Western United States Financing – Heart Of America Northwest http://heartofamericanorthwest.org/ Thu, 19 May 2022 15:10:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://heartofamericanorthwest.org/wp-content/uploads/2021/10/icon-49.png Western United States Financing – Heart Of America Northwest http://heartofamericanorthwest.org/ 32 32 Red flags of toxic debt and how to avoid it https://heartofamericanorthwest.org/red-flags-of-toxic-debt-and-how-to-avoid-it/ Thu, 19 May 2022 15:10:03 +0000 https://heartofamericanorthwest.org/red-flags-of-toxic-debt-and-how-to-avoid-it/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. The word debt can often have a bad connotation, but not all debt is necessarily “bad”. […]]]>

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

The word debt can often have a bad connotation, but not all debt is necessarily “bad”. Certain types of debt, such as student loans and/or mortgages, allow you to use leverage to help improve your financial future. In addition, their low interest rates allow you to take advantage of cheap financing over time.

At the other end of the spectrum is what we call “toxic debt”. Unlike low-interest debt, toxic debt is a loan that is issued with a very high interest rate (usually a rate north of 30%). In other words, toxic debt is debt that is unlikely to be repaid with interest, a characteristic that can be particularly toxic for both lender and borrower.

“The loan will usually cost you significantly more than the value of the loan amount,” Trina Patel, financial advice manager for the personal finance app albert, says Select. Examples include payday loans or loans from predatory lenders that are characterized by unreasonable fees, rates and payments.

When you’re short on cash, payday loans seem like an easy solution because they can be a quick way to get the cash you need, but their interest rates are sky high. In some unregulated states, you could be paying over 500% interest for a short-term loan of a few hundred dollars, which quickly increases over time when you can’t pay off the balance.

Because toxic debt could wreak havoc on your finances without you even realizing it, we’re sharing signs below that you might already have it, along with tips for avoiding or getting out of toxic debt.

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Signs you may already have toxic debt

Tips for avoiding or getting out of toxic debt

Obviously, you should try to avoid toxic debt at all times, but this may be easier said than done.

If you find yourself in a situation where you need extra money right away, Patel recommends first asking a family member or trusted friend to borrow money and creating a plan for it. repayment with him.

Another option is to subscribe to a personal loan from a bank or credit union. Personal loans often have lower interest rates than credit cards, and consumers can use them to finance almost any type of expense or to consolidate debt.

LightStream, for example, offers some of the lowest interest rate loans we’ve found when ranking the best personal loans, ranging from 3.49% to 19.99% fixed APR when you sign up for autopay. . Borrowers can even receive their funds the same day, if applied and approved on a weekday by 2:30 p.m. ET, and the loan terms are among the longest available, ranging from 24 to 144 months.

LightStream Personal Loans

  • Annual Percentage Rate (APR)

    3.49% to 19.99%* when you sign up for autopay

  • Purpose of the loan

    Debt consolidation, renovation, car financing, medical expenses, marriage and more

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

While LightStream requires applicants to have good credit or above, there are also personal loans for those with bad credit. Here are Select’s top picks:

If the above options aren’t viable, you can finally consider using your credit card, either by simply swiping it or taking a cash advance (cash advances usually have a fee of around 5 % or more, note that you will start charging interest immediately on the cash advance). Although credit cards have some of the highest interest rates, they’re still cheaper than what you’d pay if you took out a payday loan you can’t afford to pay back.

In this scenario, Patel suggests talking to your credit card company about lowering your interest rate. You can also consider getting a low interest credit card or a credit card with a 0% APR intro period like the U.S. Bank Visa® Platinum Card, which offers one of the best overall intro APR periods: 0% for the first 20 billing cycles on balance transfers and purchases (after, 15.24% to 25.24% variable APR; cardholders must complete balance transfers within 60 days of account opening). This is one of the longest interest-free periods for balance transfers and purchases. With such a long introductory period, ideally you can pay off your debt within that time frame and not have to pay any additional interest.

“With all of these options, it’s important to create a plan to pay off that debt,” says Patel. “I would also recommend reviewing your budget to see where you can cut expenses and start building an emergency savings fund to avoid this in the future.”

U.S. Bank Visa® Platinum Card

On the secure site of US Bank

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for the first 20 billing cycles on balance transfers and purchases

  • Regular APR

    15.24% – 25.24% (Variable)

  • Balance Transfer Fee

    Either 3% of the amount of each transfer or $5 minimum, whichever is greater

  • Foreign transaction fees

  • Credit needed

Consider a credit counselor to develop good financial habits

And if you already have toxic debt, prioritize action to eliminate it completely. Patel suggests starting by talking to a credit counselor who can help you explore your options. The most reputable credit counseling organizations are non-profit organizations and you can take advantage of their programs for free or at an affordable flat rate. You won’t pay high fees to meet with one like you would with a financial advisor.

To get started, find an accredited credit counseling agency in your area on the FCAA website or by phone at (800) 450-1794. You can also search on NFCC website (search by zip code below), or call (800) 388-2227.

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

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

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Beware of payday advance promises https://heartofamericanorthwest.org/beware-of-payday-advance-promises/ Tue, 17 May 2022 04:00:43 +0000 https://heartofamericanorthwest.org/beware-of-payday-advance-promises/ High energy and food prices are particularly bad for people who live from payday to payday. In the UK, around 22% of adults have less than £100 in savings, according to a government-backed investigation. In the United States, about 20% of households say they could only cover their expenses for two weeks or less if […]]]>

High energy and food prices are particularly bad for people who live from payday to payday. In the UK, around 22% of adults have less than £100 in savings, according to a government-backed investigation. In the United States, about 20% of households say they could only cover their expenses for two weeks or less if they lost their income, according to the consumer protection regulator.

In this context, many employers want to do something to help their staff become more “financially resilient”. An increasingly popular idea is to partner with companies that offer “earned wage access” or “early wage advance plan” products. These companies connect to an employer’s payroll to allow employees to pre-debit a portion of their upcoming salary.

Businesses usually charge a commission per transaction (usually between £1 and £2 in the UK) which is paid by the employee or employer. The products are largely unregulated as they are not considered loans. They are proliferate in the UK, USA and a number of Asian countries such as Singapore and Indonesia.

UK-based banking app Revolut has also entered the market, narrative employers, it’s a way to “enhance the financial well-being of employees, at no cost to you”. Data are sparse, but the research company Aite-Novarica estimates that $9.5 billion in wages were accessed early in the United States in 2020, compared to $3.2 billion in 2018.

In a world where many employers no longer offer one-time employee advances, these products can help staff deal with unexpected financial emergencies without having to resort to expensive payday loans. Some of the apps like UK-based Wagestream, whose funders include charities, combine it with a suite of other services like financial coaching and savings. There is also value in the clear information that some of these apps provide to workers about their earnings, especially for shift workers.

But for businesses that don’t offer these broader services, the question arises as to whether payday advances actually promote financial resilience. If you deduct from the next paycheck, you may miss again the following month.

Data from the Financial Conduct Authority, a UK regulator, suggests users take advances between one and three times a month on average. While the data shared by Wagestream shows 62% of its users do not use the payday advance option at all, 20% support it once or twice a month, 9% support it four to six times and 9% support it seven times or more .

In addition to the risk of being trapped in a cycle, if you pay a flat fee per transaction, the cost can quickly add up. CAF has warned there is a “risk that employees do not appreciate the true cost” in relation to interest rate credit products.

On the other hand, Wagestream told me that frequent users were not necessarily in financial difficulty. Some users are part-time shift workers who just want to be paid after each shift, for example. Others seem to want to create a weekly pay cycle for themselves.

Wagestream users on average transfer lower amounts less often after a year. The company’s “end goal” is for all costs to be covered by employers rather than workers. Some employers already do this; others are considering doing so as the cost of living rises.

Regulators have noticed the market but have yet to get involved. In the UK, the FCA The Woolard Review last year “identified a number of risks of harm associated with the use of these products”, but found no evidence of “crystallization or widespread harm to consumers”. In the United States, the Consumer Financial Protection Bureau is expected reconsider whether some of these products should be treated as loans.

A good starting point for regulators would be to collect better data on the scale of the market and how people are using it.

Employers, on the other hand, should be wary of the idea that they can offer “financial well-being” on the cheap. Companies that believe in the value of these products should cover the costs and keep tabs on how staff are using them. They might also offer payroll savings plans to help people build a financial cushion for the future. Nest, the British state-backed pension fund, has just reached an encouraging agreement trial an “opt out” approach to employee savings funds.

If employers don’t want to go down this road, there is a great alternative: pay staff a living wage and let them.

sarah.oconnor@ft.com

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10 Ways To Stay Motivated While Paying Off Debt According To PaydayChampion’s Mirek Saunders – CONAN Daily https://heartofamericanorthwest.org/10-ways-to-stay-motivated-while-paying-off-debt-according-to-paydaychampions-mirek-saunders-conan-daily/ Sat, 14 May 2022 01:41:02 +0000 https://heartofamericanorthwest.org/10-ways-to-stay-motivated-while-paying-off-debt-according-to-paydaychampions-mirek-saunders-conan-daily/ When you’re trying to pay off your debt, it can be hard to stay motivated. Especially if you’ve been struggling with it for a while. But don’t worry, because you are not alone. Thousands of people are in the same situation as you, and many of them have found ways to stay motivated and continue […]]]>

When you’re trying to pay off your debt, it can be hard to stay motivated. Especially if you’ve been struggling with it for a while. But don’t worry, because you are not alone. Thousands of people are in the same situation as you, and many of them have found ways to stay motivated and continue their journey to debt freedom.

In this blog post, Mirek Saunders from PaydayChampion, a well-established online loan referral service, shares 10 tips and tricks from experienced payday loan borrowers who successfully repaid their debts. These tips are for those who want to achieve financial freedom.

wads of dollar bills (©Celyn Kang)
  1. Make a plan.

Know what you need to do and when you need to do it. This will help keep you accountable and on track.

2. start small.

It can be overwhelming to think about paying off all your debts at once. So start with a loan or credit card balance and work your way up from there.

3. Define aims.

Both short term and long term. Having something to do will help you stay motivated even on days when you feel like you’re not making progress.

4. Find a support system.

Whether it’s friends, family, or an online community of people in the same situation as you, having someone to talk to and lean on can make all the difference.

5. Talk about your debt-free journey.

Sharing your experience and accomplishments with others will help you stay on track and stay motivated. It can also be a great way to inspire others who are striving to become debt free themselves.

6. Reward yourself.

Every time you hit a goal, give yourself a pat on the back (and maybe even a little treat!). This will help reinforce positive behavior and remind you that being debt-free is worth all the effort.

7. Keep a debt-free journal.

Document your journey so you can come back to it later and see how far you’ve come. It can be a great motivator when you’re feeling down about your progress.

8. Get inspired by the stories of others.

There are many people who have been in your shoes and come out of it debt-free. Reading or listening to their stories can give you the hope and motivation you need to keep going.

9. Visualize your goal.

Close your eyes and imagine what life will be like once you are finally debt free. What will you do with all that extra cash? How will it feel to not have the weight of debt hanging over your head?

ten. Remember why you do this.

It’s easy to lose sight of your goals when the going gets tough. But if you can remember why it’s important for you to be debt free, it will be that much easier for you to keep going.

.

If you’re struggling with payday loan debt, you’re not alone. Millions of Americans are in the same boat, and many of them have managed to pay off their debts. Use these tips and tricks from experienced debtors to help you stay motivated on your own journey to debt freedom. With hard work and dedication, you can accomplish anything.

It will be very helpful to find someone to hold you accountable, such as a financial adviser or even a friend.

Taking loans without a credit check is probably not a good idea right now. You need someone who will help hold you accountable, it will be a lot easier to stay on track and motivated while you pay down your debt. A financial advisor can help you develop a budget and payment plan tailored to your particular situation. And having a friend or family member to talk to can make all the difference in feeling motivated to pay off debt.

So reach out to your support network and find someone who can help you stay accountable on your journey to debt freedom. It will make all the difference in helping you stay motivated and on track.

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Tip recap: Nothing goes beyond money: Newly approved pilot program will provide $1,000 per month to 85 households – News https://heartofamericanorthwest.org/tip-recap-nothing-goes-beyond-money-newly-approved-pilot-program-will-provide-1000-per-month-to-85-households-news/ Thu, 12 May 2022 05:03:13 +0000 https://heartofamericanorthwest.org/tip-recap-nothing-goes-beyond-money-newly-approved-pilot-program-will-provide-1000-per-month-to-85-households-news/ City Council approved a pilot program at its May 5 meeting to provide monthly payments of $1,000 to 85 households for an entire year. Once people are accepted into the guaranteed income pilot, they won’t have to “prove” they still need the help, as many government-run financial aid programs normally require. The pilot project will […]]]>

City Council approved a pilot program at its May 5 meeting to provide monthly payments of $1,000 to 85 households for an entire year. Once people are accepted into the guaranteed income pilot, they won’t have to “prove” they still need the help, as many government-run financial aid programs normally require.

The pilot project will cost $1.18 million, with $152,000 going to TogetherTogether, a California-based nonprofit that will administer the program. The remaining funds, which were approved by the Board as an addendum to the fiscal year 2022 budget, will go to eligible families. UpTogether has experience administering direct cash assistance in Austin under the COVID-19 relief efforts, and works with the St. David’s Foundation on a similar guaranteed income pilot program.

These programs are guided by two fundamental principles: that the poor know better where to spend the money they have and that their needs can change more quickly than traditional public assistance programs (rent assistance, food allowances, childcare subsidies children, etc.) at the top. Austin Equity Director Brion Oaksin a memorandum to Council, referred to research by the city Innovation Office who found that fast-breaking financial “shocks” are “the most important driver[s] travel” as they add to other financial pressures – such as overdue bills that rack up late fees or interest-bearing payday loans – that can lead to eviction. Unrestricted income support, wrote Oaks, is not a “gift” of public funds, but an “essential investment in families and individuals” that can improve their health and fortunes to the point where they need less help from the sector long-term audience.

Mayor Steve Adler alluded to in his comments before the Board approved the program. “I just think [it’s] so misleading and so fake” that people call government aid programs “gifts,” he said. spend it in the most meaningful way for their family?” Adler also tied the guaranteed income program, which he hopes staff can expand and sustain in the years to come after the pilot, to the broader effort. of the city to reduce homelessness.

Mayor Pro Tem Alison Alter voted against the program, explaining in remarks before the vote that it was a complex decision for her. Alter acknowledged that the program would help families in need, but given the magnitude of the need in the city and the limited financial resources the city can deploy to meet that need, she felt it was not the right kind of program for the city. . “When I look at all the levers I have to help families meet basic needs,” Alter said, “I haven’t been able to conclude that this investment, at this time, is the best way for me. to meet those needs.” Council Members Pool Leslie and Mackenzie Kellywho both have similar reservations about guaranteed income (and, in Kelly’s case, the appropriate role of government), did not attend the May 5 meeting.

Guaranteed income programs have ambitious goals, and although similar programs exist in about 50 US cities, they remain largely untested as a means of reducing poverty. The Council’s vote to create the Austin pilot was postponed from its April 21 meeting in part because of questions about how to gauge its effectiveness; staff intend to work with Urban Institute, a DC-based think tank, to assess the success of the program. This analysis will include interviews with participants and stakeholders to identify potential improvements for future iterations of the program, as well as a “quasi-experimental quantitative analysis” comparing results for program participants and non-participants. Some suggested measures include the ability to cover an emergency expense of $400; the ability to access preventive health care and maintain a healthy diet; and the “ability to live life to the fullest”, which could be measured by how often caregivers prepare meals for children or have time for hobbies and interests.

CMs also raised concerns that Texas law does not allow for a guaranteed income program that is not intended to address specific public policy issues facing the city. Staff intend to focus on qualifying indicators to select participants, such as households at risk of eviction, utility customers who consistently miss payments, or people transitioning from homelessness to housing. with support services.

Right now, all the data we have about UpTogether’s success comes from the nonprofit itself. At a press conference earlier today, Ivanna Neri, director of UpTogether’s South West Partnership, said preliminary results from the St. David’s Foundation pilot project showed that all 125 program participants used the money to pay for basic necessities like housing, food, clothing and gasoline. Independent analysis of a publicly funded pilot project could go a long way to testing the underlying theory of guaranteed income: empowering people with unlimited financial assistance can be an effective and more dignified way to reduce poverty .

Do you have something to say ? the the Chronicle welcomes opinion pieces on any topic from the community. Submit yours now at austinchronicle.com/opinion.

]]> QuickQuid and Pounds to Pocket borrowers receive payment news https://heartofamericanorthwest.org/quickquid-and-pounds-to-pocket-borrowers-receive-payment-news/ Sat, 07 May 2022 15:00:00 +0000 https://heartofamericanorthwest.org/quickquid-and-pounds-to-pocket-borrowers-receive-payment-news/ Borrowers who were wrongly sold loans they couldn’t afford by two companies that went bankrupt will get a little more back than they expected. Around 78,500 QuickQuid and Pounds to Pocket borrowers will be reimbursed some of the interest and fees charged to them at a rate of 53.5p for each pound due over the […]]]>

Borrowers who were wrongly sold loans they couldn’t afford by two companies that went bankrupt will get a little more back than they expected.

Around 78,500 QuickQuid and Pounds to Pocket borrowers will be reimbursed some of the interest and fees charged to them at a rate of 53.5p for each pound due over the next two weeks, it has been confirmed.

Co-directors at Grant Thornton originally said borrowers should expect a payment of between 30 and 50 pence per pound in interest, fees and charges paid on their badly sold loans, plus 8% interest. But this week they contacted customers to say they will in fact receive 53.5p per £1 due, plus interest.

Read more: More families are turning to payday loans as the cost of living crisis rages

The update comes after CashEuroNet, of which payday lenders QuickQuid and Onstride.co.uk (formerly known as Pounds to Pocket) were part, went into administration in 2019 and ceased lending.

The claims portal for those who believed they were mis-sold a loan closed last February, so it’s too late to start a new claim. Customers who claimed before then should have received a decision on their claim by the end of June 2021, and another email this week detailing the amount they will recover. It is also too late to appeal decisions made by Grant Thornton, as borrowers had 21 days from receiving an initial decision on their application in June 2021 to do so.

When you submitted an application, you were required to include contact details, as well as the bank details you used when taking out your loan, and these will be the details that Grant Thornton will use to provide updates on your application. Any payment due will be transferred this week or the next.

It is now too late to update your contact details with Grant Thornton. A check will therefore be sent to the address you indicated during your complaint. If your address is no longer correct, contact CashEuroNet customer service on 0800 0163 250.

Payday loans and other short-term loans have been largely poorly sold and dozens of short-term lenders have gone bankrupt, including former Newcastle United sponsor Wonga, leaving customers with legitimate complaints to get dramatically reduced payments – or even finding it too late to complain if their lender has gone bankrupt.

If you couldn’t afford to repay the loan, or the lender didn’t properly check your finances, you may be able to get your money back, as lenders need to review your finances to make sure you can pay the loan. loan and fees. If, as was often the case, this was not done correctly and you should not have received the money, or if the costs or repayment schedule were unclear, you have been wronged. sold.

Citizens Advice has a guide to making a complaint, including a sample letter to send to your lender here.

Read more :

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Governor Hochul Signs Legislation Strengthening Consumer Protections and Addressing Inequities in the Financial Services System https://heartofamericanorthwest.org/governor-hochul-signs-legislation-strengthening-consumer-protections-and-addressing-inequities-in-the-financial-services-system/ Thu, 05 May 2022 18:15:33 +0000 https://heartofamericanorthwest.org/governor-hochul-signs-legislation-strengthening-consumer-protections-and-addressing-inequities-in-the-financial-services-system/ Governor Kathy Hochul today signed legislation that strengthens consumer protections and addresses inequities in the state’s financial services system. The legislation (S.1684/A.8293) directs the Department of Financial Services to conduct a study of underbanked communities and households in New York City and make recommendations to improve their access to financial services. The legislation (S.4894/A.1693) protects […]]]>

Governor Kathy Hochul today signed legislation that strengthens consumer protections and addresses inequities in the state’s financial services system. The legislation (S.1684/A.8293) directs the Department of Financial Services to conduct a study of underbanked communities and households in New York City and make recommendations to improve their access to financial services. The legislation (S.4894/A.1693) protects consumers from potentially dangerous banking products by prohibiting the issuance of unsolicited postal loan checks.

“This legislation is the first step in addressing the lack of safe and accessible banking services that contribute to inequities in our state’s financial system,” Governor Hochul said. “Dangerous postal loan checks and banking deserts prevent already underserved New Yorkers from safely accessing the services they need to build wealth and pursue economic prosperity. I am proud to sign this legislation that will strengthen consumer protections for New Yorkers and explore ways to bring these much-needed resources to consumers.”

“Protecting consumers and implementing data-driven policies to help build a fairer and more resilient financial sector in New York is a top priority for DFS,” said Superintendent of Financial Services Adrienne A. Harris. “We look forward to engaging with all stakeholders to shed light on the current state of financial services in underserved areas and to offer collaborative recommendations to increase access to financial services for the benefit of all New -Yorkers.”

The legislation (S.1684/A.8293) directs the Department of Financial Services to conduct a study of underbanked communities and households in New York City and make recommendations to improve their access to financial services. Access to safe and affordable financial services is necessary to achieve financial stability, but far too many New Yorkers are either unbanked, without access to a checking or savings account, or underbanked, with access to some banking services but also need to use alternatives and riskier financial services like payday loans. This bill will update the number of unbanked and underbanked households and analyze the data to develop an assessment for the New York State Department of Financial Services to more effectively assist these communities.

Assembly Member Patricia Fahy said: “Far too many communities in New York State do not have equitable access to our financial system and our banking services. Often it is our underresourced communities and communities of color, while a lack of banking services contributes to the financial instability that keeps New Yorkers from building I thank Governor Hochul for signing my legislation that will require the Department of Financial Services to update its list of underbanked and unbanked households in New York, to further help these New Yorkers achieve financial stability and reach their full economic potential.

The legislation (S.4894/A.1693) protects consumers from potentially dangerous banking products by prohibiting banking institutions from issuing unsolicited postal loan checks. A postal loan check is an unsolicited loan offer that is sent through the mail that, when cashed or deposited, binds the recipient to the terms of the loan, which may include high interest rates for several years. The practice of mailing unsolicited loan checks can be confusing and dangerous to consumers and this legislation will protect New Yorkers from the associated risk.

State Senator James Sanders Jr. said: “Safe and affordable financial services are necessary to establish financial stability, but banks see low-income families as a burden. Many of these people live check to check and find it difficult to leave the minimum amount over accounts, forcing banks to charge an unreasonable overdraft S.1684/A.8293 will help ensure that communities with significantly more unbanked and underbanked households get the assistance they need on the In addition, S.4894/A.1693 protects consumers from unsafe banking products by prohibiting banking organizations from issuing mail-order loan checks without a request or request. unsolicited money received in the mail can be cashed by an unknown recipient causing the recipient to repay the loan.This bill would avoid this problem.

Assemblyman Gary Pretlow said: “I am pleased to be one of the sponsors of this legislation correcting this dangerous banking practice of sending unsolicited loan checks through the mail. This has caused unnecessary hardship for consumers when checks were in cash in their name. without any knowledge of those transactions. This bill will negate that issue before.”

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Generation X Debt and Retirement | On your debt https://heartofamericanorthwest.org/generation-x-debt-and-retirement-on-your-debt/ Tue, 03 May 2022 05:00:00 +0000 https://heartofamericanorthwest.org/generation-x-debt-and-retirement-on-your-debt/ A recent study found that Gen Xers (42-57) are the generation least likely to know when they want to retire and how much money they’ll need to do so. The typical Gen X household has about $64,000 in retirement savings, not nothing, but not enough to generate much income. He also found that 20% of […]]]>

A recent study found that Gen Xers (42-57) are the generation least likely to know when they want to retire and how much money they’ll need to do so. The typical Gen X household has about $64,000 in retirement savings, not nothing, but not enough to generate much income. He also found that 20% of Gen X respondents overestimate how much they can withdraw from their retirement funds. They thought they should withdraw 10-15% of their savings each year after retirement. In reality, they shouldn’t withdraw more than 4-5%. But even those who have not yet reached retirement age are already drawing on their savings due to their current financial situation and debts.

Most people worry about the impact of debt on their retirement funds and 31% of Americans feel inflation has set back their retirement plans.

Generation X and debt

Generation X has more debt than any other generation, which averages out at $136,869. In 2016, that average debt was $124,972, according to a LendingTree report that analyzed more than 140,000 credit reports for the four oldest generations. It’s no wonder, then, that the typical Xer is usually quite stressed about their finances, especially when it comes to credit card debt.

More than half of Xer respondents said they were stressed “some” or “a lot” of the time when it came to any type of debt, whether it was credit cards, personal loans or student loans. Stress has given some members of the generation a negative view of their finances. When asked how they would rate their financial health, just over 41% of Gen Xers said it was not very good or not good at all.

Stop stress

At Bond and Botes Law Firms, our debt relief lawyers can, free of charge, review your situation and develop a strategic plan to resolve your debt issues with or without bankruptcy. Give us a call at Bond & Botes and take a step towards a stress-free retirement.

Bond & Botes helps people struggling with debt

We are local and offer a free, confidential face-to-face consultation with an experienced attorney. We also offer free consultations in the comfort and safety of your home or office by phone and/or video if you wish. Let us solve your financial problems. There’s no obligation, and that means there’s no downside to gathering the information you need to make good decisions about how to break the cycle of debt stress and go forward. We can answer all of your questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping a foreclosure or wage garnishment, avoiding liens, stopping a lawsuit, l medical debt, personal loans, payday loans, credit card debt, etc. We can relieve your stress! We want to help you, and we can help you!


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102 South Court Street, Suite 314, Florence, AL 35630

Telephone: 256-760-1010 • Fax: 256-760-1023

Opening hours: Monday to Friday • 8:00 a.m. to 5:00 p.m.

No representation is made that the quality of legal services to be provided is superior to the quality of legal services to be provided by other attorneys.

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COVID woes prompt more states to require financial literacy courses https://heartofamericanorthwest.org/covid-woes-prompt-more-states-to-require-financial-literacy-courses/ Fri, 29 Apr 2022 16:21:54 +0000 https://heartofamericanorthwest.org/covid-woes-prompt-more-states-to-require-financial-literacy-courses/ Studies have long shown that high school students are woefully misinformed about personal finances and how to manage them. But the COVID-19 pandemic, which has revealed how many American adults are living on the financial edge, has spurred ongoing efforts to make financial literacy classes a school requirement. Seven states now require a stand-alone financial […]]]>

Studies have long shown that high school students are woefully misinformed about personal finances and how to manage them. But the COVID-19 pandemic, which has revealed how many American adults are living on the financial edge, has spurred ongoing efforts to make financial literacy classes a school requirement.

Seven states now require a stand-alone financial literacy course as a high school graduation requirement, and five more state requirements come into effect within the next year or two. About 25 warrants at least some financial training, sometimes as part of an existing course. This year, about 20 other states have considered establishing or expanding similar rules.


Opponents of state mandates say the requirements, while laudable, may encroach on the limited time available for other high school electives and would impose costly demands on teacher training or hiring.

Nevertheless, financial literacy courses are gaining ground.

“I think there’s a lot of momentum now; many more states have legislation pending,” said Carly Urban, an economics professor at Montana State University who has studied financial literacy. In seven states — Alabama, Iowa, Missouri, Mississippi, Tennessee, Utah and Virginia — “almost all schools require it,” she said, though some graduation prerequisites don’t come into play. force only in 2023.

Over the past two years, Nebraska, Ohio, Rhode Island, and most recently Florida have passed laws making financial literacy a staple in high schools within a year or two. In North Carolina, graduation requirements take effect in 2023.

Thirty-four states and the District of Columbia introduced bills addressing financial literacy in the 2021-22 legislative sessions, according to the National Conference of State Legislatures. Of these, about 20 focus on secondary schools.

The Kentucky and District of Columbia bills appear to take into account that student-athletes are now allowed to earn money for the use of their name, image or likeness. None of the measures require secondary schools to teach financial literacy. But the Kentucky bill, which the governor signed into law, requires colleges to set up financial literacy workshops for student-athletes. The DC bill would encourage colleges with student-athletes to teach financial literacy.

Last month, Republican Florida Governor Ron DeSantis signed a bill calling for students entering high school in the 2023-24 school year to take a financial literacy course as a condition of graduation. . The new law provides a half-credit course on personal money management, including how to open and use a bank account, the meaning of credit and credit scores, types of savings and investments and how to get a loan.

At a signing ceremony, DeSantis touted the law as something that “will help improve the ability of students in financial management, when they find themselves in the real world.”

Financial literacy is an issue that is remarkably bipartisan. Rhode Island Gov. Dan McKee, a Democrat, sounded a lot like DeSantis when he signed Rhode Island’s requirement for financial education in high schools last year.

“Financial literacy is key to a young person’s future success,” McKee said. “This legislation paves the way for our public high schools to provide young people with the skills they need to achieve their financial goals.”

Montana State‘s Urban said state policies that require stand-alone financial literacy courses help students the most, especially if states set standards on what topics should be included in the curriculum. Most courses last one semester.

Some states are using materials provided by the nonprofit Next Gen Personal Finance — which offers a free study guide and educational materials for teaching financial literacy — to help set the standards, while d Others have expanded units already included in economics, math, or social studies courses.

Next Gen’s free courses include tutorials for teachers, plus in-class study guides on topics like managing credit, opening checking and savings accounts, budgeting, paying for school academics, investing, paying taxes and developing consumer skills.

In a 2018 study, only a third of adults could answer at least four of five financial literacy questions on concepts such as mortgages, interest rates, inflation and risk, according to the Foundation for Financial Literacy. Financial Industry Regulatory Authority Investor Education. Financial literacy was lower among people of color and youth.

According to the Organization for Economic Co-operation and Development, about 16% of 15-year-old American students surveyed in 2018 did not meet the basic level of financial literacy skills.

But with a little education, those numbers can improve, according to Urban studies.

“The results are striking,” she said in a phone interview. “Credit scores go up and delinquency rates go down. If you’re a student borrower, you go from low to high interest, you don’t accumulate credit card debt, and you don’t use private loans, which are more expensive. Additionally, his research found that young people who have taken financial literacy courses are less likely to use expensive payday loans.

Even the teachers who run the classes tend to see an increase in their savings.

“If access remains limited – especially for students who have the most to gain from education – state policy may be the only option to ensure all students have access to personal finance before becoming financially independent,” Urban wrote in a 2022 study of the high school personal finance course.

The California Assembly Committee on Education unanimously approved a high school financial literacy bill last week. Committee chairman Patrick O’Donnell, a Democrat and former high school economics teacher, said financial concepts like individual retirement accounts, Roth IRAs, loan terms and other things are “difficult to understand… in their head”.

Educators need resources to teach these concepts, he said, noting that when he was a teacher he wrote his own course materials for teaching financial literacy.

The COVID-19 pandemic has underscored how few Americans are prepared for financial emergencies, giving new impetus to financial literacy requirements, according to John Pelletier, director of the Center for Financial Literacy at Champlain College in Vermont. “COVID woke people up,” he said in a phone interview.

He cited a 2020 Federal Reserve study that showed many Americans couldn’t come up with $2,000 in an emergency, and “it really hit home when people were forced off work. and collect a paycheck. If policymakers haven’t found a way to get money from people, we’re dealing with more than just paying the rent; we face hunger and homelessness.

Pelletier estimates that about 30% of public school children now have access to financial literacy classes.

But not all financial literacy bills made it through the legislative process. A bill in Wisconsin this year died after objections from the Wisconsin Association of School Boards.

Ben Niehaus, director of member services for the association, said his group agreed with the intent, but was concerned about the rapid one-year timeline and the possibility of “compromising elective choices”.

The bill’s sponsor, Republican State Rep. Alex Dallman, said in a phone interview that he hopes to reintroduce the bill next session, possibly with only a half-credit course. .

“In our current economy, we’re taking out massive loans, not paying them back, and we have to be smarter about how we handle money,” he said. He said technical schools around the state like the idea of ​​teaching finance because it could lead more students to conclude that they should forgo an expensive college education for a lucrative career in the trades.

But Niehaus said a financial literacy requirement could take time out of vocational electives, such as manufacturing courses, that many Wisconsin high schools have started offering.

“We try to add these experiences to meet the needs of the labor market with more than a high school diploma and less than a four-year diploma. There are only so many hours in a day,” Niehaus said.

“Yes, it’s important, but career and technology education is also important, and we think local school boards should decide.”

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What the Nye County candidates had to say during the mayoral debate https://heartofamericanorthwest.org/what-the-nye-county-candidates-had-to-say-during-the-mayoral-debate/ Wed, 27 Apr 2022 16:35:42 +0000 https://heartofamericanorthwest.org/what-the-nye-county-candidates-had-to-say-during-the-mayoral-debate/ In what were supposed to be debates with their main opponents in the election, Nye County Assessor Sheree Stringer and candidate for Treasurer Raelyn Powers ended up answering questions and answers during the candidates’ debates held at the Bob Ruud Community Center on April 21. Wayne “Boomer” Buck, nominee for Assessor, and John Prudhont, nominee […]]]>

In what were supposed to be debates with their main opponents in the election, Nye County Assessor Sheree Stringer and candidate for Treasurer Raelyn Powers ended up answering questions and answers during the candidates’ debates held at the Bob Ruud Community Center on April 21. Wayne “Boomer” Buck, nominee for Assessor, and John Prudhont, nominee for Treasurer, were not present.

The discussions were moderated by former Nye County Republican Central Committee Chairman Joe Burdzinski. Deanna O’Donnell of local TV station KPVM was the questioner. Nearly 150 people came to hear not only the nominees for Assessor and Treasurer, but also the nominees for District 5 Commissioner and Nye County Attorney.

Powers cited 30 years of experience in accounting and three years in operations management in the treasurer’s office as well as having been a manager at Payday Loans when asked about his experience.

As for her leadership style, she enjoys educating and guiding her staff while having fun. And she believes that ethics and honesty go hand in hand.

Some of the duties of the Treasurer’s Office include issuing 60,000 tax bills, making payments to vendors, tracking grants, and distributing. On investments, she said most of her experience has been in the private sector, but if elected she would look at current investments and see if they could be put to better use.

His goals are to continue the process of streamlining the office, returning to live county property auctions, ensuring all office staff learn all areas of the office, and providing a safe environment filled with communication and respect. She swore that under her watch, the county would never again be on budget watch.

When asked if she was currently on furlough, Powers responded by saying that the employees’ union prevented her firing and that she was on furlough pending an investigation by human resources. She stressed that she had not been fired.

Stringer is seeking a third term as Nye County Assessor. She worked at the local Bank of America for 11 years, joined the appraiser’s office in 2003 and was elected an appraiser in 2015.

She listed her office’s duties as appraisals on county properties, working with the treasurer’s office and dealing with the public about changes to their appraisals. His office also does demos on its internet system, meets with local realtors, and works with veterans and the DAV. to ensure veterans know their rights and benefits.

She said any homeowner whose assessment has changed is entitled to a second assessment. She reminded everyone that much of her duties are mandated by the State Department of Taxation and Nevada’s revised statutes.

Asked about her management style, Stringer said she’s not a micromanager and, in fact, brags about her 14 employees. She has an open door policy and leads by example, being in the office from 7 a.m. to 5:30 p.m. Monday through Thursday.

Her goal, if elected, is to make the software system more user-friendly. She concluded by asking voters to grant her a third term and suggested that if they didn’t, they go to the clerk’s office to ask about homesteading.

Debates between candidates for County Council Districts 1 and 4 and Assembly District 36 will be held April 28 at 5 p.m. at the Bob Ruud Community Center.

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The 3 Best Installment Loan Apps to Get You Started https://heartofamericanorthwest.org/the-3-best-installment-loan-apps-to-get-you-started/ Mon, 25 Apr 2022 15:24:58 +0000 https://heartofamericanorthwest.org/the-3-best-installment-loan-apps-to-get-you-started/ Lending apps are gradually replacing traditional loan agencies or credit unions. Today, traditional lending institutions struggle to keep up with the convenience and transparent processes of these apps. Moreover, these applications and online lenders accept applicants regardless of their credit history. However, identifying trustworthy installment loan applications can be difficult. There are many lending companies […]]]>


Lending apps are gradually replacing traditional loan agencies or credit unions. Today, traditional lending institutions struggle to keep up with the convenience and transparent processes of these apps. Moreover, these applications and online lenders accept applicants regardless of their credit history.

However, identifying trustworthy installment loan applications can be difficult. There are many lending companies in this industry, and while some offer good service, others are opportunistic and deceptive.

Accordingly, we have listed the top three installment loan apps that can help you get started on the right foot. Let’s dive!

The 3 best installment loan apps to get you started

1. Heart Paydays

Heart Payday is a popular loan app in the United States. This site offers all of its loan services online and saves you the hassle of in-store loan applications. You can complete the entire application process in five minutes or less.

They offer various loan services, such as loans for bad credit guaranteed approval $5000which can help you meet your emergency needs.

This application has a user-friendly interface, and practically anyone can easily maneuver it easily. The site is notorious for accepting applicants rejected by other lenders, as its eligibility thresholds are relatively lower than those

in most credit institutions. For example, they accept people with bad credit, the unemployed, and those receiving government benefits.

Typically, Heart Payday loans come with APRs ranging from 5.99% to 35.99%.

Advantages

  • There is no paperwork involved
  • Same day payment
  • Easy application process

The inconvenients

2. Viva Payday Loans

Another great option for a payout when you’re short on cash is the Viva Payday Loan app. The site offers no-collateral loans within hours of completing your application.

Viva Payday Loan has partnered with direct lenders who can meet your loan needs as quickly as possible. Moreover, these direct lenders offer different loan amounts.

Viva Loans does not perform intensive credit checks when evaluating loan applications, and even people with bad credit scores can get loans with them. Other groups, such as the unemployed and recipients of government support programs, can also apply for Viva Payday loans.

Their payday APRs range from 5.99% to 35.99%. This is mainly because every direct lender they partner with imposes their rates. One of their main drawbacks is that their services are not accessible in all states.

Advantages

  • Same day payments
  • The simple and fast application process
  • Flexible loan amounts from $200 to $5,000

The inconvenients

  • Viva Loan services are not available in all US states

3. Credit Clock

Credit Clock Loan is considered best for quick loan approvals. They offer their customers a range of loan products, such as bad credit payday loans, personal loans, emergency loans, and more.

It is the ideal lender if you are in urgent and urgent need of money fast because their fast loan approval process and fast repayment period can save you time.

They offer loans to people with bad credit and even those who receive government benefits. However, you must meet their minimum requirements; you must be over 18, prove you earn at least $1,000, and be a US citizen. In some cases, you may need to prove that you are employed by submitting your payslip.

Advantages

  • Fast application process
  • Same day payments
  • People with poor credit history are also allowed to apply

the inconvenients

  • Only people earning $1,000 or more can apply for the loans

Conclusion

Knowing that you have a loan option within reach of your phone can be an amazing feeling. We often find ourselves in difficult situations, and going through the process of applying for a loan in store can be time consuming to try to finance an emergency. Therefore, having loan applications can make our lives much easier.

However, it also exposes us to great temptations. Unlike the traditional loan system, where you have time to think before taking out a loan, the new app option gives you the luxury of completing a loan application with just a few clicks. Some people, especially spendthrifts, might end up in cycles of debt.

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