationally, whiter – benefit, as prisoners from elsewhere increase their populations without being allowed to vote.

Advocates are pushing New Mexico to end this practice in the coming months as the state’s new Citizen Redistribution Committee and state lawmakers participate in a ten-year redistribution that will shape the political landscape of New Mexico. -Mexico for years to come.

And at least one of them says that the last addresses that inmates give to correctional officers when they enter jail could serve that purpose. The ideal solution would be for the Department of Corrections to hand over the same files it gave in-depth New Mexico to the Citizen Redistribution Committee, said Mario Jimenez, campaign manager for Common Cause New Mexico.

If the committee asked for these records, the ministry “would absolutely share them with them,” Corrections spokesman Eric Harrison wrote in an email.

Samantha Osaki, an attorney for the American Civil Liberties Union, said ending the practice of counting prisoners in areas where they are held would create a more equitable redistribution process.

“Residents of Bernalillo County who are already suffering from the loss of relatives, friends and neighbors due to mass incarceration then suffer doubly from the loss of political representation,” Osaki said.

New Mexico In Depth obtained the last addresses of 5,082 detainees after filing a request for a case. Corrections initially refused to release the information, but turned over the records after the New Mexico attorney general’s office discovered that the department inappropriately denied the request.

The ministry created the list of addresses in mid-July. As of September 20, the state’s prison population was 5,670. Harrison attributed the variance to fluctuations in the prison population and the fact that addresses are self-disclosed upon admission, meaning some inmates did not indicate where they lived prior to incarceration.

The addresses include halfway houses and halfway houses and 37 “homeless” entrances. And 6% are out of state addresses in Arizona, Texas, and a few other states.

The data provided by the agency is accompanied by a warning. A disclosure attached to the files stated that “due diligence was applied to ensure the accuracy of the data in the report”, but “due to inconsistencies and errors over decades of data entry … it is virtually impossible to conclude that all of this data is entirely correct. “

Data collection has long been a problem in New Mexico. For example, it’s unclear exactly what the exact racial impacts of jail gerrymandering are in New Mexico, as the state does not track the race or ethnicity of prisoners. Lawyers say that nationwide, a significant portion of prisoners in urban areas who increase populations of smaller and more rural areas when censused are people of color.

Data shows that the vast majority of New Mexico prisoner addresses — 84 percent — do not come from state prison towns; 31% are in Albuquerque, which does not have a jail.

All of New Mexico’s prison towns developed from an influx of prisoners. Incarcerated individuals make up substantial portions of the local populations in some New Mexico communities with prisons. In one case, more than two in ten residents are behind bars; and in another, more than one in ten are. But only a handful of people incarcerated in state prisons have disclosed having lived in these cities before their incarceration.

Santa Rosa, host of the Guadalupe County Correctional Center, has a total population of 2,850 and an incarcerated population of 585 at the 2020 census, which means the city is 20.5% incarcerated. According to prison service data, there are five state prison inmates with addresses in Santa Rosa.

Clayton, host of the Northeastern New Mexico Correctional Facility, has a total population of 2,643 with 15.5% incarcerated. There are six state prison inmates with Clayton addresses.

Grants, which houses both the Western New Mexico Correctional Facility and the Northwestern New Mexico Correctional Center, has about 7.7% incarcerations, with 871 inmates between the two prisons. There are 28 inmates held in state prisons with Grants addresses.

In Hobbs, home to the state’s largest prison, inmates make up 3% of the population. There are 101 prisoners who have listed Hobbs’ addresses, which is just under 10% of the size of the prison population.

A number of other prisons are located just outside the city or town limits in the unincorporated areas of counties.

In addition to shifting political power away from non-prison towns, prison populations can distort political power within communities if city leaders do not ensure that political maps are drawn to account for prisoners who are not. not entitled to vote. Indeed, if prisoners are included in the local population when drawing up maps of local political districts, a smaller group of residents is able to elect local officials in the prison district than in other districts.

The ideal solution, advocates say, would be for the Census Bureau to count inmates as residents of their home community. In the absence of this change, states can enact laws ending the practice, as many have done in recent years.

New Mexico does not have a law on how to avoid the greater political power held by prison districts. But advocates say the state could avoid concentrating prison populations in a few districts by counting prisoners at their last known address, distributing the prison population evenly across districts, or not using prisoners at all in the districts. counts for political representation.

The newly formed Citizen Redistribution Committee is drafting district map proposals, which are due to be submitted to the legislature by October 30, and will hold several public meetings over the next month and a half. State lawmakers will either adopt one of the committee’s proposals or develop new ones.

“The CRC has discussed the concern about gerrymandering in prisons in a few meetings,” wrote committee chairman Edward Chávez in an email. “We recognize the problem and believe it is a legitimate concern… We do not have the last known addresses of individuals prior to their incarceration on Census Day. We did not request the data from any of the prisons or prisons and we do not know if they would have or would share the data. “

Jimenez, of Common Cause New Mexico, called for an end to jail gerrymandering at the August 10 meeting of the Legislative Assembly Courts, Corrections and Justice Committee, in which the Redistribution Committee of citizens took stock.

Gerrymandering in prison, Jimenez told the legislative committee, is an “injustice not only to those in prison, but to all New Mexicans.”

New Mexico State Prisons

Disclosed address of prisoner Cities in July 2021

Place Number of addresses
Albuquerque 1,590
Las Cruces 327
Clovis 246
Alamogordo 226
Los Lunas 180
Roswell 173
Farmington 142
Santa Fe 130
Carlsbad 119
Hobbs 101
Deming 90
Rio Rancho 72
Artesia 65
Portals 62
Las Vegas 52
Belén 47
Raccoon 46
Aztec 45
Tucumcari 43
Bloomfield 40
Española 38
Gallup 32
Tularosa 30
Silver city 30
Lovington 30
Chaparral 28
Subsidies 28
Ruidoso 27
Truth or consequences 27
Kirtland 26
Ruidoso Downs 25
Taos 25
Moriarty 24
Bernalillo 20
Scattered in 208 other towns in NM 604
Other states 292
Total 5,082

List provided to New Mexico in depth by New Mexico Corrections

This story originally appeared in New Mexico in depth, a SFR partner.

FBI dismantles Detroit-area ring that used stolen credit cards to buy guns illegally


The FBI said an organized crime ring was making “straw purchases” using stolen credit card information to purchase guns. Now 10 people face federal charges.

The FBI Straw Buy nickname comes from, because crime happens so often. Each suspect faces 10 years in prison and a $ 250,000 fine.

The owner of Action Impact Firearms is also familiar with this activity.

“Someone who buys a gun for another person, who cannot legally buy one,” said William Cusik. “When I hear about stolen credit cards, I think there are guns that are going to be bought.”

On Tuesday, 10 people from the Detroit metro were charged with buying straw.

According to the FBI, three leaders find stolen credit card information online – and use that information to buy guns. They would then send seven accomplices to the store to retrieve the weapons using fake IDs.

“And the key to its success is that whoever it buys it from doesn’t find out the credit card is stolen for several days,” Cusik said.

According to the FBI, from November 2020 to March of this year, this group of 10 people did this 40 times.

The suspects named in the case are: Chauncey Williams, Mike Chahoua, Antonio Jackson, Bishop Allen, Garcia Moses, Donte Turner, Reginald Small, Eshon Rose, James Jackson and Emmanuel Stevens.

“If you got a gun illegally, I think there’s a 100% chance you’ll do something illegal with it,” Cusik said.

So what are we doing to stop this activity? A lot of things fall to the gun dealers themselves.

“Now we are reviewing this information,” he said. “So we go online and try to confirm the buyer’s information and even find a photo of them so that whoever in between us can look at the photo and see if it’s him.”

Working hand in hand with the ATF, investigations lead to arrests, but all of this takes time – and demands patience for law-abiding citizens.

“So if you are looking to buy a gun, understand that you are going to come under scrutiny and I think that’s what you need to do,” Cusik said. “I definitely want retailers to do the right thing and they are doing it.”

Another factor working in favor of criminals, the owner of Action Impact Firearms says the fake IDs in use today are very difficult to spot.
He said in response that those who work in gun stores need additional training to be able to spot a fake.

HDFC Bank loan restructuring | HDFC Bank 2.0 Loan Restructuring Policy: Check Eligibility, Required Documents, Impact on Credit Score


New Delhi: The Reserve Bank of India’s (RBI) aid measures to borrowers in the form of a three-month loan moratorium program, which has been extended for another three months, ended on August 31, 2020.

The RBI has provided a framework for banks and lending institutions to implement resolution plans to deal with the economic fallout from the COVID-19 pandemic, which has caused significant financial stress for customers. Based on the regulatory framework and guidelines, HDFC Bank has defined its policy for restructuring loans from individuals and entities impacted by the COVID-19 pandemic.

Here is an overview of HDFC Bank Loan Restructuring Policy 2.0 FAQ according to the lender’s website.

1. What is Resolution Framework 2.0?

RBI has provided a resolution framework for credit institutions to implement a resolution plan for eligible borrowers who have been financially impacted due to the resurgence of COVID-19.

2. What are the eligibility criteria for applying for the 2.0 Resolution Framework?

  1. Loan accounts that are classified as standard, as of March 31, 2021, are eligible to benefit from the 2.0 resolution framework.
  2. The borrower must be financially impacted by the COVID-19 pandemic, thereby resulting in reduced / lost income or cash flow.
  3. The Borrower must apply in the prescribed format along with documents certifying the reduction / loss of income. Based on the submitted documents, discussions and / or other checks and balances, the viability of the customer to pay the restructured IMEs will be assessed before granting a resolution.

3. In case a loan account has benefited from the benefits of RF 1.0, can it benefit from RF 2.0?

When the Borrowers have benefited from a moratorium of less than two years and / or an extension of the remaining term of a period of less than two years under RF 1.0, the plan can be modified under RF 2.0 alone to the extent of increasing the period of moratorium or extension of residual tenure up to a maximum of 2 years cumulatively (i.e. including RF 1.0 and RF 2.0).

4. What is the applicable interest rate under RF 2.0?

The applicable interest rate will be 8% per annum or the rate in effect on the borrower’s loan account, whichever is greater.

5. What are the charges for RF 2.0?

A fee of up to Rs 5,000 / – plus tax will be charged as a processing fee for RF 2.0 on each loan account. Fees must be paid prior to implementing RF 2.0.

6. Which loan products are covered by RF 2.0?

RF 2.0 covers the personal loans mentioned below:

  1. Home loan, Home extension loan, Home renovation loan, Land loan
  2. Home equity loan used for non-business purposes
  3. Complementary loan used for purposes other than professional.
  4. Additional loans for insurance

Equity loans or any non-real estate loan used for commercial purposes will only be eligible under FR 2.0 if the overall exposure of this borrower (s) to all banks and credit institutions, including Fund-based and non-fund-based loans do not exceed 50 Cr. as of March 31, 2021.

7. Are NRI loans covered by RF 2.0?

Yes, NRI loans are covered by RF 2.0. The documents will need to be executed in India by the borrower or POA.

8. If I have more than one loan, do I have to apply for each loan separately?

Yes, for each loan a separate application must be submitted.

9. I have made use of the loan with the co-applicant. Should we apply together?

The lead applicant can apply in the prescribed format with all supporting documents. The RF 2.0 implementation agreement will be signed by the borrower and all co-borrowers.

10. What documents will be required for the evaluation of loans under RF 2.0?

The borrower will have to submit an application in the prescribed format along with the supporting documents required by HDFC. The following documents would be required to be collected in support of the borrower’s claims:

  1. For salaried customers –
    1. Letter of termination / notice of discharge,
    2. Bank account statements (last 6 months),
    3. A minimum of 2 last payslips / certificates, etc.
    4. Any other document required by the evaluation team.
  2. For independent customers –
    1. Latest returns from TPS / Sales book,
    2. Letter of termination of contract / work order,
    3. Provisional accounts for March 2021
    4. Form 26AS,
    5. Electricity / Telephone Invoice for commercial premises,
    6. Copy of the termination notice received from the tenant / Rent reduction,
    7. Bank account statements (8 months)
    8. Any other document required by the evaluation team.
  3. In addition to the above loss of income / financial stress will be checked from –
    1. Bureau reports,
    2. Customer credit checks (CCV),
    3. Repayment track for all loans taken out by the customer with the IMEs / last payment date,
    4. Stock details / Accounts receivable / other commercial assets,
    5. Copy of the notice given to the landlord for termination / rent reduction, etc.
    6. Any other document required by the evaluation team.
  4. Details of institutional loans outstanding as of March 31, 2021.
  5. MSME / Udyam registration details (if available)

The list of documents mentioned above is indicative and may vary from case to case. All supporting documents / reports will be kept on file as proof of financial difficulties faced by the borrower.

11. What is the deadline for submitting an application under this facility?

The deadline for submitting / receiving an application in the prescribed format with supporting documents is September 25, 2021. Applications regarding or related to RF 2.0 will not be considered as a request for review of RF 2.0.

12. How can I request the restructuring of my HDFC loan?

For any RF 2.0 related inquiries, please write to us at [email protected] using your registered email id. Please include your case number in the subject line of the email. To benefit from this advantage, the borrower must present up-to-date documents. Submission of the application / documents or completion of an investigation does not entitle the borrower to benefit from RF 2.0 and the borrower is subject to appraisal / appraisal by HDFC.

13. Does invocation under the resolution framework require borrowers to submit a specific resolution plan?

No. The resolution framework does not require that a resolution plan in any form be submitted to HDFC at the time of the invocation request. Instead, for the invocation, borrowers are required to simply submit an application in the prescribed format along with supporting documents to HDFC for consideration in the resolution framework. Subsequently, HDFC will make a policy decision on invoking the resolution framework. After this invocation, the specific contours of the resolution plan to be implemented can be decided by HDFC in consultation / discussion with its borrowers.

14. Will choosing the restructuring package affect my credit report?

In accordance with regulatory guidelines, your loan / credit facility will be reported to the credit bureau as “restructured due to COVID 19”. If the borrower has a resolution framework for an account, all borrower’s facilities / loans with HDFC will be classified and reported as “restructured due to COVID 19”.

15. Can IMEs, during the moratorium, be lifted?

No EMI exemption can be provided in the frame. IME / Principal Payments can only be deferred and repayment will begin at the end of the moratorium period. However, if the borrower’s cash flow improves during the moratorium period, the borrower can ask HDFC to start repayment immediately. After the start of the repayment period, no further options will be provided for resolution under this window unless instructed otherwise by the RBI.

How the Homeowners Credit Bureau Can Help


Homeowners’ Credit Bureau helps homeowners find the right tenants, even if they have a limited credit history

TORONTO, ON / ACCESSWIRE / September 27, 2021 / Homeowners often find themselves faced with multiple applications for highly coveted properties. In such cases, the deciding factor often comes down to something concrete and quantifiable, such as applicants’ credit history. Unfortunately, renting to someone with little or no credit history can present both known and unknown risks and challenges for homeowners.

This means that many tenants find themselves in a difficult situation, especially those who are new to credit or new to the country. They might be ready to start a new chapter in their life and start building credit, but finding a suitable rental property could be difficult due to their lack of credit history.

Credit bureaus aim to provide the most useful information possible. As Equifax points out: “Credit scores are meant to help lenders, creditors and others make fair decisions about whether or not to ‘take a risk’ on someone. The risk may involve giving that person a loan (will they pay it back?), Offering them a credit card (will they make payments in a timely manner?), Or approving their loan application. apartment rental (will she pay her rent?)… serve all tenants equally, especially those who are starting over… Those with a credit score below 660 may be less likely to qualify for better loan terms. Those with lower scores and in the “poor” credit range (typically below 560) are more likely to have difficulty obtaining credit or qualifying for better loan terms. ”

These scores are determined on the basis of the information available to the agencies; unfortunately, those who do not have hard data to prove their reliability tend to fall through the cracks. As a result, landlords run out of good tenants and applicants struggle to find suitable rentals.

Fortunately, Landlord Credit Bureau helps both tenants and landlords. LCB allows tenants to include their rental payment history on their Equifax credit reports. In turn, this helps homeowners better understand the financial history of their applicants.

Find the right tenants

There are many factors that landlords need to consider when renting to new tenants, including:

  • Credit score and history
  • The references
  • Income versus rent payment
  • Employment history

Whether they are in a new part of the world or at a new stage in their life, it can be difficult for those who are just starting out to rent a house or apartment without a strong credit history. However, that doesn’t mean they don’t have a story at all. Most applicants have bought, rented or rented something at some point. The Landlord Credit Bureau helps landlords see applicants’ past rent payments, allowing them to make more informed decisions before making lease offers.

Why credit scores don’t tell the whole story

One of the first steps a landlord should take when considering a tenant is to review their credit profile. Luckily, homeowners can get credit reports using the Homeowners Credit Bureau. While this may not tell the whole story of an applicant, it is an important first step in finding a landlord for the right tenant.

An otherwise excellent potential tenant could have a bad credit rating due to identity theft, bad financial decisions in the past that have since been corrected, or even a job loss. Such a credit score won’t tell you about a candidate’s positive attributes, such as never having missed a rent payment on their old property. Rent reports with the landlord’s credit bureau give landlords a more complete picture which can help them decide if an applicant is a good candidate for a lease on their rental property.

How the Homeowners Credit Bureau Can Help

Landlords want to find the right tenants, but being dependent on credit scores as the deciding factor in determining whether to offer a lease to an applicant, they may miss out on vital information that could inform their decision.

When landlords and tenants use the Landlord’s Credit Bureau rent reports to share a tenant’s payment history, future landlords can rate potential tenants on more than just credit scores. Some tenants, including those who are new or rebuilding a credit history, or who are new to the country, may have a long history of paying rent on time. With Landlord Credit Bureau, a tenant’s payment habits are part of their credit report and can demonstrate a pattern of consistent and on-time payments. This result is neither theoretical nor marginal; As LCB CEO Zac Killam says, “For most tenants in Canada, paying rent is the biggest expense each month; tenants who use the Landlord Credit Bureau’s rental reports have seen jumps of more than 40 points in just a few months.

The Landlord Credit Bureau helps both tenants and landlords. When tenants have the option to include their rent on their credit report, landlords can see a potential tenant’s payment habits and make an informed decision. Renters benefit as well, as they can build on their credit history with what is possibly their biggest monthly expense.

Put simply, a credit score says a lot about a person applying for a rental, but a landlord needs the whole story to make the best decision possible. The Landlord’s Credit Bureau provides a mutually beneficial opportunity to provide landlords with the most relevant information possible on who will be their top tenants. It’s better than hearing the score; that’s the whole ball game.


Zac Killam, CEO
Homeowners credit bureau
[email protected]

THE SOURCE: Homeowners’ credit bureau

See the source version on accesswire.com:

Founder of New York Litigation Finance Firm Pleads Guilty to Multi-Million Dollar Securities Fraud Scheme | USAO-SDNY


Audrey Strauss, United States Attorney for the Southern District of New York, and Philip R. Bartlett, Inspector in Charge of the New York Division of the United States Postal Inspection Service (“USPIS”), announced that JAESON BIRNBAUM, an attorney and founder of Cash4Cases, Inc., a bankrupt litigation finance company headquartered in New York, New York, pleaded guilty to securities fraud today before U.S. District Judge Paul A. Crotty. BIRNBAUM admitted in its plea that it used investor funds for its own purposes and promised the same case recovery as collateral to multiple parties.

US lawyer Audrey Strauss said: “Jaeson Birnbaum has duped investors through a series of lies about his litigation finance company, Cash4Cases. He used Cash4Cases to steal money for himself, then tried to cover up his scheme by ordering a subordinate to forge books and records. Birnbaum is now awaiting conviction for his fraudulent conduct.

USPIS Inspector Philip R. Bartlett said: “Everything Mr. Birnbaum told his investors was a lie based on the idea of ​​a good investment. Postal inspectors see these cases all the time and remind investors to carefully check the fine print of any investment offer, and if the return seems too lucrative or unreal, skip it to make sure your money is used to fund your investment. lifestyle and not that of the criminal. “

According to information and statements made in court:

From at least in or around 2017 until or around 2019, BIRNBUAM has obtained more than $ 3 million in investments for Cash4Cases on the basis of fraudulent misrepresentation. These investments were in the form of promissory notes, known as “Investor Security Agreements” (“ISA”), which purported to provide affected investors with collateral over recoveries associated with certain specified lawsuits which were ostensibly purchased by Cash4Cases. In fact, in some cases lawsuits that were never funded by Cash4Cases or BIRNBAUM had previously promised their recovery to other parties.

To help perpetrate his fraud, BIRNBAUM ordered an employee to falsify his company’s books and records to make it appear that recoveries from already paid lawsuits were still available to be pledged as collateral to new investors.

BIRNBAUM has also embezzled a substantial portion of investor funds for its personal use and to make promised payments to previous investors. As an example, BIRNBAUM secured a $ 1 million investment for Cash4Cases in September 2019. Prior to this investment, BIRNBAUM told the investor that Cash4Cases would use the money exclusively for advances to litigants. However, contrary to this depiction, on the same date that Cash4Cases received the $ 1 million investment, BIRNBAUM used the money to send a wire transfer of $ 530,000 to purchase a home in New Jersey. .

* * *

BIRNBAUM, 47, of Boca Raton, Fla., Faces a maximum sentence of 20 years in prison.

The potential maximum sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any conviction of the defendant will be determined by the judge. BIRNBAUM is to be sentenced before Judge Crotty on January 6, 2022, at 12:00 p.m.

Ms. Strauss praised the investigative work of the USPIS. Ms Strauss also thanked the Securities & Exchange Commission, which today filed a civil action against BIRNBAUM in federal court in Manhattan.

This case is being handled by the Bureau’s Securities and Commodities Fraud Working Group. Assistant United States Attorney Daniel Loss is in charge of the prosecution.

59 million added to credit card debt since the start of the COVID-19 pandemic


NEW YORK – September 27, 2021 – 42% of American adults with credit card debt, or roughly 59 million people, have added to their credit card debt since March 2020, according to a report from Bankrate.com. Of those who racked up additional credit card debt during this time, 47%, or 28 million, said the debt was a direct result of the COVID-19 pandemic. Going forward, less than a third (30%) of American adults with credit card debt expect to be free from it within a year. Click here for more information:


While the likelihood of owning credit card debt is constant across cohort to cohort, there are significant differences in terms of who has added to their debt since the start of the COVID-19 pandemic in March 2020. .52% of both Gen Z (ages 18-24) and Millennials (ages 25-40) with credit card debt added to their debt since March 2020, compared to just 38% of the generation. X (aged 41 to 56) and 33% of baby boomers (aged 57 to 75). Additionally, among those who increased their credit card debt around this time, Millennials and Gen Xers are the most likely (52% each) to blame the pandemic for their accumulation of additional debt, compared to baby boomers. (44%) and zoomers (40%).

“Overall, Americans have saved more and paid off debt over the past 18 months, but these improvements have not been distributed evenly,” said Ted Rossman, senior industry analyst at Bankrate.com. “Unfortunately, a substantial percentage of Americans are doing much worse financially, and this is sometimes lost in macroeconomic trends.”

More than half (54%) of American adults have month-to-month credit card debt. In addition, 50% of this group has been in credit card debt for at least one year, including 32% for at least two years and 14% for at least five years.

Credit card debt is more prevalent among middle-income households (earning between $ 40,000 and $ 79,999 per year). 61% of middle-income households have credit card debt, compared to 54% of low-income households (earning less than $ 40,000 per year) and 50% of highest-income households (earning $ 80,000 or more). more per year).

The highest-earning households with credit card debt are more likely to be in the red for at least five years (23%), compared to 13% of middle-income households and 11% of low-income households.

While only 30% of those with credit card debt expect to be free of it within a year, the figure rises to 60% within five years. However, 28% of credit card debtors believe it will take more than five years to be released from credit card debt, including 5% who expect to die with credit card debt. 12% more do not know when they will be able to pay off their credit card debt.

Credit card debt remains taboo, with just over half (53%) of current credit card debtors saying they are comfortable discussing their debt with family and close friends . Credit card debtors were more likely to say they would be comfortable discussing their views on COVID-19 protocols (83%), their religious views (79%), their health (78% ), their political opinions (77%) and their weight (65%). The one topic that credit card debtors considered more taboo than their debt was their dating life, with only 51% saying they would be comfortable discussing the topic with family and friends. relatives.

“Credit card debt can be particularly harmful and persistent because the average interest rate is north of 16%,” Rossman added. “If you are struggling with credit card debt, consider contacting a nonprofit credit counseling agency such as Money Management International or GreenPath. You could also benefit from a 0% credit card balance transfer or a low rate personal loan. And look for ways to increase your income and reduce your expenses so that you can funnel more money into your high cost credit card debt.

From September 16 to October 16, 2021, Bankrate.com is organizing the “Sweepstakes Drop Your Debt”, during which 5 lucky winners will receive $ 10,000 for their debt. For more information, please visit: https://www.bankrate.com/sweepstakes/?utm_source=pr&utm_content=sweepstakes_pr No purchase necessary. Ends 10/16/21. See the official rules.

Bankrate.com commissioned YouGov Plc to conduct the investigation. All figures, unless otherwise stated, are from YouGov Plc. The total sample size was 2,400 adults, of whom 1,297 had credit card debt. Fieldwork was undertaken from September 1-3, 2021. The survey was conducted online and meets rigorous quality standards. It used a non-probability sample using both upstream quotas during collection and then a downstream weighting scheme designed and proven to provide nationally representative results.

Evergrande chairman Hui Ka Yan earned $ 11 billion in cash dividends as the company went into debt


The world’s most indebted real estate company is on the brink of catastrophic collapse – but its chairman and founder is still fit.

The world’s most indebted real estate company, Evergrande Group, may be on the brink of catastrophic collapse, but its chairman and founder is still in a very comfortable position.

Hui Ka Yan, 62, has lost a significant chunk of his fortune since March, when he was ranked 53rd on Forbes’ World Rich List with $ 38 billion.

But there is still a lot of money. Forbes puts his current wealth at $ 16 billion, while Bloomberg estimates it is closer to $ 10.5 billion.

And he made a big chunk of that money while Evergrande was getting more and more in debt.

Evergrande grew rapidly as the Chinese real estate market soared, taking out a series of loans and cornering assets. It is now the second largest real estate developer in the country, with around 1,300 developments in 280 cities.

But it has escalated into serious financial problems in recent years, due to falling property prices in small towns and measures imposed by the Chinese government to curb excessive borrowing in the real estate sector.

The company’s total liabilities have grown from $ 10.6 billion in 2009, when it went public on the Hong Kong Stock Exchange, to around $ 415 billion today.

This inflated debt did not prevent Mr. Hui, who owns 77% of the capital of the company, from cashing.

According to Forbes, about $ 11 billion of his remaining fortune came from cash dividends paid to him after Evergrande’s initial public offering.

Mr. Hui earned around $ 5.5 billion in the years 2017 and 2018 alone, a period in which Evergrande’s debt increased by $ 88 billion.

Not bad for a man who was born into poverty in rural China and raised in the working class. But that is little comfort for the potential victims of the Evergrande collapse.

If the real estate giant fails, the effects will be far-reaching.

In an alarming article published this weekend, Bloomberg’s Andrew Browne warned that the Evergrande saga “could potentially blow up China’s entire model of economic growth.”

He explained that the Chinese model has long been based on the “dubious” idea that the demand for real estate is “inexhaustible”, which means that prices will always rise.

In reality, said Browne, “the flows of migrants are drying up.” And as a result, there is no one to buy all these shiny new apartments.

Last week, Rhodium Group Director Logan Wright said The Financial Times, China had enough empty properties to house more than 90 million people.

“It is highly likely that Evergrande was designed as a controlled explosion – an explosion large enough to attract the attention of other heavily indebted real estate companies heading into insolvency, but not to the point of destroying the entire property. real estate sector, and with it the Chinese economy, ”Browne wrote.

“That doesn’t mean China will get away with it.”

China’s housing sector took off after key market reforms of 1998 that boosted the private market, soaring into a breathtaking construction boom on the back of rapid urbanization and a accumulation of wealth.

But as prices skyrocketed, an anxious government worried about disparities in wealth and the potential for social instability.

The average apartment price was 9.2 times disposable income last year, according to service company E-House China. This deprives many people of the market.

Heavily indebted developers have also raised fears of financial instability. Last year, Beijing introduced measures to cap so-called “three red lines” debt ratios and tightened control over crucial funding raised by pre-sale deposits.

The plan was to “reduce the risk of the riskiest,” said Dinny McMahon, of consultancy firm Trivium.

“The idea was that this would be a mechanism to force riskier developers to reduce their level of debt,” Mr. McMahon said.

“And those who were less risky – it gave them the opportunity to keep growing.”

Evergrande, founded by Mr. Hui in the mid-1990s, was at the forefront of China’s rapid real estate expansion. Now he is drowning in liabilities.

All eyes are on the Chinese government’s handling of the crisis, which has so far remained silent, with lingering fears over consumer confidence and an already weakened housing market.

“What starts out as an issue exclusively for Evergrande today could snowball into attracting other relatively weak developers tomorrow,” McMahon warned.

Capital Economics’ chief economist for Asia, Mark Williams, said China is entering “an era of sustained decline” in terms of demand for residential properties. The sharp price drops will make it harder for developers – even those with healthier balance sheets – to finance construction.

If the debt-burdened Evergrande is carefully unpacked, most risks can be contained, analysts say, with reports that the government is already resuming some stalled projects to restart construction.

“If managed well, the massive sale of properties by Evergrande could be avoided,” Tommy Wu of Oxford Economics told AFP.

But if that triggers wider problems, he added, the government will likely have to relax the red lines and organize a smoother landing.

– With AFP

how to improve your credit score :: WRAL.com


Credit scores are important.

This is a point that 5 On Your Side has made over the years.

From buying a car to buying a house to getting that job, your credit score plays a vital role.

It pays to have a good one.

“A bad credit can also make it difficult to rent an apartment, go to college or even get a job,” said Lisa Gill of Consumer Reports.

A low score means you are riskier for lenders and will pay more interest on loans.

If you’re looking to improve or even establish your score, 5 On Your Side’s Monica Laliberte has this tip.

An important first step is to open a bank account.

If your finances are stable, CR says to take out several small loans and make monthly payments on time.

Over time, this should improve your score.

CR also says consider applying for what is called a secured credit card, this is a card that you backed up with cash.

You can also ask a family member who has good credit to add you to their credit card.

Just be aware that if you miss or are late with a payment it can hurt both your scores.

If you have a debt in collection, pay it off as soon as possible, then pay your bills on time.

“Once you’ve paid off any debt in collection, many credit scoring systems won’t weigh them down heavily when calculating your score,” says Gill.

It is also important to carefully check your credit report.

You can get a free credit report here.

Challenge any mistakes you might find by sending a certified letter, with proof, to the Big Three credit bureaus.

They have about 30 days to respond.

Consumer Reports says you should be wary of quick credit services that offer help for a fee.

You don’t have to pay to repair your credit.

It just takes a solid financial plan and time.

Purchases worth Rs1.03 lakh made on ASI’s credit card, distraught cop: The Tribune India


Tribune press service

Amritsar, September 27

Unidentified crooks made purchases worth Rs1.03 lakh on a cop’s credit card. Interestingly, according to the complainant, he did not receive any OTPs or messages from the bank in this regard.

Satwinder Singh, an assistant sub-inspector, said he learned of the incident when the amount was deducted from his salary account. Police in Division B have registered a case under Article 420 of the IPC and Articles 66-C and 66-D of the Information Technology Act against unidentified persons at this time, while the cybercrime wing began to investigate the case. The initial investigation revealed that unidentified people were shopping in Mumbai on the said account.

The complainant said when the amount was deducted from his account, he rushed to the bank and inquired about it. It was then that he discovered the fraud. He said he immediately filed a complaint with the bank but nothing concrete was done by the authorities to recover the money.

He said he then filed a complaint with the B Division police station and informed his higher authorities. Satwinder Singh is currently assigned to the Hall Gate Police Chowki.

He said he was getting calls from the bank to get a credit card and eventually went to the bank and got a credit card about three months ago. He said on September 9 that he had made purchases worth 20,000 rupees, but received a message indicating that 1.23 lakh rupees had been deducted from his salary account. He said the accused had been shopping online in Mumbai. He said he lodged a complaint with the bank and the authorities promised to take appropriate action within 10 days, but nothing was done after which a criminal complaint was filed with the police.

Police authorities said investigations had started.

FreightWaves Classics: Maritime Administration Promotes US Merchant Navy


According to the United States Department of Transportation (USDOT) website, the Maritime Administration (MARAD) “encourages the development and maintenance of an adequate and well-balanced United States Merchant Navy sufficient to carry domestic trade by air. water and a substantial part of its foreign trade by water, and capable of serving as a naval and military auxiliary in times of war or national emergency.

In addition, MARAD is responsible for ensuring that the United States has “an adequate shipbuilding and repair service, efficient ports, efficient intermodal marine and land transportation systems, and an adequate transportation capacity. reserve in case of national emergency ”.

Grain loading at PortMilwaukee. (Photo: Wisconsin Marine Historical Society)

Agency history

The origins of maritime administration can be traced back to the Shipping Act of 1916, which created the US Shipping Board. The Shipping Board was the first federal agency to regulate US commercial shipping and promote the US merchant navy.

World War I began in August 1914 and over time the war caused major disruptions to navigation. The disruption was one of the main reasons Congress passed the 1916 Act. Congress established the Shipping Board “… for the purpose of encouraging, developing and creating a naval auxiliary and naval reserve and a merchant navy, to meet the demands of the United States’ commerce with its territories and possessions and with foreign countries; to regulate water carriers engaged in the foreign and interstate commerce of the United States.

The United States was a neutral nation for almost three years after the start of World War I. However, its ships and citizens were vulnerable. On January 28, 1915, the American merchant ship William P. Frye, which was carrying a cargo of wheat to Great Britain, was sunk by a German cruiser. Tensions rose after a German submarine sank the British liner Lusitania in May 1915. Among the nearly 1,200 passengers who died were 128 Americans.

As a result of additional transport losses, the role of the Navigation Council in meeting peacetime shipping requirements was altered after the United States declared war on Germany on April 6, 1917.

The Victory and Liberty ships built during WWI and WWII helped the United States move war material around the world.  (Photo: National Park Service)
Freighters known as Victory and Liberty Ships built during WWI and WWII helped the United States move war material around the world. (Photo: National Park Service)


With the authority of the Merchant Shipping Act, the Navigation Council created the Emergency Fleet Corporation (EFC). The EFC has launched a major shipbuilding and shipyard construction program; it has acquired, managed and operated vessels on behalf of the Board of Navigation. World War I ended in November 1918 – before the construction program reached full capacity – however, shipbuilding continued until 1921. At that time, nearly 2,300 new ships had been built.

Unfortunately, the massive shipbuilding program resulted in a surplus of post-war ships; causing a long depression in the industry. Congress then passed the Merchant Marine Act of 1920 in an attempt to stabilize the industry. The EFC was renamed the Merchant Fleet Corporation in 1928. Subsequently, the Merchant Fleet Corporation and the US Shipping Board were merged under the United States Department of Commerce in 1930 as the United States Shipping Board Bureau.

Another ship is launched from the Tacoma Tideflats.  (Photo: Port of Tacoma)
Another ship is launched from the Tacoma Tideflats. (Photo: Port of Tacoma)

Merchant Shipping Act

Congress passed the Merchant Marine Act of 1936, which created the US Maritime Commission. The Commission has taken over the duties, functions and property of the Shipping Board Bureau. Although this law was passed 85 years ago, it still governs many of the programs that support the US marine industry.

President Franklin Roosevelt appointed Joseph P. Kennedy, Sr. as the first chairman of the Commission. Like its predecessors, the United States Maritime Commission was responsible for advancing and maintaining a strong Merchant Navy to support United States commerce and defense. The responsibilities of the Commission included the regulation of maritime trade, the supervision of cargo facilities and terminals, and the administration of subsidy funds for the construction and operation of private commercial vessels.

In addition, the Merchant Marine Act authorized the Commission to “design and build 500 modern merchant ships over a period of 10 years”. The construction program was underway at the start of World War II; the responsibilities of the Commission in peacetime changed considerably, just as those of the Maritime Transport Commission had been changed by war in 1917.

Workers surround the shaft and propeller of a ship under construction at the Ira S. Bushey & Sons Shipyard.  (Photo: South Street Seaport Museum)
Workers surround the shaft and propeller of a ship under construction at the Ira S. Bushey & Sons Shipyard.
(Photo: South Street Seaport Museum)

Administration of the navy

Following the Japanese attack on Pearl Harbor, the United States entered World War II on December 8, 1941. Among the many actions aimed at turning the nation and government on a war footing, President Roosevelt has created the War Shipping Administration (WSA). Executive Order 9054 effectively separated the Maritime Commission into two parts – the Commission to design and build ships and the WSA to acquire and operate them. The two agencies worked together – in part because Admiral Emory S. Land served as both chairman of the Maritime Commission and administrator of the WSA.

A convoy of merchant ships in the North Atlantic during World War II.  (Photo: Naval History and Heritage Command)
A convoy of merchant ships in the North Atlantic during World War II. (Photo: Naval History and Heritage Command)

From 1942 to 1946, the Maritime Commission and the WSA managed “the greatest industrial shipbuilding and naval operations effort ever.” Almost 6,000 merchant ships and naval auxiliaries were built. In addition, the WSA managed the simultaneous operations, repair and maintenance of thousands of vessels. After the victory of the war, the WSA was eliminated; its functions were transferred back to the Maritime Commission in 1946. In peacetime, the government no longer needed so many merchant ships; under the Merchant Ship Sales Act, several thousand ships have been sold or transferred. However, a number of ships were selected to form a reserve maritime fleet, known as the National Defense Reserve Fleet.

The seal of the United States Maritime Administration.  (Image: transport.gov)
The seal of the United States Maritime Administration.
(Image: transport.gov)

Government reorganizations

As part of a 1950 reorganization plan developed by the Truman administration, Congress eliminated the United States Maritime Commission. Its functions were divided between the new maritime administration and the Federal Maritime Council (FMB). Both agencies were part of the US Department of Commerce. As part of the reorganization, the subsidy and shipping regulatory functions of the Maritime Commission were transferred to the BKW. In addition, government owned shipping and promotion interests were the responsibility of MARAD.

Another government reorganization took place in 1961. The FMB was renamed the Federal Maritime Commission. As part of the reorganization, grant functions were transferred to MARAD as the Maritime Grants Board, which reported independently to the MARAD administrator. These reforms – now 60 years old – are still part of the current organizational structure of MARAD.

The seal of the US Department of Transportation.  (Image: transport.gov)
The seal of the US Department of Transportation.
(Image: transport.gov)

Transfer to USDOT

Finally, MARAD was transferred to USDOT in 1981, which completed the consolidation of all federal transportation programs into a single cabinet-level department.

Under USDOT, MARAD is still responsible for promoting the development and maintenance of a strong merchant navy – both for national defense and the subsequent development of its foreign and domestic trade. As part of its responsibilities, MARAD operates the United States Merchant Marine Academy (which is located in Kings Point, New York). MARAD also supplies and maintains training ships and funding for the six US State Maritime Academies.

In addition, MARAD continues to operate a fleet of government owned cargo ships which are maintained to meet national security requirements. Gray-colored Ready Reserve Force (RRF) ships are strategically positioned in US ports. The vessels are easily identified by their distinctive red, white and blue stripes. The ships are managed by commercial companies. As needed, RRF ships are available to support the deployment of U.S. military forces overseas and in the event of a national emergency.

MARAD Ready Reserve Force ships.  (Photo: MARAD / USDOT)
MARAD Ready Reserve Force ships. (Photo: MARAD / USDOT)

Loan complaints reveal racial and wealth disparities


The Consumer Financial Protection Bureau (CFPB) released a report showing a significant difference in the patterns of loan complaints, depending on the wealth and racial makeup of the community.

Key points to remember

  • The Consumer Financial Protection Bureau (CFPB) analyzed nearly one million complaints in its database from 2018 to 2020 to better understand how experiences with financial institutions vary based on demographics.
  • The agency found different patterns among communities with more wealth and more white and non-Hispanic residents compared to minority communities and less wealthy communities.
  • The CFPB plans to use the data to continue its work to protect consumers from unfair and illegal practices by financial institutions.

How complaints highlight a racial and economic divide

Between 2018 and 2020, the Consumer Financial Protection Bureau received nearly a million complaints, and in a recent report, the first of its kind, the agency provided insight into how complaint patterns vary depending on race and wealth.

For this report, the CPFB has linked complaints to what it calls the “credit life cycle,” which is the granting of loans; the service of productive loans; service and recovery of delinquent and distressed loans; and credit reports. Credit scoring can occur at any of the other three points in the cycle. For example, lenders typically use credit reports to decide whether to grant a loan, report the borrower’s regular payments to the credit bureaus, and also report whether those loans go unpaid or go into collection.

Here are some of the main findings of the report:

  • Consumers who live in low-income, predominantly Black and Hispanic communities have filed complaints about credit reports and overdue loan service at a higher rate than residents of high-income, predominantly White communities, non-Hispanic.
  • In contrast, those in the wealthier, predominantly white non-Hispanic communities were more likely to complain about the origination of loans and the servicing of performing loans.
  • Asian-American and Pacific Islander communities filed credit report complaints at a higher rate than predominantly white and non-Hispanic communities, but they had a lower share of complaints about service overdue loans.
  • Complaints about loan origination increased by 50% in 2020, mainly for mortgages. The increase came disproportionately from higher income neighborhoods and those with fewer people of color.
  • Residents of communities with the highest proportion of black consumers submitted the most complaints per resident – complaints from communities where 95% or more of residents are black occurred at more than twice the complaint rate of communities where 5 % or less of residents were black.
  • Low-income census tracts — those at or below 40% of their region’s median income — filed about 30% more complaints per capita than census tracts, which represent about 100% of their region’s median income.

The report’s findings highlight the different experiences and concerns people of color have compared to white consumers when interacting with financial institutions. The agency said it would use the information to inform its work to protect consumers from unfair and illegal practices in the financial services industry.

Consumers who have a complaint about a financial institution can report it on the CFPB website.

Former Detroit Fire Union Treasurer Charged With Stealing Over $ 220,000 In Union Funds | USAO-EDMI


DETROIT – The former treasurer of the Detroit Fire Department Union (DFFA) has been accused in a federal criminal complaint of embezzling more than $ 220,000 in union funds, Acting United States Attorney Saima Mohsin said.

Timothy Waters, special agent in charge of the Detroit field office of the Federal Bureau of Investigation and Irene Lindow, special agent in charge of the Chicago area, of the US Department of Labor of the Office of the Inspector General, join Mohsin in the ad.

Verdine Day, 52, is scheduled to appear in federal court this afternoon in a federal criminal complaint accusing her of bank fraud and wire fraud. The affidavit in support of the complaint states that Day was hired by the Detroit Fire Department in 1986. She worked as a firefighter, engineer and other positions in the union before being elected. by her peers as DFFA Treasurer in November 2015. She was Treasurer from December 2015 until her retirement from DFFA and the City of Detroit in September 2019.

The affidavit further states that in Day’s four years as DFFA Treasurer, she fraudulently obtained approximately $ 167,900.00 in union funds by (1) issuing checks to her name and then changing the beneficiary’s name. in the union’s Quickbooks software (2) cashing checks that were voided by it in Quickbooks and (3) writing checks payable in cash.

Day also used DFFA credit cards as her own personal credit cards while she was treasurer and after her retirement. In total, she billed about $ 52,143.65 in personal expenses using DFFA credit cards. His purchases on DFFA credit cards included flights, hotel rooms, cruises, auto insurance premiums, satellite and cable TV service, national and state park fees, and furniture. . For example, Day used a DFFA union credit card to charge $ 9,553 for a cruise with Royal Caribbean cruise lines in 2017. Day also used a union credit card to pay for another Royal Caribbean cruise costing $ 8,975 on the Liberty of the Seas in 2019. She used the union’s credit card to pay her bar bill at an Ohio casino in May 2019 and for a meal at a Bubba Gump Shrimp Co. restaurant in Cozumel, Mexico, in 2019.

Acting United States Attorney Saima Mohsin praised the work of the FBI and the Department of Labor in leading this criminal investigation into a corrupt union leader and said, “This lawsuit demonstrates that we will not tolerate leaders. unions who abuse their authority and line their pockets at the expense of union members. We will continue to work with our law enforcement partners to eliminate corruption and fraud involving unions. “

“Union leaders are expected to serve with integrity, especially when they have vowed to represent the men and women who put their lives at risk every day to protect our communities,” said Timothy Waters, special agent in charge of the division. Detroit from the FBI. “When a union official violates his position of trust, the FBI will continue to aggressively investigate these matters to ensure that individuals are held accountable for their actions. “

“An important mission of the Office of the Inspector General is to investigate allegations of fraud involving unions. We will continue to work with our law enforcement partners to investigate these types of allegations, ”said Irene Lindow, special agent in charge of the Chicago area, office of the inspector general of the Department of Labor. United States.

The case is being pursued by Assistant U.S. Attorney Sarah Resnick Cohen. The investigation into this matter was conducted by the Federal Bureau of Investigation and the Department of Labor.

A complaint is only an accusation and does not constitute proof of guilt. The trial cannot be held on felony charges in a complaint. Day faces a maximum of 30 years in prison for bank fraud and up to 20 years in prison for wire fraud.

Getting a car under $ 10,000 with bad credit


When you have bad credit, getting an affordable vehicle is often essential to getting a car. These days, the availability of these vehicles is declining – cars under $ 10,000 have been the hardest to find since July.

The supply of used vehicles is up 7% since 2020, but still down 13% from 2019, which means current numbers have still not returned to pre-pandemic levels. So what does this mean for you as a bad credit borrower?

This means that finding a car under $ 10,000 can take a while, and you may have to sacrifice other deals to find a cheap car.

Bad credit and affordable cars

As a borrower with a credit score of around 670 or less, you will likely need special financing. Borrowers who need special financing usually have to meet several conditions for a car loan. You may not qualify for the same loan terms that borrowers with better credit can get.

This means that even if you find an affordable car, your costs may be higher due to your credit situation. Credit affects many aspects of auto loans, including the length of your loan, how much you can finance, and your interest rate.

If you are looking for special financing, be aware that the minimum financing amount is generally around $ 5,000, including taxes and fees. With insufficient supply on many dealership lots, the average price of a used car at franchised and independent dealers was $ 25,829 in August, according to a recent report. Beetle Automotive to study.

That said, your best bet for a car under $ 10,000 might be to research a vehicle with a dealership Buy Here, Pay Here (BHPH).

Working with a BHPH dealer

When working with a BHPH fleet, you have the opportunity to find used vehicles that may be more affordable than cars from other larger dealers. BHPH dealers are what are called internal financiers and they provide finance to dealers. This means that there is no waiting for a credit check from a third party lender.

Many BHPH dealers don’t check your credit, which can make it easier to approve a loan when you’re having trouble. The tradeoff is that BHPH lots only sell used cars and often offer higher than average interest rates.

Other ways to buy cheaper used cars these days may seem like a good way to go, like Facebook Marketplace or Craig’s List, but these buying options, while sometimes ridiculously inexpensive, can have their own. problems.

Advice on cheap used cars

If you insist that you can’t afford a vehicle over $ 10,000, there are a few things you should keep in mind when looking for a car:

In for money. There is a difference between a cheap used car and an affordable vehicle. Sometimes when you shop cheaply you get just that – a car that either doesn’t keep its value or falls apart quickly. If you’re on a budget for your next vehicle, focus on finding a reliable car that retains its value, like a Toyota or Subaru.

Always get a pre-sale inspection. A pre-purchase inspection should be a must in any used car buying situation. Taking the vehicle to a certified mechanic can help you spot problems that you might not be able to find on your own. If a dealership doesn’t allow a pre-purchase inspection, consider opting out of the deal, especially if the car isn’t selling for very dear.

Know what you can bargain for. Not all parts of an auto finance deal can be negotiated, but there are a few that can. If you want to come away with the best deal on your next vehicle, make sure you know when to hang on to the numbers. Things like taxes, title, and license fees usually can’t be negotiated, but the interest rate, loan term, final sale price, and dealership documentation fees often can.

Weigh your chances of credit repair. Credit repair is a great benefit of buying a car with a bad credit auto loan. But if you are working with a BHPH dealership to find a cheap car, you might not have this opportunity. Some BHPH dealers do not check your credit and are less likely to report your payments on time to the credit bureaus.

Don’t forget the additional costs. Keeping a vehicle on the road can be expensive. The additional costs like insurance, fuel, and regular maintenance can really add up. The older and cheaper the car, the more likely it is to be fuel inefficient and require more expensive repairs and additional maintenance.

Electric shop. To have a good chance of getting a cheaper vehicle, try shopping for electric. Electric cars don’t have a high resale value, so if all you need is something to get around town, it might be worth a visit. And, if your credit isn’t that bad, you may even have the option of scoring a new EV at an affordable price.

Ready to find an affordable vehicle?

If you aren’t sure where to start on your car buying journey, or if you’re struggling to find a dealership that has what you’re looking for and can help you with your bad credit, we want to help. TO Auto Express Credit, we’ve assembled a nationwide network of specialty finance brokers who have the lending resources you need. Take the stress out of your search by filling out our free auto loan application form.

If you are still looking for the vehicle you need and find the best possible deals on a vehicle under $ 10,000, you can check out our sister site CarsDirect to find the affordable used car you need.

As Americans Spend, Credit Card Debt Grows


Mastercard Inc. credit cards are shown in this photo illustration taken on December 8, 2017. REUTERS / Benoit Tessier / Illustration / File Photo

NEW YORK, September 27 (Reuters) – As the pandemic began, there were encouraging and surprising signs of declining credit card debt.

Now this trend line seems to be changing.

Many Americans stayed at home during the onset of COVID-19 and did not spend as they usually do. They also received several rounds of emergency cash aid, helping to reduce those credit card bills, at least temporarily.

Expenses are increasing and results are starting to show up on our monthly statements.

In fact, 42% of people with credit card debt, or 59 million Americans, say they have increased their balances since the start of the pandemic, according to a new study from personal finance site Bankrate.com.

“Things are better for some, but they are not better for everyone,” said Ted Rossman, senior industry analyst at Bankrate.

The end of stimulus checks, increased unemployment benefits and the moratorium on evictions do not bode well for debt management, Rossman added.

This trend reversal is reflected in the most recent figures from the Federal Reserve Bank of New York. Its quarterly report on household debt and credit found credit card bills increased by $ 17 billion in the second quarter of 2021, to reach $ 790 billion nationally. This was the first increase after four consecutive quarters of decline.

Auto loans, $ 33 billion in the quarter, and mortgage debt, $ 282 billion, also headed north. In total, this represents total household debt of $ 14.96 trillion, a quarterly increase of 2.1%.


Of course, not all debt is the same, and neither should it automatically be seen as a bad thing. The increase in mortgage debt can be attributed to the fact that many people are buying homes in a booming real estate market – and with interest rates nearing all-time lows, that’s not necessarily a concern for them. household balance sheets.

Credit card debt is particularly pernicious, however. It can be very difficult to escape it as balances hit a certain level, combined with extremely high interest on revolving debt – average rates currently sit north of 16%, according to Bankrate. Add late fees or missed payments, and the cycle is hard to break.

These concerns are highlighted in a recent investigation by real estate company Clever. Almost one in five people with credit card debt, 18%, report having bills over $ 20,000. Meanwhile, 40% of those with a monthly balance have no credit card debt since before 2018, and 15% have struggled with it for over 15 years.

“We also found that 57% of people had missed a credit card payment, and the majority of them had in the past year,” says Francesca Ortegren, principal researcher for Clever. “It could snowball over time and make the climb much more difficult.”

Chronic debt can make people pretty gloomy. A third of those with credit card debt think it will take at least two years to pay it off, and 20% say three years or more, according to Clever. Most depressing of all, 3% think it will never be possible.


Certainly, there are glimmers of good news in the debt data. Even though credit card bills are on the rise again, the declines at the start of the pandemic mean total amounts are still $ 140 billion below levels at the end of 2019, according to the Federal Reserve Bank of New York. . And student loan debt actually fell by $ 14 billion in the second quarter of 2021.

Meanwhile, personal savings rates are still high by historical standards. And defaults and defaults are relatively small, notes Rossman of Bankrate – which is somewhat surprising, given the length and scale of our ongoing pandemic crisis.

What Rossman is worried about: that our frugality at the start of the pandemic will fall apart, and that the urge to get out and spend after being locked up for so long will reverse any progress we’ve made.

Instead, Americans should be proactive. He suggests: take advantage of the growing number of 0% card balance transfer offers, partner with nonprofit credit counselors like Money Management International or GreenPath, or pay off high rate cards with a personal loan. at lower rate.

“It would be nice if we could keep lower balances as part of our future,” Rossman said. “You don’t want to throw it all away and put those balances up – because it’s a very expensive debt.”

Editing by Lauren Young and Diane Craft Follow us @ReutersMoney or on http://www.reuters.com/finance/personal-finance.

Our Standards: The Thomson Reuters Trust Principles.

Nonverbal cues speak louder than words


In some cultures, hugging or kissing is common, but not in others. In some cultures direct eye contact is preferred, but not in others.

By Reeta Raina

Humans have used language, verbal and non-verbal, as a communication tool for centuries. Non-verbal communication adds to the information communicated through a verbal format, using facial expression, vocalization, artifacts, gestures, spacing, etc. According to experts, a significant part of our communication is non-verbal (65-70%). In fact, non-verbal communication can be a reliable source of information in situations where the verbal is untrustworthy, ambiguous, or difficult to interpret. Sigmund Freud said: “He who has eyes to see and ears to hear can convince himself that no mortal can keep a secret. If his lips are silent, he is chatting with the tips of his fingers; betrayal oozes from him through every pore.

But there is no one universal nonverbal language – different societies use different models and ways. In England the gesture of the nose tap is a signal of secrecy, but in Italy it is a friendly warning. Almost everywhere the movement of the head up and down means “yes” or “I agree”, this is not the case in Bulgaria. Americans, Germans or Chinese prefer a larger personal space than Latin Americans, Italians or Middle Easterners. In some cultures, hugging or kissing is common, but not in others. In some cultures direct eye contact is preferred, but not in others.

In a globalized world, where the workforce can come from many countries and cultures, misinterpreting non-verbal cues can lead to misunderstandings. Therefore, professionals should study the standards of interaction.

Equally important is non-verbal communication in this hybrid world of post-Covid-19 work. Virtual conversations can be enriched in the same way as physical interaction by using gestures or other means, including emoticons, or text in bold or italics or in capitals.

In fact, in the age of virtual communication, nonverbal cues can speak louder than words. The right energy level, speaking with passion, the tone that matches the intent of the message could also prove to be contagious on screen.

The author is professor, FORE School of Management, New Delhi

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4 workarounds to book your fall vacation rental with points


Even before the pandemic, home booking sites like Airbnb and Vrbo were becoming increasingly popular with travelers. The opportunity to have a homely experience, with a full kitchen, additional living space, and a local flavor, was more appealing than a standard hotel room for many.

Arlyce Melheim of Stillwater, Minnesota, likes to book homes for family trips rather than regular hotel rooms. “I like vacation rentals that feel warmer and are often in a neighborhood rather than a row of hotels,” she says.

During the COVID-19 era, home rentals became even more attractive. Travelers could enjoy a much needed change of scenery but not be surrounded by other people in a crowded hotel. They could rent a house large enough to accommodate friends and family in their “bubble” and have a comfortable shared experience.

The problem? For many savvy travelers who like to use reward points to cover accommodation costs, most major vacation rental companies don’t have loyalty programs. This means that when you book one trip you cannot earn points that can be redeemed for the next one. You also cannot sign up for a co-branded credit card and earn rewards for your next rental stay.

But booking a house with points is not impossible. And with fall approaching, you might be looking to book a comfortable getaway for a weekend of foliage viewing and apple picking. Here are some options for using your credit card or hotel rewards to help pay for your next vacation rental.


One simple option is to use the rewards earned on a cash back credit card and invest that money into renting your home. If you have good credit, there are a variety of credit cards that offer up to 5% cash back on certain purchases, often with no annual fee.

And as Winnie Sun, Financial Advisor and Managing Director of Sun Group Wealth Partners, notes, “Even though it’s not a cash back credit card, you can often redeem your points for cash. . Many credit card points that are typically redeemed for travel can also be converted to cash, although you might not get the best value for your money.

Plus, unlike some travel rewards, when using cash you won’t be bound by blackout dates or fine print restrictions.


Some travel credit cards offer the ability to book any trip you like and “wipe” the purchase with statement credit. Here’s how it works: Use the card to pay for your vacation home rental. Then, once the debit is complete, log into your credit card account, select the purchase, and redeem your rewards to cover the cost.

In some cases, there may be a limit on the length of time that charges can be cleared with statement credit. Make sure you know the conditions before planning this option.


Major credit card issuers like Chase, American Express, and Citi have their own reward points that cardholders can earn and use in a variety of ways. While most of the options you’ll find when redeeming points for travel are traditional hotels, it’s also possible to find vacation rental bookings.

Melheim used Chase Ultimate Rewards points to book a vacation home rental for his family’s trip to Switzerland. The house was available for rent directly on several home rental sites, but when she also found it on the Chase travel portal, she jumped at the opportunity to redeem her points. “I knew Switzerland was an incredibly expensive country,” she says. “Saving money and booking with points instead was helpful as our field costs like food and trains added up quickly.” Some Chase cards offer up to 50% more redemption value when you use points for travel booked through the issuer portal.


While traditional hotel settings are still bread and butter for most hotel chains, home rental options are slowly springing up. Marriott, for example, has a Homes & Villas affiliate that allows you to redeem Marriott Points for house reservations. Wyndham has a partnership with Vacasa, a leading home rental platform.

Sun points out that it is also possible to find comfortable accommodation in some hotels. “If you’re looking for more space than standard hotel rooms, consider using your points to book a suite. Or, some hotels have options like casitas that are more private. Some hotel chains have completely apartment-style signs and also offer additional space and amenities.

Booking comfortable accommodation through a hotel program can be smart, as there may be more flexible cancellation options. With many home booking platforms, the host can choose a cancellation policy which may not be fully refundable. Sun advises, “No matter what you book, be sure to read the cancellation policy carefully.”

What contributes to having high scores? Here are some dos and don’ts


Credit score: It is well known that the credit score plays the most important role in obtaining loans. Those with bad credit have a hard time getting a loan. But there are still some points related to credit scores that are not as widely known. For example, on what basis are credit scores calculated or what is the rate of use of credit. Today we are going to tell you about similar things related to credit scores.

  • First of all, know that the credit score ranges from 300 to 900.
  • Usually having more than 750 credit scores is considered good.
  • Those who have a higher credit score can easily qualify for loans.

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Credit bureaus keep all records

  • The credit score of customers is decided by many credit bureaus.
  • Major credit bureaus include Trans Union Cibil Experian, CRIF High Mark, and Equifax.
  • These credit bureaus keep a record of your monthly bill payments and loan installments.
  • They calculate your credit score based on a few years of registration.

Credit utilization ratio

  • The credit utilization rate (CUR) is the credit limit of your credit card that you use in a month.
  • The CUR has a great impact on the credit score. Your CUR depends on how much you use your credit card.
  • The more you use your credit card, the higher your CUR will be.

Have an old credit card considered advantageous

  • Having a long term loan or using a credit card for many years is considered good in terms of credit score.
  • In fact, it shows that you are making good use of the loan. You pay down payments on time.

Do not apply repeatedly

  • Don’t repeatedly apply for a loan or credit card. It is not considered good in terms of credit score. This lowers credit scores.

Pay off the loan at the right time

  • You have to pay the EMI of the loan regularly and not miss it.
  • Once you’ve made a late or defaulted payment, it can reduce your credit score by up to 100 points.

Democrats want carbon tax to buy support for infrastructure bill


Through Laura Davison, Ari Natter and Jennifer A. Dlouhy to 09/26/2021

WASHINGTON (Bloomberg) – Senate Democrats are crafting a carbon tax proposal that could potentially be used to offset some of the costs of a hefty social spending bill as well as direct cash payments to households, according to a key lawmaker.

“It is predicted that charging polluters – when combined with clean energy tax credits – would lower the cost of clean electricity for Americans,” the chairman of the finance committee said. Senate Ron Wyden in a statement to Bloomberg News on Friday. “I’ve been working on this for years and have continued to develop the proposal as part of my menu of options for the caucus.

A “substantial portion” of the revenue generated from a carbon tax would flow to Americans in the form of cash payments, Wyden said. This could help increase public support for the tax, but would also mean less money to offset the cost of the so-called reconciliation bill of up to $ 3.5 trillion.

This bill, incorporating the bulk of President Joe Biden’s long-term economic agenda, includes overhauling climate investments and allocating funds to health and education programs. Negotiations are underway at Capitol Hill.

The New York Times previously reported on Wyden’s plans to pursue a carbon tax.

Industry position

The momentum for such a tax is growing as a way to fight climate change. And economists have long favored a carbon tax as a direct approach to putting a price on greenhouse gas emissions.

Advocates say it would encourage businesses and consumers to pollute less. The American Petroleum Institute, the petroleum industry trade group that includes Exxon Mobil Corp. among its members, and the Chamber of Commerce both approved a price on carbon, which could take the form of a tax.

But industry supporters generally want the carbon tax imposed as a substitute for existing greenhouse gas regulations – a compromise that likely won’t be part of the plan for Democrats to come together.

Although several Senate supporters have viewed the reconciliation bill as a potential route for the tax measure for more than a year, it has gained momentum in recent weeks, according to a person familiar with the negotiations on the question. The tax is attractive because of its role as a potential source of income, but lawmakers are also working to ensure that a significant portion of the revenue goes to middle- and low-income families.

A carbon tax could attract more support as a way to replace other sources of revenue, allay moderates’ concerns about the size of the package, and give the Biden administration tangible proof of strong US plans to cut gas emissions at greenhouse effect ahead of a critical UN summit in five weeks.

Still, a tax that could increase the costs of driving, flying and consumer goods is likely to face strong political resistance from some quarters, and Republicans have already voted against the concept of imposing a tax on dioxide. of carbon. Some moderate Republicans, including Lisa Murkowski of Alaska and Mitt Romney of Utah, have indicated they are receptive to the idea.

The GOP opposition would not be able to reject the proposal as Democrats aim to pass the tax and spending bill in a party line vote. Still, Democrats have tight majorities in both chambers, which means they need nearly every member of the House and all 50 Senate caucus members to support the legislation.

Coal country

Senator Joe Manchin, a moderate Democrat who represents coal-dependent West Virginia, would be a key part of drafting a carbon tax. Manchin did not make a commitment on the issue, but voted with his party members on a courier amendment earlier this year in favor of such a tax.

Proponents argue that a national carbon tax should be paired with an import tax – known as the carbon border adjustment tax – to protect American workers in energy-intensive industries and to ensure that companies do not move manufacturing out of the United States to countries with lax environmental regimes.

National Climate Advisor Gina McCarthy Bloomberg said in July that while “it’s not excluded,” there are strategies other than a border adjustment carbon tax that may be more beneficial. Despite this, the President’s special climate envoy John Kerry on Wednesday raised the prospect of a tariff on carbon-intensive imports if other countries do not limit their emissions and dependence on carbon. coal-fired energy to fuel inexpensive manufacturing.

Can you get a loan of $ 10,000?


The loans are available for just about any amount. If you are considering a loan, consider why you need the money to decide what type of loan is best for your situation and how much to borrow.

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What Types of Loans Work for $ 10,000?

The type of loan you apply for determines the minimum and maximum amounts you can borrow. If you go for a title loan (a loan that uses your vehicle as collateral), a lender typically won’t lend you more than one-quarter to one-half of the vehicle’s resale value. Likewise, payday loans are limited to a percentage of your usual salary. Neither is a good option if you need $ 10,000.

For a loan of $ 10,000, you have several options.

Types of $ 10,000 loans

  • Automatic loan: This is a loan secured only for the purchase of a car.
  • Commercial loan: This type of loan, intended to finance your business or purchase equipment, often requires a personal guarantee. So even though it is a business loan and you might qualify based on your income and business needs, you are personally responsible for repaying it. If you default, your personal credit can suffer.
  • Debt Consolidation Loan: This is an unsecured personal loan intended to pay off multiple debts, reduce the number of monthly payments, lower the overall cost of interest, lower your total monthly payment, or any combination of these.
  • Home equity loan (or home equity line of credit): This loan is secured by your home and you must have equity to qualify. If you go with a line of credit (called HELOC), you can dip into the amount of credit to borrow exactly what you need as and when you need it, rather than guessing a lump sum amount up front. There are generally no restrictions on how you use the money.
  • Health loan: This loan is intended for a specific health need, such as orthodontics, and is sometimes offered at the reception of a service provider’s office. Similar loans are available for certain veterinary expenses.
  • Personal loan: A personal loan can be used for any purpose. Secured personal loans are secured by collateral, such as an item of value or a bank account balance. Unsecured personal loans are not attached to any collateral and are based solely on your creditworthiness.

Loan minimums and maximums

All lenders set minimum loan amounts.

Auto loans and health care loans are usually limited to the exact amount purchased.

You may be able to borrow the larger amount of money using a home equity loan or HELOC because the limit is tied to your equity. At the bottom of the scale, it is possible to find a home equity loan of $ 10,000, but most lenders set the minimum at $ 25,000 or more. If you want to borrow less than that, a HELOC or personal loan may be a better option. You can borrow less with a HELOC by simply not accessing the full amount of credit you have. If you choose a personal loan, be aware that it usually has a higher interest rate than a home equity loan or HELOC.

The minimum personal loan amount is often between $ 1,000 and $ 2,000. The maximum loan amount is usually between $ 10,000 and $ 50,000, but can exceed $ 100,000.

How To Qualify For A $ 10,000 Loan

Prepare your credit

Lenders offer the lowest interest rates and fees to people with excellent credit. Additionally, the amount of personal loan you can get may depend in part on your credit score.

So if you have financial need on the horizon, check your credit and see what you can do to maximize your score. You can check your credit for free online. Get your credit reports at AnnualCreditReport.com and check for errors. Some mistakes can hurt your score, so correct any discrepancies immediately.

Check your score (usually not included in the report). Your bank or your credit card issuer may offer free credit scores, or you can check with some of the more reputable websites set up for this purpose. What you see online might not have exactly the same score as a lender, but it should give you an idea of ​​what neighborhood you are in. Free credit score websites almost always offer analysis of your score, letting you know what factors are affecting it. Use this information to improve your credit as far as you can.

Research loans

Once you’re ready to apply, get as much information as you can about lenders so you don’t spend more than you need to. For some types of loans (auto loans and home equity loans), you can apply to multiple lenders to compare offers without hurting your credit score. This is not true for personal loans or health care loans. With these, every time you apply your score, you can lose some points.

Here are some of the details you might want to know:

  • What is the interest rate?
  • Are there origination fees?
  • If there are fees, can they be added to the loan balance if I don’t have the money to pay them upfront?
  • How long will it take to repay the loan?
  • What is the amount of the monthly payment?
  • What is the total cost of the loan?
  • Can I access more money if I need it?
  • What is the minimum credit score required?
  • What is the interest rate for someone with a better credit rating than mine?

After finding the best loans and choosing a lender, the application is straightforward.

After you get your loan, make each payment on time. A loan can help you build healthy credit, which could lower the cost of financing in the future. But that’s only true if you consistently make your payments as agreed.

A new credit and debit card rule for recurring payments goes into effect next month. Details here


Customers who use the automatic debit feature on their debit and credit cards for recurring payments may see some transactions fail as of October 1. This is due to a rule mandated by the Reserve Bank of India (RBI).

Many banks, including Axis and HDFC, have already started notifying their customers about the change of mandate for direct debit payments.

“To protect consumers, the Reserve Bank of India (RBI) has implemented new safety and security measures for card payments. Please Note: As of October 1, 2021, the Bank will NOT approve ANY standing instruction (electronic mandate for processing recurring payments) given on the merchant’s website / app, on the HDFC credit card / debit card Bank, unless it complies with the RBI process. “HDFC Bank said on its website.

“As per RBI’s recurring payment guidelines, 09-20-21, the standing instructions on your Axis bank card (s) for recurring transactions will not be honored. You can pay the merchant directly by using your card for uninterrupted service, “reads a communication from Axis Bank.

What is RBI’s new order on recurring payments?

The Reserve Bank of India (RBI) had published a framework for handling electronic money orders on recurring online transactions. It made AFA (Additional Factor of Authentication) mandatory for all recurring transactions below ??5,000 on debit cards, credit cards, UPIs and other prepaid payment instruments (PPIs), and all stakeholders are required to ensure full compliance with the framework by September 30, 2021.

This directive applies to all recurring payments that were previously automatically debited from customers’ cards (credit / debit / prepaid) for mobile bills, utilities, other recurring bills as well as subscription payments like services OTT streaming.

What’s the process?

Banks will send a notification to a customer via SMS and email prior to the transaction. Customers will be notified by banks 24 hours before a money order is debited, leaving enough time for the consumer to change or cancel a payment

The notification will contain details of the merchant name, transaction amount, date of debit, transaction reference number, and reason for debit.

The cardholder will have the option to decline or approve the transaction.

You need to make sure that your correct mobile number is linked to your debit / credit cards so that you can receive a notification for approval.

“In accordance with the Reserve Bank of India guidelines on electronic money orders for all recurring merchant payments / subscriptions via credit and debit cards, Kotak Mahindra Bank (Kotak) is fully equipped to ensure compliance with the regulations that will come into effect. effective October 1. 2021. To ensure a smooth transition, the ecosystem of merchant / merchant aggregator must also be ready. The Bank works closely with merchants / merchant aggregators to ensure minimum disruption for customers. Kotak is already operating on UPI-based mandates and the initial adoption by users is encouraging. We expect an increase in card-based and UPI-based mandates as more merchants start offering and more consumers start creating electronic mandates, ”said the spokesperson for Kotak Mahindra group.

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Lawyers highlight flaws in new medical debt law


This year, state lawmakers passed a law to try to prevent this by requiring medical providers to check whether uninsured patients qualify for public programs like Medicaid and also help them get health benefits. ‘to register.

The law also prohibits providers and creditors from suing low-income patients or sending them to medical debt collections, and those who advocate for people in these situations say this is important.

“No one should have to avoid necessary medical care for fear of financial ruin and we know that here in New Mexico 1/4 of New Mexicans are in debt collection and we know that 37% of patients with medical debts or a medical problem the bills use up all their savings just to pay those bills, ”said Nicolas Cordova of the New Mexico Center on Law and Poverty.

Mayte Lopez said she knows this feeling firsthand. She said she was kicked out of her insurance as a freshman at UNM.

“During that time, I gave up on treatment, I definitely didn’t have primary care, I didn’t have dental visits, or eye care like that,” Lopez said.

But Lopez then said she needed emergency surgery to remove an organ, leaving her with more than $ 18,000 in collections at age 28.

“Because of this debt, my credit rating is really low. I can’t get a credit card, I can’t buy a car, I basically live paycheck to paycheck, ”Lopez said.

She wishes a law like this could have been in place years ago.

“I even considered bankruptcy.

Except even with this new law in place, doctors and lawyers say there are still loopholes.

“Hospitals and providers just aren’t required to verify a patient’s income in the first place,” Cordova said. “The second loophole we identified is that, you know, if you’re eligible for protection against these collection actions, that protection automatically expires after one year. “

Lawmakers passed the law, but it’s now up to the Office of the Superintendent of Insurance to make the rules and enforce it.

“This debt is kind of this thing that holds me back, and I feel like I can’t really move forward in my career, move forward in my life, move if I wanted to because I don’t have a lot of options, ”Lopez said.

If you want to talk about it, there is a virtual public hearing on Monday, September 27, or you can send your concerns by mail or email. To find more information about the law and the meeting, visit, New Mexico Together for Health Care.

Victim of identity thief ‘Mr Mucky’ calls on lenders like Humm to beef up their defenses


An Auckland man was shocked to find that identity thieves who got their hands on his driver’s license details could open a Humm account buy now, pay later tied to a credit card that wasn’t not his and give a “Mr Mucky” e-mail address.

He learned of identity theft by police investigating fraudulent transactions on the stolen credit card that was used to open the Humm account.

The man, who asked not to be named because he was involved in a company fundraiser, struggled to understand how he was able to open Humm, Afterpay and NZ Farm Source accounts so easily at his name at the end of August.

Using the Humm account, the thief purchased just over $ 1,000 worth of easily resold products on his behalf through Briscoes, Rebel Sport, Smartgear NZ and Playtech, the man said.

* Claiming your identity: what to do if crooks take out loans on your behalf
* “Too easy” for crooks, says man whose identity was stolen to open a buy now, pay later loan account
* Suspected sex offenders get off with a ‘slap on the wrist’

He said the items purchased were sent to an address in central Auckland that the man had no connection with.

“It’s just too easy to do. How many innocent people have this toll taken on their lives. It’s terrible, ”he said.

He blamed digital applications in which no human interaction was required for the apparent ease with which “Mr. Mucky” pretended to be him.

“There is no human interaction. They do it to save money and get people to sign up quickly, ”he said.

Wellington electronics developer Neill Bryce had his identity stolen by someone who got credit in his name.


Wellington electronics developer Neill Bryce had his identity stolen by someone who got credit in his name.

Humm has over 2.3 million customers in Australia and New Zealand.

Humm spokeswoman Emma Rackley denied that her systems were easily fooled by identity thieves.

“Our rigorous approach to fraud detection means it is still a very rare event, and as of August, only 0.004% of applicants were found to be fraudulent,” she said.

“All requests must first be approved by our third-party anti-money laundering provider, an essential legal compliance and security mechanism, before undergoing credit checks and being verified by the platform. Hummgroup’s fraud management system that identifies and blocks fraudulent accounts, ”she said.

The man’s experience parallels that of Neill Bryce, a Wellington man, who had Humm, Afterpay and Zip opened on his behalf by identity thieves.

Like the Auckland man, Bryce did not learn of the identity theft from any of the other lenders. He only found out that he had been a victim of identity theft when a debt collector came to call him.

In both cases, Humm said his systems detected the fraud shortly after his commission.

Bryce called on the Buy Now, Pay industry later to adopt a code of conduct that included proactively contacting suspected identity theft victims.

The Auckland man said that by contacting Humm, he was told his fraud investigators would contact him within 21 days.

The Auckland man's identity thief shipped goods purchased on his behalf through student accommodation in central Auckland, he says.


The Auckland man’s identity thief shipped goods purchased on his behalf through student accommodation in central Auckland, he says.

This contrasts with NZ Farm Source, who apologized and immediately removed their name from the fraudulent account, he said.

He has now filed a complaint with the Trade Commission.

Rackley said it was “deeply upsetting to be the victim of a financial crime”.

Humm bore the financial cost of fraud and ensured that customers’ credit records were not affected. He also worked with police to help identify fraudsters and provide evidence to aid prosecutions, she said.

Police told the Auckland man they did not have the resources to track down his identity thief, but advised him what to do to stop any further attempted theft.

This included checking her free credit report at credit bureaus like Credit Simple and adding a “delete” to her credit report, which alerts lenders that the person is a victim of identity theft. .

Victims of identity theft can see on their credit reports which lenders have loaned money to people posing as them, so they can contact them and demand an immediate investigation.

Police also advised the man to have his compromised driver’s license reissued, rendering details of the old license unusable for thieves.

He was unsure how the identity thief obtained his driver’s license details but assumed it was a data breach at a company he had dealt with, with suspicion falling on the companies car rental.

Affordable banking services threatened by Senate plan


Last year, the Iowans preferred to send Republicans to Washington, giving majority votes to Donald Trump for president, Joni Ernst for senator, and handing over three of our state’s four congressional districts to Republicans. Now, these concerns about Democratic control in Washington appear to be valid, as the main Democrats seek to impose what could be one of the most important and costly regulations in American history.

The policymakers behind the plan are neighboring Iowa Senator Dick Durbin of Illinois and liberal champion Senator Bernie Sanders, the Independent from Vermont. Progressives seek to create new credit card regulations this would make it more difficult for Iowans to access banking and financial services.

Durbin and Sanders seek to impose large government price controls on credit cards. While this may seem appropriately “progressive,” such a policy ignores the real impacts that would be felt by many Americans.

Imposing arbitrary limits on credit card pricing would prevent banks from getting the money they need to provide security and financial inclusion in the digital marketplace. Think of it this way: When a credit card transaction is fraudulent, it’s usually not the customer or the store that pays the price. The credit card issuing bank absorbs the loss. This money has to come from somewhere.

By imposing new restrictions and regulations on credit cards, banks will have to limit their exposure to credit. Many will start by charging more for credit cards and phasing out the “no-fee” credit cards that many consumers appreciate. It doesn’t take long for the regulations to show what they really are: a hidden, bureaucratic tax.

Consumers will also see other limitations on their credit cards. The average consumer receives almost $ 170 in credit card rewards per year. In total, Americans enjoy $ 40 billion to $ 50 billion a year from these types of rewards. But under the Durbin-Sanders proposal, those rewards will likely decline quickly.

The most frustrating aspect of this proposition is that we don’t have to look into a crystal ball to see what’s going to happen; we only have to look to the past.

Ten years ago, Durbin defended a similar policy which restrictions on debit card transactions, which unfortunately became law. The outcome was bad for American consumers, not the banks he allegedly targeted.

A study by the Federal Reserve found that Durbin’s policy resulted in a 35% drop in the availability of free checking accounts at banks targeted by the policy. Another Boston University study found that these regulations cost low-income consumers about $ 160 a year and increased the number of Americans without bank accounts by nearly one million.

What Liberal lawmakers never seem to understand is that the increased cost of something limits its availability. Iowians don’t want more expensive bank and credit cards. Under the Biden administration, we cannot afford it.

In just the first eight months of Democrats controlling Congress and the White House, the Iowans are pay more for gasoline, more for housing, and more for consumer goods, which have 5.4% price increase over the past year.

At a time like this, the last thing Iowans need is to pay more for their bank and credit cards. This is yet another costly liberal political solution that puts the government on the path to our market economy. With Democrats having a narrow margin in the US Senate, we must hope that our Senators, Chuck Grassley and Joni Ernst, will join their colleagues in opposing this costly and unnecessary regulation.

Chris Hagenow

Chris Hagenow is vice president of Iowans for Tax Relief and former majority leader of Iowa House.

Compare Your Borrowing Options On Your Home Equity »RealtyBizNews: Real Estate News


The equity in your home is the difference between what you owe on your mortgage (s) and the current value of your home if you sell it today (appraised value). For example, if your mortgage balance is $ 195,000 and the market value is $ 295,000, you have $ 100,000 of equity in your home. Your equity increases in two ways. First, as you make monthly payments, you earn equity in the amount by which the mortgage principal is reduced each month. Second, your equity increases as the market value for which you can sell it increases. The two combined determine the total equity in your home.

This is not common and has not happened to a large number of homeowners since the Great Recession, but your mortgage can get higher than the value of your home. When you owe more on the mortgage than the house can be sold, it’s called an underwater mortgage. This means that you have no equity in your home. This can also happen in two ways. First, the home’s market value may drop below the remaining mortgage balance. Second, you could theoretically take out additional mortgages which, combined with the original mortgage, are more than the market value of the loan.

You’ve probably heard that owning a home is a way to build wealth. The reason is that equity is an important financial tool that gives you financial options that you wouldn’t have otherwise. One of the most common ways to use equity is to sell your current home to move to a larger, more expensive home.

But there are other ways to make equity work for you. You can also borrow against your equity to pay for major renovations or to consolidate other debt. Another way is to plan for your retirement, which can be done in a number of ways. You could pay off the existing mortgage to own the home for free and so you don’t have to pay a mortgage or rent in retirement. Equity in your home can also be used to take out a reverse mortgage for income during retirement. Another is to borrow against your equity to invest the money in something that pays a higher rate of return in order to increase the size of your retirement nest egg.

Your equity is like having money in the bank, but in most cases the only way to access it is to borrow against it.

Borrowing against your own equity can be a smart way to borrow money because these loans come with the lowest interest rates and some tax breaks. Much lower than the interest charged on personal loans and credit cards. This lower interest rate can save you a lot of money, especially for larger items that take years to pay off. However, borrowing money always comes with risk, so do it wisely. Personal loans and credit card loans are unsecured debt. These loans could lead to car repossession or bankruptcy, but your home should not be in jeopardy. The risk with any type of home equity loan is that if you don’t make your payments, your lender could take your home through the foreclosure process.

Here are the 3 most common ways to tap into your capital, along with tips to help you determine which one is best for you.

Home equity loan. This is also known as a 2sd mortgage. This can work very well for people who want to keep their original loan exactly as it is. A home equity loan should be separate from the first loan. You continue to make payments on the first loan and start making separate payments on the new loan. One of the reasons is that the second loan is a junior loan. If you default on the second loan, it is more difficult for the lender to foreclose because they have to repay the first loan. Home equity loans are best suited for people with a high credit score (above 700) as they will receive the best interest rate and can more easily qualify for the second loan. You get all the borrowed money at once and make a stable monthly payment. It also tends to be better for borrowers with less debt than their income.

Refinancing of collection. This is a new loan that replaces the original loan. The new loan is for a larger amount. You receive in cash the difference between the balance owed on the first loan and the greater amount owed on the new loan. If your first loan was for 30 years and the new loan is also for 30 years, the loan repayment period starts again. But you could pay it off sooner if the new loan is for 25, 20, or 15 years. This new loan becomes the first mortgage on your home and may be more susceptible to foreclosure in the event of a default. Typically, you can expect your monthly payment to increase, but you only make one monthly payment. Cash refinancing tends to be easier to obtain for borrowers with low credit scores (620+) and borrowers with higher debt relative to their income.

Home equity line of credit. This is also known as a HELOC. As a line of credit, you only borrow money when you need it. Your monthly payment will increase as you borrow more money (much like a credit card). Lenders offer home equity lines of credit in a variety of ways, so it’s important that you understand all of the loan terms (including the possibility of foreclosure). No loan plan is right for all homeowners. Contact different lenders, compare options, and select the home equity line of credit that best suits your needs. HELOC loans tend to be best when you have unpredictable financing needs. Also, for borrowers with a higher credit score (700+) and lower debt relative to their income.

Before deciding on any of these home equity choices, talk to a mortgage advisor to help you fully understand the pros and cons of each for you.

Share your ideas and experiences by leaving a comment.

Additionally, our weekly Ask Brian column welcomes questions from readers of all levels of experience with residential real estate. Please send your questions, inquiries, or story ideas to [email protected]

Author Biography: Brian Kline has been investing in real estate for over 35 years and has been writing about real estate investing for 12 years. He also draws on more than 30 years of business experience, including 12 years as a director at Boeing Aircraft Company. Brian currently lives in Lake Cushman, Washington. A vacation destination, close to a national and the Pacific Ocean.

Computer raids on two Chennai-based private union finance companies uncover undisclosed sum of Rs 300 cr – The New Indian Express


Through Express news service

CHENNAI: The Income Tax Department discovered undisclosed income of more than Rs.300 crore after carrying out search and seizure operations on two private union fundraising groups based in Chennai.

He also seized unrecorded cash worth Rs 9 crore during the search operation which was carried out on Friday at 35 premises in Chennai. During the research, it was found that there were undisclosed real estate investments and other income cuts.

Evidence found at the premises of the financiers and their associates revealed that these groups have loaned to various large corporations and businesses in Tamil Nadu, a substantial portion of which is in cash. During the search, it was detected that they were charging a high interest rate, part of which is not offered for tax.

The modus operandi adopted by the groups revealed that most of the interest payments by borrowers are received in fictitious bank accounts and that these have not been disclosed for tax purposes. In addition, unrecorded amounts are disguised and carried on the groups’ books of account as unsecured loans, sundry creditors, etc., said a statement.

Former OC sheriff’s deputy accused of stealing credit cards from deceased woman


A former Orange County Sheriff’s Deputy stole credit cards from the home of a deceased woman in Yorba Linda and used them to make purchases from QVC and an auto parts store, the people said on Friday. prosecutors.

The charges come after Steve Hortz has already been charged with multiple felonies for breaking into the home of a man who died for stealing more than $ 27,000 in guns and other items in July 2020 He has pleaded not guilty and this case is ongoing.

The Orange County District Attorney’s Office announced Hortz’s second case on Friday. His court appearance is scheduled for October 26.

Hortz’s attorney, Shaheen Manshoory, said prosecutors had not provided much information about the case.

“For now, we will let the process go to court,” Manshoory said in an email Friday.

Authorities arrested Hortz last year in this first case, alleging that the 12-year-old veteran responded to the man’s home in Yorba Linda for a welfare check on July 20, 2020, and found the owner dead of natural causes. Hortz has reportedly returned home several times – including once on duty wearing his assistant uniform – to steal the man’s belongings.

The break-ins were captured on home surveillance video and an estates attorney reported the thefts to the sheriff’s department. Hortz was arrested on September 10, 2020 and resigned 20 days later instead of being fired. He was charged with three counts of second degree burglary and two counts of firearm theft.

Authorities have since discovered that in August 2020 – before Hortz was identified as a suspect in the deceased man’s case – he was called to the home of a deceased woman in Yorba Linda, where he allegedly stole three credit cards. credit.

Prosecutors allege he attempted to make thousands of dollars in unauthorized online purchases – the majority of which were refused – and that some of them were sent to his home.

Hortz was charged Friday with one count of identity theft, one count of embezzlement for grand theft and four counts of attempted grand theft. He faces four years and four months in state prison if convicted of a credit card affair.

Multiple addresses on the validation notice D …


Each week, ACA International’s compliance team covers case summaries relevant to ACA members. Members can also submit cases for review to our compliance team at [email protected].

Here are the cases covered from September 21 to 24:

September 21

Silver c. Dystrup-Chiang: Court dismisses FDCPA claims lacking factual detail

Since a consumer’s claims contained only a stripped-down narrative or stereotypical recitation of the elements of the unfair debt collection claims and did not include any factual information to flesh out the claims, the court dismissed the claims without prejudice to failing to meet the minimum pleading requirements considered in Iqbal and Twombly.

Continue reading the summary here.

Hall c. Altus Legal: hiring a lawyer is not a concrete prejudice

An Illinois district court found that, because hiring a lawyer cannot establish standing, the consumer’s claim that a “duty to defend” in a foreclosure action was not damage sufficient to justify the quality.

Continue reading the summary here.

Green v. Innovis: the consumer has not provided proof of the supplier’s lack of reasonable procedures

The consumer in this case disputed his mortgage line of credit on his credit report. The Consumer Information Agency (CRA) investigated the dispute and removed the business line in question. The consumer sued the CRA saying it lacked “reasonable procedures” to investigate the disputes.

Continue reading the summary here.

September 22

Friend c. Cach: FDCPA claims dismissed due to lack of concrete injury

When a consumer failed to establish that he had suffered concrete harm attributable to an alleged violation of a collector’s Fair Debt Collection Practices Act, the court ruled that the consumer lacked standing to sue and dismissed the case for lack of jurisdiction in the matter.

Continue reading the summary here.

Kleinman v. Forster & Garbus: validation letter stating that trial will not start until after validation period expires, does not violate FDCPA

One consumer claimed that a collection letter overshadowed the validation period because it could be interpreted as a threat of impending litigation. He also claimed the letter contained conflicting information as well as an intimidating letterhead that overshadowed the validation period. The debt collector has requested a judgment on the pleadings.

Continue reading the summary here.

Lueck v. The Bureaus & Stoneleigh: Lack of quality for a letter marked “personal and confidential”

An Illinois district court held that while the presence of the phrase “personal and confidential” on the envelope addressed to the consumer may have violated Section 1692f of the Fair Debt Collection Practices Act, this alone was not sufficient to establish quality without prejudice.

Continue reading the summary here.

September 23

Van Connor v. One Life Am .: Court dismisses request for interlocutory appeal

A South Carolina district court declined to certify an interlocutory appeal, citing the majority of decisions as well as the recent 6th Circuit ruling at Lindenbaum, ruling that the Supreme Court’s AAPC ruling applied retroactively, leaving the party no waived of the TCPA robotic call restriction in effect during the interim period.

Continue reading the summary here.

Pinyuk v. The CBE Group: several addresses on the validation notice did not violate the FDCPA

A New York district court found that a letter listing three addresses for the debt collector was not misleading or deceptive under the FDCPA when the addresses were read in context of the entire letter.

Continue reading the summary here.

Epps v. Fair Collections & Outsourcing: letter indicating that the debt is paid in full and including the mini-Miranda is not misleading under the FDCPA

The consumer received a letter from a debt collector advising her that her debt was paid in full and that this was a communication from a debt collector. The consumer claimed it was a violation of the FDCPA and filed a complaint. The court ruled that the letter was not misleading.

Continue reading the summary here.

September 24

Sturm v. Alpha Recovery Corp. : Collector Wins Summary Judgment in FDCPA Action

Since the Fair Debt Collection Practices Act only requires a collector to identify the name of the creditor to whom the debt is owed, a court rejected consumer arguments that a collector must show the entire chain of title to the debt. in question.

Continue reading the summary here.

Goodell v. Van Tuyl Grp. : TCPA litigants who lacked standing were allowed to proceed to a judicial inquiry

Consumers have received calls from car dealerships after asking that the calls stop. Consumers sued the company that owns the dealerships, claiming it was vicariously liable for alleged violations of the Consumer Protection Act by telephone by dealers. The court concluded that the consumers did not have standing to pursue their claim, but allowed them to conduct an investigation to gather evidence to the contrary.

Continue reading the summary here.

Tolliver v. National credit systems: the presumed risk of financial or reputational damage is not sufficient to claim a status

A Wisconsin district court found that the consumer had presented no evidence to support his alleged risk of financial or reputational harm.

Continue reading the summary here.

If you have recently obtained legal advice that may benefit other ACA members, email it to us: [email protected].

  • Join the discussion on legal and compliance topics with your fellow member lawyer program community members on The Hub. Just log in to The center and select Member Advocate Program from the Communities menu.
  • The ACA’s day-to-day decision is fed by ACA’s litigation defense and compliance teams.

How to remove a Lyft credit card


Lyft is a great ridesharing app that comes with a lot of useful features, including the ability to select the payment method that’s best for you. If you have a new credit card that you want to use for the service or want to change your payment method, you’ll be happy to know that Lyft makes it easy to remove old credit cards. But first, you will need to take specific action.

If you want to know how to withdraw a credit card in Lyft, you’ve come to the right place. This article will discuss everything you need to know to make a payment in Lyft the way you prefer.

How to delete a Lyft credit card in the iPhone app

Whether you want to use another payment method such as Apple or Android Pay, Venmo, PayPal, etc., or want to add a new credit card, learning how to change the current payment method in Lyft is not difficult.

But, before getting into the thick of it, it’s important to make it clear that Lyft will not allow you to remove a credit card you’ve selected as your default payment method. In this case, you will first need to add a new credit card or select another payment method, make it the default, and then delete the old one. We’ll walk you through both processes.

Follow the steps below to remove a Lyft credit card:

  1. Open the Lyft app.
  2. Tap the three lines at the top of the screen to open the menu.
  3. Press “Payment”.
  4. Select the credit card you want to remove and press “Remove card”.

If you don’t see this option, it’s probably because the card you’re trying to remove is your default payment method. To be able to delete it, you will have to choose another payment method and make it the default one. Here’s how to add a new credit card:

  1. Open the Lyft app.
  2. Tap all three lines.
  3. Press “Payment”.
  4. Tap “Add a credit card”.
  5. Enter the credit card information.
  6. Press “Save”.
  7. Set the new card as default and delete the old one.

How to delete a Lyft credit card in the Android app

Android users can delete a credit card in Lyft using the mobile app. The process is simple and only requires a few clicks.

Follow these instructions to delete a credit card in the Lyft Android app:

  1. Open the Lyft app.
  2. Tap the three lines in the upper left corner to access the menu.
  3. Press “Payment”.
  4. Long press on the credit card you want to remove and tap “Remove card”.

You may find that this option is not available to you, or you don’t see it at all. Usually this is because you want to remove a credit card that has already been selected as the default payment method. Lyft won’t let you remove it until you choose another method to replace it.

Follow the steps below to add another default credit card:

  1. Open the Lyft app.
  2. Tap the three lines in the upper left corner.
  3. Press “Payment”.
  4. Select “Add a credit card”.
  5. Enter the credit card information and save it.
  6. Set the default card and delete the other.

Additional FAQs

What payment methods can I use in Lyft?

Lyft makes it easy to pay for your groceries with a wide range of payment methods available.

Here is what you can use:

• Credit cards, debit cards – American Express, Mastercard, Visa, Discover

• Pay Pal

• Apple Pay

• Google Pay

• Venmo

• Lyft Cash (available in select locations)

• Bank account (available in some locations)

Regardless of which payment method you choose, Lyft requires that you have a credit or debit card on file. Otherwise, you will not be able to open an account.

How do I link my Venmo to Lyft?

Lyft recognizes the convenience of using Venmo, so now people can use it to pay for groceries, share the cost with friends, etc.

Before linking your Venmo account to Lyft, make sure you are using the latest versions of both apps. Also check if you are logged in.

Here’s how to connect your Venmo to Lyft:

1. Open the Lyft app.

2. Access the menu.

3. Tap “Payment”.

4. Select “Add a payment method”.

5. Tap “Venmo”.

6. You will see a message asking if you allow Lyft to access your Venmo. Press “Allow”.

Enjoy your journeys with Lyft

As one of the most popular ridesharing services, Lyft offers a wide range of payment methods so you can choose the one you’re most comfortable with. Learning how to delete a credit card in Lift allows you to delete the ones you no longer use and avoid confusion or future inconvenience. Before deleting a card, make sure that it is not selected as the default payment method, as you will not be able to complete the action if it is.

What payment method do you use in Lyft? Do you often add new ones? Tell us in the comments section below.

Study: BNPL and “Second Chance Consumers”


Some people entered the pandemic with financial problems, while for others, the effects of the pandemic on employment caused late or missed payments and other credit score defaults.

More Americans are affected than we can imagine, because those who live paycheck to paycheck include high-income millennials who are not seen as strapped for financial resources.

In The Second Chance Consumer: How to Buy Now, Pay Payments Later Create New Merchant Opportunities, a PYMNTS and Sezzle Collaboratively, the researchers examined the use of the alternative credit buy now, pay later (BNPL) as the primary means of giving a helping hand to those in struggle.

According to the study, “a second chance consumer is not necessarily a consumer who would be an unreliable or unwanted buyer. We have found that 65% earn more than $ 50,000 per year, and 30% earn more than $ 100,000. The average second chance consumer is 44 years old and has a FICO score of 662 “, just 38 points below the average” good “credit score.

Giving these consumers access to point-of-sale credit is a source of income for merchants that also benefits buyers, potentially impacting everything from cart size to future loyalty.

Learn more: The Second Chance Consumer: How to Buy Now, Pay Later to Create New Opportunities for Merchants, A PYMNTS and Sezzle Collaboration

BNPL budgeting is a thing now

While BNPL achieves fame by making purchases easier by breaking them down into multiple affordable installments, its other emerging use is as a personal budgeting tool. And for some consumers, BNPL is better on budget than using a credit card – for those who even have revolving credit.

According to the study, “Many consumers see BNPL as a way to stretch their budgets. This perception gives merchants who offer BNPL payment options a powerful appeal to consumers who have experienced financial difficulties in the past 18 months.

“A second reason why BNPL is a popular option among second chance consumers exists: these consumers are reluctant to increase their debt, even if credit is available. The researchers found that 42% of second chance consumers without access to credit cards don’t want them.

In fact, 70% of second chance consumers familiar with BNPL “see it as an option that improves their ability to buy the things they want without spending too much. BNPL helps consumers stay on budget while allowing them to shop without the added burden of revolving credit, ”the study says.

Table 2

Read: The Second Chance Consumer: How to Buy Now, Pay Later to Create New Opportunities for Merchants, A PYMNTS and Sezzle Collaboration

An alternative to the costly use of credit

As BNPL’s use cases expand beyond its original base of fashion and cosmetics buyers, applications such as access to credit and credit repair are gaining notoriety and popularity. .

The study notes: “A large portion of the Second Chance survey respondents who chose to use BNPL as an online payment option said it allowed them to spread their payments over time (55%) and helped them manage their monthly expenses (43%). . Both of these abilities were the benefits most cited by second chance consumers, but notable shares of respondents also said it saved them fees (25%) and presented less risk of fraud than other methods. payment (19%).

Wooing the second chance consumer with BNPL is of course also paying off for traders.

Researchers found that 73% of second chance consumers who have used or would use BNPL agree that the payment option “makes me more likely to shop at retailers that offer BNPL ”. Another 73% of second chance consumers said they liked BNPL for more obvious reasons: it allows them to buy “more often than they would otherwise.”

See: The Second Chance Consumer: How to Buy Now, Pay Later to Create New Opportunities for Merchants, A PYMNTS and Sezzle Collaboration



On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.

How To Get A Car Loan With A 720 Credit Score


If you are looking for a car loan with a credit score of 720 or higher, you are in a strong position. A credit score of 720 is considered good by just about all lenders. But even though 720 is a high enough credit score to get a car loan, you may be able to cut costs and save money if you can improve your credit score before you apply.

Here are the steps you can take to maximize your credit score and shop around for the best car loan.

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Check your credit report

Before you apply for a car loan (or even if you choose to use a personal loan to buy a car), make sure your credit report is accurate. Many people find mistakes on their credit reports, and some mistakes can lower your score. You don’t want to find yourself stuck paying a higher interest rate just because of a mistake.

You can get copies of your credit reports from the three major credit bureaus by visiting AnnualCreditReport.com. If you find any inaccurate details, follow the agency’s online process to request corrections.

Check your credit score

There are many ways to check your credit score for free:

  • Free Credit Score Website: Several consumer websites and financial institutions offer free credit scores online. These are usually VantageScores.
  • Free FICO score from your bank or credit card issuer: Some banks and credit card companies, including Bank of America, Wells Fargo, and Citi, offer free FICO scores to their credit card holders when they log into their account online. Discover offers a free FICO score to everyone, even if you don’t have a Discover account.
  • Free FICO Score from a Credit Reporting Agency: Experian offers free FICO scores to anyone who signs up for an account (free or premium).

If you check your credit score in more than one place, don’t expect the scores to be all the same. Indeed, your score may vary depending on the agency that calculates it and the model (FICO or VantageScore) used. To make things even more interesting, there are several versions of FICO and several different versions of VantageScore. So don’t worry if you see a range of scores.

The main reason you need to familiarize yourself with your score before applying for a car loan is that you may be able to improve it before you apply. A credit score of 720 is close to the excellent credit range, but not quite there.

Virtually all free credit scores contain information about factors affecting your score. If, for example, your credit score is affected by your credit utilization rate (how much revolving debt you have against the credit limit on your credit cards), you can call your credit card issuer and request a limit increase. As long as your balance does not increase, the higher credit limit can improve your score.

Shop for the best loan

Here is an overview of the steps to take when applying for a car loan.

Apply to multiple lenders

Apply to at least two or three lenders (or many more, if you want) to compare the terms. Make sure that when you apply you are asking to be pre-approved for the loan (not pre-qualified). This means that the lender will verify your personal information and perform a credit check.

Discover the limits of lenders

Some loans are only available for the purchase of a car from a certain dealership or manufacturer. Some loans are reserved for used cars, others for new cars. Most pre-approvals have an expiration date. Make sure you know the limits associated with any loan you apply for.

Apply within 2 weeks

Normally, each time you apply for credit, your score may drop a few points. The exceptions are when you apply for certain types of credit, including auto loans. Credit rating agencies understand that you need to apply to multiple lenders to compare offers, so they all give you a rate buying window. During this window, all auto lender claims will count as one serious claim against your credit score.

Auto loan applications are completely ignored by FICO for 30 days. Then, the rate buy window is between 14 and 45 days, depending on the rating model used. Lenders have to pay for rating models, and not all of them are upgraded every time a new one is released. Since you won’t know what score a lender will use, it’s best to apply for and compare loans within 14 days – the smallest rate buying window – just to be sure.

Consider a variety of lenders

Remember to check with the dealer in addition to any banks, credit unions, or online lenders that you are considering. Sometimes the dealer will be willing to match or beat any finance offer you come up with. It is delicate territory, however. Car dealerships have been known to add unwanted costs to your contract, such as prepaid maintenance or additional insurance coverage.

Shop below your loan amount

All cars require maintenance and fuel (gas or electricity), plus you will need to pay taxes and registration fees. And then there is auto insurance. So remember that the loan is not the only item that you will add to your budget. When deciding how much car you can afford, keep these other costs of ownership in mind.

Protect your credit

An auto loan will not contribute to your credit utilization rate because it is based on revolving credit. But it will play an important role in:

  • A healthy mix of credit (the types and variety of credit you use)
  • Your payment history (the most important factor in your credit rating)
  • Your credit age (after you pay off your car loan in good standing, it will continue to have a positive effect on your credit score for another 10 years)

That’s why it’s important to handle a car loan responsibly and know what you’re getting into before you take one.

El Al Seeks $ 100 Million In Compensation From The State For Damage To His Business | New


Israeli flag-bearer El Al is demanding $ 100 million in compensation from the government, to offset the effect of state decisions on the airline’s operations.

“It is no secret that El Al is in the deepest crisis in its history,” the carrier said in a communication to the Ministry of Finance, adding that he had been forced to take “measures. drastic measures to ensure the survival of the company “- including the dismissal of nearly 2,000 people, or about a third of its workforce.

El Al says the crisis is “deepening” as a result of government actions in response to viral variants emerging in June-July.

While the carrier insists it is not criticizing the measures, it stresses that they nonetheless have a “devastating effect” on the airline, and the recovery in Israel does not mirror that of European countries.

Earlier this month, the ministry offered the airline $ 50 million as part of a conditional support program.

But El Al says it wants “immediate compensation” of $ 100 million for “damage” caused by government decisions during the pandemic, and also insists on easing tourist restrictions, warning it is “on a downturn” slippery “.

El Al says it recorded negative cash flow of $ 108 million over the three months from July to September. The company stresses that time “is not on our side” and adds that other airlines operating to Israel have received compensation from governments, putting El Al at a “competitive disadvantage”.

The ministry’s terms of support include the sale of aircraft as well as a substantial part of the carrier’s loyalty program.

El Al says the uncertainty of the recovery has necessitated reducing its fleet from 45 to 29 aircraft, and he says further “painful” downsizing and employee compensation will need to be addressed.

It also recalls that the carrier must maintain “significant activity” in order to maintain the value of its loyalty program. El Al says a number of large companies have expressed interest in the project.

Beware of New VISA Credit Card Phone Scam: Kingston Police – Kingston


If you get a phone call from VISA, you might want to think twice about who you’re talking to.

Kingston Police are warning the public of a recent phone scam in the area that works like a bogus VISA call.

Read more:

Threesome Arrested After ‘Elaborate’ Ontario Box Store Scam: Kingston Police

“A suspicious robocall indicates that it is VISA’s security department calling, then indicates that there have been fraudulent transactions made on your account that need to be rectified,” Kingston police said in a statement. hurry.

“Since the initial call is automated, you are then asked to press a number that takes you to a live operator, who is actually the scammer. “

Police said the scammer would then attempt to obtain personal information while posing as a representative of the VISA credit card security department.

The story continues under the ad

Read more:

Guelph Police say woman lost $ 5,500 in romance scam

If provided with personal information, the fraudster could use it to steal the victim’s identity or use it for financial gain.

“Kingston Police are warning the public to avoid providing personal information to these scammers, which may include your social insurance number, credit card or banking information, or your name and address,” the statement said. .

“Just hang up the scammer after indicating that you will report the incident to the police. If calls persist, contact Kingston Police to report the incidents. “

If you have been the victim of this scam, you can contact Kingston Police at 613-549-4660 or you can complete an online report on their website.

Click to play the video:

How to protect your personal data from hackers

How to Protect Your Personal Data from Hackers – July 30, 2019

© 2021 Global News, a division of Corus Entertainment Inc.

East Moline Gets Near ‘Dumpster’ Credit Rating Due to Pension Plan


East Moline got a credit rating just two notches above “trash,” after voting to withdraw more than $ 40 million in bonds, to pay police and firefighter pensions.

EAST MOLINE, Ill. – East Moline received a credit rating just two steps above “trash” after the city voted to approve general obligations for police and firefighters’ pensions.

Moody’s Investors Service said the move involved risks and increased East Moline’s chances of an investment loss, but said the rating had been revised to stable from negative.

On September 7, the city voted for $ 41.2 million in general bonds, at historically low interest rates, to cover unpaid police and firefighter pensions. The idea is to invest the bonds and then hopefully get a 4-7% return on your investment.

Currently, East Moline has nearly $ 18.3 million in unfunded firefighters’ pensions, as well as around $ 22 million for the police. According to the 2011 reforms of the Illinois public workers’ retirement system, city governments must fund 90% of these liabilities by 2040.

RELATED: East Moline Considering $ 40 Million Bonds to Pay Police and Fire Department Pensions

A financial report from Baird found that at its current rate, the city is expected to contribute $ 3,030,100 into the pension fund this year, with that amount increasing each year. By 2039, East Moline would be paying $ 6,772,300 per year just to meet its deadline and the necessary funds.

City administrator Doug Maxeiner argues that with the bonds invested, East Moline will pay a fixed rate of $ 2.8 million per year, without raising taxes. By the 2040 deadline, those numbers show nearly $ 30 million in savings, as opposed to an increase in annual payments.

However, the move comes with risks, which could impact future investments in the city, according to Thread points, an Illinois improvement nonprofit research and commentary group.

“Moody’s gives East Moline a credit rating by saying, hey, that’s two notches from junk. That’s a really bad rating,” said Ted Dabrowski, president of Wirepoints. “This is a very bad signal for a very bad idea.”

Dabrowski argues that municipalities should never contract bonds against taxpayer money to gamble on the stock market.

“It’s a risk that Moody’s doesn’t like,” he said. “This increases the cost of borrowing for East Moline in the future. If the city were to ever struggle, it could lose its ability to borrow when it needs the money the most.”

He also said it sends a worrying signal to investors.

“They are saying, why do I want to invest in a city which is about to be considered junk and which borrows a lot of money and gambles with taxpayers’ money,” he said. “Think of it like a credit score, the worse your credit score, the more interest you have to pay. The worse your credit score, the less you can borrow in the future. The lower your credit score, the less people trust you – or businesses trust you. ”

Instead, Dabrowski is in favor of cities like East Moline that are working to change the law and push the Illinois government to find a new solution to the state’s retirement problems.

“What you do is fund pensions, but then put taxpayers at the mercy of the $ 40 million,” he said. “If the stock market crashes, guess who will be responsible if it doesn’t work out? Ordinary people in East Moline.”

In a statement, East Moline City Administrator Doug Maxeiner said the city is moving in the right direction, regardless of the credit score report:

“I am disappointed with the downgrade of Moody’s and do not feel it reflects the current state of the financial affairs of the town of East Moline. They based their downgrade on pension charges. and the high costs of the OPEB (other post-employment benefits) The Obligation to Retirement The bonds (POBs) that we are preparing to issue are an effort to stabilize the growing burden of pensions through debt servicing. leveled to address these concerns. help reduce our OPEB liabilities. We are confident that we are moving in the right direction regardless of Moody’s rating decision. In addition, I would like to emphasize that Moody’s position on POBs is neutral, recognizing the effort to stabilize growing pension burdens while also recognizing the risk investment of the strategy. “

Taking out bonds, with the intention of investing, is nothing new to cities and counties.

Rock Island County was considering a similar move earlier this week, as officials debated underwriting $ 30 million in bonds to cover unpaid retirement funds.

RELATED: Rock Island County Board Plans To Borrow $ 30 Million To Help Unfunded Pensions

However, on Thursday morning, Rock Island County Administrator Jim Snider revealed those talks had been tabled. In a statement to News 8, he said:

“Our closer examination of our actuary this week, our unfunded IMRF retirement liability appears to have fallen to around $ 2 million instead of the estimated amount report last Tuesday of $ 23.7 million. This is due to the very Recent strong stock market performance of our estimated IMRF funding level. Obviously, future stock market performance could lead to an increase in this unfunded portion. However, at this point there is no need to further examine the POB.

The county had processed funds through the Illinois Municipal Retirement Fund (IMRF) and said the unfunded portion was deemed negligible. Snider said there was no longer a need to consider a general obligation (POB), due to the outperforming IMRF stocks.

“Our returns on investment have improved dramatically,” he said. “This unfunded level always fluctuates with the stock market. Due to the confirmation of IMRF’s investment level, at this point the market performance has – to date – eliminated this unfunded liability.”

RELATED: Stay In The Know With WQAD Online

FreedomPlus Personal Loans 2021 Review – Forbes Advisor


The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how FreedomPlus personal loans stack up against other popular lenders:

FreedomPlus vs. SoFi

SoFi personal loans start at $ 5,000 and go up to $ 100,000 depending on the purpose of the loan, making them much more flexible than the loans available through FreedomPlus. And, while SoFi APRs (around 6% with auto-pay) start near the minimum rates available through FreedomPlus, they only peak at around 20% with auto-pay, about 10 points lower than the maximum APRs of. FreedomPlus. SoFi also doesn’t charge origination fees, which sets it apart from the more expensive FreedomPlus loans.

Related: Review of SoFi Personal Loans

FreedomPlus vs. LightStream

LightStream personal loans range from $ 5,000 up to $ 100,000, double that available through FreedomPlus, depending on the purpose of the loan. Additionally, LightStream APRs start below 3% with automatic payment for some loan purposes and only go up to around 20%. For these reasons, LightStream is the most flexible and cost effective option for qualified borrowers who want to access large loans at competitive rates.

As with FreedomPlus, LightStream’s loan terms start at just two years, but go up to 12 years, depending on the loan size, its purpose, and the borrower’s creditworthiness. Additionally, LightStream does not charge origination fees, further increasing the savings available over FreedomPlus personal loans.

Related: LightStream Personal Loan Review

FreedomPlus vs. To improve

Upgrade offers personal loans to borrowers with a minimum credit score of just 580, even lower than the minimum score required by FreedomPlus. Plus, Upgrade offers the same maximum loan amount as FreedomPlus — $ 50,000 — and borrowers can access minimum loan amounts of just $ 1,000 and loan terms of up to seven years.

Nonetheless, Upgrade charges origination fees of between 2.9% and 8% of the loan amount (higher than those charged by FreedomPlus) and maximum APRs of about 36% (about six points higher than the maximum APR of FreedomPlus).

Related: Personal Loan Review Upgrade

Buy now, pay later, without reducing credit card loans, says TransUnion


Computer chips can be seen on newly issued credit cards in this illustrative photo taken in Encinitas, Calif. On September 28, 2015. REUTERS / Mike Blake

Sept. 23 (Reuters) – Borrowers who request “buy now, pay later” or other point-of-sale financing tend not to pay off their credit card debt as much as the general population, the general population said on Thursday. credit reporting company TransUnion.

The finding, from a new study, says credit card lenders may not have lost as much business as suspected during the pandemic due to the rise of ‘buy now, pay’ plans. later “.

“These new forms of financing increase the credit pie, opening up more opportunities for consumers and lenders,” said Liz Pagel, senior vice president of consumer loans at TransUnion (TRU.N).

The study looked at the credit profiles of more than 4.5 million people who applied for point-of-sale financing from October 2019 to March.

TransUnion found that a smaller portion of those who applied had reduced their card debt, 54%, compared to 60% of the general population. Some 20% increased their card debt by more than half.

Although fintech companies have lured buyers with additional means to borrow, the big banks have continued to predict that card loan income will rise as card balances rebound after being paid off during lockdowns in the market. coronavirus.

The study did not determine how much additional card lending banks lost to “buy now, pay later”.

In a separate TransUnion survey in August, a third of people who had used a “buy now, pay later” plan said they would have used a credit card had the plan not been available.

Those who apply do not appear to increase the risk of losses on existing loans, TransUnion said. The delinquency rates on their credit cards six months after their application were only slightly lower than the general population at 3.2% from 2.7%.

“It doesn’t seem, at this point, that consumers are leaning on themselves,” Pagel said.

Reporting by David Henry in New York Editing by Mark Potter

Our standards: Thomson Reuters Trust Principles.

Debt Consolidation vs. Debt Settlement – What Are The Main Differences?


There are many reasons why people go into debt. These could be necessary expenses such as hospital visits, repairing a car in the event of an unexpected breakdown, or home repairs that need to be done. Whatever the reason, it’s easy to fall behind if you don’t have the money. Debt consolidation and debt settlement are among the most popular ways for people in debt to cope. Before deciding what to do next, you should know the difference between the two options.

1. Interest rates on credit cards

The main difference between debt consolidation and debt settlement is their impact on your credit cards. Debt consolidation means you take out a new loan with which you pay off your existing credit card balances, usually at zero percent or low interest rates.

This leaves you with one payment per month and allows you to pay off the debt faster. People generally find deadlines important when they think about ways to reduce credit card debt because they want to pay off all their debts within a certain period. Most financial institutions will allow you to consolidate your credit card debt without negatively affecting your credit rating.

When you go for debt settlement, you contact your creditors and negotiate a balance or a lower interest rate. This often results in many different payments, which takes longer to pay off the full amount of debt. While it doesn’t affect your credit score, it could prove to be more costly in the long run as you may have to pay more money in fees.

2. Availability of funds

Another difference between debt consolidation and debt settlement is whether your credit cards are available after you have paid off your debts, which depends on how they are settled.

With debt settlement, you are not allowed to use your cards while negotiating new terms with the creditor. This means that you will have to save for the most part like groceries, rent, bills and transportation until your debt situation is resolved. There are ways to avoid this, like setting up a separate bank account for your bills and essentials.

With debt consolidation, after you have paid off all of your credit card debt using a new loan, you are free to use your cards again. Keep in mind that rebuilding your credit can take some time, so be sure to use the accounts responsibly.

3. Legal implications

Debt settlement is not legal in all states in the United States, which means that when you use this process to pay off your debt, there could be negative consequences if the creditor decides to sue you for an unpaid debt. .

You should always consult with a lawyer or financial professional before deciding to settle debts with a creditor. Debt settlement is legal in most states, although some have rules against the process, so it is important for research carefully this option before using it. There are also no written rules on how debtors should deal with a debt settlement provider.

With debt consolidation, there are legal limits and written rules on how the process should take place. This reduces the risk of problems between you and your credit card company, such as lawsuits or demands for repayment after you’ve paid off your debts in full.

4. Tax implications

Consolidation and debt settlement affect taxes in different ways. Debt settlement does not have a tax impact while debt consolidation can have a negative impact on your taxes.

If you use a loan to pay off your existing debt, any interest you pay on the new loan will be considered taxable income by the IRS. You can deduct these interest payments if you itemize your deductions. If you decide to use tax relief services to help you with your debt consolidation loan, the IRS may treat that as income and charge you taxes on it. You should always consult a professional before deciding how to handle debt that negatively affects your ability to pay taxes.

5. Credit score

When you use debt settlement to pay off your debts, negative information may stay on your credit report for up to 7 years. This can make it more difficult for you to get loans and other lines of credit in the future.

With debt consolidation, you take out a new loan to pay off your old ones. This loan may appear on your credit report as another account you have with the lender. It can help improve your credit score because it shows lenders that you are paying your bills responsibly.

6. Foreclosure

One of the benefits of debt consolidation is that you can keep your home if it gets foreclosed. This can be beneficial if you want to stay in the house or sell it quickly, but it means there may be additional interest on top of what you already owe.

If you choose to use debt settlement, your creditor will expect the amount of money you owe to be paid in full, which means you’ll likely lose your home if you can’t afford it. . However, this process is not always permanent and many people are able to negotiate with the creditor to keep their home through debt settlement afterwards.

7. Credit counseling

Some creditors require credit counseling before letting you get into debt repayment plans using debt settlement. Counseling will help you understand your current financial situation and what you can do to improve it, which can make it easier to pay off your debts in the future.

Debt consolidation does not always include advice, but some creditors require it before approving debt consolidation loans. This helps you work with a proactive lender who knows your financial situation, which can make it easier for them to help you pay off your debts.

Although debt consolidation and debt settlement both offer a way out of debt, there are significant differences between them. Before deciding on the right approach for you, it is best to consider your financial situation and discuss these matters with an expert such as a lawyer or an accountant to find the best way to manage your debts. Things can get a little overwhelming right now, so write down a list of questions you want to ask before choosing between debt settlement or consolidation so that you know what you are getting into if you are considering going through it. one of these options.

NYSE: First Trust Water FIW ETF Dividend Announcement $ 0.0828 Per Share


The First Trust Water ETF (NYSE: FIW) on 9/22/2021 declared a dividend of $ 0.0828 per share payable on September 30, 2021 to shareholders of record on September 24, 2021. The dividend amount recorded is a decrease of 0 .0159 $ compared to the last dividend paid.

The First Trust Water ETF (NYSE: FIW) has been paying dividends since 2007, has a current dividend yield of 0.4149377644% and has increased its dividends for 2 consecutive years.

The market capitalization of First Trust Water ETF is $ 1,301,400,000 and has a PE ratio of 0.00. The stock price closed yesterday at $ 86.76 and has a 52 week low / high of $ 57.59 and $ 92.01.

First Trust Water ETF is an investment company with variable capital. The Fund seeks investment results which generally correspond to the price and performance of a stock market index called the ISE Water Index (the Index). The Index is a modified market capitalization weighted index composed of 36 stocks that derive a substantial portion of their income from the drinking water and wastewater industries. The Fund will normally invest at least 90% of its assets in the common stocks that make up the Index. As at December 31, 2009, the total assets of the Fund were $ 37,515,833 and the Fund’s investment portfolio was valued at $ 37,431,003.

For more information on the First Trust Water ETF, click here.

The current dividend information for the First Trust Water ETF as of the date of this press release is:

Dividend declaration date: September 22, 2021
Ex-dividend date: September 23, 2021
Dividend registration date: September 24, 2021
Dividend payment date: September 30, 2021
Dividend amount: $ 0.0828

As families report delays in child tax credit payments in September, IRS says it’s “looking into” what happened – CBS Pittsburgh


PITTSBURGH (KDKA) – Some families who expected to receive a child tax credit a week ago still haven’t received it.

Remember the early child tax credit, a key part of President Joe Biden’s US bailout? It provides money each month to millions of American families.

READ MORE: Nevada man who admitted driving to West Mifflin for having sex with 15-year-old girl sentenced to 6.5 years in prison

The program started with payments in July and August, with no major issues so far.

“July and August arrived, we had no problems,” said Chamar Clary of Ben Avon. “But last Wednesday, when we were due to receive this month’s one, it still says we’re eligible, but we haven’t received it yet.”

Clary, her husband and their 5 year old are pretty typical of what KDKA has heard from many locals – the September filing is late causing stress for many.

“It’s pretty important to us because I worked my budget around it this month because it was so reliable over the past couple of months, and it has been marketed as being a reliable source of income for us, ”Clary said.

READ MORE: Somerset County District Attorney Jeffrey Thomas arrested and charged with rape

At $ 300 per month for kids under 6 and $ 250 for kids up to 11, the dollars add up. A parent of four told KDKA he was seriously missing the $ 1,000 he was supposed to receive last week.

An IRS spokesperson did not go on camera to talk about what happened, but sent a statement saying:

“We are aware of instances where some people have yet to receive their September payments. . . The IRS is currently reviewing this situation and we will share more information as soon as possible.

CBS learned that last month about 15 percent of those who get direct deposits were somehow switched to checks in the mail, which obviously takes longer to receive. Clary is hoping the IRS will pass soon.

“I know they’re probably overworked right now and so late for tax season and issuing all the COVID stimulus payments, but hopefully they will be able to to get the problem under control and let people know what they were told they were going to get, ”Clary said.

NO MORE NEWS: Defense seeks to ban death penalty against Pennsylvania man accused of hiding death of 16-month-old girl

If you do not receive your Child Tax Credit payment deposited in your bank or in the mail within a week, call the local congressman’s office for assistance.

Affordable Debt Consolidation in Texas Offers Debt Relief for Texans



Tim Wilkins of Affordable Debt Consolidation joined Studio 512 co-host Stephanie Gilbert to talk about debt and how some programs can help.

“Many Texans have suffered financially from the pandemic and are now grappling with crushing credit card debt and personal loans. Sometimes it can seem impossible to pay off the debt because of the high interest. Others are struggling to make minimum payments or have fallen behind in payments. For those who have missed payments for several months, many lenders are suing the Texans in an attempt to collect the debt. “

Non-Texas Debt Relief Companies

“There are many out-of-state debt relief companies that advertise on the Internet and on cable TV. Unfortunately, many Texans find themselves with high fees and broken promises. Affordable Debt Consolidation is a registered DBA of Debt Redemption Inc., a Texas-based company dedicated solely to providing solutions to Texans who struggle with tens of thousands of credit card or personal loan debt.

Below are options that might help you solve your debt problems:

Texas Debt Consolidation Loans

“Using a low interest debt consolidation loan to pay off high interest credit card debt can be a great way to manage your finances better. You may be able to save a lot of money each month and pay off the debt in a few years instead of decades. Unfortunately for many people, these loans can be difficult to meet the qualification requirements. Lenders expect a very high credit score and low debt to income ratio to reduce their risk when offering an unsecured loan to pay off a large chunk of credit card debt. Applying to multiple lenders can be frustrating. Affordable Debt Consolidation is not a lender, but rather offers an affiliate platform to buy from dozens of lenders who provide debt consolidation loans to Texans. There is no charge to review offers, and it will not affect your credit score.

Texas Credit Counseling

“A credit counseling debt management plan can be a good option for people who are not eligible for a debt consolidation loan because there is no need to be eligible or take out new loans.” . A credit counseling program is considered a hardship plan and will generally reduce credit card interest rates to 10% or less. Any credit counseling or debt relief plan is not designed to allow you to keep making changes while you are registered. Usually our monthly payments will be lower than the minimum payments in a credit counseling plan, and they are designed to pay off debt in about five years. Affordable Debt Consolidation uses a nonprofit debt management partner for clients who feel this is the best option for their situation.

Texas Debt Relief

“This is often the best option for those who are really in trouble and want to pay off their debts as quickly as possible for as little money as possible without bankruptcy. These programs are not new loans or credit counseling programs, and you do not pay your creditors on a monthly basis. Instead, you deposit your program payment into an FDIC Special Purpose Savings Account while each account is negotiated and settled one by one, to the minimum possible. The monthly program can cost less than half of the minimum payments, and the programs are typically structured for an estimated duration of 2 to 4 years, depending on your budget. Affordable Debt Consolidation can also help Texans who are now facing lawsuits against creditors. One of their debt specialists in Texas can discuss your situation and help you decide which option is best for you. Upon request, Affordable Debt Consolidation can also refer you to Texas Bankruptcy attorneys if you decide not to pursue a non-bankruptcy debt solution.

“If you have credit card debt or personal loans, call 800-816-1003 or visit AffordableDebtConsolidation.org to speak to a Texas Debt Specialist. You will learn about credit counseling, debt relief, and debt consolidation options in Texas. Affordable Debt Consolidation Telephone or office consultations in Texas are free and without obligation. Due to COVID-19, in-person consultations may not be available in all locations. “

This segment is paid for by Affordable Debt Consolidation and is intended as an advertisement. The opinions expressed by guests on this program are solely those of the guests and are not endorsed by this television station.

The surprising way to save money on your mortgage


The Delta variant of the coronavirus has caused an increase in COVID-19 cases, and some businesses have stepped up, encouraging Americans to get a hit by offering perks like free food and drink. Meanwhile, some states have opened lotteries to motivate people to get vaccinated. And now a mortgage lender is joining their ranks.

6 simple tips to get a 1.75% mortgage rate

Secure access to The Ascent’s free guide on how to get the lowest mortgage rate when buying your new home or refinancing. Rates are still at their lowest for decades, so act today to avoid missing out.

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Get vaccinated, save money

Neat Capital announced that it is giving a rebate of $ 500 to new mortgage applicants and refinancing applicants who provide proof of a coronavirus vaccination. That $ 500 comes from borrowers’ closing costs, which can typically be 2% to 5% of a given loan amount. The lender extends this bonus to unvaccinated borrowers who present valid proof of a medical or religious exemption to be vaccinated.

Obviously, saving $ 500 on closing costs is a great incentive for borrowers looking for a new mortgage or refinancing. But this is not the only way to save money when taking out a mortgage.

Other ways to save

A good way to reduce your mortgage costs, whether it’s interest rate or closing costs, is to shop around with lenders. Often times, one lender is more competitive than another on interest rates, closing costs, or both. The more offers you collect, the easier it is to see which loan choice makes sense.

You can also save money on the interest rate on your mortgage if you have a good credit rating. Typically, borrowers with a credit score between 700 and 700 or higher have the best rates. If your credit score might take some work, you can improve it by paying all of your bills on time, paying off certain credit card balances, and correcting errors on your credit report.

In the meantime, there is another step you can take to save money on your closing costs, which is talking and negotiating. While some closing costs are not set by lenders (for example, prepaid property taxes required at closing), other costs may come with some wiggle room. For example, lenders regularly charge origination and loan application fees, which they can often reduce the waiting time for applicants.

You may also be able to reduce your mortgage closing costs by using your own appraiser rather than your lender. But make sure your lender is ok with this before you go ahead. (If you are refinancing, you may not need an appraisal to finalize your loan, although in some cases you will.)

Be protected and rewarded

Now that the FDA has approved the Pfizer vaccine, more people can feel comfortable getting the vaccine. And getting the vaccine could do more than protect your health – it could also mean significant savings on a home loan.

US sanctions SUEX cryptocurrency exchange for helping ransomware gangs


The U.S. Treasury Department on Tuesday imposed sanctions on the Russian cryptocurrency exchange Suex for helping to facilitate and launder the transactions of at least eight ransomware variants as part of the government’s efforts to quell an increase in ransomware. ransomware incidents and make it difficult for bad actors to take advantage of them. such attacks using digital currencies.

“Virtual currency exchanges such as SUEX are critical to the profitability of ransomware attacks, which help fund additional cybercriminal activity,” the department said in a press release. “Analysis of known SUEX transactions shows that over 40% of the history of known SUEX transactions is associated with illicit actors. SUEX is appointed under Executive Order 13694, as amended, to provide material support to the threat posed by criminal ransomware actors. “

According to blockchain analytics firm Chainalysis, SUEX is legally registered in the Czech Republic and operates from offices in Moscow and St. Petersburg, with the 25 exchange depository addresses receiving more than $ 481 million in Bitcoin since its entry. active as of February 2018. A substantial portion of these transfers – amounting to nearly $ 162 million – come from ransomware operators such as Ryuk, Conti and Maze, cryptocurrency scam operators, darknet and high risk trading markets.

Cryptocurrency exchange in the United States

The development marks the first example of such action against a virtual currency exchange and follows a wave of devastating ransomware attacks that have increased in frequency and severity, hampering critical infrastructure and many entities in recent months and by posing a threat to economic and national security. In 2020 alone, ransomware payments are said to have totaled more than $ 400 million, more than four times that of 2019, with virtual currencies becoming the primary vehicle for making transfers and associated money laundering activity.

Ransomware refers to malware designed to block access to computer systems, often by encrypting data or programs to extort ransoms from victims in exchange for decrypting and restoring access to their systems or data. This also comes with a threat to publicly disclose the targets’ sensitive files in a technique called double extortion.

“These payments are only a fraction of the economic damage caused by cyber attacks, but they underscore the goals of those seeking to militarize technology for personal gain,” the Treasury Department added.

Corporate password management

Officials also highlighted the role of virtual currencies in furthering illicit activity through trading, mixing and peer-to-peer exchanges, not to mention helping evade sanctions, implement programs. ransomware and other financially motivated cybercrimes, making these technologies ripe for exploitation by bad actors. However, in the case of SUEX, this helped facilitate illegal activities “for their own illicit gain”.

Cryptocurrency exchange in the United States

In addition to freezing all of the designated target’s real estate assets that are subject to US jurisdiction, US citizens are generally prohibited from transacting with sanctioned entities, and financial institutions that engage in certain activities with them could. themselves face sanctions or coercive measures.

Additionally, the United States Office of Foreign Assets Control (OFAC) issued an updated advisory on potential sanction risks resulting from a settlement with ransomware actors, urging victims and related companies not only to to refrain from paying ransoms, but also to “report these incidents to and fully cooperate with law enforcement as soon as possible.”

“Shutting down cryptocurrency-based money launderers is one of the most important strategies to tackle cryptocurrency-related crime,” Chainalysis said. “It all comes down to incentives. If cybercriminals have no way of moving ill-gotten cryptocurrency to services where it can be stored safely or converted to cash, there is much less reason for them to ‘use cryptocurrency in the first place. “

Your direct debit / credit card debit may fail from next month if not approved


Do you use your debit / credit card or mobile wallet for recurring direct debit payments? If so, be aware that from October 1, as mandated by the Reserve Bank of India (RBI), banks and other financial institutions will need to require customers to provide additional factor authentication if the direct debit mandate for payment is above Rs 5,000.

As of October 1, 2021, under the new additional factor authentication rules, a bank is required to notify the customer at least 24 hours before the direct debit payment is taken and to authorize debit only. after the customer confirmed it. The pre-transaction notification will be sent by SMS, email, etc. The notification will inform the cardholder of the name of the merchant, the amount of the transaction, the date / time of the debit, the reference number of the transaction / electronic mandate, the reason for the debit, i.e. ie, e-money order registered by the cardholder. The cardholder will have the option of opting out of this particular transaction or the electronic mandate.

You need to make sure that your correct mobile number is linked to your debit / credit cards so that you can receive a notification for approval.

However, note that there will be no impact of the new rule on your mutual fund SIP, insurance premiums, and other recurring payments if the standing direct debit instruction is from your bank account.

What type of payments will this have an impact?

This new rule will impact users who have given direct debit mandates for recurring payments from their debit / credit cards and / or mobile wallets for payments such as subscribing to OTT platforms such as Netflix, Amazon Prime, music apps like Spotify, Apple Music, payment of mobile phone bills, insurance premiums, utility bills, etc.

Keep in mind that additional factor authentication will be required for recurring transactions and not for “one-time” payments. Standing instructions must be for payment from your debit / credit card. For example, so far Netflix asks you to provide your debit / credit card details that the subscription fee is debited on the 8th of each month.

As mentioned above, additional factor authentication does not apply to automatic debit transactions below Rs 5,000. Any recurring payment over Rs 5,000 will require customer approval before being charged to their card. debit / wallet and debited from bank account / wallet.

Extended deadline for banks

The additional factor authentication for the aforementioned payments was due to go into effect from April 1, 2021. However, since many large banks such as HDFC Bank, ICICI Bank, State Bank of India (SBI) failed to comply The standard, the RBI extended the date by six months. Thus, a new rule will now come into force from October 1, 2021.

The Central Bank, in its circular dated March 31, 2021, said any further delay in ensuring full compliance with the framework beyond the extended deadline would result in strict prudential action.

HDFC home loans start at 6.7%, linked to credit score


Mumbai: HDFC said its home loans would start at 6.7% on all loan tranches and for all clients with a credit score of 800 and above, regardless of profession. The prices are part of a festival program for those who receive a disbursement before the end of October.
As a result of this revised policy, salaried borrowers could see their interest rates drop by 45 basis points (100 basis points = 1 percentage point) and creditworthy independent borrowers seeking loans above 75 lakh of Rs would see their interest charges drop by up to 60 basis points. .
HDFC has traditionally imposed higher interest rates for independent borrowers. HDFC CEO Keki Mistry told TOI that liquidity continues to be good and demand for housing remains strong. “Individual home loans in June were 79% higher than in May and July 14% higher than in June and 64% higher than in July of last year and the momentum continues to remain strong,” said he declared.
HDFC notes that demand is widespread, including in cities, where prices have been stable since 2017. “Several factors are increasing demand. Goods prices have generally not increased in Mumbai and Delhi, as income levels have risen over the past three years. Plus, interest rates are at an all time low, ”Mistry said. He added that there is also a feel-good factor as the stock markets are at an all time high which has improved confidence. “The Covid factor which increases the demand for larger homes, due to the fact that several family members have to work from home, continues to support the demand,” he said.

UW system returns to pre-pandemic in-person training levels for fall 2021


MADISON, Wisconsin — University of Wisconsin System President Tommy Thompson today announced that the system has returned to pre-pandemic levels of in-person undergraduate education for fall 2021, while also giving prioritizing the health and safety of the campus community.

System-wide, 85 percent of undergraduate courses are taught in person, he said. This exceeds the 75% target that Thompson set in February in a 2020-21 academic year in which more courses than usual were taught remotely due to the COVID pandemic. 19.

Thompson also announced that several universities are far above the 75 percent threshold and that 12 of the 13 universities in the system are meeting the threshold.

“Every student I talk to wants to be back in class, and that’s where it belongs,” Thompson said. “There is so much enthusiasm on the campuses I visited this fall. I thank the staff, faculty and administrators for making this possible and achieving this goal while putting the health and safety of students and employees first.

The percentage of undergraduate courses held in person in fall 2021 by university:

  • UW-Eau Claire, 87 percent
  • UW-Green Bay, 78 percent
  • UW-La Crosse, 94 percent
  • UW-Madison, 93 percent
  • UW-Milwaukee, 79 percent
  • UW Oshkosh, 82 percent
  • UW-Parkside, 79 percent
  • UW-Platteville, 93 percent
  • UW-River Falls, 83 percent
  • UW-Stevens Point, 82 percent
  • UW-Stout, 75 percent
  • UW-Superior, 65 percent
  • UW-Whitewater, 83 percent

Much of the UW-Superior course was online by design before the pandemic and will remain so in fall 2021. Every UW-Superior course that is taken remotely in fall 2020 has been delivered in person for fall 2021. .

Universities regularly offer fully online course offerings in addition to in-person courses. The exact percentage of a university’s in-person classes matches its programs, missions, and goals.

Of the 85 percent of undergraduate courses conducted in person, 80 percent are taught entirely in person and five percent are hybrids having a substantial and required face-to-face component with an online portion.

Concord man sues Carvana for allegedly managing his credit months after purchase – WSOC TV


CONCORD, NC – A Concord man is suing Carvana after he said the car dealership ran out of credit several times after buying a car from the company.

Art Hill told Action 9 investigator Jason Stoogenke that he bought a BMW from Carvana in 2019.

“It was a pretty transparent process,” he said.

Hill regularly checks his credit report and said he noticed “a bunch of entries for Carvana”.

According to Hill, Carvana ran her credit three times eight months after buying the car, and then two more times four months later. “I was pretty shocked,” he said.

Hill checked and found this on the company’s website:

“By clicking on ‘GET MY FUNDING TERMS’, I give Carvana written consent to obtain, now and periodically, consumer credit reports (reports) about me from consumer reporting agencies to show current and future credit products and services for which I prequalify when financing with Carvana. I understand that this authorizes Carvana to obtain multiple reports, which may appear as a request on my report, but will not impact my credit score This authorization will expire when my current account is terminated, unless I revoke earlier by contacting Carvana at [email protected]

Hill said credit checks had no impact on his score, but reached out to Action 9 so others could be notified.

“I hope this interview will at least help North Carolina consumers spot these things,” Hill told Stoogenke.

He is also suing Carvana, hoping the company will change the way it treats customers’ private information.

“It’s the language they speak. It’s the only way they’re going to understand, so I just did what I had to do,” he said.

Stoogenke offers you these tips to protect yourself:

Read the fine print – make sure you know the dealer’s policies.

Keep a close eye on your credit – all three credit bureaus offer a free report every year, so get it done for free. Distribute claims to cover the whole year for free.

If you are dealing specifically with Carvana, you can opt out of credit checks.

Stoogenke emailed and called Carvana for a response, but did not get a response in time for this report.

(WATCH: Why credit card companies are lowering the limits and what you can do about it)

Manage credit card debt the right way


Recent studies show that 37% of Americans have less than $ 1,000 in their emergency savings, and 13% have no emergency savings at all.

CHARLOTTE, North Carolina – An alarming 53% of Americans are currently in credit card debt, with an average balance of around $ 5,000. But there is good news to report in that number: fewer people are taking on more debt, even with the ongoing COVID-19 pandemic.

That being said, debt can still really undermine financial health: recent studies show that 37% of Americans have less than $ 1,000 in emergency savings and 13% have no emergency savings. Credit card debt can be both good and bad; credit cards help create credit, but the downside to not paying it off is the high interest rates.

“You can save a lot of money”: How to lower the interest rate on your credit card

“We are also seeing an increase in the ‘buy now, pay later’ trend,” said Ted rossman with Bankrate.com. Bankrate experts study all kinds of financial trends, including debt trends.

“The 0% balance transfer cards were a bit gone, but they’re making a comeback,” he said.

RELATED: US to write off $ 5.8 billion in student loans for people with severe disabilities

With good credit, you can get a personal bank loan consolidate debts and pay around 5% interest, which is less than usual; average credit card interest rates are around 16.2%. You can get an interest free card, but read the conditions carefully. If you don’t pay it back on time, a high interest rate will apply.

“You just need to be disciplined about it,” Rossman added.

The keyword: discipline. It’s fun to get into debt, but it’s much worse to try to get rid of it. It is painful and it takes a long time. You have options, start by figuring out how many and for how long.

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WCNC Charlotte always asks “where’s the money?” If you need help contact the Defenders team by sending an email [email protected].


KBRA assigns preliminary ratings to Bayview MSR Opportunity Master Fund Trust 2021-INV4 (BVINV 2021-4)


NEW YORK–(COMMERCIAL THREAD) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 44 categories of Bayview MSR Opportunity Master Fund Trust 2021-INV4 (BVINV 2021-4) Mortgage Transfer Certificates. The transaction is mortgage-backed for qualifying investment purposes by leading agencies. The BVINV 2021-4 pool comprises 2,463 fixed rate first residential mortgages with a total principal balance of $ 761.2 million as of the September 1, 2021 deadline. The pool is characterized by significant equity of the borrower in each mortgaged property, as evidenced by the initial WA LTV of 63.6% and the initial WA CLTV of 63.7%. The initial weighted average credit score is 771, which is well within the range for prime mortgages.

KBRA’s scoring approach included a loan-level analysis of the mortgage pool through its RMBS credit model, a review of the results of due diligence of third-party loan files, a cash flow modeling analysis of the payment structure of the transaction, reviews of key parties to the transaction, and an assessment of the legal structure and documentation of the transaction. This analysis is described in more detail in our US RMBS rating methodology.

Click on here to view the report. To access the assessments and relevant documents, click on here.

Related publications


Further information on key credit considerations, sensitivity analyzes that examine the factors that may affect these credit ratings and how they might lead to an upgrade or downgrade, and ESG factors (where they are a key factor in changing the credit rating or rating outlook) can be viewed in the full rating report mentioned above.

A description of all substantially significant sources that were used to prepare the credit rating and information about the method (s) (including significant models and sensitivity analyzes of the relevant key rating assumptions, if any) used to determine the credit rating is available in the information disclosure form (s) located here.

Information on the meaning of each rating category can be located here.

Further information relating to this rating measure is available in the information disclosure form (s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures can be found at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a credit rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a credit rating agency with the UK Financial Conduct Authority under the temporary registration regime. In addition, KBRA is appointed as the designated rating agency by the Ontario Securities Commission for issuers of asset-backed securities to file a simplified prospectus or a shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a credit rating provider.

RateGenius launches Loan Finder, a new digital automatic refinancing tool


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Consumers can now purchase local auto refinance rates and monthly savings anonymously – no credit checks required

AUSTIN, Texas, September 21, 2021 (GLOBE NEWSWIRE) – RateGenius, one of America’s largest auto refinance loan providers, today announced a new feature that allows vehicle owners to view refinancing offers pre-qualified * without providing any personal information as they search RateGenius for a better car loan.

The service is the latest in RateGenius’ growing suite of digital financial products designed to help consumers and lenders by bringing ease and transparency to the vehicle refinancing process.

“One of the things that sets RateGenius apart from our competitors is our commitment to being transparent with our customers,” said Christian Lavender, Chief Product Officer. “Along with Loan Finder, this prequalification tool can provide consumers with a quick estimate of their potential savings without any personal information or a serious credit investigation.”

Loan Finder works by guiding the consumer through five simple, anonymous questions – credit level, zip code, monthly payment, auto loan balance, and remaining term – to match them to real auto refinance offers, broken down by best rates and monthly payments. Prequalification offers are provided by a network of over 150 lenders who work with RateGenius, allowing consumers to preview estimated auto loan rates before applying for refinancing.

Borrowers simply surrender rategenius.com/loan-finder to pre-qualify for free and with no impact ** on their credit rating.

“Customers are savvy and want to take ownership of the auto refinance buying experience,” Lavender said. “Buyers who are reluctant to provide personal information or get a thorough investigation of their credit report may miss out on opportunities to save hundreds or thousands of dollars on their auto loans. With Loan Finder, they answer questions to see auto refinancing deals available in their area before committing to begin the application process.

Like mortgage refinance rates, auto refinance rates have remained low throughout the year. In August 2021, auto refinancing interest rates fell to a new high, an overall average rate of 5.53%. The current average over the past 30 days for all loan terms and credit levels is 5.51%. Borrowers also save over $ 100 per month after refinancing their auto loans; in August, the average monthly savings were $ 102.62.

For up to date auto refinance rates for more loan terms, please visit: https://www.rategenius.com/auto-refinance-rates.

* Prequalification subject to credit check with participating lenders. Prequalification conditions are not guaranteed.

** Completing a fully automatic refinance request with RateGenius will result in one or more serious inquiries being posted on the consumer’s credit report.

About RateGenius
RateGenius is a tech company that has created a proprietary web-based platform that has helped hundreds of thousands of consumers nationwide refinance auto loans on better terms. Using its network of over 150 lenders, RateGenius has successfully facilitated over 400,000 loans worth over $ 9 billion. The LOS (Loan Creation System), educational content and customer experience-driven business approach of the company were instrumental in its success. The RateGenius online application is fast, simple and available from the comfort of your home at apply.rategenius.com.

About the Savings Group
The Savings Group, parent company of RateGenius and AUTOPAY, is the most diverse consumer market for auto finance, refinancing and protection plans. Through a network of more than 180 lenders in all 50 states, The Savings Group provides consumers with even more choices for their origination and refinanced auto loans, while ensuring loan volume growth to its network of lenders and clients. partners through an exclusive web platform. The combined company will facilitate more than $ 2 billion in auto finance transactions in 2021, with more than 550 employees between its office centers in Austin and Denver.

Media contact
Corbin Mihelic, CSG
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dea6d807-1cb8-4c0a-94d1-789140757b22

Towards a Better Future – Bulk Solids Handling


Lawn and Garden Consumables Market Outlook 2021

According to a new report released by Stratagem Market Insights titled, “Lawn and Garden Consumables Market By, Application, and End-Use: Global Opportunity Analysis and Industry Forecast, 2021-2027 ″. Latest developments, market size, status, upcoming technologies, industry drivers, challenges, regulatory policies, along with key company profiles and player strategies. The research study provides market overview, Lawn and Garden Consumables market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, industry chain, market analysis Market Effect Factors, Lawn & Garden Consumables Market Size Forecast, Market Data & Charts & Statistics, Tables, Bar & Pie Charts and many more for business intelligence.

The study also performs an elaborate industry-wide competitive analysis, highlighting the leading companies in the Lawn & Garden Consumables market that regulate a substantial part of the global market share and infer the outlook and prospects therefrom. beneficial obstacles to help the reader invest wisely.

For a better understanding, download a sample Lawn & Garden Consumables One-Step Report: https://www.stratagemmarketinsights.com/sample/38649

Our sample report includes:

  • 2020 Updated Industry Introduction, Overview, and In-Depth Analysis
  • Impact analysis of the COVID-19 epidemic included
  • Research report of over 190 pages (inclusion of updated research)
  • Provide chapter-by-chapter guidance on request
  • Updated regional analysis 2020 with graphical representation of size, share and trends
  • Includes updated list of tables and figures
  • The updated report includes major market players with their business strategy, sales volume, and revenue analysis
  • Facts and Factors Research Methodology

Major companies of Lawn & Garden Consumables Market included in the report are as given below (Evaluated on the basis of revenue, price, gross margin, product offerings etc):

Agrium (Nutrien) Inc., BASF SE, Bayer AG, Central Garden & Pet, DLF Seeds A / S, JR Simplot Company, Sakata Seed Corporation, Scotts Miracle Gro, Spectrum Brands Holdings Inc., Andersons Inc.

Global Lawn & Garden Consumables Market Segmentation:

Segmentation on the basis of type:

Fertilizers, Pesticides, Insecticides, Fungicides, Herbicides, Others, Seeds, Mulch, Others

Segmentation on the basis of application:

Residential, Commercial, Institutional

(Note: The sample in this report is updated with the COVID-19 impact analysis before delivery)

Inquire About This Report Before Purchase @ https://www.stratagemmarketinsights.com/quiry/38649

(You can request a report quote OR available discount offers from our sales team prior to purchase.)

The regions covered are:

  • North America (United States, Canada and Mexico)
  • Europe (Germany, France, United Kingdom, Russia and Italy)
  • Asia Pacific (China, Japan, Korea, India and Southeast Asia)
  • South America (Brazil, Argentina, Colombia, etc.)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria and South Africa)

To provide a clarified representation on current and upcoming market growth trends, the report provides the execution and attributes of the Lawn and Garden Consumables market which are analyzed on the basis of qualitative and quantitative process.

Main benefits for stakeholders:

  • Porter’s Five Forces Analysis helps analyze the potential of buyers and suppliers and the competitive scenario of the industry for strategy development.
  • It outlines current lawn and garden consumables market trends and future estimates from 2020 to 2027 to understand existing opportunities and potential investment pockets.
  • Major countries in the region have been mapped based on their individual contribution to regional Lawn & Garden Consumables market revenue.
  • The main drivers, constraints and opportunities and their detailed impact analysis are explained in the study.
  • The profiles of the key players and their key strategic developments are listed in the report.

Key questions answered in this report

Q1. What have been the pre and post-business impacts of COVID-19 on the Lawn & Garden Consumables market?
Q2. What are the key factors driving the growth of the Lawn & Garden Consumables market?
Q3. What will be the market value of lawn and garden consumables during the forecast period 2021 to 2027?
Q4. Who are the most established players in the global Lawn & Garden Consumables market?
Q5. Which industry is expected to increase the demand for the lawn and garden consumables market?
Q6. What will be the impact of the COVID-19 pandemic on the Lawn and Garden Consumables market in 2021?

This report includes the market size estimate for value (million US dollars) and volume (K units). Top-down and bottom-up approaches have been used to estimate and validate the market size of the Lawn and Garden Consumables market, to estimate the size of various other dependent submarkets in the overall market. Major market players were identified by secondary research, and their market shares were determined by primary and secondary research. All divided percentage shares and allocations were determined using secondary sources and verified primary sources.

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M2P Fintech acquires Wizi, the credit card supply start-up


M2P aims to strengthen the plug-and-play model of its platform with the acquisition of Wizi

The deal was said to have been a mix of cash and stocks and brings Wizi’s valuation to around $ 5 million

M2P aims to bring platform capabilities to the top 50 banks in India and potentially the rest of the world

The Fintech startup M2P Fintech has announcement its acquisition of the credit card sourcing start-up Wizi. With this acquisition, M2P aims to strengthen the plug-and-play model of its platform. Reports suggest the deal was a mix of cash and stocks, taking Wizi’s valuation to around $ 5 million.

Launched in 2014 by Madhusudanan R, Muthukumar A and Prabhu R, M2P Fintech is an application programming interface (API) infrastructure startup that allows companies to integrate financial products into their clients’ journey in the framework of links with banks and other institutions. The company claims to have enabled more than 200 customers to date. M2P’s customer base includes technology companies such as Slice, Cred, Ola, Razorpay and others.

Founded in 2019, Wizi promotes itself as a great app for credit cards, allowing consumers to use new credit cards online, manage their existing cards, track payments and more. Wizi provides the provisioning and management of credit card services and claims to have nearly 300,000 on its app.

M2P launched its Programmable Credit Card platform earlier this year which has enabled banks and fintech companies to integrate and use APIs, providing customizable corporate and commercial credit cards to its customers. clients. As part of the agreement, the three founders of Wizi and nearly 20 employees will join the M2P team.

M2P, formerly known as YAP, had raised $ 10 million in its Series B financing in March this year from investors including Flourish Ventures and Omidyar Network India. He has, to date, raised $ 15 million from Beenext, Better Capital, Ashneer Grover of BharatPe, Kunal Shah of Cred and several others.

“We rolled out the programmable credit card stack in March of this year and in the first 6 months we signed up to over half a dozen banks. We realized that most of the banks in the card issuance space did not have digital issuance capabilities, coupled with most of the products in place lacking basic mobile interfaces for customers to manage their account. credit card, ”said Madhusudanan R, co-founder of M2P Fintech.

“Wizi serves these two gaps with elegance. With their early traction, we are excited about the prospect of expanding the platform’s capabilities to the top 50 banks in India and potentially expanding them to the rest of the world, ”he added.

The acquisition of Wiz comes just days after M2P invested $ 4 million in LivQuik technology supported by Future Group to respond to early stage fintech startups that have not been adequately served due to high governance costs and uncertainty surrounding the business model and scalability.

As digital payments continue to accelerate in India, Niti Aayog, in her recent report titled “Digital Payments – Trends, Problems and Opportunities”, predicts that the online payments industry will reach $ 1 billion by 2023. In addition, the Indian prepaid card market alone is expected to grow over 35% CAGR from 2021 to 2026 and reach $ 340 billion by 2026.

Auto insurance canceled for a missed payment


Many policyholders pay their auto insurance premium on a monthly basis. But sometimes you can miss a payment because of something you forgot or because you can’t afford it. So what happens when your auto insurance is canceled for nonpayment? The short answer is, it depends on the circumstances.

Missing an auto insurance payment might not be a big deal, but it can also cause your policy to be canceled. And when you don’t have auto insurance coverage, you’re not legally licensed to drive, and you could be fined from your state and lien holder. Fortunately, there are ways to avoid missing auto insurance payments so you don’t end up with a canceled policy.

What to do if you can’t pay your next payment

If your budget is tight, you might know ahead of time that you won’t be able to pay your car insurance premium for the next month. In this case, you should contact your auto insurer as soon as possible.

Each insurance company has different policies, but you may be able to request a different payment term, perhaps closer to your salary. It is also possible that your insurer will allow you to defer payment for that month, which means you would pay it later.

If your insurance policy is set up for automatic payment, you may be able to delay payment by logging into your online customer portal or the insurance company’s mobile app. If you can notify your insurance company before the due date, they may be able to withhold payment for you.

What to do if you missed a payment

If you’re missing an auto insurance payment, there’s probably no need to panic. If this is your first missed payment, your insurance company might let it slip, assuming you’re not several weeks late.

In this case, contact your insurer as soon as you realize that the due date has passed. Sometimes explaining the situation to an agent can work in your favor, especially if you are a good client.

Make payment as soon as possible, and if you’re not signed up for automatic payment, consider signing up to avoid missing a payment in the future. Many insurance companies, like Allstate and Amica, offer a small discount to drivers who set up automatic payment.

If you missed your payment by a few days

If your auto insurance payment is several days late, the situation could be more serious. Again, it’s a good idea to contact your insurance provider immediately and speak to an agent about your options.

Many auto insurance companies offer a grace period, which gives you extra time after the original deadline to pay your premium. Each insurance company has a different grace period, but it typically ranges from 10 to 30 days.

If you’re still within the grace period when you realize your payment is overdue, you can probably complete the payment without incurring any penalties. However, if you’ve been late on more than one payment, your insurer may charge late fees on top of what you already owe or cancel your policy.

If your auto insurance has been canceled

If you are consistently late with your payments, your insurance company will likely end up canceling your policy for non-payment. You should receive a notification of the cancellation, so it shouldn’t come as a surprise.

When your auto insurance is canceled, you are not allowed to legally drive. You will need to purchase another policy and provide updated information to your state’s DMV to make sure your license and registration is still valid. Otherwise, you could face further penalties.

Plus, you’re unlikely to get away with paying your auto insurance delinquencies. If you don’t make the payments, your insurance company may report the unpaid amount to the credit bureau even after your policy is terminated.

Consequences of missing insurance payments

Missing your insurance payments comes with a number of serious consequences. Expiring insurance coverage can cost you money and it could be much more difficult to get coverage in the future. Here are some of the biggest penalties you could face:

  • Policy cancellation: As mentioned, your auto insurer will eventually cancel your policy when you miss a certain number of payments or are too late.
  • Non-renewal of your policy: Not only will the insurance company cancel your policy, they may not allow you to purchase another policy from them.
  • Increased rates: When you buy a new policy, your rate may be much higher than before due to an interruption in coverage.
  • DMV fines: Auto insurance is legally required in almost all states, so you may be fined from the DMV for losing coverage.
  • Suspension of license / registration: If you are caught driving without valid insurance, chances are your driver’s license and registration will be suspended until you can present updated proof of coverage.
  • Fines from your lien holder: If your vehicle is funded and your auto insurance expires, your lien holder may charge you penalties for not maintaining auto insurance.
  • Credit score affected: Unpaid bills can end up affecting your credit score.
  • SR-22 Insurance: Some states require drivers for insurance breaches to purchase an SR-22 certificate, which is an additional cost.

How to Avoid a Missed Car Insurance Payment

If you have missed several car insurance payments in the past, there are steps you can take to avoid non-payment issues in the future.

The easiest way is to subscribe to automatic payments, offered by almost all insurance companies. Rather than making one-off payments on the due date each month, the money will automatically be deducted from your bank account.

When you get a new credit card, be sure to update all auto-pay bills that the old card was associated with, including your insurance bill. You might also consider setting a reminder a few days after the due date to verify that the payment has been processed.

Frequently Asked Questions

What happens if your auto insurance payment is late?

If your auto insurance payment is late, you need to pay it off as soon as possible. It’s also a good idea to contact your insurance company and let them know. If your payment is several weeks late, you will likely have to pay late fees.

How long is the grace period if you miss an insurance payment?

Some insurance companies offer a grace period, which gives you flexibility if you miss the payment deadline. Usually, the grace period is between 10 and 30 days. However, it’s a good idea to check your police documents to see if your provider offers a grace period and how long it is.

Can you restore auto insurance that was canceled for non-payment?

It depends. Some insurance companies will allow you to reinstate your policy if it is canceled, while others will not. If your current provider does not reinstate your auto policy, you will need to seek coverage from another insurer or issue a new policy with your current insurer if possible.

What if I can’t afford auto insurance?

If you cannot afford an auto insurance policy, you may be able to get low cost coverage in your state. Keep in mind that only a few states offer insurance pools. In addition, you must meet certain income conditions to be eligible.

State shuts down industry ‘immediately’ as anti-vaccines run rampant


“The Victorian government has informed us that as they continue to see an increase in COVID-19 transmissions in the building and construction industry, combined with the riots in Melbourne today, all construction sites in the construction industry building and construction in the Melbourne metropolitan area, Geelong, Surf Coast, Ballarat and the Mitchell Shire are scheduled to close for a two week period starting at 11:59 pm tonight, ”Master Builders said. “While the period is set at two weeks, the restrictions will only be in effect [for as long as] each of these local government areas is restricted for.

Treasurer Tim Pallas said in a statement that recent outbreaks of COVID-19 have been linked to construction and that there were concerns about industry compliance with public health guidelines, AFR reported.

“The immediate shutdown action is being taken to reduce movement, minimize transmission and allow the entire industry to adapt appropriately to the director of health’s instructions, including increasing vaccination rates. “said Pallas.

He said workers must have received at least one dose of the vaccine before returning to the site on October 5.

Victorian-era building unions, including CFMEU, Electrical Trades Union, Manufacturing Workers Union and Plumbers Union, released a joint statement on Monday denouncing the Andrews government and the director health for what they called a “heavy” vaccine mandate that pushed workers towards the anti-vax movement, AFR reported.

Wichita Falls man sentenced to jail for robbing elderly woman from mosque


A man from Wichita Falls pleaded guilty to using a 76-year-old woman’s credit card and stealing donation boxes from a mosque in a separate crime while wearing a t-shirt with “UNDERCOVER POLICE” printed on it, according to court records.

A charge for a third allegation that he robbed the home of a deceased couple is still pending, court documents show.

Following:Affidavit: Man Takes and Uses Senior Woman’s Credit Cards After Helping Her Move

Justin Allen Brown, 37, pleaded guilty to credit card abuse against a senior and burglary of a building on Friday at the 30th District Court in a plea bargain, according to court documents.

Judge Jeff McKnight sentenced Brown to five years in prison for credit card abuse on January 31, 2020 and 15 months in state prison for the July 22, 2019 burglary, according to court documents.

The sentences must be carried out simultaneously, according to a court document. Brown received seven days in jail as a deduction from his sentence for the two convictions.

Abuse of credit cards by the elderly carries a sentence of up to 10 years in prison. Burglary carries a penalty of up to two years in a state prison.

Brown was being held in the Wichita County Jail on Monday, according to online prison records.

A police affidavit gave this account of credit card abuse allegations: Elderly woman noticed unauthorized charges on her credit cards after Brown helped her move out when she hired DL Moving Enterprises.

The woman received notices of unauthorized transactions of at least $ 2,000.

Wichita Gold & Jewelry provided police with photos of Brown wearing a moving uniform shirt when he purchased jewelry using the woman’s stolen credit card.

The owner of the moving company told police he didn’t know Brown and didn’t want to claim him as an employee. The owner told police he went to pick up Brown for the job and paid him under the table.

A police affidavit gave this account of the mosque robbery:

The Wichita Falls Islamic Center in the 1700 block of Trigg Lane reported that the mosque was broken into and $ 7,000 in cash stolen from donation boxes hung on the wall.

Security footage showed a man using bolt cutters to secure a key box around 12:30 a.m. on July 22, 2019, and returning at 1:06 a.m. with Brown. He was wearing the T-shirt with the large print. They then left with the donation boxes.

Witnesses have come forward to identify Brown after a video was posted on social media. The prints removed from the scene returned to Brown’s accomplice.

Another police affidavit provided details of the allegations against Brown related to a burglary on November 8, 2020:

A woman has reported a burglary at the home of her deceased parents in the 1800 block of Huff Street.

She said the police items seized included two Kingsley heat presses valued at $ 1,400, several Kingsley-type police wooden boxes valued at $ 2,000, rolls of aluminum foil for machines and several accessories for them, as well as a Webster Chicago wire recorder.

The pawnshop notes and eBay listings led the police to Brown.

Home burglary is punishable by up to 20 years in prison.

Following:Qualified murder suspect accused of killing his father and mother-in-law declared unfit to stand trial

Following:Iowa Park woman gets probation for embezzlement by employer

This photo was taken in the hallway of the 30th District Court of the Wichita County Courthouse.

Trish Choate, corporate watch reporter for The Times Record News, covers education, the courts, breaking news, politics and more. Contact Trish with news advice at [email protected] His Twitter handle is @Trishadia.

Joint Chiropractic Wins 2021 TOP $ SCORE FUND ™ Award for Commitment to Franchise Funding


The TOP $ CORE FUND award is given to a food brand and a non-food brand with a leading FUND score that consistently demonstrates a commitment to supporting franchisees’ access to finance. The FUND rating system is adopted by banks of all sizes which collectively represent over $ 1 trillion in assets. The award was created to showcase brands that have risen above their peers by simplifying the funding process, which equates to a lower cost of capital and better funding terms for their franchisees.

“Being recognized with the best score from FUND for our commitment to our franchisees is particularly gratifying. We pride ourselves on being a premier franchisor who is driven by the success of our franchisees every day, ”said Peter D. Holt, President and CEO of Joint chiropractic.

This award aims to recognize excellence in unit economics, franchisee-franchisor relationships and franchise support systems. The scoring system that lenders rely on to assess that in franchising is the FUND score, which is a franchise credit risk score that assesses 12 categories of credit risk such as franchise business success rates. , profitability of the franchise unit and support for franchisees. These franchise brands excel in each of these parameters, which allows lenders to do business with them. Even regulators have recognized the importance of FUND scores as a credit risk monitoring tool for banks.

“As this year’s TopScore FUND Award winner in the non-food category, Joint chiropractic illustrates the commitment to lender support and transparency. The brand outperforms its peers in the personal services industry with a consistent historic success rate despite a year of pandemic challenges. I congratulate them for their commitment to actions that improve access to capital, allowing their franchisees to receive the best conditions and reduce their franchise costs, ”said Darrell johnson, CEO of FRANdata.

Joint chiropractic is known for its convenient retail setting and concierge-style services, including walk-in, hassle-free insurance, affordable chiropractic care, and convenient hours of operation including evenings and weekends .

For more information on Joint chiropractic, or to find one of our chiropractors near you, visit thejoint.com.

About FRANdata
FRANdata is one of the leading franchise-focused research and consulting firms. Leveraging the largest verified database of franchise information and with over 30 years of franchise market analysis experience, FRANdata creates targeted business development strategies and actionable solutions that deliver give their customers the information they need to understand risks, measure opportunities and improve performance. FRANdata is the creator of the FUND (Franchise Credit Scoring) report that lenders with over $ 1 trillion in assets rely on to assess the credit risks of their franchise. For more information, visit www.frandata.com.

About joint chiropractic
The Joint Corp. revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, the company makes quality care convenient and affordable, while eliminating the need for insurance, to millions of patients seeking pain relief and continued well-being. With over 600 sites nationwide and over eight million patient visits per year, Joint chiropractic is a key leader in the chiropractic industry. Name it Franchise hours “Top 200+ franchises” and of the entrepreneur “Deductible 500®“lists, Joint chiropractic is an innovative force, where health meets retail.

Company structure
The Joint Corp. is a franchisor of clinics and operator of clinics in certain states. In Arkansas, California, Colorado, District of Colombia, Florida, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New Jersey, new York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Washington, West Virginia and Wyoming, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic firms.

SOURCE The Joint Corp.

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How do rents and real estate prices evolve? – Councilor Forbes


Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

New York real estate was on shaky ground last year as it was among the first epicenters in the United States for the Covid-19 pandemic. Stories of New Yorkers fleeing to Manhattan’s suburbs and rapidly closing commercial buildings cast a dark shadow over what was once prime real estate, then losing billions of dollars in revenue.

Many people worried that New York City would not recover. Die-hard New Yorkers like comedian Jerry Seinfeld, however, have not flinched in the face of a global pandemic. In an opinion piece for The New York Times, Seinfeld responded to a writer who claimed the city was “forever dead”, stating that the city “will definitely be back.”

And he was right. Broadway opened this month, having been closed for about 17 months. The relaxed restrictions also ushered in concerts, festivals and indoor events. And the discounted apartment deals that landlords were offering last year to attract tenants to the city, like free rent for a few months, have started to fade.

“The past few months have been the busiest months I’ve seen in over 20 years,” says Maria Daou, broker at Warburg Realty in Manhattan. “There is no comparison with last year. It all came to a screeching halt last spring, and everyone deregistered New York. They were wrong. “

Find the best tenant insurance of 2021

Devastating storm hampers New York recovery

Amid what some have dubbed ‘New York’s hot vax summer,’ Hurricane Ida struck the city dead earlier this month as monumental flooding and historic rainfall caused billions. damage.

People who lived in basement apartments were most vulnerable in Ida, where flooding killed at least 11 people in their homes. Basement apartments, which are located below the level of the sidewalk, are often illegal. Unless upgraded or designed to meet Department of Buildings (DOB) code requirements, basement apartments can be very dangerous as they typically lack adequate ventilation and only have single exit, which can be fatal in an emergency.

“People shouldn’t keep anything important in basements, like birth certificates or valuables,” says Aaron Hillel, real estate agent at Hillel Realty Group in Manhattan. “And they shouldn’t be sleeping in it. The floods that we saw with Ida were horrible.

As to how this will affect real estate, Hillel says Ida has likely educated management companies and homeowners about the need for flood insurance, even though many damaged homes were not in areas floodplains requiring such coverage. Typically, a standard home or tenant insurance policy will not cover flood damage.

Basement apartments are popular with low-income people as well as those who might not qualify for a formal lifestyle, such as undocumented immigrants or people with bad credit histories. According to Brookings, they’re especially popular in high-cost cities like New York City.

But even after a deadly pandemic and storm, it doesn’t look like rents and real estate prices will get any cheaper in the future.

New York homebuyers will pay more now than in 2020

The New York real estate market has turned around this spring, says Michael J. Franco, New York broker at Compass.

“If something is priced correctly, it will sell quickly, and sometimes above the list price,” says Franco. “Some (not properly valued) properties are still languishing in the market.”

In the five boroughs, the median selling price of single-family homes and condos was up in June compared to a year ago, according to data from ATTOM Data Solutions.

In New York County, single-family homes saw a 9.9% increase; followed by Richmond County with an 8% increase; and Queens County saw a 5.6% increase. Kings and Bronx counties both saw significantly smaller price increases with increases of 1.4% and 1.3%, respectively.

Median selling price of single-family homes and condos

Rental offers are disappearing as the city opens up

At the height of the pandemic, the rental market faced extreme vacancy rates, leaving landlords with empty apartments as people fled the city and potential transplants stayed away. The owners have tried to woo the tenants with free rent, parking and better amenities. However, most of these benefits are no longer available in the market today.

According to a market report from real estate firm DouglasElliman, new lease signatures jumped 64.3% to 8,201 in August from a year ago. It was the highest number of new lease signings for this month and the fourth highest of any month since 2008, when DouglasElliman started tracking the data. As a result, the vacancy rate is down to 3.23%, from 5.1% in August 2020.

“The rental market is back,” says Julie Gans, real estate salesperson at Compass Real Estate in New York. “The rents are definitely increasing and the owners are no longer offering concessions. “

Newly engaged couple Dan Sellers and Mia Pinero left Brooklyn after the Covid hit last year, leaving Pinero out of his Broadway job. The 27-year-old had just made her Broadway debut as Maria in West Side Story, when production closed in March 2020 due to the pandemic.

Sellers, an engineer, was able to work remotely. But for Pinero, the safety net jobs that many people in the entertainment industry often fall for, like catering and babysitting work, are also gone. So the couple decided to sublet the apartment, return home to Wisconsin, and spend time with their family for a few months. Those months turned into a year.

“We missed New York while we were gone. In a way, we felt like we had abandoned our house, and we even went back and forth to see if it was a good decision, ”says Pinero. “But in the end, it worked. “

The couple returned in May and found a better apartment across from Prospect Park for what Sellers estimates to be around 20% less than it’s worth, and right before offers like this were taken off the market. .

“We couldn’t have afforded this before Covid with regular prices. This place has a balcony, a roof and a washer and dryer in the unit, ”says Sellers.

According to data from ApartmentList, the median rent for a one-bedroom apartment in Brooklyn has fallen from $ 1,782 in August 2020 to $ 1,977 in August.

Manhattan rent has jumped just over 14% from last year.

Brooklyn’s vacancy rate has dropped significantly since its pandemic peak to over 9%.

The last exodus has probably already taken place

While the Delta variant has made many consumers suspicious and sparked debate among lawmakers over the vaccine requirement for government officials, it doesn’t create the same instinct for theft among New Yorkers, Gans says.

“If you haven’t left town in the past 18 months due to the pandemic, closures, school closures, unemployment, or any other reason, you’re probably here for the long haul,” says -she. “Most of the people who wanted to move have already fled the city. “

As more businesses open and workers return to offices and jobs there, more and more people are returning. But those who return think of their living space differently, says Daou.

People “go for bigger apartments, preferably with outdoor space, in case they get stuck at home again,” she says.

This week at The Ninth: PowerPoint presentations and payday loans | Morrison & Foerster LLP – Left Coast Appeals


This week, the Court revives an ERISA claim and forces arbitration of a dispute over tribal Internet payday loans.

The Court finds that the PowerPoint presentations were not plan documents and therefore no representation could override ERISA’s default rule that welfare plans can be changed at any time and that a Equitable claim for breach of fiduciary duty under ERISA Section 1132(a)(3) does not require proof of intent to deceive.

The panel: Justices Christen, Bade and Feinerman (ND Ill.), Justice Feinerman writing the opinion.

Climax : “[T]he default rule under ERISA is that social protection plans are not vested and can be changed at any time. . . A plan can override this default rule, but only if it does so expressly in a plan document.

Fund: After NetApp implemented a phased termination of its NetApp Executive Medical Retirement Plan, seven retired executives sued NetApp alleging that the termination of the plan violated the Employees Retirement Income Security Act of 1974 (“ERISA “) because they were promised lifetime benefits. They asserted both a direct claim for benefits under ERISA Section 1132(a)(1)(B) and another claim for equitable relief under Section 1132(a) (3) on the basis that NetApp incorrectly stated that the plan offered lifetime benefits. The district court granted summary judgment to NetApp on both claims and a retired executive maintained an appeal.

Results: The Ninth Circuit confirmed in part, canceled in part and returned. The Court upheld the District Court’s granting of summary judgment to NetApp regarding the retired executive’s claim for direct benefits under Section 1132(a)(1)(B) or ERISA. The panel explained that the default rule under ERISA is that employers can freely terminate benefit plans like the plan at issue. PowerPoint presentations shown to the retired executive by Human Resources suggesting that NetApp would maintain the Medicare benefit for life for participants did not override the default rule as they were not plan documents since they did not did not purport to meet the requirements for a written instrument under section 1102(b) of ERISA. Cases finding that de facto ERISA plans are based on informal commitments to provide benefits are inapplicable in situations where the plan sponsor has prepared a written instrument.

The court reversed the district court’s granting of summary judgment to NetApp regarding the retired executive’s claim for equitable relief under section 1132(a)(3). The Court explained that trustees are in breach of their duties if they mislead plan members or misrepresent the terms or administration of a plan. Disagreeing with the District Court and the Seventh Circuit, the Court held that proving a breach of fiduciary duties under ERISA does not require demonstrating intent to deceive. Because there was a genuine dispute over a material fact as to whether NetApp had wrongly told plan participants that its plan provided health benefits for life, the retired executive’s fiduciary duty claim survived. summary judgment. The Court did not consider whether the retired executive would be entitled to appropriate equitable relief to repair the alleged wrong – another requirement of an equitable claim under Section 1132(a)(3) – but did rather left that matter to the district court for consideration on remand. The retired executive did not lose this issue by not informing him in his opening brief because the issue had not been decided by the district court.

The Court held that an agreement delegating to an arbitrator whether the underlying arbitration agreement with a choice of law provision choosing tribal law was unenforceable was not itself unenforceable because its language clear did not preclude plaintiffs from pursuing their contention that the arbitration agreement invalidated and prospectively waived their rights to pursue federal statutory claims before the arbitrator.

The panel: Justices W. Fletcher, Forrest and VanDyke, Justice Forrest writing the opinion and Justice W. Fletcher dissenting.

Climax : “We do not dispute that the Borrowers have a reasonable argument that the Arbitration Agreement as written precludes them from asserting their RICO or other Federal claims in arbitration. . . . And if that is true, the arbitration agreement is likely unenforceable as a prospective waiver. . . . But, where there is a clear delegation provision, that question is not for us – or anyone in a black robe – to decide.

Fund: The applicants (“Borrowers”) obtained short-term, high-interest loans from Indian tribe-owned lenders (“Tribal Lenders”). Tribal lenders’ standard loan agreements contain an agreement to arbitrate for any disputes arising from the contract. Each arbitration agreement includes a delegation provision requiring an arbitrator – not a court – to decide “any question concerning the validity, applicability or scope of [the loan] agreement or [arbitration agreement].” The loan agreements also state that the contracts “shall be governed by the laws of the tribe” or “tribal law” and that an arbitrator shall “apply tribal law and the terms of this agreement”. The borrowers claimed the payday loans they took from the tribal lenders were illegal under the Racketeer Influenced and Corrupt Organizations Act and California law and filed class action lawsuits against the defendants, including including tribal lenders and certain investors (“Investors”). The investors sought forced arbitration, but the district court denied the motions, finding that each contract was unenforceable because it prospectively waived the borrowers’ right to pursue federal legal claims by requiring the arbitrator to apply tribal law. The district court held that each delegation provision was unenforceable for the same reason. Several investors have appealed.

Results: The ninth circuit reversed. The court felt that it should first focus on the applicability of the delegation provision specifically, not the arbitration agreement as a whole. The borrowers argued that the arbitration agreement and delegation clause were unenforceable under the doctrine of prospective waiver because they waived the borrowers’ rights to pursue federal legal remedies. But given the clear language of the delegation provision, the court concluded that it does not preclude the arbitrator from reviewing enforceability disputes based on federal law. The court did not dispute that choosing the Tribal Law Loan Agreement as the governing authority may mean that the arbitrator will ultimately decide that she cannot consider a challenge to the enforceability of the arbitration agreement in her together on the basis of a prospective waiver if tribal law does not recognize this doctrine. But, explained the court, this possibility does not prevent the Borrowers from to chase their challenge to the application of the prospective waiver in the arbitration, which is key to determining whether the delegation provision is itself a prospective waiver. The court acknowledged that its conclusion diverged from the conclusions of some of its sister circuits, but disagreed with them because they considered the prospective waiver in the context of the arbitration agreement as a whole, and not as applied to the delegation provision. The court noted that if the arbitrator concludes that it cannot consider a prospective waiver challenge to the enforceability of the arbitration agreement, borrowers can return to court and argue that the arbitrator exceeded its powers.

Justice W. Fletcher dissented. Justice Fletcher found that the court’s decision misunderstood the effect of choice of law provisions in the agreements. Under these provisions, the arbitrator can only apply tribal law and a small, irrelevant subset of federal law, which will prevent the arbitrator from applying the law necessary to determine whether the delegation provisions and the arbitration agreement are valid. This, Justice Fletcher concluded, renders both the delegation provisions and the arbitration agreements invalid.

HDFC Bank partners with Paytm to launch co-branded credit cards


MUMBAI : HDFC Bank and Paytm on Monday announced plans to launch a line of credit cards powered by the global Visa card network in October.

Credit cards will be customized to meet the distinct needs of retail customers, from new users on credit to affluent users, and will provide one of the best rewards and cash back for users, he said.

The release said the launch is slated for October to coincide with the holiday season to tap potentially higher consumer demand for credit card deals, EMIs, and Buy Now Pay Later, with the full line of products that will be offered by the end of December 2021.

With over 51 million credit, debit and prepaid cards and over 2 million merchants, reaching out to all market segments, one in three rupees spent on cards in India goes to HDFC Bank cards, a he declared. The alliance will target deeper penetration into Tier II and Tier III markets and enable faster acceleration of digital payments across the country.

As part of the partnership, HDFC Bank and Paytm will introduce business credit cards, providing a host of benefits to partner merchants in small towns in India and making it easier for them to access credit with instant, paperless approvals.

Bhavesh Gupta, Managing Director of Paytm Lending, said the company is excited to partner with HDFC Bank and Visa to launch a full line of credit cards across all customer segments, with a particular focus on Millennials, business owners and traders.

According to Parag Rao, Group Head (Payments, Consumer Credit, Digital and IT Banking), HDFC Bank, the bank believes India’s growth is solid and this partnership is an effort on its part to enable consumption, especially during the holiday season, which further fuel the country’s economic growth.

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5 key things to note when reviewing your credit report


5 key things to note when reviewing your credit report


  • Credit bureaus (CRAs) collect and hold information for your credit reports
  • It is important to regularly check your credit reports to make sure that your personal and financial information is correct.
  • To keep control of your finances, you can get free credit reports online nowadays.

New Delhi: Banks and other financial institutions assess the creditworthiness of loan and credit card applicants based on information from their credit reports. Lenders use this information to set the loan interest rate, loan amount, etc. The best way to understand your credit eligibility and position is to check your credit report and credit score frequently. Frequent review of your credit report would help you identify inaccurate information, which could lower your credit score.

Here’s what you should take a close look at when going through your credit report:

Credit Accounts: Your active and recently closed credit accounts are listed in this section of the credit report. Lenders pay special attention to this information when assessing your creditworthiness. Therefore, you need to make sure that your loan and credit card account details are updated and accurately shown on the credit report. Any incorrect information or mistakes can hurt your credit rating and negatively impact your eligibility for your loan and credit card.

Refund history: This section lists the payment history of your loan IMEs and credit card bills. It also gives details of which months payments were made by the due date and which were missed or delayed. The information in this section can be used by lenders to assess and predict your credit repayment behavior. You should read this section carefully to verify if the repayment history has been correctly listed and updated on your credit report.

Personal details: This section displays your personal information, including your name, PAN, cell phone number, communication address, etc. When lenders check your credit report when evaluating your loan or credit card application, any discrepancy between the information listed on your credit report and what is mentioned on your credit application can reduce your chances of getting credit. ‘get your loan approved or get a credit card.

Credit utilization rate (CUR): This is one of the most crucial parameters taken into account by the credit bureaus when calculating your credit score. For the unpaid, the CUR is the ratio of the total credit limit you are using. Banks prefer to lend to those with a credit utilization rate of less than 30% because this shows them that you don’t often rely on credit. Those who frequently exceed this mark of 30 should ideally ask their credit card issuer to increase their credit limit or apply for a different credit card so that their CUR is contained, as long as they do not increase their credit cards. card spending.

Credit Report Requests: In this section, searches of your credit report initiated by the lender are listed. Depending on the office, this section lists the name of the lender, date of application, type of credit facility requested, etc. Most lenders check your credit report with the bureaus every time you apply for a loan or credit card. Such requests initiated by the lender are called “serious inquiries,” each of which is listed on your credit report.

Remember that these inquiries can even lower your credit score by a few points. When a person applies for loans from multiple banks, the same is reflected in the CIBIL report and the credit score takes a hit and the potential lender may not agree to approve the loan. In addition, once an application is rejected by a bank, the credit rating drops further, making it even more difficult to obtain the loan when it is needed most. So, avoid making this mistake.

It should be added that you should make a habit of checking your report at regular intervals, at least once every three months. Nowadays, you may be able to get a free credit report every year from each of the four credit bureaus. You can also access free credit reports with monthly refresh through online financial marketplaces. If you see any inaccurate or incomplete information listed on your credit report, immediately report it to the appropriate credit bureau or lender for correction.

New Foreign Secretary Truss Says Security Pact with US and Australia Shows UK Commitment to Indo-Pacific Stability


Britain’s new security deal with the United States and Australia has shown the country’s commitment to stability in the strategic Indo-Pacific region, says new British Foreign Secretary , Liz Truss.

The alliance – widely seen as an effort to counter China’s influence in the disputed South China Sea – was announced Wednesday by US President Joe Biden, UK Prime Minister Boris Johnson and his Australian counterpart Scott Morrison.

The pact, known as the Aukus, will give Australia the technology to build nuclear-powered submarines.

Truss said it shows the UK’s willingness to be “stubborn” in defending its interests.

Writing in the Sunday Telegraph, Truss said the partnership shows the UK’s commitment to stability in the Indo-Pacific region.

“Freedoms must be defended, so we are also building strong security bonds in the world,” she wrote.

This is more than foreign policy in the abstract, but serving citizens across the UK and beyond by partnering with like-minded countries to build coalitions based on shared values ​​and interests, ” Truss, who was promoted from international trade secretary to foreign secretary in Wednesday’s reshuffle, wrote.

But France, whose own multi-billion submarine contract with Australia was thwarted as a result, criticized the deal.

France has recalled its ambassadors to the United States and Australia for consultations in response, while China has accused the three powers of having a “cold war mentality”.

Truss stressed that the new security pact “ will not only make us safer at home, it could also create hundreds of new and highly skilled jobs … ” The pact, which will also see allies sharing cyber capabilities, artificial intelligence and other underwater technologies, has been described as showing “profound strategic shifts” by UK national security adviser Stephen Lovegrove.

British Prime Minister Boris Johnson told MPs the Aukus deal was “not meant to be contradictory” with China, but that the UK was “determined to stand up for international law”.

Although China was not mentioned directly, Biden, Johnson and Morrison have repeatedly referred to regional security concerns which they said have “increased dramatically.”

The announcement of the new trilateral security pact is the latest move by the United States to stave off China’s military and technological boom. This week, Biden will host an in-person summit of the QUAD Partnership of Japan, Australia and India – another group seen as a vehicle for asserting U.S. leadership in Asia. He has also sought to hire other Asian leaders, and Vice President Kamala Harris visited Singapore and Vietnam late last month.

Biden recently had a 90-minute phone call with Chinese President Xi Jinping, their first direct communication in seven months. Officials called the conversation “familiar” and “straightforward,” but said Biden had not directly addressed the new strategic partnership with Australia and the UK.

Developments in the strategically vital Indo-Pacific region in the wake of China’s aggressive muscle contraction has become a major topic of discussion among major world powers.

China is engaged in hotly contested territorial disputes in the South and East China Seas. Beijing has also made substantial progress in the militarization of its man-made islands in recent years. Beijing claims sovereignty over the entire South China Sea. But Vietnam, Malaysia, the Philippines, Brunei and Taiwan have counterclaims. In the East China Sea, China has territorial disputes with Japan.

The two sea zones of the South and East China Seas are rich in minerals, oil and other natural resources. The South China Sea is also a vital trade gateway for an important part of the global merchant navy. It is therefore a vital economic and strategic sub-region of the Indo-Pacific region.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Credit Card Debt | Manila weather


Dear PAO,

Can I be held responsible for credit card debt incurred by my husband? He has a credit card that he has been using since the start of the pandemic. I’m not sure if he signed a contract for it or if it was just mailed to him at the house that he started using, but I’m sure I haven’t signed any credit card agreement with him. My friend told me that I could be held jointly responsible. Is it true?


Dear Asha,

Joint and several liability exists when the obligation expressly states it, or when the law or the nature of the obligation requires joint and several liability. This is clearly provided for in Article 1207 of the New Civil Code of the Philippines, which states:

“The concurrence of two or more creditors or of two or more debtors in the same obligation does not imply that each of the former has the right to demand, or that each of the latter is required to render, the full performance of the service. . There is joint and several liability only when the obligation expressly states it or when the law or the nature of the obligation requires joint and several liability. (emphasis provided)

Between spouses, our laws stipulate that their patrimonial relations are governed in the following order: (1) By matrimonial agreements executed before marriage; (2) By the provisions of the Family Code; and (3) By local custom. (Article 74, Philippine Family Code) In the absence of a matrimonial agreement, or when the regime agreed by the spouses is void, they are governed by the system of absolute community of property as established in the Code of family. (Article 75, Id.)

With regard to the previous arrangements to the problem you mentioned, we submit that you should review the provisions of your marriage agreement, if you and your husband executed one before your marriage ceremony to determine the extent. of your responsibility insofar as the debts contracted by your husband.

If you and your husband do not have a matrimonial agreement and are therefore governed by the regime of absolute community of property, your community of property may be held liable for debts incurred by your husband with your consent, or for his debts contracted. without your consent, but may have benefited your family. If your joint assets are not sufficient to cover these debts, then you could be held jointly and severally liable with your separated assets. Article 94 of the Family Code provides in particular:

“Article 94. The absolute community of goods is held for: xxx

“2 ° All debts and obligations contracted during the marriage by the joint administrator appointed for the benefit of the community, or by both spouses, or by one of the spouses with the consent of the other;

“(3) Debts and obligations contracted by one of the spouses without the consent of the other to the extent that the family has been able to benefit from them; xxx

“If the common goods are not sufficient to cover the above charges, with the exception of those referred to in paragraph (9), the spouses are jointly responsible for the unpaid balance with their separate goods.

We hope we have been able to answer your questions. This advice is based solely on the facts you have related and our assessment of them. Our opinion may vary when other facts are changed or developed.

Editor’s Note: Dear PAO is a daily column for the DA’s office. Questions for Chef Acosta can be sent to [email protected]

Your credit score may soon depend on your web history


Your credit score may soon depend on your web history

In the not-so-distant future, your internet habits could help you determine how many homes to buy and the rate for your next car loan.

Does that sound ridiculous? At present, your credit rating – this three-digit number that tells lenders how responsible you are – is based on simple financial information, like your payment history and debt level.

But research published on the International Monetary Fund (IMF) website suggests that companies will soon be looking at a lot more data to get an accurate picture of the risk you pose as a borrower.

Here’s what the future of loans might hold in store and how to get the best rates on loans in the meantime.

Credit scores of tomorrow

Principles of the Algorithm Method Concept of Process Programming

Rawpixel.com / Shutterstock

Lenders could soon use the data from your browsing, search, and purchase history to create a more accurate credit score, researchers say.

Much of this information is publicly available, while some may need to be provided to credit bureaus. Together, this data forms your “digital footprint”.

The work document cites other studies showing that the combination of credit information and your digital footprint “improves loan default forecast”.

It doesn’t mean that you would have a dedicated spy watching your every click. Instead, artificial intelligence and machine learning would be needed to extract that data and convert it into useful information in a credit report.

Is this good news for consumers?

Thumbs up

fizkes / Shutterstock

While some people may be hesitant about lenders having access to their personal browsing data, researchers believe this approach could help borrowers who have been turned down by traditional financial institutions.

The end result would be access to credit for some “unlisted customers”, while customers with low to medium credit scores “may get or lose access to credit,” a precedent said. 2018 study from the Frankfurt School of Finance & Management.

Take the pandemic: although mortgage rates have fallen to historic lows, lenders have become much more picky when handing out the best deals.

Instead of focusing on delaying a loan payment, your buying and browsing history could tell banks you’re trustworthy, even if your traditional credit score has taken a few hits.

These changes in the way credit scores are calculated could be very helpful if you’ve had difficulty getting credit approved in the past. The Frankfurt study notes that their findings “provide suggestive evidence that digital fingerprints may have the potential to boost financial inclusion for the two billion adults worldwide who do not have access to credit.”

What are the risks ?

Locking information security data protection save private concept

Rawpixel.com / Shutterstock

Before you start your digital makeover, like filling out your LinkedIn profile to show off your professional or academic accomplishments, keep these changes in mind for how your credit score is calculated are still speculative at this point.

Your Orwellian objections may have some merit. What about privacy and security issues? Research published on the IMF website recognizes that there would be an “efficiency-privacy trade-off.”

“The growing use of private data for financial services also raises a myriad of consumer protection and privacy issues that force the government to set standards for the collection and use of data,” the discussion paper said.

The document highlights fair lending rules in the United States that prohibit the use of gender or race information for lending decisions. So how fair is your digital footprint when it comes to assessing what kind of borrower you will be? And how will your information be protected against data breaches?

The researchers say new regulations will need to be set by governments so that big techs face the same data privacy requirements as banks. Big tech innovations are evolving at such a rapid pace that governments can take some time to catch up with the necessary policy.

Build that three-digit number

CREDIT SCORE (businessman checking online credit score and money budget financial assessment)

a photo / Shutterstock

A strong credit score will help you be eligible for a mortgage, personal loan or credit card, unlocking higher borrowing limits and lower interest rates.

Credit scores are also used in other ways, for better or for worse. Even the owners can take a look before accepting your request.

Until the implications of the collection and use of personal data have been further explored, you will need to improve your credit score old. Here are four ways to increase your score:

1. Check your score regularly

Keeping an eye on your score will help you track your progress and alert you to any strange activity on your accounts. Many online services will allow you see your score for free and send you an email whenever your score changes.

2. Establish a balance sheet

A long history of on-time payments is essential if you want a decent score. Specialty credit cards can help build your credit historyespecially if you can’t get approval for a regular card at this time.

3. Consolidate your debt

Your debt level is the second largest contributor to your credit score. If you are struggling with high interest rates, like those on credit cards, consider consolidating your balances into one debt consolidation loan. All you need to do is take out a new low interest loan and use it to pay off your high interest debt. You only have one manageable monthly invoice left.

4. Beware of fraud

Identity theft and credit fraud can leave your score in the tank. Stay alert and regularly check your credit report for any unusual or suspicious activity. Some Credit Monitoring Sites Offer $ 1 Million Free Identity Theft Insurance just to register.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

3 Credit Report Mistakes That Could Lower Your Score


You will often hear it said that it is important to check your credit report a few times a year. This will help you determine if you are in a good position to apply for a large loan such as a mortgage. And it will also give you a warning if there is any fraudulent activity that you may have been the victim of.

While reading your credit report, you may come across some errors. Unfortunately, credit report errors are actually quite common. And these three things could end up having a negative impact on your credit score.

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1. Past due debts that you already have up to date

Your payment history – the extent to which you are on time to pay off your debts and obligations – carries more weight than any other factor in calculating your credit score. So if your credit report lists overdue accounts, it could easily hurt your score.

It is possible, however, that debts may be listed as past due on your credit report that you have already paid off or are up to date. If you see a debt listed as unpaid and you know you have paid it off, contact the credit bureau reporting this error and provide any documents you have that show the debt has been settled.

2. Accounts you never opened in the first place

Having too many loans or open credit card accounts can hurt your credit score. So if you see an account listed on your credit report that you have never opened, you will need to investigate.

Your first step should be to call the bank or credit card company behind that account and confirm with them that they show an account listed in your name. If so, you may have been the victim of fraud. If they don’t show an account opened in your name, ask for a letter to that effect that you can share with the information desk in question.

3. Incorrect loan or account balances

Another important factor that goes into calculating your credit score is your credit utilization rate. This ratio measures how much of your available revolving credit you are using at one time.

A higher ratio is not good for your score, so if your credit report says you have a $ 5,000 balance on a credit card when you know you only owe $ 2,000, it is something that you will want to correct. In this situation, providing the reporting office with your last credit card statement should do the trick if that statement clearly shows that your balance is much lower than the amount shown on your credit report.

It’s important to stay on top of your credit report whether or not you apply for a large loan. It’s a good idea to check your report every three months and make sure mistakes aren’t hurting you.

Normally, you can request a free copy of your credit report each year from each of the three major reporting bureaus – Experian, Equifax, and TransUnion. Right now, however, credit reports are free on a weekly basis until April 2022. So if you want to do a little more investigation, this is definitely an option worth considering. used.

# 197, CarInsurance.com selects the best cheapest companies


Ashley Tilford is the editor-in-chief of QuinStreet.com, the search engine and marketing services company. He recently published a consumer-based article detailing a new study from CarInsurance.com – the cheapest and best auto insurance companies.

Tilford is our guest this week on The Weekly Driver Podcast. Co-hosts Bruce Aldrich and James Raia chat with Tilford of CarInsurance.com, one of the QuinStreet.com ‘s businesses, compiled the resource guide.

CarInsurance.com has selected the best and cheapest auto rates.

While taking into account what is available from large and small auto insurance companies, the report includes expert-verified information across several categories, including driver’s age, location, and driving habits.

“We compared the rates of 35 different insurers,” Tilford explains. “But before that, we created 11 different driver profiles because almost everyone will find them in one or more of those categories or someone on their policy probably will.”

Auto insurance: different rates, different drivers

Tilford explains that the categories were established to relate to consumers in order to see what to expect for “whatever their driving profile”.

The study shows value for money insurance options taking into account various categories: full coverage, drivers with speeding tickets, drivers with low credit, drivers with accidents , student and teen drivers, and low mileage drivers.

Tilford also provides an overview of some of the controversial areas used by insurance companies to determine rates, including credit score and marital status.

“I compare credit scores to high school GPAs or even college GPAs,” Tilford explains. “People were saying” when you step out into the real world, your GPA won’t be that important. No one will care. Credit scores are similar.

“We can mix them under the rug and we can ignore them for a long time. But when they start to affect us and they do, that’s when it becomes obvious how important it is. Your credit score has an absolute bearing on your auto insurance rates.

Please join us on episode # 197. Our guest provides knowledge and a jovial approach to what is often a mundane but integral part of car ownership.

The Weekly Driver Podcast encourages and values ​​feedback from our listeners. Please forward episode links to family, friends and colleagues. And you are welcome to repost the links from the podcast to your social media accounts. The idea of ​​more eyeballs on more content is working for us.

Support our podcast by purchasing on Amazon.com. A graphic display at the bottom of the post links to the online retailer’s auto selections. But there is also a search function for everything that is available directly on the site.

If you shop through this site, we receive a small commission. It helps us keep producing independent content. The site started in 2004 and has over 700 reviews.

The podcast is approaching its fourth and we’ve had a diverse collection of guests – famous athletes, vintage car collectors, manufacturer CEOs, automotive book authors, industry analysts, a movie stuntman and episodes of auto shows and car auctions.

Please send your comments and suggestions for new episodes to James Raia via email: [email protected].

All podcast episodes are archived on theweeklydriver.com/podcast

Each episode is also available on your favorite podcast platform. Several of the most important platforms are listed below.


If you like our podcast, also consider supporting the hosts by buying us a cup of coffee. Visit the coffee cup icon below. Make a one-time donation or a monthly contribution.

Banks To Fix ‘Problems’ In Student Credit Card Loans In 14 Days Calcutta News


Calcutta: Chief Secretary of State HK Dwivedi met with representatives of private banks on Saturday to iron out problems that beneficiaries of the student credit card program would face in obtaining unsecured loans for higher education.
Bank officials, who attended the meeting in Nabanna, reportedly assured Dwivedi that the loan repayment system would be streamlined within two weeks.
The credit card system, a flagship initiative of the government of Mamata Banerjee in Bengal, was among the promises made in the Trinamool congressional manifesto ahead of the parliamentary elections earlier this year. Under this program, economically weak but deserving students can receive a loan of up to Rs 10 lakh at a nominal interest rate, depending on the repayment term.
However, soon after the program rolled out, district officials complained about banks’ reluctance to allow unsecured loans – such as a mortgage on a land deed / house or a fixed deposit of an equivalent amount – although the state is the guarantor of every student in need of this financial assistance.
The government had issued standing instructions to the state-level committee of bankers on the need for hassle-free student loans, but it received a lukewarm response. After complaints poured in at a review meeting on Friday, the chief secretary decided to intervene.

Consumers Warned of Increase in Student Loan Forgiveness Scams


>> State Banking and Securities and Education departments warn of an increase in student loan cancellation fraud, saying the pandemic is causing financial hardship for many borrowers who are currently seeking help. If a student or borrower receives an email, letter, or phone regarding a student debt relief loan, someone will give you information about your loan before sending or confirming any personal information on which the loan is concerned. The state is skeptical. They have to do PSEAU just because they did. of confidence. Investigate the company and see the VALIDITY of the company you are contacting. Some scams suggest signing up for a program like the CARESCT Loan Forgiveness Program or the BIDEN Forgiveness Program, but in either case, make sure your email address has been sent to UYO. Make sure your student loan email is from a .GOV email. Before sharing sensitive or financial information such as social security numbers, credits, or banking information, be aware of the requirements of the LEGITIMEAT program. Student loan cancellation isn’t the only financial scam linked to COVID-19. As we have said many times, you need to be careful and provide sensitive information to everyone.

Consumers Warned About Student Loan Forgiveness Scams

The Education Department has warned of an increase in student loan forgiveness fraud as the COVID-19 pandemic is causing financial hardship for many borrowers who are currently seeking relief. Students or borrowers who receive an email, letter, or phone call about student loan debt cancellation are urged to suspend before sending or verifying their personal information. Fraudsters often obtain student loan information illegally. Just because someone has information about your loan doesn’t mean they should be trusted. Investigate the business. There isn’t really a business run by a scammer, so check the effectiveness of the business you’re contacting. Exercise due diligence. Check out what programs are offered. Some scams suggest signing up for non-existent programs such as “Cares Act Loan Forgiveness” and “Biden Forgiveness Program”. Please verify your email address. Make sure the email sent about your student loan is from your .gov email address. Be aware of what legitimate programs require and do not require of you. Please proceed with caution before sharing sensitive or financial information such as social security numbers, credit information, banking information. If in doubt, hang up and call the repairer directly. Take a break before performing the action. Check your communication or phone with the repairer before taking any action. State officials have also provided advice on what to do if you suspect fraud. Close account / stop payment. If you share your bank account or credit card information with a fraudster, please contact your bank or credit card company immediately to close your account or stop payment. Notify the repairer. If you think you are a victim of student loan forgiveness scams, please call your service agent so you can monitor your account. Monitor your credit report. Check for suspicious activity. Scammers don’t always use your information immediately. It can take weeks, months, or even years before your information is used for fraudulent purposes. Also remember to freeze the credits. Please report the scam. You can report student loan forgiveness fraud to the Federal Trade Commission. The cancellation of the student loan is not the only financial scam linked to the coronavirus. You are careful and never share financial or other sensitive information with anyone who unilaterally contacts you.

Nova Scotia Department of Education A warning about an increase in student loan cancellation scams as the COVID-19 pandemic has caused financial hardship for many borrowers currently seeking relief.

Students or borrowers who receive an email, letter, or phone call about student loan debt cancellation are urged to suspend before sending or verifying their personal information.

Authorities said the following precautions could be taken to avoid casualties:

  • Be skeptical. Fraudsters often obtain student loan information illegally. Just because someone has information about your loan doesn’t mean they should be trusted.
  • Investigate the business. Many businesses run by scammers don’t really exist, so check the validity of the business you’re contacting.
  • Demonstrate due diligence. Check out what programs are offered. Some scams suggest signing up for non-existent programs such as “Cares Act Loan Forgiveness” and “Biden Forgiveness Program”.
  • Please verify your email address. Make sure the email sent about your student loan is from your .gov email address.
  • Know what a legitimate program wants you to do and what it doesn’t. Please proceed with caution before sharing sensitive or financial information such as social security numbers, credit information, banking information. If in doubt, hang up and call the repairer directly.
  • Take a break before performing the action. Check your communication or phone with the repairer before taking any action.

State officials have also provided advice on what to do if you think you’ve been scammed.

  • Close your account / suspend payment. If you share your bank account or credit card information with a fraudster, please contact your bank or credit card company immediately to close your account or stop payment.
  • Notify the repairer. If you think you are a victim of student loan forgiveness scams, please call your service agent so you can monitor your account.
  • Monitor your credit report. Check for suspicious activity. Scammers don’t always use your information immediately. It can take weeks, months, or even years before your information is used for fraudulent purposes. Also remember to freeze the credits.
  • Report the scam. You can report a student loan forgiveness scam to the Federal Trade Commission.

The cancellation of the student loan is not the only financial fraud linked to the coronavirus. You are careful and never share financial or other sensitive information with anyone who unilaterally contacts you.

Consumers Warned of Increase in Student Loan Forgiveness Scams

Source Link Consumers Warned of Rising Student Loan Forgiveness Scams

Arbitrum’s Story – Here’s This Ethereum Scaling Solution From A to Z


Blockchain projects, for the most part, are validated by people in the community for their vision and ambition. Even though scalability, decentralization, and security remain the backbone of this technology, it is quite difficult to keep all of the aforementioned core features together.

Well, problems are always disguised as opportunities, aren’t they? Over time, the crypto-space has been able to come up with a diverse range of Layer 1 and Layer 2 solutions to address this main hurdle.

Ethereum, arguably, remains the go-to blockchain network for creating and executing smart contracts. With adoption increasing sharply over the years, it remains afflicted with network congestion and sometimes high fees. Speed ​​and scalability also play a big role in spoiling things. But, the network has already come up with an internal remedy for the same.

The 2.0 upgrade offered by Ethereum aims to improve the speed, efficiency and scalability of the network. 2.0 is, without a doubt, a step in the right direction for Ethereum, but there is still time for it to go live on the mainnet. In the meantime, other solution providers like Arbitrum are helping Ethereum connect the three dots.

Wait… What is Arbitrum?

Arbitrum is essentially an L2 solution designed to enhance the capabilities of Ethereum smart contracts. It does this by adding additional privacy features and increasing their speed and scalability. The platform is designed to allow developers to execute unmodified EVM contracts and Ethereum transactions on a second layer and benefit from Ethereum’s L1 security at the same time.

Launched on the mainnet less than three weeks ago, Arbitrum is already breaking records. With each passing day, the total value locked up on the platform has only skyrocketed. In the last week alone, for example, TVL has grown exponentially by over 2000%.

In addition, Arbitrum has counted 73.75% of the cumulative $ 3 billion locked to Ethereum’s Layer 2 network, at the time of publication. The decentralized second layer dYdX exchange was right behind Arbitrum in the queue and represented 10.89%.

Source: l2beat.com

Mega downpour of liquidity

During the early days, a fair share of the capital flowing to the L2 platform seemed to come from the so-called “Ethereum Killers”. For example, James Spediacci of Blockchain Investor, September 12, Underline that as Arbitrum’s TVL increased, the locked-in value on the Solana, Fantom and Harmony bridges plunged 58%, 36% and 62%, respectively.

In fact, Spediacci categorically stated,

“Arbitrum (Ethereum Layer 2) is Solana’s killer.”

However, on September 17, things seemed to have changed. The value locked in on the aforementioned three platforms managed to recover from the decline. In fact, according to data from Dune Analytics, they had all climbed a notch higher in the rankings.

Here it should be noted that almost all of the bridges have made their presence felt in the ecosystem within a very short period of time. Solana’s Wormhole, to begin with, was only launched in August but has already managed to secure a position in the top 5.

Now, that clearly highlights the competitive L2 environment that Arbitrum has entered into.

Source: Dune Analytics

Yield hunters who rushed to invest in the network’s first agricultural dApps also contributed significantly to Arbitrum’s TVL exponentially. Take the case of ArbiNYAN, for example.

The aforementioned Yield Farming platform has attracted investors by offering them an extremely high yield for staking its native token. The euphoria was nonetheless momentary. NYAN ended up losing over 90% of its value in the early hours of September 12.

According to data from Defined, the token was at its peak of $ 7.8 around 6:30 a.m., but was only valued at just $ 0.8 exactly 24 hours later.

Moreover, the fall did not stop there. The USD / NYAN pair was valued at just $ 0.4 at the time of writing. Due to the free fall in prices, the amount stuck on ArbiNYAN dropped from $ 1.6 billion to $ 38.6 million in just a few days.

Source: DeFiLlama

Wavey, a pseudonymous DeFi farmer, took to Twitter to highlight how the sudden withdrawal of Ether worth over $ 640 million from one of Curve’s pools created a slip arbitrage opportunity. As such, the aforementioned pool had 525.4k ETH when the NYAN farm was launched.

However, right after the crash, the pool only had 331.2,000 tokens, highlighting the instantaneous migration of cash to Arbitrum.

Additionally, rumors of a potential token drop have also been successful in generating excitement and additional cash on the platform. However, it should be noted that Arbitrum does not have its own native token.

Leaving aside the aforementioned factors, a substantial part of TVL’s growth has been quite organic and, in retrospect, a host of new people have been testing the waters of Arbitrum lately.

S2C – Speed, size, cost

Overall, Arbitrum’s transaction fees remain quite low compared to Ethereum. This is because when the speed limit is increased, the charge has the possibility of reducing even more.

However, it should be noted that Arbitrum is not yet operating at full capacity. Transaction speed will only come into play when there is more demand than capacity.

Consider This – As Arbitrum’s adoption rate increases further, congestion will also increase in parallel. In hindsight, the platform’s gas price would inevitably increase using the EIP-1559 gas auction mechanism. It is only at such a stage where the speed is increased that the costs would eventually drop.

In fact, one of the Smart Content authors pointed out the same thing in a recent Twitter thread. He affirmed,

“Arbitrum’s speed limit is currently set to match Ethereum’s throughput and will increase over time as the chain is tested in production more… Super bullish on Arbitrum and Rollups.”

People who use the platform at this point have virtually no complaints when it comes to fees and speed.

Source: l2fees.info

Achilles’ heel

The crypto-space has undoubtedly welcomed Arbitrum warmly. Despite the hype and the hype, it should be remembered that the solution is still in its infancy and is quite prone to snags. For example, the platform experienced a breakdown quite recently and, in essence, the block validation process has been hampered.

Additionally, from stable trading to launch pads and stablecoin support, Arbitrum is still faded away some key primitives. Over time, the gaps would eventually close. Until then, the platform would remain exposed to unadorned competition from pre-existing solution providers.

Then, while being completely decentralized has always been part of Arbitrum’s plan, it’s worth noting that it’s not there yet. The team [Offchain Labs] currently has a fair share of control over the network and has taken an approach quite congruent with that of other scaling solutions like Polygon and Optimism.

However, Arbitrum has the ability to maintain scalability, and that’s an added benefit every day. In addition, the solution’s fluid compatibility with dApps [that are designed to run on Ethereum] has the potential to act as its asset.

The Fallacy of the Fixed Pie

Well, people unaware of crypto subliminally assume that the L2 playing field is a fixed pie and the more slices there are. [adoption] a particular solution gets the least are left for the rest. Much of the logical error stems from the misconception that the success of one particular platform will come at the expense of others.

Duhhh, there is no fixed pie per se!

The launch of Arbitrum is a testament to how new roll-ups can storm the market. In the coming months, like more solutions to live, the space would become even more avant-garde. The market must therefore be prepared accordingly. Users, in the end, would face a good [selection] headache.

On the backs of the L2s, decentralization would emerge victorious.

Take these essential steps before canceling a credit card


There may come a time when you decide that you are ready to cancel a credit card. Maybe you don’t like customer service, or you’ve found a different card that better meets your needs. In some cases, canceling a credit card that you think isn’t very useful makes sense. But before you embark on this journey, here are some important steps to take.

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1. See how long the card has been open

Canceling a credit card that you haven’t opened for a very long time isn’t a big deal. But canceling a credit card you’ve had for 10 years is another story.

A key factor that goes into calculating your credit score is the length of your credit history. Keeping long standing credit card accounts open is actually good for your score, so before you cancel a card, see how long you’ve had it in your name. And consider keeping it if it can help keep your credit score intact.

2. Check if the card charges an annual fee

If you have a credit card that doesn’t work for you and comes with a high annual fee, then canceling it could make a lot of sense, even if that card has been open for a while. But if there’s no fee on hand and you’ve had it for a while, then you might as well keep that card.

And even if you do not have if this card has been open for so long, it still adds up to the total spending limit on all of your credit cards. The higher your spending limit, the more it can improve your credit score by keeping your credit utilization rate in favorable territory. This ratio measures your credit card balances to your total line of credit, and keeping that not-so-good card open means keeping the spending limit it gives you. (Plus, it never hurts to have this map handy in an emergency.)

3. If there is is fees, see if it’s negotiable

You never know when a credit card issuer may be willing to lower or waive their fees, permanently or for a period of time. Before closing a credit card, it’s worth having this conversation and seeing what your options are.

4. Make sure you have used all of your reward points

You may decide that one of your credit cards is just not worth keeping. But before you close your account, be sure to redeem any reward points or cash back rewards you are entitled to. In fact, don’t just use these perks – wait until you make sure you receive your reward item in hand or your cash back arrives in your bank account before canceling your card.

In some cases, canceling a credit card won’t really have an impact on you. But in other cases, closing a credit card account can have consequences. Before taking this step, check these key items off your list. This way, canceling your card will not damage your credit or lose the financial rewards you are entitled to.

Mortgage rates rose this week | September 18 and 19, 2021


Mortgage rates were higher at the end of the week than at the start, with the average 30-year fixed-rate purchase loan rate rising to 3.256%. Mortgage refinancing rates are also higher, with the 30-year rate standing at 3.386%.

Even so, the rates remain very attractive and borrowers with good credit should be able to secure favorable rates and comfortable monthly payments for a new mortgage or loan refinance.

  • The last rate on a 30 year fixed rate mortgage is 3.256%.
  • The last rate for a 15 year fixed rate mortgage is 2.348%.
  • The latest rate on a Jumbo ARM 5/1 is 2.22%.
  • The latest rate on a 7/1 compliant ARM is 4.067%.
  • The latest rate on a 10/1 compliant ARM is 3.868%.

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score – roughly the national average – could pay if they applied for a home loan right now. Daily rates are based on the average rate of 8,000 lenders offered to applicants on the previous business day. Freddie Mac’s weekly rates will generally be lower, as they measure the rates offered to borrowers with a higher credit rating.

Current mortgage rates: 30-year fixed rate mortgage rates

  • The 30-year rate is 3.256%.
  • It’s a day infold by 0.042 percentage point. ??
  • It’s a month infold by 0.005 percentage point. ??

Fixed rate loans are the choice of most home loan borrowers because of the predictable interest rates and regular monthly payments. The 30 year loan is the loan of choice for many because the long payback period means that the monthly payments will be lower than shorter term loans. The interest rate, on the other hand, tends to be higher on a 30-year loan, so you’ll pay more over the life of the loan.

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Average mortgage rates

Data based on U.S. mortgages closed September 16, 2021

Type of loan Sep 16 Last week Switch
Conventional Fixed 15 Years 2.35% 2.37% 0.02%
Conventional Fixed 30 Years 3.26% 3.26% 0.0%
ARM rate 7/1 4.07% 3.95% 0.12%
ARM rate 10/1 3.87% 3.67% 0.2%

Your actual rate may vary

Current mortgage rates: 15 years fixed rate mortgage rates

  • The 15-year rate is 2.348%.
  • It’s a day infold by 0.039 percentage point. ??
  • It’s a month offold 0.008 percentage point. ??

A shorter term loan like a 15 year will have higher monthly payments compared to a 30 year mortgage of the same amount because the loan is paid off faster. The good news is that the interest rate tends to be lower, so you’ll save money by not having to pay so much interest.

Current mortgage rates: jumbo variable rate mortgage rates 5/1

  • The ARM 5/1 rate is 2.22%.
  • It’s a day infold by 0.024 percentage point. ??
  • It’s a month infold by 0.052 percentage point. ??

Another type of loan is variable rate mortgages. The interest rate will be fixed initially but will then become variable, reset at defined intervals. The monthly payments will also be fixed initially, but will then change with each change of rate. For example, a 5/1 ARM will have a fixed rate for five years and then the rate will reset to market conditions on an annual basis. Other common terms include an ARM 7/1 and an ARM 10/1.

Current mortgage rates: 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 2.979%. ??
  • The rate for a 30-year VA mortgage is 2.983%. ??
  • The rate for a 30-year jumbo mortgage is 3.381%. ??

Current mortgage refinancing rates

The average rates for 30-year, 15-year and 5/1 jumbo ARM loans are:

  • The refinancing rate on a 30 year fixed rate refinance is 3.386%. ??
  • The refinance rate on a 15 year fixed rate refinance is 2.462%. ??
  • The refinance rate on a Jumbo ARM 5/1 is 2.497. ??
  • The refinancing rate on a 7/1 compliant ARM is 4.508%. ??
  • The refinancing rate on a 10/1 compliant ARM is 3.833%. ??
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Average mortgage refinancing rates

Data based on U.S. mortgages closed September 16, 2021

Type of loan Sep 16 Last week Switch
Conventional Fixed 15 Years 2.46% 2.49% 0.03%
Conventional Fixed 30 Years 3.39% 3.4% 0.01%
ARM rate 7/1 4.51% 4.34% 0.17%
ARM rate 10/1 3.83% 4.05% 0.22%

Your actual rate may vary

Where Are Mortgage Rates Going This Year?

Mortgage rates fell through 2020. Millions of homeowners responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people have bought homes that they might not have been able to afford if the rates were higher.

In January 2021, rates briefly fell to all-time low levels, but tended to rise throughout the month and into February.

Looking ahead, experts believe that interest rates will rise further in 2021, but modestly. Factors that could influence the rates include how quickly COVID-19 vaccines are distributed and when lawmakers can agree on another cost-effective relief package. More vaccinations and government stimulus could lead to improved economic conditions, which would increase rates.

Although mortgage rates are likely to rise this year, experts say the increase will not happen overnight and it will not be a dramatic jump. Rates are expected to stay near their historically low levels throughout the first half of the year, rising slightly later in the year. Even with rates rising, this 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 took swift action when the pandemic hit the United States in March 2020. The Fed announced plans to move money through the economy by lowering the Federal Fund’s short-term interest rate between 0% and 0.25%, which is as low as they go. The central bank has also committed to buying mortgage-backed securities and treasury bills, thereby supporting the housing finance market. The Fed has reaffirmed its commitment to these policies for the foreseeable future on several occasions, most recently at a policy meeting in late January.
  • The 10-year Treasury note. Mortgage rates move at the same pace as the yields on 10-year government treasury bills. Yields fell below 1% for the first time in March 2020 and have slowly risen since then. Currently, yields have hovered above 1% year-to-date, pushing interest rates up slightly. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The economy in the broad sense. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are low, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels hit historic highs early last year and have yet to recover. GDP has also been affected, and although it has rebounded somewhat, there is still a lot of room for improvement.

Tips for getting the lowest mortgage rate possible

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes a bit of 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 that can lower your credit score. The borrowers with the highest credit scores will get the best rates, so it’s essential to check your credit report before you begin the home search process. Taking action 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 means how much of the home’s price the lender has to finance. A lower LTV usually results in 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 purchase of the house.

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 is offering the lowest interest rate. Also consider the 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. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year loan or an adjustable rate mortgage. These types of loans often have a lower rate than a conventional 30-year mortgage. Compare everyone’s costs to see which one best suits your needs and financial situation. Government loans – such as those backed by the Federal Housing Authority, the Department of Veterans Affairs, and the 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 lender will help ensure that your mortgage rate doesn’t increase until the loan closes.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by over 8,000 lenders in the United States for which the most recent rates are available. Today, we are posting the prices for Thursday, September 16, 2021. Our rates reflect what a typical borrower with a credit score of 700 can expect to pay on a home loan right now. These rates were offered to people contributing 20% ​​and include discount points.

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