accounting – Medielys http://medielys.com/ Wed, 21 Sep 2022 18:33:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://medielys.com/wp-content/uploads/2021/08/favicon-2-150x150.png accounting – Medielys http://medielys.com/ 32 32 4 reasons to take out a personal loan for debt consolidation https://medielys.com/2022/09/21/4-reasons-to-take-out-a-personal-loan-for-debt-consolidation/ Wed, 21 Sep 2022 12:56:13 +0000 https://medielys.com/2022/09/21/4-reasons-to-take-out-a-personal-loan-for-debt-consolidation/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. If you’re juggling high-interest credit card debt, […]]]>

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

If you’re juggling high-interest credit card debt, taking out a debt consolidation loan to pay off those balances offers 4 major benefits. (Shutterstock)

You can consolidate high interest credit card debt many ways, including home equity products (if you own a home), balance transfer credit cards, and personal loans.

Here are four reasons why you might want to consider a debt consolidation loan to settle your high-interest debts.

If you want to consolidate your debt, Credible makes it easy to view your prequalified personal loan rates from various lenders, all in one place.

What is debt consolidation?

Before we dive into why a debt consolidation loan makes sense, let’s define what it is. Debt consolidation consolidates multiple debts into one account with one easy-to-manage payment. It’s a strategy you can use to simplify the debt repayment process and potentially save money on interest. If you are overwhelmed with debt, debt consolidation can be a smart move.

Although you can consolidate your debts in several ways, the personal debt consolidation loan is one of the most popular. With a debt consolidation loan, you take out a new loan to repay one or more unsecured debts that you already have. It gives you a manageable monthly payment so you don’t have to worry about juggling multiple debts, interest rates, and payment due dates.

It’s important to understand that while a debt consolidation loan can treat the symptoms of your financial problems, it won’t treat the root cause. Think of it as a tool to give yourself some breathing room so you can get back on your feet and devise a long-term plan for a better financial future.

ADVANTAGES AND DISADVANTAGES OF DEBT CONSOLIDATION

1. Reduce the overall cost of your debt

A Personal loan can help you reduce the cost of your debt in two ways. If you’re able to lock in a lower interest rate than you currently have on all of your debt, you can save hundreds or even thousands of dollars in interest.

Plus, a personal loan gives you a specific end date for paying off your debt. It can help you stay focused on your goals and pay off your debt faster.

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

2. Refinance your debt without risking your home or other assets

Although home equity products – such as home equity loans and home equity lines of credit (HELOC) – may have lower interest rates than personal loans, they have some disadvantages you should consider:

  • Deplete your home equity — Since a home equity loan relies on the value you have built up in your home, you could find yourself under water on your mortgage and owing more than your property is worth if the value of your house goes down. This could be a serious problem if you are planning to move soon.
  • Put your home at risk — A home equity loan puts your home as collateral. If you fail to make your payments, you could lose your home through the foreclosure process.
  • May not qualify — Most lenders will not give you home equity loan or HELOC unless you have some equity in your home. Your equity is the difference between what you owe on your mortgage and the current value of your home. Although each lender has their own criteria, most will be looking for at least 15% equity.

A debt consolidation loan, on the other hand, requires no collateral, which means you won’t have to put your house, car or other assets on the line. You can also lock in an interest rate below the one you could get with a credit card.

Your rate will likely be fixed instead of variable (as it would be with many HELOCs), so you can budget your payments in advance. And if you have good or excellent creditit may be easier to qualify for a debt consolidation loan than a home equity product.

3. Reduce your monthly payments

If you have a lot of high-interest credit card debt and take out a personal loan with a lower interest rate, you may be able to lower your monthly payment amount. This can free up your cash flow and give you more money to spend on your emergency fund and other financial goals, such as saving for a home or for retirement.

Choosing a personal loan with a longer term can also result in lower monthly payments. But keep in mind that if you go this route, you will pay more interest over time.

4. Simplify your debt

When juggling multiple loans and credit cards, it’s easy to miss a bill payment. Missing a single payment can impact your credit.

A debt consolidation loan allows you to combine several monthly payments into a single loan with a fixed interest rate. It can make the debt refund much more manageable process and reduce your risk of missed payments. Many personal lenders also offer discounts for setting up automatic payments, which will ensure that your monthly loan payments are made on time.

If you’re ready to apply for a debt consolidation loan, Credible makes it quick and easy compare personal loan ratess to find the one that best suits your needs.

]]>
Time to Separate: Joint Consolidation Loan Separation Act Goes to House Vote https://medielys.com/2022/09/19/time-to-separate-joint-consolidation-loan-separation-act-goes-to-house-vote/ Mon, 19 Sep 2022 20:07:38 +0000 https://medielys.com/2022/09/19/time-to-separate-joint-consolidation-loan-separation-act-goes-to-house-vote/ Join our Telegram channel to stay up to date on news coverage (© pathdoc – stock.adobe.com) The U.S. House of Representatives is expected to vote this week on the Joint Consolidation Loan Separation Act of 2021. The bill passed the Senate in June. Written by Virginia Senator Mark Warner in 2017 after a constituent contacted […]]]>

Join our Telegram channel to stay up to date on news coverage

student debt
(© pathdoc – stock.adobe.com)

The U.S. House of Representatives is expected to vote this week on the Joint Consolidation Loan Separation Act of 2021.

The bill passed the Senate in June. Written by Virginia Senator Mark Warner in 2017 after a constituent contacted him about his difficulty paying a joint consolidation loan on a teacher’s salary, the legislation will provide much-needed relief to people who have consolidated their student loan debt with a spouse.

The program was eliminated by Congress on July 1, 2006, but did not provide a way to break existing loans, even in cases of domestic violence, economic abuse, or an unresponsive spouse. The bill would ensure that the debt is shared between the two parties.

Warner voter Sara McLean was living in Northern Virginia and raising two children in 2017 when she contacted him. She had divorced her husband and moved thousands of miles to make a fresh start with her children, but he had refused to pay his share of the joint loan. McLean risked having her public school teacher’s salary garnished if she did not pay both parts of the debt.

“The Senate’s passage of this common-sense legislation is a huge step for survivors of domestic violence and financial abuse who have spent decades fighting for their financial freedom,” Warner said in a press release. in June. “By finally allowing individuals to break their joint consolidation loans, this bill will provide much-needed respite to vulnerable people who are unfairly held responsible for a former partner’s debt.” I urge my colleagues in the House to act urgently and send this bill to the Speaker’s office as soon as possible.

The Joint Consolidation Loan Separation Act would also allow borrowers to access student loan relief programs, including the Public Service Loan Forgiveness Program (PSLF) and income-driven repayment programs. which they were previously ineligible due to their joint consolidation loans.

Join our Telegram channel to stay up to date on news coverage

]]> Information breakfast; A climate of consolidation is setting in on the markets https://medielys.com/2022/09/14/information-breakfast-a-climate-of-consolidation-is-setting-in-on-the-markets/ Wed, 14 Sep 2022 19:22:00 +0000 https://medielys.com/2022/09/14/information-breakfast-a-climate-of-consolidation-is-setting-in-on-the-markets/ Here is our summary of the key overnight economic events affecting New Zealand, with news of growing evidence that inflation could peak. But first, the United States mortgage applications have plummeted -1.2% last week, a fifth straight decline as the base mortgage rate hit 6% for the first time since 2008. It has now been […]]]>

Here is our summary of the key overnight economic events affecting New Zealand, with news of growing evidence that inflation could peak.

But first, the United States mortgage applications have plummeted -1.2% last week, a fifth straight decline as the base mortgage rate hit 6% for the first time since 2008. It has now been nine weeks in the last twelve that they have fallen, suggesting that their real estate markets are in downturn mode. But that doesn’t come with too much stress, it seems. Crime rates remain very low on mortgages. We are witnessing declines, yes, but without stress.

American producer prices fall by -0.1% in August from July and it was as expected. Year-over-year they are up +8.7%, which was less than expected and lower than the +9.8% rise in July and was the least it has risen in a year. months during the past year. There are clear signs here that the impact of the price increases is waning. Maybe yesterday’s CPI data wasn’t the warning sign it seemed.

But concerns are growing over potential upward pressure on prices if a huge rail strike hinders supply chains and harms economic activity.

In China, a new popular movement is on the move. After triggering a mortgage strike over undelivered homes, others are now rush to pay off their mortgage. As the real estate market crashes, the leverage once sought after has turned into a burden. Today, an increasing number of borrowers are cashing in their “wealth management products” (essentially money market funds) to pay off the home loan. The reader is helped because these funds are now yielding very meager results. A divestment push like this will not help reinvigorate their economy. And that could be deflationary.

Japan machine orders declared for July, and they were up sharply (as were the machine tool orders we picked up yesterday for August). It was a rebound that was not expected, showing that the company’s boards are still investing. These orders were up +5.3% from June and +12.8% from year-ago levels.

In India, their much watched wholesale price inflation increased by 12.4% in August. But that was less than July’s 13.9% rise and less than the expected 13% rise. Food prices also increased by 12.4% in this survey.

The directory UK inflation rate unexpectedly, it fell slightly to 9.9% in August, from 10.1% in July, which was the highest figure since 1982. Analysts had expected it to reach a rate of 10 .2%. It’s milk and cheese that are driving up their costs. They need less restrictive tariff protection policies for their farmers. But of course they won’t and suffer their own purpose while blaming others. Their food prices increased by more than +13% in August.

In Sweden, the ruling centre-left coalition was beaten by a center-right grouping in a very thin result. The centre-right won, however, only thanks to renewed support from a far-right anti-immigrant party that will be part of the new government. The new government may not be very stable. The inability to deal with rising gang violence has undone centre-left parties.

And by remaining in Europe, their Luxembourg Court has confirmed fined Google NZ$8.5 billion for the way it used its Android operating system to promote Google Search.

In Australia, new home sales are still down. They were down -13% in July. Now, new data shows that they were down another -1.6% in August. They have fallen all year since the peak in December 2021 and have been down -28% since then

The 10-year UST yield starts today at 3.41% and is little changed from the same time yesterday. The UST 2-10 yield curve is more inverted at -37 bps. Their 1-5 curve is also more inverted at -36 bps. But their 30-day-10-year curve held steady at +94 basis points. Australia’s 10-year bond is down -4 basis points at 3.66%. The 10-year Chinese government bond is unchanged at 2.67%. But the New Zealand 10-year government will start today at 4.03%, up +11 basis points overnight.

Wall Street in its Wednesday session was down -0.2% on the S&P500 at the end of the session after being up for most of the session. The Nasdaq is up. Overnight, European markets were all down, ranging from -0.3% in Paris to -1.5% in London. Yesterday, Tokyo ended down -2.5%. Hong Kong was down -0.8% and Shanghai was closed down -1.3%. The ASX200 ended its Wednesday session down -2.6% and the NZX50 ended down -0.9%.

The price of gold will open today at US$1,697 an ounce and will fall a further -US$7 from the same time yesterday. But most of the other precious metals made some sort of overnight rally.

And oil prices today start rising by +US$1.50 to just under US$89/bbl in the US, while the international price of Brent is now just below $94.50 US/bbl.

The Kiwi Dollar will open today at just 60.2 USc and little change from this time yesterday. Against the Australian dollar, we are firmer than yesterday at 89.1 AUc. Against the euro, we remained lower at 60.2 euro cents. All of this means that our TWI-5 today starts at 69.8 and still at its two-year low.

Bitcoin price is now at US$20,116 and another decline of -3.0% from this time yesterday. Volatility over the past 24 hours has been moderate at just over +/- 2.3%.

The easiest place to keep up to date with the risks of events today is to follow our economic calendar here.”

Select chart tabs


]]>
Debt Consolidation Loan vs Balance Transfer: Which is Right for You? https://medielys.com/2022/09/14/debt-consolidation-loan-vs-balance-transfer-which-is-right-for-you/ Wed, 14 Sep 2022 16:03:59 +0000 https://medielys.com/2022/09/14/debt-consolidation-loan-vs-balance-transfer-which-is-right-for-you/ 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. A debt consolidation loan and balance transfer […]]]>

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.

A debt consolidation loan and balance transfer can help you consolidate high-interest debt. Learn how they compare. (Shutterstock)

Debt consolidation consolidates several debts into a single account. It can help you save money, lower your monthly payments, and streamline your payment process. Although you can consolidate your debt in several ways, debt consolidation loans and balance transfers are the most common.

Here’s what you need to know about each of them in order to determine the ideal debt consolidation strategy for your particular situation.

If you need a loan to consolidate high-interest debt, Credible lets you view your prequalified personal loan rates from various lenders, all in one place.

Debt Consolidation Loan vs Balance Transfer: What’s the Difference?

Debt consolidation loans and balance transfer credit cards are credit products you can use to consolidate other, higher-interest debt. Here’s an overview of how each works.

What is a debt consolidation loan?

A debt consolidation loan is a type of unsecured personal loan. If you subscribe to one, you will receive a lump sum upfront. Then you will repay what you borrow in fixed monthly payments over a set period of time. Although loan amounts vary, they can range from $1,000 to $100,000.

If you have different types of debt that can take years to pay off, a debt consolidation loan is worth considering.

UNSECURED LOANS: KNOW ALL

What is a balance transfer credit card?

Balance transfer credit cards allow you to transfer balances from your current maps to a new card, usually with a 0% APR introductory period of six to 18 months. If you pay off all your debts before the end of this introductory period, you can save a lot on interest. But keep in mind that once the period is over, you’ll start earning interest on the remaining balance on the card, and credit cards can have high interest rates.

If you have a lot of high interest credit card debt and you can pay it off during the introductory period, a balance transfer credit card might make sense.

Advantages and disadvantages of a debt consolidation loan

Before choosing a debt consolidation loan, consider these pros and cons:

Advantages

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

The inconvenients

  • If you don’t have the best credit, you may find it difficult to get an interest rate lower than what you are currently paying.
  • Some lenders charge origination fees, prepayment penalties, and other fees when you take out a debt consolidation loan.
  • There is no 0% APR introductory period like some credit card offers.
  • If you don’t make your payments on time, every time, your credit can take a hit.

WHERE TO GET A $5,000 LOAN

Advantages and disadvantages of a balance transfer

Here are some pros and cons to think about before deciding on a balance transfer:

Advantages

  • You can benefit from a 0% APR introductory period, which can save you hundreds or even thousands of dollars in interest.
  • Some cards offer rewards, such as cash back and travel points.
  • Opening a new card can lower your credit utilization ratio (the amount of credit you use compared to the amount of available credit you have) and, therefore, improve your credit score.

The inconvenients

  • If you don’t pay off your debt before the end of the 0% APR period, you could face high interest charges.
  • Some cards charge a balance transfer fee of 3% to 5% of the amount you transfer.
  • You may not qualify for a balance transfer credit card unless you have good credit.

What to consider when consolidating debt

When comparing a debt consolidation loan and a balance transfer, consider the following factors:

Where to get a debt consolidation loan

You can get a debt consolidation loan from a bank, credit union, or online lender. While banks and credit unions tend to offer competitive rates, they generally have stricter requirements than online lenders. Also, you must join a credit union before taking out a loan from it.

If your credit score is preventing you from getting approved for a debt consolidation loan, you may want to apply with a co-signer who has good credit or take the time to improve your credit before to make your request.

If you’re ready to apply for a debt consolidation loan, Credible makes it quick and easy compare personal loan rates to find the one that suits your needs.

Where to get a balance transfer card

Many banks and credit card companies offer balance transfer credit cards. If you’re having trouble qualifying, check your credit reports and dispute any errors. Also focus on making your payments on time and do your best to pay off some of your credit card debt to improve your credit utilization.

]]>
AfDB report calls for fiscal consolidation and policy reforms – Business & Finance https://medielys.com/2022/09/13/afdb-report-calls-for-fiscal-consolidation-and-policy-reforms-business-finance/ Tue, 13 Sep 2022 02:22:17 +0000 https://medielys.com/2022/09/13/afdb-report-calls-for-fiscal-consolidation-and-policy-reforms-business-finance/ ISLAMABAD: Continued fiscal consolidation and policy reform efforts will be essential to support improvements in macroeconomic stability, particularly in the areas of broadening the tax base and improving the business environment , according to the Asian Development Bank (ADB). The bank in its report, “Asian Development Bank member fact-sheet”, said that the Covid-19 pandemic continues […]]]>

ISLAMABAD: Continued fiscal consolidation and policy reform efforts will be essential to support improvements in macroeconomic stability, particularly in the areas of broadening the tax base and improving the business environment , according to the Asian Development Bank (ADB).

The bank in its report, “Asian Development Bank member fact-sheet”, said that the Covid-19 pandemic continues to pose major health and economic challenges in Pakistan. Reforms are needed to promote high value-added exports, increase social spending, strengthen the financial and technical sustainability of the energy sector and implement structural changes that will strengthen institutions and create jobs, he said. he adds.

The report notes that the total outstanding balances and undisbursed commitments of AfDB non-sovereign transactions in Pakistan as of December 31, 2021 was $441.31 million, or 3.14% of the AfDB’s total private sector portfolio. .

To date, the AfDB has committed 723 public sector loans, grants and technical assistance totaling $37 billion in Pakistan. Cumulative loan and grant disbursements to Pakistan amount to $28.27 billion. These were financed through ordinary and concessional ordinary capital resources, the Asian Development Fund and other special funds.

AfDB’s ongoing sovereign portfolio in Pakistan comprises 48 loans and 3 grants worth $8.42 billion. In 2021, AfDB loan and grant disbursements in Pakistan amounted to $1.31 billion, including $0.3 billion in program loans and $1.01 billion in project loans and 3 million dollars in donations.

AfDB’s support to Pakistan’s coronavirus disease (Covid-19) pandemic response in 2021 included a $500 million loan in August to help procure and deploy a safe and effective vaccine and a $603 million loan – including $3 million from ADF – for an integrated social protection program to bolster Pakistan’s flagship Ehsaas program. The loan is complemented by a $24 million grant from the Education Above All Foundation, he added.

The program builds on a previous loan of $500 million under the AfDB’s Covid-19 Expenditure and Active Response Support Program and a $300 million emergency assistance loan for strengthen Pakistan’s public health response to protect the poorest families from the pandemic. The AfDB has committed $300 million for the construction of the Balakot hydropower plant on the Kunhar River near the town of Balakot in Khyber-Pakhtunkhwa. By 2027, the plant will add 1,143 gigawatt hours of clean energy per year to the country’s energy mix, improving the reliability and sustainability of the energy sector. Another $300 million policy-based loan has been committed to support reforms aimed at strengthening Pakistan’s energy sector and improving its financial sustainability. The program will help to reduce and manage the cash deficit accumulated throughout the electricity supply chain, known as circular debt.

Cumulative co-financing commitments in Pakistan show that in sovereign co-financing, $4.63 billion has been committed to 53 investment projects and $105.87 million to 64 technical assistance projects since 1973. In non-sovereign co-financing , $11.72 billion has been allocated to 21 investment projects since 1993.

In 2021, Pakistan received a total of $450 million in loan co-financing from the Asian Infrastructure Investment Bank for two investment projects, and $24.48 million in grant co-financing from the Education Foundation. Above All for the Integrated Social Protection Development Program.

Copyright Business Recorder, 2022

]]>
External debt sustainability and fiscal consolidation are imperative, difficult and demanding | Print edition https://medielys.com/2022/09/11/external-debt-sustainability-and-fiscal-consolidation-are-imperative-difficult-and-demanding-print-edition/ Sun, 11 Sep 2022 00:46:37 +0000 https://medielys.com/2022/09/11/external-debt-sustainability-and-fiscal-consolidation-are-imperative-difficult-and-demanding-print-edition/ Views) : While external debt sustainability is a condition for obtaining IMF assistance, the immediate reduction of the budget deficit and its gradual reduction are essential for economic stabilization and economic recovery. IMF agreement Although a staff-level agreement has been reached with the International Monetary Fund (IMF) to secure an Extended Financing Facility (EFF) of […]]]>

Views) :

While external debt sustainability is a condition for obtaining IMF assistance, the immediate reduction of the budget deficit and its gradual reduction are essential for economic stabilization and economic recovery.

IMF agreement

Although a staff-level agreement has been reached with the International Monetary Fund (IMF) to secure an Extended Financing Facility (EFF) of $2.9 billion over the next four years, this will only be provided only after external debt sustainability has been demonstrated.

Debt sustainability

This external debt sustainability condition must be met in order to obtain the approval of the PAF by the IMF’s Executive Board. Reaching an agreement with the country’s foreign creditors on the sustainability of external debt to obtain the first tranche is difficult.

China

An agreement among creditors on debt restructuring appears difficult due to China’s reluctance to restructure its outstanding debt. This is due to its principle of non-restructuring of loans. China is however ready to help us with other loans. Hopefully a way will be found to circumvent this obstacle.

Budget deficit

The immediate reduction of the budget deficit and its gradual reduction over the next few years are essential for economic stabilization and economic recovery. This must be achieved through both increased taxation and reduced spending, which many will oppose.

Opposition

Insofar as the government, pragmatic economists and enlightened opinion, are aware that the bailout of the IMF is imperative to solve the current economic crisis, several political parties and a large part of the population oppose asking for help from the IMF in because of the conditions attached to these loans.

No alternative

Although those who oppose an IMF bailout have no pragmatic alternative, they remain opposed to obtaining an IMF loan facility. This opposing position is politically popular, as the IMF is portrayed as an institution that imposes conditions that impose hardship on people.

Price increase

For example, there is opposition to the IMF condition that imported products, such as petrol, diesel, gas and wheat flour, must be sold at cost. Therefore, when international prices rise and the rupee depreciates, prices rise sharply. Opposing such a price policy is popular.

Privatization

Another clear example of such opposition is the privatization of public enterprises. Political parties, trade unions, a majority of parliamentarians and the people are firmly opposed to the privatization of a large number of loss-making public enterprises.

Political parties

As highlighted in previous columns, Sri Lanka Podujana Peramuna (SLPP), the ruling party which controls a comfortable majority in Parliament, is opposed to privatization. Paradoxically, it is the main opposition party, the Samagi Jana Balawegaya (SJB), which may be in favor of privatization.

Other parts

Most political parties oppose the privatization of public enterprises and present it as a sale of the people’s assets. The burden of these loss-making companies on the people is never mentioned.

An unrealistic prospect

Parties that have not been in power conveniently say that when they come to power, they will transform state enterprises into for-profit enterprises generating revenue for the government.

Budget deficit

The immediate reduction of the budget deficit and its progressive reduction in the coming years are vital for economic stabilization and for the economic recovery of the island. This objective must be achieved both by increasing revenue and by reducing expenditure.

Loss-making state enterprises

Eliminating or sharply reducing public enterprise losses is an important means of reducing expenditure. Rationalization and reduction of public spending are needed immediately.

Strategy

Fiscal consolidation or the reduction of the budget or the budget deficit must go through a dual strategy of increasing revenue and drastically reducing expenditure on the other hand. Both strategies would be politically unpopular and administratively difficult. However, they are imperative.

Crucial

Fiscal consolidation is the most important, difficult and ambitious task of the budget that will be presented by the government in November. This is the most difficult task and politically the most difficult.

Waiting

The expectation of a reduction in the budget deficit to 5.6% of GDP must be achieved by increasing revenues, recoveries and limiting reckless spending cuts. The central task of the next budget for 2023, which should be presented in November, is to drastically reduce the budget deficit.

In conclusion

The gradual reduction of budget deficits is imperative for the recovery, recovery, reconstruction and development of the economy. Quite apart from the fact that fiscal consolidation is a condition for IMF assistance, it is a prerequisite for economic stability and growth. Unfortunately, it is also the most difficult and politically difficult task.

The immediate reduction of the budget deficit and its gradual reduction over the next few years are vital for economic stabilization and growth. Hopefully, the budget deficit for 2022 will be reduced to 9.6% of GDP thanks to spending revisions and increased revenues resulting from the proposed tax measures.

Next Sunday

Next Sunday’s column will discuss a pragmatic strategy to reduce the budget deficit through a progressive and efficient tax system to achieve the government’s target of 5.3% of GDP in 2025.

]]> Blog: BBB Tips: Student Loan Consolidation (07/09/22) https://medielys.com/2022/09/07/blog-bbb-tips-student-loan-consolidation-07-09-22/ Wed, 07 Sep 2022 12:43:03 +0000 https://medielys.com/2022/09/07/blog-bbb-tips-student-loan-consolidation-07-09-22/

With the impact of COVID-19 on daily life greatly reduced, student borrowers whose repayments have been suspended due to COVID-19 may consider their options for resuming payments on this life-changing debt. This may lead some borrowers to look into debt consolidation, but it’s important to research these options carefully and not give in to the temptation to look for a quick fix that could turn out to be a scam.

After recent action by the Biden administration, federal student loan repayments remain suspended without interest until December 31, 2022. Additionally, borrowers earning less than $125,000 per year are eligible for up to $10,000 in forgiveness. loan, borrowers who also received Pell grants. able to receive up to $20,000 in pardons. Consumers should beware of scammers who take advantage of the news by offering bogus ways to apply for loan forgiveness.

Better Business Bureau® (BBB®) Scam Tracker received over 500 reports of debt relief and credit repair scams in North America in 2021. These scams cost consumers a reported total of over $283,000, with the median consumer losing $600 $. Most often, these reported scams involved payment by bank account debit.

Upfront fees, including fees to enter a repayment plan, are a common thread among debt relief scams. These upfront charges are illegal. Loan repayment assistance – including loan deferrals, forbearance, repayment, and forgiveness or release programs – is available directly from the Department of Education and Loan Services, and application for these programs is always free.

Some scam companies ask consumers to sign a power of attorney for financial decisions, use it to suspend the consumer’s loans – a way to temporarily stop or reduce payments, during which the loans continue to earn interest – and require the consumer to make payments directly to them rather than to the loan officer. In reality, the company keeps the payments for itself and the forbearance eventually expires without any repayment progress.

Borrowers seeking student loan relief should consider the following tips:

  • Do your research on the company and the options available to you. BBB business profiles on debt consolidation and other businesses are available at BBB.org or by calling 888-996-3887. These include customer complaints and how they were handled, customer reviews, and an A+ to F grade.
  • Do not pay upfront fees to debt repayment companies. If a rescue company asks for money before helping you, report it to BBB.
  • Think twice before signing a power of attorney or giving a company your bank account information or your Federal Student Aid website login information. These actions allow a company to make potentially devastating financial decisions for you.
  • Don’t agree to a long-term abstention or deferment plan without doing your homework. These should only be seen as temporary solutions.
  • Don’t be fooled by promises of quick relief. The loan relief and forgiveness options available through the Department of Education still require years of payments, and these loans cannot be canceled by bankruptcy.
]]>
SSS will open a request for loan consolidation, payment of penalties https://medielys.com/2022/09/05/sss-will-open-a-request-for-loan-consolidation-payment-of-penalties/ Mon, 05 Sep 2022 16:00:00 +0000 https://medielys.com/2022/09/05/sss-will-open-a-request-for-loan-consolidation-payment-of-penalties/ Louise Maureen Simeon – The Filipina Star September 6, 2022 | 00:00 MANILA, Philippines — Members of the state-run Social Security System (SSS) pension fund may soon apply for loan consolidation and indulgence programs to give them a chance to settle their arrears. In its latest circular, the SSS released the guidelines for the consolidated […]]]>
Louise Maureen Simeon – The Filipina Star

September 6, 2022 | 00:00

MANILA, Philippines — Members of the state-run Social Security System (SSS) pension fund may soon apply for loan consolidation and indulgence programs to give them a chance to settle their arrears.

In its latest circular, the SSS released the guidelines for the consolidated loan program with penalty tolerance, which will start on September 30.

This comes after SSS approved the consolidation of delinquent short-term member loans (STML) with penalty tolerance last June.

All delinquent MLTS include Payday Loan, Disaster Loan, Emergency Loan and Restructured Loans.

Delinquent MLTS are loans that have an outstanding obligation consisting of principal, interest and penalties equivalent to more than three monthly amortizations or whose loans have an outstanding balance past their due date.

With SSS ready to open the application, all principal and outstanding interest on the member-borrower’s delinquent loans will be combined into one consolidated loan on demand.

Unpaid penalties, on the other hand, will be consolidated separately and subject to a conditional waiver.

Eligible members are those who have delinquent loan accounts, have not received any final benefits, or have been disqualified by the SSS and have active online accounts.

SSS said members would be allowed to pay in full or in instalments. For installment plans, a deposit of at least 10% of the consolidated loan must be paid within 30 days of application approval.

The remaining balance shall be payable in equal monthly amortization from six months to five years depending on the remaining balance of the loan.

For the conditional tolerance, 100% of the consolidated penalty will be tolerated upon full payment of the consolidated loan with the approved payment period.

If a member seeks retirement or claims a disability or death benefit, the SSS said any outstanding consolidated loan balance would be deducted from benefit proceeds.

]]>
Advice from the Better Business Bureau: Beware of debt consolidation offers https://medielys.com/2022/09/04/advice-from-the-better-business-bureau-beware-of-debt-consolidation-offers/ Sun, 04 Sep 2022 09:28:26 +0000 https://medielys.com/2022/09/04/advice-from-the-better-business-bureau-beware-of-debt-consolidation-offers/ With the impact of COVID-19 on daily life greatly reduced, student borrowers whose repayments have been suspended due to the pandemic may be considering their options for resuming payments on this life-changing debt. This may lead some borrowers to look into debt consolidation, but it’s important to research these options carefully and not give in […]]]>

With the impact of COVID-19 on daily life greatly reduced, student borrowers whose repayments have been suspended due to the pandemic may be considering their options for resuming payments on this life-changing debt.

This may lead some borrowers to look into debt consolidation, but it’s important to research these options carefully and not give in to the temptation to look for a quick fix that could turn out to be a scam.

After a recent action by the Biden administration, federal student loan repayments remain suspended without interest until Dec. 31. receive up to $20,000 in pardons. Consumers should beware of scammers who take advantage of the news by offering bogus ways to apply for loan forgiveness.

Better Business Bureau Scam Tracker received over 500 reports of debt relief and credit repair scams in North America in 2021. These scams cost consumers a reported total of over $283,000, the median consumer losing $600. Most often, these reported scams involved payment by bank account debit.

Upfront fees, including fees to enter a repayment plan, are a common thread among debt relief scams. These upfront charges are illegal. Loan repayment assistance – including loan deferrals, forbearance, repayment, and forgiveness or release programs – is available directly from the Department of Education and Loan Services, and application for these programs is always free.

Some scam companies ask consumers to sign a power of attorney for financial decisions, use it to suspend the consumer’s loans – a way to temporarily stop or reduce payments, during which the loans continue to earn interest – and require the consumer to make payments directly to them rather than to the loan officer. In reality, the company keeps the payments for itself and the forbearance eventually expires without any repayment progress.

Borrowers seeking student loan relief should consider the following tips:

• Do your research on the company and the options available to you. BBB business profiles on debt consolidation and other businesses are available at BBB.org or by calling 888-996-3887. These include customer complaints and how they were handled, customer reviews, and an A+ to F grade.

• Do not pay upfront fees to debt repayment companies. If a rescue company asks for money before helping you, report it to BBB.

• Think twice before signing a power of attorney or giving a company your bank account information or your federal student aid website login information. These actions allow a company to make potentially devastating financial decisions for you.

• Don’t agree to a long-term abstention or adjournment plan without doing your homework. These should only be seen as temporary solutions.

• Don’t be fooled by promises of quick relief. The loan relief and forgiveness options available through the Department of Education still require years of payments, and these loans cannot be canceled by bankruptcy.

]]>
Debt consolidation in times of uncertainty https://medielys.com/2022/08/26/debt-consolidation-in-times-of-uncertainty/ Fri, 26 Aug 2022 13:03:18 +0000 https://medielys.com/2022/08/26/debt-consolidation-in-times-of-uncertainty/ “Under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce monthly expenses, at a time when every little bit counts.” The research was conducted among 2,068 UK adults in June 2022, 58% of whom were homeowners, of whom 25% also had an unsecured loan. It revealed that the vast […]]]>

“Under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce monthly expenses, at a time when every little bit counts.”

The research was conducted among 2,068 UK adults in June 2022, 58% of whom were homeowners, of whom 25% also had an unsecured loan.

It revealed that the vast majority (78%) of UK homeowners found themselves spending more on living costs than six months ago. Three in 10 (30%) of those with revolving credit, including credit cards, store cards and overdrafts, said they had an average balance of almost £3,000 and had seen their rates rise over the course of the same period.

Overall, our research found that around 12.7m UK homeowners could face an average increase of over £750 in annual interest rate payments on revolving credit, with 3.8m seeing a increase of over £60 per month.

With the two pinch points of the rising cost of living and more expensive credit, and an average balance of £8,738.90 per owner for revolving credit and unsecured loans, such as car loans, the moment may have come for savvy spenders to consider debt consolidation. .

Not a last resort

For many, the term “debt consolidation” can carry negative connotations, suggesting an unmanageable or poorly managed amount of debt, and a person in dire straits. Indeed, our research found that only 30% of people with outstanding debt would consider consolidating it into a single loan, while 45% said they wouldn’t see it as an option at all.

However, far from being a matter of desperation, with much of the UK dependent on unsecured credit, rising rates and the economic outlook looking constantly bleak, it is simply a matter of good money management .

While no financial solution is perfect for every client, under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce expenses. monthly, at a time when every little gesture counts. There’s also the added benefit of streamlining all additional fees and charges and having one easy-to-manage payment per month, reducing the risk of complications or missed payments.

A homeowner can use their home’s security in a number of ways in this situation, including re-mortgaging to raise capital to pay off debts, but the best option may be second mortgages, as this allows borrowers to stay on a potentially more favorable market. first rate of charge while enjoying the equity accumulated in their home.

At Pepper Money, the average median salary among our second charge clients who take out a debt consolidation loan is £53,900. These are high-income earners who take proactive steps to ensure their continued financial stability, in addition to potentially boosting their credit ratings, while leaving a safe buffer of equity in their home.

While there is risk with any form of borrowing, Pepper Money prides itself on taking a careful and thoughtful approach, backed by humans and technology working together to deliver positive results for clients.

In this time of uncertainty, this is an opportunity to make the most of the continued stability in the housing market, leveraging the power of home equity to gain some breathing room. With rising inflationary pressures, now is the time to find out if secondary debt consolidation is right for your clients.

]]>