Credit cards – Welcome Echizenshi http://welcome-echizenshi.com/ Tue, 22 Nov 2022 19:42:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://welcome-echizenshi.com/wp-content/uploads/2021/06/cropped-icon-32x32.png Credit cards – Welcome Echizenshi http://welcome-echizenshi.com/ 32 32 What you need to know about Christmas loans https://welcome-echizenshi.com/what-you-need-to-know-about-christmas-loans/ Tue, 22 Nov 2022 19:42:08 +0000 https://welcome-echizenshi.com/what-you-need-to-know-about-christmas-loans/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. Here’s what you need to know about […]]]>

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.

Here’s what you need to know about Christmas loans. Learn more about the pros and cons. (Shutterstock)

Paying for Christmas gifts and other holiday-related expenses like food, decorations, and travel can be expensive. This is why many people are looking for Christmas loans. These loans can make it easier to cover those expenses so you can take full advantage of the holiday season.

Here’s everything you need to know about Christmas loans.

If you’re looking for a Christmas loan, Credible lets you view your prequalified personal loan rates from various lenders, all in one place.

What are Christmas loans?

Christmas loans are personal loans you can use for a variety of vacation expenses. Just like other types of personal loans, a Christmas loan can be secured or unsecured. Factors such as your credit score, income, and the lender you choose will determine your terms and eligibility. You’ll need good credit to get the lowest rates and best terms.

How does a Christmas loan work?

With a Christmas loan, you’ll receive a lump sum of money up front and pay it back over time, usually in fixed monthly installments.

Christmas loans are usually offered by online lenders and credit unions. Since each lender has their own eligibility criteria, rates, and terms, it’s a good idea to shop around and compare options.

Keep in mind that some Christmas loans, sometimes called Christmas loans with no credit check, are actually payday loans with exorbitant interest rates of 400% or more. That’s why you want to look for vacation loans that are traditional personal loans and cap their interest rates at 36%.

How much can you borrow with a Christmas loan?

Each lender has their own loan limits for Christmas loans. But in general, you will find that most of them range from $1,000 to $50,000. Your credit score, debt ratio and other factors will determine the amount you will be approved for. If you have good credit, you will probably be able to borrow more than someone with fair or poor credit.

Are you eligible for a Christmas loan?

Although the eligibility criteria for a vacation loan may vary by lender, some common requirements include:

  • Good credit — Unless it’s a no credit check Christmas loan, which is essentially a payday loan, you’ll probably need good to excellent credit. If you don’t have the best credit, you may be able to apply for a co-signer to increase your chances of approval.
  • Low debt-to-income ratio — Your debt-to-income ratio (DTI) is the amount you owe in monthly debt payments relative to your income. Most lenders look for a DTI of no more than 40%.
  • Verifiable income — Some lenders will have a minimum income requirement. Even if you come across one who doesn’t, chances are you’ll need to show proof of income so they know you’ll be able to repay the loan.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit score.

How to take out Christmas loans

If you want to take out a loan for Christmas, follow these steps:

  1. Check your credit. Visit AnnualCreditReport.com or another website that offers free credit reports to check your credit. This way you will know what types of holiday loans you could get approved for.
  2. Compare options. Since there are so many Christmas loans available to choose from, it’s important to get prequalified and explore offers from at least a few different lenders. When evaluating your options, be sure to compare rates, terms, and fees.
  3. Estimate loan costs. Before committing to a holiday loan, make sure you can afford it. You can use a personal loan calculator to do this. Indicate the amount you wish to borrow, your interest rate and your repayment term.
  4. Complete and submit an application. Apply for the holiday loan that fits your budget and your needs. You can usually do this online, but some lenders may allow you to complete the process in person.
  5. Get your funds. Depending on the lender, you may receive your funds within a day or two of approval. Most lenders distribute loans by direct deposit.

Advantages and disadvantages of Christmas loans

Like all financial products, Christmas loans have pros and cons to consider, including:

Advantages

Christmas loans offer a few potential benefits:

Disadvantages

Christmas loans also have some possible downsides to consider, such as:

  • Fewer options for bad credit — If you have fair or poor credit, it may be more difficult to get approved for a Christmas loan with attractive terms. You may have to settle for a higher interest rate.
  • No reward — Unlike many credit cards, vacation loans don’t come with rewards. You may miss cash back, travel points or other benefits.
  • Increase in debt — A vacation loan means you’ll have another payment to deal with. If you’re already struggling financially, you might want to think twice about withdrawing one.
  • Costs – Some lenders charge fees for holiday loans, such as origination fees or a prepayment penalty. These additional costs can add up to increase your debt burden.

What are the other ways to pay for Christmas gifts?

If you’re not interested in a Christmas loan, consider these alternatives to help pay for holiday expenses.

If you’re ready to be prequalified for a loan, Credible makes it quick and easy compare personal loan rates to find the right one for your unique situation.

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Reforms needed as number of debt collection cases in Michigan rises https://welcome-echizenshi.com/reforms-needed-as-number-of-debt-collection-cases-in-michigan-rises/ Thu, 17 Nov 2022 01:27:00 +0000 https://welcome-echizenshi.com/reforms-needed-as-number-of-debt-collection-cases-in-michigan-rises/ Law360 (November 16, 2022, 8:27 p.m. EST) — Debt collection lawsuits “dominate” Michigan’s civil court system and the state should do more to help debtors defend themselves in court, a lawsuit said Wednesday. Michigan Supreme Court. The study also found racial disparities in debt collection cases and said Michigan trails its peers in consumer protection […]]]>

Law360 (November 16, 2022, 8:27 p.m. EST) — Debt collection lawsuits “dominate” Michigan’s civil court system and the state should do more to help debtors defend themselves in court, a lawsuit said Wednesday. Michigan Supreme Court.

The study also found racial disparities in debt collection cases and said Michigan trails its peers in consumer protection during the debt collection process.

The report by the Michigan Supreme Court’s Justice for All Commission found that debt collection cases accounted for 37% of all civil court filings in state district courts in 2019, the most recent year for which the data was analyzed. It was the second most common type of case after trafficking cases.

Growth in the volume of debt collection lawsuits in recent years “has been driven almost entirely by corporate debt buyers,” the commission found.

Third-party debt-buying companies are increasingly the plaintiffs behind debt collection lawsuits in Michigan courts and are responsible for 60% of debt collection filings, according to the report. The top three filers by volume in recent years have been third-party debt buyers: Midland Funding filed 20% of Michigan debt collection cases from 2017 to 2019, Portfolio Recovery Association 12% and Jefferson Capital Systems 8.8%, according to the Commission.

The tendency for debt buyers to sue presents “unique concerns,” the commission wrote, because consumers do not have a direct relationship with the debt buyer. When contacted by a debt buyer before or during legal action, a consumer may not recognize the name of the business, may believe that the debt buyer’s communications are a scam, and may ignore attempts. recovery and court documents until it is too late and a default judgment is rendered. . Default judgment is the result in 68% of Michigan debt collection cases, usually because the defendant has failed to respond, according to the study.

Looking at geographic data, the report found that two to three times as many debt collection lawsuits are filed against consumers in majority black neighborhoods compared to majority white neighborhoods at all income levels.

“More information is needed to understand the reasons for these disparate deposit rates,” the commission said, pointing to possible responses to racial disparities in access to low-interest credit and generational wealth disparities that mean black debtors are less likely to be able to get help from a family member to repay a loan.

Compared to neighboring states, Michigan also has more lenient pleading requirements for a debt collector to file a claim in district court, according to the report. Applicants only need to provide an account number and balance owing, with no requirement to provide documentation supporting the amount owed or proving ownership of the debt, unlike in Illinois, Indiana, and Minnesota.

“Other states in the region require documentation such as the original agreement or a monthly billing statement showing that the defendant used the account in question, the balance owing with charges and interest broken down, and documentation showing the chain ownership of the debt if it were sold to a debt buyer,” the report said.

Less than 0.5% of defendants in debt collection cases had legal representation, according to the report, while 96% of plaintiffs were represented by a lawyer.

The debts at issue included all non-mortgage consumer debt, including amounts owed on credit cards, auto loans, medical bills and payday loans. The median amount sought in debt collection lawsuits was $1,600 in 2018-19, according to the study.

After the default judgment is issued, judges will grant garnishment in 78% of cases, most often on state tax returns, but also on wages, bank accounts and other income.

The fact that so many cases end in default judgment, with serious consequences such as wage garnishment, raised red flags for the commission about “whether consumers actually received proceedings, whether the complaint and the summons provided meaningful and understandable notice to consumers of the claims against them, and whether consumers understood” the legal process.

The commission recommended a series of policy changes that would give defendants more time to serve notice of prosecution and expand options for mail and alternative methods of service; increase the amount of information a complainant is required to include in the complaint; and revising court forms to make them easier to understand for self-represented litigants.

“This groundbreaking research will help us improve the way trial courts handle debt collection cases to make the process easier to navigate and more fair, efficient and consistent,” said commission chair, the Michigan Supreme Court Justice Brian Zahra in a statement accompanying the release of the report. .

The commission also said it would work on pilot programs offering alternatives to litigation, describing debt collection lawsuits as a costly and time-consuming “lose-lose-lose” situation for creditors, consumers and the courts.

“With debt collection representing a substantial and growing portion of caseloads, this work is a critical step toward our goal of a civil justice system accessible to all,” said commission vice chair Angela Tripp. director of Michigan Legal Help.

Tripp called on “other branches of government” to also take action to address the issue of debt collection practices.

The report was compiled with help from The Pew Charitable Trusts and data advisory firm January Advisors.

–Edited by Jill Coffey.

For a reprint of this article, please contact reprints@law360.com.

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Ballot initiatives allow the people to avoid right-wing politicians in this election, so the right wants to abolish them https://welcome-echizenshi.com/ballot-initiatives-allow-the-people-to-avoid-right-wing-politicians-in-this-election-so-the-right-wants-to-abolish-them/ Mon, 14 Nov 2022 05:04:43 +0000 https://welcome-echizenshi.com/ballot-initiatives-allow-the-people-to-avoid-right-wing-politicians-in-this-election-so-the-right-wants-to-abolish-them/ By Sarah Anderson | – ( Otherwords.org) – This fall, in the run-up to the midterm elections, a group of Catholic nuns, Protestant ministers and other religious leaders caravanned in South Dakota for what they called a “Love Your Neighbour”. Citizens’ initiatives achieved great successes at mid-term. But now this form of direct democracy is […]]]>

By Sarah Anderson | –

( Otherwords.org) – This fall, in the run-up to the midterm elections, a group of Catholic nuns, Protestant ministers and other religious leaders caravanned in South Dakota for what they called a “Love Your Neighbour”.

Citizens’ initiatives achieved great successes at mid-term. But now this form of direct democracy is under attack.

They stopped at grocery stores, restaurants, senior centers, libraries and other community gathering places to start conversations about health insurance. They heard story after story of family members, friends and neighbors struggling to afford quality health care.

The purpose of this tour: to build support for a ballot initiative to help more South Dakotans get the care they need.

Through such initiatives, citizens can circumvent elected officials who have become disconnected from their constituents.

In this year’s elections, voters over 30 states engaged in this form of direct democracy. These voters enshrined abortion rights in states like Michigan, funded universal preschool and child care in New Mexico, and clamped down on medical debt in Arizona.

In South Dakota, the “Love Your Neighbor” campaign won big. By a margin of 56 to 44, voters approved a proposal to force their state government to expand Medicaid eligibility, a move that will help about 42,500 working-class people get treatment.

These people earn too much to qualify for the state’s existing Medicaid program, but too little to access private insurance through the Affordable Care Act. Since 2010, the federal government has covered 90% of the costs when states expand Medicaid, but political leaders in South Dakota and 11 other states declined to do so.

This isn’t the first time South Dakotans have used effective strategies of people-to-people organizing and ballot initiatives for the good of their neighbors.

In 2016, a bipartisan coalition with strong support from the faith community won an incredible victory against financial predators, winning 76% support for a ballot impose a 36% interest rate cap on payday loans. Previously, those rates averaged around 600% in South Dakota, trapping many low-income families in a downward spiral of debt.

In this midterm election season, Nebraska offers another inspiring example of citizen action to circumvent out-of-touch politicians.

For 13 years now, Republicans in Congress have blocked efforts to raise the federal minimum wage, leaving it stuck at $7.25 since 2009. Nebraska’s entire congressional delegation — all Republicans — has always opposed the hikes minimum wage. Rep. Adrian Smith, for example, recently attacked President Biden’s $15 federal minimum proposal as “economically harmful.”

Nebraskans see the issue differently.

Voters there approved an increase in the state minimum wage to the same level Biden has proposed — $15 an hour — by 2026. The measure, which sailed with 58% supportwill mean larger paychecks for approximately 150,000 Nebraskans.

Election measures like these can send a healthy wake-up call to political leaders who aren’t listening to their constituents. But some special interests, especially those with deep pockets and driven by narrow profit motives, don’t necessarily want ordinary Americans to be heard.

State legislatures across the country have seen a slew of bills aimed at restricting or eliminating the ballot measurement process. According to Voting Initiative Strategy Centerthe number of such bills has increased by 500% between 2017 and 2021. Dozens more have been introduced in 2022, including efforts to raise the threshold to pass a ballot measure beyond a one-way vote. simple majority.

The purpose of these restrictions? To undermine the will of the people.

At a time when more and more Americans are worried about the future of our democracy, we should applaud the advocates in South Dakota, Nebraska and elsewhere who engage their fellow citizens in the political decisions that affect their lives. .

We need more democracy. Not less.

Sarah Anderson directs the Global Economy Project and co-edits Inequality.org at the Institute for Policy Studies.

Otherwords.org

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Penticton healthcare worker and children on the brink of homelessness https://welcome-echizenshi.com/penticton-healthcare-worker-and-children-on-the-brink-of-homelessness/ Fri, 11 Nov 2022 14:00:10 +0000 https://welcome-echizenshi.com/penticton-healthcare-worker-and-children-on-the-brink-of-homelessness/ Penticton mother Kandace Sztepanacz with her children in their small apartment. Image Credit: SUBMITTED/Kandace Sztepanacz A single mother of two struggles to keep her family housed in the midst of a provincial housing crisis. Currently living in a small one-bedroom apartment, Kandace Sztepanacz is getting deeper into debt every […]]]>




Penticton mother Kandace Sztepanacz with her children in their small apartment.

Image Credit: SUBMITTED/Kandace Sztepanacz


A single mother of two struggles to keep her family housed in the midst of a provincial housing crisis.

Currently living in a small one-bedroom apartment, Kandace Sztepanacz is getting deeper into debt every month.

“I’m sinking financially,” she said. “I even had to take out payday loans. I live in fear that we’ll end up living in my car, and in January there’s a rent increase.

Sztepanacz doesn’t know from month to month whether she’ll be able to afford to continue living in her apartment, and between shifts as a nursing unit clerk at the Penticton Regional Hospital, she is looking for cheaper accommodation.

She is far from finding one in her price range, and the current stressful situation is having an impact on her mental health.

“The prices are amazing,” she said. “Even properties that claim to be low-income cost $1,600 or more for a bedroom, and then they require rental insurance, parking fees, and add utilities on top of that.

“There are a few properties that have units in the lower price range, but they require you to have a certain credit score.”


READ MORE: Governments must take ‘serious action’ to tackle housing crisis: accountants

Last year, Sztepanacz was receiving employment insurance benefits to supplement his salary, but is no longer eligible after moving into a full-time position a few months ago.

“Even with full-time hours, I’m barely getting by,” she says. “I don’t get child support, so I work overtime whenever possible.”

This year, she applied for shelter allowance through BC Housing.

“They’re basing it on last year’s taxes and I had EI topped me up, which was too much to qualify for their low income bracket of $40,000 gross, not home, raw, to support three people,” she said. “So I reapplied asking them to use what I’m currently making.

“They wanted three current pay stubs which I submitted, but the stubs reflected an unusually high period of overtime which I was able to enter when many of my colleagues were away. I explained it was higher than normal and showed them normal stubs but they used my overtime stubs and decided I was earning too much for the low income bracket and told me refused.

Sztepanacz asked to go back to school to become a nurse so she could earn more money, but had to put the plan on hold because she couldn’t support her children at the same time.

She even tried to find a second job, but her rotating schedule as a hospital clerk prevented her from doing so.

Sztepanacz wants the government to step in and help families who desperately need affordable housing.

“My grandmother worked in the hospital running the radiology department for years and was able to afford a big, nice house where I grew up, but my generation can’t afford to live. Something has to be done, the cost of living is way too high. I have a great job, one with a pension, but I live in fear that we will end up on the streets.


READ MORE: HOUSING CRISIS: Kamloops mom and kids in tough spot after losing their home

Sztepanacz has a family member who lives in Penticton who doesn’t have room for all three of them.

“I know people my age and in their 40s who have had to move back in with their parents and others who work full time while living in their car.”

As Sztepanacz takes each day one day at a time, she struggles with anxiety, fear and a sense of hopelessness that her family will one day feel financially stable and well housed.

According to Statistics Canada data from the 2021 census released in September, residents of British Columbia spent an average of 25.6% of their income on housing last year.

43.7% of Kelowna renters spent more than 30% of their income on housing last year.

36.1% of Kamloops renters paid more than 30% last year.

The data published by Statistics Canada does not include a breakdown for small communities.


READ MORE: Renters in Kamloops and Kelowna find it harder to find housing than homeowners: StatsCan


– This story was corrected at 8:56 to change the title as the woman is not a nurse.



To contact a reporter for this story, email Shannon Ainslie or call 250-819-6089 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.


We appreciate your comments and opinions on our stories, but play well. We will not censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in the comments, email the editor in the link above.

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Employers extend workers’ benefits https://welcome-echizenshi.com/employers-extend-workers-benefits/ Wed, 09 Nov 2022 05:30:31 +0000 https://welcome-echizenshi.com/employers-extend-workers-benefits/ With more companies hiring remotely and employing workers located in areas subject to different local laws and anti-money laundering regulations, processing international payroll payments has become more complex in recent years. This has made the role of last mile partners critical, according to Eynat GuezCEO of a cross-border payroll management company based in Israel world […]]]>

With more companies hiring remotely and employing workers located in areas subject to different local laws and anti-money laundering regulations, processing international payroll payments has become more complex in recent years.

This has made the role of last mile partners critical, according to Eynat GuezCEO of a cross-border payroll management company based in Israel world papayahighlighting recent Partnership with JPMorgan.

Announced in October, the deal gives Papaya access to the bank’s global financial infrastructure and payments network, which the company leverages to deliver compliant and secure payroll payments through a single end-to-end platform. boils in 72 hours in more than 150 countries around the world.

Read more: Papaya Global to Acquire Cross-Border Payments Service Azimo

As Guez told PYMNTS, “Our customers and everyone who uses Papaya can rest assured that once they process payroll with us, their employees will be paid correctly and on time in any country in the world. .”

Regarding payments in multiple currencies, she said the ability to pay an employee’s preferred currency has been challenged by regulations in most parts of the world, which require salary payments to be paid. in local currencies.

Read also: Papaya Global raises $250 million for onboarding and cross-border payment

Overall, however, Guez’s view is that currency is going to be the new “world order” in payroll payments, with more individuals capitalizing on double-digit currency swings to earn substantial income without too much effort.

Crypto: new payroll option?

Whether making payments to local bank accounts, digital wallets such as PayPal, or even paying directly in digital assets, there is a growing demand for payment flexibility worldwide from international workers.

For those in countries with highly volatile markets or places with liquidity issues like Ukraine and Russia, Guez said demand for fast, low-cost cryptocurrency payments has increased. over time.

Learn more: Deel CEO: Crypto offers employers a new payroll option to attract a global workforce

But as employees increasingly embrace the option of having some of their savings invested in virtual assets, she pointed to some concerns, including that digital currencies are still not assets that can be liquidated often or exchanged on a day-to-day basis to buy groceries, for example.

Increasing regulation in the space has also not helped, adding further complexity to crypto payments associated with payroll, she also noted.

“About two or three years ago it was much easier because governments [were still behind in catching on to the trend]but all of a sudden [that has changed]“, she said, adding that apart from the United States, which has made it relatively easy to pay in crypto, most countries have made it very difficult for employees to hold crypto.

Extension of benefits

The world of employment has undoubtedly changed in recent years, paving the way for sustained telecommuting and hybrid work for most companies.

Trends such as pay-as-you-go have also gained traction as more workers seek access to their wages before the end of the government-regulated monthly payment cycle commonly used in most parts of the world. .

“There is almost no logical reason why [employees] shouldn’t be paid sooner if they stay [on the job] and work for the whole month,” Guez noted.

She added that quick access to wages is even more critical in this current macro environment of high interest rates to prevent workers from relying on predatory payday loans to make ends meet.

See also: Avoiding International Payroll Missteps

In this context, she said employers would play a bigger role in initiating short- and long-term loans rather than banks, using balance sheet liabilities such as paid vacation (PTO) or severance pay. departure that are unrelated to salary payments.

With these cheaper financial services and benefits, employees who need access to funds above their salary, to buy a vehicle or cover wedding expenses, for example, can turn to their employer to make up the shortfall. financial.

This is an area where global payroll providers like Papaya, who have access to massive amounts of employee data, can also help.

“We can estimate [employee] just like the bank would and also have full visibility into the liabilities an employer has on the balance sheet – so why can’t we create a place where those needs are met? Guez argued.

For all PYMNTS EMEA coverage, subscribe daily EMEA Newsletter.

We are always looking for partnership opportunities with innovators and disruptors.

Learn more

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4 smart ways to finance your holiday shopping – and 2 to avoid https://welcome-echizenshi.com/4-smart-ways-to-finance-your-holiday-shopping-and-2-to-avoid/ Sun, 06 Nov 2022 15:32:00 +0000 https://welcome-echizenshi.com/4-smart-ways-to-finance-your-holiday-shopping-and-2-to-avoid/ Image source: Getty Images If the Christmas music stores played last month isn’t enough warning, the holiday season is right around the corner. This means that we only have a few weeks left to buy all the gifts on our list. That’s a challenge in itself, but you also have to decide how you’re going […]]]>

Image source: Getty Images

If the Christmas music stores played last month isn’t enough warning, the holiday season is right around the corner. This means that we only have a few weeks left to buy all the gifts on our list. That’s a challenge in itself, but you also have to decide how you’re going to finance all those purchases.

What you choose could affect your finances long after the start of the new year, so you need to weigh all your options carefully. Here are four financing options you might want to consider and two you should probably avoid.

Check Out: This Credit Card Offers a Rare $300 Welcome Bonus

More: These introductory 0% APR credit cards made our top list

4 smart ways to pay for your holiday shopping

These strategies should be your go-to options for holiday shopping:

1. Save over time

Make a list of all the gifts you plan to buy and their costs. If that’s a lot more than you can afford, set a vacation budget and decide how much you can allocate to each person on your list.

Once you have a savings goal, try setting aside a little extra money each week until you reach your goal. You may need to make changes to your budget, such as cutting back on dining out or discretionary shopping for yourself, to get there.

2. Layaway

Many department stores and some online retailers offer layaway services. This is where you choose the items you want and pay a small percentage down. Then you make regular payments over time, and when you’ve paid for everything, you can take the items home.

Not all retailers allow layaway, and those that do may have different policies regarding how much you must pay and how quickly you must pay the full balance. So it’s a good idea to find out about the conditions at the store you’re buying from before deciding if it’s right for you.

3. Buy now, pay later

Services Buy Now, Pay Later (BNPL) are similar to layaway, except you can take the item home before you finish paying for it. You should always put money aside and make regular payments until you’ve paid it all off.

If you choose this route, be careful not to spend more than expected. When you pay only a small amount, it can encourage you to overspend, and you may not be able to pay the bills later.

4. Credit card with rewards

Credit cards are a safe way to shop online and rewards credit cards allow you to earn gift cards that you can use for future purchases. Or you can put the points you earn on your next credit card bill to reduce the amount you owe.

But if you plan to do so, you should only charge the card if you are sure you can repay at the end of the month.

Two financing options to avoid

Using any of these strategies to pay for your holiday gifts could come back to bite you in the long run:

1. Payday Loans

Payday loans offer quick cash and have fairly low eligibility requirements. But they also have extremely high interest rates. If you are unable to repay your balance in full at the end of the loan term, you could find yourself in a spiral of debt that haunts you long after the holiday season.

2. Rewards credit cards if you can’t pay off your balance in full

Interest rates on credit cards are not as high as interest rates on payday loans, but they can still exceed 20%. If you don’t pay off your balance in full at the end of the month, the rest will start earning interest and you’ll pay a lot more in the long run.

You can use a combination of the strategies listed above to pay for your Christmas presents. But whenever possible, try to avoid borrowing money. Even if you fully intend to pay it back on time, you never know what other costs might arise in the meantime. If you pay for everything with your own savings, you won’t have to worry about late fees or creditors suing you.

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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.Kailey Hagen has no position in the stocks mentioned. The Motley Fool fills positions and recommends Target. 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.

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OMNIS Wins Halloween Business Idea Pitch Contest https://welcome-echizenshi.com/omnis-wins-halloween-business-idea-pitch-contest/ Thu, 03 Nov 2022 19:26:03 +0000 https://welcome-echizenshi.com/omnis-wins-halloween-business-idea-pitch-contest/ Body of the review The fourth edition Halloween Presentation Contesthosted by the New business accelerator and the Herbert College of Commercesaw 19 teams compete for $5,000 in seed funding, in front of a panel of industry pro judges inside the Broadway Event Space and Theatre. When the scores have been counted, OMNIS emerged victorious and […]]]>

Body of the review

The fourth edition Halloween Presentation Contesthosted by the New business accelerator and the Herbert College of Commercesaw 19 teams compete for $5,000 in seed funding, in front of a panel of industry pro judges inside the Broadway Event Space and Theatre.

When the scores have been counted, OMNIS emerged victorious and received $2,000 from the prize pool. OMNIS is a participatory social platform where individuals borrow money through short-term community and peer-to-peer microloans, and where others can borrow money to meet their immediate needs.

Zakariya Veasy, a senior software engineering specialist, founded OMNIS to solve the problem of people with limited credit histories being marginalized by traditional banks and exploited by predatory payday loan companies. “Far too often, the underbanked and unbanked are forced to turn to high-interest payday loans to stay afloat at 400% interest on average,” Veasy said. “The value proposition for OMNIS users is that it builds credit for underserved and neglected demographics. With OMNIS, users build community financial literacy and close generational wealth and credit gaps at across the country.

Other teams that have received funding include:

  • Rodopto, founded by Scott Rowe, uses drones to plant crops that can be converted into renewable diesel fuel and received $1,000.

  • Stretch & Go, founded by Josh Green and Tristin Pettus, is a device providing the critical method for stretching the hamstrings awarded $500

  • BAE, founded by William Murphy and Avery Arasin, is an app that allows students to connect with other students within their own college ecosystem awarded $500

  • AbGlo, founded by Marianne Madsen, Holli Michaels and Courtney Montague, is a fitness device that provides visual feedback to correct lower back posture received the $1,000 Special Category Award provided by the Thomas Walter Center for Technology Management.

The Halloween Business Idea Pitch Contest discovers and rewards early-stage business products, services, or concepts emerging from Auburn University students. Winner of last year, Room2Room Moversfounded by Brooks Fuller, a recent graduate of Harbert, is currently experiencing significant commercial success.

Special recognition and appreciation goes to the judges who supported this year’s competition:

Comments that competing teams share each year are that, while the prize money is important, ideas and offers of support from alumni, which will help them in their longer-term business planning efforts, are a long way off. the most valuable elements of the experience. It proves once again that the people of Auburn always come back and always give back.

Congratulations to all the teams that participated in the Halloween 2022 pitch contest: Atlas Esports – AbGlo – BAE – Balance Buddy – Bridal Jeans – Drop Out Flags – Flavivirus Resource Center – Gym Rat U – HyperTransport – Kaopetronite – LoLo Baking – Menu Match – OMNIS – Plainsman Financial Consulting – Rodopto – Seat Key – Stretch & Go – Tennis Taps – Your future is today.

NEXT : tiger cage where start-ups will compete for $50,000 in start-up capital!

Applications to participate in Tiger Cage must be submitted by November 16, with the competition starting on January 27.

To sign up for Tiger Cage, click here or contact Lou BifanoDirector of the New Venture Accelerator at loubifano@auburn.edu for more information.

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5 Tech Trends Helping Unbanked People Access Financial Services https://welcome-echizenshi.com/5-tech-trends-helping-unbanked-people-access-financial-services/ Mon, 31 Oct 2022 19:54:17 +0000 https://welcome-echizenshi.com/5-tech-trends-helping-unbanked-people-access-financial-services/ Mobile banking is booming. Online payment services are all the rage. These are two of the findings of the Federal Deposit Insurance Corp’s 2021 National Survey. on unbanked and underbanked households, a biennial survey investigation which measures the means and degrees to which Americans access safe and affordable banking services. The agency partnered with the […]]]>

Mobile banking is booming. Online payment services are all the rage.

These are two of the findings of the Federal Deposit Insurance Corp’s 2021 National Survey. on unbanked and underbanked households, a biennial survey investigation which measures the means and degrees to which Americans access safe and affordable banking services. The agency partnered with the US Census Bureau to collect responses from more than 30,000 households in the United States in June 2021.

This year’s survey had a number of takeaways with implications for banking technology, including the prevalence of mobile banking as the primary form of account access, usage patterns of online payment services and technologies that have potentially helped more people obtain banking services or find alternatives. to predatory services. Even though the national unbanked rate has fallen, there are persistent problems with access to banking services among minorities – an issue that has technological implications that are not discussed in detail in the report.

“We’ve had nearly a decade of large-scale digitization of financial services and mass adoption of smartphones,” said Sarah Morgenstern, venture capital partner at Flourish, a venture capital firm that invests in startups. focused on financial health. “This has helped reduce costs and increase access to financial products at fair prices, especially for low- and middle-income consumers.”

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Video: Rep. Elaine Luria Holds Press Conference on Jen Kiggans Vote Against Military and Military Families https://welcome-echizenshi.com/video-rep-elaine-luria-holds-press-conference-on-jen-kiggans-vote-against-military-and-military-families/ Fri, 28 Oct 2022 16:44:54 +0000 https://welcome-echizenshi.com/video-rep-elaine-luria-holds-press-conference-on-jen-kiggans-vote-against-military-and-military-families/ ICYMI: Congresswoman Luria Holds Press Conference on Jen Kiggans Vote Against Military and Military Families VIRGINIA BEACH, Virginia – Today, Elaine Luria (VA-02), former small business owner and congresswoman, Navy veteran of 20 years, held a press conference with local leaders and veterans after he was revealed that Jen Kiggans took money from the predatory […]]]>

ICYMI: Congresswoman Luria Holds Press Conference on Jen Kiggans Vote Against Military and Military Families

VIRGINIA BEACH, Virginia – Today, Elaine Luria (VA-02), former small business owner and congresswoman, Navy veteran of 20 years, held a press conference with local leaders and veterans after he was revealed that Jen Kiggans took money from the predatory payday loan industry, then voted against a bipartisan bill that would crack down on exploitative industry practices that harm active duty personnel and military families.

The press conference took place outside the Republican National Committee for Veterans Affairs Community Center in Virginia Beach, which was closed at the time. Click here for the press conference livestream. Additional videos and images can be found here.

“Jen Kiggans took tens of thousands of dollars from a Republican PAC with substantial financial backing from the payday loan industry before voting against a bipartisan bill that would crack down on payday lenders who exploit our active duty personnel. , our veterans and our military families,” said MP Luria. “Whether it’s supporting a nationwide ban on abortion, refusing to say Joe Biden won a free and fair election, or taking money from a shady political organization and then voting against protecting of our military families, Jen Kiggans has proven time and time again that she cannot be trusted. She will say and do anything to get elected, including voting against the men and women who risk their lives for serve our country.

Kiggans voted against Senate Bill 421, the bipartisan party Virginia Fairness in Lending Actthat caps predatory interest on payday loans and expands access to credit.

After being asked by WAVY 10 about her vote, Kiggans ran sharply out of the interview with the station’s microphone still attached. Campaign finance reports show Kiggans took $20,000 in contributions of a Republican PAC funded by the payday loan industry before she voted against legislation as a state senator.

“There is nothing I value more as a legislator than fighting for our veterans,” said Virginia House Democratic Leader Don Scott. “Jen Kiggans needs to explain why she took $20,000 from our military and their families and then ran when asked about it.”

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More and more students are dropping out of college for money worries https://welcome-echizenshi.com/more-and-more-students-are-dropping-out-of-college-for-money-worries/ Wed, 26 Oct 2022 21:12:07 +0000 https://welcome-echizenshi.com/more-and-more-students-are-dropping-out-of-college-for-money-worries/ Students at Hugh School in Long Beach, California, in March 2021. – © AFP Money SHARMA With students now well into their academic year, new data on students in the UK has revealed that 76% fear making ends meet at university and 4% have even considered going to college. give up because of their money […]]]>

Students at Hugh School in Long Beach, California, in March 2021. – © AFP Money SHARMA

With students now well into their academic year, new data on students in the UK has revealed that 76% fear making ends meet at university and 4% have even considered going to college. give up because of their money worries.

This is based on new data compiled by credit management company Lowell. Analysis of this data explores how students finance their time in college, as well as their attitudes toward money and spending habits that cause long-term problems.

Overall, three-quarters of students (77%) develop personal debt problems while in college.

Research shows that many students rely on credit cards (27%), Buy Now Pay Later programs (15%) and payday loans (9%). These measures are more damaging in the long run, affecting credit scores and putting people in debt on top of their student loans.

There are different results around these forms of indebtedness. Although all forms are expensive, some cost more in the long run than others. In the UK, the average annual percentage rate (APR) on a payday loan (a short-term loan) can be as high as 1,500%, compared to a typical APR of 23% on a credit card. A payday loan is usually a short-term loan for small amounts of money with an extremely high APR. For example, if a student borrows £100 with an APR of 50% and agrees to pay it back in a month, they will owe £150 at the end of the month (an additional £50 on top of the original loan).

With Buy Now Pay Later products, these may seem like a solution for students, but this approach can put students at risk of being charged if they are unable to pay.

A recent Save the Student annual survey also found that 32% of students said they use their overdraft as a source of income. While many student accounts have credit limits that increase year over year and with 0% overdraft, after college, many banks expect students to pay off their overdraft within 1 year. to 3 years, which puts even more pressure on graduates to find employment in a competitive job market.

It is also noted that students rely on the support of their family (42%) and their savings (36%). The different sources are described in the following table:

In addition to any student loans or grants you received, what source of income did/do you rely on during your university studies? Percent Response
Supported by family 42%
Savings 36%
Credit card 27%
Discoveries 25%
disposable income 19%
live at home 17%
Buy now Pay later 15%
Payday loans 9%

When it comes to what triggers debt, student spending habits prioritize weekly grocery stores (56%), rent (52%) and bills (44%). The average amount of debt, excluding tuition fees and student loans, that each graduate completed college with was £2,332, taking an average of 3.8 years to pay off in full.

Additionally, 15% of graduates finished university with over £5,000 in additional loans. Additionally, of all those surveyed, it took 16% of students four years or more to pay off the personal debt they had accumulated in college.

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