Nordic store – Nordic Mobler Tue, 21 Jun 2022 21:19:54 +0000 en-US hourly 1 Nordic store – Nordic Mobler 32 32 I Got a Public Service Loan Forgiveness, Now What? Tue, 21 Jun 2022 21:00:14 +0000

The past few months have brought some pretty catchy headlines and trends when it comes to our collective finances. These days, you can’t get far without running into a burning issue near and dear to many of us: student loan forgiveness. Earlier in the year, the US Department of Education released figures on public service forgiveness loans which revealed that 70,000 borrowers qualified for nearly $5 billion in student loan relief, and other estimates predicted that up to 550,000 people could benefit, in total. If you’re qualified and your loans have been forgiven, it might be tempting to run out of cash and spend that wad of cash (hey, a splurge here or there might be in order), but if you’re looking to be smart with your money, my conversation with Mark Reyes, senior director of financial advice from alberta financial services technology company might be helpful to you, as it has some good suggestions.

Reyes says less than 5% who qualified and applied received student loan forgiveness and for them to get it there were criteria that had to occur to stay in good standing. “ The service is designed [for people working in] jobs that don’t pay well and have an impact,” he says. “Loan forgiveness helps relieve them of the economic burden of their student loans.”

Mindfulness of the basis of loan forgiveness is crucial. Above all, you must remain qualified for this forgiveness. It’s important to remember that the landscape of personal student loan forgiveness has changed significantly over the past few years, according to Reyes. This means that you will need to stay informed and ensure that you are fully aware of what needs to be done to qualify and possibly receive this loan forgiveness. Typically, this includes re-certification, providing the correct documentation, and making consistent payments while waiting for your loan to be forgiven.

Here are some additional tips:

GW: Should borrowers do anything from a tax standpoint?

MR: Yes. If you are receiving student loan forgiveness, make sure you have a clear picture that provides an accurate understanding of any tax liabilities you may be responsible for. Keep in mind that under the American Rescue Act of 2021, the amount of student debt that is forgiven will not be federally taxed until the end of 2025, but some states may still consider it income. taxable. If you plan to receive the pardon after 2025, stay alert to any changes to how the pardon will be handled by the IRS and be prepared for that.

GW: Tell us about paying off toxic debt.

MR: What is toxic debt? Also called toxic loans or bad debts, toxic debts are less likely to be repaid to a lender. If you have high-interest credit card debt or other forms of toxic debt like a payday loan, it’s time to detox by making it a priority to pay off those debts as soon as possible. Toxic debt is very expensive to maintain and can prevent you from achieving greater financial goals.

GW: What can people do about planning their emergency fund?

MR: It’s important to start prioritizing financial wellness and having an emergency fund saved up of 3-6 months of non-discretionary spending is a mainstay of that. An easy way to accomplish this task is to automate your savings, so that a percentage of your paycheck is automatically deposited into a savings account. I highly recommend it.

GW: A lot of people are reluctant to set a budget. Do you have any advice?

MR: Budget doesn’t have to be a dirty word. In fact, a healthy budget is the backbone of financial well-being, according to Reyes. If you’re not sure where to start, it’s probably best to keep it very simple. Reyes generally recommends what’s called a “50/20/30 budget.” This is where 50% goes to essential expenses such as rent, insurance, essentials and food, 20% goes to savings and investing, while 30% goes to everything you desire.

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GW: So can we call that 30% the You Only Live Once (YOLO) bucket? How many YOLOs can we make?

MR: This YOLO bucket is crucial for your enjoyment of life. It’s for whatever you want. If you stay in the 30%, it doesn’t matter what you do with it as long as you can stick to that 30%. You don’t have to YOLO every night. You can YOLO some.

GW: What about investing for retirement?

MR: Paying yourself first is crucial, as is paying yourself in the future. Retirement, that distant light at the end of the proverbial tunnel, will come knocking sooner than most of us realize, and the financial news surrounding our prospects for group retirement isn’t always great. Once you have a sound financial base (no toxic debt, a solid emergency fund, room in your budget/no overspending), start investing for your retirement. Generally speaking, a good goal is to contribute 10-15% of your income, but if you can maximize your retirement account, [that’s] better.

GW: Thank you for your time.

Does modern slavery exist? Mon, 20 Jun 2022 03:31:43 +0000

Juneteenth is a federal holiday now in the United States that recognizes the emancipation of enslaved black Americans. June 19, celebrated on June 19, celebrates the release of the last of 250,000 enslaved black people when 2,000 union soldiers arrived in Galveston Bay, Texas and announced this executive order. But was slavery totally abolished? Webster’s Dictionary defines slavery as the state of a person who is held in forced servitude or a situation or practice in which people are entrapped in debt and exploited. While slavery was abolished here in the United States, some say it exists in a different way today.

“Shame. Guilt. And a lot of my family members, you know, they had no money. That’s how Orletta Caldwell describes the feeling of having to take out a payday loan. In 2008, a bad divorce ruined her credit, left her almost penniless as a single mother and forced her to file for bankruptcy. “You have to pay rent,” Caldwell said. “I don’t like overdrafts. don’t like to be late. It’s an easy way. All you need is a check.

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“So you walked into the store?” asked Evrod Cassimy of Local 4. “No!” she replied. “Actually, I went online. You can also do it online. “Why didn’t you go into the store?” Cassimi asked. “Because I’m Orletta Caldwell, you know, Masters in Business. You don’t do that kind of stuff. “So you were embarrassed?” “I was embarrassed!”

What would ensue would be a cycle of payday loans with incredibly high interest rates just to make ends meet. A $600 payday loan can come with a $75 fee and an APR of almost 400%. The $675 payday loan is taken from your next paycheque. Orletta would then have to take out another payday loan to make up for the money she paid back. She began to notice a pattern. “They heavily target minorities, people from neighborhoods of color,” she said. “When you have someone trapped…and they’re in that cycle and they can’t get out of it, that’s slavery.”

“We noticed, and data carriers, many of these convenience businesses, check advance spaces, are located in black and brown communities. Black and brown and poor and otherwise disenfranchised communities,” said Omari Hall. “There is no immediate presence of more traditional banking options in these black and brown neighborhoods.” Hall is with GreenPath Financial Wellness and has worked with 750 people this year to get them out of this payday loan cycle. He explains why credit cards and other traditional banking options are not possible.

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“There has always been a deserved mistrust on the part of the black and brown community of the financial services system in general,” Hall said. “This distrust comes from decades, if not centuries, of systemic disenfranchisement where there has not been a support system in place for blacks and browns and the poor to participate in this type of banking system. With very few traditional or safer alternative banking options and instead the option they have is these payday loan systems, these check cashing systems that are extremely exploitative. Exploitation resembles financial slavery.

“Do you believe that modern slavery exists?” Cassimy asked Seydi Sarr. “It always existed,” replied Sarr. Sarr refers to the types of people she sees being victims of human trafficking. This comes with the territory in the work she does with ABISA, the African Bureau for Immigration and Social Affairs.

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“Here in Michigan, for example, we’re known to be the epicenter of what you call modern-day human trafficking,” Sarr said. “Detroit sees a lot of missing girls. Most of the girls that are missing here are black girls. You find young black women, you find a lot of immigrant women in there.” She thinks black women are the most slaves to this world because they are the easiest to target. “Who’s going to come get you? Hmmm… Who’s coming for you? Nobody! So it’s easier to target the most vulnerable because there won’t be any real outcry to ensure that these people are found, sought after.

“Why is that a thing? How is that possible?” Cassimi asked. “It’s possible because I think we still struggle to recognize the humanity of black people. We are used to black bodies being abused. As black women, we talk a lot about how we are perceived. So a black woman can only be angry. People don’t see your pain the same way. People don’t see your tears the same way.

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“How does that make you feel as a black woman?” Cassimi asked. “Crazy! I’m mad! I’m mad all the time!” Sarre replied “How do we end modern slavery so that everyone is truly free?” modern slavery, we need to do a lot more work.”

This work includes the fight for equality for all humanity. This is the work that Seydi does daily at ABISA. Orletta Caldwell is working to reduce interest rates on payday loans and cash advances. “They have a ballot initiative. I want it capped at 36%,” Caldwell said.

Caldwell was able to find a way out of his financial troubles by saving only a small percentage of his own money. Today, her credit score is repaired, she has a great job, and after completing her doctorate, she is now Dr. Orletta Caldwell. She had this message for anyone financially enslaved: “You’re not a bad person. You will get there, but you just have to be determined to get through it.

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For more information about GreenPath Financial Wellness, please visit:

For more information about ABISA please visit:

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Young people in South Africa urged to practice money awareness and avoid bad debt Thu, 16 Jun 2022 10:23:17 +0000

It’s no secret that South Africans don’t have a great debt history, says National Debt Advisors.

According to Sebastien Alexanderson, Founder and Debt Advisor at National Debt Advisors (NDA), retail bank FNB recently revealed that credit-active middle-income consumers spend, on average, 30% of their income on unsecured credit and 35% on secured credit.

“To create a debt-savvy future generation, it is therefore essential that young people are educated as early as possible about the long-term dangers of bad debt behavior.

“Unfortunately, the indebtedness of our young people is already on a constant slope. Receiving credit from credit grantors is a fairly easy task and often leads to excess debt if not maintained responsibly. A study of eighty20 showed that around 20% of South Africa’s 1.2 million young people aged 18-24 were active in credit. In addition, student debt would have increased by 16.5 billion from March 2022.

It is important to make people aware from an early age of the pitfalls of credit agreements and to make them understand the different types of debt. This will lead to better decision making in the long run.

Different types of credit or debt

There are two main debt or credit agreements – secured and unsecured. Secured debts, such as home loans and vehicle financing, require you to post an asset as collateral in case you cannot make your payments, in which case the lender may take your asset. Secured debt tends to have better terms that save you money while being responsible for the risk. Unsecured loans, such as retail accounts, personal loans, credit cards and overdraft facilities, mean less risk for the consumer because the lender is responsible, but you will be charged for this luxury.

With a Personal loanthe larger the amount lent, the longer the payment term will be, and if taken with registered creditors and lenders, interest rates for these loans are normally in the range of 3% to 30%.

Payday loans are structured over a short-term period and help you get to your next payday. The repayment terms for these depend on how long before your next payday/salary date you get the payday loan for. Although these loans can help you get out of a bind, they are expensive because the interest rates are high.

A consolidation loan refers to taking a loan amount to cover several debts. Essentially, you have a big debt, paying off smaller debts. Alexanderson says, “It’s important to do your calculations very carefully here, as these loans also come with significant initiation fees, administration fees and longer repayment terms, which could end up costing more than the debt itself.

A vehicle financing credit agreement normally has a repayment tenure of between 36 and 72 months. The longer the term, the lower the payout, but on the other hand, the longer term will equate to a higher overall amount repaid. “Auto financing also comes with the option of a lump sum payment. With this, the monthly payments are lower, but there is a large lump sum to pay at the end of the term,” adds Alexanderson.

When it comes to home loans, most require at least 10% deposit to secure the loan. It’s a good idea to opt for a fixed interest rate on a home loan, to better plan your monthly expenses and not be surprised by higher repayments when interest rates rise.

The last type of loan is a student loan, which covers higher education costs and includes your textbooks and accommodation, which ultimately adds up. Normally, you have to pay the monthly interest on the loan while you’re in school and start repaying the loan in full once you get a job.

This is a serious problem for our educated young people. Even before they start earning a salary, they have a huge debt, which prevents them from saving money successfully,” said Sébastien.

How to manage your debt

  • Make sure you know what is reflected on your credit reportA credit report is a detailed and objective record of all your credit transactions which is used to determine credit score and it is virtually useless to apply for a loan if you have a credit report full of judgments and history of wrong payments.
  • Make sure you know the interest rate, repayment term, and monthly payments for the new debt you’re taking out.
  • Make sure you have credit life insurance in the event of death, disability and layoff.

As South Africans increasingly rely on credit to make ends meet, young people’s spending priorities must change.

“Young people need to be encouraged to live within their means and need to learn how to have a better relationship with money to be able to build a secure future for themselves and for our economy,” concluded Sébastien.

What credit score do you need for a personal loan? Wed, 08 Jun 2022 15:55:14 +0000

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

The credit score you need for a personal loan varies by lender. But to get the best interest rates, you’ll generally need good to excellent credit. (Shutterstock)

A personal loan is a useful financial tool when you need to borrow money to cover almost any expense, such as car repairs, home renovations or medical bills. When you apply for a personal loan, you must meet the lender’s credit requirements. Having good to excellent credit will usually get you the lowest interest rates, but some lenders specialize in bad credit personal loans.

Learn more about the credit score you need to qualify for a Personal loan, why your credit score matters and what to consider when comparing personal lenders.

Credible, it’s easy to view your prequalified personal loan rates from various lenders who offer loans for a wide range of credit scores.

What credit rating do you need to qualify for a personal loan?

Each lender has their own credit score requirements for a personal loan. For this reason, it is probably possible to find a personal lender who will give you a loan, regardless of your credit rating.

But you usually need at least a good credit score to get a personal loan with a decent interest rate and loan terms. The higher your credit score, the better your interest rate will be and the more loan options you will have available.

Most lenders use the FICO credit scoring model to determine if they should approve you for a loan. Here’s how FICO breaks down credit score ranges:

Why is your credit score important when applying for a personal loan?

Credit scores are three-digit numbers that represent your credit history, which are recorded on your credit reports from each of the three major credit bureaus – Equifax, Experian and TransUnion. The higher your credit score, the more likely a lender is to lend you money. Because having a higher credit rating makes you more likely to repay your loan in the eyes of the lender, they tend to offer the best interest rates and loan terms to borrowers with good credit ratings.

If you have a low credit score, you will have to do a little more work to find a lender who will offer you a personal loan. Some lenders will approve you for a loan even if you have a bad credit score or lack of credit history. But you’ll likely pay a higher interest rate for a loan than someone with good or excellent credit.


Factors that affect your credit score

The following factors interact to determine your credit score:

  • Payment history – It’s the most important factor in determining your credit score, accounting for 35% of your score. When you pay your credit card and bills on time each month, you improve your credit score. If you make late payments or miss payments so much that you can’t repay a loan, it can hurt your credit score.
  • Credit utilization rate — Your credit utilization rate represents the amount of available credit you are using and represents 30% of your FICO score. The lower your credit utilization ratio, the more your score will benefit. Ideally, you want to keep this ratio below 30%.
  • Length of credit history — If you can establish a credit history from a young age, you’re on the right track. The longer your credit history, the more likely your credit score will benefit. Keeping an old credit account open, even if you don’t use it often, can help you maintain a longer credit history.
  • Composition of credit — Having a diverse combination of credit products in your name, such as a student loan, credit card, and car loan, can help show lenders that you’re capable of handling and repaying multiple types of debt at once.
  • New credit — Applying for or opening too many new credit accounts in a short time can scare off lenders, as it indicates that you may need to borrow money to get by. If you are considering applying for a personal loan, try to avoid applying for new forms of credit in the months leading up to your loan application.

You can compare personal loan rates on the Credible platform, and it will not affect your credit score.

Can you get a personal loan if you have bad credit?

Yes, you can get a personal loan if you have bad credit. Some lenders even specialize in bad loans.

Consider a peer-to-peer lender who accepts a lower credit score and instead focuses on work and educational history when deciding whether to lend you money. If you belong to a credit union, it may have looser borrowing criteria than some major banks or financial institutions.

If you’re having trouble getting approved for a personal loan on your own, you can apply with a co-signer who has good or excellent credit. Adding a co-signer to your loan application can make it easier to qualify for a personal loan and help you get a lower interest rate.

How a personal loan can affect your credit score

Taking out a personal loan can affect your credit score in different ways :

  • Improves your credit mix — Taking out a personal loan can help you improve your credit mix.
  • Creates a payment history — As long as you repay your personal loan on time, you will strive to establish a positive payment history.
  • Create a challenging investigation — When you apply for a personal loan, the lender will check your credit with a firm credit check. This can negatively affect your credit score, but it will usually rebound after a few months.


What about loans without credit check?

Loans without credit check are a type of loan designed for those with bad credit or without an established credit history. Since these loans do not require a credit check, lenders compensate for the risk they take by charging high interest rates or additional fees. Loans without a credit check may be easier to obtain than traditional personal loans, but this ease of eligibility comes at a high cost.

Payday loans and title loans are two types of loans that do not require good credit ratings. These small, short-term loans come with fees that can amount to exorbitant annual percentage rates (APRs) of nearly 400%, according to the Consumer Financial Protection Bureau. These loans can trap you in a cycle of debt and should only be considered as a last resort.

What should you consider before choosing a personal lender?

Regardless of your credit score, you’ll want to consider the following factors when comparing different loan options:

  • Interest rate – The higher the interest rate, the more you will pay over the life of the loan. See which lender can offer you the lowest interest rate.
  • Repayment period – The length of a repayment term can affect the amount of your monthly payment. Although shorter repayment terms can help you save on interest, they usually come with higher monthly payments. Make sure the lender you choose can offer repayment terms that fit your budget.
  • Amount of the loan – It is important to borrow only what you need so that you do not pay interest on unnecessary funds. Find a lender who will lend you the full amount you need.
  • Costs – All lenders charge fees differently. Ask each lender you’re considering what fees you’ll have to pay, such as origination fees for processing the loan or prepayment penalties for repaying the loan earlier than expected.
  • Co-signer option — Not all lenders allow co-signers on personal loans. If you want to apply for a co-signer to improve your chances of qualifying and help you get a better interest rate, you’ll need to find a personal lender that allows co-signers.

How to apply for a personal loan

Different lenders have different application processes, but when you apply for a personal loan, you can generally expect to go through the following steps:

  1. Compare lenders. Before you apply for a personal loan, get prequalified with different lenders and compare each to see which one can offer you the best personal loan for your needs.
  2. Choose a loan option. Once you find a lender, you can choose which of their loan products you want to apply for.
  3. Complete the application. When applying for a personal loan, you will need to provide personal and financial information, such as documents proving your identity, employment status, and income.
  4. Get your funds. If you are approved for a loan, the lender will disburse the funds, usually by direct deposit to your bank account.
  5. Start making payments. Once you receive your loan funds, you will begin making your regular payments (usually monthly) until you repay the loan in full according to your repayment term.

If you’re ready to apply for a personal loan, visit Credible for quick and easy compare personal loan rates from various lenders in minutes.

Small Business Restaurant Improvement Loans Mon, 06 Jun 2022 22:32:31 +0000

If you’re a business owner in the restaurant industry, you understand the importance of keeping your restaurant up to date to be successful. Whether you’re opening a new restaurant, establishing a new location, or renovating an existing restaurant, a restaurant improvement loan and other financing options can help.

Some financing options include:

  • Traditional bank loans
  • Business line of credit
  • Equipment loans
  • Commercial real estate loans
  • Merchant Cash Advance
  • Small Business Administration (SBA) Loans

This article explains your financing options and how they can help your restaurant business.

Why would someone need a restaurant improvement loan?

As restaurateurs, keeping your restaurant open and profitable is the most important thing. So it is good to understand why you would need a restaurant improvement loan for your business. Here are four reasons:

1. Buy inventory

A restaurant improvement loan can help you avoid breaking the bank on everything from bar stools, tables and chairs to other must-have restaurant equipment. With a loan, small business owners can focus on creating the best environment for their customers that matches their business needs. Also, inventory can extend to kitchen equipment like ovens, food prep counters, or food processors, which are very expensive and you don’t want to pay for with your personal funds or put on your score. personal credit.

2. Renovations

Another reason you might need a restaurant improvement loan is to renovate your restaurant. Renovations may include:

There are many reasons why you would want to renovate and keep your restaurant up to date, especially in a social media generation where people value aesthetics. A restaurant improvement loan can bring you much closer to your goal of having a restaurant with rave reviews.

3. Implement new technologies

Technology is constantly changing, so whether you need an updated point-of-sale (POS) system or you’re infusing your restaurant business with mobile technology and online ordering, you may need funds. additional. Brick-and-mortar businesses are constantly changing the way they serve their customers, so finding a lender who can provide you with the financing to scale your restaurant can help you scale.

4. Marketing and advertising

Restaurant improvements can also include how you get the message across to your customers. Marketing and advertising are key tools for retaining repeat customers, attracting new ones, and keeping your business profitable. However, marketing and advertising online or elsewhere can be quite expensive and having funding options that increase cash flow can help you acquire the right amount of marketing needed to keep your business running.

Types of Catering Business Loans

These types of restaurant business loans are the ones you should consider:

Equipment loans

Equipment financing is specifically designed to get you the new or updated equipment your restaurant business needs. You have the option of securing the necessary financing to purchase or lease the equipment. Alternatively, you may decide to pursue a sale and leaseback agreement, in which you sell the equipment to a lender in exchange for cash and then lease the equipment from the lender. You have the option of returning the equipment at the end of the term or purchasing it from the lender.

Working capital loans

A working capital loan is money you borrow for the day-to-day running of your business. Working capital loans pay for a business’s short-term needs and expenses instead of investments or assets that will be held longer. This is a small business loan that could come in handy if your business finds itself in a difficult financial situation. Rather than long-term investments, short-term financial goals are the main focus of this type of business financing.

Merchant Cash Advance

Compared to other forms of financing, such as conventional bank loans, merchant cash advances offer a unique opportunity for small businesses. Business owners get financing in the form of an upfront lump sum from a merchant cash advance provider. The owners then repay the advance using a percentage of the business’s future sales. An MCA can be an alternative for businesses that have a high number of credit card sales, are in dire need of capital, or don’t qualify for a conventional loan.

Bank loans

Other financing choices, such as credit cards, payday loans, or short-term loans from internet lenders, often carry higher interest rates than those offered by traditional bank loans. Also, if the lender discloses payments made to commercial credit bureaus, you can improve your business’ creditworthiness if you make your payments on time.

When you have questions about your loan or other financial products that could benefit your business, you can speak to a professional banker or loan officer located at a local branch of many banks for assistance. . This service is offered by many banks.

When to Apply for Restaurant Improvement Funding

Having a business plan can help you determine the longevity of your business growth, especially with financing. Knowing when to apply for restaurant improvement financing can have a positive effect on your working capital and can also help you buy equipment, do renovations, and more.

Here are important times in your business when you should consider applying for restaurant improvement financing:

  • Opening a new location
  • Low season
  • When your credit score is high
  • If you need more inventory
  • To afford additional equipment
  • Make essential renovations

Depending on the length of your business or your restaurant’s volume of business, this may dictate when you should apply for financing. In the end, needing it and not having the extra funds is worse than having it and being ready to make the changes necessary for your business to grow and succeed.

How to Improve Your Chances of Funding Approval

There are many facets to improving your chances of being approved for funding, but it is absolutely essential and doable. Whether you are a new business or have bad credit, you always have options. Here are ways to improve your chances of getting your seed funding approved:

  • Build your business credit score. When seeking financing for any loan amount, it is good to have established credit for your business. As a borrower, you don’t want to run the risk of sacrificing your personal credit, so establishing an EIN against a social security number will help your application process strictly through your business name. Nav offers a tool here to better understand your business credit score.
  • Increase your income. One of the best ways for lenders to ensure that you have the ability to repay a loan is to show your financial statements. With lower incomes, you may benefit from loan options with higher interest rates or only short-term loans requiring faster repayment terms.
  • Bring in a co-signer. Depending on the type of loan, if your credit isn’t the best, bringing in a trusted co-signer who has better credit and income can also improve your chances of approval. A co-signer on your loan application could also be someone related to your restaurant business, as they will have the same responsibility for repaying the loan.

Best Loans for Restaurant Improvements

If you’ve already started your search for a loan, you know that there are a seemingly endless number of lines of credit and small business loans available from banks and online lenders. Since new businesses are perceived to have a higher level of risk, the opportunities available to them will be more restricted. However, check out the loan deals Nav has for all small businesses.

Ultimately, whatever loan products, small business loans, or other type of financing you choose for your restaurant business, Nav is here to help. With Nav’s resources and loan matching tool, you can receive the business financing that best suits your business needs. From how to establish business credit to offering a comprehensive list of business credit cards to ensure you get the best restaurant financing options, the choice is yours.

This article was originally written on June 6, 2022.

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]]> Among older Americans, rising debt may harm health Sun, 05 Jun 2022 09:00:08 +0000

Older adults generally have less debt than younger ones because people tend to get rid of debt as they approach and enter retirement. But in recent decades, each cohort of older people has been more indebted than the last.

“There is a group of seniors in financial difficulty,” said Annamaria Lusardi, an economist at George Washington University. “They are heavily in debt; they carry high cost debt. They are contacted by collection agents. They are not going to enjoy their golden age.

Dr. Mudrazija and her co-author, Barbara Butrica, a senior researcher at the institute, used data from the National Health and Retirement Study and calculated that in 1998, about 43% of Americans over 55 had debt, a median of $40,145. In 2016, about 57% had debt and more: a median of $62,784, adjusted for inflation.

The proportion with debt representing 30% of their total assets had risen to nearly 45%, and the proportion with a debt-to-asset ratio at an alarming 80% nearly doubled, to 15%.

Although seniors with debt were more likely to experience health problems, the type of debt mattered, according to the studypublished by the Boston College Center for Retirement Research.

Secured debt, like mortgages and other home loans, is backed by an asset: housing. This debt increased among older borrowers as house prices soared and interest rates remained low. “It’s less and less the norm for people to pay off their mortgage before retirement, the traditional model,” Dr Mudrazija said.

But secured debt seemed less damaging to health than unsecured debt like credit card balances, student loans and late medical payments, which typically command higher interest rates. About 24% of seniors’ debts were unsecured in 1998; by 2016, the proportion had risen to 35%.

Why Netflix Deposits Its Money In Black Banks Thu, 02 Jun 2022 14:01:23 +0000 Hope Credit Union, based in Mississippi, raises its capital by bringing in large member companies.

Operating a credit union in the Deep South, an area with some of the deepest poverty in the country, comes with additional challenges. Hope Credit Union, headquartered in Mississippi, has 34,000 members, but every day, two-thirds of these members have less than $1,000 in their bank account and almost the same amount earn less than $50,000 a year. The region’s high rates of unbanked or underbanked residents allow payday and subprime lenders to thrive.

According to Bill Bynum, CEO of Hope Credit Union, this means they have to get creative with creating cash.

“When you’re in wealth-poor, dust-poor places, you have to import capital,” says Bynum. “People don’t have the savings, the deposit, that traditional banks rely on to buy low-cost cash to make loans.”

Hope Credit Union has done this by bringing in a series of high profile corporate members – including Netflix, PayPal and Nike – under a program they call the Transformational Deposit Initiative.

They launched the initiative in June 2021 and soon received their first deposit of $10 million from Netflix. For Netflix, the investment was part of a commitment by the company to place 2% of its cash, totaling around $100 million, in black financial institutions. According to Aaron Mitchell, director of human resources at Netflix Animation Studios, they hope to encourage other big companies to do the same.

“A lot of companies make statements and donate, but we wanted to change the way we do business day-to-day to address issues like the racial wealth gap,” Mitchell says. “Black banks have been fighting to improve their communities for decades, but they are disadvantaged by their lack of access to capital. The big banks, where the big multinationals, including ours, keep most of their money, are also focusing more on improving capital, but not at the local level, these black-run institutions like Hope can do that. .

The company created a three-part miniseries on YouTube titled Bet on us. The series identifies some of the topics black Americans face in acquiring wealth. The series explores the difficulties black Americans have in acquiring wealth and some of the systemic racism of financial institutions, such as the difficulties black people have in acquiring a mortgage or a business loan, which are ongoing barriers to economic mobility.

Bynum says Netflix put Hope Credit Union through a rigorous process of reviewing Credit Union’s management and financial condition to ensure they would be good stewards of their resources.

The deposit provided liquidity, but it also “brought attention to this strategy,” says Bynum. “We couldn’t buy the recognition it brought. Netflix was very intentional in spreading the word about it, encouraging other companies to follow their lead and they did.

During the second half of 2021, Hope Credit Union received $116 million in processing deposits from 443 individuals, businesses and nonprofits. Credit Union estimates that every $10 million deposit helps fund more than 2,500 entrepreneurs, homebuyers and consumerslargely from marginalized communities: Among Hope Credit Union members, 77% are black and 60% are women.

“We’re able to use those deposits to replace those checking and savings accounts that you find so easily in thriving communities, but aren’t in the places we serve,” says Bynum.

At 0.10%, the bond incentive offers more of a social return than a financial one. Institutions understand “the importance of their future workforce and their future customers,” says Bynum. And since the money is a deposit and not a gift, banks can withdraw it whenever they want.

“We’ve seen a lot of individuals, a lot of families who have proven they can do anything anyone else can when they have the tools,” Bynum says. “So our job is to try to put these tools to good use for people who don’t have access to them. … We feel really lucky to be able to give a financial helping hand, a lifeline and facilitate their progress in the economic scale.

However, this ladder can sometimes be a bit slippery. The past two years have been difficult for many Americans, but it has been especially difficult for black Americans. In a study 2021, the Brookings Institution’s Hamilton Project found that while all Americans, regardless of socioeconomic background, have been affected by COVID-19, black Americans from economically disadvantaged communities have been particularly affected. The authors of the reports write that while all Americans have been affected by COVID-19, “many black Americans and their communities lack sufficient income and wealth to cushion both the crisis of job losses and the economic crisis. that have resulted from the COVID-19 pandemic. ”

It’s a fact Bynum knows well, but he sees the corporate response as a beacon of hope. The attention for the large corporate donations they received, as well as the series from Netflix, continued to grow. Last December, Hope Credit Union received $88 million under the US Treasury Department’s Emergency Capital Investment Program (ECIP), the largest community development investment the organization has ever received.

“There seems to be more attention over the past two years following the murder of George Floyd,” says Bynum. “And a bit of awareness and acknowledgment that the gaps exist and are not sustainable. So I’m going to look at this as a window of opportunity, but we need to maximize the opportunity.

This story is part of our series, CDFI Futures, which explores the community development finance industry through the lens of equity, public policy and inclusive community development. The series is generously supported by Partners for the Common Good. Sign up for PCG’s CapNexus newsletter at

Connie Aitcheson is a freelance writer based between Florida and Kingston, Jamaica. She worked for many years at Sports Illustrated and has been published in Essence, PTSD Journal, Cosmopolitan and

How much does health insurance cost? Tue, 24 May 2022 23:04:44 +0000

HHealth insurance lowers the cost of medical appointments, procedures, hospital stays, tests, prescriptions and more. However, figuring out how much to budget for health insurance can be tricky. Many factors, such as where you live or the type of plan you have, can affect the price of your health insurance. Here’s a helpful breakdown of average health insurance costs, along with tips for finding the best insurance plan for you.

Related: Best Health Insurance Companies

What is health insurance?

In defining what health insurance is, two things come into play, according to Ben Handel, Ph.D., associate professor of economics at the University of California, Berkeley, who specializes in health economics: One is financial risk protection,” he says. This is because of deductibles in health insurance plans. Handel explains that a deductible is the amount of money a person pays before their insurance plan starts paying out. Once this deductible has been reached, this person will no longer have to pay any other medical expenses. Those without health insurance do not have access to a deductible, meaning there is no cap or cap on their medical expenses.

“The second element [that defines health insurance] is that it forms a network of healthcare providers and drug formularies,” says Handel. This means that health insurance determines the type of care a person can access. This includes doctors who can treat you, hospitals and clinics you can visit, and prescription drugs you can get at an affordable price.

Health insurance provides protection against devastating medical costs, such as surgeries, hospital stays and emergency care, as well as access to a network of care, but it comes at a cost.

What are the average costs of health insurance?

In the United States, 55% of people get health insurance through their employer and 20% get insurance coverage through government assistance, either through Medicaid (available to low-income people ) or Medicare (for people age 65 and older and some people with disabilities). ) according to the US Census Bureau. Some people, like the self-employed, choose to purchase private insurance, says Virginia-based health care expert and author Peter Kongstvedt, MD. In the United States, 8% of people have no health insurance coverage.

The average health insurance cost for a single person who received health insurance through their employer in 2020 was $7,040 per year, according to data compiled by the Kaiser Family Foundation. The average cost of health insurance for a family in 2020 was $21,342 per year. These numbers represent what someone pays for a health care premium. “A premium is the amount you pay to the health insurance provider each month,” says Dr. Kongstvedt.

A premium is different from a deductible. “A premium is what you pay up front [each month], whether or not you receive health care. A deductible is something you pay into the plans if you actually receive health care,” says Dr. Handel. For example, if your health plan’s deductible is $1,000 per year, you’ll need to cover other medical expenses beyond that amount, he adds.

How to calculate and compare health insurance costs

Calculating and comparing the cost of premiums and deductibles is an important step in choosing the right health insurance for you. To help, Shane Saunders, co-founder of The Insurance Solutions Experts, suggests considering the following factors when choosing a health insurance plan:

  • Are you eligible for Medicare or Medicaid? First, check if you meet the requirements for government-assisted health care coverage. If you’re 65 or older, you’re probably eligible for Medicare. To see if you meet the income requirements for Medicaid, visit
  • Consider your general health and how often you think you can seek health care. If you are in generally good health and at low risk of serious health problems, it may be in your best interest to choose a low-premium health plan, whether offered by your employer or purchased by yourself. diet on your own, says Saunders. If you have chronic health conditions or think you might seek health care more frequently, Saunders recommends considering a health care plan with a slightly higher premium, as it will likely have a lower deductible and help you pay. save money overall.
  • Think about your future projects. If you think you’ll get pregnant in the next year, Saunders says finding a policy that covers pregnancy and childbirth costs is crucial.
  • Consider the worst case scenario. Even the healthiest among us are at risk for unpredictable health problems or unexpected emergencies. A plan with a higher premium but a lower deductible may be better for those who want coverage for catastrophic events, Saunders adds.

Factors that influence health insurance costs

The Affordable Care Act prevents health insurance companies from charging more to people with chronic conditions, Handel says. However, certain factors influence the amount you will pay. These include the following, according to experts:

  • If you are looking for coverage for yourself rather than your whole family. If you want a health insurance plan that covers a partner or children, you can expect to pay more each month than if you purchase health insurance just for yourself.
  • What state do you live in. “The average cost of health insurance varies widely from state to state,” Saunders says. The states with the highest premiums in 2022 are West Virginia ($9,972 per year for a single person plan) and South Dakota ($9,732 per year for a single person plan), according to data compiled by ValuePenguin. The states with the lowest premiums are Georgia ($3,708 per year for a single-person plan) and New Hampshire ($4,320 per year for a single-person plan). If you live in a state with generous Medicaid coverage, Handel says you’ll likely pay a higher health insurance premium than if you lived in a state that doesn’t widely offer Medicaid.
  • The population of your place of residence. In general, people who live in urban areas pay a lower premium than people who live in rural areas, says Dr. Kongstvedt. Indeed, when there are fewer people, there is less competition between health care plans.
  • Whether your insurance coverage is from an employer or not. Typically, employers pay a large portion of the premium, Handel notes. This means that if you purchase health insurance through an employer, you will likely pay less than if you purchase health insurance on your own.
  • If you use tobacco. Experts confirm that if you are a tocabbo user, health insurance companies may charge you more for coverage. It could even double the cost of your premium.

How to find better, more affordable health insurance

When it comes to dramatically lowering your health insurance premium or deductible expenses, experts say there aren’t many simple answers. However, factors to consider include quitting all tobacco use and joining a Health Savings Plan (HSA).

Handel says an HSA is a type of savings account that allows a person to set aside money before taxes, specifically to be used on health care costs now or later.

“HSAs are helpful, especially if you have a higher income,” Handel says. HSAs make more sense for people in a higher income bracket because their marginal tax rate is higher, he adds. People in a lower income bracket, on the other hand, will save less because their tax rate is lower.

Some examples of how an HSA can be used for doctor visit copays, dental expenses, vision expenses and prescriptions. An individual can decide how much they want to contribute monthly or annually to their HSA, which comes from their paycheck, but the IRS caps the amount of contribution a person can make to their HSA. (For 2022, the maximum a person can contribute to their HSA is $3,650 for an individual and $7,300 for a family.)

There are a multitude of variables that affect the amount of health insurance costs. And, while not an easy expense to weigh or afford, the benefits of health insurance can outweigh the cost when it comes to routine care and emergencies. medical.


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

Tips to Get an Effective $1,000 Home Loan Quickly | Fri, 20 May 2022 14:26:04 +0000

Tips for getting an effective $1,000 home loan fast

  • Book a guest room in your house.
  • Examine pawnbrokers. To earn the money you need, you can pledge dear what to own between 31% and you can 50% of your asset. Pawnbrokers must be repaid immediately. It’s usually a month. Without being able to repay the mortgage, they sell the object you have pledged.

Brief cash advance of $1,100,000

When you find yourself in cases like this, an advance loan can be a simple solution and you are able to facilitate the solution. Payday loans aren’t always in the most common condition, but still offer one-time financing, even for those with less than perfect credit. For just down the road, you could be accepted to have lots of funding dollars that have Bad Credit Bucks now.

Most applicants have a recognition cost of 80% of the time. As the limits are placed on someone with groups who can lend large sums, applicants who have poor fico scores and reduced numbers have high potential for detection. The expression of the mortgage was lower, up to thirty days. When you are accepted, the money transfers into your money within moments, seemingly the very next day.

Find a lender

Less than perfect credit Cash As fast as possible will help you find a lender. I become a third party to include secure correspondence ranging from the financial, obsolete shell, and you can you.

  • Submit the borrowed funds request function. Their answers will likely be honest. If you refuse to give specific suggestions, the mortgage software will deny the loan application.
  • We’ll upload your loan application to the credible finance lenders just having who I come up with it. They will easily advise your information and see when you are allowed to resent the money. The point should be to protect your PC investigation. I explore safe engagement and you can data security.
  • Within moments, an immediate lender tends to speak to you. The lending company offers more information regarding the terms of your loan and you can standards. For those who invest in most terms and conditions, we will present the financing.

You can easily see a thousand timely cash funding. Completing the right execution instantly can make it simple to use, which means you will get this loan choice in less than an hour. Even if you increase your chances of being desired, you can stick to the instructions in private. maybe not, it’s not a guarantee. Once you have chosen these new terms towards the money, the money could be joining yourself in just one business day.

Ways to Get Good $1,100,000 Funding: What’s the Most Convenient Way to Get Great Bad Credit First?

Whenever talking about large economic enterprises such as, for example, financial institutions, bad credit would be a problem. The reason being that they are able to provide huge sums of money. Conventional lenders will also understand your credit rating even more slowly. Payday loan to have fun with, in addition, don’t like your credit rating.

The creditors form does not work on borrowing from bank checks. In order to assess the currency credit risk for your needs, make sure your job and you can find out about your paycheck. Payday lenders are concerned with your ability to pay off the new mortgage rather than your financial score. You could potentially submit a funding application instead of requiring a map review. Thanks to this, their interest cost is higher.

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Amigo payday lender’s creditors support survival plan Fri, 13 May 2022 16:19:04 +0000

Amigo, the struggling subprime lender, said its creditors had backed a legal scheme and a new stock issue that would allow it to move on.

Amigo stalled after complaints exploded about its lending practices. He has now requested a stay of his actions while the legal process is completed.

The company said its creditors had voted for a plan which it hopes can give them 42p for every pound owed to them.

The proposal was supported by nearly 89% of customers who voted and beat out a second proposal which would have liquidated the company with a lower payment to customers.

“Our customers voted in favor of the new business program, which the Amigo Board of Directors believes provides the maximum possible recourse to creditors,” Chief Executive Gary Jennison said.

“This is an important step in settling liabilities arising from historical lending practices under previous management.

“However, the new trade regime has yet to be sanctioned by the court.”

The case will go to court on May 23 and 24.

The company’s future has been in limbo for two years after receiving so many compensation claims it simply couldn’t pay them all.

A year ago, aggrieved customers voted in favor of another deal, which would have given them just 10p for every pound they were owed. But this was rejected by the High Court, which said it was not fair.

Amigo also has an Irish operation and started lending here in February 2019, targeting people with “bad credit”, who had been turned down by traditional lenders. It offered loans of up to €5,000 at an annual rate of 49.9%.

However, it stopped all new loans pending its restructuring. – Sound system