Shanes Jewelry http://shanesjewelry.com/ Sun, 19 Jun 2022 10:32:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://shanesjewelry.com/wp-content/uploads/2021/10/icon-14-120x120.png Shanes Jewelry http://shanesjewelry.com/ 32 32 More and more students are taking training in personal finance. But is it enough? https://shanesjewelry.com/more-and-more-students-are-taking-training-in-personal-finance-but-is-it-enough/ Sun, 19 Jun 2022 10:32:31 +0000 https://shanesjewelry.com/more-and-more-students-are-taking-training-in-personal-finance-but-is-it-enough/

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One in four high school students is required to take a personal finance course.


Key points

  • Nearly a quarter (22.7%) of high school students today must take a personal finance course to graduate.
  • Legislatures in 26 states are introducing 60 different bills to expand access to personal finance education.
  • People with higher financial literacy are less likely to face financial hardship.

According to the S&P Global Financial Literacy Survey, 43% of Americans lack financial literacy — and gaps in financial knowledge can lead to chronic money problems. In 2018, only 16.4% of American high school graduates received training in personal finance. The number has now risen to around one in four high school students (22.7%).

As more states make financial education a mandatory part of the high school curriculum, Next Gen Personal Finance estimates that at least one-third (35.1%) of high school students will have taken a course autonomy over personal finances. That still leaves two out of three high school students without the education they need to be financially capable.

More states are implementing personal finance requirements

Currently, only eight states require high school students to take a personal finance course: Alabama, Iowa, Mississippi, Missouri, North Carolina, Tennessee, Utah, and Virginia.

Five more states are beginning to implement personal finance education at the high school level. Personal finance education is defined as a stand-alone personal finance course that lasts at least one semester or 60 consecutive hours of instruction.

Michigan recently passed a bill that would make it the 14th state to guarantee high school students a personal finance course before graduation. Momentum has grown this year, with 26 state legislatures introducing 60 different bills to expand access to personal finance education.

The importance of personal financial education

Personal finance education directly helps people improve their financial well-being. Those with higher financial literacy are less likely to face financial hardship. Those with low financial literacy are:

  • Six times more likely to have difficulty making ends meet.
  • Five times more likely to be unable to cover a month’s living expenses.
  • Four times more likely to spend more than 10 hours a week thinking about or dealing with personal finance issues.
  • Four times more likely to be dissatisfied with their current financial situation.

Studies also show that personal financial education reduces the likelihood that young adults will use payday loans and is positively correlated with asset accumulation and net worth at age 25.

The Next Gen Personal Finance annual report found that access to personal finance education is still divided based on location, race, and socioeconomic status. Across the country, students do not have equal access to personal finance education. Expanding personal finance education to all segments of society can help close the socio-economic gap and help more people build their savings accounts.

The vast majority of millionaires haven’t inherited their money or earned six-figure incomes. Financial success often hinges on using basic personal finance principles, such as regular and consistent investments over a long period of time, staying out of debt, and sticking to a budget. Financial education is the key to financial success and can help develop good habits for the future.

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New survey reveals lessons for selling services — and succeeding — to an increasingly multicultural America https://shanesjewelry.com/new-survey-reveals-lessons-for-selling-services-and-succeeding-to-an-increasingly-multicultural-america/ Thu, 16 Jun 2022 14:48:00 +0000 https://shanesjewelry.com/new-survey-reveals-lessons-for-selling-services-and-succeeding-to-an-increasingly-multicultural-america/

Access the latest research in The Conference Board Multicultural Consumer Survey series. To understand How ethnic identity is reflected in service purchases, the project surveyed 2,000 multicultural U.S. households to uncover their consumer attitudes, preferences and behaviors, including identity expression and sustainability considerations in travel decisions. This is the second in a series of multicultural consumer surveys, following the comprehensive 2021 survey goods report.

“The data we collected provides insight into how every business should think about engaging their customers in a demographically diverse America,” Tadpole added. “In the realm of services, these diverse attitudes impact everything from travel plans and leisure activities to restaurants, healthcare, financial services, education, childcare, pet care, fitness, etc., including online and physical shopping channels.”

The results of this latest research are presented in a summary report, Multicultural Consumer Survey: Servicesand the accompanying deep dive on Closing the Gaps in U.S. Financial Services. Among the key information:

  • The rise of commerce as an expression of identity. Growing cohorts of Americans are likely to use services to express their ethnic identity, especially high-income Black and Latino consumers and people under 35 in all minority groups (with money to spend ). This leaves companies from a wide range of service industries – including not only digital media, restaurants, travel, personal care and out-of-home entertainment, but also education and fitness, among others – well positioned to consider refining their customer experiences. to respond to the desire for ethnic expression of their multicultural audience.

    “In this era of self-expression, brands with a holistic and committed diversity strategy can tap into consumers’ desire to express their ethnic heritage through their purchases,” said Denise Dahloffsenior researcher at the Conference Board. “It can help brands reach young consumers in particular, including those from traditionally less expressive cultures who are acculturated to the United States and even young white people who, surrounded by diverse peers, seem inspired to express their own cultural identity. .”
  • Spending on symbols of success is universal, but the definition of success varies. Spending on services, including education and financial investments, can be partly determined by what consumers view as success in life. Yet, no definition of success is universal. For example, for Latino consumers, owning a home and business and sending their kids to college means more success than it looks for other consumer segments. For Asian consumers, who generally favor higher income groups, the financial achievements are relatively greater. This is reflected in their increased use of banking, investment, insurance and financial advisory services compared to other groups.
  • Lack of financial services. As explored in our in-depth financial services report, low- and middle-income Black and Hispanic respondents are generally more likely to use various forms of non-traditional financial services compared to their Asian and white peers at similar income levels. These non-traditional services, from payday loans to cryptocurrencies, often carry substantial risk.

    “Financial service providers have significant leeway to increase their engagement with Black and Latino consumers, even among high-income consumers in these groups,” said Conference Board Chief Economist Dana Peterson“For financial institutions, closing these gaps can mean reaching a lucrative market currently untapped by banking services.”
  • Non-white Americans, especially those in higher income groups, express the most interest in environmentally friendly transportation for travel, as well as accommodation—providing tour operators with a clear focus of sustainable options. Typically, higher-paying consumers within a given racial and ethnic group are more open to sustainability calls than their lower-paying counterparts.
  • What consumers value most about offline and online shopping differs by age, income, and ethnicity. This information can help retailers refine their channel design, targeting, and messaging. For example, for younger shoppers, brick-and-mortar stores provide a forum for socializing, while older shoppers primarily enjoy the traditional conveniences of stores to inspect products in person and instantly acquire items.

    The ability to save time by shopping online is particularly appealing to Latino and Asian shoppers. The entertainment aspects of a brick-and-mortar store are more likely to appeal to the Latino segment as well as younger white shoppers, and the opportunity to socialize with family/friends appeals to general black shoppers as well as generally younger consumers. especially non-white consumers. These preferences may also be related to other factors such as place of residence and marital status.

About The Conference Board
The Conference Board is the member-driven think tank that provides reliable information about what lies ahead. Founded in 1916, we are a nonpartisan, nonprofit entity with 501(c)(3) tax-exempt status in the United States. www.conference-board.org.

SOURCE The Conference Board

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Credit Canada to Provide ‘Free, Confidential, Non-Judgment’ Debt Help in Sault Area https://shanesjewelry.com/credit-canada-to-provide-free-confidential-non-judgment-debt-help-in-sault-area/ Thu, 09 Jun 2022 18:13:42 +0000 https://shanesjewelry.com/credit-canada-to-provide-free-confidential-non-judgment-debt-help-in-sault-area/

Content of the article

Interested in giving up debt?

Content of the article

Sault Ste. Marie (CCSSSM) joins the National Agency Credit Canada, the oldest not-for-profit credit counseling agency in the country.

“We are thrilled to join the team,” CCSSSM executive director Greg Elsby said in a statement. “We have had a long and positive partnership with Credit Canada and have chosen to work with them in the future.”

Credit Canada is “committed to providing exceptional service” to those with “too much” debt, said Bruce Sellery, CEO of Credit Canada.

“We are honored that the CCSSSM has chosen us to continue the work they have been doing since 1969,” he said.

“As a larger agency, we will be able to bring more educational resources and creditor relations to serve clients in the region, while working to ensure that the care, compassion and confidentiality for which the CCSSSM was known are maintained. .”

Consumers who carry a balance on their credit cards from month to month face higher interest charges and ultimately more debt.

“If they start to miss bill payments, they may receive collection calls, which lowers their credit score and makes it harder to get low-interest credit,” a statement read. of Credit Canada. “Those with low credit scores can rely on payday loans and other high-interest products to make ends meet, which only makes things worse.”

Credit Canada offers free credit counseling services through one-on-one telephone consultations with certified non-profit credit counsellors. During an initial appointment, a credit counselor reviews a client’s debt situation in order to offer various relief options.

Content of the article

This may include negotiating with creditors, using different payment methods, signing up for a debt consolidation program, or exploring alternative solutions, such as debt consolidation loans or insolvency.

“All credit counseling services are free, confidential and non-judgmental,” the statement said.

Tammy Drover leads Credit Canada’s client services staff in Sault Ste. Marie and the surrounding area.

“She knows the people and the real issues people are facing in the community,” Credit Canada said. “With rising gas, food and housing prices, more and more Canadians are having difficulty paying their bills, forcing some to rely more on credit.”

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Two in Five Buy Now, Pay Later Borrow Money to Pay Off Debt | Buy now, pay later https://shanesjewelry.com/two-in-five-buy-now-pay-later-borrow-money-to-pay-off-debt-buy-now-pay-later/ Wed, 08 Jun 2022 05:01:00 +0000 https://shanesjewelry.com/two-in-five-buy-now-pay-later-borrow-money-to-pay-off-debt-buy-now-pay-later/

More than two in five recent buyers who buy now, pay later (BNPL) have used credit cards or other forms of borrowing to pay off what they owed, the charity Citizens Advice says .

He said the figures showed buyers were “piling borrowing on borrowing” and stressed the urgent need to regulate BNPL.

On Monday, Apple unveiled a BNPL feature for iPhones, which will initially launch in the US around September and could come to the UK a few months later.

BNPL allows buyers to stagger payments for goods without interest or charges – unless they fail to repay on time, in which case some companies charge late fees. Generally, the cost is divided into weekly, bi-weekly or monthly installments.

Two of the biggest BNPL companies operating in the UK are Klarna and Clearpay, and other big players include Laybuy and Zilch.

This form of credit has seen explosive growth during the coronavirus pandemic, especially among those under 30 and those with tight finances. However, the rate of growth is thought to have slowed in recent months as the cost of living crisis prompted people to cut back on non-essential spending.

A survey was conducted for Citizens Advice in March of 2,288 people in the UK who had used BNPL in the previous 12 months.

More than two in five respondents (42%) said they use some type of loan to fund their repayments, with credit cards being by far the most popular option. Others included overdrafts, borrowing from friends and family, personal loans and payday loans.

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Young buyers were the most likely to borrow to repay their BNPL purchases. The charity found that 51% of 18-34 year olds had borrowed money to pay off BNPL debts.

The government has said the BNPL is to be regulated by the Financial Conduct Authority, although this is unlikely to happen before the end of this year or in 2023. Citizens Advice wants this regulation to include affordability checks by all participating companies and clearer information when making online payments.

Millie Harris, debt counselor at Citizens Advice East Devon, said using credit cards and other types of borrowing for repayments “just relies on one debt to pay off another”.

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Initiative to cap interest rates on payday loans submits signatures for Michigan ballot – Ballotpedia News https://shanesjewelry.com/initiative-to-cap-interest-rates-on-payday-loans-submits-signatures-for-michigan-ballot-ballotpedia-news/ Mon, 06 Jun 2022 16:02:05 +0000 https://shanesjewelry.com/initiative-to-cap-interest-rates-on-payday-loans-submits-signatures-for-michigan-ballot-ballotpedia-news/

On June 1, the Michiganders for Fair Lending campaign submitted signatures for a ballot initiative that would appear on the November ballot.

The initiative would introduce a 36% annual interest cap on payday loans. Michiganders for Fair Lending argues that the typical payday loan carries an annual rate of 370% and that high interest rates can be financially detrimental to Michiganders. According to the Center of Responsible Lending, 18 states, plus the District of Columbia, cap annual interest at 36%.

“Payday lenders have used the lure of quick money for too long to prey on vulnerable Michiganders,” said campaign spokesman Josh Hovey, “These extreme interest rate loans are designed to trap people in an endless cycle of debt, and we’re giving voters a chance this fall to fix that.

Of the 10 initiative campaigns in Michigan, the Michiganders for Fair Lending campaign was the only one to meet the June 1 signature submission deadline.

The campaign said that of the 575,000 signatures collected during the petition process, they submitted 405,265 signatures. In Michigan, 340,047 signatures are required in 2022 to qualify an indirectly initiated state law for the ballot. This number is determined by calculating 8% of the votes cast for Governor in the last gubernatorial election.

The measure is a State law of indirect initiative. Of the 21 states that allow state-initiated statuses, nine states, including Michigan, use an indirect process for citizen-initiated statuses. In Michigan, citizen-initiated laws that receive enough valid signatures are sent to the Legislative Assembly, which then has 40 days to enact the initiative into law. The governor cannot veto indirect initiatives approved by lawmakers. If the legislature does not approve the initiative, then it appears on the next general election ballot.

The other nine initiative campaigns that did not submit signatures on time could appear on the ballot in the next election cycle.

Currently, there is another measure on the Michigan ballot — a constitutional amendment returned by the legislature, which would change the term limits of state lawmakers.

Since 1996, 26 citizen-initiated measures have been submitted to Michigan voters for approval. Of the 26, 8 (31%) were approved and 18 (69%) were rejected.

Further reading:

]]> Meghan Markle wears her white gold earrings again from her last royal appearance in 2020 https://shanesjewelry.com/meghan-markle-wears-her-white-gold-earrings-again-from-her-last-royal-appearance-in-2020/ Fri, 03 Jun 2022 17:14:35 +0000 https://shanesjewelry.com/meghan-markle-wears-her-white-gold-earrings-again-from-her-last-royal-appearance-in-2020/

Meghan Markle earrings

Mark Cuthbert/UK Press via Getty; Karwai Tang/WireImage

Meghan Markle is making another fashion statement for the Platinum Jubilee celebrations.

Queen Elizabeth’s family gathered for the National Service of Thanksgiving at St Paul’s Cathedral on Friday as part of the weekend of festivities honoring the monarch’s 70-year reign.

For the event, Meghan arrived with Prince Harry in a long Dior stone white trench coat and skirt and matching wide-brimmed Dior hat designed by Stephen Jones, with her hair styled in a bun. The Duchess of Sussex, 40, wore gloves, Dior shoes and also sported one of her must-have pairs of earrings: the Snowflake Snowstorm Earrings by Birks.

She previously wore the earrings on several occasions, including the Commonwealth Day service in 2020, which marked her final event with the Royal Family before she and Prince Harry stepped down from their roles as family members royal and only move to California.

For more on the Queen’s Platinum Jubilee, listen to our daily PEOPLE Every Day podcast below.

For the March 2020 event, Meghan styled the white gold hoop earrings with a green Emilia Wickstead dress with a matching fascinator by William Chambers. She accessorized her look with one of her must-have bags from Gabriella Hearst and nude pumps from Aquazzura.

RELATED: Did Meghan Markle Just Wear a Look From Her Royal Wedding Again?

The Duke and Duchess of Sussex leave after the national Thanksgiving service

The Duke and Duchess of Sussex leave after the national Thanksgiving service

PA Images / Alamy Stock Photo Meghan Markle and Prince Harry

Meghan revisited other past looks for this week’s Platinum Jubilee events. On Thursday, the Duchess of Sussex wore an off-the-shoulder navy outfit for Trooping the Colour, which appeared to be the same Roland Mouret dress she wore the day before her royal wedding to Prince Harry in May 2018.

For the second round of the outfit, Meghan accessorized a Stephen Jones straw hat with a dramatic brim and an oversized navy ribbon that dipped down the opposite side. She added a delicate pair of dangling earrings and gold rings.

Meghan Markle with Savannah Phillips and Mia Tindall in the Major General's Office overlooking Trooping the Color on Horse Guards Parade.

Meghan Markle with Savannah Phillips and Mia Tindall in the Major General’s Office overlooking Trooping the Color on Horse Guards Parade.

Kelvin Bruce Meghan Markle with the royal children at Buckingham Palace for Trooping the Color on June 2.

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The mother-of-two wore her hair in soft waves, the same style she sported when she stepped out in the dress four years ago.

Meghan and Harry’s attendance at the Queen’s birthday parade marked the first time they have appeared with the Royal Family in over two years.

The Californian couple watched Queen Elizabeth’s epic procession from the Major General’s office, which overlooks Horse Guards Parade. The Queen previously announced that only senior members of the Royal Family would be included in the balcony appearance.

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5 Best Online Payday Loans – Online Payday Loans Same Day Deposit & No Rejection Payday Loans Direct Lenders in 2022 https://shanesjewelry.com/5-best-online-payday-loans-online-payday-loans-same-day-deposit-no-rejection-payday-loans-direct-lenders-in-2022/ Fri, 03 Jun 2022 06:26:00 +0000 https://shanesjewelry.com/5-best-online-payday-loans-online-payday-loans-same-day-deposit-no-rejection-payday-loans-direct-lenders-in-2022/

Online payday loans are the solution to almost any type of financial lock-up. Whether you need money to redecorate the spare bedroom, buy an expensive birthday present, or pay for an expensive car repair, online payday loans can provide you with the cash you need. Many Americans have experienced the financial flexibility offered by online payday loans, and if you’re looking for financial relief, you can too.

Loan search services such as Viva Payday Loans give borrowers quick access to lenders offering the best payday loans online. With so many online payday loan providers, it can be difficult to choose the right one. This article features the top five direct online payday loan seekers on the market, putting you in direct contact with lenders.

Best online payday loans 2022 – a quick overview

What are the best online payday loans? See our top 5 below:

  • Viva Payday Loans – Best payday loans for fast payments
  • Heart Paydays – Best for No Disclaimer Payday Loans, Direct Lenders Only
  • Credit Clock – Best Online Payday Loans With Fast Approval Process
  • Money Lender Squad – Best for $255 payday loans online same day
  • Very Merry Loans – Best online payday loans with same day deposit

Best General Eligibility Criteria for Online Payday Loans

Borrowers must meet the following criteria to obtain payday loans online.

  • Must be 18 years or older
  • Must hold US residency
  • Must earn a minimum of $1,000 per month
  • Must pass accessibility checks
  • Must have a US bank account

If you have bad credit, you can still apply for the best payday loans online through Viva Payday Loans if you meet the criteria above. While none of the loan finder sites do credit checks on your name directly, lenders offering financing might.

Five Best Online Payday Loans: Same Day Deposit for Bad Credit

1. Viva Payday Loans – Best Payday Loans for Fast Payments

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Viva Payday Loans is known for its fast turnaround time, providing access to lenders who offer the best payday loans online in the shortest possible time. To be a successful applicant, you must meet the above loan criteria and pass affordability checks. Once the loan is approved, the funds are disbursed to the borrower within an hour. Interest rates range from 5.99% to 35.99%, depending on the lender.

Advantages

  • Repayment terms from 2 to 24 months
  • Loan values ​​up to $5,000
  • Fast payments within 60 minutes of loan approval

The inconvenients

  • High interest rates up to 35.99%

Click here to request funds from Viva Payday Loans >

2. Heart Paydays – Best for No Disclaimer Payday Loans Only for Direct Lenders

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Borrowers with bad FICO scores or no credit history can apply for the best online payday loans for bad credit through the Heart Paydays portal and still stand a chance of getting the money they need if they are currently in an excellent financial situation. When using this loan finder service, borrowers are tempted to be matched with direct no-disclaimer lenders only who are most likely to view their financial situation favorably. Loan amounts range from $100 to $5,000 with APRs of 5.99% to 35.99% and 2 to 24 months to pay off.

Advantages

  • Simple eligibility requirements
  • Almost instantaneous request feedback in 2 minutes
  • Flexible repayment terms

The inconvenients

3. Credit Clock – Best Online Payday Loans for Fast Approval Process

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When the best online payday loans are needed in a hurry, time seems to fly without giving you a second to catch your breath. This is where Credit Clock comes to the rescue with lenders that offer fast approval processes and even faster payments.

Credit Clock connects borrowers and lenders with the click of a button. Lenders through Credit Clock offer borrowers affordable loan amounts from $100 to $5,000 for 2 to 24 months. Interest rates range from 5.99% to 35.99%, which may seem high but may be worth the convenience, fast loan approvals and quick repayments. Check if you meet the loan criteria above and apply today!

Advantages

  • Fast payments
  • The easy online application process
  • Affordable Loans

The inconvenients

  • Interest rate up to 35.99%

4. Money Lender Squad – Best for $255 Same Day Online Payday Loans

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Money Lender Squad gives borrowers direct access to lenders without the usual hassle of traditional financial institutions. Their loan finder service helps borrowers apply for the best direct online payday loans online with a single application.

The process is simple and requires borrowers to enter their details, choose their loan amount and repayment period, and the best payday loans online appear in minutes. Online payday loans through lenders on the Money Lender Squad portal range from $100 to $5,000 with APRs of 5.99% to 35.99% and 2 to 24 months to pay off!

Advantages

  • The fast online application process
  • Offers $255 payday loans online and same day deposit
  • Loan amounts up to $5,000

The inconvenients

  • Not all requests are guaranteed to be approved

5. Very Merry Loans – Best Online Payday Loans with Same Day Deposit

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If you don’t need a large loan, the best online payday loans are available through the Very Merry Loans portal lenders. Loan amounts are kept small to keep them affordable, and APRs typically range from 5.99% to 35.99%. Additionally, lenders on the Very Merry Loans platform are known to pay on the same day as loan approval, giving borrowers access to seemingly instant cash. If you meet the general loan criteria mentioned above, you can easily apply for some of the best payday loans online through lenders on the Very Merry Loans platform.

Advantages

  • Same day payments
  • Flexible loan terms
  • Quick online application in 2 minutes

The inconvenients

  • Loan amounts capped at $2,000

Best Online Payday Loans Same Day Features and Considerations

Credit checks

Most online payday loans through US-based lenders are subject to credit checking by law. No credit check, instant approval. However, if you have a bad FICO score but your financial situation has improved, you can still apply online for the best payday loans.

Affordability

Affordability is key when applying for the best payday loans online. When processing your application, lenders will do an affordability check, such as comparing your bank account to expenses and pay stubs.

Penalties

Your loan agreement will specify the penalties and fees associated with your loans. Therefore, it is best to familiarize yourself with the terms of the loan agreement to avoid paying early or late repayment fees.

Conclusion

Online payday loans are an excellent form of financing for those who need funds quickly. They give you the flexibility you need between now and your next payday if you find yourself in a difficult financial situation.

FAQs

What are the best and easiest payday loans to get same day?

Online payday loans are fast, simple and convenient. First, borrowers complete a simple online application that connects them to a panel of lenders. From there, lenders assess the borrower’s affordability and, if they can afford the loan, funds are usually disbursed the same day.

What is the highest payday loan to get?

Online payday lenders offer loans between $100 and $5,000. Depending on the lender, APRs can range from 5.99% to 35.99% with the providers mentioned above. However, most lenders offer flexible repayment terms of 2-12 months or 2-24 months.

What are the best online payday loans?

Borrowers asking about the best payday loans online can use a range of loan search platforms such as Viva Payday Loans to find the best loan for them. Loan finder services simultaneously connect the borrower to a wide range of lenders. This means they are more likely to get a loan because multiple lenders have assessed their applications.

Disclaimer – The above content is not editorial, and Economic Times hereby disclaims all warranties, express or implied, in connection therewith, and does not necessarily warrant, guarantee or endorse any content. The loan websites reviewed are loan matching services, not direct lenders. Therefore, they are not directly involved in the acceptance of your loan application. Applying for a loan with the websites does not guarantee acceptance of a loan. This article does not provide financial advice. Please seek the assistance of a financial advisor if you need financial assistance. Loans available only to US residents.

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Fintechs increase exposure to gig economy workers as inflation increases demand for loans https://shanesjewelry.com/fintechs-increase-exposure-to-gig-economy-workers-as-inflation-increases-demand-for-loans/ Mon, 30 May 2022 18:50:00 +0000 https://shanesjewelry.com/fintechs-increase-exposure-to-gig-economy-workers-as-inflation-increases-demand-for-loans/

Fintechs and payday lenders are aggressively lending to gig economy workers even as banks and large non-bank financial corporations (NBFCs) become more conservative in the space. Fintech lenders saw demand for food and grocery delivery managers with various app-based platforms jump up to 40% in Q4FY22, industry executives said. Higher demand, in turn, is fueled by high inflation, which drives delivery managers to borrow more to bridge cash flow mismatches.

Lenders active in the segment believe demand stems from improving consumer trends as the pandemic recedes. Bhavin Patel, co-founder and CEO of LenDenClub, said that with an increase in consumption, the need for delivery frameworks has grown across industries for various app-based platforms.

Additionally, as the size of the workforce increases, many delivery managers are looking for small loans or payday advances and payday loans to meet their operating expenses. The increase in demand is also due to the targeting of the product to the segment,” Patel said. There isn’t enough data to determine whether a surge in inflation has anything to do with rising demand, according to Patel.

Others, however, take a gloomier view of the situation. They point out that even though the prices of fuel and other essentials have jumped, there has not been a concomitant increase in wages earned by delivery executives. To make matters worse, the increase in 10-minute deliveries has led to an increase in traffic violations and fines paid by delivery officials.

A loan to a delivery executive can be up to 30-40% of their monthly income and terms range from one month to three months. Interest rates vary between 18% and 30%. LenDen Club’s Patel says there is little reason to worry about leverage in the segment, as loans are only approved after reviewing the borrower’s credit bureau data and assessing their ability reimbursement.

Yet concerns about high leverage remain. “The money they’re borrowing now is basically bridge financing. By its very nature, it’s prone to high churn, which means the guy keeps taking out loans from new apps to pay off old ones,” an industry executive said on condition of anonymity. .

Given how precarious the finances of gig workers are, major lenders have recently backed off from financing them. Abhishek Agarwal, co-founder and CEO of CreditVidya, said banks and big NBFCS are getting cautious in the segment. “The risk perception of the segment has increased significantly over the past few months, as the cost of living has increased for them without any concomitant increase in their income. However, some fintechs and payday lenders continue to lend to gig economy workers and the interest rates on these loans are quite high,” Agarwal said.

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When should you prioritize retirement savings over debt repayment? | Smart Change: Personal Finances https://shanesjewelry.com/when-should-you-prioritize-retirement-savings-over-debt-repayment-smart-change-personal-finances/ Sat, 28 May 2022 13:54:00 +0000 https://shanesjewelry.com/when-should-you-prioritize-retirement-savings-over-debt-repayment-smart-change-personal-finances/

(Christy Biber)

Like most people, you have a limited amount of money and need to decide what to do with it. It can be a tough choice if you have debt you’re trying to pay off, but you’re also eager to start saving for retirement so you have financial security in your years to come.

So how should you decide whether to focus on paying off debt or investing for your future? Here’s what you need to know to help you make that tough choice.

Image source: Getty Images.

How to decide if paying off debt or saving for retirement is the smarter choice

To decide whether debt repayment or focus on Pension saving logic, there are a few things to consider. But one of the most important factors is knowing which approach will give you a better return on investment (ROI).

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You will always want to pay the minimum balance due on any debts you have incurred. But if you pay extra beyond the required payment instead of directing that money to retirement savings, your return on investment will be equal to the amount of interest saved. If you have 17% credit card debt, you get a pretty high return on investment. But if you have low interest mortgage debt of 3.50% and are able to itemize your deductions and deduct the interest paid on your home loan when you file your taxes, your return on investment is very weak.

If you invest instead of prioritizing debt repayment, on the other hand, your return on investment is the the money you earn from your investments. But you could also get a 401(k) match from your employer, which could provide up to 100% return on investment if your company matches your contributions dollar for dollar. And you could get tax breaks for retirement investments. These tax breaks could include deductions for contributions to a 401(k) or IRA and even the savings loan which could reduce your tax bill by up to $2,000 if you qualify and contribute the maximum.

If you can get a better return on your investment by paying off extra debt—even after taking into account tax savings and 401(k) matching contributions—then you’d be better off putting your extra money into paying off your ready as soon as possible. But if your return on investment is better by investing, you should make minimum payments and invest the rest of your money in retirement savings.

Often, for most people, this leads to a hybrid approach. For example, you can put extra money in your 401(k) until you’ve earned the maximum employer match, then redirect the extra funds to pay off credit cards as soon as possible. Or you could work on paying off your payday loans and credit card debt before investing in an IRA, but then focus on saving for retirement rather than sending a supplement to a mortgage or to a low interest car loan.

By making a strategic assessment of where your money will best be used, you can decide where exactly your extra money belongs. Remember that you need retirement savings since you cannot live on Social Security alone. So make sure you don’t put off your investments too long for your future years. If your focus is on eliminating your debt first, be aggressive with your extra payments and check that off your list as soon as possible so you can start building a secure future.

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Parking meter deal gets even worse for Chicago ratepayers, annual audit says https://shanesjewelry.com/parking-meter-deal-gets-even-worse-for-chicago-ratepayers-annual-audit-says/ Thu, 26 May 2022 23:00:00 +0000 https://shanesjewelry.com/parking-meter-deal-gets-even-worse-for-chicago-ratepayers-annual-audit-says/

In their failed bid to blockade Bally’s $1.7 billion River West casino, downtown city council members warned the deal was rushed — just like the one that privatized Chicago’s parking meters — and that it would end up being “even worse” for taxpayers.

This dire prediction is hard to imagine, given the results of the latest parking meter audit by accounting giant KPMG.

It shows Chicago’s parking meter revenue is nearly back to pre-pandemic levels. After dropping to $91.6 million in 2020, they jumped to $136.2 million last year.

The increase stems from the recovery of Chicago’s economy and hundreds of new metered spaces in Montrose Harbor and on busy neighborhood streets created as part of Mayor Lori Lightfoot’s 2021 budget.

With 61 years remaining on the 75-year lease, Chicago Parking Meters LLC has now recovered its entire $1.16 billion investment and $502.5 million more.

Private investors as far away as Abu Dhabi would have done even better had they not brought in a new investor and borrowed $22 million at 15% to weather the pandemic. This loan was fully repaid last year.

Additionally, four city-owned underground parking garages brought in $22 million, up 37.5% from $16.2 million last year.

Thanks to higher traffic and a further increase in tolls, the privatized Chicago Skyway generated $114.3 million. This represents a 34.7% increase in revenue and far more than Skyway’s $92 million in annual revenue in 2019, the year before the lockdown closed.

Not a penny of that revenue eased the burden on Chicago taxpayers, who had to absorb a $76.5 million increase in the city’s property tax after a $94 million property tax hike the last year.

Parking meters, downtown garages and the Skyway were all dumped by then-Mayor Richard M. Daley, who used the money to avoid raising property taxes while the pension funds of city ​​employees sank deeper into the hole.

Of these three agreements, the parking meter lease was the biggest political nightmare for the two mayors who inherited it and for the members of Council who approved it with lightning speed.

There have been steep increases in outgoing rates, including parking downtown, from $3 per hour in 2008 to $6.50 per hour in 2013. It is now $7 per hour.

Motorists were so infuriated by the rate hikes that they vandalized and boycotted meters, leading to a dramatic drop in street parking. Revenues eventually recovered — until the pandemic.

After the privatization of the parking meters, the tariffs were increased.

Tyler LaRivière/Sun-Times

The latest audit once again proves how attractive the deal was for private investors.

Although Chicago Parking Meters LLC lost a third of its annual revenue in 2020, the system still generated enough money that year to distribute a $13 million distribution to investors.

Total revenue was well above the $23.8 million in meter payments in 2008, the year before CPM took over the system. Indeed, the mayor and city council, fearful of risking a political backlash by raising parking meter rates themselves, opted to offload the meters instead of directly hiring LAZ Parking to administer a city-owned system with a new technology.

Investors recouped an additional $6.7 million through a contractual provision requiring the city to reimburse investors for each space taken out of service.

This includes temporary street closures for special events, sewer repairs and other construction projects and street closures that have allowed restaurants and bars to serve more customers outdoors when indoor capacity was restricted or even prohibited.

In the full 12 years since the meters were privatized, the city has paid out $78.8 million in “regularization” payments, as they are called.

That’s even after then-Mayor Rahm Emanuel changed the fine print in 2013, reducing the city’s liability by increasing the hours and days motorists pay for parking.

Taking into account the recently announced figure for 2021, private investors have already extracted $2.1 billion from the deal, in part by refinancing three times. The last $1.2 billion refinancing was completed in 2019.

Now that parking revenue is back to normal, the company should end up earning at least six times more than what investors put in over the life of the deal.

The results of the latest audits were provided to the Chicago Sun-Times by attorney Clint Krislov. As director of the Center for Open Government Law Clinic at IIT Chicago-Kent, Krislov has reviewed dozens of transactions and provides an annual analysis of each year’s results.

“Those three deals turned out to be like payday loans. They were so myopic. They took the cash quickly, ignoring the fact that they were burdening the city with horribly structured, underpriced deals that will cost the city for decades to come,” Krislov said Thursday.

“The city should have hired a parking operator to update the technology and operate the system for the city. If they had done that and gotten a better price for all three assets, Chicago today would have between $3 billion and $4 billion more than it has from those three deals together.

Scott Burnham, a spokesman for Chicago Parking Meters LLC, declined to comment on the audit.

Although the parking meter lease is the deal Council members and their constituents love to hate, Krislov once again argued that it “pales in comparison” to the Skyway deal.

A decade after investors gave the city more than $1.83 billion to lease the Skyway for 99 years, the rights to operate the privatized highway and escalating tolls have been sold to a consortium of three regimes. Canadian pensions for $1 billion more than the original price.

“Canadian pension funds spent $2 billion to buy the Skyway and it’s doing well. It would have worked well for the city if the city had just hired an operator to run the Skyway,” and collect the growing tolls for the city, Krislov said.

Krislov tried to have the meter and garage offerings declared illegal on the grounds that the city cannot legally sell on public roads.

He further claimed that the garage deal both limits development in the Loop and subjects the city to giant penalties, such as the $62 million the city spent to compensate the owners of the Millennium Park and Grant garages. Park after the city cleared the Aqua Building, 225 N Columbus Drive, to open a competing garage.

Both lawsuits were dropped after the Emanuel administration defended the deals.

As mayor-elect Lori Lightfoot has promised to take a fresh look at the parking meter deal and try to find a way to break the lease, shorten it or sweeten the sour terms for taxpayers.

She called it a “burr under your saddle” that “keeps rubbing and rubbing,” but her administration did nothing to remove it.

“We know they’re the ones who call when the phone doesn’t ring, as they say,” Krislov joked, paraphrasing a Randy Travis song.

Getting serious, Krislov said he would have been more than happy to team up with mayor to “fight this thing”.

“If the city administration had said, ‘This is not a legal agreement. The city can’t agree to sell the right of way to private parties in this type of deal, “we might have gotten the city out of it,” he said.

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