Home Blog Page 2

“Plus,” this could be the end for investors, says Lucent spin-off Avaya. Stocks and bonds crash five years after emerging from bankruptcy


But wait… Six weeks ago, Goldman Sachs and JP Morgan convinced investors to buy $600 million in new debt.

By Wolf Richter for WOLF STREET.

This is not a recent IPO or a now collapsing SPAC merger, but a legendary telecommunications, software and services company that has become a Wall Street enrichment device. at the expense of investors time and time again over the past 20 plus years.

Avaya was created by telecommunications equipment giant Lucent Technologies at the end of the dotcom bubble. Lucent was spun off by AT&T in 1996, exploded during the dot.com bubble, and collapsed during the internet crash. Avaya was acquired in 2007 by private equity firms TPG and Silver Lake and went into debt to repay rich gains to them. In 2009, Avaya acquired collapsed telecommunications giant Nortel.

In January 2017, crippled by debt, Avaya filed for Chapter 11 bankruptcy. In December 2017, Avaya emerged from bankruptcy and its new shares began trading at the time.

“This is the start of an important new chapter for Avaya,” CEO Jim Chirico said at the time. More on him in a moment.

These are the new actions we are talking about.

This morning, the company confirmed the previously warned drop in revenue and a gigantic loss of 2.4 times the size of its revenue. In addition, he disclosed an investigation into his financial reports. And he warned that he may not be able to repay his obligations due in June 2023, despite having just raised $600 million by selling new debt in order to repay those obligations, and as a result of all of this, “there is substantial doubt about the Company’s ability to continue as a going concern.

So he’s a candidate for bankruptcy. If he files for bankruptcy, it would be the second time.

The already imploded stocks are down a further 42% to $0.64 so far, down 98% from their February 2021 high – yes that infamous February when it all started crashing.

But you can’t even see the 42% drop this morning in this dollar chart that shows how investors have been wiped out relentlessly since February 2021. Today’s drop was just the little lower ( data via YCharts):

Plummeting revenues, huge losses, financial reporting investigations.

Avaya disclosed this morning in an SEC filing that it had recorded a loss of $1.4 billion for the quarter through June 30, including an impairment charge of $1.27 billion, so that revenue fell 19% from a year ago to $577 million.

It disclosed an internal investigation into its financial results through June 2022.

He revealed that “separately, the audit committee has also opened an internal investigation to review matters related to a whistleblower letter which is still ongoing.”

He disclosed that he is also “reviewing matters relating to potential material weaknesses in the company’s internal control over financial reporting relating to the proper maintenance of its whistleblower log and the appropriate dissemination of documents and correspondence.” relating thereto to certain parties other than its board of directors”. directors.

He revealed that “with investigations not complete, the audit committee needs more time to complete its initial assessments.”

He disclosed that the 10-Q report for the quarter through June 30, due today, could not be filed with the SEC, due to these ongoing investigations.

New Avaya CEO Masarek said today that the results “reflect operational and execution shortcomings.” He announced “cost reduction initiatives”. He said, “We are taking aggressive steps to adjust Avaya’s cost structure to align with our contractual and recurring revenue business model.

“Besides…” this could be the end.

On June 27, the company announced a $600 million private placement debt sale, which was “increased from the previously announced $500 million due to robust demand.” It consisted of $350 million in senior secured term loans and $250 million in exchangeable senior secured notes. The sale was organized by Goldman Sachs and JP Morgan Chase.

Proceeds from this debt offering were to be used to repay $350 million in convertible notes maturing in June 2023. But wait…

A month later, on July 28, Avaya hammered hapless investors with an epic revenue and profit warning for the quarter ended June 30 and announced that it would release full results on August 9, which it did today, except they are still “preliminary”. due to investigations into its financial reports.

Also on July 28, Avaya revealed that it had “removed” CEO Jim Chirico.

So let’s get back to that $600 million in new debt to pay off the $350 million in old debt next June…

The company today announced that it had $217 million remaining in cash and cash equivalents as of June 30, before proceeds from new debt issuance. This is down from $324 million in the prior quarter. He burns money by hand. There are four quarters to burn cash before June 2023, when it needs to have enough to pay off $350 million in debt and have enough cash by then to keep burning cash. So…

“Also,” the company said, “we may not be able to redeem those convertible notes after all. If not, this would trigger a default which would trigger a bankruptcy filing:

“The Company is currently engaging with its advisers to process the convertible notes, but there can be no assurance as to the certainty of the outcome of this assessment.”

“As a result” of this “plus” and “in addition to” the “decline in revenue” and “the negative impact of significant operating losses on the Company’s cash flow”, the Company may not succeed:

“The Company has determined that there is substantial doubt about the Company’s ability to continue as a going concern.”

Old bonds crumble, new debts plunge.

Those $350 million four-year unsecured notes, issued in June 2019 with a 2.25% coupon, took a dive. S&P rates them CCC, meaning substantial risk, but it’s still four notches above D for default (my cheat sheet for corporate bond credit ratings). Today they were trading at around 19.5 cents to the dollar (chart via Finra/Morningstar):

And the prices of the $600 million in loans and notes the company issued in June, which Goldman Sachs and JPMorgan Chase convinced investors to buy, including Brigade Capital Management and Symphony Asset Management, suffered losses. “exceeding $100 million,” according to The Wall Street Journal, citing analyst commentary and data from MarketAxess and Advantage Data.

Do you like to read WOLF STREET and want to support it? You use ad blockers – I completely understand why – but you want to support the site? You can donate. I greatly appreciate it. Click on the mug of beer and iced tea to find out how:

Would you like to be notified by e-mail when WOLF STREET publishes a new article? Register here.

Complaints and scams are increasing in the high-priced consumer market


Between soaring prices and low inventory, consumers have been through a lot over the past two years.

“It’s just becoming a tough market, from a real estate, auto perspective, and with rising interest rates, it’s going to continue to be tough for all of us,” said Robert Blount, a buyer. of cars.

Nowhere is this more evident than in the automotive industry. In fact, auto sales and repairs were the top complaint category in 2021.

The Consumer Federation of America says the auto industry has held the top spot for six years now, adding, “Clearly auto sales and repairs are a long-standing problem.”

The country’s boiling housing market and strained rental scene have also prompted many complaints.

“He told me to buy gift cards,” said housing scam victim Joseph Veras. “He wanted me to send the money. He told me to take a picture of the front and back of the card and the receipt and send it to him.”

In South Florida, Veras sent $4,000 to a bogus landlord to rent a three-bedroom, two-bathroom home. His interpreter tried to help him.

“I called the company, which is no longer in service,” said Amy Hair, an ASL interpreter. “I called the other cell phone number; it was out of service. »

Other top categories on the list of complaints include home improvement repairs, retail purchases, and consumer debt and credit.

In total, consumer advocacy groups collected 208,000 complaints in 2021, a slight decrease from the previous year.

They secured more than $119 million in consumer relief – also less than in 2020.

Newsy is the only free 24/7 national news network. You can find Newsy using your TV’s digital antenna or streaming for free. See all the ways you can watch Newsy here.

Suspect in Lima bank robbery in court


LIMA — A Lima man accused of robbing a bank on the city’s east side earlier this year appeared briefly in court on Monday for a suppression hearing requested by his attorney. Steve Chamberlain of the Allen County Public Defenders Office is trying to have statements made to police by Brandon Allen Sr. ruled inadmissible as evidence when a jury trial begins next month.

Allen, 37, was charged in April with one count of aggravated robbery, a first-degree felony, in connection with stealing money from the Union Bank Co. branch at 1410 Bellefontaine Avenue in Lima. The indictment includes specifications for Allen’s use of a firearm and as a violent repeat offender.

Around 10 a.m. on March 8, police in Lima responded to the bank in reference to what was described as an armed robbery. Employees said a man wearing a surgical mask walked into the bank and handed a cashier a handwritten note which, according to court documents, read: ‘I have a gun, please place all $$ of the draw and lock the safe on the counter, NO Die packs or silent alarms or I will draw.

The cashier told detectives the suspect had his right hand in his coat pocket and feared for his life, believing he had a gun. She gave the man, later identified as Allen, about $3,050 in cash before he fled on foot.

The note was written on a check from Superior Credit Union with the name and address obscured, but police were able to trace the account to Allen. Using the driver’s license information, police attended Allen’s listed address on Bellefontaine Avenue. A search warrant was obtained for the property and a Superior Credit Union checkbook in Allen’s name was found inside a vehicle registered to Allen at that location.

Allen was spotted later that day in the 400 block of South Jameson Avenue and was arrested following a short foot chase. He had $900 cash on him at the time of the arrest.

Allen denied participating in the bank robbery.

No testimony was presented at Monday’s hearing, although Chamberlain and Allen County Assistant District Attorney Destiny Caldwell stipulated the authenticity of a video of two separate interviews of Allen by detectives from Lima Police, Jesse Harrod and Steve Stechschulte, which was entered into evidence.

Chamberlain, in his motion to strike, said Allen’s constitutional rights were violated when investigators failed to advise him of his right not to incriminate himself and his right to counsel before the start of the trial. accusatory questioning.

Caldwell told Judge Jeffrey Reed there were more than 17 minutes left in the March 8 interview before Allen would officially receive a Miranda warning. The prosecutor said Allen “talked and talked and talked” and made unsolicited statements before the warning was issued.

Caldwell said the video will show that there is “no doubt that the defendant was advised of his rights to Miranda and waived them” and that he knew he was in custody at the time.

Reed took the video under advisement.

Lima resident Brandon Allen, accused of robbing the Union Bank Co. branch on Bellefontaine Avenue in March of this year, appeared briefly in Allen County Common Pleas Court on Monday as part of a a motion to suppress evidence in his case. A jury trial for Allen is scheduled for September 13.

NIRSAL MFB launches new loan products for MSMEs


Nirsal Microfinance Bank Limited (NIRSAL MFB) has announced the launch of new credit facilities for Micro, Small and Medium Enterprises (MSMEs). The bank said the new launch is part of its on-balance sheet loan portfolio for easy access to credit facilities by MSMEs who need affordable credit facilities to boost their businesses and salaried workers to meet immediate/urgent needs. .

“The loan is aimed at micro-enterprises and SMEs engaged in business activities with daily sales,” the bank said in a statement issued yesterday in Abuja. The amount of loan available to MSME clients ranges from 50,000 to 250 million naira, subject to satisfactory turnover covering the planned amount of the facility.

The bank said the credit facility is also open to small traders in organized markets who have existing businesses and need credit facilities ranging from 50,000 to 300,000 naira to increase their trading capital.

“The small trader does not necessarily need to have an account history with NMFB or any other bank to access the facility,” the bank said.

The details of the facility show that the bank also has a payday advance loan facility for those in gainful employment whose wages have been constant for 3 months, before applying to the bank. To access the facility, the NMFB said that “staff from companies whose salary accounts are domiciled with the NMFB can easily access this facility.”

The interest rate for these products is very competitive with a streamlined documentation process for accessing any of the above bank facilities.

According to the bank, the new products are different from government intervention products administered by the bank. “Therefore, requests for loan facilities within the on-balance sheet loan portfolio will be assessed in accordance with the bank’s risk acceptance criteria,” he said.

The Bank also said an agricultural sector loan product, covering farmers and all businesses in the agricultural value chain, would be launched within the year. Successful applicants for this product will also receive benefits from the Federal Government’s Agricultural Credit Guarantee Fund (ACGSF), as well as the interest repayment program for farmers and businesses in the agricultural value chain.

SaaS SOS: What you can do to save your SaaS business as the recession looms


Couldn’t attend Transform 2022? Discover all the summit sessions now in our on-demand library! Look here.

Interest rates are rising in the United States, a cost of living crisis is taking hold in Europe, and investor appetite is cooling around the world. In short, a global recession is likely. In the coming months, we can expect to see rising concerns and falling spending and we should be prepared for a ripple effect across all sectors, but particularly software.

There’s no shortage of generic advice for companies facing a recession, but generic advice is about as useful to founders as a handbrake on a canoe. My expertise is in software, a market that is expected to grow globally $692 billion by 2025, so I conducted an analysis of over 23,000 subscription and software-as-a-service (SaaS) companies to find out what the data tells us about the state of the market. I also wanted to provide specific advice that software companies can follow to prepare for the coming downturn.

Overall, two concerning trends suggest the trouble ahead for SaaS businesses, with the growth of subscription-based e-commerce and B2B SaaS businesses faltering for the first time since their unprecedented growth during COVID-19.

SaaS companies should take these trends as a warning sign. If they act now to solidify their fundamentals, they can ensure they are in the best possible position to weather the storm and emerge stronger than the competition.

What does the data say?

Let’s start with the consumer software market.

Consumer-focused software companies – such as subscription-based e-commerce companies – tend to be more market-aware because consumer behavior changes faster than business behavior. This makes it a good early indicator of upcoming market trends. This chart breaks down the growth of e-commerce businesses, with their monthly recurring revenue tracked since January 1, 2019.

As you can see, the market has accelerated massively throughout the pandemic and with the help of economic stimulus payments (or “stimmies”). This has led to a market increase equivalent to 10 years of standard growth.

But now everything is changing. As COVID subsides, consumers are moving away from nice-to-have, but not essential, subscription products. Moreover, as people try to maintain a “timmy” lifestyle despite economic stimulus packages drying up, a consumer debt bubble is looming.

So what does all of this mean for software vendors?

At best, consumer software vendors’ growth rates will remain flat and monthly revenues will start to creak:

At worst, a contraction will occur when sales are offset by increased churn (the rate at which customers are lost). With steady sales and turnover already up 22% in subscription boxes, 16% in subscription and savings, and 11% in consumer SaaS, it’s clear that consumer businesses are not are simply not replacing their lost customers fast enough.

Being or B2B?

That’s the question, and B2B SaaS is where things start to get really interesting. B2B SaaS has seen unprecedented levels of growth during the pandemic, with revenue more than tripling in the past two years. It’s like Christmas comes early and – stays.

However, B2B SaaS has a similar problem to subscription e-commerce: unsubscribes and downgrades. While growth is happening – indicating that new sales are steady – customer churn is accelerating and starting to flood the market. Additionally, remaining customers are looking to save unnecessary business costs wherever they can, by downgrading their subscriptions or canceling them altogether.

The line on the graph below shows the churn rate, and as you can see, it is decreasing.

So what?

To recap: churn is up, sales are stagnating, and month-over-month growth rates are starting to slow. Recession usually hits the consumer world first, then trickles down to B2B. So, if we are already seeing the pancake of the subscription e-commerce market, it will only get worse for SaaS B2B. As new sales struggle to keep up with accelerating churn, businesses will begin to lose revenue along with customers and, exacerbated by a recession, could find themselves in trouble.

What should I do?

The good news is that we’re not there yet, so organizations still have time to prepare.

You can increase your SaaS business’s chances of weathering the recession if you focus on two things: survival and lifetime value.

Stage 1: Survival

In times of economic crisis, you start by focusing on survival. And when it comes to survival, effective spending is key.

  • Starts with verification of all your expenses. Check your client invoices, standing payments, employee documentation and ensure that your actual expenses paid are in line with your internal policy guidelines and planned expenses. Boring, but essential.
  • Then check your profitability. When you enter an economic shock, you must be default alive: On track to achieve profitability based on current expenses, growth rate and available cash. If your business is seeded, make sure you have at least a 10% buffer. If you are backed by a company, you will need an 18-24 month lead.
  • To finish, reassess all non-essential projects. It can be tricky. Take a close look at every ongoing strategy, project and proposal and ask yourself if this is essential to our business model? Of course, that’s not always an easy question to answer, and you’ll have to make long-term bets. Still, it’s crucial that you share any excess tasks and only move forward on the most essential projects if you’re going to get by.

Step 2: lifetime value

Customers make a business, and in a recession, they can break it too. With new sales disappearing, it is essential to maximize the value and longevity of existing customer relationships.

How? Back to basics.

For starters, growth in subscriptions is fundamental: Acquire a customer who is monetized optimally and who stays for a long time. You’re probably focusing on the word “acquire”, but the rest of that sentence is also very important.

At its core, lifetime value is about two things: monetization and retention.

  1. Monetization

Congratulations, you have a client! But how are you going to convince your existing customers to spend more?

Segmentation and expansion revenue are crucial, so you need to make sure you have a solid strategy in place.

  • First, focus on cross-selling. Existing happy customers always buy more during recessions, so think about other projects you could offer them in addition to what they’re buying now. If you don’t have cross-sells, consider creating a To add. Priority support is easy money!
  • Next, raise prices. If your Net Promoter Score (NPS) is above 20, increase prices starting in September (after balance sheet audits).
  • Evaluate the segments as soon as possible. As Mark Roberge, former chief revenue officer at HubSpot, recommends, pull your spending and/or sales from segments hard hit by the recession and build your pipeline in others.
  • In the same waylocalize to stronger economies: Make sure prices are region-specific and reflect how each market is affected by the recession.
  • To finish, halve discountsbecause most are probably already too high.
  1. Retention

Most people focus on acquisition, but success ultimately depends on how many of your customers you can retain. After all, there’s no point trying to pour water into a tub if you’ve never bothered to put a stopper on.

From experience, here are four tips to reduce churn:

  • Back up credit card failures: Your collection rate is probably half of what it should be, so focus on collecting money and interest from overdue debts
  • Implement undo flows: Offer recovery offers and maintenance plans – anything that will make the customer think twice before clicking “cancel”
  • Optimization of terms: Offer a promotion to get monthly customers on quarterly or annual plans, reducing the “decision points” where they might think of leaving
  • Reactivation campaigns: Make sure to keep them running 60, 120 and 180 days after a customer cancels, and use small offers to keep them coming back

How can you prepare your SaaS business for the recession?

Start with survival, then focus on creating lifetime value. Strengthen the fundamentals to reduce churn, increase or stabilize revenue, and keep your head above water during the forecast recession.

Diamonds are made under pressure

There’s a reason people say great companies are created during a recession. If you follow the steps above to optimize your business, you will not only give yourself the best chance of survival, but you will emerge in the strongest possible position to become a market leader in the years to come.

Disney was founded in the midst of the Great Depression: the biggest recession America has ever seen. More recently, HubSpot and Salesforce are great examples to follow. During the pandemic, they focused on community, customer experience, and adding more value without increasing costs.

The guiding principle of these companies? “Whoever finishes with the most users will win.” This should be the mantra for all SaaS companies preparing for the next downturn.

Patrick Campbell is Chief Strategy Officer at Paddle and the founder and former CEO of ProfitWell, which was acquired by Paddle for $200 million. The data in this article is based on an analysis of over 23,000 subscription and software-as-a-service (SaaS) companies on the ProfitWell platform.


Welcome to the VentureBeat community!

DataDecisionMakers is where experts, including data technicians, can share data insights and innovations.

If you want to learn more about cutting-edge insights and up-to-date information, best practices, and the future of data and data technology, join us at DataDecisionMakers.

You might even consider writing your own article!

Learn more about DataDecisionMakers

Two charged with robbery at credit union where Garda hero Adrian Donohoe was shot dead to stand trial together


A MAN extradited for the credit union robbery in which Garda hero Adrian Donohoe was shot, will stand trial alongside another man, also charged with the same crime.

Last week James Flynn, 31, of Ravensglen, Newry, Co Down, was committed for trial in the Special Criminal Court charged with the 2013 robbery at Lordship Credit Union.


Garda Detective Adrian Donohoe was killed in the line of dutyCredit: collect
James Flynn has been remanded for trial in the Special Criminal Court charged with the 2013 robbery at the Lordship Credit Union


James Flynn has been remanded for trial in the Special Criminal Court charged with the 2013 robbery at the Lordship Credit Union
State wants to try Flynn alongside 34-year-old Brendan Treanor for same robbery


State wants to try Flynn alongside 34-year-old Brendan Treanor for same robbery

He was returned to Ireland on July 29 and appeared in Dublin District Court the following day.

The court heard that Flynn, who said he was a businessman, told Gardai: “I strongly deny the charge.”

The state wants to try Flynn alongside 34-year-old Brendan Treanor for the same heist.

However, Treanor’s lawyers have asked that he be tried separately as he has already spent more than a year in custody.

A joint funeral will be held for the drowned siblings as the public is thanked for their support
Businessman questioned over €8m cocaine bust funded by Kinahan Cartel

A source said: ‘The defense fought for the Treanor case to proceed immediately, but it was delayed by Flynn’s extradition. He was originally charged in July last year.

“Naturally, given the cost of this case, it makes more sense to try them together.”

In a ruling in June, Judge Tony Hunt said he had to consider Mr Treanor’s rights, but also said it was undesirable to conduct two such lengthy trials separately.

He said the six-month estimate provided by the DPP to allow Flynn to prepare for trial was “surprisingly long” and that he must consider the costs involved. He set a new trial date for January 11.

This means that the two men will probably be tried together, on that date, before the Special Criminal Court.

Most read in The Irish Sun

In a bail application, Treanor’s lawyers argued it was an attack on his ‘dignity’ to keep him in custody away from his newborn son in circumstances where his trial was postponed until January of next year.

However, the three-judge tribunal ruled there was a real risk of interference with witnesses if Mr Treanor was released on bail.

Det Gda Donohoe, 41, was under cash escort when he was ambushed by a five-man gang and shot dead. The gang got away with €7,000 in cash.

Aaron Brady, 30, was found guilty of the murder of Det Gda Donohoe by a majority verdict of 11 to one in Central Criminal Court on August 11, 2020.

The father-of-one with a final address in New Road, Crossmaglen, Co Armagh has been sentenced to the mandatory murder sentence of life imprisonment.

Ireland's winter Covid spike could mean major change to mask rule, expert warns
I was on Love Island and this is what time we really go to bed at the villa

As he had been found guilty of murdering a garda acting in accordance with his duty, the judge ordered that he serve a minimum of 40 years.

Brady was also sentenced to 14 years for stealing €7,000 – a sentence which will run alongside the life sentence – from Lordship Credit Union.

How Argentines are coping with inflation at 64% and rising


As countries around the world try to cope with rising prices, there is perhaps no major economy that understands how to live with inflation better than Argentina.

The country has struggled with rapidly rising prices for much of the past 50 years. During a chaotic period in the late 1980s, inflation soared to an almost unbelievable 3,000% and locals rushed to get groceries before clerks with price guns could do so. their turn. Today, high inflation is back, exceeding 30% every year since 2018.

To understand how Argentines are coping, we spent two weeks in and around Buenos Aires, talking to economists, politicians, farmers, restaurant owners, real estate agents, barbers, taxi drivers, moneychangers coins, street artists, street vendors and the unemployed.

The economy isn’t always the best topic of conversation, but in Argentina it has animated just about everyone, sparking curses, deep sighs, and educated opinions on monetary policy. One woman happily showed her stash for a wad of US dollars (an old ski jacket), another explained how she stuffed money in her bra to buy a condo, and a Venezuelan waitress snuck up. is asked if she had immigrated to the right country.

One thing has become startlingly clear: Argentines have developed a very unusual relationship with their money.

They spend their pesos as quickly as they receive them. They buy everything from televisions to potato peelers in installments. They don’t trust banks. They barely use credit. And after years of constant price hikes, they have no idea what things should cost.

Argentina shows that people will find a way to adapt to years of high inflation, living in an economy impossible to understand almost anywhere else in the world. Life is especially manageable for those who can afford to turn the system upside down. But all of these stark workarounds mean that few of those who have held political power through years of economic distress have found themselves paying the real price.

Mike Jones Joins Capital City Bank Loan Origination Office in Lawrenceville | New


Toledo Urban Federal Credit Union celebrates its 17th Toledo African American Festival


TOLEDO, Ohio (WTVG) – The Toledo Urban Federal Credit Union will hold its 17th annual African American Festival at Promenade Park on Saturday.

Toledo Urban Federal Credit Union CEO Suzette Cowell said the festival started as a simple vision,

“A vision. That’s how it started. We started on the corner of Detroit Indiana, we had 800 people. We were so excited. And now we’re in Promenade Park 17 years later,” Cowell said.

In previous years, the parade, festival and concert all took place in one year, but this year is different. The parade took place in July, and the festival and concert are tomorrow.

“We grew up, it’s the crisis of growth. At the beginning, we always had the children’s activities, and since we were in Promenade, we no longer have this avenue. So this year we decided after the parade that we would have activities for young people because we cannot forget them,” said Suzette Cowell.

During the event, those present will be able to hear live music, participate in family activities and, above all, eat good food. “We’re going to have ribs, hot dogs and funnel cakes. We’ve got ice cream, tacos, anything and everything you can ask for, we’re going to have it there,” Garnet said. Cowell, a festival staff member.

The purpose of the festival is to celebrate the history, health, and education of the African American community.

“I think it’s important to see the camaraderie, I think it’s important to see us come together. Especially with everything that’s going on, just to see everyone come together,” said Shariva Sutton, another festival staff member.

The Toledo Urban Federal Credit Union said it was important to bring the community together, especially at a time when there is a clear divide in the country and around the world.

They want people to leave the negativity at the door and have fun.

“It’s a peaceful event. We want positivity and good energy. All the chaos here leaves it where it’s at,” Garnet Cowell said.

See a spelling or grammatical error in our story? Please include the title when you Click here to report it.

Copyright 2022 WTVG. All rights reserved.

‘I borrow to live’: Pawnshops profit from golden age as UK faces tough times | UK cost of living crisis


A a sturdy chain and a slender cross, both in gold, are placed on the desk in a small plastic bag. Her owner is debating whether he should pawn or sell her grandmother’s necklace and mother’s pendant to raise £400 in cash to pay off debts and fund her daughter’s birthday celebrations. She has never used a pawnbroker before, but her finances are under increasing pressure.

“Every month I have nothing to live on,” says the client, who declined to be identified, as she fights back tears. “I’ve been sitting around the house planning things that I can sell. I’m out of the house for nine or 10 hours a day five days a week and I’m still squatting five days after getting paid.

The customer is one of many to cross the threshold on a typical day at Pickwick in Ashford, Kent, which is part of a chain of eight pawnbrokers – an industry which is booming as customers struggle to find money to pay growing bills.

The company’s profits plummeted during the pandemic when it lost at least a third of its loan portfolio as customers with little ability to spend paid off their debts. Business today is rebounding – up 20% since January to almost 60% above pre-Covid levels. “I had never really seen this rate of growth before. I think we’re in new territory,” says Nathan Finch, Managing Director of Pickwick.

Nathan Finch with a customer at Pickwick in Ashford. “If we have to sell the items, it’s a failed loan.” Photograph: Martin Godwin/The Guardian

“I think people arm themselves with their finances. Pawnbroker customers are particularly savvy and often smooth their cash flow and make sure they have [what they need for] an upcoming bill.

Finch expects a further rise this year as the high inflation and looming recession predicted by the Bank of England this week, along with energy bills expected to reach £3,600 a year, add to the soaring cost of living.

Access to other forms of short-term credit, such as payday loans, has shrunk with the disappearance of some key players, leaving pawnbroking to fill the void. The industry has also benefited from the skyrocketing value of gold and diamonds, increased demand for designer watches and increased awareness through television shows such as Channel’s Posh Pawn. 4.

It is a revival for an industry that was as ubiquitous as pubs in the Victorian era but shrank during the 20th century with the rise of other forms of credit. Two of its biggest players – The Money Shop and Albemarle & Bond – fell apart shortly before the pandemic hit.

Finch says, “Historically it was a working class thing, but I don’t think you can put customers in a class now. Everyone sometimes has more bills than they earned that month.

While he says customers have pawned expensive watches to fund investments in race cars, the typical customer borrows for a vacation or an unexpected cost like a car or heating system breakdown. central office, or higher-than-expected business or household expenses.

Although heavily regulated, pawnbroking allows customers to borrow quite large sums without a credit check or proof of income. Borrowers must provide photo ID and proof of address, but the transaction depends on the element of security provided. Lenders don’t focus on the finances of the borrower, only the market value of the collateral, making sure it can cover the cost of the loan and interest charges in the event of default. Typically, a broker will lend up to 70% of the item’s market value.

Finch examines a client's jewelry
Finch examines a customer’s jewelry. Photograph: Martin Godwin/The Guardian

Pawnbroking is about personal relationships, Finch says, with experienced staff able to spot someone trying to borrow against an item they may not actually own, and willing to haggle over the loan amount. Regulars get better deals.

He says he has lent against vehicles and even false gold teeth, but the vast majority of the loans are against jewelry. The pawnbroker pulls out a box from one of the shop’s huge safes, full of pawns – the industry term for the security feature – each in a clear plastic zip-lock bag next to a pink contract setting out the terms of the loan.

There’s a £90 loan against nine-karat gold earrings, £300 on an 18-karat gold necklace and a slew of chunky jewelry – large fashioned rings with a buckle, saddle or the woven design and studded rings known as keeper rings, which are favored by many clients as a means of storing wealth with the ability to borrow against the asset.

Between 85% and 88% of pledges are exchanged because customers want to recover often sentimentally important items. Men’s watches – especially Rolexes – and women’s designer bags and shoes, such as Gucci or Chanel, are one of the fastest growing sectors. Finch says the refund rate is high. “These are things that people have worked hard for. It means something in the sense that you worked hard to buy it and own it.

Just before noon, a regular arrives, Gary Thompson. The 55-year-old says he borrows about twice a month at the moment, slightly more than usual, as bills for his dog breeding business and household expenses have increased. He thinks he may have to pay for his dog to have surgery for the latest puppy litter and dog food prices are on the rise. ” Times are hard. I borrow to live,” he says.

Sporting a chunky gold chain and several chunky rings, he adds, “I only buy certain types of jewelry. They have their purpose, I can take them home or drop them off. I buy big things that I know I can come to the pawnshop and ask for a lot of money.

About an hour later, Wayne Cheeseman, 36, walks in wearing a huge jeweled ring with a saddle design slung around his neck on a heavy gold chain and sporting several large sovereign rings on his fingers.

Marisa and Wayne in the shop
Marisa Smedley and Wayne Cheeseman regularly borrow from Pickwick in Ashford. Photograph: Martin Godwin/The Guardian

Cheeseman says he bought lots of gold jewellery, as well as a house, after winning £1m on scratch cards in 2018. He uses some of his loot – including necklaces and rings from his partner Marisa – to borrow against once or twice a month to help cover costs. “He’s there if I need him,” he said. “It’s an investment. I don’t trust banks and my credit score isn’t all that.

Cheeseman, who works as a care assistant, says: “I put in a lot of hours but by the time I pay council tax, home insurance, gas and electricity and I can’t see anything. Like everyone else we struggle… Petrol is ridiculous and just feeding the dog costs £52 for a big bag of food whereas last year it was £45.

Sign up for First Edition, our free daily newsletter – every weekday morning at 7am BST

He is now selling his house to move somewhere cheaper to cut costs and pay off his debts, including around £2,000 borrowed against gold jewelery in Pickwick. Cheeseman says he likes the system because he always knows what he owes and can pay it back at any time during the seven-month contract without any penalty.

By law, pawnbrokers are not allowed to dispose of a pledge in less than six months and Pickwick gives at least seven months to redeem a loan and another month of warnings before the item is sold. At the end of the contract, the interest can be repaid and the loan renewed, giving more time to repay.

Interest is charged between just under 2% for a large loan, say £10,000 or more, and 10% for a small item. Pawnshops are not allowed to sell for less than market value and if an item sells above estimate, the customer gets the difference between the sale price and what is owed to them.

Finch says, “We don’t want our customers to default, we want them to get a happy result and come back to us. If we have to sell the items, it’s a failed loan.

The customer with the gold chain and cross returns to the pawnshop after taking time to consider her options. She decides to sell because she doesn’t want any more debts of any kind. “I’ve been thinking about it for months,” she says. “That’s what I want to do.”

Monte dei Paschi taps more banks for cash call as legal risks rise


The logo of Monte dei Paschi di Siena bank is seen at the entrance of a bank in Rome, Italy August 16, 2018. REUTERS/Max Rossi/File Photo

Join now for FREE unlimited access to Reuters.com


MILAN, Aug 5 (Reuters) – Italy’s state-owned bank Monte dei Paschi di Siena (MPS) (BMPS.MI) said four other banks had agreed to back its next 2.5 billion euro cash call (2 $.6 billion), as it moves on to fend off another legal challenge.

Burdened with a mountain of legal risk after decades of mismanagement, MPS was on the verge of drawing a line under its legal woes after an Italian appeals court in May acquitted all defendants in a major derivatives case. , bodes well for other pending lawsuits that could flow claims.

A year ago, MPS also reached a historic agreement with its former main shareholder which freed it from almost 4 billion euros in out-of-court claims.

Join now for FREE unlimited access to Reuters.com


However, the bank said on Friday it had received out-of-court claims worth 2.6 billion euros between June and August from a consultancy firm, resulting in 78 million euros in provisions for legal risks.

Showing his first earnings as CEO, former UniCredit executive Luigi Lovaglio told analysts that the latest claims were not sufficiently supported by documents and that the bank had hired lawyers to protect its interests.

MPS also said Barclays, Santander, Societe Generale and Stifel joined BofA, Citi, Credit Suisse and Mediobanca in signing a preliminary agreement to collect all unsold shares on the cash call.

Despite the new legal risk provisions, MPS reported a net profit of 17.5 million euros ($18 million) in the second quarter after loan writedowns needed to facilitate divestitures.

Net profit increased from 9.7 million euros in the first quarter, helped by higher interest rates which more than offset lower net commissions in difficult markets and a much lower revenue contribution of negotiation.

MPS said it had agreed to sell bad loans worth 900 million euros, which allowed it to reduce the share of problem debt in total loans to 3.9%.

The reduction in bad debts is among new restructuring commitments that Italy agreed this week with the European Commission when it secured an extension to the original end-2021 deadline to reprivatize MPS.

The Tuscan bank said it expected the European Central Bank to approve its proposed capital increase in time for a shareholder vote on the new share sale on September 15.

($1 = 0.9777 euros)

Join now for FREE unlimited access to Reuters.com


Reporting by Valentina Za; edited by Agnieszka Flak and Christina Fincher

Our standards: The Thomson Reuters Trust Principles.

Would a credit card bill be as costly as credit unions claim? | Credit Union Journal


Credit union executives argue that a proposal to reduce Visa and Mastercard’s influence over credit card interchange fees would potentially reduce the revenue needed to manage costs and protect transactions.

“Interchange revenue covers things like physical cards, processing fees, systems that process payments. It’s not just the networks themselves, but all the systems associated with them,” said Todd Mason, President and CEO. of the Maine Credit Union League. The Credit Card Competition Act of 2022, introduced by Sen. Dick Durbin, D-Ill., and Sen. Roger Marshall, R-Kan., on July 28, aims to reduce trade-ins by requiring more options to process payments.

The bill does not directly apply to credit unions or banks with less than $100 billion in assets, but credit union lobby groups say a forced reduction in interchange fees also exerts indirect pressure on other Community financial institutions. The criticism is similar to the rejection of a debit routing provision in the Dodd-Frank Act that was passed after the 2008 economic crisis. This provision, part of what is known as the Durbin Amendment, required more of choice for merchants when routing debit card payments.

“The idea of ​​’the Credit Card Competition Act of 2022′ is that it gives merchants choice, it promotes competition and tries to break up what is seen as a duopoly held by Visa and Mastercard, which are the two biggest networks in terms of transactions,” said Zilvinas Bareisis, head of retail banking for Boston consulting firm Celent. “Certainly for credit cards, they have the lion’s share of transactions, so the idea is to introduce more competition.”

Visa and Mastercard did not respond to requests for comment by the deadline.

New Durbin/Marshall bill would direct the Federal Reserve to create regulations that would require financial institutions with more than $100 billion in assets to support at least two networks for processing card-based loopback transactions open, one of which is not from the two main companies. .

The bill was first discussed at a hearing called by the Senate Judiciary Committee in May.

“Convenience stores, gas stations and other small businesses…are being operated by Visa and Mastercard on behalf of New York’s big banks at a time when they, and the communities they serve, are grappling with crippling inflation and watching the barrel of an impending recession,” Marshall said in a press release. “Competition is the heart of capitalism and that’s what our bill will create, competition.”

Despite small financial institutions’ pushback, experts from the National Association of Convenience Stores and the Merchants Payments Coalition point to the bill’s focus on large organizations and the possible benefits for store owners. .

Doug Kantor, general counsel for the convenience store group and a member of the payments coalition, explained that costs can be reduced by fostering competition between card networks and large financial institutions.

“Our view is always that a competitive market is better for everyone, where smaller institutions like credit unions are already at a disadvantage in the market. … I think [credit unions] could welcome a more competitive market that would potentially give them a better opportunity to compete when large emitters have requirements that they don’t have,” Kantor said.

A February 2022 survey of industry groups, research organizations, and financial institutions by the U.S. Governmental Accountability Office found that the 2008 Durbin Amendment had a profound impact on how custodians offered basic banking services over the past 10 years. Additional research cited by the GAO and conducted by the Fed found that some banks liable under the bill increased monthly service charges on checking accounts.

Jason Stverak (left), assistant director of advocacy for federal government affairs at CUNA and Greg Mesack (right), senior vice president of government affairs for NAFCU. “The biggest credit card companies in the country are banks, but [credit unions] are part of this payment processing ecosystem, and an impact in one area affects us all,” Stverak said.

The National Association of Federally-Insured Credit Unions, the Credit Union National Association and other trade groups are expressing similar concerns about the effect that new restrictions on exchanges could have on financial institutions below the $100 billion threshold. dollars of assets.

The Credit Card Competition Act shares many similarities with the Durbin Amendment and as such could see the same outcome move from the debit realm to the credit market, said Greg Mesack, senior vice president of the government affairs for NAFCU.

Card networks argue that interchange covers costs related to fraud prevention and other card payment processing factors. Reducing interchange fees does not reduce this burden.

“The impact for credit unions is going to be lower interchange revenue, plain and simple. … In many ways it’s a repeat of what we saw with the ‘Durbin Amendment –’ you’re going to see lower interchange revenue, but you’ve still got all the fraud protection, security, card issuance, and customer service obligations,” Mesack said. further shape the way credit unions provide low-cost and sometimes free services to their members.”

Additionally, credit unions with smaller economies of scale that place more emphasis on revenue from consumer credit transactions may have to offset declining interchange revenue elsewhere.

“The biggest credit card companies in the country are banks, but [credit unions] are part of this payment processing ecosystem, and an impact in one area affects us all. … Although we are not for profit, we still have expenses to keep institutions open,” said Jason Stverak, deputy director of advocacy for federal government affairs at CUNA. “In many cases, this could come down to reducing hours or providing additional services. .”

The new bill continues the long-running battle between merchants and financial institutions over interchange fees around the world.

Stock-based compensation is a gamble, and not everyone wins



Reader: Anyone employed by my company for a year is granted a number of stock options as a “bonus”. In casual conversation, one of my supervisors estimated that our stock options were worth somewhere north of $500,000 if we went public or were acquired.

A few weeks ago, we learned that all of the company’s patents, licenses and other intellectual property had been sold. The company’s executives have all resigned after receiving significant severance pay. The business will soon be completely worthless. There is no provision for severance beyond a few months of our regular salary if we stay until the end of the year.

Businesses on the frontlines of the economy say cracks are forming

I know it’s not fair, but was it legal? Many of us have considered legal action. Should I jump ship now and give up?

Karla: Gather up, young pipers, and let me tell you a story from the late 1900s.

It was a time when dial-up internet and flip phones were screaming, when investors threw money at any startup with “dot com” in its name. Stock options were a common hiring inducement, and if you happened to exercise those options and perhaps sell the stock at the right time, you did it.

Then, at the turn of the century, the bubble burst. Start-ups collapsed and the stock options that employees hoped would make them millionaires became millstones. When a company’s stock hit rock bottom, employees who had exercised their options lost their investment, with some ending up with huge tax bills they couldn’t afford, even if they didn’t. had never seen a penny of silver in stock.

The point of this vignette is that those of us who first saw this happen are wary of stock-based compensation plans, but a new generation of workers must learn this the hard way. Stock options give employees a chance to bet on the company’s success, but not everyone walks away richer. In the great silicon rush, “for every successful person, there were 100 who did not succeed,” says Robert Ellerbrock, a partner at Fisher Broyles who specializes in benefits law.

Tech stocks are crashing, so say goodbye to your bonus

You don’t say if you’ve ever exercised your employer stock options. Otherwise, you have lost nothing beyond the dream of earnings in a future that was never guaranteed. No matter how much smoke anyone blows on IPOs and buyouts, there are only two times when stocks have real value: when you buy them and when you sell them. You might as well get mad at someone for giving you scratch tickets that didn’t pay out.

And if you’ve exercised those options to buy stocks that are no longer worth anything, there’s little hope of getting back what you spent – the same risk you take with any stock you own. Also, you might want to consult an accountant to make sure you don’t have any nasty tax surprises next year.

No, it’s neither fair nor good for management to cash in and leave employees with a soon-to-be-empty bag. But, says Ellerbrock, “whoever owns the majority of capital will do what’s best for the shareholders” and for the company as a whole. Sometimes that means liquidating assets and cutting losses. Unless you have solid evidence of insider trading or mismanagement, while Ellerbrock says you might find a lawyer willing to help you sue your former bosses, he doesn’t see much hope that it does you good.

Don’t let stock options keep you from quitting a job

The question that remains is whether you want to last the rest of the year and receive at least some severance pay. It has to be your decision, but here are some strategic tips to consider:

  • Make sure the promised severance agreement is in writing.
  • Even if you plan to end the year, start looking for your next job, like yesterday.
  • If you get an offer from a company that wants to hire you right away, it’s worth asking if they would consider a signing bonus to at least partially compensate you for the severance pay you would be giving up.
  • Going forward, be sure to focus your expectations on the base compensation you are guaranteed to receive, rather than promises of stock options that may not materialize.

Jake Wilson, loan officer at DayOne Mortgage Group and president of Conscious Energy Collective, interviewed on the Colorado Real Estate Leaders Podcast


Jake Wilson discusses the benefits of owning a solar home.

Listen to the interview on the Business Innovators Radio Network:


According to a recent study by Lawrence Berkeley National Laboratory, homes with solar panels sell for an average of 4.1% more than comparable non-solar homes. Solar homes also sold faster than non-solar homes, with the average time on market being only 21 days shorter.

Jake explained that “the solar-specific refinancing program is the first of its kind in the country. This program allows homeowners to refinance their mortgage and include the value of their solar panels in the new loan. This is a big deal because solar panels can now be used as collateral for a loan, just like any other home improvement. And it could make it easier and cheaper for more people to switch to solar power.

Why is now the best time for solar?

  1. 26% tax credit if the system is installed by the end of 2022.
  2. Electricity costs are rising.
  3. It is possible to go solar without paying anything out of pocket by swapping or paying a fluctuating electricity bill for a fixed monthly payment for the solar system.

By going solar, Colorado will remove over 175 TONNES of CO2 from its footprint over the next 30 years… PER HOUSE. It is the equivalent of:

  • Planting of over 4,000 new trees.
  • Reduce driving by 350,000 miles and over 17,000 gallons of fuel.
  • 85 TONS of coal burned.
  • Recycle more than 550 tonnes of waste instead of going to landfill.

Jake says, “It’s no secret that solar panels can save homeowners money on their energy bills. But did you know that solar energy can also increase the value of your home? So if you are planning to sell your home soon, solar power could be a great way to increase its value. And if you don’t plan on selling anytime soon, you’ll still reap the benefits of lower energy bills and doing your part to help the environment. We are always looking for ways to help our clients save money and make their lives easier,” said Jake Wilson, head of loans at DayOne Mortgage Group and president of Conscious Energy Collective. “This program does both by enabling more people to benefit from solar energy.”

Video link: https://www.youtube.com/embed/Vd9u6GLnDeQ

About Jack Wilson

Founder of Conscious Energy Collective with a mission to transform the way energy is sold. By combining different parts of the industries, we have put together a collaborative collection of offerings ranging from community solar, residential rooftop solar, commercial power and utility scale power.

Learn more:



Media Contact
Company Name: Marketing Huddle, LLC
Contact person: Mike Saunders, MBA
E-mail: Send an email
Call: 888-467-6374
Country: United States
Website: https://www.AuthorityPositioningCoach.com

Fintech startup Credit Fair raises $10 million in debt and equity


Credit Fair, a credit fintech startup, on Wednesday raised $10 million in debt and equity in its seed extension round, led by LC Nueva Investment Partners through its lead equity fund- start-up risk, LC Nueva Alternative Investment Fund (FIA).

The investment round also saw participation from venture capital fund Capital A, Sattva Family Office, Khel Group’s Nitesh Damani and Nikhil Chandra Gupta, in addition to existing investors such as Anand Ladsariya, Neeraj Goenka and Alok Agarwal. InCred Finance, Vivriti Capital and Caspian Impact provided loan capital.

According to Credit Fair, the startup will use the funds to augment technology and deliver a superior customer experience at the point of sale. The Mumbai-based company will also leverage the capital injection to launch its wealth technology platform, Credit Fair Capital, which will allow retail investors to access secure fixed income alternatives that were previously only available. for wealthy investors.

Founded in 2018, the company aims to foster financial inclusion by providing customized lending solutions to underserved business and consumer segments.

Aditya Damani, Founder and CEO of the fintech, said, “Credit Fair has become a cutting-edge and fast-growing lending platform with faster disbursements and low interest rates. The capital injection and the advice of the group of renowned investors

help us accelerate our journey towards creating an inclusive financial future and effectively diversify our financing solutions and services.

Speaking about the revival of economic activities, Sohil Chand, Founding Partner and Chief Investment Officer of LC Nueva AIF, said that consumer sentiment has been strengthened and has reinvigorated credit demand in the business and consumer segments. Behavioral change has also catalyzed the steady adoption of digital channels and omnichannel platforms to opt for business or consumer finance solutions, he added.

“Credit Fair has the potential to become the platform of choice for consumers and businesses looking for convenient credit solutions. We are excited to play our part in its growth journey,” said Ankit Kedia, Founder of Capital A.

AIM Credit Union hopes move to Roosevelt Avenue will attract customers


AIM Credit Union will soon be moving its Burlington branch from 3001 Sylvania Drive to 337 N. Roosevelt Ave. near the intersection of East Agency Street.

The move to the former Coal Haus 337 building currently being renovated on Burlington’s busiest thoroughfare is expected to be complete by late fall, according to John Sutter, senior director of marketing for the credit union. .

AIM purchased the commercial building from Coal Haus owner Chase Gibb in February.

After:‘It just kept snowballing’: Why restaurateur Chase Gibb is buying real estate in Burlington, Fort Madison

“AIM currently employs five people in Burlington. Staff can be added as needed,” Sutter said.

The restaurant’s move to the credit union involved using special equipment to remove a nearly 12,000-pound, 10-by-9-foot ceramic brick charcoal kiln from the site for storage in a warehouse and a office building owned by Gibb.

“I have no interest in selling it. I might put it back in service one day, you never know,” said Gibb, a real estate investor who also owns and operates The Buffalo Tavern in Burlington and Buffalo61 Bar & Grille in Ft. Madison. .

Workers had set up the Seattle-made heavy oven using a crane, but “we didn’t need it to get it out,” Gibb said of Jason Samples of Dingus Transport in Danville who did the work.

Instead, “we had to drill a hole in the side of the building to remove it and Jason did the removal and transport,” he said. Workers covered the hole with a tarp before putting up a temporary wall.

According to Sutter, the new AIM Burlington site is “about the same size (as the current one), but the new location has more usable space and will be more conducive to member transactions.”

Credit union officials are touting the Burlington branch move as a way to add more services, like safe deposit boxes, to a convenient location.

“We’re moving to add features that aren’t possible at our current location, including an ATM and double teller lines,” Sutter said. “It will also allow for a conference room to meet members outside the staff offices. The new location is also more visible and easier to access for our members.”

After more than 20 years doing business under the Alliant banner, the credit union has rebranded itself as AIM Credit Union as it seeks to attract new members and avoid confusion with another, much larger Alliant Credit Union. .

AIM, formerly known as Alliant Credit Union, is based in Dubuque and came to the Burlington area through a partnership merger with Three I Credit Union in 2015.

Alliant changed its name to AIM on January 1.

With this move, AIM intends to make the branch more visible and accessible to its members and the community, and to increase its membership in the Greater Burlington area.

AIM is the 20th largest credit union in Iowa with assets totaling $165.62 million and providing banking services to over 11,000 members as of June 2022.

AIM has two branches in Dubuque, one in Cedar Rapids and one in Burlington.

“This relocation enables future growth in all segments we serve, including Alliant Energy, industries, healthcare professionals, unions, educators and many other employee groups,” said Mike Moroney, president and CEO.

The location of 337 N. Roosevelt for many years was Sarducci’s, which served Italian fare in a fast-food style, and closed in late October 2016.

Then Alfano’s Ristorante Italiano moved in before Coal Haus 337 opened in 2019.

Although indoor dining and take-out from Coal Haus 337 on Roosevelt Street is no longer an option, people can enjoy pizzas and giant wings cooked in two 7,000-pound portable wood-fired ovens transported by trailer and operated by Gibb’s Fork Catering Co. at local events. , catering services and pop-up pizza.

Gibb said he has no plans to open any more brick-and-mortar restaurants, instead focusing on bringing his unparalleled culinary opportunities to locals through the restaurant business.

A high demand for catering services keeps him and his employees busy.

“We are very careful about restoration and the way we take care of people. There is a need for restoration and if we do something, we go there and give it our full attention,” he said. declared.

Joliet Accepts $105M Bond Debt for Rock Run Crossings Project – Shaw Local


Joliet City Council on Tuesday in a 5-2 vote authorized $105 million in bonds contingent on the success of the Rock Run Crossings project.

The bonds will fund infrastructure improvements for the 309-acre project promoted as a future regional attraction for retail, restaurants, hotels, entertainment and more at the intersection of Highways 55 and 80 in Joliet.

Tax revenue from the new venture will be used to repay the bonds, unless development is blocked.

“If it never happens, are we responsible for all of this?” asked Councilwoman Jan Quillman.

“Correct,” replied the city’s chief financial officer, James Ghedotte.

Quillman and Councilman Larry Hug were both no on the bonds.

She and Hug did not attend a June 21 meeting where the board essentially committed to issuing the bonds by approving a development agreement with Cullinan Properties, the company that will develop Rock Run Crossings. The council’s vote then was 6-0 for the deal.

Tuesday’s 5-2 vote reflected the absence of council member Bettye Gavin.

Ghedotte on Tuesday outlined ways to repay the bonds at the request of Councilman Cesar Guerrero.

Ghedotte noted that a tax increment funding district has been created for the site, which would allow property tax money to be used for bonds.

“Once development begins, we hope to repay the bonds with TIF,” he said. “There will be a food and drink tax. If they set up a restaurant, it would be used to pay off the bonds. Additionally, there will be a hotel/motel tax to repay the bonds.

Ghedotte said the city also plans to create a business district on the site that will generate additional tax revenue for the bonds.

However, these sources of income depend on business development. Ghedotte said the city will have to look at its own resources to pay the bonds if development is slow or non-existent.

He said the city could create a general property tax to pay off bonds or use its cash reserves. The city could pay itself back if Rock Run Crossings expands later than planned using corporate tax revenue when it arrives.

The city had been seeking major development at the site since 2007, when a previous developer acquired the site, but was stalled by the recession that then hit. Cullinan purchased the property in 2015.

Public investment in infrastructure to make the site accessible has always been considered, and a new interchange is being built on I-55 and Route 59 for Rock Run Crossings.

Air Transat obtains one last loan related to COVID-19


  • Air-Transat-Airbus-A321-211-C-GTCY-2
    Air Transat

    IATA/ICAO code:

    Airline type:
    Full service carrier

    Year of foundation:

    Annick Guerard


Canadian company Air Transat has secured a final loan of C$150 million ($117 million) from the Canada Business Emergency Financing Corporation (CEEFC). The COVID-19 support loan will be the latest in a series of loans aimed at protecting jobs in the country’s aviation industry throughout the pandemic.

The Montreal-based carrier’s funding was secured by its parent company, Transat AT, and is part of the Large Employer Emergency Funding Facility (LEEFF) COVID program, following a application filed by the airline at the height of the Omicron. vague.


The loan is expected to help support Air Transat as it continues its recovery from the pandemic. Photo: Vincenzo Pace | single flight

Due to Canada’s strong recovery from the pandemic, no further LEEFF loan applications are being accepted, with CEEFC stating,

“CEEFC has stopped accepting new LEEFF applications, reflecting Canada’s strong economic recovery from the pandemic and the fact that no new applications for LEEFF loans have been received from Canadian businesses, except of Transat over the past year.”

Previous LEEFF funding

This will be the third time Air Transat has received LEEFF funding. In April 2021, the airline secured C$700 million ($545 million) in funding and in March 2022 it secured an additional C$43 million ($33 million) in funding. The carrier was successful in negotiating favorable 20-month deferrals for some key loan terms.

The airline’s President and CEO, Annick Guérard, commented,

“This additional funding and changes to existing agreements strengthen our cash position and strengthen our financial resilience. This significant funding milestone, combined with sales that have performed well over the past few months, will give us the financial flexibility to deploy our strategic plan with optimism and confidence.”

This year, the carrier has launched a series of new routes, including from Quebec City to London Gatwick. Photo: London Gatwick Airport

Takeover of Air Transat

Air Transat’s post-pandemic recovery was marred by the Omicron wave that hit during Canada’s peak winter travel season. The airline then reported a net loss of $111.6 million in the second quarter of 2022, largely due to rising fuel prices. He is confident, however, that he can weather this latest crisis and return to profitability, and has recently implemented a fuel hedging program and raised ticket prices.

The airline is continuing to restore its pre-pandemic network and is also launching a series of new routes, such as Montreal to Los Angeles and Quebec to London Gatwick. Air Transat is also taking new deliveries of fuel-efficient Airbus A321LRs, with the 11th and 12th aircraft expected to arrive in the third quarter.

Air Transat currently has 10 fuel-efficient Airbus A321LRs in its fleet and is awaiting delivery of seven more. Photo: Air Transat

About Air Transat

Founded in 1986, Air Transat is today the third largest airline in Canada, behind Air Canada and WestJet. The carrier has a fleet of 29 aircraft – 17 Airbus A321s and 12 Airbus A330s, with another seven A321LRs on order. Air Transat mainly operates leisure routes to Europe, the United States, Central America and Mexico.

What do you think of Air Transat’s latest COVID-19 loan deal? Will it be enough for the airline to recover from the pandemic amid rising fuel prices? Share your thoughts by commenting below.

How to save money on monthly and medical bills, food, gas and more


Here’s a secret. The companies that regularly bill you all have protocols for giving consumers better deals, Kurland says, “But they rely on you not going to call and ask.” Below is a plan to achieve this.

Remember that timing is important. When calling a business to request a deal, time it so you have the best chance of reaching a live person quickly. Wait times are longest after hours and on weekends. But if you call during normal business hours (9 a.m. to 5 p.m. Monday through Friday), you can often get a call within minutes.

Step 1: Take a good look at the monthly bills
On a day when you can spare a few hours, get out monthly bills such as cable, cell phone, and internet. In a 2021 CR survey of 34,107 members, about 70% who tried to negotiate lower prices on cable TV, Internet, and/or home phone services got a discount (or other benefit) on their bundled packages. “All of these sectors have easy-to-find competitive deals that you can use as leverage,” says Steven McKean, co-founder and CEO of Billshark, an invoice trading company. Check your bills for any services you no longer want or need. “For example, the $10 a month you were happy to pay to insure your smartphone when it was new might not make sense now that it’s 6 years old,” Kurland says. Or maybe you’re a new empty nest but you’re still paying for the super-fast internet the kids used for games. Circle your total costs, as well as any fees or charges that you don’t understand.

Step 2: Check offers on supplier websites
You want to see the discounts they offer, especially to new customers. Major mobile carriers, for example, can offer subscriptions to services like streaming music or premium TV channels (and getting them could save you $10-$15 a month if you can cancel them elsewhere. ). “If you don’t arm yourself with that information first, you’re engaging in a blind negotiation,” Kurland says. “You won’t know when they’re giving you a little discount just to hang up on you, or if they’re giving you a really good deal.” Online, also take a look at simple changes that could lower your bill. For example, your mobile carrier may offer rebates of $5 to $10 per month just by signing up for paperless billing.

Step 3: Choose the best day and time to contact companies
To get the biggest discount as quickly as possible, you want to talk to someone (yes, on the phone). Most people call after leaving work or on weekends, which is when wait times are the longest. If you schedule your call during regular business hours, 9 a.m. to 5 p.m. Monday through Friday, you can often reach a live person within minutes, Kurland says.

Step 4: Speak to a retention specialist
With your search for deals in hand, dial the provider’s customer service number, which should be listed on their invoices or on their website. But that’s not your last stop: Customer support’s job is to hang up on you, and they’ll likely offer you little or nothing, says Kurland. Instead, say something like “My name is John Doe and I’m thinking of canceling my service” to access retention service. “The loyalty department’s job is to rescue customers and negotiate discounts with them to make them happy, so that’s the service you want,” Kurland says. If they fail to transfer you immediately, specifically request the retention service and keep asking until you are connected.

Step 5: Ask open-ended questions
When reaching a retention rep, your most powerful tools are the questions that begin with who, whose, what, when, what, why, or how, according to Harvard Law School’s Negotiation Program. These are essential because the answers require elaboration. McKean suggests starting with, “We appreciate your services, but inflation has been high and I’m looking to cut costs. What can you do to help me? “They may end up telling you about a new offer that you haven’t even seen,” McKean says. Write down the name, title, and phone number of anyone you speak with, and what they say, so you have a record.

Step 6: Push back
Don’t jump at the first offer. The goal of a loyalty representative is to retain you as a customer with little impact on business results. It’s up to you to say, “What can you do to get me an even better deal?” Kurland said. And that’s where your research on the supplier’s website can come in handy: if you saw, say, a better deal on the site but the rep doesn’t offer it, point it out. And be polite but not buddy. A 2019 Harvard Business Review experiment involving more than 1,500 people found that warm, friendly negotiators ended up paying 15% more for the same item than tough, firm people. “Keep it calm, clear and consistent about what you want,” Ben Kurland tells BillFixers.

Step 7: Check offer numbers
In some cases, your bill can go up during negotiation, often thanks to bundled offers. “If you have internet service with a company, a rep might tell you it’s the same price per month to add TV to your internet service,” Kurland says. “If you accept the offer, you’ll find there may be $30 or $40 in additional taxes and fees.”

Step 8: Get the details in writing
Once you’ve secured a discount you’re happy with, ask for confirmation via a follow-up email or text, if possible, before hanging up. “You’re talking to a human being, so they may not be treating your new deal properly,” Steven McKean explains to Shark. Check your bill next month to make sure your deal went through. If this is not the case, you have the proof to present and have it corrected.

Keep your documents together for any future negotiations. “The discount they give you can only last 12-24 months, so mark your calendar and call them a month or so before it expires,” Kurland says. At that point, ask a retention specialist if you can keep your current offer or get a different one before the provider raises your rate.

Step 9: Repeat
Follow these same steps to lower other bills, such as your health club, home alarm company, and pest control service, Kurland says. You can also try similar tactics with your home and auto insurance companies. “In the case of home and auto insurance, find out what discounts you’re not taking advantage of,” says Kurland. For auto insurance, this can include taking breaks to get both your home and auto insurance from one insurer, taking a safe driving course, and driving less than before. And consider increasing your deductibles. According to Douglas Heller, director of insurance at the Consumer Federation of America, increasing your deductible from $500 to $1,000 can reduce your overall policy cost by 11%.

More possibilities: If you have credit card balances, call, ask for the retention service and ask for a lower interest rate. The company is more likely to do this if you’ve been with them for several years and usually pay your bills on time. When it comes to energy, in many places you can’t shop for gas or electricity, but the American Coalition of Competitive Energy Providers has a list of states that allow you to choose providers, as well as links to sites that will help you compare rates.

10 observations from Day 8 of the 2022 Rams training camp


3) Robert Rochell making games: While Rochell was covering for those 1-on-1 touchdown takes by Kupp and Robinson, he responded well later in team drills by catching a deep pass from Bryce Perkins on the sideline intended for Tutu Atwell. Rochell also broke a Wolford pass intended for Brycen Hopkins in the corner of the end zone in a jump ball situation.

4) Pick six for Bobby Wagner: In one of the best plays of the day, Wagner caught a short pass from Wolford and returned it 40 yards for a touchdown, with the defense hounding him afterwards in celebration.

5) Hopkins’ touchdown draws “oohs”: Going 1-on-1, Hopkins pushed his defender to break away from them, which drew an audible reaction from the crowd as Hopkins carried Wolford’s short pass for a touchdown.

6) Kupp climbs: Kupp had another play that drew a crowd causing ‘ooohs’ when he pointed a Wolford pass and carried it close to the sideline.

7) The release: Wagner also recorded a pass breakup in addition to his interception, knocking the ball out of Raymond Calais’ reach as Calais caught a pass from Perkins.

8) Kupp Corner: One of Wolford’s best passes came during team drills, when he rolled to his left and threw a touchdown pass to Kupp in the corner of the end zone.

9) Tutu Atwell does the most reps: Atwell made some great catches on Monday, carrying a Wolford pass into the seam during 7-on-7 work and later making a diving catch on a return route off a Perkins pass. He also made a few throws near the touchline.

10) Wagner makes almost two of them: Wagner nearly had a second interception in Monday’s practice, narrowly missing a deflected pass from a Rams defensive lineman in an 11-on-11 effort.

Gen Z is racking up credit card debt almost 3x faster than others

  • Gen Z is finding it harder to pay off their credit cards as inflation rises.
  • Compared to a year ago, young people’s credit card balances are up 30%, according to data from VantageScore.
  • Consumers with low credit ratings also saw their credit card balances increase by almost 25%.

Young people are starting to see the effects of inflation on their credit card bills.

Generation Z, or young people 25 and under, saw their credit card balances rise 30% in the second quarter, compared to a year ago, according to ratings firm VantageScore. The rest of the population saw an 11% increase in their credit card balance, according to the report. VantageScore data comes from a random sample of 12.5 million credit files in the United States.

People with a credit score below 660 also saw their credit card balances increase by almost 25%, more than double the percentage for the rest of the population. For millennials, the data revealed that their credit card balances had increased by 22% over the past year.

With inflation pushing up the prices of basics like gas and food, young and low-income consumers are finding it harder to pay their credit cards and other bills than they were in the beginning of the pandemic.

During the pandemic, consumers have had some cushion from stimulus checks, savings and a pause in student loan repayments that have helped them pay down more of their debt, said Silvio Tavares, CEO and president of VantageScore, to Insider.

VantageScore found that the percentage of credit card loans that are 30 days past due is still lower than it was before the pandemic, but is increasing, especially for Gen Z and Millennials.

Reuters reported that consumer credit rating agency TransUnion estimated that the percentage of delinquent credit cards could reach 8.4% in the first quarter of next year.

“That doesn’t mean the sky is falling on us,” Tavares said. “We just need to monitor the trend and see if it continues and spreads to other groups.”

Tavares told Reuters some Americans are paying off less credit card debt while spending more on travel and meals.

Consumer spending data indicates that, despite high inflation, people still spend more on travel and transportation than on other goods and services.

“There are signs that inflation has peaked and is coming down,” Tavares said.

Part of the reason Gen Z and Millennials saw an increase in credit card balances, Tavares said, is that their incomes weren’t growing as fast as inflation, so they needed a way to meet their needs.

“If inflation stabilizes, we won’t see balances increase as quickly,” he said. He also added that extending the pause on student loan repayments would help millennials and millennials save more money to pay off credit card debt.

Overall, Tavares said consumers are healthy and credit scores are trending up, even for Gen Z and millennials.

Eos Energy Enterprises, Inc. Obtains $85 Million Term Credit Facility to Fund Growth


Eos Energy Enterprises, Inc.

The company is authorized to request an additional $15 million, subject to conditions

EDISON, New Jersey, Aug. 01, 2022 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe zinc-based energy storage systems, scalable, efficient and sustainable, announced today that it has entered into an $85 million senior secured term loan facility with Atlas Credit Partners (“ACP”).

“We are delighted to partner with ACP on this transaction which increases our financial flexibility,” said Joe Mastrangelo, CEO of Eos. “This capital allows us to accelerate the expansion of our manufacturing capacity to accelerate the shift to clean energy and meet our $460 million backlog.”

The growth in the Company’s backlog, which now stands at 1.9 GWh, is partly due to customer recognition of the simplicity and flexibility of Eos’ energy storage systems manufactured in the USA.

“It is an honor and a privilege to partner with Eos,” said Drew Mallozzi, Managing Partner of ACP. “The company has proven technology with a strong management team and is building a capital-efficient and scalable manufacturing model that ACP believes is poised to capture one of the greatest secular growth opportunities that we have identified in the energy sector.”

After closing costs and other expenses, the financing will provide capital for the continued expansion of the company’s manufacturing capacity, the development of next-generation energy storage systems and services, and for general the company. The financing consists of a four-year amortization term loan that bears interest at a floating rate of SOFR plus 8.5%. The credit agreement also allows the company to make a one-time request for an additional commitment of up to $15 million, subject to the consent of the lender.

About Eos
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that are transforming the way the world stores energy. Our revolutionary Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. Safe, scalable, efficient, sustainable – and made in the USA – it’s the heart of our innovative systems that provide utility, industrial and commercial customers today with a proven and reliable energy storage alternative. Eos was founded in 2008 and is based in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

About Atlas Credit Partners
Atlas Credit Partners is a Houston, Texas-based investment firm specializing in credit-focused capital solutions in partnership with management teams.

Forward-looking statements
This press release contains certain statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our intended use of proceeds from the senior secured term loan facility, statements referring to projections, forecasts or other characterizations of future events or circumstances, including any assumptions underlying underlying. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, ” possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of such words does not mean that a statement is not prospective. Factors that could cause actual results to differ materially from current expectations include, but are not limited to: changes that adversely affect the business in which we engage; our ability to predict trends accurately; our ability to generate cash, repay debt and incur additional debt; our ability to develop efficient manufacturing processes at scale and accurately predict associated costs and efficiencies; fluctuations in our revenues and results of operations; competition from existing or new competitors; the non-conversion of the firm order backlog into sales; risks associated with security breaches in our computer systems; risks relating to legal proceedings or claims; risks associated with changes in federal, state or local laws; risks associated with potential regulatory compliance costs; risks associated with changes in US trade policies; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; and risks related to adverse changes in general economic conditions. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties and factors, including those described in greater detail in Eos’ latest filings with the Securities and Exchange Commission, including Eos’ latest annual report. ‘Eos on Form 10-K. and subsequent reports on Forms 10-Q and 8-K. Further information about potential risks that could affect actual results will be included in subsequent periodic and current reports and other filings by Eos with the Securities and Exchange Commission from time to time. In addition, Eos operates in a highly competitive and rapidly changing environment, and new risks and uncertainties may emerge that could impact the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements and, except as required by law, Eos undertakes no obligation and does not intend to update or revise such forward-looking statements, whether whether as a result of new information, future events, or otherwise.


Investors: [email protected]
Media: [email protected]

3 times the debt can be a useful tool


In some corners of the personal finance advice world, getting into debt is about the worst thing you can do. And yes, some forms of debt, especially those that charge high interest rates, can keep you locked in a cycle of debt for years.

Still, there are times when getting into debt serves a purpose in your overall financial picture. Debt isn’t always bad, although there is always a risk of it piling up over your head. It’s simply a tool you can use to afford a very large purchase without depleting your savings.

“I think it’s so important that people aren’t afraid of debt, but rather see it as something you can use to your advantage,” says Kara Duckworth, certified financial planner and chief executive of the customer experience at Mercer Advisors.

Here are some examples of when the ability to borrow money can be useful.

For something that can rise in value

Debt is often categorized as good or bad, depending on why you’re borrowing money and how much interest you’ll pay.

“Good debt can help you move forward in your career and in your life,” says Mark Reyes, Certified Financial Planner and Senior Manager of Financial Aid at Financial Services App Albert. “On the other hand, bad debts can prevent you from achieving your goals.”

Mortgages are often cited as an example of good debt, since a house can appreciate in value. “It’s not a bad debt to have; it’s going to put a roof over your head,” says Bill Hampton, Certified Financial Education Instructor and CEO of Hampton Tax and Financial Services in Atlanta. Of course, borrowing more than you can afford or not understanding the terms of the loan can lead to financial risk.

Student loans are another generally recognized example of good debt, since your education can increase your lifetime earning potential. According to Hampton, “You’re going to be in debt for a number of years, but it will get you a better paying job. But if your middle finger doesn’t support your debt, it could hold you back.

To finance a major purchase

Now let’s move on to bad debt: credit cards. Not only do they charge high interest rates, but you can continue shopping even if you still owe money from previous months. It’s easy to end up with a balance that keeps growing, no matter how hard you try to reduce it.

However, some credit cards offer interest-free promotions that you can use for a large purchase. These promotions allow you to spread a cost over several months, often 12 months or more, depending on the card. Make sure, though, that your budget allows you to pay it back within the promotional timeframe – before the interest kicks in.

If you have existing debt, balance transfer cards allow you to transfer that debt and pay no interest for months. But as always, make sure you understand the terms of the card you’re using – you’ll likely pay a transfer fee and the interest rate will go up once the promotion ends.

Once you own a home, borrowing against its value in the form of a home equity loan or a home equity line of credit — or HELOC — can free up money for home renovations. Homeowners can choose to do this instead of putting renovation costs on a credit card that charges a higher interest rate.

“Depending on how much equity someone has and depending on their specific situation, it might be better to leverage that rather than a credit card or personal loan,” Reyes says. “It’s kind of the lesser of two evils.”

To meet unforeseen costs

You’ve heard the lecture before. You need to have emergency savings. But that’s the problem with emergencies – they happen randomly, and sometimes simultaneously, whether you were able to save money or not.

These are the times when you may need to make the best less optimal decision, which may mean going into debt. HELOCs and personal loans can be a low-interest way to borrow money to cover an emergency, but credit cards can also serve as a source of emergency funding.

If an emergency expense lands you in credit card debt, Hampton recommends making a plan to pay off that balance in a few paychecks. You can also take other steps to reduce the cost of your debt, such as transferring the debt to a balance transfer card or seeing if your credit card company will meet you halfway.

“Consider calling your credit card company and try to negotiate a lower interest rate than what you’re being charged,” Reyes says. “It’s not always successful and it’s not likely, but it’s worth it.”

Sara Rathner is a writer at NerdWallet. Email: [email protected] Twitter: @SaraKRathner.


Heat and wind threaten to fuel growing wildfires in the West


YREKA, Calif. (AP) — Major wildfires in California and Montana increased dramatically as firefighters protected remote communities on Sunday as hot, windy weather across the dry, dry western United States created an even greater potential for spread.

The McKinney Fire was spiraling out of control in the Klamath National Forest in northern California as erratic thunderstorms swept through the area just south of the Oregon state line, the spokeswoman said of the US Forest Service, Adrienne Freeman.

“The fuel beds are so dry and they can just burst from this lightning,” she said. “These thunder cells are accompanied by erratic gusty winds that can blow fire in any direction.”

The blaze swelled to more than 80 square miles (207 square km) just two days after erupting in a largely uninhabited area of ​​Siskiyou County, according to an incident report on Sunday. The cause was under investigation.

A second, smaller fire just to the west, sparked by dry lightning on Saturday, threatened the small town of Seiad, Freeman said. About 400 structures were threatened by the two California fires.

In northwestern Montana, a fire that started in the prairies near the town of Elmo grew to more than 28 square kilometers after entering the forest. Temperatures in western Montana could reach 96 degrees (36 degrees Celsius) by Sunday afternoon with strong winds, the National Weather Service said.

A portion of Highway 28 between Hot Springs and Elmo was closed due to heavy smoke, according to the Montana Department of Transportation.

About 200 miles (320 km) to the south, Idaho residents were under evacuation orders on Saturday as the Moose Fire in the Salmon-Challis National Forest charred more than 67.5 square miles (174.8 km2) in woodland near the town of Salmon. He was 17% contained on Saturday.

California Governor Gavin Newsom declared a state of emergency on Saturday as the McKinney Fire intensified. The proclamation gives Newsom more flexibility to make emergency response and recovery effort decisions and access federal assistance.

California law enforcement knocked on doors in the towns of Yreka and Fort Jones urging residents to get out and evacuate their livestock safely in trailers. Automated calls were also sent to landline telephones as there were areas with no cell phone service.

Scientists say climate change has made the West hotter and drier over the past 30 years and will continue to make weather more extreme and wildfires more frequent and destructive.

The Pacific Coast Trail Association urged hikers to get to the nearest town while the US Forest Service closed a 110-mile (177 km) section of the trail from Mount Etna’s summit to Mount Ashland Campground in southern Oregon.

In Hawaii, the Maui County Emergency Management Agency said a brushfire was 90% contained, but a red flag warning was in effect for much of Sunday.

Remo D’Souza decides to pay off Varsha Bumra’s debts: ‘DID Super Moms’


‘DID Super Moms’ judge and Bollywood choreographer Remo D’Souza has come forward to help a contestant on the show by paying off her debts.

Varsha Bumra grabbed everyone’s attention with her dance moves to the song “Le Gayi”. But even after getting positive responses from the judges, Varsha seemed dissatisfied. When veteran judge and actress Bhagyashree asked her why, she said some lenders, whom she had borrowed money from years ago to meet her family’s expenses, had been harassing them since she joined. the series, which affected his performance and rehearsals.

Remo said, “I would like to tell people watching the show that the contestants don’t get any money for starring on this show; they’re here to show off their skills. That said, I’m sure after ‘DID Super Moms’ , Varsha will earn enough money to support her family, but at this time we are not paying her to present her dance.

Saying this, Remo decided to help her by paying off her debts.

“So no one should think they are getting a salary from the show. Given her condition, I would really like to help Varsha by paying off her debt so she can fully focus on her rehearsals and not be distracted by money lenders. ‘silver.”

“I would also like to ask people to let her focus on competition now because I am canceling all her loans and no one should bother her to go further,” he said.

“DID Super Moms”, judged by Remo D’Souza, Bhagyashree and Urmila Matondkar.

“Don’t come to our party if you’re afraid of ED”: Eknath Shinde

The government school has become a swimming pool for children, Akhilesh Yadav shared the video

Suddenly blood started pouring from the walls, a shocking reason came to the fore

Tom Edwards in limbo as Stoke and Red Bulls negotiate loan deal terms


Tom Edwards may be nearing the end of his loan spell at the New York Red Bulls, but could he also be at the start of a permanent career in the Big Apple?

Edwards was dropped from Gerhard Struber’s New York squad for Saturday night’s friendly against FCBarcelona amid further negotiations over his loan from boyhood club Stoke City. Sources familiar with the situation say OaM that Stoke are keen for the versatile defender to be part of Michael O’Neill’s squad as the English Premiership season kicks into full swing over the next few weeks.

It is understood Stoke, who has loaned Stafford, New York-born Edwards to New York for the past two seasons, is asking the Red Bulls to commit to a permanent deal where the MLS club will cover all of Edwards’ wages. he must stay in New York. New York. A Red Bulls spokesperson declined to comment on the situation.

Despite his loan status, Edwards has become a key pillar of the Red Bulls project during his two-year loan spell in MLS. Edwards has been part of Gerhard Struber’s roster as a right centre-back and occasional right-back, making 20 of 22 league appearances for New York this season. The team appeared to miss the Englishman’s confident defensive and communication skills in their Open Cup denouement in Orlando on Wednesday night, and it looks like they are also in danger of losing their presence for the rest of the schedule if an agreement cannot be reached.

Credit unions under pressure to meet deadline – NationNews Barbados – nationnews.com


posted on

Chairman of the board of the Police Co-operative Credit Union Ltd, Hally Haynes. (CASE)

Credit unions are feeling the pressure as they race to meet the September deadline with the Organization for Economic Co-operation and Development (OECD) on anti-money laundering and counter-terrorism.

Police Co-operative Credit Union Ltd chairman Hally Haynes said on Thursday it would cost the credit union more than $40,000 to train staff and upgrade its facilities. data systems.

Addressing the credit union’s annual general meeting, Haynes said: “My friends, today we operate in an environment in which the regulatory landscape is rapidly changing and the requirements for credit unions to comply with these regulatory standards are indeed very difficult, complicated and, may I say, expensive.

He said the police credit union must be held to a higher standard to ensure they never break the law or are seen to do so.

“To this end, I would like to ask all of you, good members of this noble organization of ‘people helping people’, to contact your credit union and update your membership information as a matter of urgency so that we comply AML/CFT (regulations in the fight against money laundering and the financing of terrorism). (HH)

Subscribe now to our e-NATION edition for the full story.

For the latest stories and breaking news, download the Nationnews apps for iOS and android.

Yankees pass Royals after 8th inning assault


Aaron Judge bet on himself this spring when he turned down a deal that would have been worth $230 million. The slugger makes it pay and if the Yankees want to keep him, they’re going to pay a high price now. Judge hit two homers on Friday night, including his second Grand Slam of the season, hitting six runs and propelling the Bombers to an 11-5 win over the Royals at The Stadium.

It was the 29th victory from behind of the season for the Yankees (68-33), who maintained the best record in the American League. It was only the sixth time this season that they had come back and won after trailing late in the seventh inning.

The judge’s second of the night, a shot from 370 feet, capped an eight-run, eighth-inning rally, which began when Andrew Benintendi, in his second game as a Yankee, “split,” on a fly ball at the ground to first down the eighth inning to drive in a race. With the bases loaded, Scott Barlow walked into the tie rush for Isiah Kiner-Falefa, who scored a single in the go-ahead run.

The 30-year-old judge hit his 40th major league-leading homer in the third inning against Royals southpaw Kris Bubic. The 449-foot shot climbed into left-center field and scored two runs. Number 41, his second, capped the Yankees’ eight-run eighth inning. No other hitter has more than 32 so far.

It happened less than 24 hours after he hit his 39th, a game-winning third career home run. He’s hit five home runs in his last five games, eight in his last eight and 11 in his last 13 games. He’s now on pace to hit 66 homers this season. The franchise record is 61 set in 1961 by Roger Maris and it is still the American League record.

In 2017, when Judge hit his career-high 52 homers en route to winning the American League Rookie of the Year award, he hit his 40th and 41st homers on September 10 in his 142nd game that season. . Friday night was the Yankees’ 101st game and the 98th game he played.

Of the 38 points the Yankees have scored in their last eight games, Judge has been involved in 19 of them.

He also stole a home run on Friday night. MJ Melendez started the game with a ball deep, 357 feet from the right field wall. The judge jumped up and caught him on the very edge of his glove, “snow coning”, to save a run for Gerrit Cole.

It was a dominant season for Judge, who came into play for a contract when he hit the free agent market at the end of the year after turning down an extension offer on opening day.

So far the bet on himself is paying off that he will get money in the quarter the Yankees gave Cole, who has yet to have the impact on this franchise that Judge has.

Cole allowed five earned runs on seven hits. He didn’t walk a batter and struck out nine. The right-hander was coming off his third loss of the season, having allowed nine hits and three earned runs against the Orioles.

With two outs in the fifth, Cole couldn’t slam the door after a few errors behind him.

Nicky Lopez’s helicopter bounced off the glove of a sliding Kiner-Flaefa in center field for what was ruled a single. On the next play, MJ Melendez hit an infield grounder at first base. Anthony Rizzo lined it up and tried to throw it backhand to Cole first. The Royals receiver beat him. Neither was deemed a mistake, but both were costly.

Whit Merrifield then fielded a single into right field to score two runs and Salvador Perez, playing his first game since June 24 surgery to repair a ligament in his thumb, crushed a 424-foot shot from the Yankees ace . It was the 17th homer Cole allowed this season, seven fewer than his total in 30 starts last season.

Aroldis Chapman, in his new indefinite role, pitched a scoreless sixth inning and Albert Abreu, who was released by the Royals earlier this season, pitched a scoreless eighth inning.

New Mexico Teachers Student Loan Repayment


NEW MEXICO (KRQE) – New Mexico Teacher Loan Repayment Program now accepting applications until August 1 at 5 p.m. All New Mexico licensed teachers working in needy schools and fields are encouraged to apply for the program, which helps teachers repay federal student loans related to teacher education.

Through this program, eligible teachers can receive up to $6,000 per year for two years to repay principal and interest on federal student loans. According to a statement sent by the New Mexico Department of Higher Education, more than 600 teachers have been supported by the program. The state also approved an additional $3 million increase for the program this year so that all eligible teachers can benefit.

Eligible teachers must be U.S. citizens, residents of New Mexico for 12 consecutive months or more, hold a New Mexico teacher’s license, and have taught at least three years in New Mexico. According to the statement, priority is given to teachers in areas of high need such as bilingual education, special education, early childhood education, STEM, technical education and low performing schools. or economically disadvantaged.

Applications can be submitted online at hed.state.nm.us. Interested candidates can also contact the agency at [email protected] or 1-800-279-9777.

Inflation, rising interest rates leading to skyrocketing card debt, recession fears


Consumers turn the market down to keep racking up credit card debt

Credit card officials have begun to see U.S. consumers shift spending toward lower-cost products as they grapple with inflation at its highest level in 40 years. Overall credit card volume soared 20% to $1.1 trillion among the nation’s largest lenders in the second quarter, with many reporting record spending for the period. Executives said the recent price spike has done nothing to dampen consumer appetite for travel or goods and services. [Bloomberg]

Nearly 20% of Americans are afraid to check their credit card statements as interest rates approach an all-time high

As credit card debt soaring interest rates, many spenders fear high balances. Nearly one in five Americans are afraid to check their credit card statements, according to a recent report by travel website Upgraded Points, which surveyed 3,500 people in April 2022. As Americans have reduced their card debt In 2020, high balances returned amid soaring costs for basics like gas, groceries and housing. Credit card balances jumped $71 billion year-over-year, topping $841 billion in the first quarter of 2022. [CNBC]

Credit card spending soars as US consumers battle rising inflation

Mastercard said spending on its network jumped 18% as US consumers battle unique levels of inflation in a generation. Payments volume soared to $1.65 trillion in the second quarter, beating the $1.64 trillion average of analyst estimates in a Bloomberg survey. The company raised its revenue growth forecast for the year after reporting a 58% increase in overseas payments as consumers flocked to take trips and get back on the road after two years of pandemic-induced shutdowns. . [Bloomberg]

US raises interest rates dramatically to rein in soaring prices

The US central bank has announced another unusual rise in interest rates as it struggles to contain soaring prices in the world’s largest economy. The Federal Reserve has indicated that it will raise its key rate by 0.75 percentage points. The bank has raised borrowing costs since March in an attempt to cool the economy and dampen price inflation. But fears are growing that the measures could tip the United States into recession. Recent reports have shown falling consumer confidence, a slowing housing market, rising jobless claims and the first contraction in business activity since 2020. [BBC]

US economy shrinks for second quarter, fueling recession fears

The drumbeat of recession intensified after the U.S. economy contracted for a second straight quarter, as decades-high inflation sapped consumer spending and interest rate hikes by the Federal Reserve have hampered businesses and housing. Gross domestic product fell at an annualized rate of 0.9% after falling 1.6% in the first three months of the year, the Commerce Department’s preliminary estimate showed Thursday. Personal consumption, the largest part of the economy, grew at a 1% pace, a deceleration from the prior period. [Bloomberg]

Senate bill targets Visa and Mastercard credit card fees

Two US senators are preparing legislation that would give merchants the power to process many Visa and Mastercard credit cards on different networks. The bill, which could be introduced as early as this week, aims to create more competition between US credit card networks, an industry where Visa and Mastercard have long dominated. Sen. Dick Durbin, a Democrat from Illinois, and Sen. Roger Marshall, a Republican from Kansas, are expected to introduce the bill. [The Wall Street Journal]

Apple’s entry into the BNPL space raises alarm bells at the CFPB

Apple’s move into the buy-now-pay-later space caught the attention of CFPB director Rohit Chopra, who is currently examining the broader implications of big tech companies becoming lenders. The CFPB is looking closely at the “implications of Big Tech entering this space” and considering a number of questions, including whether Apple Pay Later could “reduce competition and innovation in the marketplace,” said said Chopra, as reported by the Financial Times. . Apple Pay Later is one of about 80 BNPL products on the app shelf, including PayPal, Affirm, Afterpay and Klarna. The CFPB boss said that while his agency is concerned about the technology entering the BNPL space, there is also unease about how Apple uses the information collected in its subsequent purchase transactions. and whether they are combined with navigation, geolocation and health data. [PYMNTS]

33% of small businesses have been severely impacted by credit card fraud

All businesses, big and small, have at least one thing in common: payment processors. Cash-only businesses get away with not having to pay a processor to complete credit, debit and digital card payments, but this type of business is rare. Accepting card payments is convenient for you and your customers, but it does mean the risk of credit card fraud. And while point-of-sale platforms can help you better facilitate payments, they can bring their own obstacles. In a Forbes Advisor poll, 33% of small business owners said credit card fraud is a major problem. Is the risk worth the reward? [Forbes]

Buy now, pay later The industry is about to pass its first big test

Consumers can buy now and pay later for just about anything. Hailed as an indispensable alternative (and threat) to credit cards and predatory lenders, buy now, pay later has also been criticized as a gateway to debt for the young and inexperienced. Either way, BNPL represents one of the biggest and fastest changes in consumer credit in decades. [Bloomberg Law]

Credit Card FinTech Cardless launches partnership with Amex

FinTech Cardless Credit Card has entered into an agreement with American Express that allows a number of top US brands to launch digital cards on the Cardless platform. The company noted that the partnership comes with “significant” investment from Amex Ventures, the strategic investment arm of American Express. Cardless cards offer several features designed for digital native consumers, both in terms of security and ease of access. New users can apply for a Cardless card with their smartphone. Once approved, the virtual card will arrive in their mobile wallet within seconds, and a physical card will appear a few days later. Customers can manage their accounts through the Cardless app, with immediate access to things like rewards, purchase tracking and bill payment. [PYMNTS]

Discover Upgrade OneCard, a combined credit and debit card

Upgrade has been offering consumers personal loans, auto loan refinances, and other personal finance products since 2016. Today, the San Francisco-based fintech company introduces its latest product, Upgrade OneCard, which offers a unique combination of a debit card and a credit card, with a hint of “Buy now, pay later” thrown into the mix. The OneCard upgrade allows consumers to choose between “Pay Now” and “Pay Later” when it comes to paying for their purchases. For the first option, the amount will be immediately withdrawn from the cardholder’s current account, in the same way as a debit card. For the latter, the amount of the purchase will be spread over time to be reimbursed in fixed installments with interest, like a credit card. [CNBC]

Sylvester takes over Consumers Credit Union after longtime CEO retires


KALAMAZOO — A new general manager took over this month at Kalamazoo Consumer Credit Union.

Scott Sylvester took over from longtime chairman and CEO Kit Snyder on July 2. Snyder retired after 38 years with Consumers Credit Union, including serving as president and CEO since 1983.

Scott Sylvester

Sylvester has been a member of the credit union for 28 years – he started as a cashier in 1994 – and has worked as a bookkeeper, senior accountant, chief information officer and vice president of technology, then chief financial officer and chief technology officer. .

“As we embark on this next chapter of our journey, the consumer team will always strive to provide the same high level of service to our communities and members,” Sylvester said in a leadership transition announcement. “I look forward to our continued growth and expansion into new markets, as well as future opportunities to serve our members.”

Consumers Credit Union has 24 offices in southwest and western Michigan and 126,497 members as of June 30, according to a quarterly financial report filed with the National Credit Union Administration. Mid-year assets were $1.9 billion and the credit union had $1.57 billion in deposits.

Loans totaled $1.73 billion, including $196.7 million in commercial loans.

Consumer Credit Union in the first six months of 2022 recorded net income of $13.1 million, according to the NCUA report.

The credit union’s transition as CEO included further leadership changes with the appointment of Lindsay Land as chief operating officer, Bob Dunning as chief information officer and Scott Adams as chief risk officer. .

Never miss the biggest stories and breaking news from MiBiz. Sign up to receive our reports straight to your inbox every weekday morning.

Apple buy now, pay later raises antitrust concerns, regulator says


The announcement of an Apple Pay Later feature has caught the attention of US consumer credit regulator, the Consumer Financial Protection Bureau (CFPB).

CFPB Director Rohit Chopra said Apple Pay Later raises “a host of issues,” including antitrust concerns…


Apple’s Buy Now, Pay Later (BNPL) feature was announced at WWDC. Apple Pay Later will launch as part of iOS 16, allowing US Apple Pay users to make four equal payments over six weeks at no additional cost. Merchants can join the program without any impact on when or when they get paid.

Despite the lack of fees and interest, Apple will still make money from the service, and consumers have been warned to use the feature with caution.

Since the announcement, we’ve learned that Apple is foregoing a banking partner and will use your Apple ID history as one of its fraud prevention tools.

Apple Pay Later issues

The FinancialTimes reports that the CFPB’s concerns span antitrust, privacy and indebtedness.

The top US consumer credit regulator has warned that Big Tech’s entry into buy now, pay later lending firms risks undermining competition in the nascent sector and raises questions about the use of data client.

In a warning shot to Silicon Valley over Apple’s decision to launch its own BNPL service, Rohit Chopra, director of the Consumer Financial Protection Bureau, said his agency should “look very carefully [at] the implications of Big Tech entering this space”.

Among the questions the agency would consider was “whether it can actually reduce competition and innovation in the marketplace,” Chopra said in an interview.

In response to a question about Apple’s launch, Chopra said Big Tech’s move into short-term lending “raises a host of issues,” including how companies would use customer data. “Is it combined with browsing history, geolocation history, health data, other apps?”

The antitrust concern appears to be that Apple potentially has access to a lot of customer data in the form of Apple Pay usage, and could use that data to give itself an unfair advantage over competing BNPL services. The use of this data also raises privacy issues.

The regulator has already asked Apple to explain how the company collects and uses customer data in relation to Apple Pay generally. Similar questions were asked of Amazon, Facebook, Google and PayPal.

Finally, the CFPB fears that the BNPL schemes could increase consumer debt. These programs aren’t normally considered part of indebtedness due to the short-term nature of the funding, but Chopra thinks that should change.

“In order to get real visibility into the state of household balance sheets, we can’t just look at credit card debt or car loan debt,” Chopra said. “Now we have to consider buying now, paying debt later as well.”

The regulator has already asked the biggest names in BNPL to provide information that will help assess the need for any legislative oversight: Afterpay, Affirm, Klarna, PayPal and Zip.

This could be a first for Apple: going under antitrust control before the company has even started offering a service!

Picture background: Degraded/Unsplash. Screenshot: Apple.

FTC: We use revenue-generating automatic affiliate links. After.

Check out 9to5Mac on YouTube for more Apple news:

Branch Manager Appointed at South Beloit Credit Union | Economic news


If you have a car loan, you need this insurance coverage


Image source: Getty Images

Borrow to buy a car is common and, in fact, many people take out auto loans that they will repay over many years.

It’s not necessarily a big deal to take on auto debt, as interest rates are usually relatively affordable and those who can’t afford cash for a car may still need a vehicle to go to work.

But, those with car loans will always want to make sure they have a specific type of car insurance coverage.

This insurance coverage is crucial for car loan borrowers

Any driver with a auto loan must ensure that gap insurance is purchased at the same time as his other auto insurance coverage.

Gap insurance offers a very specific type of protection. If a driver with gap insurance is involved in a car accident or their car is stolen or otherwise destroyed, it ensures that they don’t have to pay out of pocket for a car they no longer have.

Here’s why that might be a concern. When a motorist is involved in a covered collision, the insurer will provide money to repair the vehicle or declare it a total loss if it is too damaged to repair or if the repairs would cost more than the value of the car . If the car is declared a total loss or if it is stolen and not recovered, the insurer will estimate the current value of the vehicle and pay the fair market value.

The problem is that the fair market value might not be enough to pay off the outstanding car loan balance. Cars can depreciate or lose value very quickly in most cases. This is especially true for newer cars which see their prices drop rapidly as soon as they are pushed out of the lot. And drivers usually pay only small amounts of money when buying a vehicle and they spread the repayment over a long period. This could mean that they are slow to pay off their loan balance, even though the value of their car is dropping rapidly.

If the insurer pays less than the money that is owed on the vehicle, gap insurance will come to the rescue. The coverage pays off the remaining balance of the car loan, beyond the amount provided by the insurer to compensate the policyholder for the total of the car.

What happens without gap insurance?

If a driver has a car loan, the motorist must repay it, even if an accident occurs and the car is completely destroyed.

Therefore, without gap insurance, a driver could find themselves stuck having to find the difference between the loan balance and what the insurer will pay. If the driver owed $15,000 and the car was worth $13,000 and that was all the insurer had paid, the driver would have to pay the remaining $2,000 to the auto loan company if the car was total.

No one wants to find themselves in this situation. This is why it is crucial to have gap insurance coverage. Lenders will often require this, but even if this isn’t true, every driver should talk to their car insurer about getting this important protection in their policy.

The Ascent’s picks for the best car insurance companies

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Expense management helps stave off inflation – The Suffolk News-Herald


By Greg Goldfarb

Contributing Editor

Life isn’t always easy, even in the best of times. And now, caught in the throes of the highest price inflation since 1981, it has become even more difficult for some.

Seemingly without warning, families in Virginia are wondering every day how best to use their money during these difficult financial times.

Where to cut? What to eliminate? It may seem simple, but it’s not always easy to make the right decisions to grow the family’s money. The key is to be open-minded.

“It’s very important to make choices that provide great flexibility,” said Dr. David Lehr, professor of economics and department chair at Longwood University. “Be nimble and resourceful. It’s not necessarily about backing down and retreating, but about being forward-looking – looking and being willing and able to change course if your home finances or your business conditions change unexpectedly.

Traditionally, in good times and bad, public and private financial planners advise families to always keep a close eye on family finances and household budgets.

A shortlist of household cost-cutting actions may include eliminating unnecessary expenses, shopping for groceries differently, reducing home energy bills, being more fuel efficient, paying down debt, increasing income, and saving for the future,

It is important that households are prepared well in advance for fiscal and economic uncertainties, rather than being caught financially off guard by changing monetary cycles beyond their control.

“In the short term, it’s hard for ordinary people to do much to fight inflation,” said Matt Holt, an economics professor and department head at Virginia Tech. “Historically, good inflation hedges included owning land or real estate, such as owning a house. Even so, buying a house simply as an inflation hedge is not a good idea. Citizens can also postpone major purchases, such as buying a new car or truck.

“Households can reduce discretionary purchases, magazine or streaming subscriptions, and gym memberships,” he continued. “Some evidence that these things are happening is provided by the recent drop in Netflix subscriptions. Making your own home improvements is another way to save money; it is also useful to monitor food purchases more carefully, generics versus name brands and food waste; limiting credit card purchases and paying off unpaid consumer debt is always a good idea. Finally, it may be possible for some people to take on a second job to help stretch limited budgets. »

Another way many individuals and families save money and live off the land at the same time is gardening and backyard farming.

An upcoming grocery-related series called “Grow Your Own Groceries” offers workshops August 2, 9, and 16 in Farmville. Produced and hosted by the Prince Edward County Extension Office at 100 Dominion Drive, sessions run from 11 a.m. to noon. Participants will learn how to plant microgreens, cook with sprouts, grow herbs and start windowsill gardens, using kitchen scraps.

In Virginia Beach, Karen Munden, Senior Extension Officer, Family and Consumer Services, Virginia Cooperative Extension, City of Virginia Beach, encourages families to take a closer look inside their refrigerators to save money.

“(Families) need to plan their meals, think about foods that leftovers can be used in different ways,” she said. “Take inventory of the food in the cupboards and the freezer; ask the family to be creative and only use food in the household. It could be a contest within the house.

Munden is also encouraging fewer door-to-door food deliveries and fewer dining out, going online to better learn how to prepare food at home, and reducing the purchase of convenience foods, such as chicken. boneless and skinless, which costs more per pound than other chickens.

Sliced ​​fruits, like apples, are best when bought by the bag, then sliced ​​and stored in zip-locked plastic bags, she said, adding that fresh lettuce can be treated the same way. way as apples.

Shoppers should also compare the size of consumer items to ensure better value even if the price is a bit higher, Munden said, and use coupons from manufacturers and stores.

“Families may want to buy items in bulk, but make sure the family will use the items,” she said. “Look for coupons and sales. Be sure to read the contents of the item and make sure it is not full of water. The cleaning product should contain more product and less water to have value.

Parents with children in school face additional financial pressures as they look to fall and back-to-school needs.

“Families should think about the whole school year, not just September through December, and estimate the supplies needed for the whole school year,” Munden said. “Shop during the ‘Virginia Tax Free’ weekend in August and buy clothes that can be worn all year round, adding a few layers for extra warmth during the winter months. Families can also consider buying a little bigger clothes and shoes for the kids, so they can grow by spring; and, consider buying second-hand options for clothes and shoes.

CUES Survey: Median Total Executive Compensation Increases to 14.9%

Source: Shutterstock.

While many American workers got a record pay rise of 4.8% or more on average, it wasn’t enough to stay ahead of the current inflation rate of 9.1%.

But that hasn’t been a problem for the leaders of the credit unions.

According to the CUES Compensation Survey released last week, median total executive compensation in 2022 climbed to 14.9%.

For credit union CEOs, the average total compensation, which included base salary and bonuses, was $515,602, while the median was $451,227. The most common length of a CEO contract is three years, and the top four factors that contributed to CEO bonuses were revenue, board valuation, loans, and membership growth.

A summary of the CUES compensation survey noted that more than 23% of CEO positions were held by women; while 93% of CEOs are white; 2.2% are black or African American; 2.2% are Hispanic and 2.5% are Asian.

Among other leadership positions, average CFO total compensation, $264,065, median, $246,656; director of loans, $219,968, median, $208,603; COO, 297,319, median, $250,960; executive vice president, $278,016, median, $242,903; e-commerce manager, $194,919, median, $192,928; director of human resources, $197,738, median, $192,069; marketing manager $182,201, median $176,051; retail branch executive, $195,853, median, $193,868; and senior CUSO executive, $271,256, median, $211,545.

Among all credit union leaders, the race/ethnicity breakdowns: 86% white, 6.2% Hispanic, 3.5% black or African American, and 2.5% Asian.

The CUES Executive Compensation Survey and the CUES Employee Salary Survey are based on data from credit unions that participated in the surveys from January through March.

The employee salary survey covers non-executive positions such as accountant, branch manager, business development specialist, controller, member service representative and administrative assistant.

Across the country, a total of 254 credit unions participated in the executive compensation survey and a total of 161 credit unions participated in the employee salary survey. The surveys focused on credit unions that manage assets from less than $100 million to more than $5 billion.

Zuckerberg’s biggest bet may not pay off



Mark Zuckerberg will likely want to hydrofoil in Hawaii on Wednesday instead of revealing Meta Platforms Inc.’s second-quarter earnings. Analysts have limited their estimates for the social giant, and Zuckerberg’s own worrying comments to staff suggest the numbers won’t be good. He will also have to face the harsh reality of WhatsApp’s lack of purpose, his biggest investment yet.

Challenges abound in the Zuckerberg conglomerate. Instagram is mired in trying to copy ByteDance Inc.’s TikTok, with mixed success. Young people don’t want to use Facebook, whose overall growth has slowed, and Apple Inc. is blocking Facebook app advertisers from targeting people.

But there is WhatsApp. The little green app that never really caught on in the US is the most popular messaging service for most of the rest of the world. About 2 billion people actively use WhatsApp, but in Zuckerberg’s world it’s more of a defensive ploy and revenue vacuum than a moneymaker like Instagram.

The contrast couldn’t be more stark: Zuckerberg bought Instagram for $1 billion in 2012 and the app contributed $20 billion to Facebook’s revenue in 2019 alone. He bought WhatsApp for $19 billion in 2014, and he contributed pennies in comparison.

It’s amazing that eight years after Zuckerberg made the acquisition, he has yet to turn WhatsApp into a viable remote business. Founded in 2009, WhatApp initially made money from a 99 cent annual subscription because its founders despised ads. After the sale, the two eventually dropped the way Meta was trying to monetize the app with advertising. But by 2020, Meta had scrapped that idea and said it would instead try to charge companies to engage with customers on the app. (ref)

For a while, it looked like WhatsApp could become a central part of Facebook’s future as a company. In March 2021, Zuckerberg announced his “privacy-driven vision of social media” and predicted a future where communication shifts to private services like WhatsApp.

But seven months later, Zuckerberg’s view had changed. He announced that the future of the Internet lies in the immersive world of the Metaverse, representing the “next chapter” of Meta’s new name. Beyond an announcement about the launch of a new customer chat service on WhatsApp in May, Zuckerberg has said little about messaging since.

WhatsApp’s place within the Meta hierarchy has oscillated up and down like a hydrofoil. And now, with Zuckerberg intent on pivoting to virtual reality, the app’s real value will likely come from something more dastardly than making money as a viable business. This will likely be the sacrificial offer Zuckerberg needs to fend off antitrust regulators.

This would explain Zuckerberg’s lack of motivation to turn WhatsApp into a live business. The problem has never been that making money from messaging is too difficult. After all, WeChat from Tencent Holdings Ltd. — a messaging competitor in China — generated more than $500 million in June 2022 alone, according to an estimate by business intelligence firm Sensor Tower, largely from payments, advertising and marketing. gateway to games. .

The problem was that Zuckerberg’s main motivation for buying WhatsApp in the first place was to push it away as a competitive threat, according to mounting evidence from antitrust regulators like the US Federal Trade Commission. Facebook executives even worried about how WhatsApp could threaten Facebook’s business after it was acquired by the company, according to a Bloomberg report last week. It hardly sounds like a parent company with big visions for its subsidiary.

Now, to deal with the FTC’s attempt to force the company to divest both WhatsApp and Instagram as part of a lawsuit against the company, Meta’s lawyers could push for a settlement that would include the divestiture of only one. If they do, you can probably guess which company Zuckerberg would rather part ways with.

How might a WhatsApp sale work in practice? Without substantial revenues, an IPO would be out of the question. Meta could sell the company to a private equity consortium or a company like Microsoft Inc., which has already shown interest in buying a courier business and (somewhat oddly) managed to make a series major acquisitions in recent years. without mentioning any real scrutiny from antitrust officials. If the potential IPO of Arm Holdings by Softbank proves successful and Masayoshi Son decides to shift his own focus from artificial intelligence and the Internet of Things to the world of messaging, he could also be a potential buyer.

But closing this WhatsApp chapter will highlight a troubling truth for Meta investors: the company can’t seem to make money from anything other than traditional online advertising.

Digital advertising accounts for approximately 98% of Meta’s revenue. Meta – like Alphabet Inc.’s Google – is addicted to business. While Microsoft and Amazon Inc. have managed to branch out into cloud computing and gaming, Meta has failed to do the same with cryptocurrency, e-commerce and, of course, messaging.

Maybe the metaverse will be different, and Zuckerberg will find a way to pivot his thriving advertising business to virtual reality. But the modest shift in WhatsApp’s value from a potential business venture to Meta’s most likely regulatory offering underscores just how shaky that view is on shaky ground.

More writers at Bloomberg Opinion:

AT&T jumps out of media pot and into dividend fire: Martin Peers

Mark Zuckerberg’s cruelty is what Facebook needs now: Parmy Olson

China’s cyber isolationism has serious security implications: Tim Culpan

(1) That year, around 175 million people were exchanging messages with a business on WhatsApp every day, a promising start but still only around 8% of its total user base.

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Parmy Olson is a Bloomberg Opinion columnist covering technology. A former journalist for the Wall Street Journal and Forbes, she is the author of “We Are Anonymous”.

More stories like this are available at bloomberg.com/opinion

Insolvency Service uses new UK powers to ban Covid loan scammers


The Insolvency Service has used new powers for the first time against administrators who dissolve businesses to avoid debt as it steps up action against fraud in government-backed Covid-19 emergency loan schemes ‘State.

Last year ministers introduced new legislation which gave the Insolvency Service the power to investigate and punish administrators who abused the system to evade their creditors.

A loophole in the rules meant administrators could simply go bankrupt and set up nearly identical businesses to avoid paying their debts, including to customers and creditors such as HM Revenue & Customs.

Officials said the new legislation was proving particularly useful in tracking down fraudsters who exploited bulk checks around government pandemic loans.

Business Secretary Lord Callanan said the Insolvency Service had used its powers for the first time in recent weeks to bar three directors. The government had provided “unprecedented support to businesses to help them through the pandemic, but unfortunately a minority of people have abused this support for personal gain.

“We have been clear that we will not tolerate those who seek to defraud the taxpayer,” he said. The three were disqualified for “dissolving their companies to avoid repaying their rebound loans”, he added.

More than 1.4 million small businesses have taken out these loans to help them survive the closures, with up to £50,000 offered interest-free for a year. The government has provided banks with full guarantees on around £46bn of these emergency loans, but the scheme has been easily exploited by fraudsters due to few eligibility checks.

The Insolvency Service has become the government’s main tool for prosecuting fraudsters given the lack of resources of other law enforcement agencies to hunt the large number of small-scale abuses of antitrust programs. coronavirus.

The government body disqualified at least 162 directors between March 2021 and May 2022 following allegations that they abused Covid-19 business support schemes.

Its mandate was previously limited to formal insolvency proceedings such as compulsory liquidation of a company, administration or liquidation.

The new powers allow the government body to investigate directors without formal insolvency proceedings, for example where a director has abused the dissolution process and failed to pay company debts.

Directors can face penalties, including being disqualified as corporate directors for up to 15 years or, in the most serious cases, prosecution.

The first administrators to be banned using the new powers include a plumber who received a 10-year ban for a fraudulent bounce loan application that overstated his turnover. Another manager was banned for 12 years after taking out a rebound loan when his business went out of business at the end of 2019. The pair were found to have spent almost all the money they borrowed on personal.

Donations of school supplies needed in Charlotte amid inflation


According to the National Retail Federation, families on average plan to spend $864 on school necessities.

CHARLOTTE, NC — School supply drives are in full swing as students prepare to return to class next month.

This year, families expect to pay more due to rising prices and inflation. According to National Retail Federation (NRF), 84% of families expect to see higher prices during back-to-school and back-to-university shopping this year.

RELATED: North Carolina School Districts Plan to Vote on Mask Requirements as COVID Cases Rise

“We have very, very, very strong financial positions for consumers, especially middle to upper income earners,” said Mark Mathews, vice president of research development and industry analysis. of the NRF. “So there’s a lot of concern about what’s happening, but there’s also an ability to spend beyond the levels of inflation that we’re seeing.”

But for those making less money, this back-to-school shopping season could be tough.

According to the NRF, families on average plan to spend $864 on school necessities.

You can stream WCNC Charlotte on Roku and Amazon Fire TV, just download the free app.

For those earning $50,000 or less, 32% said they had to borrow money or go into debt to cover their expenses right now, according to NRF data.

“For low-income consumers, it’s, you know, much more of an issue,” Mathews said. “You know, they’re struggling. These are necessities. They have to buy them, but they have to look to other funding sources to afford it.

NRF data shows consumers are turning to cheaper alternatives or looking for more coupons and sales to secure a deal as prices remain high.

“I would suspect we’re seeing people search a little more this year as they’re looking for the best prices and things like that,” said Katherine Cullen, NRF’s senior director of industry and consumer insights.

RELATED: NC STEM Camp Inspires the Next Generation of Workers

Local organizations in the Charlotte area are asking people to think of a child in need as this school year approaches and to pick up extra supplies to donate.

Here are some places and events where school supplies can be dropped off:

  • class center 2116 Wilkinson Boulevard, Charlotte, North Carolina 28208
    9 a.m. to 12 p.m. Monday to Thursday
  • Gaston County Library Main Branch 1555 East Garrison Boulevard, Gastonia, NC 28054. Accepting donations through August 18. (No backpack requested)
  • Second Annual Queen City School Supply Drive; Heist Brewery & Barrel Arts. 1030 Woodward Ave, Charlotte, NC 28206 1-4 p.m., August 21

Contact Kendall Morris at [email protected] and follow her on Facebook, Twitter and instagram.

WCNC Charlotte is committed to reporting on issues facing the communities we serve. We tell the stories of people working to solve persistent social problems. We look at how problems can be solved or treated to improve quality of life and make a positive difference. WCNC Charlotte is looking for solutions for you. Send your advice or questions to [email protected].


Caisse populaire ready to develop three floors in downtown SH | Local News


Over the next few years, the landscape along Phoenix Street in downtown South Haven will be given a facelift in the form of a new three-story mixed-use development.

Kalamazoo-based Consumers Credit Union, which operates a branch in South Haven, plans to construct a 28,500 square foot building on three parcels of land located at 412, 414 and 416 Phoenix St. When completed, the building will house a center -city Consumers Credit Union branch and two other spaces for retail or restaurant businesses, while the top two floors will feature 8 two-bedroom apartments and four one-bedroom units. On-site parking will be accessible from the rear of the building off Eagle Street.

“We look forward to the development,” said Kelly Getman-Dissette, South Haven Planning and Zoning Administrator.

Members of the Planning Commission approved the Consumer Credit Union site plan at their July 7 meeting after the credit company and its architect were denied a waiver in January by the Zoning Board of Appeals to build a four-storey mixed-use development on the three plots of land.

Although the four-story development was turned down by city officials, Consumers officials were still strongly convinced of developing a downtown presence.

“We wanted to invest in the community and maximize the urban density of a beautiful downtown,” said Scott Sylvester, CEO and President of Consumers Credit Union. “Our current location serves over 6,300 members and will remain open. The downtown development demonstrates our commitment to growing in the South Haven market for retail and commercial services.

Although development has been given the green light to proceed, Consumers Credit Union officials said Tuesday they don’t yet have a specific timeline for when the project will begin.

“The build date is not yet determined, we haven’t launched a full bid yet,” Sylvester said.

Currently, the three plots of land in the three-story complex consist of the former Great Lakes Eye Care building (which is moving to 570 Broadway Ave.) and a long parking lot between Phoenix and Eagle streets. Plans call for demolishing the existing building and digging up the parking lot to make way for the new three-story structure.

RH: AfterShocks advances to third round on Monday


Aftershocks | 23/07/2022 22:15:00

By Paul Suellentrop

Darral Willis watched last summer’s AfterShocks from behind the scenes. He enjoyed returning to Koch Arena as a spectator.

He’s having even more fun on the court in his debut with the AfterShocks. Willis, who played for Wichita State from 2016-18, scored 16 points on 5-of-6 shooting in 19 minutes to help the AfterShocks defeat the Air Raiders 70-60 on Saturday in the second round of the basketball tournament.

The AfterShocks advance to the third round of TBT for a second consecutive season. They play at Bleed Green (North Texas alumni) at 8 p.m. (ESPN2).

Conner Frankamp led the AfterShocks with 21 points, making 7 of 12 shots. He is 11 of 18 from the field in both games.

Willis, who scored 11 points and grabbed 12 rebounds in Friday’s 83-52 win over We Are D3, gives the AfterShocks exactly what coaches and teammates have been waiting for. His left-handed shot stays lethal and his energy and jumping ability pay off with rebounds.

“He gives us a sense of confidence – no matter what you’re going to have that killer dog mentality,” said teammate Zach Brown. “He’s always had that. That’s what’s made him successful to this day – he’s not backing down.”

This is what Willis wants to be known for.

“I’m just a soldier,” he said. “I’m not backing down.”

Willis, a 6-foot-9 forward, gave the AfterShocks the lead with his six-point flurry to start the fourth quarter. He completed a three-point play, off an offensive rebound, to give the AfterShocks a 50-49 lead. His three-point shot from the top of the sideline made it 53-49.

“I’m so happy to be back in front of these fans,” he said. “I always love playing in front of them. Last year it really inspired me to come back. It’s a different feeling to play at Koch Arena.”

In two games, Willis is 10 for 13 from the field with 19 rebounds. On Saturday, when starting center James Dickey committed two early fouls, Willis replaced to go 13-2 with four points.

Willis played last season for BC Enisey in Russia and is yet to sign with a team for 2022-23.

“He’s one of the most talented offensive players you can have on your team,” said AfterShocks coach JR Simon. “Being athletic. Bouncing back. All of those things give us a huge spark.”

The AfterShocks wore down the Air Raiders, a team of ex-Texas Tech, with their depth and aggressive defense. They took a 13-2 lead. They edged the Air Raiders by 10 points in the fourth quarter. The Air Raiders ShawnDre Jones played over 30 minutes for a second straight night and Davion Warren wasn’t far behind with his workload.

The AfterShocks, with Rashard Kelly and Brown guiding the defense, trapped at key points to wear down the Air Raiders. Warren scored two points in the fourth quarter after scoring 21 in the first three. Jones finished with 16, four in the final quarter.

Warren made two foul shots to cut the lead to 56-53 with 6:17 remaining. The Air Raiders didn’t score again until 3:54 remained and the AfterShocks had built an eight-point lead.

Paul Suellentrop covers Wichita State Athletics and the American Athletic Conference for college strategic communications. Suggested story? Contact him at [email protected]

Chelsea and Inter Milan agree new transfer deal for striker on Serie A loan


Chelsea striker Romelu Lukaku during the Premier League game against West Ham Credit: PA Images

Romelu Lukaku is likely to spend a second season at Inter Milan as Chelsea claim to have agreed a new deal with the Italian giants.

Lukaku swapped Inter for Chelsea last summer as the Blues paid a record £97.5million to snap him up. However, after a disappointing return to Stamford Bridge, Lukaku wanted out.

The Belgian striker got his wish, join the Nerazzurri on a season-long loan. Inter paid chelsea around £7million to bring him back to the San Siro for a year.

Lukaku is currently attending Inter’s pre-season camp. He has made friendlies against Lugano and Monaco so far and will likely start when Inter face Lecce in their Serie A opener.

Lukaku’s return to Inter doesn’t include any purchase option. Chelsea are unwilling to let him go permanently so soon after paying a huge fee to bring him to the club.

The Telegraph take stock of talks between Chelsea and Inter. They claim the Blues will allow Lukaku to make another campaign in Serie Aas long as Inter want him and his return is successful.

The second loan period would fall under conditions similar to the current one. This means Chelsea would receive another loan fee.

Thomas Tuchel’s side are believed to be ‘confident’ to avoid another saga when it comes to the goalscorer.

Chelsea try to solve the riddle of Romelu Lukaku

He had a disagreement with Tuchel last season and also spoke about his desire to return to Inter, while still on Chelsea’s books.

Chelsea don’t have to pay any of their huge salaries during their loan spell. The west London side and Inter are hoping a permanent deal can be agreed after two years.

Chelsea are likely to take a hit on Lukaku every time they sell him. They paid a bounty in 2021 after his 30-goal campaign.

However, two successful years in Italy would see the Blues get decent pay in return, should Inter opt for a permanent move.

Simone Inzaghi’s side appear to have 24 months to organize their finances and find the necessary funds to land Lukaku.

In the meantime, the forward will be looking to get back to his best and rekindle his excellent relationship with the Inter faithful.

This is probably the best result Chelsea can hope for. Tuchel prefers to use Kai Havertz up front, while Armando Broja is still in his squad – for now at least.

Lukaku is a world-class goalscorer, but he doesn’t seem to like playing for Chelsea as much as he does for Inter, which affects his output and performance.

Tuchel and Chelsea must now decide if Havertz is their long-term choice as a striker. If not, and Tuchel wants to use the German a little deeper, then a replacement for Lukaku needs to be brought in.

Meanwhile, Declan Rice has made a confession about his futureamid rumors of interest from Chelsea and Manchester United.

The article Romelu Lukaku: Chelsea and Inter Milan agree new transfer deal for striker on Serie A loan appeared first on Teamtalk.com.

Looming recession threatens Americans’ already precarious mental health – The Hill


The story at a glance

  • When the economy gets worse, deaths from despair — or overdoses, suicides, and addiction-related deaths — tend to rise.

  • As the country struggles to meet the increased demand for mental health care resulting from the pandemic, a potential recession could exacerbate these challenges.

  • But improving communication and expanding access to services can help mitigate the negative health impacts that could occur if the economy continues to decline.

In the past, recessions and economic strife have been associated with poorer mental health outcomes, higher rates of substance use and, in some cases, increased suicide rates.

Now, when the country is already grappling with increased inflation, the threat of a recession and any lingering effects of COVID-19 pandemicthe mental health system of the United States finds itself understaffed and badly placed respond to any additional requests.

“The mental health system has not yet been able to meet the demand from communities since its inception,” said Benjamin Miller, psychologist and president of Well-being Confidence in an interview with Changing America. “We are still catching up.”

The Well Being Trust is a foundation that works to advance the mental, social, and spiritual health of Americans with a specific goal of addressing deaths from despair.

The term “despair deaths” was first coined by economists Anne Case and Angus Deaton who began researching the reversal of life expectancy gains seen around the year 2000. These deaths were largely due to alcohol-related liver disease, overdoses of drugs and suicides, and were concentrated among middle-aged white American men with less than four years of college education.

According to Case and Deaton, the loss of manufacturing jobs in rural America played a significant role in the decline in life expectancy.

America is changing faster than ever! Add Change America to your Facebook Where Twitter stream to stay up to date with the news.

“Destroy labor and, in the end, labor life cannot survive. It is the loss of meaning, dignity, pride and self-respect that accompanies the loss of marriage and community that causes despair, not just or even primarily the loss of money,” they wrote in their book 2020 on the subject.

Although the racial composition of overdose deaths has diversified in recent yearsthe dead of despair weigh constantly on male life expectancy.

American men are also found to have poorer overall health than those residing in other high-income countries, and higher rates of completed suicides than women because of the often lethal means employed.

Given all of this, major events like COVID-19 and recessions “put more pressure on an already fragile system,” Miller said. “If you want to see the biggest cracks, the biggest cracks, watch what’s going to happen.”

A study published in 2018 in the British Journal of Psychiatry found that the Great Recession of 2008 was linked to at least 10,000 economic suicides in the two years immediately following the downturn.

More recently, published studies have documented Americans’ high levels of anxiety about inflation and general deteriorating mental health.

At the start of the COVID-19 pandemic, Miller and his colleagues used the 2008 recession as a proxy for anticipating the financial consequences that would weigh on the psyche of the United States.

But because the economy has recovered relatively quickly after initial COVID-19 shutdowns and job losses, the country now finds itself in a “unique moment” for mental health, Miller said.

The increase in depression, anxiety, and drug use that occurs during economic downturns could be due to worries often associated with financial insecurity, but also a loss of meaning or community among those who lose their jobs. High consumer debt resulting from home buying difficulties, not to mention foreclosures, could also contribute to these conditions and behaviors.

For some men, these economic challenges lead to particularly acute responses, as many see themselves as the primary breadwinner. Men are also more reluctant to talk about mental health issues in general, Miller said, “and that’s just because of the social stigma that’s so prevalent.”

These risk factors underscore the importance of tailoring interventions to certain populations and open a window of opportunity to better address the deteriorating mental health of Americans.

Since researchers began investigating deaths from despair in the early 2000s, “we have learned which populations are most at risk. We learned what are some risk factors that could lead to a death of despair,” Miller explained. “But what we haven’t done yet is vigorously move to a place where we change the system so that it can accommodate all those people who are in need.”

This includes improving access to mental health care by increasing affordability and strengthening the workforce, but it is also better communication of mental health risks accompanying economic downturns and being proactive. to target populations at risk.

In 2020, less than half of American adults with mental health issues received care, while in 2019 just over 12 percent of people with a substance use disorder who needed treatment received it in a specialized facility.

“One of the biggest mistakes we’ve made as a country is that we don’t often communicate the power of mental health, especially in these times, and we don’t point people towards the solutions that can help them,” Miller said. added. However, the nationwide rollout of the new suicide prevention hotline this month marks a step in the right direction, as does the adoption of the Bipartisan Safer Communities Act.

The law, which took effect in June 2022, calls for the expansion of community and school mental health services.

But in addition to all of these solutions, Miller stressed that the most important step one can take is to tell others about mental health.

“We need to be comfortable sitting down at the table and telling our loved ones what’s really going on in our lives,” he said. “Even if you don’t know what to say, or if you don’t know what to say to the person talking to you, just being there and listening has power in itself.”

Posted on July 23, 2022

Local family receives $500 check for school supplies


MERIDIAN, Miss. (WTOK) – The Marion Police Department has partnered with MUNA Federal Credit Union to help give a family a head start on school supplies this year.

Brandarius Boler’s family received a check for $500 for school supplies and uniforms, in honor of their son and brother who were killed earlier this year in a shooting at an Exxon gas station. News 11 spoke with Brandarius’ sister about this difficult time.

“I’m really angry because he couldn’t cross the line. I’m starting to come back to myself, like being happy. When it all happened, things calmed down, going back to sadness, anger and everything else, ”said Brandarius’ sister, Makayla Miller.

Marion Police Chief Randall Davis said it was part of his “Stuff the Cruiser” program.

“We had a kid who was due to graduate. Two weeks earlier, he had been involved in a fatal incident. We think we need to make sure he’s not forgotten,” Chief Davis said.

“We realize that the police foundation is very encompassing in everything that our community needs. They actually go out and do things for the community,” said Bo Pittman, CEO/President of MUNA Federal Credit Union.

Chief Davis said his goal is to give back to the community as much as possible.

Want more WTOK 11 news delivered to your inbox? Click on here to subscribe to our newsletter.

Copyright 2022 WTOK. All rights reserved.

Should you buy or rent a boat?


If you’re looking to join the 100 million Americans who go boating each year, you might be wondering if you should rent or buy a boat. With many sizes and types of boats to try out, rental and purchase prices vary widely.

Renting and buying boats have advantages and disadvantages, so you need to decide what is best for you. When thinking about what you want to do, consider your long-term boating goals.

Rent a boat

Are you looking to have fun at sea without any liability? Renting a boat is the way to go. You can enjoy a boat for a day or two without worrying about its daily maintenance. Remember that many rental companies require you to complete a brief training before renting. You can easily find boat rentals of all kinds using sites like GetMyBoat or Boatsetter.

There are many types of boats, from small fishing boats to yachts and catamarans, so rental prices vary widely. You can expect to pay at least $200 per day for a boat rental, but some rentals cost several thousand dollars per day. If you only want to use the boat for a few hours, you may be able to find day boat rentals for a little cheaper.


Renting a boat has some key advantages. You can expect to reap these benefits if you decide to rent:

  • Try different types of boats. When you rent, you are not committing to a specific boat or even a specific type of boat. You can rent a speedboat one day and test drive a pontoon another.
  • Use the boat as much or as little as you want. You don’t have to take the boat out a certain amount to make it worthwhile. Go out for a few hours to try boating. If you like it, you can always rent the boat again.
  • Never worry about care and maintenance. Arguably the best part of renting is that you don’t have to fix anything or figure out where to store the boat.


You might miss some things if you rent a boat instead of buying one. Consider these disadvantages of renting:

  • It gets more expensive over time. Renting a boat once is certainly cheaper than buying one, but if you plan to rent a boat multiple times, the costs can quickly add up. Buying a boat may be the most cost-effective option if you plan to sail avidly.
  • The boat may not be in perfect condition. Whether you rent through a boat rental company or a peer-to-peer rental service, you have no control over the condition of the boat. Be sure to read the reviews of any company you are considering renting a boat from.
  • You have less freedom. Each rental company limits where you can go or what you can do in the boat. You will not be able to do what you want while renting a boat.

For whom renting is best

Planning to use a boat minimally or just want to try boating? Renting a boat offers the best option. It’s a big expense to buy a boat, so if you don’t plan on using it often, it’s cheaper to rent it. If you’re considering buying a boat but aren’t sure, renting can be a great way to familiarize yourself with different types of boats and decide if you like the boating lifestyle.

Buy a boat

There are advantages to buying a boat – you always have a fun place to relax on the water and you can take it out whenever you want. But when you become the owner of a boat, you are also responsible for the maintenance of the boat, which takes time and more money.

Boats are also expensive to buy in the first place. The price largely depends on the type of boat you are buying and whether you are buying it new or used. You can expect to pay at least $10,000 when buying a boat, which is fair for a small used motorboat. If you want to buy a new boat, the average price is between $40,000 and $60,000.


The responsibility of owning a boat has certain advantages. If you decide to buy a boat, you can take advantage of these things:

  • You can use it whenever you want: When you own a boat, you don’t have to plan around a rental company’s schedule to get it out. You can use it whenever you want.
  • Customize your boat to your liking. The name, painting and decoration of the boat are in your hands.
  • Maintain the boat to your standards. You manage the maintenance of the boat and can easily track the maintenance, so you don’t have to wonder about its condition.


Owning a boat is not all fun and games. It might not be a good idea if these cons outweigh the pros for you:

  • Boats are a money pit. Some boat owners joke that “boat” means bust another thousand. All kidding aside, the boats are expensive. Owners must also constantly pay for gas, maintenance and storage of their boat.
  • You may feel guilty when you don’t use it enough. The average boater only uses their boat about 8% of the time. Thus, 92% of the time, a boat remains inactive. When you spend so much money on it, you can start to feel bad when you feel like you’re not using it enough.
  • They lose value over time. When you buy a home, your investment often increases in value over time. However, boats generally lose value over time.

For whom buying is best for

It is important that boat owners really enjoy their boat. Otherwise, they might regret becoming boat owners. If you understand all the costs of owning a boat and still think it sounds like fun, owning a boat might be right for you.

finance a boat

You have decided to buy a boat, but where will you find the money? If you want to buy a boat, but don’t have all the money to buy one, you may be able to get a personal loan. Talk to a local bank or online lender to find out about their boat loan options. Determine if you want a secured or unsecured loan for your boat. You can use a boat loan calculator to determine how long it will take to pay off different boat loans.

At the end of the line

Spending a day in a boat on the water sounds like a lot of fun. But don’t get so wrapped up in the pretty picture of it all that you make an irresponsible decision. Weigh the pros and cons of owning a boat versus buying a boat before deciding how you’ll get out on the water.

Once you’ve decided how you enjoy a boat, make a plan. Determine how much money you need to budget. Then you can decide if you need to look into financing options.

Why Chinese Developers Face Mortgage Boycotts: QuickTake



China’s real estate crisis continues to deepen as some would-be homeowners refuse to pay mortgages because cash-strapped developers have yet to complete their properties. The savage boycotts spread at one point in mid-July to more than 300 housing projects in about 90 cities, with loans of up to 2 trillion yuan ($295 billion) at risk. This prompted authorities to respond by promising tougher regulations on pre-sales – a popular way to buy a house or apartment in China, in which buyers must start repaying their loans even on projects still under construction. The boycotts are politically sensitive in a year when the ruling Communist Party wants stability ahead of a all-important rally later this year when President Xi Jinping is expected to be anointed for a third term. They also pose a risk to the entire housing market by keeping potential buyers on the sidelines.

1. How important is real estate to the Chinese economy?

A lot: Construction and property sales have been the main drivers of economic growth since Xi came to power a decade ago. House prices have soared – up sixfold over the past 15 years – as an emerging middle class flocked to property as one of the few safe investments available. The boom led to speculative buying as new homes were pre-sold by property developers who increasingly looked to international investors for funds. So when Chinese authorities took steps to reduce the risk of a bubble and temper the inequality that unaffordable housing can create, it triggered a cash crisis that put some major developers in default. A sales slump that began during the pandemic has been compounded by aggressive measures to contain Covid-19. So far, state intervention has prevented a disorderly collapse in the housing market that could undermine the financial system and also shake the global economy.

2. What fueled the housing boom?

In 1998, when China created a national housing market after severely restricting private sales for decades, only a third of its population lived in cities. Today nearly two-thirds do, increasing the urban population by 480 million. The real estate sector has also grown rapidly, while struggling to keep up. Booming cities such as Shenzhen have become less affordable on a price-to-income ratio basis than London or New York, frustrating a generation of potential buyers. Local and regional authorities, which depend on public land sales for much of their revenue, have encouraged more development, which has also helped meet the central government’s ambitious annual targets for economic growth, which often reached the two digits. Debt piled up as builders rushed to meet demand. Annual sales of offshore bonds denominated in dollars – that is, those sold primarily to foreign investors – fell from $675 million in 2009 to $64.7 billion in 2020, resulting in a charge of growing interests. The promoters had some $207 billion in dollar-denominated bonds outstanding at the end of last year, which is about a quarter of the total of all Chinese borrowers. Additional and opaque liabilities make it difficult to assess true credit risks.

3. What did the government do?

For years he tried to defuse the debt bomb, fearing an explosion could trigger a disastrous financial collapse. In mid-2020, he began securing new funding for property developers to try to reduce the threat, and asked banks to slow the pace of mortgage lending. The new borrowing measures introduced for developers proved to be a game-changer. Called the “three red lines” by state media, they aimed to reduce reckless borrowing by setting thresholds for liabilities, debts and a promoter’s cash. Annual borrowing would be capped based on the number of parameters met.

4. What happened to the developers?

Those who did not have enough cash to cover their debts found themselves in a bind. At least 18 defaulted on offshore bonds after the crackdown began. China Evergrande Group, once the country’s biggest developer, was first categorized as defaulter in December after missing payments on several bonds. The establishment of a “risk management committee” dominated by provincial officials was quickly announced to prevent the company from a complete collapse. (Bondholders were still wondering how much they would collect once the dust settled.) Others, including Kaisa Group Holdings Ltd. and Sunac China Holdings Ltd., followed. Fears of further contagion reverberated through industry and the wider economy, hammering domestic growth, weakening consumer confidence and rattling global markets that have long assumed China’s property titans would be bailed out by the government.

5. Where does this leave the industry?

In a deep slump. The combined sales of the top 100 developers have halved in the first four months of this year compared to last year. Home loan growth slowed to its weakest pace in more than two decades at the end of March. Construction fell 14% in 2021 from a year earlier, the biggest drop in six years. All this matters a lot because in China, the real estate sector accounts for almost a quarter of the gross domestic product, if we include non-residential construction, building materials and related activities such as real estate services.

Across China, millions of square feet of unfinished apartments have been left to dust due to developers’ cash flow problems. Economists from Nomura International HK Ltd estimated in mid-July that Chinese developers had delivered only around 60% of homes. they were pre-sold from 2013 to 2020. The mortgage protests hit just as the market showed signs of stabilizing, with sales resuming in June. The president of one of the biggest developers said the market had bottomed out. A full-blown crisis could leave millions of additional homebuyers who put money up front in limbo. (Buyer protections commonly used overseas, such as escrow accounts and installment payments, tend to be weak.) Home prices began falling last September for the first time in six years. Fire sales would further crush the market, crushing other developers and spilling over to related industries and vendors. The risk of popular unrest – more than 70% of urban China’s wealth is stored in housing – would increase, disrupting the government. A historic offshore bond selloff would ripple through the much larger domestic credit market, shifting from lower-rated real estate companies to stronger peers and banks. Global investors would sell even more.

7. How serious are mortgage protests?

Although only affecting a portion of lenders’ combined mortgage portfolios, the speed at which the protests have grown has come as a surprise to many. (Tracking the extent became more difficult after China began censoring online tallies in mid-July.) Financial regulators responded by urging banks to increase loans to builders to help complete the projects, and a payment grace period for some homebuyers has been announced. be under study. In a scenario analysis published on July 22, Bloomberg Intelligence estimated that between 1.8% and 6.5% of China’s total mortgages could be exposed.

The government has tweaked some rules to try to stabilize the situation. For example, the central bank has stepped up support for several struggling developers and banks have been instructed to ensure growth in residential mortgages and developer lending in certain regions. Above all, avoiding a “Lehman moment” – when the US bank failure in 2008 sent shockwaves through global markets – is a priority ahead of this year’s Communist Party congress, where Xi is expected to be given a third mandate. This political necessity most likely means that the government will try to contain the crisis, at least in the short term.

More stories like this are available at bloomberg.com

South Korea’s economy likely lost steam in Q2


BENGALURU, July 22 (Reuters) – South Korea’s economic growth likely slowed somewhat in the second quarter as lower exports and soaring import costs hurt private consumption which accounts for around half of economy, according to a Reuters poll.

Exports from Asia’s fourth-largest economy grew at their slowest pace in more than a year and a half in June as high inflation weighed on foreign demand for South Korean goods, widening the trade gap and fueling concerns about a global recession. Read more

According to median forecasts from 14 economists, South Korea’s export-driven economy is expected to have grown 0.4% in the latest quarter, a slowdown from the 0.6% rise in the previous quarter.

Join now for FREE unlimited access to Reuters.com


On a yearly basis, gross domestic product (GDP) likely rose 2.5%, according to the median of 19 economists, down from 3.0% growth in the first quarter. The data will be released on July 26.

“High oil prices, a slowing Chinese economy, weak exports and lower plant investment are expected to have put pressure on growth,” said Park Sang-hyun, an economist at Hi Investment & Securities. .

The economy is expected to lose momentum in the coming year as policymakers tighten fiscal spending to keep the debt-to-GDP ratio in check. The debt ratio of South Korean households is among the highest in the world.

“Higher-than-expected inflation and faster-than-expected rate hikes raise the risk of slower growth in 2023. Due to rising debt service and rising costs of living, consumer confidence consumers began to deteriorate,” Ma Tieying said. , economist at DBS.

That, combined with an economic slowdown in China, the country’s biggest trading and investment partner, will weigh heavily on the economy.

Growth is expected to average 2.5% this year, down sharply from last year’s 4.1%, according to a separate Reuters poll. It was then expected to fall further to 2.4% next year.

Join now for FREE unlimited access to Reuters.com


Reporting by Anant Chandak; Poll by Arsh Mogre; Editing by Ross Finley, Hari Kishan and Marguerita Choy

Our standards: The Thomson Reuters Trust Principles.

Keesler Federal donates backpacks and school supplies to 6,500 coastal preschools – Picayune Item


BILOXI, Miss. (July 20, 2022) – Mississippi Gulf Coast Kindergartens will begin the 2022-23 school year with necessary school supplies courtesy of Keesler Federal Credit Union.
The non-profit financial cooperative is once again sponsoring Backpacks for Bright Futures, donating needed backpacks and school supplies to kindergarten students. The credit union today distributed 6,500 backpacks and supplies to 16 public school districts located in Hancock, Harrison, Jackson, Pearl River, Stone and George counties.
Keesler Federal launched the program in 2019 and now, four years later, has provided backpacks and supplies to more than 26,000 public school preschoolers.
The distribution took place at the Mississippi Gulf Coast Coliseum and Convention Center in Biloxi, with each district picking up the supplies at some point. Each district will determine when to distribute supplies to students. Keesler Federal team members helped load thousands of boxes into vehicles. Supplies include a clear backpack plus scissors, markers, construction paper, glue sticks, erasers, and more.
“Buying necessary school supplies can be a financial burden on families, and that’s especially true in economic times when costs are rising,” said Andy Swoger, president and CEO of Keesler Federal. “These new Kindergarten students are eager and excited to start school and we want to make sure they have the tools they need to start their school journey off right.
“Over the past three years, the feedback from educators and parents has been incredibly positive and extremely gratifying. Keesler Federal strongly believes in supporting the communities we serve, and Backpacks for Bright Futures is certainly one of our most important giving programs.
The program has been so successful that Keesler Federal is expanding Backpacks for Bright Futures to other markets. New areas to be added this year include Jackson (Jackson Public Schools, Canton, Clinton, Hinds County and Pearl), Hattiesburg (Hattiesburg, Petal, Forrest County and Lamar County) and Jefferson Parish Schools in Louisiana.
Jefferson Parish Schools is the 98th largest school district in the United States and includes Metairie, Kenner, Harvey, Marrero, and other communities.
The expansion will more than double Keesler Federal’s Backpacks for Bright Futures program, with more than 14,800 backpacks and supplies distributed across all 26 school districts.
“I can’t think of a stronger mission than helping our children start school and progress in their education,” Swoger said.
About Keesler Federal Credit Union
Founded in 1947, Keesler Federal is a dynamic, stable and financially strong credit union dedicated to building a better community, one member, one relationship, one financial solution at a time. With more than $4.3 billion in assets and $1 billion in new loans annually, Keesler Federal is Mississippi’s largest credit union and the 80th largest nationally. The nonprofit financial cooperative is owned by more than 290,000 members worldwide and has 39 locations in the Mississippi Gulf Coast, Jackson, Hattiesburg, Mobile and New Orleans markets. Keesler Federal proudly serves the financial needs of people from all walks of life, and membership is widely available to the thousands of people who live, work, worship, or attend school in these areas. For more information visit www.kfcu.org

Can you negotiate the redemption price at the end of a lease? | New


If the end of your vehicle’s lease is in sight, you may be wondering whether to buy the car (most leases allow this) and wondering if you can negotiate the lease price you will owe the lender . In most cases, the answer is no.

Related: Is it time to redeem your car rental?

“The price of the end-of-lease purchase option is set out in the lease agreement and cannot be negotiated down,” said Michael Sin, co-founder of leasing news site Leasehackr. . “It is based on the residual value initially set by the lender.”

But keep in mind that these days you’re probably getting a bargain at this great price. The residual value listed in your pre-pandemic lease was the lender’s best estimate at the time, but times have changed. Your rental car is probably worth a lot more in today’s market of inflated used car prices. For more details, you can use Cars.com’s online valuation tool to check your vehicle’s current value against its buyback price. You can take advantage of this increase by buying your leased car, if only to resell it.

“Yes, almost all leases that were made two or three years ago are in a positive capital position,” said Zander Cook, COO and co-founder of Lease End, a company that helps tenants make end decisions. of lease. “While the buyout amount cannot be negotiated, most consumers will benefit in the current environment by buying out their lease and capturing the capital that has been built up.”

During this time, the lender has no incentive to negotiate on price and would likely prefer to salvage the car to gain equity and help replenish their used car inventory. “Some brands intentionally make it very difficult for consumers to find their current cost price and buy out their lease,” Cook says. Sin notes that some automakers “make it harder for lessees to cash out their lease capital, but prohibit third-party dealerships from buying out leases.” And this year, Tesla and Ford (for electric vehicles) completely eliminated buyout options for new leases.

Things you can negotiate

While the cost price is a given, along with your state taxes and title fees, other factors in the total you’ll spend to buy the car might be worth negotiating.

With the lessor: Some lenders might be willing to negotiate removing any buyout fees from the lease — usually a few hundred dollars charged to sell the car to you. It can’t hurt to try. Also, it’s worth asking about loan rates and any financial incentives for your buyout.

With the dealer: Many leasing companies ask you to manage the lease buyout at one of the brand’s dealers rather than directly; others require it in at least some states. Your lease documents should include this information or you can call the lender for this. If it is allowed to deal directly with the lender, it is cheaper, but it causes more problems. “Customers can save money by buying the vehicle directly from the lender,” says Sin, “but they will have to source the financing themselves (if necessary) and take care of the vehicle registration themselves. .”

If you must use a dealership, be prepared to negotiate fees. The dealer will at least want to charge you a document fee for processing the transaction; these fees are capped in some states, but it is negotiable, especially if you want to sell the car to the dealer or use it as a trade-in.

Beyond that, some dealerships will try to add significant additional fees to the purchase price. All charges should be itemized on your invoice, and before you go to the dealership, you should carefully check your lease documents or call the lender to determine the charges you will owe. Generally, if a fee or amount is not specified in your rental documents, it is negotiable. Beyond the additional fees, says Sin, “Some dealerships will ask you to finance through their lenders at interest rates that are beneficial to them, and this is also an opportunity for them to sell financing products. and additional insurance such as extended warranties.”

Remember that you can return the vehicle to any dealership of the brand, not just the one you purchased the vehicle from, so shop around. You should research the charges at multiple dealerships and know that if you’re hit with surprise charges, you can go elsewhere.

The surprises can be substantial. In a few incidents this year in the New York area, a WABC-TV consumer reporter uncovered a pair of instances in which dealerships attempted to take advantage of unwary lease-buyout customers. In one case, the dealership misleadingly inflated the lease buyout price by $3,000 on the purchase documents, and in the other, the dealership attempted to add a “processing” fee of $3,000.

More on Cars.com:

The Cars.com Editorial Department is your source for automotive news and reviews. In accordance with Cars.com’s long-standing ethics policy, editors and reviewers do not accept gifts or free trips from car manufacturers. The editorial department is independent of Cars.com’s advertising, sales and sponsored content departments.

7 ways inflation is ruining your retirement

Lisa F. Young / Shutterstock.com

There you are, enjoying your retreat which unfolds when a rude and very unwelcome guest – inflation – shows up to spoil the party.

Inflation is an irritant no matter what your age, but it particularly hits retirees. Without a stable income, rising prices can quickly become an existential threat to any retiree’s financial well-being.

Here are some of the main ways inflation saps the joy of your golden years.

1. It erodes the value of your money

Senior man gesturing stop sign to protect his money
Krakenimages.com / Shutterstock.com

The annual inflation rate is 9.1% from June.

How bad is that? If prices continue to rise at this rate, the purchasing power of your money will be halved in just under eight years.

The calculations make it clear why everyone in positions of power — especially members of the Federal Reserve — is so desperate to get inflation under control.

2. It makes your debt more expensive

A stressed elderly woman bends over her laptop and her desk in a home office
Monkey Business Images / Shutterstock.com

The Federal Reserve is on the warpath, repeatedly raising its federal funds rate in an effort to cool the economy and stifle inflation.

But if you’re in debt, the Fed’s actions have an unpleasant side effect: every time the Fed raises the fed funds rate, your credit card interest rate is likely to go up.

That means inflation can drive your monthly credit card costs higher and higher — at least until prices are back in check and the Fed stops raising rates.

Are you having trouble taming debt? Stop by Money Talks News Solutions Center and find expert help with credit card debt.

3. It ruins your travel plans

Unhappy elderly woman who wants to travel
Kues / Shutterstock.com

As we have reported, airfare prices have skyrocketed in recent months. The cost of hotel rooms is also on the rise.

And with today’s skyrocketing gasoline prices, charging the motorhome or campervan isn’t exactly an economical travel alternative.

Your golden years are meant to be the time to see the world, but inflation can push those dreams far from your reach.

4. It pushes you to take Social Security sooner

Senior couple upset and worried about medical bills
CREATISTA / Shutterstock.com

If you retired a few years ago – in the good old pre-inflationary era – you may have looked at your savings and concluded that you could delay taking Social Security until later, when your payment monthly would be higher.

But a prolonged episode of inflation can quickly alter this calculation. If the money starts to dry up long before it’s due, you might be forced to take Social Security early. And while it may sometimes be the best choice for people, it often isn’t.

5. It undermines the power of your pension

Pensioner counting his coins
iJeab / Shutterstock.com

Some retirees purchase annuities in order to have a stable, guaranteed source of income that is sheltered from stock market fluctuations.

Annuities have their pros and cons, but one of their biggest drawbacks is that many of them don’t come with inflation protection. If inflation spikes, your pension could become far less valuable than you ever imagined.

6. It forces you to take more risks

Upset senior using laptop
LightField Studios / Shutterstock.com

When inflation is low, you don’t have to worry that soaring prices will soon overwhelm your savings’ ability to keep up.

But when inflation is soaring, getting an interest rate of 1% — or less — on a savings account probably won’t be enough. This might require you to invest more of your money in the stock market in hopes that the returns on your investment will keep your head above water.

Few people want to take extra risks in their golden years. But in times of inflation, they might have no choice.

7. It sends you back to work

Displeased senior worker in front of a computer
pathdoc / Shutterstock.com

For most people, the purpose of retirement is to stop working. Yet a spike in inflation can send retirees into a panic and send them back to the job ads.

That’s not how it was supposed to be. But inflation is upending everyone’s plans, and that includes the game plan of newly created retirees — or even veterans.

Ready to bow to the inevitable? Check out “20 Great Part-Time Jobs for Retirees”.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click on links in our stories.

Hernandez named to Scott’s job


EDWARDSVILLE — Scott Credit Union has named Joanne Hernandez as chief operating officer.

She was Vice President of Consumer Lending before taking on her new responsibilities.

“My goal is to strive for excellence in operations and to improve our processes,” she said. “All of us at Scott Credit Union are constantly eager to determine how we can improve the member experience.”

Hernandez has over 30 years of credit union experience. She joined Scott Credit Union from Frontwave Credit Union, where she was Director of Loans. She served as assistant vice president of business development at Comerica Bank and previously held leadership positions at Mission Federal Credit Union and San Diego County Credit Union.

She holds a Bachelor of Education from San Diego State University.

As COO, Hernandez will oversee operations, card services, credit union collections and recovery, the member contact center and the 25-location branch network. She will also design and develop measurable solutions to member feedback and analyze data to ensure operational excellence.

“Joanne led our consumer finance team for two years and proved herself to be a capable leader. She understands the breadth of our business,” said Frank Padak, President and CEO. “Whether we conduct business online or offline, our goal is to always look for ways to improve the Scott Credit Union experience for our members and employees. Joanna will be instrumental in making this happen.

Scott Credit Union has 25 branches. For more details, visit www.scu.org.

Increases in credit card interest rates may be coming. Here’s how to prepare


Image source: Getty Images

Consider yourself savvy.

Key points

  • The Federal Reserve is expected to raise interest rates at its next meeting in late July.
  • This could end up making credit card debt more expensive.

If you owe money on your credit cards, you’re definitely in good company. Sometimes credit card debt is unavoidable, such as if you’re stuck with an expensive home or car repair and don’t have the money in savings to cover it.

But if you have a credit card balance, now is a good time to do what you can to pay it off. This is because your balance has the potential to become more expensive over time. In fact, the interest rate on your credit card debt could end up going up sooner than expected for one important reason.

Your debt could start to cost you more

When you lock in a fixed rate loan, such as a home equity loan or personal loan, you benefit from the same interest rate being applied to your debt for the duration of your repayment period. But when you carry a credit card balance, you don’t get that benefit. On the contrary, credit card interest rates can be variable, which means that the interest rate you initially pay on your debt can increase over time.

This is a risk faced today by those who have balances on their credit cards. The Federal Reserve plans to meet later this month, and there’s a good chance it will choose to raise interest rates again. The Fed has actually been raising rates all year in an attempt to calm inflation. And if he implements another rate hike at the end of July, it could hurt credit card borrowers significantly.

That’s why now is a really good time to work on reducing your existing credit card balances. The sooner you do this, the more financial hardship you could save yourself.

How to Get Rid of Credit Card Debt

If you have a large balance on your credit card, you may not be able to eliminate it completely anytime soon. But any amount you can reduce will mean less interest expense.

To that end, it pays to dive deep into your expenses and find some to cut. Any money you can free up can be used to reduce your existing balances. Likewise, if you are able to work on the side, the income you bring in can be used to pay off your debt.

In the meantime, if you owe money on different credit cards, it pays to consider doing a balance transfer if your credit is strong and therefore you are likely to qualify for one of these offers. This is a good way to consolidate your debt, and since many balance transfer offers come with an introductory interest rate of 0%, it’s a good way to give you an interest reprieve while you work to pay off your balance.

Another option to consider is taking out a personal loan or home equity loan, using its proceeds to pay off your credit cards in full, and then paying off that loan in installments. The advantage is to lock in a fixed interest rate on your debt before the loan becomes more expensive.

While credit card debt is bad news right now, it’s an especially dangerous thing in light of potential interest rate hikes. The best way to protect yourself is to take steps to get yourself out of debt, while making it as inexpensive to pay off as possible.

The best credit card waives interest until 2023

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% in 2023! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read our full review for free and apply in just 2 minutes.

Three more credit unions leverage Chimney to drive digital engagement with members


NEW YORK–(BUSINESS WIRE)–Chimney™, a leader in financial guidance in the digital age, today announced partnerships with three credit unions. Chimney’s award-winning digital tools and modern financial calculators enable credit unions to provide personalized financial advice to their members while increasing qualified conversions across digital channels.

Some of the latest credit unions to select Chimney include:

  • NorthCountry Federal Credit Unionbased in Vermont with $908 million in assets and over 64,000 members
  • Maui County Federal Credit Unionbased in Hawaii with $385 million in assets and over 20,000 members
  • Solarity Credit UnionWashington-based with $1 billion in assets and over 50,000 members

Founded in 1950 in Burlington, Vermont, NorthCountry Federal Credit Union is one of Vermont’s largest and most innovative credit unions. With an overall member satisfaction score of 9.45 out of 10, the credit union offers valuable banking products to its members, including personal loans, checking accounts, mortgages and more. NorthCountry FCU has partnered with Chimney to deliver an interactive digital experience and personalized financial advice to its members at scale. By partnering with Chimney, NorthCountry FCU can engage more members digitally and proactively connect them with the right products based on their unique financial needs.

Bob Morgan, CEO of NorthCountry, said, “Our mission at NorthCountry FCU is to help our members’ dreams come true by providing tailored financial advice that empowers them to make the best financial decisions possible. We are committed to always doing the right thing for our members, and our partnership with Chimney will allow us to deliver the personalized experiences our members deserve.

Chase Neinken, co-founder of Chimney, said, “In today’s economy, proactive and personalized financial advice is more important than ever. Every credit union member’s financial situation is unique, and guiding them through their buying journey is key – whether they’re buying a new car or their first home – to building lasting relationships with members.

Neinken continued, “Our new credit union partners recognize this and are raising the bar on the member experience. The Chimney team is excited to serve these progressive financial institutions and empower their members with engaging and interactive digital tools that make financial decisions easier.

About Fireplace™

New York-based Chimney™ is transforming the way financial institutions guide customers through their buying journey. Known for its next-generation calculators, Chimney™ provides modern digital tools that help banks, credit unions, mortgage lenders and insurance companies compete in today’s landscape. Winner of FinovateSpring 2021 Best of Show, Chimney’s solutions are built for the digital age – designed to win more customers, capture better customer data and help move prospects faster in the age of digital transformation. That’s why the company is trusted by more than 60 of the nation’s largest financial institutions, including banks, credit unions and lenders. For more information, visit www.cheminee.io.

Kumar Rocker at No. 3? Rangers think the risk will pay off


It’s been a while since Rangers have talked about the sport. For a moment on Sunday, that changed. While most draft pundits predicted a fairly straightforward top three talent — Druw Jones, Jackson Holliday and Elijah Green, with the possibility of Kevin Parada or Termarr Johnson sneaking in — Rangers took a left turn, choosing instead to take starting pitcher and former Vanderbilt Commodore Kumar Rocker with the third pick.

The decision prompted a question to kick off media availability: “How does it feel to break the draft?”

“I can only speak about what we do,” Rangers senior director of amateur scouting Kip Fagg said in response to the question. “I don’t worry about anyone else. So I don’t know if we broke the repechage.

Maybe they didn’t break it, but they sure took a risk. Rocker was once considered the price of the 2021 draft class. Then health issues hurt his draft stock, and he dropped to 10th, a pick our Tim Britton described as “a draft hit. “. One problem: The Mets didn’t like what they saw in Rocker’s medicals, and he didn’t sign, eventually choosing to play freeball with the Tri-City ValleyCats in Troy, NY

“Kumar Rocker is in good health based on an independent medical examination performed by several leading baseball orthopedic surgeons,” Rocker’s agent Scott Boras said in a statement released at the time. “Immediately after the end of his college season, he had an MRI of his shoulder and elbow. Compared to his 2018 MRIs, medical experts found no significant changes. Kumar does not require any medical attention and will continue to launch into the regular course as he prepares to begin his professional career.

So what exactly was the problem? Neither the team nor the player chose to shed more light on the situation.

“I can’t comment on that; I’m not versed enough to comment,” Rangers general manager Chris Young said when asked for details. “I don’t want to get into the semantics of what it was. Kumar and Scott can talk about it when the time comes. But yeah, that would be a good question.

Rocker was a little more succinct while not being more forthcoming: “Yeah, I can’t really talk about that bro.”

Scientists will tell you there is no sound in a vacuum, but scientists apparently don’t read many baseball Facebook groups, message boards, or Twitter. Rumors swirled, both in and out of baseball circles. What we do know, from one source, is that medical reports sent after Rocker’s surgery showed that a scope was made that did not involve the rotator cuff or labrum.

“We are extremely comfortable with the examination that our medical team has done,” Young said. “Clearly, Kumar was taken care of by one of the world’s leading orthopedic surgeons (Dr. Neal ElAttrache, et) under great supervision throughout his rehab. He is launching in good health, we are very comfortable with the medical exam. And that’s why we drafted him.

Yet it was Something — something big enough that the Mets decided against signing the 10th pick in the draft last year. And while the Mets’ medical team hasn’t been above reproach over the past decade, it’s not like they’ve shied away from signing players with medical risks before. A year prior, in 2020, the team drafted JT Ginn as he returned from Tommy John surgery. Whatever they saw had to be more concerning than that.

And yet, says Fagg, when he saw Rocker in Troy, the launcher’s speed ranged from 94 to 98 mph. According Jhe athletic’s Keith Law, Rocker dropped to a slightly lower arm lunge and looked no worse with the ValleyCats.

“It was probably a little better than he was in school (at Vanderbilt),” Fagg said after seeing Rocker this summer. “But obviously it’s a short window and a short time frame. So like CY said, we have to work around it and find the best plan moving forward.

For all the questions about Rocker’s arm, one thing that doesn’t seem to be at issue is what people in the baseball industry call “makeup.”

“I think Kumar answered the questions,” Young said. “I think he certainly faced a lot of adversity last year with the draft and the way it all went. He had a procedure. He came back healthy. is an incredibly hard worker, someone who we’re very, very comfortable with (with) the character, the makeup, the drive and seeing him pitch this summer I think those are just the first steps of what is going to be a really successful career. And we are very lucky to have had this opportunity to choose him.

“(He) brings a competitive intensity, not just between the lines but in everything he does, that elevates his teammates,” Young added. “He’s something really special. … He’s an incredibly caring person who pushes his teammates to greatness (and) himself as well. And that’s what we’re excited to get.

One teammate in particular agrees with the front office: Jack Leiter was the Rangers’ first pick last year and pitched with Rocker at Vanderbilt. Asked about his impression of Rocker, Leiter used a lot of the same verbiage.

“The first thing that comes to mind with Kumar as a pitcher is (he is) a competitor,” Leiter said. “It’s pretty obvious when you watch him pitch, and it’s a lot of fun watching him pitch. And I think having the privilege of watching it on Fridays at Vandy (when) I launch the next day, that really motivated me to go the next day. I really think we’ve improved a lot, by teaming up; we made ourselves better competitors and better throwers. … The idea of ​​possibly pitching on the same staff very soon is super exciting.

They could be teammates sooner or later. Rocker, like Leiter, is 22 and has been out of college for a year. The Indy Ball isn’t exactly Triple-A competition, but given his level of experience, it’s not inconceivable that Rocker could follow in Leiter’s footsteps and move straight into Double-A Frisco, although Young made it clear that no decision had been taken prematurely.

“We’re going to start with getting him in here first and do a normal physical and then finalize the contract,” Young said. “And then we will assess that. We will understand where it is in terms of schedule and throwing routine and decide on the next steps.

One way Rocker is unlikely to mirror Leiter’s path is that Rangers shut Leiter down after drafting him last year. Leiter had pitched 110 innings at Vanderbilt (Rocker pitched 122 this season — both ended with identical totals of 179 apiece), and the team figured his arm could use the rest. A year later, Rocker pitched 20 innings for Tri-City (strouting 32, walking just four, and finishing the season with a 1.35 ERA).

“I think I need a foundation to move forward,” Rocker said. “I mean, there’s a lot of time left in the year.”

Frankly, it’s the kind of choice that can determine the future of an entire front office. After all, it’s not like Rangers don’t have options. According to the sources, the team was very high on both Holliday and Jones – if the Orioles had decided to pick a sub-location and pick, say, Johnson with the first pick, it’s likely Texas would have chosen one of these two. But when the Orioles won Holliday with the first pick, and the Diamondbacks followed by taking Jones, the Rangers decided — whether they put it that way or not — to “break the draft” and take a pitcher who has a vast spectrum of possibilities between its ceiling and its floor.

If Rocker ends up being the better starting pitcher that Young and Fagg seem certain he’s destined to be, they’re going to look like geniuses. If his shoulder ends up being worse than expected when the team performs a physical, that’s the kind of pickaxe that could prompt a ritual house cleaning.

But it may not be as big a risk as it seems. After all, when asked after the 2021 season for an “accountability timeline,” President of Baseball Operations Jon Daniels gave a very soon answer: 2023. It’s a timeline that Young reiterated again. sunday.

“We expect to struggle next year, if not the second half of (this) season,” Young said when asked about Rangers’ window of contention. If that plan fails, Rocker could be another front office’s problem. If both the plan and pitcher are successful, it could be considered one of the shrewdest moves in recent memory.

• For more MLB Draft coverage from AthleticismClick here.

(File Photo: Wade Payne/Associated Press)

Report: Sporting Lisbon in talks to sign Cristiano Ronaldo on loan from Manchester United


In a bizarre new report from Portugal, Cristiano Ronaldo’s first and former club Sporting Lisbon are in talks with Manchester United over a possible loan deal for the superstar striker, Portuguese outlet claim.

Ronaldo is reportedly looking for an exit from Old Trafford this summer with hopes of playing in the UEFA Champions League next season, one of the reasons for his desire to leave.

Sporting Lisbon compete in the top flight of Portuguese leagues and have qualified for the Champions League next season as United are ready for Europa League football.

Jorge Mendes, Ronaldo’s agent has reportedly offered the player to a number of clubs with many rumors linking the player to Bayern Munich.

However, the German giants have already publicly made their statement and denied any interest in signing Ronaldo this summer, adding to a list of clubs that are not ready to pursue his signing.

Sporting would surely be deprived of paying a high percentage of his salary if Portugal’s reports, which are quite remarkable, are to be believed.

According to Sport TV Portugal, via Portuguesesoccer.com, “Cristiano Ronaldo’s loan talks from Manchester United to Sporting CP are currently ongoing.”

If the reports hold any truth, Ronaldo’s return to Sporting would be considered one of the biggest shock transfers of recent years.

Read more about Manchester United coverage:

Follow Utd Transfer Hall: Twitter | Facebook and Instagram coming soon

MARK-TO-MARKET: Inflation jumps to 9.1%, a new high for 40 years | Business & Economy


Over the past 15 months, inflation has increased at a breakneck pace. In February 2020, inflation was only 1.7%. But on Wednesday, the Labor Department reported that in June the country’s inflation rate jumped to 9.1%, a new 40-year high dating back to November 1981. That beat Wall Street forecasts by 8, 8% and was higher than the reported rate of 8.6%. in May.

This means that consumer prices have, on average, increased by 9.1% over the past 12 months. In June alone, consumer prices rose 1.3%, the largest monthly increase since March 1990. Very few consumer goods and services were spared the price increase, especially essential products. Costs for food, clothing, housing and energy have all skyrocketed.

Over the past 12 months, food prices have risen 10.4%, the largest annual increase since November 1981. In June, food prices rose 1% from May. Annual price increases for some of the most common food items include chicken (18.6%), eggs (33.1%), milk (16.4%) and bread (10.8%) . For you coffee lovers, the price of coffee has increased by 15.8% over the last year.

People also read…

Clothing prices rose 5.2%. Housing costs also continue to soar. The Department of Labor defines housing as the cost of rent or, for landlords, the equivalent cost that landlords would pay if they rented their dwelling. Over the past year, the cost of housing has risen 5.6%, the largest annual increase since February 1991.

Energy prices have risen 41.6% over the past 12 months, the largest annual increase since April 1980. In June, energy prices rose 7.5%. In the energy sector, a gallon of regular gasoline is up 61.1% over the past year, while natural gas is up 38.4%. For those planning to go on vacation in the near future, airline fares are now 34.1% higher than a year ago.

High inflation has decimated the budget of many households. Inflation is having a disproportionate impact on retirees and low-income households, but the impact is increasingly affecting many middle-class Americans. According to a study recently published by Moody’s Analytics, inflation costs the average American household an additional $493 per month ($5,916 per year) in higher costs.

The June inflation data raises the likelihood that the Federal Reserve will keep its foot on the accelerator by raising the benchmark federal funds rate, which is often the basis for many forms of consumer debt. As the federal funds rate rises, it typically raises interest rates on credit cards, bank loans, and mortgages, among other things. The Fed’s objective is to discourage consumer spending. A drop in demand for goods and services should help temper the continued rise in prices.

The Fed raised the federal funds rate from nearly 0% in March to its current rate of around 1.75%. At its next meeting on July 27, the Fed is expected to raise the federal funds rate even further. Wall Street currently forecasts a 57% chance of a 0.75% rate hike and a 43% chance of a full 1% hike at the next meeting.

All of these interest rate hikes in such a short, compressed time frame are putting enormous pressure on the US economy. Not surprisingly, as inflation continues to rise, so do concerns that the economy is entering recession.

Mark Grywacheski is an expert in financial markets and economic analysis and is an investment advisor at Quad-Cities Investment Group, Davenport.

Disclaimer: Opinions expressed in this document are subject to change without notice. Any prices or quotations contained herein are indicative only and do not constitute an offer to buy or sell securities at any particular price. The information has been obtained from sources believed to be reliable, but we do not guarantee that the material presented is accurate or that it provides a complete description of the securities, markets or developments mentioned. Quad-Cities Investment Group LLC is a registered investment adviser with the United States Securities Exchange Commission.

Kiplinger’s Personal: Spending: Take home a credit card bonus | Economic news


You can rack up a slew of points by signing up for a new rewards card and spending big in the first few months.

The Chase Sapphire Preferred ($95 annual fee) recently increased its sign-up bonus to 80,000 points for new cardholders who spend $4,000 in the first three months. And those points are worth $1,000 if you redeem them for travel booked through the Chase Ultimate Rewards portal.

There are restrictions on who can access the bonus. For example, if you have already received a sign-up bonus linked to any Chase Sapphire card within the last 48 months, you are excluded from this new offer. Visit www.chase.com for more information.

The Capital One Venture X ($395 annual fee) offers a bonus of 75,000 miles to those who spend $4,000 in the first three months. Points are worth $750 when redeemed for travel purchases made through the Capital One Travel Portal. Plus, you can earn an extra 10,000 bonus miles (or $100 for travel) on every card anniversary. To see other cards with sign-up bonuses, visit www.thepointsguy.com.

People also read…

With some cards, you earn statement credit when you use the card at partner merchants. American Express, Bank of America, Capital One, and Chase all allow cardholders to earn statement credits — in addition to the rewards points they earn — if they use their cards at restaurants, stores, or agencies. travel, or to pay subscriptions. Capital One Shopping, for example, recently offered a 6% credit for renting a car from Hertz.

To access the offers, log in to your account and follow the instructions. Deals usually rotate, so it’s best to check back periodically.

Gas prices have been stubbornly north of $4 a gallon. A gas rewards credit card can help. The Abound Credit Union Platinum Visa offers 5% cash back on fuel purchases paid at the pump. Sam’s Club members should consider the Sam’s Club Mastercard; it offers a 5% cashback on up to $6,000 spent each year at eligible gas stations (membership starts at $45 per year). American Express Blue Cash Preferred ($95 annual fee, waived the first year) offers a 3% cashback on gas purchases.

Your local grocery store may also offer a discount on fuel. Giant, for example, offers 10 cents per gallon off for every 100 points you earn through its fuel program with Shell. You earn one point per dollar spent and you can redeem a maximum of 1,500 points per fill-up. Points expire 30 days after they are earned.

That’s what the average small business employee makes per hour. How do you compare?


Image source: Getty Images

Think small businesses don’t pay? Think again !

Key points

  • Although small companies do not have the resources that large companies have, they often pay workers generously.
  • Recent data shows that wages for small businesses have increased by 5.1% over the past 12 months.
  • Small businesses may be able to offer more benefits and flexibility than a larger business.

There’s a reason some people prefer working for big companies over smaller ones. Large companies often have a lot of resources at their disposal, which means they can usually offer excellent benefits and higher salaries.

But that doesn’t mean small businesses don’t pay generously. In fact, recent data from Paychex shows that the average small business employee earns $30.42 per hour. Assuming a 40-hour work week and 52 work weeks per year, that’s an annual salary of over $63,000.

But respectable salaries aren’t the only reason to consider working for a small company. Here are some other benefits you might get if you decide to take a job with a small business.

1. Generous benefits

Large companies often invest in expensive office space and equipment, which can limit the amount of money they can spend on benefits. Small businesses could do a better job of keeping overhead costs low, leaving more room for them to offer perks like paid health insurance and time off.

Also, small businesses tend to want to invest in people who will grow with the business. As such, they could offer some nice perks in an effort to retain workers.

2. Career Growth

When you work for a company that employs thousands of people, it can be difficult to climb the ladder. The advantage of working for a small business is that you may be just one of 20 people who help keep the business running smoothly. This means you could have more learning opportunities and more growth potential right from the start.

3. More flexibility

When you work for a company that employs 2,000 people, it can be difficult for your manager to make exceptions to meet your specific needs. But smaller companies tend to have more flexibility in this regard, so working for one might allow you to better balance work and personal life.

Imagine you have children who need to be dropped off at 9:00 a.m. and picked up at 3:00 p.m. during the school year. A small business can allow you to work your last hours of the day from home so you don’t have to scramble for child care. A larger company may have a harder time giving you this flexibility.

Should you work for a small business?

A large company in your field may be able to offer higher salaries than a small company. If that’s the case, and you need those higher salaries to pay your bills, accumulate savings, and achieve your other personal goals, you may have to chase the cash – at least until you have established a good cushion.

But don’t assume that a big business will pay you more than a small business. Instead, do your research and see what offers are available to you. You may find that accepting a job at a small company leaves you with a salary that you are more than happy with, as well as the aforementioned benefits that are essential to being happy at work.

Alert: The highest cash back card we’ve seen now has 0% introductory APR until almost 2024

If you use the wrong credit or debit card, it could cost you dearly. Our expert loves this top pick, which features an introductory APR of 0% until nearly 2024, an insane payout rate of up to 5%, and all with no annual fee.

In fact, this map is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

Construction loan secured for new life sciences campus Instil Bio, San Fernando


US$85 million construction loan for the development of a 102,000 square foot complex Instill Organic life sciences campus with laboratory, office and production space. On behalf of the borrower, CBRE secured a five-year, variable-rate, interest-free, non-recourse loan from Oxford Properties Group. The company specializes in the development of clinical-stage cell therapies for the treatment of cancer.

The Tarzana neighborhood in the San Fernando Valley will host the Instil Bio life sciences campus. It will be located at 18404-18412 Oxnard Street. According to CBRE, the latest funding will help complete the commercial manufacturing plant once clinical manufacturing is operational.

Look for construction leads

Also Read: Construction to Begin Soon on a 16-Story Fulton Life Sciences Building

The top 25 life sciences job markets were recently identified by CBRE, and LA-Orange County ranked seventh for research talent. Most second graduates in biological and biomedical sciences each year.

Notes on the Instil Bio Life Science Campus project

According to CBRE’s Jeff Pion, who helped Instil Bio purchase the building in October 2020 with Andrew Riley, “This site will function as Instil Bio’s global manufacturing headquarters. Eventually, it will employ hundreds of scientists and research experts on site.

Oxford PropertiesChief Investment and Credit Officer Nu Suwankosai expressed enthusiasm for the company’s involvement. According to Suwankosai, “For Oxford, this funding sits exactly at the convergence of two important investment themes. Deployment in credit and in the life sciences industry.

Due to its top-notch research facilities and accessibility to a skilled workforce, Los Angeles has consistently ranked among the top 10 life sciences markets, Pion continued.

According to CBRE’s Greg Grant, who managed funding for Instil Bio, “There is an abundance of funding capital in the market for high-quality, purpose-built life science projects. It’s exciting to see Additional properties like this are taking shape in the Greater Los Angeles area.

Goldman helps Airbase with $150 million credit facility


Expense management platform Air-base announced on Friday July 15 that it had secured $150 million in debt financing led by Goldman Sachs.

According to a press release emailed to PYMNTS, the funding will allow Airbase to expand its payment card program to a growing customer base.

“Demand for Airbase’s corporate cards – part of its award-winning expense management platform – has grown as more companies seek employee expense visibility and control,” the company said. San Francisco-based company in the release.

Airbase said its corporate cards are software-enabled, meaning they capture and transmit expense data. Automated approval workflows match company policies and accounting entries go directly to the general ledger, while the expense management platform manages all non-salary expenses.

“Airbase is focused on delivering the most in-depth and best-in-class expense management platform available on the market today,” said Thejo Kote, founder and CEO of Airbase. “Our maps are an important part of this platform.”

Kote noted that while most Airbase customers use its card program for its cashback benefits, the recent launch of its payment card program has allowed the company to offer more options to businesses. who want more flexibility.

This funding from Goldman, Kote added, “clears the way for us to compete more aggressively for companies that want to extend repayment terms.”

PYMNTS spoke earlier this week with Robin Sharma, Senior Accounting Manager at Airbase, about how small businesses can leverage technology to update accounting features that improve cash management and help to execute long-term strategies.

Read more: Small tools pay off big as SMBs limit spending

The accounting department, Sharma said, is due to digital innovation, moving away from paper in favor of streamlined data flows.

As Sharma told PYMNTS, looking back over more than a decade in different accounting roles: “I’ve spent countless hours manipulating data, collecting information and integrating it into accounting software for analyze.”

“Using software to manage this data and see everything in one place,” she added, “it saves time.”

For all PYMNTS B2B coverage, subscribe daily B2B Newsletter.



About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.

Don’t fall for a scam targeting Ent Credit Union customers


COLORADO SPRINGS, Colo. (KKTV) — Ent Credit Union customers are being targeted by scammers, according to an alert sent recently by the company.

Scammers call people pretending they are contacting the Ent call center.

“If the member answers the spam call, the person on the other line claiming to be with Ent will usually ask for the member’s online banking username and password,” one post read. of Ent Credit Union. “If the member gives this information over the phone, the scammer will try to log into their account using the information provided.”

If someone falls for this scam, a “verification” code should be sent to their phone. Ent Credit Union reminds its customers not to share this verification code with anyone.

“This gives the scammer full access to the member’s account,” Ent Credit Union explained of the verification code. “They can then transfer the funds and empty the account, depriving the blind member.”

Ent says employees will never ask for the following information over the phone:

  • Credit or debit card PIN.
  • Online banking username and password.
  • Account number or routing number.
  • CVV2 code on the back of your credit or debit card.
  • Full social security number.
  • Verification code.

Copyright 2022 KKTV. All rights reserved.

How to prevent your car from being repossessed

Image for article titled How to prevent your car from being repossessed

Photo: Turning Images (Shutterstock)

Buying a car with a bank loan is so common that most of us don’t even think about it – and these days you increasingly need a bank loan to buy a car. used auto. When you take a loan for a car you sign an agreement that says you will make the required payments or that the lender can come and take the car from you, but car dealerships don’t have a reputation for explaining the amount of a loan really cost – and how difficult it might be to keep paying for it.

In most states, all it takes to trigger a default on your loan and begin the repossession process is one missed payment, so now you’re sweating, watching the street for tow trucks. You’re trapped in the classic Catch-22: you need your car to get to work, to shop, to live your life, but you can’t afford to buy your car. How do you avoid having your car repossessed?

What not to do if you are worried

First here is What not to do if you are trying to hold on to a car that has been listed for repossession. There are several really bad ideas that you shouldn’t be tempted to try:

  • Hide the car. It might sound like a genius idea, but it’s probably illegal. You voluntarily signed an agreement with your lender, and part of that agreement covered what would happen if you defaulted. Hiding the car is a very bad idea.
  • Confront the repo agent. Physically threatening or verbally harassing the person coming to tow your vehicle will get you nowhere and could get you in trouble. Also, even if you manage to chase them away, you’ll have burned any chance of having some wiggle room with them in the future.
  • Hiding the car. Change license plates and cover the vehicle identification number (VIN) on the car just makes the resuming professional a bit tougher. In most states it is illegal to obscure a VIN, so the repo pro will simply call the cops and they will be within their rights to unlock the car and remove the obstruction. And the repo person has multiple ways to identify a vehicle, so your efforts are likely fruitless anyway.
  • Sit-ins. If you see a repossession agent approaching, you might think jumping in your car and locking the doors is a great idea. And yes, that’s right, they’re not going to smash the windows and drag you out, or tow the vehicle with you in it. But all you do is kick the box. The repo person will be back, probably just before you leave for work in the morning.

Strategies that can work

So what box you do if the repo man is looking for your turn? Here are a few things you can do without getting in hot water:

  • Keep it in a closed garage. If you have a garage on your property that can be locked, you can store the car there (technically it doesn’t hide the car, because everyone knows exactly where it is). Contrary to popular belief, repossession officers are allowed to enter private property to claim a vehicle, but they cannot “breach the peace”, which generally means they cannot use force or violence to do so. This includes bypassing locks on private property. If the garage is unlocked, however, they are perfectly entitled to open it and take the car. MMost car loans include what is called a “collateral agreement” which allows agents authorized by your lender to enter private property. Keep in mind this will only work for so long – they’ll end up picking up your car somewhere else when you drive it, or get a court order and bring the sheriff with you.
  • To negotiate. Your lender does not want your car. They want the sweet interest you agreed to pay on the loan. The car itself lost a lot of its value the moment you pulled it from the lot, and has become increasingly worthless ever since, so they’d much rather have your money. If your car is repossessed, try calling your lender to work out a deal. They will often be open to any arrangement that involves you eventually satisfying the loan. You can also try talking to the repossession agent. They don’t have the power to make your repossession go away, but they do have the option of putting your case at the end of their to-do list. There’s no guarantee of success, but calling them and pleading for some breathing room might give you some breathing room.
  • Sell ​​the car. If you’re not in default yet, but know you will be soon, you can check to see if you can sell the car for enough to pay off the loan. Make sure you know all the fees you will need to cover and that there are no penalties for prepaying your loan. Obviously, that leaves you without a car, but it also leaves your credit score intact, allowing you to buy a cheaper car.
  • Bankruptcy. If you can declare bankruptcy, you can probably keep your car even if you’re in default, provided you can work out a payment plan with your lender. The two forms of bankruptcy open to individuals, chapter 13 and chapter 7, offer the option of hanging on to your car. Bankruptcy isn’t a magic bullet, but it does offer a realistic chance to keep your car in the short term and restructure the loan in the long term so you can pay it off.

Losing your transportation due to repossession can turn a bad financial situation into an impossible financial situation. Your options are limited when it comes to protecting your car from repo professionals, but there are are some options. Don’t do anything crazy.

JPMorgan (JPM) Second Quarter 2022 Results


JPMorgan Chase said Thursday that second-quarter profits fell as the bank built up $428 million in bad debt reserves and suspended share buybacks.

Here’s what the company reported compared to what Wall Street expected, based on a Refinitiv analyst survey:

  • Earnings per share: $2.76 vs. $2.88 expected
  • Managed revenue: $31.63 billion vs. $31.95 billion expected

Earnings fell 28% from a year earlier to $8.65 billion, or $2.76 per share, primarily due to stockpiling, New York-based JPMorgan said. York, in a statement. statement. A year ago, the bank received a reserve release of $3 billion.

Managed revenue edged up 1% to $31.63 billion, helped by a tailwind from rising interest rates, but was still below analysts’ expectations, according to a Refinitiv survey.

“The U.S. economy continues to grow, and the labor market and consumer spending, as well as their ability to spend, remain healthy,” CEO Jamie Dimon said in the statement. “But geopolitical tensions, high inflation, declining consumer confidence, uncertainty about rising rates and unprecedented quantitative tightening and their effects on global liquidity, combined with the war in Ukraine and its effects adverse effects on global energy and food prices are very likely to have negative consequences for the global economy at some point.”

Dimon said the bank chose to “temporarily” suspend its share buybacks to help it meet regulatory capital requirements, a prospect feared by analysts earlier this year. Last month, the bank was forced to keep its dividend unchanged while rivals increased their payouts.

The bank’s shares fell 2.5% in premarket trading.

JPMorgan, the largest U.S. bank by assets, is being watched closely for clues about how the banking sector fared in a quarter marked by contradictory trends. For one thing, unemployment levels have remained low, meaning consumers and businesses should have little difficulty repaying their loans. Rising interest rates and loan growth mean banks’ core lending business is becoming more profitable. And financial market volatility has been a boon for bond traders.

But analysts have started to cut earnings estimates for the sector on concern over a looming recession, and most big bank stocks have fallen to 52-week lows in recent weeks. Revenue from capital markets and mortgage lending activities fell sharply, and companies could disclose further writedowns amid the broad decline in financial assets.

Importantly, a tailwind that the sector enjoyed a year ago – reserve releases as lending performed better than expected – has started to reverse, with banks being forced to put in set aside money for possible defaults as the risk of recession increases.

In April, JPMorgan was the first of the banks to start setting aside funds for loan losses, taking a $902 million charge for building up credit reserves in the quarter. This fits with the more cautious outlook expressed by Dimon. In early June, he warned that an economic “hurricane” was on the way.

Given this outlook, banking analysts may wonder whether management can adjust spending downwards in response to the business environment.

One of the company’s tailwinds is rising US rates. JPMorgan said at the company’s Investor Day in May that it could hit a key 17% return target this year, ahead of schedule. In fact, the bank reached that level this quarter.

JPMorgan shares have fallen 29% this year through Wednesday, worse than the 19% drop in the KBW banking index.

Morgan Stanley also reported earnings on Thursday and, like JPMorgan, its results were below Wall Street expectations. The bank was hit by a decline in investment banking revenue.

Wells Fargo and Citigroup are expected to report results Friday and Bank of America and Goldman Sachs are expected to report Monday.

This story is developing. Please check for updates.

Research: Rating Action: Moody’s Assigns Final Ratings to GM Financial Consumer Automobile Receivables Trust 2022-3


Approximately $1.2 billion in rated asset-backed securities

New York, July 13, 2022 — Moody’s Investors Service (“Moody’s”) has assigned final ratings to notes issued by GM Financial Consumer Automobile Receivables Trust 2022-3 (GMCAR 2022-3). This is the third auto loan deal of the year on the GMCAR shelf for GM Financial (GMF, unrated), the wholly owned subsidiary of General Motors Financial Company, Inc. (Baa3, stable). The notes will be backed by a pool of prime auto loans issued by GMF, which is also the manager and administrator of the transaction.

Issuer: GM Financial Consumer Automobile Receivables Trust 2022-3

$231,810,000, 2.366%, Class A-1 Notes, final rating assigned P-1 (fs)

$256,690,000, 3.50%, Class A-2-A Notes, final rating assigned Aaa (sf)

$171,140,000, SOFR rate + 0.60%, category A-2-B notes, final rating assigned Aaa (sf)

$356,200,000, 3.64%, Class A-3 Notes, final rating assigned Aaa (sf)

$133,300,000, 3.71%, Class A-4 Notes, final rating assigned Aaa (sf)

$19,530,000, 4.42%, Class B Notes, final rating assigned Aaa (sf)

$18,300,000, 4.72%, Class C Notes, final rating assigned Aa1 (sf)

$15,270,000, 0.00%, Class D Notes, Final Assigned Rating A1 (sf)


The final rating for Class B ratings, Aaa (sf), is one notch higher than its provisional rating; the final rating of the Class C notes, Aa1 (sf), is two notches higher than its provisional rating; and the Class D Notes’ final rating, A1(sf), is one notch higher than its provisional rating. This difference is the result of closing the transaction with a weighted average cost of funds lower than that modeled by Moody’s when assigning the provisional ratings. WAC assumptions, as well as other structural characteristics, have been provided by the issuer.

Ratings are based on the quality of the underlying collateral and its expected return, the strength of the capital structure, and FMV’s experience and expertise as servicing agent.

Moody’s median cumulative net loss expectation for GMCAR 2022-3 is 0.75% and loss at Aaa stress is 4.75%. Moody’s based its expected cumulative net credit loss and loss under stress Aaa on an analysis of the quality of the underlying collateral; historical credit loss performance of similar collateral, including securitization performance and managed portfolio performance; GMF’s ability to perform the Service Functions; and current expectations regarding the macroeconomic environment during the term of the transaction.

At closing, Class A Notes, Class B Notes, Class C Notes and Class D Notes are expected to benefit by 6.10%, 4.50%, 3.00% and 1.75%, respectively. firm credit enhancement. Note credit enhancement consists of a combination of overcollateralization, non-declining reserve account, and subordination, with the exception of Class D Notes, which do not benefit from subordination. Notes may also benefit from an excess spread.


The main methodology used in these ratings was “Moody’s Global Approach to Rating Auto Loan- and Lease-Backed ABS” published in July 2022 and available at https://ratings.moodys.com/api/rmc-documents/390478. Otherwise, please see the Scoring Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of ratings:

At the top

Moody’s may upgrade Class C and D notes if credit enhancement levels are higher than necessary to protect investors against current expectations of portfolio losses. Losses could decline from Moody’s original expectations due to fewer debtor defaults or appreciation in the value of vehicles securing a debtor’s promise to pay. Portfolio losses are also highly dependent on the US labor market and the used vehicle market. Other reasons for better-than-expected performance include changes to service practices that improve collections or refinancing opportunities that result in early payments.


Moody’s could downgrade the ratings if levels of credit enhancement are insufficient to protect investors against current expectations of portfolio losses. Losses could exceed Moody’s original expectations due to a higher number of debtor defaults or deterioration in the value of vehicles securing a debtor’s promise to pay. Portfolio losses are also highly dependent on the US labor market and the used vehicle market. Other reasons for below-expected performance include poor service, error on the part of the parties to the transaction, inadequate transaction governance, and fraud. Moody’s may downgrade the A-1 short-term rating following a significant slowdown in principal collections which could result from, among other things, high late payments or service disruption impacting payments of the debtor.


For details on key rating assumptions and Moody’s sensitivity analysis, see the Methodological Assumptions and Sensitivity to Assumptions sections in the Disclosure Form. Moody’s rating symbols and definitions can be found at https://ratings.moodys.com/rating-definitions.

Further information on representations, warranties and enforcement mechanisms available to investors can be found at https://ratings.moodys.com/documents/PBS_1335569.

The analysis includes an evaluation of collateral characteristics and performance to determine expected collateral loss or a range of collateral losses or expected cash flows for rated instruments. In a second step, Moody’s estimates collateral losses or expected cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural characteristics, to derive the loss expected for each scored instrument.

Moody’s quantitative analysis involves an evaluation of scenarios that focus on factors contributing to rating sensitivity and consider the likelihood of material collateral losses or impaired cash flows. Moody’s weights the impact on rated instruments based on its assumptions of the likelihood of events in such scenarios occurring.

For ratings issued on a program, series, category/class of debt or security, this announcement provides certain regulatory information regarding each rating of a subsequently issued bond or note of the same series, category/class of debt, security or under a program for which ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a media provider, this announcement provides certain regulatory information relating to the credit rating action on the media provider and each particular credit rating action for securities whose credit ratings are derived from the support provider’s credit rating. For the provisional ratings, this press release provides certain regulatory information relating to the provisional rating assigned, and to a final rating that may be assigned after the final issuance of the debt, in each case where the structure and conditions of the transaction n have not changed prior to the final rating being assigned in a way that would have affected the rating. For more information, please see the issuer/transaction page of the respective issuer at https://ratings.moodys.com.

For all relevant securities or rated entities receiving direct credit support from the lead entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action , the associated regulatory information will be that of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to the jurisdiction: Ancillary services, Disclosures to the rated entity, Disclosures to be provided by the rated entity.

The ratings have been communicated to the rated entity or its designated agent(s) and issued without modification resulting from such communication.

These notes are solicited. Please refer to Moody’s Policy for the Designation and Assignment of Unsolicited Credit Ratings available on its website. https://ratings.moodys.com.

The regulatory information contained in this press release applies to the credit rating and, if applicable, the outlook or rating revision relating thereto.

Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis are available at https://ratings.moodys.com/documents/PBC_1288235.

The worldwide credit rating on this credit rating announcement has been issued by one of Moody’s affiliates outside the EU and is approved by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main. -le-Main 60322, Germany, in accordance with Article 4(3) of Regulation (EC) No 1060/2009 on credit rating agencies. Further information on the EU approval status and the Moody’s office that issued the credit rating can be found at https://ratings.moodys.com.

The worldwide credit rating on this credit rating announcement has been issued by one of Moody’s affiliates outside the UK and is approved by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the United Kingdom. . Further information on the UK endorsement status and the Moody’s office that issued the credit rating can be found at https://ratings.moodys.com.

Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and Moody’s legal entity that issued the rating.

Please see the issuer/transaction page at https://ratings.moodys.com for additional regulatory information for each credit rating.

Ruoheng Liu
Vice President – Senior Analyst
Structured Finance Group
Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Customer service: 1 212 553 1653

Daniela Jayesuria
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Customer service: 1 212 553 1653

Release Office:
Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Customer service: 1 212 553 1653

As inflation sets another record high in June, impact on CUs obscured

Source: Adobe Stock.

NAFCU chief economist Curt Long said Wednesday’s report that inflation rose 9.1% in June could lead the Fed to consider raising rates by a full percentage point at its meeting on 26 and 27 July.

The US Bureau of Labor Statistics (BLS) reported that inflation rose 1.3%, seasonally adjusted, from May to June, and 9.1% from June 2021 to June 2022, or the largest 12-month gain since November 1981. In May, the 12-month gain was 8.6%, the largest since December 1981.

Excluding energy and food, inflation rose 5.9% from a year earlier and 0.7% seasonally adjusted from May.

“Inflation was higher than expected in June and accelerated even after food and energy prices were suppressed,” Long said.

long curt long curt

The BLS reported that rent rose 0.8% from May to June, the largest monthly increase since April 1986, while the equivalent of the owners’ rent index rose 0.7%.

Other components of inflation included:

  • Gasoline, which was up 59.9% from a year earlier, and 11.2% seasonally adjusted from May.
  • Food, which was up 12.2% from a year earlier and 1% seasonally adjusted from May.
  • New cars, which were up 11.4% from a year earlier, and 0.7% seasonally adjusted from May.
  • Used cars, which were up 7.1% from a year earlier, and 1.6% seasonally adjusted from May.

CUNA senior economist Dawit Kebede said the 9.1% gain was above consensus expectations. While a broad category of items contributed to the surge, he said energy prices were behind half the rise since May.

“There are signs that some of the main drivers of inflation are easing, such as the drop in oil and other commodity prices in July, slowing wage growth and easing pressures on the chain. supply,” Kebede said. “However, service price increases driven by housing and pent-up demand for vehicles will keep inflation high in the coming months.”

Dawit Kebede Dawit Kebede

“There is a better chance that the Federal Reserve will raise interest rates by 75 basis points or more by the end of the month, given a strong jobs report, widespread price increases and high inflation expectations,” Kebede said.

Long agreed that price growth could slow in July given the recent drop in gasoline prices and slowing wage growth, “but the Fed is focusing on actual inflation data, not guesswork “.

“The June data leaves no doubt that the FOMC (Federal Open Market Committee) will raise the target federal funds rate by 75 basis points later this month and even put a 100 basis point hike on the table,” Long said.

Long says the impact of inflation on credit union revenues is still ambiguous.

“Rising inflation has already led to higher interest rates, which supports credit union income as they earn a return on their investments and loans,” Long said. “But inflation also prompts the Federal Reserve to tighten policy, which slows the economy and hurts overall loan demand.”

“It’s still important to note that credit unions have always had a tradition of making loans, especially mortgages, where other lenders don’t,” he said. “Mortgage origination activity, however, has fallen sharply in recent months.”

Medical debt and credit scores: How new rules ease the pain


Medical debt is now as American as apple pie — more than half of American adults say they’ve gotten into debt due to medical or dental bills in the past five years, according to a new survey from the Kaiser Family Foundation. A quarter of these adults owe more than $5,000 and almost 20% say they never expect to pay off their medical debt.

While the medical debt situation looks grim, there is a small bright spot for those with late medical bill payments that have damaged their credit scores. Effective July 1, the three major credit bureaus – Equifax, Experian and TransUnion – will now remove all medical collection debts that have been paid from their credit reports. In a March 2022 announcement, the bureaus noted that this rule change removes 70% of medical collection debt from consumer credit scores. Previously, collections remained on file for seven years, whether the debt was paid or not.

Along with eliminating paid medical collection debts, credit agencies will now give Americans a year to settle unpaid medical bills before they are added to their credit reports. Additionally, in the first half of 2023, the credit bureaus plan to remove and unreport all medical collection debts under $500.

The Consumer Financial Protection Bureau said it is reviewing how credit bureaus use medical debt in their reports and whether it is appropriate to include unpaid medical billing data on credit reports. “Certain populations are more likely to incur medical debt,” notes the CFPB in a report (PDF). These populations include low-income people, blacks, veterans, young adults, and older Americans.

We’ll explain what you need to know about changes to medical debt reports, including how you can confirm that paid medical collection debts have been removed from your credit reports.

Now Playing:
Look at this:

My friend wants to borrow $1,000. Should I lend it?


What is the impact of unpaid medical debt on credit reports?

Unpaid medical debt is usually turned over to a collection agency after 60 to 120 days of delinquency. From there, major credit bureaus will now extend a one-year grace period for consumers to settle the debt — either pay in full or negotiate with their insurance or the collection agency — before adding it on. to a credit report as a collection account. .

Prior to July 1, the old grace period was about six months, or 180 days, and all collections remained on consumer credit reports for seven years. The new rule changes mean that paid medical collections debt will be removed from credit scores, although unpaid medical collections debt will still remain on your credit report for seven years.

When was paid medical collection debt removed from credit reports?

As of July 1, paid medical recovery debts should no longer be included in the consumer credit reports of the three credit reporting agencies. The United States Public Interest Research Group encourages Americans with a history of medical debt collection to check their reports to confirm that paid debts have been cleared.

Another change will also go into effect in the first half of 2023. Equifax, Experian and TransUnion said any medical collection debt under $500 will no longer be included in credit reports. Most medical collection debts on credit reports are less than $500, according to the CFPB (PDF).

How can I confirm that my paid medical debt has been removed from my credit file?

The three major credit bureaus have offered free weekly credit reports online since the start of the Covid-19 pandemic. You can get your own credit report each week at AnnualCreditReport.com. (Before bureaus started offering free weekly reports, Americans were entitled to one free credit report per year.)

Once you’ve uploaded your reports, skim through them carefully to find paid medical debt collection notices. Look specifically for sections labeled “Collections” or “Account Information”.

If you find that paid medical debt is still burdening your credit score, you will need to dispute each item with each of the credit bureaus separately. Follow the links below to each office’s page for filing disputes.

How will these changes affect my credit rating?

Having a debt to collect can drastically lower your credit score – and it gets worse the longer it hasn’t been paid. For example, your credit score is likely to drop more if an invoice has gone unpaid for 150 days instead of 30 days.

Once a collection has been removed from your reports, you may see a positive change in your credit scores. The impact on your credit score will depend on the number of collection accounts you have. If your only collection account is deleted from your report, your score could increase by up to 150 points, according to credit repair company Credit Glory.

For more financial information, here are the best credit monitoring services. Also, here how to save money at the gas pump and while shopping.

Wells Fargo mainly defeats two mortgage loss lawsuits


NEW YORK, July 12 (Reuters) – Wells Fargo & Co on Tuesday won the dismissal of a lawsuit and a large part of the second accusing the fourth bank of failing to monitor toxic mortgage-backed securities which were one of the main causes of the 2008 global crisis. financial crisis.

In a 68-page ruling, U.S. District Judge Katherine Polk Failla in Manhattan dismissed a lawsuit filed by investors led by Irish-led Phoenix Light SF Ltd, saying the legal issues they raised had been resolved. in a prior dispute.

The judge also said Commerzbank AG (CBKG.DE) was barred from pursuing numerous claims against San Francisco-based Wells Fargo because the German lender lacked standing or filed suit too late. .

Join now for FREE unlimited access to Reuters.com


Commerzbank was allowed to take legal action over Wells Fargo’s alleged inaction after it learned that managers of 17 trusts had liquidated 3,377 loans with faulty documentation instead of having them redeemed by sellers. Some other claims have also survived.

Lawyers for the plaintiffs did not immediately respond to requests for comment. Wells Fargo did not immediately respond to similar requests.

The lawsuits sought hundreds of millions of dollars in damages for Wells Fargo’s role as loan trustee.

They are part of a series of lawsuits over the past decade and a half aimed at holding lenders and trustees accountable for the plummeting value of residential mortgage-backed securities once considered safe.

Litigation against trustees typically accused them of failing to require sellers to repurchase degraded loans, notify investors of defaults, and use proper standards of care.

Wells Fargo previously settled two investor class action lawsuits and a lawsuit filed by the National Credit Union Administration over faulty mortgages.

In August 2018, he agreed to pay a $2.09 billion civil penalty to settle allegations by the US Department of Justice that he knowingly made and sold residential mortgages that contained misinformation about income and inferior in quality to what it had represented.

The cases are Phoenix Light SF Ltd et al v Wells Fargo Bank NA, US District Court, Southern District of New York, No. 14-10102; and Commerzbank AG v Wells Fargo Bank NA in the same court, No. 15-10033.

Join now for FREE unlimited access to Reuters.com


Reporting by Jonathan Stempel in New York Editing by Matthew Lewis

Our standards: The Thomson Reuters Trust Principles.

Growth of Reverse Mortgages in Canada Poses Risks, Report Says


The explosive growth seen in the Canadian reverse mortgage market is accompanied by a commensurate increase in house prices, but the market is also subject to risks for product providers. That’s according to a new report from global credit rating agency DBRS Morningstar, as reported by Investment Executive (IE).

Canadian reverse mortgages – available to borrowers aged 55 and over – are supported by rising levels of home price appreciation in major markets like Toronto, Ontario and Vancouver, British Columbia. However, pandemic-era appreciation poses more and more risk for new loans, the report says based on the IE article.

“This rapid price spike makes recently created reverse mortgages riskier in a severe housing market downturn, but provides increased protection for older vintages,” the report says according to IE.

Canada has seen pronounced growth in reverse mortgages for an extended period, but additional cases have also caught the attention of the country’s Office of the Superintendent of Financial Institutions (OSFI), the agency charged with bolstering public confidence in the Canadian financial system.

In May, it was reported that OSFI would take a closer look at the product category in Canada, and in June the entity limited reverse mortgages to a maximum allowed loan-to-value ratio (LTV) of 65%, according to organization himself.

“OSFI is taking steps to ensure that federally regulated financial institutions are well prepared to deal with the risk of persistent and unpaid consumer debt which can make lenders more vulnerable to negative economic shocks,” OSFI said at the end of June. “Accordingly, this notice outlines regulatory expectations with respect to Combined Loan Plans (CLPs), loans with shared equity elements and reverse mortgages.”

Earlier this year, Canada’s reverse mortgage market leader, HomeEquity Bank, announced that it had surpassed C$1 billion (US$768.5 million) in originations for 2021, the first time that it reached such a threshold, and which also marked a 28% annual increase from its original figure in 2020.

The Ontario Teachers’ Pension Board announced last week that it has completed the acquisition of HOMEQ Corporation, the parent company of HomeEquity Bank, after acquiring the company from Birch Hill Equity Partners. Management Inc. In a transaction first announced last fall, the Pension Plan Board had seen “incredible potential in our product and our market,” according to Yvonne Ziomecki, executive vice president of marketing and of HomeEquity Bank sales at the time.

Read the piece on Investment Director regarding the DBRS Morningstar report.

Dover Federal Credit Union Drives Steady Membership Growth by Moving from Chat to All-Digital Customer Service


“Glia has reshaped the way we do business with its 100% digital approach. We have redesigned everything and completely changed the way we interact with our members. This allows us to take advantage of technology and lead our industry,” said Tyler KuhnHead of Marketing and Digital Experience for Dover Federal Credit Union.

All inclusive with DCS

Based on the positive results across all digital channels with Glia, Dover Federal rolled out Glia Phone to become 100% digital. The entire contact center, including the telephone system, is now part of the Glia platform. Even traditional phone calls are now digital engagements, creating a single source of member data. This makes management, reporting and even staffing easier.

“By going ‘all inclusive’ with Glia’s digital customer service platform, including Glia Phone, Dover Federal Credit Union is a powerful example of the value that a truly digital approach delivers. Members benefit from services faster and better across all channels and employee satisfaction is high,” said Dan Michaelico-founder and CEO of Glia.

To learn more about Dover Federal Credit Union and its 100% digital approach, read the Dover Federal Case Study.

About Glia

Glia is reinventing the way companies support their customers in a digital world. Glia’s Digital Customer Service (DCS) solution enriches web and mobile experiences with digital communication choices, on-screen collaboration and AI-powered assistance. Glia has partnered with over 300 banks, credit unions, insurance companies and other financial institutions worldwide to improve customer experience and drive business results. Named both a Deloitte Technology Fast 500™ company and a Great place to work (with a 97% employee satisfaction rate) for a second consecutive year, Glia continues to achieve broad industry recognition and thought leadership in customer service, including publishing the definitive book on DCS with Willey. The company has raised more than $150 million in the financing of the best investors. To learn more, visit glia.com.

Contact: Maggie Sage, [email protected]


Should I first pay off my bond or my small debts?


Thank you for your question. First of all, I’m sorry to hear about your job loss. When it comes to paying off debt, certain strategies can be implemented to do so strategically.

Option 1:

Make a list of your debts, starting with the debt with the highest interest rate and ending with the debt with the lowest interest rate.

While repaying the minimum amounts on the debts at the bottom of the list, focus your energy and resources on the most expensive debt in terms of interest.

Because interest will add up the fastest here, it’s a good idea to nip it in the bud and pay it off as quickly as possible. Once that debt is paid off, take the monthly installment you paid on it and add it to the portion of debt that now ranks highest in terms of interest.

Each time you pay off the debt, you will notice that your installment for the next debt increases, as the installments you used to pay off your previous debts will now be concentrated on the next one. This should have a snowball effect and you should be able to eliminate debt faster and faster.

Option 2:

With this method, list your debt according to debt size starting with the highest amount. Again, you’re still paying the minimum on other debt, but focusing your energy on the top-tier debt. This approach will make the big amount seem smaller more quickly, which some people find more motivating.

Making a list of all the debts could be very overwhelming. Regarding your home, if possible, continue to pay the minimum amount if you want to keep the property.

Invest or pay off your debt

Having both debt and savings is a reality for most people, and very few people pay off debt before they start saving.

The key here is to focus on the interest rate of the debt and consider what the potential return on the investment would be. Also, if you have a lot of debt and it is starting to become overwhelming, it would be best to pay off your debt first in order to control your stress levels. Also, keep in mind that having too much debt can make future borrowing opportunities difficult. Also, having too much debt to repay reduces your ability to invest in the future.

Although your mortgage bond is generally a cheaper form of debt, paying off your bond and finding yourself broke while waiting for your UIF payment can be stressful. Remember that you will need to make sure you have cash while you look for another job.

As such, given the considerations above, it would be ideal to strike a balance between managing your stress, settling costly debts and ensuring that you can cover your living expenses until you find a job or until the UIF reimburses you.

Reverse mortgage professional launches coaching business to recruit ‘new blood’


Christina Harmes Hika of Amerifund Home Loans in San Diego, Calif., previously outlined for RMD the perhaps less discussed benefits of the reverse mortgage business specifically for young mothers. However, the constraints she sees from professionals in the term/traditional mortgage broker and originator communities are not limited to this attribute alone. For many who might be predisposed to seek a career change, however, reverse mortgages simply don’t come to mind.

That’s why Harmes Hika took it upon herself to try to introduce the possibilities of a career in reverse mortgage through a new business venture; someone involved in coaching professionals and telling them how they can find a rewarding career in a company they may not have considered before.

With a traditional mortgage business under a kind of stress that isn’t presently present on the reverse side, a lot of the principles she spoke about were about her interactions with the industry as a mother – particularly in terms of career latitude and the ability to balance different personal and professional priorities — might have the potential to cause new professionals to back down, she says.

Reverse Mortgage Stress and Opportunity

While her own experience is naturally shaped by parenthood, Harmes Hika still sees many professionals in the communities she is involved with going through the same things that make her grateful to be the other way around.

“I see young mothers in the broker and loan officer communities who are totally stressed out,” she says. “Whether it’s young mothers or anyone else, they’re very stressed. The inverse is a challenge to complete, I’m not going to say it’s as easy as turning your inverse talent into a day. But if you start now, you can start a business so you have the time and flexibility you want. »

Christina Harmes Hika

While her children are still very young, looking ahead and thinking about how much she wants to be present with her own children is something she thinks the reverse is good for, and she doesn’t see the need for that. kind of flexibility disappear as her children get older.

“Won’t I want that kind of flexibility when they’re five, six, 12, and 18?” she asks rhetorically. “It’s not like that need for flexibility goes away with age. And that’s what I told people.

In the professional circles she frequents, Harmes Hika says people are very aware of her reverse advocacy. When paired with his shared anecdotes, a flood of incoming calls and emails came asking him to explain to them what it takes to update inside out. The correspondences became so regular, in fact, that she no longer thought she could handle them casually.

“The demand for education, training and mentorship that people were asking for took me too far away from my own work,” she says. “It literally started because I couldn’t take one more 15 minute phone call just to take care of the reverse. I’d already taken a ton a week, and I was overtaking my income because I had spent so much time on the phone for free giving people advice, and I hadn’t made enough of my loans.

A unique gap in the market

Immediately, Harmes Hika identified a gap in a very unique market that could also serve a long-standing goal of the reverse mortgage industry: bringing more new professionals into the fold. This effort has also helped people realize exactly what they know — and what they don’t — about getting to grips with the nuances of the reverse mortgage sales cycle.

“I started a series of masterclasses for advanced loan officers to learn the reverse,” she says. “It’s more than courses for lenders. I love courses for lenders, but what I’ve found is that loan officers on the back don’t understand what they need to do as an originator on the back because it’s different. There are more steps.

There are also many other specific differences and scenarios that a forward-only professional may not anticipate having to deal with, particularly with respect to the more consultative nature of the reverse mortgage industry, as well as customer details. which may need to be taken into account such as the health of the borrower, she said. Still, courses from traditional lenders are certainly helpful in teaching loan details.

“A lot of the lender courses are very topical, and we ended up with a lot of people who took the lender courses and became familiar with the details of lending,” she says. “But they had no idea and are sitting there frozen in fear of what to do with this prospect who just called asking for the loan. And so, that was a gap in the market that I saw that I wanted to fill.

Some of the content and discussion his course helps oversee includes the first steps to take after receiving a product request from an interested senior. There are step-by-step guides that can gradually lead a person to an ongoing loan, she says.

Overcoming Persistent Misinformation

One key to the future, according to Harmes Hika, is for new reverse mortgage professionals to speak out about what sets reverse mortgages apart and become visible in their local communities.

“I teach these loan officers to speak loud and clear and become the face of the reverse in their local market,” she says. “That way people can ask questions and get direct, real answers. I think that’s really the biggest problem: really experienced reverse mortgage agents don’t need to market a lot. But then the big companies market in a very generic way, which doesn’t really help solve a lot of education problems.

Then there are other adjacent professionals like financial planners, lawyers, term mortgage officers and others who just don’t understand reverse mortgages, and the needle may not be moving. pretty fast in that regard.

“There’s just this disconnect where education is key,” she says. “And I know we say this all the time, but it’s not just about educating in an individual format. You need to come out and talk about your reverse stories. Storytelling has led to a lot of success for me personally because people can see themselves in these true stories. We all know how life changing setbacks can be, but no one else does. Part of my mission with this coaching business is to stop [reverse mortgages from] being the best kept secret.

Learn more about the program at LearningReverse.com.

Worried about a recession? Raising Your Credit Score Could Give You Peace of Mind


Image source: Getty Images

It’s definitely a move worth making.

Key points

  • Rising interest rates could pave the way for an economic slowdown.
  • If you are now working to increase your credit, you can buy yourself more borrowing options in case you need them.

For months, many financial experts have been warning Americans to prepare for a recession. We cannot say for sure whether they are right or not. But the is reason to believe that we may be heading for a period of economic decline.

Right now, inflation is rampant and the Federal Reserve is trying to slow its pace by implementing interest rate hikes. The logic is that if borrowing becomes more expensive, consumers will begin to reduce their spending. Once this happens, demand will not exceed supply to the same degree as it does now, allowing the cost of goods and services to gradually come down.

But while a decline in consumer spending has the potential to dampen inflation, it could also trigger a recession and a noticeable increase in unemployment. That’s because companies might have to implement layoffs if they don’t see enough revenue.

If this is something to worry about, there are some steps worth taking now, such as increasing your emergency fund and securing a secondary source of income if possible. But there’s another decision to make in light of a potential recession: raise your credit score.

Why good credit is important in a recession

During a recession, the unemployment rate can rise. And if you work in an industry that’s particularly vulnerable to layoffs during a recession — say, retail or hospitality — then you can, through no fault of your own, be laid off if economic conditions deteriorate.

At this point, your unemployment benefits may not provide enough income to cover your expenses. And if you find yourself out of work for a while, you could deplete your savings.

But if you improve your credit score, you may have more borrowing options available to you if you need them. A good credit score could, for example, qualify for a personal loan, which allows you to borrow money for any purpose. If you need help paying your bills, a personal loan could serve as your source of income until you find gainful employment.

Likewise, while it’s generally not a good idea to fall back on credit cards to pay your bills, the reality is that in a recession, you may have to. But the higher your credit rating, the more likely you are to qualify for a 0% introductory rate offer. And if you’re going to build up a balance, it’s best to do so with a credit card that won’t charge interest for a while.

How to increase your credit score

Raising your credit score takes work, but if you put in the effort, you could see that number increase dramatically. To do this, pay all your incoming bills on time. Just one late or missed payment could ruin your credit score, but a consistent pattern of timely payments could do the opposite – boost it.

At the same time, if you are able to pay off existing credit card debt, do so. This will lower your credit utilization ratio and help your score improve.

Finally, check your credit report for errors. If you spot a mistake, like an overdue debt you’ve since settled, getting it corrected could cause your score to rise quite quickly.

Strong credit is a good thing to have both in the best of economic times as well as in the worst. But since there’s reason to believe we’re headed for a recession, it’s worth doing what you can to boost your credit — and give yourself more peace of mind in case a recession really hits.

Alert: The highest cash back card we’ve seen now has 0% introductory APR through 2023

If you use the wrong credit or debit card, it could cost you dearly. Our expert loves this top pick, which features an introductory APR of 0% until 2023, an insane cashback rate of up to 5%, and all with no annual fee.

In fact, this map is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

Batman’s Arkham Spinoff May Revive Ben Affleck’s Dark Knight Movie Idea


The Batman’s Arkham Asylum spin-off show has the potential to bring back one of the most interesting ideas from Ben Affleck’s canceled Batman movie.

A arkham asylum HBO Max show that serves as a spin-off of The Batman is in development, and it may yield an idea for Ben Affleck’s cancellation Batman film. Even before Matt Reeves Batman reboot has hit theaters, the spinoff is set in the world of The Batman were already discussed by Warner Bros. and HBO Max. In addition to the show focusing on Arkham Asylum, a spin-off series from Penguin, The Penguinalso occurs.

Before Matt Reeves had the opportunity to create an all-new iteration of Batman that would reboot the franchise, Ben Affleck was attached to not only starring but also directing a Batman movie. While Affleck’s Batman movie never saw the light of day, information about what the story was about and what characters it would feature surfaced. Joe Manganiello’s Deathstroke, who appeared briefly in Justice League and in the Snyder Cut Knightmare timeline, was going to be the main villain, and Batgirl would also appear. More Than These Characters, The Most Exciting Thing About Ben Affleck Batman movie is that it would have been a psychological thriller set in Arkham Asylum.


Related: Affleck’s Batman Was DC’s Smartest (And Batman V Superman Proved It)

Although in a very different context, The Batmanit is arkham asylum the spinoffs may dive into that same idea. In fact, Matt Reeves mentioned that the series will delve into the horror aspects of Arkham Asylum and how such a peculiar place might change after the events of The Batman. It’s very similar to how Ben Affleck Batman the solo film would have explored Arkham, something other iterations of the Caped Crusader, like Nolan’s Dark Knight Trilogy, have yet to do. The Biggest Difference Between Ben Affleck’s Undone Batman Movie and Reeves’ Next Film arkham asylum, however, is that the latter most likely won’t feature Batman – at least not as a main character. Instead, it’s likely to focus on the establishment of Arkham Asylum itself and the psychological aspects of its patients.

Batman Arkham Asylum

Despite being a crucial part of the Batman mythos, Arkham Asylum has been consistently overlooked by Batman movies. In the Burton and Schumacher series, there was virtually no mention of the Arkham facility. In batman beginspart of the story involved the experiments of Arkham and Dr. Jonathan Crane, but neither The black Knight neither The dark knight rises never revisited the place. For that reason, any live-action Batman-related project that takes place primarily in Arkham is an exciting concept. Ben Affleck’s movie would have had the advantage of a hero who had been around for 20 years, meaning his Arkham could have featured Batman’s entire gallery of rogues. The BatmanThe Arkham Asylum spinoff, on the other hand, can show the origins of the rogues’ gallery and tell how a mental health facility became one of Gotham’s most dangerous places.

Ben Affleck is canceled Batman is yet another addition to the long list of Batman movies ever made, but at least the idea of ​​exploring Arkham Asylum may pay off somewhat in the next one. The Batman derivative show. As of now, there is no release date, nor a confirmed creative team for the HBO Max production. It will be interesting to see how connected to The Batman the arkham asylum show will be and whether it will feature big names like Joker and the Riddler or even the Dark Knight himself.

Next: Batman’s Riddler & Joker Theory Sets Up Pattinson’s Best Trilogy Ending

  • DC League of Super Pets (2022)Release date: July 29, 2022
  • Black Adam (2022)Release date: October 21, 2022
  • Shazam! Fury of the Gods (2022)Release date: December 21, 2022
  • Aquaman and the Lost Kingdom (2023)Release date: March 17, 2023
  • Lightning (2023)Release date: June 23, 2023
  • Batgirl (2022)Release date: July 10, 2022
  • Blue Beetle (2023)Release date: August 18, 2023

Joe Keery is the perfect joker recast in spooky, accurate AI art

About the Author

Private Mortgage Insurance: How PMI Works


If you do a advance payment less than 20% on your home, you will likely need to purchase private mortgage insurance, or PMI. When you put down a small down payment, lenders tend to think of you as a high risk candidate for a mortgageand the PMI requirement protects your lender if you default on your loan.

Although the PMI allows potential homeowners, especially first-time buyers, to qualify for a mortgage with less than 20% down, the monthly premium will add hundreds of dollars to your mortgage payment each month – so be sure to take these expenses into account when determining your home buying budget. PMI is required for conventional loans and Federal Housing Association loans, but some types of loanAs AV loansdon’t need it.

Here’s everything you need to know about PMI, how it works, when you need it, and how much it’ll cost you over the life of your mortgage.

What is PMI and how does it work?

PMI offers buyers the option of buying a home using a conventional mortgage with less than the required 20% down payment. PMI protects lenders who offer financing options with a lower down payment. If you are unable to afford a 20% down payment, lenders view you as a riskier borrower with a greater likelihood of defaulting on your mortgage. If this were to happen, the lender could use the escrowed PMI payments you paid up until the default to recover some of their loss.

The cost of ART

Borrowers with PMI typically pay between 0.5% and 1.5% of the loan amount on average each year — or between $30 and $70 per month for $100,000 borrowed, according to Freddie Mac. For example, if you take out a $250,000 loan with a 5% down payment, PMI would add between $1,188 and $3,563 per year, or about $100 to $300 added to your monthly mortgage payment.

How you pay PMI, whether monthly or annually, varies by lender. Some may also allow you to make a partial upfront payment at closing, which may reduce your monthly or annual PMI payments.

How to lock in a low PMI rate

  • Credit score: The more your credit scorethe more likely you are to lock in a lower mortgage interest rate and PMI premium.
  • Advance payment: The closer you get to a 20% down payment, the lower your PMI rate will be and the sooner you can get rid of it.
  • Occupation: Owner-occupied properties get lower PMI rates than rental or investment properties.

When can I stop paying PMI?

PMI is generally no longer necessary once you have at least 20% of the equity in your home, either by paying down the principal or increasing the value of your home. In fact, your lender is required to cancel your PMI once your mortgage balance reaches 78% of the original purchase price of your home.

However, some lenders may have other requirements that you must meet before meeting your PMI obligations. It could be making a certain number of mortgage payments, getting a new appraisal, or owing less than 80% of your loan principal.

Although this process may differ slightly from lender to lender, you can usually request Cancellation PMI in writing once you have reached the 80% loan-to-value threshold. You must meet specific requirements as set forth by the Consumer Financial Protection Bureau, including:

  • A good payment history
  • Current loan status (not in default)
  • Own funds must not be the subject of a subordinated loan
  • Proof of value, if requested (obtained through an appraisal)

Borrowers with Fannie Mae or Freddie Mac mortgages have a different threshold for withdrawing PMI if the mortgage is between two and five years old. For these borrowers, equity must be at least 25% before the PMI can be terminated.

The advantages of the PMI

Although PMI adds an extra expense to your monthly mortgage payments, in some cases it may be worth it. Here are some benefits of PMI:

  • You can buy a house earlier: For many potential homeowners, high down payment requirements make owning a home unfeasible. With down payment requirements as low as 3%, borrowers can buy a home sooner.
  • You are able to create wealth sooner: Owning a home can help increase your net worth. Buying a home sooner with the help of the PMI can also help you build capital faster, which in turn could help you eliminate the PMI sooner.
  • This is only a temporary cost: Once you have reached an LTV ratio of 80% (75% for Fannie Mae and Freddie Mac loans), you can request the removal of the PMI. If you don’t ask, lenders are required to automatically remove the PMI when you reach 78% LTV.
  • The PMI is currently tax deductible: If you file an itemized tax return, you can currently deduct private mortgage insurance from your tax return until the end of 2021. This tax relief was reinstated in the Supplementary Consolidated Credits Act 2020 and extended to in 2021 in the consolidated credit law in January 2021. .

Disadvantages of PMI

While PMI can help you get a mortgage with a lower down payment, there are some downsides to consider.

  • It’s an added bonus: No matter how low your PMI interest rate is, you will always pay an additional expense each month.
  • PMI rates can be high: PMI rates are based on your credit score, home occupancy, down payment amount and net worth appreciation. A high PMI rate could increase your monthly mortgage payment by more than you can comfortably afford.
  • Canceling PMI takes time: You are still required to pay the PMI until the lender cancels it at 78% LTV. When requesting cancellation earlier, you will often need to make a formal request in writing, which can take time to process and clear. You may also have to pay for an appraisal if your lender requires one.

Do all home loans require a PMI?

Although the PMI is generally only required for conventional mortgages, other types of specialty mortgages have their own version of it, with their own requirements.

  • Conventional mortgages: If you put less than 20% on a conventional loan, expect to pay PMI. There are some non-PMI options, but these usually include higher interest rates, which could actually cost you more in the long run.
  • FHA Loans: FHA Loans allow you to borrow with as little as 3.5% down payment and have a monthly insurance premium or MIP. Depending on your lender, your MIP may require an upfront payment at closing and monthly or annual payments thereafter. Borrowers who downpay 10% or more must pay MIP for 11 years, while borrowers who downpay less than 10% must pay PMI for the life of the loan.
  • USDA Loans: Although USDA Loans do not require a down payment, there is a mortgage insurance requirement, with initial and annual fees attched. An initial fee of 1% of the loan value is due at closing and an annual fee of 0.35% is due annually. Although USDA mortgage insurance cannot be waived, it is generally more affordable than FHA MIP and interest rates tend to be lower.
  • VA Loans: There are no mortgage insurance requirements for VA loans, but borrowers will pay a one-time origination fee of between 1.4 and 3.6 percent, depending on the amount of the down payment. These fees can usually be rolled into the loan amount.
  • ARM loans: an MRA, or adjustable rate mortgage, may also include PMI. The initial cost may be higher, but you may be able to build equity more quickly, allowing you to remove PMI faster than with a fixed rate mortgage.

Is the PMI worth the expense?

There is a compromise here. PMI increases your monthly mortgage payment, but may allow you to buy a home with a lower down payment. That said, you may be able to waive PMI if you get another type of loan, such as a conventional USDA, VA, or non-PMI loan, or if you’re saving for a larger down payment. If you decide to go the PMI route, compare private mortgage insurance rates from various lenders before committing.

Ernestine Winters – Chattanoogan.com


Ernestine Winters, 88, of Rossville passed away on Friday, July 8, 2022.

Mrs. Winters had lived most of her life in the East Ridge and Rossville area. She was a member of East Ridge Baptist Church and Tennessee Order of the Eastern Star Chapter 431. Ms. Winters has spent most of her career at Combustion Federal Credit Union. She also worked with the Times Credit Union and was an information specialist with the Tennessee Credit Union League, retiring in 1993. Ms. Winters was very fond of her family, she loved ballroom dancing and she loved to sew.

She was predeceased by her husband, Lee Winters; parents, Austin and Pearl Parkerson; six sisters; and a brother.

Survivors include her children, Lee (Connie) Winters and Judy (ML) Maynor; three grandchildren, Stephanie (Neil) Harvey, Melanie Maynor and Emily (Todd) Sturdivant; four great-grandchildren, Luke and Erin Harvey and Emma and Jackson Sturdivant; and several nieces and nephews.

Condolences can be shared with the family at www.lane-southcrestchapel.com.

Funeral services will be held Tuesday, July 12 at 1 p.m. at the Ebenezer Baptist Church Cemetery in Bryant, Al.

Arrangements are being made by the South Crest Chapel of Lane Funeral Home and Crematory, Rossville.

BBB Tip: Military Consumers – How Scams Target US Military


Military Consumer Protection Month, recognized every July since 2013, is an opportunity for consumer awareness, enforcement and advocacy groups to focus on the impact of fraudulent or malicious marketing practices on the military community. . Despite the sacrifices members of the United States Armed Forces and their families make daily, they are often a prime target for scammers and companies employing unethical practices.

Here are some common scams that target the military:

  • High-priced military loans
  • Veterans Benefit Buyback Plans
  • False rental properties
  • Misleading car sales
  • Expensive life insurance policies

According to reports submitted to BBB Scam Tracker in 2021, active duty military personnel lost nearly $330,000 to scammers across the United States, an increase of more than 70% in monetary losses from 2020. Veterans across the country have been hit even harder. , with more than $2 million lost to fraudulent business practices, a 640% increase in losses from 2020. Additionally, 50% of scam victims were over the age of 55.

“As the liaison between business and consumers, BBB is uniquely positioned to provide consumer information, advice and resources to the military community,” said Heather Massey, vice president of communications for the Better Business Bureau at the service from the heart of Texas. “By forming partnerships with military bases across Texas and monitoring market transactions in cities with a high percentage of military personnel, BBB can quickly identify and alert the military to companies using unethical tactics. “

Despite the best efforts of consumer awareness and advocacy groups, BBB research and investigations have continually revealed that the military community is more negatively affected by the tactics of scammers than their civilian counterparts. In a 2019 analysis of market challenges facing the military community, BBB found that military consumers reported losing 32% more money to scammers than the general population and 68% more to scammers. credit repair or debt relief scams. BBB’s Scam Tracker 2021 Risk Report also found that military consumers were more susceptible and lost a higher median amount to scams than non-military consumers.

“This is a huge issue, which we are actively addressing with base commanders in cities across Texas,” said Jason Meza, BBB regional director and member of the Armed Forces Disciplinary Review Board at Joint Base San Antonio (JBSA ). “BBB is assisting the JBSA Disciplinary Review Committee by providing information on businesses in the area that have received a series of complaints from regular and military consumers. This information helps the council determine which establishments are off-limits to people stationed here, preventing them from being exploited through unethical or illegal practices.

According to the FTC, the military community (active duty members, veterans, their families, and reservists) has lost more than $608 million to fraud since 2018, the majority of which, $74.2 million, to fraud. scams by government imposters. The FTC remains dedicated to protecting the U.S. military through an aggressive crackdown on reported fraudulent activity and a vigorous and ongoing education campaign tailored to the military community.

Scams by government imposters can be even more devastating for members of the military community who often interact with government agencies for assistance with veterans benefits, housing, and medical care. Government imposters often use scare tactics and threats to pressure victims into taking immediate action, such as requests for arrest, suspension of a social security number, seizure of a bank account or other fines. Some have become so advanced that they even provide fake federal badges and other documents to convince their target that they are a legitimate government employee. This practice has become so widespread in 2021 that it led Social Security Administration (SSA) Inspector General Gail S. Ennis to issue a public warning, explicitly stating that the SSA will never send images. via SMS or email of an employee’s official government identification.

“Unfortunately, it’s quite easy for scammers to download the official seals and logos of most government agencies online, which they then use in their communications to convince their target that it really is from that agency,” Meza said. . “That’s why it’s so important for military consumers to be cautious about any email, text message or phone call they receive from anyone claiming to be affiliated with the government. If they threaten immediate arrest or insist on paying an unpaid bill through non-traditional means, such as a gift card, mobile banking app, or wire transfer, hang up immediately and contact the agency through an official channel.

Visit MilitaryConsumer.gov for more information on the FTC’s Military Consumer Protection Program.

For more information on BBB’s military line and to access BBB’s 2019 Military Consumers and Marketplace Trust report, go to BBB.org/Military.

6 Top Ways High Interest Rates Hurt Your Lowest Dollar


what happens when interest rates rise

As the Federal Reserve raises interest rates to fight inflation and prevent the economy from overheating, the effects are felt throughout the economy and household finances. Many things that result can negatively impact your finances if you don’t prepare properly in advance or react quickly to eliminate any potential impact. Working with a financial advisor can help you prepare an appropriate financial plan and action plan.

What happens when interest rates rise

Rising interest rates impact your finances in several ways. Some are positive, while others are negative. Knowing what is likely to happen will give you a head start in preparing your finances to deal with potential rate increases. Here are the six things that typically happen when interest rates rise:

1. The cost of borrowing increases

As interest rates rise, it becomes more expensive to borrow money. Interest rates are one of the three main factors that determine your monthly payment. The others are the amount borrowed and the repayment time of the debt.

Borrowers with variable interest rate debt are immediately affected by the rate increase. Existing fixed rate loans are not affected, but repayments of new loans may increase significantly.

For example, if you want to borrow $300,000 over 30 years, the payment can increase significantly as interest rates rise. At 2% interest, your monthly payment is $1,108.86. However, when the rates increase to 4%, the payment increases to $1,432.25 per month, almost 30% more.

2. Consumer demand declines

When it costs more to borrow, consumers tend to reduce their spending. Unless their income also increases, rising interest rates reduce their disposable income. Because they pay more for their purchases, they have less money available to purchase other items. This “cooling” of consumer spending is the goal of the Federal Reserve when raising rates.

3. Savers earn more interest

People who have money in savings accounts, money market accounts and CDs benefit from rising interest rates. Banks are raising the rates they pay to attract new customers and retain deposits from existing customers.

Savings accounts and money market accounts generally increase within a month of the Federal Reserve rate increase. However, the prices of your CD are fixed until its maturity. New CD rates vary based on market rates, the term of the CD, and the bank’s funding needs.

4. Stocks are becoming less attractive

what happens when interest rates rise

what happens when interest rates rise

When investors can earn higher interest on bank deposits and bonds, stocks become less attractive. Essentially, investors don’t have to accept as much risk to generate the same returns on their money. For this reason, some investors sell certain positions and reallocate that money into CDs, bonds, and money market accounts.

5. Decrease in the value of bonds

Higher interest rates reduce the value of existing bonds. When an investor can receive a higher yield on a newly issued bond, there is less demand for existing bonds with lower rates.

On the positive side, although the current price is lower, if you hold your bond until maturity, you will receive the full face value. This is not the case with bond mutual funds and ETFs. They reprice daily based on the value of the bonds in the portfolio and rarely hold bonds to maturity.

6. Buying a house is more expensive

Household budgets and underwriting limits limit how much homeowners can pay for their mortgages each month. Potential buyers find it harder to qualify to buy a home as rates rise. Higher rates increase the monthly payment needed to buy their home.

Until sellers are willing to accept a lower offer, many owners are shut out of the market. With a limited budget, they have to buy a smaller house, look in another area, or compromise on other factors. In some cases, they delay their purchase until they can find a better deal.

How to take advantage of rising interest rates

Although rising interest rates can negatively affect many parts of your portfolio, there are ways to benefit from higher rates. Here are some steps you can take to take advantage of rising interest rates:

  • Block your fixed rate debts: Where possible, convert variable debt to fixed rates to avoid higher payments.

  • Increase contributions to the pension plan: Stock prices may be more volatile during periods of rising interest rates. Increasing your pension plan contributions allows you to buy more shares at lower prices.

  • Search offers: As interest rates rise, some people cannot afford their rising payments. They may be willing to sell assets at a discount to pay off their debt.

  • Don’t Panic: With a comprehensive financial plan, short-term fluctuations in values ​​shouldn’t affect your strategy. Follow the plan and discuss any potential changes with your advisor.

The essential

what happens when interest rates rise

what happens when interest rates rise

If you’re wondering what happens when interest rates rise, the answer depends on where your finances lie. Rising interest rates generally make all debt more expensive, while creating higher incomes for savers. Stocks, bonds and real estate can also lose value with higher rates. You can take defensive actions to help prepare for bad economic times while increasing your overall finances.

Tips for coping with inflation

  • A solid financial plan can help you prepare for inflation or an economic downturn. Having a financial advisor in your area can help ensure that you are prepared for any situation. Finding a qualified financial advisor doesn’t have to be difficult. SmartAsset’s free tool connects you with up to three financial advisors who serve your area, and you can interview your matching advisors for free to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, start now.

  • Inflation is a silent killer for retirement portfolios. If your retirement income does not keep up with rising costs, your purchasing power will decline over time. Our Inflation Calculator predicts how the cost of items will increase over time due to inflation.

©iStock.com/SDI Productions, ©iStock.com/Panuwat Dangsungnoen, ©iStock.com/Chainarong Prasertthai

The post 6 things that happen when interest rates rise first appeared on the SmartAsset blog.

Pellistri plans new Man Utd loan: I didn’t leave Alaves happy


Manchester United midfielder Facundo Pellistri has hinted he is ready for a new loan move.

Pellistri spent last season on loan with Alaves, where he struggled.

Talk to Ovacionthe Uruguayan striker said: “Right now I want to feel good again after the holidays, well trained, more than anything, because this year is very important both at club level and at national team level .

“You have to be ready for anything and prepare well. I want to have the maximum continuity of minutes to try to arrive well.

“I’m not looking for a particular league. It’s easy to say ‘earn minutes’ because nobody promises you them and you have to earn them.

“It’s a complicated search, but I will try to find the best option to play, show myself and feel good.”

Pellistri also said: “I didn’t leave Alaves very happy, because I hardly played any games.

“I left with a wonderful club, a great group of people, a great medical team and great staff. In that sense, even though it was complicated in terms of football, this whole period in Vitoria was wonderful.

“They never gave me a reason, but hey? Every manager is different.

“Maybe they liked different things from what I could give them, and that’s totally respectable. It’s up to the coach to decide.

“I always gave my best, I trained 100% and I was ready to play. The balance sheet is negative. I would have liked to play more.”

Need a VPN? Or seek to change? So support Tribal Football by click here to register with our official NordVPN partners. Not only will you get the best VPN experience, but also great discounts in registration through Tribal Football. Thanks for your help!

7 Ways to Manage Credit Card Debt


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

If you’re struggling with credit card debt, these 7 strategies can help you manage your debt and become debt free. (Shutterstock)

The average credit card balance was $5,000 at the end of 2020, according to the Consumer Financial Protection Bureau. If you’re struggling with credit card debt, these seven strategies can help reduce your financial burden and free you from debt.

A personal loan is a way to manage your high interest debt. Credible, it’s easy to view your prequalified personal loan ratesall in one place.

1. Contact your credit card company

Begin, contact your credit card company (or several companies if you have several cards). Explain your situation and ask if there is anything they can do to help you.

Depending on the company and your history with them, they may lower your interest rate, give you a temporary payment reduction, or change your payment due date. If you’ve been a loyal, long-time customer and have tracked your payments, they may be willing to work with you.


2. Make a plan to pay off your debt

If you don’t have a budget, it’s time to make one. To get started, list all of your debts, which can include credit cards, car loans, personal loans, and student loans. Next, write down all of your essential expenses, such as groceries and utilities.

Next, determine your monthly after-tax income so you know how much money you need to spend on your debts, as well as essential and discretionary expenses. You can track your budget manually or use a budgeting app.

If you’re struggling to make your budget work or don’t have enough to pay off your debt, you’ll need to make a few changes. You can reduce your expenses, increase your income, or both.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit score.

3. Pay more than the minimum

It can be tempting to only make the minimum credit card payment each month. But paying the full balance when possible, or more than the minimum, is ideal. This is because any balance carried over to the next month will start earning interest and will cost you more each day.

A high credit card balance can also affect your credit utilization rate, which is the amount of credit you use against your credit limit. If your credit utilization is over 30%, your credit score could drop and even prevent you from being able to take out low-rate credit cards and loans in the future.

4. Use the debt snowball or avalanche method

The snowball and debt avalanche methods are two debt repayment strategies you can use to pay off your credit card debt. With the debt snowball method, you focus on paying off the debts with the smallest balance first, regardless of their interest rates. This is a good option if your goal is to stay motivated and celebrate small wins.

If you opt for the debt avalanche strategy, you will favor debts with the highest interest rates. While you won’t see your balances disappear that quickly, the avalanche of debt makes sense if you want to save as much money as possible on interest.


5. Enjoy a 0% APR Balance Transfer Credit Card

If you want to avoid paying tons of credit card interest charges, a 0% APR balance transfer card is worth considering. It can allow you to transfer your current credit card balance to a new card and avoid paying interest for a fixed period, often six to 18 months.

Keep in mind that you’ll generally need good credit to qualify, and you’ll likely have to pay a balance transfer fee – typically 3% to 5% of each balance you transfer. Additionally, once the APR introductory period is over, interest will begin to accrue at the card’s regular rate. Before going ahead with a balance transfer card, make sure that you will be able to pay off the balance at the end of the introductory period or you could find yourself back at square one.

6. Review your monthly spending habits

Chances are you have expenses that you can reduce or even eliminate altogether. Take a close look at your monthly spending habits and get creative with spending less and saving more.

For example, if you have a gym membership that you rarely use, you can cancel it. You can also prepare most of your meals at home rather than ordering takeout or dining out. Another option is to downsize to a smaller apartment or house, or find a roommate to share housing costs.

Every change, big or small, in your drinking habits can make a positive difference in your efforts to pay off credit card debt. The less you spend, the more you will need to invest in your credit card balance.

7. Consider taking out a debt consolidation loan

A debt consolidation loan is an unsecured personal loan that allows you to combine multiple debts into one loan that may include a lower interest rate and a fixed repayment schedule. This strategy can make it easier to pay off your credit cards because you only have to worry about one payment, instead of multiple payments.

You might also be able to save hundreds or even thousands of dollars in interest charges and pay off your credit cards faster. The downside is that it can be difficult to qualify for the best rates on a debt consolidation loan unless you have good to excellent credit.

You may also have to pay fees on the loan, such as origination fees. Also, a debt consolidation loan will not help you if you are tempted to increase your credit card balances again. Still, this type of loan can be a good option for consolidating your high-interest debt and can get you out of debt faster.

If you are looking for a debt consolidation loan, visit Credible for compare personal loan rates to find the one that suits your needs.

Welcoming Credit Unions and Banks into the Digital Age with Conversational AI


Credit unions and banks have ramped up their digital product offerings in recent years, partly due to Covid-19 and partly due to consumers seeking more convenient methods of engaging with financial institutions. Now, instead of having to queue at the bank, customers can sign up for credit cards and mortgages with apps on their phones. While this has dramatically increased the level of convenience for many types of transactions, these same customers may experience difficulty and a familiar feeling of sinking when they encounter an issue with their digital financial profiles.

The fact is, member-serving institutions offering the ability to perform simple and complex transactions of all shapes and sizes must also offer digital solutions that provide the same support experience that customers are accustomed to receiving at their branch. local. The ideal and readily available solution to this service gap comes in the form of next-generation virtual agents. These chatbots, powered by truly conversational AI platforms, are bringing credit unions and banks into the digital age of customer support faster and more efficiently than any other tool on the market today.

Even before the pandemic, consumers were looking for products that offered digital-first avenues of engagement, driving a digital transformation that hasn’t slowed down at member-serving organizations across all verticals. Covid continues to impact the operations of financial institutions serving their members, with banks and credit unions experiencing a higher volume and scope of interactions than ever before, and many consumers are finding that achieving online transactions is simply the easiest option.

Marketing Technology News: Countable Launches Corporate ESG Portal to Bring Brand Impact to Life

When applied in the banking and credit union space, conversational AI (CAI) can handle customer interactions similar to a live support agent. Queries and account management complemented by interaction with a virtual agent should be just as easy for members, if not more so, than the traditional phone call or face-to-face chat. CAI can also meet the needs of internal employees and is at the point in its development where partnerships with the right organizations produce high-performing chatbots that provide help wherever needed.

Thinking about the next wave of change in the customer support experience, credit unions and banks need to focus on digital advantage. For example, if a credit union hopes to implement a chatbot to help their support staff, they need to ensure that it is truly conversational. Programs that aren’t able to respond to inquiries from a range of topics or answer those questions with deeper information than a surface-level answer actually don’t help at all. ‘client experience.

Chatbots can be deployed in as broad a niche or service situation as banks or credit unions require. While contributing best to the end-to-end customer experience, in employee-employee or employee-member contexts, CAI programs learn and identify points in those respective journeys where users need help the most. . Achieving this next generation of customer or employee experience reduces costs, improves the overall experience for all members and provides better service.

Marketing Technology News: MarTech Interview with Snowplow Co-Founder and CEO Alex Dean

AI-driven virtual agents, like those offered by boost.ai, can integrate with various platforms already operated by financial institutions. As these institutions continue to develop their digital customer experience, all should consider implementing some form of conversational AI. These virtual agents are designed to be a scalable and rapidly deployable way to improve support services on a rapid, long-term basis.

Marketing Technology News: How a product-centric approach fuels growth, humanizes experiences and personalizes service at scale

Petal officials are working to fix the sewer backup on Hillcrest Drive


City of Petal officials fixed an issue that was causing sewer backups in at least three homes on Hillcrest Drive.

Mayor Tony Ducker said the problem was caused by a “root ball”, which occurs when the roots of multiple trees become tangled and cause a blockage. The issue was addressed in an executive session at the Petal Board of Alderman’s July 5 meeting, and staff from the City of Petal’s Public Works Department visited the residences shortly thereafter to resolve the issue.

“The decision that was made was to go over there and have (the engineers) get us some information on the cost of the cleanup and bring us those numbers,” Mayor Tony Ducker said. “But I don’t have those numbers, so it’s a fantastic moment for me to come back with them and say ‘hey, we need that.

“At first I thought it was part of the boredom happening – we just did the boredom – but it turns out we think it was actually the clod that was affecting it.”

To help prevent further trouble, Ducker is expecting money from the American Rescue Plan Act, a $1.9 trillion federal economic stimulus bill that was signed into law by President Joe Biden in March 2021 to help the country recover from COVID-19. pandemic.

To that end, Ducker had conversations with City Engineer John Weeks to ensure the city got its share of the funds to make improvements to the sewer system.

“With some of this money that is about to come here… we want to be sure that we can make improvements to improve the system, so that we can get rid of a lot of the problems that we have had and prepare us for some of the growth that we’ve had,” Ducker said. “We have a very proactive plan – we’ve been front and center from the start, having signed an $11 million contract with (Hattisburg engineering firm) Shows, Dearman and Waits where we can take sections of IT out.

“It’s really going to allow us to choose projects as the money becomes available, so we’re going to be smart with taxpayers’ money and push it as far as we can.”

Ducker said that since the city’s sewer system is several years old, it receives an abundance of water seepage that you wouldn’t expect from a more modern system.

“That means when it rains we can see our meter and the amount we pay Hattiesburg (for treatment) goes up,” he said. “So water is getting into our system, and that’s not unusual – any municipal system, or any older system, is going to have that.

“But the goal is to try to do better. We have upcoming projects under this contract that should improve it significantly. This is something that needs to be done on a consistent basis; we still haven’t had the funds to be proactive. So that should make it better – that’s a big deal.

In March, city officials announced that the city is expected to save approximately $300,000 over the next few years after the Petal Board of Aldermen recently approved the refinancing of part of the water and initially approved in 2006 and refinanced in 2015. .

That equates to about $27,000 a year by 2023, when the bonds are expected to be repaid by the city. Initially, the savings were estimated at around $203,000, but higher rates pushed that figure up to $300,000.

“I think ARPA fund maturities are committed by 2024, done by 2026, and now you’re getting closer and closer to 2028 and 2032, when that $15 million bond will be fully repaid,” he said. said Ducker. “This (link) was under (former mayor) Carl Scott, under this administration.

“Part of it is repaid in 2028, but the problem, you don’t see any gain until 2032, when it is fully repaid. What happens is that after you pay off part of it, the amount you have to pay on the other goes up, so you still have to commit roughly the same amount of money.

ARPA measures include public health spending, addressing the negative economic impacts caused by the public health emergency, serving the hardest hit communities and families, replacing lost public sector revenue, paying a bonus to essential workers and investing in water, sewer and broadband infrastructure.

Broken down even further, these measures involve:

  • Support public health spending: Recipients can use this funding to meet a wide range of public health needs around COVID-19 mitigation, medical spending, behavioral health care, and public health resources.
  • Coping with the negative economic impact caused by COVID: This can provide a range of assistance to individuals and households, small businesses and industries. It can also allow governments to replenish staff capacity.
  • Serving the families hardest hit: these are social guidelines to help reduce disparities in health, housing and education, as well as to promote early childhood education and healthy environments for childhood.
  • Replace lost utility revenue: This targets the months that are economically hardest hit by the pandemic.
  • Provide an Essential Worker Bonus: Recipients can use this funding to directly pay a wide range of essential workers who must be physically present at their jobs, including nursing home, hospital and home care facility staff .
  • Invest in water, sewer, and broadband infrastructure: Recipients can use this funding to invest in wastewater, infrastructure, and projects, including building public stormwater infrastructure.

MakerDAO votes to authorize $100 million DAI loans to US bank


Key points to remember

  • The MakerDAO community has adopted a proposal to integrate a US bank into its collateral system.
  • The Huntingdon Valley Bank has a debt limit of $100 million. He can borrow the amount in DAI by depositing collateral in an off-chain account.
  • Five more real-world assets have been added to MakerDAO, with more suggestions being discussed in the governance council. The protocol recently voted to allocate $500 million in DAI in bonds.

Share this article

MakerDAO will now be able to lend up to $100 million worth of DAI to Huntingdon Valley Bank when it deposits collateral in an off-chain account. This is the first time that a US bank has connected to the DeFi ecosystem.

Integrating TradFi into DeFi

MakerDAO is taking steps to conquer the world of traditional finance.

The DAO of the main DeFi protocol passed a vote today to add Huntingdon Valley Bank to its Real-World Asset Maker Vaults, meaning MakerDAO will be able to lend up to $100 million in DAI to the Pennsylvania-based bank each time it posts collateral on a specific off-chain account. A majority of 87.27% voted in favor of the proposal.

MakerDAO is an Ethereum-based DeFi protocol that allows users to mint the DAI stablecoin when they deposit collateral. To date, the collateral that users can deposit mostly comes in the form of major digital currencies such as Bitcoin and Ethereum. The accepted proposal brings a regulated US bank in the DeFi ecosystem for the first time.

Other real-world assets have already been added to MakerDAO’s vaults with various debt caps. The protocol can lend up to $18 million in DAI for nominal real estate posted as collateral, $14 million to commercial real estate developers, $5 million to acquire U.S. revenue-based financing assets, nearly $2 million for token freight bills and $1.8 million short term. Commercial debt. In total, with the new proposal now passed, MakerDAO can lend $141 million in DAI for secured real-world assets.

The integration of Huntingdon Valley Bank will be the Protocol’s largest to date. The DAO is also exploring the possibility of letting the French multinational investment bank Societe Generale borrow $30 million from DAI. Moreover, it provides invest $500 million in DAI in US Treasuries and corporate bonds.

While the MakerDAO algorithm automatically liquidates users if their collateral falls below a certain threshold, the Huntingdon Valley Bank Vault cannot be terminated by a governance vote as its assets are collateralized off-chain rather than on Ethereum.

The increasing complexity of MakerDAO’s warranty system recently prompted a hotly contested proposal for the DAO to appoint an advisory committee that could advise MKR holders on future proposals. The idea was rejected on June 27, with 60.17% of the votes against the proposal and only 38.28% for.

Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.

Share this article

Telecom Italia will cut thousands of jobs as part of a plan to cut


The Tim logo is seen at its headquarters in Rome, Italy, November 22, 2021. REUTERS/Yara Nardi

Join now for FREE unlimited access to Reuters.com


  • Italian TIM presents restructuring plans
  • At least 9,000 jobs cut by 2030
  • Agreement to combine the network with Open Fiber is the preferred option

ROME, July 7 (Reuters) – Telecom Italia (TIM) (TLIT.MI) could cut more than 9,000 jobs by 2030 and is ready to offload its fixed network business under a plan that would reshape the former telecommunications monopoly in debt.

Italy’s biggest telecoms company is struggling with a net debt of 23 billion euros ($24 billion) while facing falling revenues in its fiercely competitive home market.

Under a strategic plan unveiled by new CEO Pietro Labriola on Thursday, TIM said it would divest its nationwide fixed access network and submarine cable unit Sparkle to a separate company called NetCo, which would bring up to ‘about 11 billion euros of the company’s debt.

Join now for FREE unlimited access to Reuters.com


The plan for Labriola, TIM’s fifth CEO in six years, is to cut thousands of jobs from its 41,000 employees by 2030. He touted it as one of the most significant transformations of a company from telecommunications legacy in Europe.

Labriola told analysts the job cuts would be based on an existing early retirement program and talks were already underway with unions.

A central part of the restructuring is a possible deal to combine NetCo with rival Open Fiber, allowing state lender CDP to take control of a combined entity that would aim to improve broadband coverage and speeds for Italians. .

Labriola said an Open Fiber deal was the preferred option and could be completed by the end of October, but added that there is a plan B in the form of NetCo stake sales.

NetCo’s valuation is a sticking point with TIM’s major shareholder Vivendi , which is pushing for TIM to get a top price in ongoing negotiations over a potential Open Fiber deal. Read more


TIM is also counting on transactions such as the sale of a minority stake in the newly created business services unit to reduce overall net debt below €5 billion, from a pro forma level of around €20 billion. in the first trimester.

Shares of TIM lost their initial gains and traded down 1.2% at 11:30 GMT to just over 0.25 euros, not far from the record low of 0.22 euros reached in March.

Analyst Andrea De Vita said the job cuts would cost around 2 billion euros and noted there was little news on the potential Open Fiber deal or the sale of other parts of the company. ‘company.

TIM said its services business will include the Brazil-listed unit TIM Brasil (TIMS3.SA) and the domestic services business, which will be split into two units, each with specific financial objectives.

Besides the consumer branch, the company will combine connectivity services for large enterprises and public administrations as well as for cloud, cybersecurity and Internet of Things companies.

($1 = 0.9799 euros)

Join now for FREE unlimited access to Reuters.com


Reporting by Elvira Pollina Editing by Keith Weir and David Goodman

Our standards: The Thomson Reuters Trust Principles.

Biz Buzz: Nostalgic candy shop in Shelley being expanded after posting eyebrow-raising sign


Do you want to know what’s going on in the eastern Idaho business scene? We have what you need. Here is an overview of this week’s economic news in the valley.



Nostalgic candy shop in Shelley expanded with new amenities, Airbnb

A look inside #Treats at 326 North State Street in Shelley. | Rett Nelson, EastIdahoNews.com

SHELLEY – A nostalgic candy store in Shelley that raised eyebrows last year for displaying political signs out front is in the midst of a massive expansion project.

#Treats offers a variety of nostalgic 1900s treats including Abba-Zabas, Coconut Slices, Whistle Pops (which are similar to Toot Sweets from the movie “Chitty Chitty Bang Bang”), Black Cows, Bottlecaps, and Nickel Nips wax bottles. One of the most popular items is the chewing gum cigarette.

RELATED | A political sign outside a sweets business attracts customer support and complaints

In January, the store moved a few blocks from its former location at 202 South State Street to 326 North State Street.

Although the business opened in 2019, owner Stephanie Christensen told EastIdahoNews.com it was the buzz of political signs that really caught people’s attention and led to a massive increase in the number of clients.

“I haven’t had anyone come up to me and say, ‘We found you because of your sign, and I’m not going to shop here.’ People come here to shop,” says Christensen. “Our sales have increased quite a bit.

Sign #Treatments
Flint Christensen posted this sign outside the store last year. | Stephanie Christensen

The move is a direct result of this increase, says Christensen, and several new developments are underway.

Stephanie and her husband, Flint, will soon have an indoor ice cream bar where they will serve Farr’s ice cream to customers.

“We will have a soda bar so you can flavor your own sodas. It’s a bit like Pick Me Up, but you can do it yourself,” explains Stephanie. “And I’d like to add bottled sodas that you won’t find anywhere else.”

They also added space for karaoke and open mic night.

A new feature will combine an escape room with a haunted house.

“It gets progressively more difficult because you move from room to room,” she says. “Very interactive and there will be times when you won’t be able to complete (because the puzzles are so hard).”

This is all a work in progress and should be unveiled at a later date. But that only scratches the surface.

The new store building is part of what used to be a motel, and the duo aren’t letting it get lost. They’ve been working hard over the past few months to convert each of the rooms into the FlintRock Retreat, a series of themed Airbnb suites for tourists.

“What we’re trying to do…is make it something similar to a Black Swan Inn, but for families,” says Flint. “(Each room) will have a regional feel capturing the aesthetics of the region.”

Since many people who visit #Treats are on their way to national parks, some of the suites will have names such as “Teton”, “Yellowstone” or “Moab”. Other rooms are named after animals, such as “Turtle Lodge” and “Fox Hollow.”

In addition to tourists, another large portion of their customers are traveling nurses and interns from the Idaho National Laboratory. They hope to provide an affordable option for people in need of housing due to housing shortages.

Flint says nine of the 15 rooms are now open to guests, but they’re booked through August. The space includes a kitchen and laundry room and a place for guests to exercise and relax.

Hot tubs and other amenities will be added in the future. Flint expects this project to evolve and continue over the next few years.

“While we’re doing renovations, we’re definitely keeping our prices low so we accommodate guests the way they accommodate us,” Flint says. “We take the money we make and put it straight back into (construction).”

RELATED | Local candy store sees major sales boost as second anniversary approaches

A sign with a political opinion is what started it all and Flint and his wife are happy with the growth and success of the business.

But when asked if the signs would make a comeback, Flint says his perspective changed a bit. After an unsuccessful run for the U.S. Congress in the May primary, Flint says “it’s more important to be a teacher than a fighter.”

“I took a little different path on the political stuff,” Flint said. “I like being an antagonist as much as the next one but…I hung up my hat when it came to antagonism (and the sign won’t come back).”

#Treats opens at 11 a.m. Tuesday through Saturday. Those wishing to stay at the Airbnb can make a reservation online.


Local shirt store gears up for second annual $5,000,000 race

IDAHO FALLS – Little Mama Shirt Shop is hosting Color Me Crazy, a fun 5K run at Iona Park and Community Center on July 16 at 8:15 a.m.

RELATED | Local mom celebrates motherhood one shirt at a time

Little Mama Shirt Shop seeks to connect women and encourage them to uplift each other and find their voice among their many different roles and responsibilities. That’s why they’ll donate all proceeds from the race and donate it to the local women’s shelter.

There will be several prizes for the top finishers and other runners. There is also a virtual option to run the race and submit your time digitally.

Admission is $35 and will include a race shirt. Click here to join.

Opening new food vendors in the Idaho Falls strip

IDAHO FALLS – New food vendors will open at the Yellowstone Food Village in Idaho Falls.

The Idaho Innovation Center is opening six different restaurants at 2288 North Yellowstone Highway. Among them will be La Carreta Mexican, Tropical Paradise, Yoimi Sushi, Rose Marie’s Gluten Free, U Down Ha-Y-an Hot Plate and Thai Food Plus.

Along with finding a variety of dining options, there are picnic tables and a gazebo to enjoy your food.

Visit the website for more information or call (208) 523-1026.


A “Shark Tank” type event planned for Pocatello

This WWII aircraft is one of the few remaining in the world and you can wear a similar piece of it on your wrist.

Can you find it? Box full of money, prizes hidden somewhere in eastern Idaho

Melaleuca donates $236,700 in health and wellness products to empower Ukrainian refugees

Live transfer news updates: Cristiano Ronaldo, Manchester United, Arsenal, Liverpool


July 6, 2022 at 7:47 a.m. EDT

Roberts leaves Leeds for QPR

Tyler Roberts is finalizing a move from Leeds to QPR.

The forward is set to move to west London on a season-long loan with a view to a permanent transfer.

Phil Hay·

Leeds United correspondent

July 6, 2022 at 7:18 a.m. EDT

Fabianski extends his stay at West Ham

West Ham have confirmed that goalkeeper Łukasz Fabianski will remain at the club after signing a contract extension.

Fabianski has reached an agreement to remain there until the summer of 2023, with the option of an additional year.

Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News

July 6, 2022 at 7:06 a.m. EDT

Leeds transfer details

Leeds lost Kalvin Phillips to Manchester City but they are close to having five experienced signings through the door, with Darko Gyabi also arriving from the Etihad.

“The club wanted quick and decisive transfers in this window and Orta’s decision to stay in England is indicative of an attempt to complete the main strands of this as soon as possible,” writes Phil Hay.

“If Tyler Adams, who flew to England yesterday, and Luis Sinisterra sign as planned in the coming days, Leeds will find themselves in the second week of July with only one major process to negotiate: the sale of Raphinha, which in turn clears the way for them to invest in a new striker, the final target to note on their list.”

Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News


Adams and Sinisterra are on the way – Leeds showed the urgency of the transfer that was needed

July 6, 2022 at 6:34 a.m. EDT

Owen Beck will be loaned to Famalicao

Owen Beck is set to become the next Liverpool youngster to be loaned out to gain senior experience.

The 19-year-old full-back is set to join Portuguese top-flight club Famalicao on a one-season deal.

Beck, who joined the Liverpool academy from Stoke City aged 13, made two senior appearances for Jurgen Klopp’s side last season. Having made his debut in the Carabao Cup tie at Preston, he also featured in the thrilling fifth round win over Leicester City.

James Pearce

James Pearce·

Liverpool correspondent

July 6, 2022 at 6:25 a.m. EDT

The pursuit of Tottenham’s left centre-back

Towards the end of last season, Fabio Paratici drew up his shortlist for the left centre-backs Tottenham Hotspur would target this summer.

Barcelona’s Clement Lenglet was nowhere near the top but the 27-year-old – lined up on loan – is now the likeliest option, allowing Paratici to add more experience and competition to the squad Spurs without risking too much money.

The pivot again stresses how keen Tottenham are on getting their business done early this time around, Jack Pitt-Brooke writes below…

Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News


How Spurs got to Clement Lenglet – a move that makes sense

July 6, 2022 at 6:11 a.m. EDT

Forest working on Richards, Williams deals

Nottingham Forest are working on permanent deals to sign Omar Richards and Neco Williams, Athleticism understand.

It is hoped deals for Bayern Munich left-back Richards and Liverpool right-back Williams could be in place by the weekend.

Head coach Steve Cooper had identified wide defensive positions as key areas to strengthen ahead of Forest’s return to the Premier League and the pair would strengthen their options at the back, given he typically deploys a three-man defence.

More from David Ornstein here.

Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News

July 6, 2022 at 05:41 EDT

Romaine Sawyers joins Cardiff

Cardiff City have announced that Romaine Sawyers has signed a two-year contract with the club.

He was available on a free transfer after leaving West Brom.

Omar Garrick

Omar Garrick·

Editor-in-Chief, News

July 6, 2022 at 04:49 EDT

Rangers close in on Colak transfer

Antonio Colak has traveled to the UK for a medical after Rangers and PAOK finalized a deal for the Croatian striker.

The fee is believed to be around £1.8m plus bonuses and the striker is expected to sign a three-year contract at the club.

Full story here.

Jordan Campbell

Jordan Campbell·

Rangers correspondent

July 6, 2022 at 04:23 EDT

Bergwijn ready for medical Ajax

Ajax have reached an agreement to sign Dutch international Steven Bergwijn from Tottenham Hotspur.

Athleticism understand that a medical examination will take place today.

Full story here.

Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News

July 6, 2022 at 03:51 EDT

Inter arrival

Inter have confirmed the arrival of Raoul Bellanova from Cagliari.

The 22-year-old right-back joins Romelu Lukaku, Henrikh Mkhitaryan and Andre Onana to bolster Simone Inzaghi’s squad this summer.

Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News

July 6, 2022 at 03:17 EDT

News: Lamptey switches international allegiance

Beyond the world of transfers, Tariq Lamptey has changed his international allegiance from England to Ghana.

The Brighton winger represented England at various youth levels and made two appearances for the Under-21s, but opted to play for the Black Stars.

Lamptey qualifies for Ghana through his parents, but the contribution of former Brighton boss Chris Hughton – now a technical adviser to the Black Stars – would also have been instrumental.

The 21-year-old will be available for selection at the World Cup in Qatar, where Ghana will face South Korea, Portugal and Uruguay in Group D.

More information on this story here.

Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News

July 6, 2022 at 03:11 EDT

ICYMI: Forest, Everton, Leicester and the Saints move

Plenty of other deals in preparation. Keep an eye out for these…

  • Everton have shown late interest in vying with Nottingham Forest for the signing of £30million-rated Wolverhampton Wanderers midfielder Morgan Gibbs-White.
  • Southampton are in negotiations to sign Rangers midfielder Joe Aribo, whose contract includes a £10m release clause.
  • Nottingham Forest are working to sign Omar Richards from Bayern Munich – but face competition from Lyon.
  • Monaco are in talks with Leicester City over a loan deal for Boubakary Soumare.
Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News

July 6, 2022 at 02:44 EDT

Fulham’s Pereira offer accepted

Fulham have had a bid worth up to £10million accepted by Manchester United for attacking midfielder Andreas Pereira.

It is understood the offer is worth £8m with £2m worth of potential add-ons.

United will retain a 20% sell clause if Fulham part ways with the 26-year-old in the future.

Whole story.

Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News

July 6, 2022 at 02:21 EDT

Who could replace Ronaldo?

“While the impact, influence and future of Cristiano Ronaldo at Manchester United is up for debate, their fans can probably agree that Erik ten Hag will have to use this summer to sustain his attack.

“The most obvious way to replace Ronaldo is to bring in a striker chosen by Ten Hag. The new United manager has used a variety of players as a No.9 and isn’t afraid to change his tactical approach to shoot the best out of man.For example, in the 2018-19 Champions League Round of 16, he used Dusan Tadic to create space for his teammates.

There’s no clear idea what a ‘Ten Hag striker’ is, but if the United manager wanted to replace Ronaldo with a hard-core centre-forward, then Napoli’s Victor Osimhen is a worthy candidate. of this name…”

Mark Carey and Carl Anka dug into the data to explain why Osimhen – and several other names – are worth considering…

Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News

July 6, 2022 at 2:16 a.m. EDT

Man United pre-season schedule – will Ronaldo feature?

The Erik ten Hag era will begin almost 10,000 miles from Old Trafford when Manchester United travel to Thailand and Australia this month.

United are set to leave for South East Asia on Friday, with their first warm-up game against rivals Liverpool, but will Cristiano Ronaldo be involved?

He missed a second consecutive day of training on Tuesday, with “family reasons” cited for his absence amid continued uncertainty over his future at the club.

  • July 12: Liverpool, Rajamangala Stadium, Bangkok
  • July 15: Melbourne Victory, Melbourne Cricket Ground
  • July 19: Crystal Palace, Melbourne Cricket Ground, Melbourne
  • July 23: Aston Villa, Optus Stadium, Perth
  • July 30: Atlético de Madrid, Ullevaal Stadion, Oslo
  • July 31: Rayo Vallecano, Old Trafford
Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News


Culture, Pride and Opposition to the Establishment: Welcome to Detroit City FC

July 6, 2022 at 02:06 EDT

Pogba close to returning to Juventus

Uncertainty over Cristiano Ronaldo’s future rumbles, but his former Manchester United team-mate Paul Pogba is set to tie his own.

Juventus have reached an agreement to sign Pogba on a free transfer and the 29-year-old is expected to be in Turin on Saturday to sign a four-year deal with his former club.

Pogba is available after his contract with Manchester United ends on June 30.

United have made Pogba at least two offers worth more than the existing £290,000-a-week deal that had already made him one of the Premier League’s highest-paid players.

Whole story.

Kate Burlaga

Kate Burlaga·

Editor-in-Chief, News

Vibe Credit Union in Michigan Appoints New CEO | Credit Union Journal


Vibe Credit Union in Novi, Michigan, has named Chaz Rzewnicki as its next president and CEO.

The $1.2 billion asset credit union announced that Rzewnicki, who is currently president and CEO of the $627 million Dover Federal Credit Union in Dover, Delaware, will assume the new roles later this year. He succeeds Allan Kemp McMorris, who has led Vibe since his merger with Waterford, Michigan-based Oakland County Credit Union in 2019 and announced his intention to retire Last year.

Chaz Rzewnicki, new president and CEO of Vibe Credit Union. “Vibe CU is an incredible organization with an incredible board and team…I am both humbled and extremely excited to have been chosen to join such a strong credit union,” Rzewnicki said in a statement. Press.

“[Rzewnicki’s] a passion for providing strong financial services to our members along with a great working environment for staff makes him the right choice,” said Mike Ivanics, Chairman of Vibe’s Board of Directors, in a press release.

The credit union recorded about $3.3 million in revenue in the first quarter of this year, compared to about $1.6 million in 2021.

“Vibe CU is an incredible organization with an incredible board and team…I am both humbled and extremely excited to have been chosen to join such a strong credit union,” Rzewnicki said in the statement.

2 situations where a delayed Social Security application will definitely cost you money


You can apply for Social Security benefits any time between age 62 and 70. Your application age affects the amount of money you receive each month. And because the amount of your check changes depending on when you receive your first payment, your choice of when to start benefits can affect your lifetime income.

It can be hard to decide whether it’s better to claim Social Security as soon as possible — which means you get more checks than the ones that delay, but relegate you to smaller payments — or whether you have to delay to earn larger monthly payments, even if it means receiving fewer checks over your lifetime.

But while this choice can be complicated, there are two circumstances in which a deferred claim will definitely not pay off.

Image source: Getty Images.

1. If you are applying for spousal benefits after full retirement age

If your spouse had a higher income than you or if you did not earn enough on your own to receive Social Security retirement benefits, you may decide to apply for spousal benefits. These give you social security income worth up to 50% of the standard main breadwinner benefit.

If you plan to receive spousal benefits, you can increase the amount of money you receive until you reach your own full retirement age (FRA) to claim them. FRA is between 66 years and four months and 67 years old. Applying before this date results in a reduction in benefits due to your checks starting earlier than scheduled.

But while Social Security retirement benefits continue to increase after FRA until age 70, spousal benefits do not. You cannot increase your benefit if you wait beyond full retirement age, so there is absolutely no reason to do so. By delaying, you would simply lose income and not receive larger checks later in exchange for it.

2. If you die before you break even

Waiting beyond age 62 for Social Security increases your monthly benefit. But since you’re delaying your claim for benefits, you’re missing out on any income that could have come from the checks you chose not to receive.

The reason people do this is to bet on ending up with more money later, once they finally start to collect their benefits. Social Security checks go up for every month you delay them past age 62, so retirees who put off claiming benefits are hoping they get so many higher checks that they’ll cover the shortfall and then keep getting extra money on top of that.

Unfortunately, this requires you to live long enough for enough large payments to be made. If you die too soon, you have given up a lot of income that you could have received with nothing to show for. And that can leave you with a lot less money. If you delay your application until age 70, you would have lost all income to which you would have been entitled during the last eight years. If you die at age 71, you wouldn’t be able to catch up on the hundreds of thousands of dollars you would have received over the years if you hadn’t deferred your claim for benefits.

As these two examples show, a deferred application for social security is not always the best choice and can sometimes have a cost. Be sure to think about this before deciding on the best age to file a claim for benefits.

Getting Inflation Wrong – Milford-Orange Times


By Kevin McNabola
Orange Finance Council

Kevin McNabola

In June, the Federal Reserve raised its target interest rate by 75 basis points, the biggest increase since 1994. To make matters worse, retail sales unexpectedly fell and gross domestic product for the second quarter should be stable or slightly negative.

With a first quarter at -0.5%, this raises the question of whether we are currently in a recession. The true definition of a recession is two consecutive quarters of negative growth. However, all signs point to us being about as close to a recession now as we have been since 2008.

The latest statement from the Federal Reserve is breathtaking. A press release read: “Overall economic activity appears to have recovered after declining slightly in the first quarter.

Oh good? The Federal Reserve totally miscalculated inflation early on, calling inflation transitory in nature, meaning inflation will be short-lived due to the negative impact of the pandemic on supply chains. But the pandemic is only one driver of the current inflation equation.

Three main factors are behind the current 40-year high inflation rate of 8.6%: excessive debt levelsmonetary stimulus and rising energy prices.

The United States is more indebted today than it has ever been, with a total non-financial debt-to-GDP ratio of nearly 300%, including government, corporate, and consumer debt. This excessive indebtedness is a financial time bomb that, left to its own devices, could lead to a deflationary explosion involving widespread defaults, stock and housing crashes, and bank failures.

Faced with this real and worrying threat, political decision-makers are leaving nothing to chance. It has become increasingly clear that a high level of inflation is becoming a policy objective to reduce indebtedness and the risk of a deflationary burst that accompanies excessive indebtedness.

There is good reason to assume that this was also the policy objective in 2011, only the policy makers failed in their objective. The US debt-to-GDP ratio has not declined, but has actually increased by around 50% of GDP since then. Today’s excessive level of indebtedness is therefore not an engine of inflation in itself; however, it is a driver of government policies that cause inflation.

The Fed did not mention that M2 money supply (an indicator of money supply and future inflation) has increased by 40% over the past year. The Fed also bought almost two-thirds of the bonds sold by President Joe Biden’s $2 trillion bailout, which is a major factor behind the inflation we are experiencing today. Additionally, the Fed has funded spending with the purchase of more than $4 trillion in US Treasuries and other financial assets since March 2020.

These gargantuan stimuli have been accompanied by the growing popularity of modern monetary theory among economists, according to which the only limit to budget spending is excessive inflation. With inflation being the only limit on deficit spending, it’s no wonder policymakers describe the current inflationary impulse as transitory.

The third factor is rising energy prices. Look back to 2008; the world has seen record oil prices and energy industry profits have increased dramatically. The increase in profits has been accompanied by an extraordinary level of investment in future oil production. The resulting oil boom in the 2010s and a rapid increase in global oil production dampened energy prices.

In 2020, historically low oil prices driven by the pandemic led to losses among energy companies and significantly reduced capital expenditures in energy exploration projects. Due to the lack of investment and the reduced number of new discoveries, the growth of supply in the world is limited and the decline in supply is already being felt.

Although supply is likely to be tight given policymakers’ aggressive plans to invest in infrastructure, demand for oil and other commodities is expected to remain robust, even assuming considerable growth in electrification in transportation. With limited supply and growing demand, energy prices are expected to continue to rise in coming years, putting upward pressure on the costs of a wide range of goods and services, including supply food (while also allowing the development of more energy-efficient alternative modes of transport).

These three inflationary factors will no doubt force the Federal Reserve to raise its target rate by a full percentage point at every meeting from now until the actual inflation rate begins to decline significantly.

Connecticut has already started to feel the effects, with an additional 9 cents per gallon diesel fuel tax starting July 1, which will most certainly have a negative ripple effect on small businesses and consumers.

This increase in diesel taxes couldn’t come at a worse time. Inevitably, this essentially means that the cost of goods and services, clothing, and food will also rise in Connecticut over the next six to 12 months. Rising gasoline prices will eventually siphon off discretionary income and consumer spending, ultimately causing the economy to crash into a hard landing in the near future.

Kevin McNabola is a member of the finance board of Orange and chief financial officer of the city of Meriden.

The Convincing Bay Area Banking Scam I Almost Fell For


In this age of endless spam and scam calls, I don’t pick up my phone for anyone unless I recognize the number.

That’s why when my friendly Bay Area credit union called, I picked up. I’ve learned from painful personal experience that when the credit union calls, there’s usually a fraud issue, and the sooner it’s dealt with, the better.

What I didn’t know, but gradually learned over the half-hour phone call, was that the person on the other end of the line wasn’t exactly a helpful employee of the credit union. He was a scammer who used every tool in his arsenal to take control of my bank account.

A few hours later, when it was all over, a rep from my credit union’s fraud department — the real rep, not a scammer — said stigma was a big issue when it came to fraud. People don’t talk about falling for scammers because it’s embarrassing. It feels like we’re constantly being warned about how to spot and avoid scams, so when it happens to us, it’s easy to blame ourselves.

But like sex education, talking about the scams we’ve been through can break the stigma, making us all savvier — and harder to fool.

So in the interest of public service, here’s how the scammer (almost) got me, and what I should have done:

How to Spot a Bank Fraud Scam

It all started with the worst possible news: someone had hacked into my bank account and tried to transfer the funds. The “credit union employee” needed me to confirm my account username and then asked me to verify the transactions.

Red flag #1: Your bank never needs your login credentials. They already have access to your account information. The login details are just for you.

But, I thought, it was an unverified login to my account that it was checking, and it wasn’t asking for my password, so maybe that was part of the procedure? I put the username back.

Big mistake. Never “provide your account information over the phone unless you initiated the call,” the California Attorney General’s office warns in its bank information protection guide.

Then the scammer spent a lot of time getting me to “verify” some “fraudulent transactions”. No, I told him, I wasn’t in Utah and hadn’t logged into my account today. No, I did not transfer any funds today.

I apologized to him for being distracted. I was attending a work meeting remotely when he called and I was torn between telling my colleagues that I was busy with the bank and listening to his instructions. The fraud department representative later told me that scammers rely on this distraction, which makes it harder for you to detect their suspicious behavior and questions.

A lot of fraud education says to beware of anyone pushing you to “act fast”, but this scammer was very nice and patient, encouraging me to take my time. I think that was also part of the script: the fraudulent transactions were meant to gain my trust (and make me forget that I had already given him half of my login details).

At the same time, I logged into my bank and looked for a record of these transactions – but couldn’t find them. When I asked the scammer about this he said they would not show up as pending as they were flagged as a potential fraud.

At this point, reader, you may be screaming at your screen wondering why I didn’t hang up right away. I do not know. I saw the red flags, but instead of adding them up and coming to the very obvious conclusion that I had been duped, I clung to whatever the scammer said that had even the slightest hint of truth.

Then the scammer said he will reverse the transactions and lock my account to block any unauthorized logins. He gave me a temporary password which I dutifully copied. And then – and this was the key part of the scam – he asked me for my password so he could “cancel credentials”.

Finally, all the calculations were added up.

“Yeah, I’m not going to do that,” I said.

And the line is dead.

How to clean up after a scam attempt

My first action after the scammer hung up was to call my credit union – for real this time. Unfortunately their call center was blocked and after waiting 30 minutes I selected the option “save my place in the queue” and went to the nearest branch.

It turned out to be the best decision I could have made.

In branch, a representative was able to verify that no unauthorized person had connected to my account. She also told me how to change my online banking username, so the scammer doesn’t even have it. I changed both my username and my password, even though I hadn’t given my password, just to be sure. We’ve also implemented two-factor authentication, which is a bit of a pain but ensures I have extra protection to verify any login attempts.

I showed the rep my call log with the incoming call which appeared to be from the credit union. The person on the phone used a technique known as spoofing, in which scammers make their phone call appear to be from someone else, often a trusted source. The bank representative reported the impersonation attempt to their fraud department. Imposter scams, in which the scammer impersonates a friend, relative or authority figure, were the most common type of scam last year, accounting for $2.3 billion, according to Federal Trade Commission data. dollars of losses, nearly double the figure for 2020.

I usually spam calls from area codes, but I never answer them. It was the first time I received a fake call that seemed to come from an institution I knew.

“If you think a phone call might be legitimate, tell the caller that you will contact your bank or credit union and call the phone number listed on your bank statement or the back of your credit card,” a said the state attorney general’s office. If it’s a legitimate call from your bank, someone will be able to help you when you call back and you’ll know for sure you’re talking to the right person.

How scammers get your information

Still, I was confused by how the scammer knew both my name and where I was banking.

After my visit to the branch, a representative from the fraud department got in touch and talked about best practices for avoiding scams in the future. They assured me that the credit union was monitoring my account for suspicious activity.

When I asked how the scammer knew my name, phone number and banking information, she replied that most of this information could be obtained from a compromised card reader wherever I used my card. of debt.

The idea was scary, especially since I once had access to my debit card information and now use my hand to cover the pin pad every time I need to enter a pin. But apparently cloning a debit card isn’t the only thing compromised card readers can be used for.

Always: All’s well that ends well. The scammers never managed to get my username, and this username is now useless. I’ve beefed up my online security and learned a valuable lesson. What if the worst thing to come out of this ordeal is that I get a little egg on my face? So it wasn’t that bad at all.

Johnny Depp could seize Amber Heard’s assets if she doesn’t pay court-ordered damages


After Heard’s lawyer, Elaine Bredehoft, revealed that the Aquaman star cannot pay Depp the court-ordered $10.4m (A$14.3m, £8.2m) in damages, Virginia appeals barrister Steven Emmert said Depp could explore other options to recoup costs.

“If she doesn’t have the money, then her recourse, while she pursues an appeal, is to try to execute on property that she owns,” he told the New York Post.

This would mean Depp would have to serve his ex-wife with a summons to determine where his current assets are.

Elaine Bredehoft and Amber Heard. Credit: REUTERS / Alamy Stock Photo

“[This is] where you summon the debtor to appear in court and his lawyer will ask him questions saying “what property do you own, what real estate do you own, what vehicles do you own, what jewelry do you own, what art collections ‘” Emmert told the Post.

He added: “[And] anything they could use to seize and auction off to try and repay and ultimately repay that judgment.”

Heard was ordered to pay Depp $10 million (A$13.7m, £7.9m) in compensatory damages and $5m (A$6.8m, 3, £9million) in punitive damages in June.

However, Judge Penney Azcarate reduced punitive costs to the Virginia cap by $350,000 (AUD481,000, £278,000) in accordance with the state legal limit.

This brings the total Heard has to pay Depp to $10.35m (A$14.2m, £8.2m).

Depp was also ordered to pay Heard $2m (A$2.7m, £1.5m) for a counterclaim filed by Heard.

Heard confronts Depp in court.  Credit: REUTERS / Alamy Stock Photo
Heard confronts Depp in court. Credit: REUTERS / Alamy Stock Photo

The damages come after the high-profile libel trial in which a jury found Heard defamed her husband in a Washington Post op-ed titled: ‘I spoke out against sexual violence – and I faced our anger culture. This needs to change.

In the new filing, Bredehoft argued that the sum Heard must pay is “excessive in law, as there is no evidence to support the verdict.”

Arsenal’s loanee forwards score 4 in first 3 friendlies

Nikolaj Moller celebrates a goal for FC Den Bosch (Photo via FCDenBosch.nl)

Both moved to the Netherlands this summer, Arsenal’s Mika Biereth and Nikolaj Moller got off to the perfect start with their loan squads.

Biereth had already scored twice on his friendly debut for RKC Waalwijk last week, and he added another goal against Dutch second division side Oss on Saturday.

After a penalty and a header on his debut, Beereth scored from open play with his feet this time in Waalwijk won 5-3.

With three goals in his first two games, Beereth certainly makes a first impression. The task now is to maintain this as the devices increase in difficulty. Eredivisie sides Nijmegen and Zwolle are next.

Meanwhile, Moller has returned to FC Den Bosch for the new season, after a brief loan spell with the club earlier this year.

Arsenal only announced the move on Thursday, so Moller was only available for a 30-minute appearance in Den Bosch’s friendly on Saturday. Yet he also managed to get on the scoresheet with a confidently taken finish.

Mika Biereth with RKC Waalwijk (Photo via RKC Waalwijk on Twitter)
Mika Biereth with RKC Waalwijk (Photo via RKC Waalwijk on Twitter)

For a striker, there’s no better way to settle into a new transfer than with a goal or two. Arsenal hope this is just the start for the loan duo.

See the average auto loan balance per capita in NC


GREENVILLE, NC (Stacker.com) – With supply chain issues during the pandemic driving vehicle prices to record highs, car buyers are taking out bigger loans in order to afford the vehicles they need for everyday life.

Since 2003, the national average total auto loan balance per capita has increased from $2,960 to $5,210, an increase of approximately 76%. Some consumers have found this difficult to manage: in the fourth quarter of 2021, 4% of all auto debt balances in the country were over 90 days past due.

sound dollar compiled statistics from the Federal Reserve Bank of New York’s “State Level Household Debt Statistics 2003-2021” report to see which states have the highest auto debt balances. The report was released in February 2022 and contains data from 2021. Data in the report comes from the New York Fed Consumer Credit Panel and Equifax. If more than one state had the same balance, they tied for the same rank.

Keep reading to see the status of auto loan balances in your state, or view the national list here.

North Carolina by the numbers

– Average auto debt per capita: $5,600
– Total debt per capita: $51,130

A perfect storm of trouble helped create today’s situation. For new cars, the initial lockdowns in 2020 halted production for nearly three months, reducing the supply of new cars on sale lots. In 2021, a shortage of microchips made matters worse as manufacturers couldn’t get the parts they needed to build new cars. Car supply collapsed just as consumers started spending again, driving prices up with increased demand.

When consumers couldn’t get their hands on new cars, they turned to the used car market. Supply couldn’t keep up with demand, so prices there have also soared, jumping 42% since the start of the pandemic. average of $28,205.

As car buyers take out bigger loans to finance their purchases, they are also lengthening their payments. The most common auto loan term was 60 months, but now borrowers are looking Loan terms of 72 months and even 84 months. This contributes to growing auto debt balances, costs consumers more in interest payments over the life of the loan, and leaves them with less money to spend elsewhere.

Read below to see which states have the highest auto loan balances.

States with the highest auto loan balances

#1. Texas: $7,270 average car debt per capita
#2. Louisiana: $6,510 average car debt per capita
#3. Georgia: $6,080 average car debt per capita
#4. Arkansas: $5,990 average auto debt per capita
#5. Florida: $5,980 average car debt per capita

Nats extend general manager Mike Rizzo and manager Dave Martinez to 23

Placeholder while loading article actions

WASHINGTON — Dave Martinez and Mike Rizzo are signed through the 2023 season after the Washington Nationals exercised their contract options for the World Series-winning manager and general manager.

Principal owner Mark Lerner announced the changes on Saturday ahead of the team’s 80th game in a season that has already gone 50 losses. Martinez and Rizzo are now overseeing a rebuilding effort after helping the Nationals win their first championship in 2019.

“I’m just very happy to be here and to be able to go all the way,” Martinez said. “This is my home. I really like it here. I like the people I work with.”

Getting Martinez and Rizzo under contract is of particular importance given the anticipated change in ownership the franchise is facing. The Lerner family began exploring selling the Nationals in April.

“I think it brings some continuity not only to this organization but also to the players, which is good,” Martinez said. “It’s good to know that we are going to be together and that we are going to continue to work as we do.”

Lerner said it was fair to move forward with Martinez, who was hired after the 2017 season, and Rizzo, who is in his 14th year leading the club’s baseball operations.

“Mike has guided us through many different phases of our organization, and we believe his work during this current phase will eventually pay off,” Lerner said in a statement. “Davey has done a terrific job at the clubhouse and in the dugout for five seasons. His continued determination and unwavering support for his players makes us proud. »

The biggest question facing the Nationals now is the future of superstar outfielder Juan Soto. Although Martinez has acknowledged that many of his current players will not be with the team when he returns, Soto, soon to be 24, has become the face of the franchise and efforts are underway to sign him long-term. – long before he could become a free agent after the 2024 season.

Martinez might not be around that long if the new owner makes any significant changes, but he was glad Washington’s coaching staff all got two-year contracts when he was hired. Now he and Rizzo should be back as well.

“I couldn’t see myself doing this without Rizz,” Martinez said. “He guided me through my first year here through thick and thin. He is like a brother to me.

More AP MLB: https://apnews.com/hub/MLB and https://twitter.com/AP_Sports

Maui County Federal Credit Union to Host School Supply Drive | News, Sports, Jobs


Maui County Federal Credit Union will be holding a school supply and backpack drive at its Lahaina and Wailuku branches through July 15.

The event will support the Maui County Salvation Army’s annual effort to provide backpacks full of school supplies to children in need.

Backpacks and school supplies can be dropped off at the Lahaina branch located at 270 Lahainaluna Rd. from 8:30 a.m. to 4:30 p.m. Monday through Friday or at the Wailuku branch located at 1888 Wili Pa Loop from 8:30 a.m. to 4:30 p.m. Monday through Friday or 9 a.m. to 1 p.m. on Saturday. Donations for the adoption of a backpack are also accepted.

“We are proud to be able to partner with the Salvation Army for the fifth year in an effort to help our keiki return to school ready to succeed. Donating school supplies for children in need will allow students to focus on the important work of learning,” said Maui County Federal Credit Union President and CEO Gary Fukuroku.

Families needing back-to-school assistance can contact Salvation Army Family Services in Kahului at (808) 871-6270 and Lahaina at (808) 661-5335. For more information, visit maui.salvationarmy.org.

Today’s breaking news and more to your inbox

Dean Henderson joins Nottingham Forest on loan


Dean Henderson has officially joined newly-promoted Premier League side Nottingham Forest on loan for the 2022/23 season, a statement from Manchester United and Forest has confirmed.

Henderson has been officially announced as a new Forest player having finally joined the new Premier League side on loan after weeks of negotiations.

The England keeper is looking for first-team football and is keen to impress his new manager with a season spent on loan in the top flight.

United and Forest had been in negotiations for several weeks with the clubs split over whether to negotiate a possible purchase option – which ultimately was not added.

Reports have also surfaced that Forest will pay the full wages of keepers on a weekly basis during his loan spell, which equates to around £110,000 a week.

An official statement from United’s website confirmed Henderson’s loan departure, it read;

“Manchester United goalkeeper Dean Henderson has completed a season-long loan at Premier League side Nottingham Forest.

The goalkeeper will spend the 2022/23 season with the two-time European champions, who were promoted to the top flight following their play-off final win over Huddersfield Town in May.

The statement also reiterated the previous success the keeper has had on loan, saying;

“The former youth team player has enjoyed significant success on loan in the past, enjoying a range of valuable experience at Stockport County, Grimsby Town, Shrewsbury Town and Sheffield United.”

Gas Prices Won’t Slow Travel – Farmville


Despite gasoline prices at an all-time high, a study found that Americans are still planning to travel and take vacations this summer.

According to AAA, a new study shows that nearly half of respondents plan to travel by car or truck in the next six months.

With gas prices hovering around $5 a gallon, this represents an increase of almost 60% in fuel prices compared to the same time last year.

According According to a recent Washington Post article, the increase in the number of drivers on US roads could also further increase gasoline prices due to supply and demand.

Sherrill Mulkearns posted on Facebook that gas prices would not deter her and her family from travelling.

“We’re heading to a family wedding in West Virginia next weekend, then we’ll be heading to Cleveland to take care of the grandkids while their parents attend a conference in Europe,” Mulkearns said. “Neither is negotiable – you have to go to both.”

For Robin Jennings, she was forced to cancel her birthday trip. “We’re just planning on staying home in our pool.” Jennings said on social media.

In an article on Business Wire, a Location data company Arrivalist said 37.9 million Americans traveled by automobile over Memorial Day weekend.

This volume is slightly above Memorial Day 2019 and 2021 traffic levels. Overall, U.S. road travel in 2022 is 8.5% above 2021 volume.

According to AAA, the current highest US average for gas is in California, where an average gallon of regular fuel costs $6.06. The cheapest is in Oklahoma, which averages just over $4 a gallon.

Arleta Hicks also posted on social media that rising fuel prices caused her to change her plans to visit her family. “I would love to travel a bit and visit my daughter who lives about 2 1/2 hours from my house,” Hicks said. “However, I am an elderly person on a strict budget. Not only gas prices, but inflation on all other goods, will keep me home longer than normal.

Eddie Dickerson said ‘how’ people will be able to afford rising gas prices is the real story.

“Let’s tell the story of what happens when everyone maxes out their credit card for gas just to get to the store… It’s a bigger story, bigger issue than why. ” said Dickerson.

You’re not alone if you’re one of the millions of Americans who use credit cards and, in some cases, max them out to make ends meet.

The latest consumer debt data from the Federal Reserve Bank shows that total consumer credit card balances have been growing every year.

According to data from credit reporting firm Equifax, Americans opened a record 11.5 million credit card accounts in the first two months of 2022 alone.

Credit limits on these new cards total $55.5 billion, up nearly 60% from the year-ago period.

Arizona Federal changes name to Arizona Financial Credit Union


The Arizona Federal Credit Union today announced that it is officially changing its name to Arizona Financial Credit Union, effective July 1, in accordance with its conversion from a federally chartered credit union to a chartered credit union. of state. As part of a state charter amendment, the credit union is required to drop the word “federal” from its name.

Earlier this year, credit union members voted to approve the charter change. With the new state charter, the credit union will be able to provide financial services to individuals and businesses in 10 Arizona counties. The federal charter limited the credit union’s membership to only Maricopa and Pinal counties and the city of Tucson.

“Our charter change allows us to serve individuals and businesses throughout Arizona, and we believe the word ‘financial’ in our name is much more descriptive of what we do,” said Ronald L. Westad. , President and CEO. “The charter change will also result in greater value for our members, giving us the ability to continue to invest in new products and services such as improved online services and new locations.”

READ ALSO: Arizona Federal Credit Union acquires Pinnacle Bank

For the 145,000 member-owners of the credit union, there will be no impact on their accounts due to the change of charter and the change of name. Credit cards, debit cards, checks, automatic deposits/withdrawals and direct deposit will work normally.

Over the next few months, the credit union will update its name on ATMs and signage at its 14 locations in the Valley. Due to the scale of the project and the challenges of supply chain issues, the rebranding project is expected to be completed by this fall.

Additionally, as a sponsor of the Arizona Federal Theater in downtown Phoenix, the credit union is working with venue operator Live Nation to rebrand the theater as the Arizona Financial Theater. The name change will be completed in the coming months.

Counties that make up Arizona Financial’s new membership field include Coconino, Gila, La Paz, Maricopa, Mohave, Navajo, Pima, Pinal, Yavapai, and Yuma.

In March, the credit union announced plans to acquire Horizon Community Bank, a $550 million community bank headquartered in Lake Havasu City with six branches in Fort Mohave, Kingman, Lake Havasu City, Mesa, Parker and Quartzsite. The transaction is expected to be completed by the end of 2022. It will be the second acquisition of a community bank by the credit union following its successful purchase of Pinnacle Bank in 2019.

For more information about Arizona Financial Credit Union, visit ArizonaFinancial.org.

Chris Pincher in line for £7,920 payout amid groping allegations


Chris Pincher could receive a severance package of nearly £8,000 after resigning from Boris Johnson’s government amid allegations he groped two drunk men.

As deputy chief whip, Pincher received a cabinet salary of £31,680, according to the latest figures.

Ministers under 65 who leave government and are not reappointed to a post within three weeks are entitled to receive a quarter of their annual salary as severance pay, meaning Pincher could take 7 £920.

A Tory MP said it was automatic, but noted he could refuse payment.

Wendy Chamberlain, the Liberal Democrats’ chief whip, told Insider: “Given the seriousness of the allegations against Chris Pincher and the nature of his resignation, I would really expect him to step down. his severance pay.

Whether or not Pincher takes the salary may not appear in official records until the Cabinet Office’s annual report covering the period April 2022 to March 2023, not expected until July 2023.

The Prime Minister’s deputy spokesman told reporters he had not asked Johnson about the severance package, but “the Prime Minister thinks it is right that he has resigned”.

The spokesperson said Johnson was unaware of the “specific allegations” against Pincher when he was named deputy chief whip in February, despite Pincher resigning in 2017 over similar allegations. He did, however, refer to “unsubstantiated allegations” at the time of Pincher’s appointment.

The spokesperson declined to provide details of communications between Johnson and Pincher regarding his resignation.

Tory MPs told Insider that Pincher should have the Tory whip removed and that he should step down as an MP.

Pincher’s office did not respond to Insider’s request for comment.

Research: Rating Action: Moody’s Assigns A2 to Louisiana Law 443 TIFIA Loan (Project I-49 South); stable outlook


No related data.

© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.





All information contained herein is obtained by MOODY’S from sources believed to be accurate and reliable. However, due to the possibility of human or mechanical error and other factors, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S takes all necessary measures to ensure that the information it uses to assign a credit rating is of sufficient quality and comes from sources that MOODY’S considers to be reliable including, where applicable, independent third-party sources. However, MOODY’S is not an auditor and cannot in any case independently verify or validate the information received as part of the rating process or the preparation of its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim all liability to any person or entity for any indirect, special, consequential or incidental loss or damage, howsoever arising. either, arising out of or relating to the information contained herein or the use or inability to use such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is informed in advance of the possibility of such loss or damage, including but not limited to: (a) any loss of actual or potential profits or (b) any loss or damage occurring when the financial instrument concerned does not is not subject to a specific credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim all liability for any direct or compensatory loss or damage to any person or entity, including but not limited to limit, any negligence (but excluding fraud, willful misconduct or any other type of liability which, for the avoidance of doubt, cannot be excluded by law) on the part of, or any contingency within the control or beyond the control of MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising out of or in connection with the information contained herein or the use or inability to use this information.


Moody’s Investors Service, Inc., a credit rating agency wholly owned by Moody’s Corporation (“MCO”), hereby declares that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred shares rated by Moody’s Investors Service, Inc. have, prior to the assignment of any credit rating, agreed to pay Moody’s Investors Service, Inc. for rating opinions credit and the services it renders fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of credit ratings and Moody’s Investors Service credit rating processes. Information regarding certain affiliations that may exist between MCO directors and rated entities, and between entities that hold Moody’s Investors Service credit ratings and that have also publicly disclosed to the SEC an ownership interest in MCO of more than 5% , are published annually on www .moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy”.

Additional Terms for Australia Only: Any publication in Australia of this document is in accordance with the Australian Financial Services License of MOODY’S subsidiary, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (if applicable). This document is intended for supply only to “wholesale customers” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from Australia, you represent to MOODY’S that you are, or are accessing to the document as a representative of a “wholesale client” and that neither you nor the entity you represent will directly or indirectly distribute this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt security of the issuer, and not of the equity securities of the issuer or any form of security available to investors in detail.

Additional Terms for Japan Only: Moody’s Japan KK (“MJKK”) is a wholly owned subsidiary credit rating agency of Moody’s Group Japan GK, which is wholly owned by Moody’s Overseas Holdings Inc., a wholly owned subsidiary of MCO. Moody’s SF Japan KK (“MSFJ”) is a wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Accordingly, the credit ratings assigned by MSFJ are non-NRSRO credit ratings. Non-NRSRO credit ratings are assigned by an entity that is not an NRSRO and therefore the rated obligation will not qualify for certain types of treatment under US law. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stocks rated by MJKK or MSFJ (as applicable) have, prior to the assignment of any credit rating, agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and the services it renders a fee ranging from 100 000 JPY to around 550,000,000 JPY.

MJKK and MSFJ also maintain policies and procedures to meet Japanese regulatory requirements.

Good Debt vs. Bad Debt: Is It Worth Going Into Debt to Reach a Life Milestone?


Group4 Studio/Getty Images

Debt is part of the American way of life. Although credit card debt levels actually fell by $76 billion in the second quarter of 2021 — the largest quarterly decline in history — overall debt levels continued to rise, a trend that is now long-standing.

See: 11 Best Cities to Retire on $2,500 a Month
More: 10 surprisingly affordable places to own waterfront property

According to Experian, consumer debt levels increased by 5.4% between 2020 and 2021, to a total of $15.31 trillion. A CNBC report breaks that down into a total debt of more than $155,000 per American family. This includes both “bad debt”, such as credit card debt, and so-called “good debt”, such as home mortgages. But, are these age-old classifications still valid? And how much debt is too high to reach a life milestone?

Here’s an overview of several popular types of debt and what experts think of their merit.

Residential mortgages

Residential mortgages are the quintessential type of “good debt” and, for the most part, experts agree that a residential mortgage does not harm your financial situation. For starters, you can get a tax deduction for the mortgage interest you pay on your primary residence, and your loan is also backed by an asset that is likely to appreciate over time.

According to finance professional Stanley Poorman, “How a loan is secured determines whether it is good or bad. A mortgage is secured by an asset — your home — that gives it an advantage.

Of course, just like a bad investment, a bad mortgage with a high interest rate and a high loan-to-value ratio is much riskier, and any loans you can’t afford, even home mortgages, are ” bad debts “. But overall, a mortgage can actually help you build wealth over time or, at the very least, give you a home of your own.

POLL: Do you think you can retire at 65?

Student loan debt

Student loan debt has always been classified as “good debt” because it is an investment in yourself that can generate long-term wealth. However, the size of student loans has gotten so out of control that there is now a national debate about the value of student debt.

According to Credible, average student loan debt is approaching $40,000, and 2.6 million borrowers have debt over $100,000. It can take years, even decades, to pay that money back, even with a good job.

While it’s true that those with a college degree earn almost 50% more than those with a high school diploma, according to data from EPI’s State of Working America Data Library, one of the largest great risks can be those who start university and cannot finish it. . As Elise Gould, senior economist at the Economic Policy Institute, told CNBC Select, “About a third of people went to college, but they couldn’t complete their education because of the cost.”

It would leave you in the position of going into debt without the financial benefits of a degree to help pay it off.

Credit card debt

Credit card debt is universally decried by financial experts, but Americans still had an average balance of over $5,200 at the end of 2021 according to Experian. There aren’t many redeeming qualities for credit card debt, which usually comes with double-digit interest rates and the inability to forgive any interest.

According to Kim Cole, community engagement manager at the National nonprofit credit counseling agency Navicore Solutions. Be careful, however, even this strategy requires you to have the money to pay off the debt at the end of the promotional period.

Car loans

An auto loan is another choice that falls in a bit of a gray area. Many loans can be obtained at interest rates as low as 0%, which can be a great use of your money. But if it encourages you to take out a bigger loan than you can afford, it may be a bad choice.

Many car loans are also predatory, with extremely long maturities and high interest rates. And although you buy a property with an auto loan, it is a property that depreciates and loses value over time.

The reality, however, is that most Americans cannot afford to buy a car with cash. So if you need to take out a car loan, always shop around to get the best terms possible.

Personal loans

Personal loans are often taken out for a specific purpose, such as a home renovation or a one-time event such as a wedding. This puts many personal loans in a kind of gray area.

A home renovation, for example, can add value to your home, but unless you sell it immediately, you won’t receive a return of principal to pay off that loan. A special event like a wedding, on the other hand, is simply an expense. A personal loan probably has better interest rates than a credit card, so at least it’s a step in the right direction, but it’s also difficult to start a new married life while taking on a heavy debt load. .

Perhaps the best use of a personal loan is to pay off high interest credit card debt. According to Northwestern Mutual financial adviser Ashley Russo, “With a lower interest rate, you have the ability to pay more principal than interest, allowing you to pay off debt faster.”

Can Americans’ reliance on debt ever be contained?

The reasons why Americans continue to go into debt, to a large extent, are inherent in the system. For starters, there is a lack of quality basic financial education taught in schools. Even for those with basic financial skills, American society is structured around getting loans to buy a car, a mortgage to buy a house, and using credit cards for everyday purchases. .

Add to that reports that more than half of Americans can’t afford a $1,000 emergency out of their savings, and it’s likely that most Americans will find themselves in some sort of debt. The key is to use debt for assets whenever possible, find the lowest interest rates and most favorable terms, and never take on debt that exceeds your ability to repay it. This is how you can truly determine whether your debt is “good” or “bad”.

More from GOBankingRates

About the Author

Levi joined GOBankingRates in 2019. He has found success in financial, political and military lifestyle writing, with work appearing on MSN, Yahoo Finance, OurMilitary.com and more. With a background in narrative writing, he enjoys turning interesting conversations into impactful content.