Repay Credit – Glw Drk http://glwdrk.com/ Mon, 04 Jul 2022 17:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://glwdrk.com/wp-content/uploads/2021/07/icon-1-150x150.png Repay Credit – Glw Drk http://glwdrk.com/ 32 32 Credit rating is broken – buy now pay later can help https://glwdrk.com/credit-rating-is-broken-buy-now-pay-later-can-help/ Mon, 04 Jul 2022 17:00:00 +0000 https://glwdrk.com/credit-rating-is-broken-buy-now-pay-later-can-help/ Credit is a basic fact of life, yet millions of Americans lack access to affordable and responsible credit options. As consumer rights advocates rightly point out, our country’s broken credit-scoring system is in desperate need of an upgrade. Indeed, traditional credit scoring can be patchy in whether and how it collects relevant data and can […]]]>

Credit is a basic fact of life, yet millions of Americans lack access to affordable and responsible credit options. As consumer rights advocates rightly point out, our country’s broken credit-scoring system is in desperate need of an upgrade. Indeed, traditional credit scoring can be patchy in whether and how it collects relevant data and can generate opaque and unfair results.

Credit scores are essential for more than getting a loan. They are increasingly important when it comes to renting an apartment, taking out home or car insurance or even getting a job. Yet 45 million “credit-invisible” Americans have thin credit records, and millions more live with poor credit, excluding them from mainstream financial services and exposing them to predatory actors.

Some argue that the path to credit should only be through traditional financial products, including credit cards. But we believe that real consumer creditworthiness should include more than just one type of payment, and we advocate for another path: buy now, pay later, a product with zero or low consumer fees, more transparency and greater potential for building strong credit. register, but only if the credit bureaus can upgrade their systems.

Imagine a young person trying to build a credit history for the first time. Credit cards often come with a high limit that facilitates overspending, double-digit compound interest rates, and excessive late fees. The Consumer Financial Protection Bureau (CFPB) estimates that credit card companies generated $14 billion in late fees in 2019 alone and has just launched a new review of credit card penalty policies. Plus, Americans pay about $1,000 a year in interest on revolving credit card debt. This is not a winning formula for our youngest consumers.

Today, thanks to the innovation of fintech companies, people have an alternative. The traditional pay-in-four buy now pay later (BNPL) model allows consumers to spread a payment over four installments, often with little or no interest and low fees, over six to eight weeks. Unlike a credit card company, which can earn considerable sums even when a consumer misses a payment, BNPLs earn their money primarily through merchant fees. Consumers cannot continue to use the Service if they fail to make a payment. And, instead of starting a new customer with, say, a limit of $10,000, BNPLs offer limited credit based initially on a single transaction, typically less than $250, and then extending it after the customer completes at repeatedly payments on time.

But the current credit scoring system registers only one of these payment options (the credit card) as a positive transaction – and that’s a problem. Credit bureaus would currently view short-term payments on a BNPL as negative because the consumer is maximizing their available credit and lowering a consumer’s credit score rather than reflecting the positive nature of a successful short-term repayment.

That’s why the BNPLs I represent at the Financial Technology Association – Afterpay, Klarna, Sezzle and Zip – are in active talks with credit reporting agencies to modernize their scoring models to properly account for BNPL payments. The CFPB agrees that BNPL data could provide a more complete picture of consumer creditworthiness. The Bureau recently urged BNPLs and credit bureaus to collaborate on a uniform reporting system and asked bureaus to create templates that take into account the unique characteristics of BNPL.

Of course, limiting innovation because legacy credit score providers like FICO and Vantage can’t or won’t process this BNPL data in a user-friendly way isn’t best for American consumers. . Credit scoring algorithms should serve consumers, not the other way around.

There is growing evidence that our credit reporting and scoring system needs to be upgraded. Legacy score providers rely on limited data that could reinforce historical inequalities while ignoring data points — like rent and utilities — that would benefit underserved communities. These limitations mean that credit scores are not suitable for a growing and increasingly diverse population. For example, six in ten black Americans have a low or missing FICO score, compared to just over three in ten white Americans.

Reform is needed, but relying on revolving debt products – with their high fees, high interest rates and debt traps – is not the solution. When used responsibly, alternative payment options like buy now pay later are a powerful tool to help people manage their finances and build a strong credit history. We should encourage innovation and update archaic credit reporting models to enable more people to have fair and responsible access to credit.

Penny Lee is the Managing Director of Fintech Associationa trade association representing the industry leaders shaping the future of finance.

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Why should you refinance a home loan? – Advisor Forbes INDIA https://glwdrk.com/why-should-you-refinance-a-home-loan-advisor-forbes-india/ Tue, 28 Jun 2022 04:17:01 +0000 https://glwdrk.com/why-should-you-refinance-a-home-loan-advisor-forbes-india/ Should you refinance your home? Although it’s a personal decision, it often makes sense to get the best mortgage. Refinancing is not a “one size fits all” solution, but after careful consideration, you can make an informed decision. One of the most important benefits of refinancing your home is that it offers homeowners the opportunity […]]]>

Should you refinance your home? Although it’s a personal decision, it often makes sense to get the best mortgage. Refinancing is not a “one size fits all” solution, but after careful consideration, you can make an informed decision. One of the most important benefits of refinancing your home is that it offers homeowners the opportunity to have more favorable loan terms and lower monthly payments.

If your mortgage has a high interest rate or if you are paying more than 20% of your income in monthly installments, refinancing may be the solution for you. However, many people are unaware of all the expenses associated with refinancing and end up regretting their decision later. Before we jump into the process, we need to understand what it is and how it works.

What does refinance mean?

When you refinance your home, you’re essentially taking out a new loan to replace your existing mortgage, usually on better terms. For example, refinancing your home loan allows you to take advantage of lower interest rates and longer terms, which means you can pay less each month.

There are a few things to keep in mind if you’re considering refinancing your home.

  • First, you will need to qualify for a new loan. This means meeting the lender’s criteria, which may be different from your current lender’s.
  • You will also need to have enough equity in your home to qualify. If you are able to qualify for a refinance loan, it is important to compare offers from multiple lenders to get the best deal.
  • Be sure to compare interest rates, fees, and terms to find the option that best suits your needs.
  • You need to think about your goals. What do you hope to accomplish by refinancing your home loan? Are you looking to reduce your monthly payments or do you want to pay off your loan faster?
  • After all of these steps, if you think refinancing might be right for you, talk to your lender to see what options are available.

How does home refinancing work?

There are a few things to consider before refinancing your home loan.

  • First, check your credit score and make sure it’s good enough to qualify for a better interest rate. A good credit rating will give you the confidence to refinance at better rates.
  • Second, shop online to see what rates you qualify for and compare the costs of refinancing with the savings you’ll get from a lower interest rate.
  • Third, you should speak with your current lender to see if they can beat the rates you get online. This will give you a better idea of ​​the process and whether refinancing is right for you.
  • The final step is to get pre-approved which can be done online, over the phone or in person. Pre-approval is an indication of how much money a lender will be willing to lend you. Pre-approval can take a few days, but pre-qualification can be done instantly.
  • However, remember to weigh the cost of refinancing against the savings you’ll get from a lower interest rate. If the savings aren’t enough to cover the costs, it may not be worth refinancing.
  • If you’re not sure if refinancing is right for you, talk to a financial advisor. They can help you understand the pros and cons of refinancing and help you make the best decision based on your unique financial situation.

4 reasons to refinance your home loan

There are many reasons why you might want to refinance your home loan. Let’s take a look at some of the most important reasons.

  1. Your current loan has a very high interest rate

The most obvious reason to refinance is to save money on interest. If you can lower your interest rate even by a fraction of a percent, you’ll save money on interest over the life of your loan. This can be thousands or even hundreds of thousands of rupees in savings. If your current mortgage has a high interest rate, refinancing can help lower your monthly payments. This is especially true if interest rates are at historically low levels.

For example – If you have a fixed rate mortgage with an interest rate of 9% and current interest rates are 7.2%, refinancing could save you a lot of money over the life of your mortgage. your loan. A 20-year home loan of INR 80 lakh with an interest rate of 9%, for example, would cost around INR 90 lakh in interest over the life of the loan.

If the interest rate drops to 7.2%, you will save about INR 20 lakh over the next 10-15 years. Even a slight difference in interest rates can help you save money and provide much-needed financial relief.

  1. You want to change the term of your loan

Another reason to refinance is to shorten the term of the loan. The shorter the term of the loan, the less interest you will pay during the term of the loan. And, the sooner you will be debt free. Some lenders will allow you to change the terms of your mortgage when refinancing. If you have a 30-year loan and want a lower monthly payment, a lender may be able to refinance your loan with a lower interest rate and shorter term. This will reduce your monthly payment. Although this also means that you will have to pay more over the life of the loan.

However, how long you have left on your current mortgage can determine whether or not it is worth refinancing. If you have less than five years left on your mortgage, it might be worth refinancing it so you can take advantage of today’s low interest rates and save money on monthly payments.

  1. You pay more each month than you should be

The best way to determine if you should refinance your mortgage is to look at the numbers. If your current interest rate is higher than current rates, refinancing can save you money. However, you can refinance your mortgage for a number of reasons.

The amount you pay each month depends on your income, debts and other factors. Maybe you got a promotion or paid off your debts over the years. If you think you’re now in a better place to pay higher monthly payments, refinancing may be a solution for you. You can pay off your EMIs and extend your loan from a 30-year term to a 20-year term depending on your budget.

  1. You are looking to convert to a fixed rate or vice versa

If you currently have an adjustable rate home loan and think current interest rates are ideal. Refinancing may be your best option to change it to the current fixed rate. By doing this, you will be able to build a balanced financial budget knowing that your monthly payments will stay the same.

Borrowers always have two options: convert fixed home loans to variable rate loans and convert fixed home loans to variable rate loans. The purpose of this loan is to provide some flexibility to those who feel trapped with a fixed rate home loan.

Costs to Consider When Refinancing Your Home Loan

There is nothing free in life, not even refinancing. When it comes to refinancing your home loan, there are a few cost considerations to keep in mind.

Depending on your lender and the type of loan you have, there may be fees and charges associated with refinancing. It is likely that you will pay a substantial amount of pre-penalty fees if you decide to refinance. This can cost between 2% and 5% of the outstanding capital. Also, you may have to pay the new bank a processing fee of 0.5% to 1% of the principal amount, in addition to the closing costs. A general rule is to compare the potential savings to the costs you will incur.

Refinancing will save you almost as much in fees and charges as you would save on your original loan. The fear of these fees can lead to financial toxicity when you stick to a high interest rate. There are different ways to handle these charges, so don’t panic if you encounter them.

Is refinancing worth it?

The short answer is yes! Refinancing can be a wise move for many homeowners, especially those who currently find themselves in a lower interest rate environment. Homeowners can save thousands of rupees by refinancing their mortgages and potentially get a lower interest rate in the process. It can also give you more flexibility with terms, like a shorter loan period or a lower monthly payment. The only way to know for sure is to shop around and see what’s available. There are a few things to consider when deciding whether or not to refinance.

  • First, what are your current interest rates? If rates have fallen since you took out your mortgage, refinancing could save you money on your monthly payments.
  • Second, how long do you still have on your mortgage? If you’re about to pay it off, refinancing could mean extending your term and paying more interest in the long run.
  • Third, what are your financial goals? If you’re looking to free up money for home renovations or other expenses, refinancing might be a good option.

Ultimately, the decision to refinance is personal. Weigh your options carefully and talk to a financial advisor to see if refinancing is right for you.

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Top US officials visit Sri Lanka to help resolve crisis https://glwdrk.com/top-us-officials-visit-sri-lanka-to-help-resolve-crisis/ Sun, 26 Jun 2022 10:49:52 +0000 https://glwdrk.com/top-us-officials-visit-sri-lanka-to-help-resolve-crisis/ COLOMBO, Sri Lanka (AP) — Senior U.S. officials arrived in Sri Lanka on Sunday to explore ways to help the island nation in the grip of an unprecedented economic crisis and severe shortages of essential supplies, with the energy minister warning that new fuel shipments would be delayed. Over the past two weeks, the United […]]]>

COLOMBO, Sri Lanka (AP) — Senior U.S. officials arrived in Sri Lanka on Sunday to explore ways to help the island nation in the grip of an unprecedented economic crisis and severe shortages of essential supplies, with the energy minister warning that new fuel shipments would be delayed.

Over the past two weeks, the United States has announced millions of dollars in aid to Sri Lanka, which survived on $4 billion in lines of credit from neighboring India.. He has also received pledges of $300-600 million from the World Bank to purchase drugs and other items.

Prime Minister Ranil Wickremesinghe announced last week that the economy had “collapsed” due to dwindling foreign exchange reserves and growing debt, compounded by the pandemic and other longer-term issues.

The US delegation was led by Robert Kaproth, Assistant Assistant Secretary of the Treasury for Asia, and Kelly Keiderling, Assistant Assistant Secretary of State for South and Central Asia.

During their four-day stay, they will meet with a wide range of political officials, economists and international organizations to “explore the most effective ways for the United States to support Sri Lankans in need, Sri Lankans working to resolve the current economic crisis, and Sri Lankans are planning a sustainable and inclusive economy for the future,” the U.S. Embassy said in a statement.

“This visit underscores our continued commitment to the security and prosperity of the people of Sri Lanka,” said Julie Chung, U.S. Ambassador to Sri Lanka.

She said that as Sri Lankans endure some of the “greatest economic challenges in their history, our efforts to sustain economic growth and strengthen democratic institutions have never been more critical.”

The United States announced $120 million in new funding for small and medium-sized businesses, a $27 million contribution to Sri Lanka’s dairy industry, and $5.75 million in humanitarian assistance to help those hardest hit by the economic crisis. An additional $6 million has been committed in the form of new livelihoods grants and technical assistance for financial reform.

Sri Lanka says it is unable to repay $7 billion in foreign debt due this year, pending the outcome of negotiations with the International Monetary Fund on a bailout package. It has to pay an average of $5 billion a year until 2026. The authorities have asked the IMF to lead a conference to unite Sri Lanka’s lenders.

Power and Energy Minister Kanchana Wijesekera in a tweet on Saturday evening urged people not to queue for fuel, saying new shipments would be delayed for “banking and logistical reasons”. .

He said limited supplies of fuel will be distributed to limited stations throughout next week. He said that until the next expeditions arrive, “public transport, power stations and industries will be given priority.”

Wickremesinghe said last week that state-owned Ceylon Petroleum Corporation was $700 million in debt and as a result no country or organization was willing to provide fuel.

Protesters have occupied the entrance to President Gotabaya Rajapaksa’s office for more than two months demanding his resignation, saying the primary responsibility for the crisis lies with him and his family, whom they accuse of corruption and mismanagement.

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What he says and who will be touched https://glwdrk.com/what-he-says-and-who-will-be-touched/ Fri, 24 Jun 2022 08:48:00 +0000 https://glwdrk.com/what-he-says-and-who-will-be-touched/ As the Reserve Bank of India (RBI), through a notification to non-banking fintech players, has stated that Prepaid Payment Instruments (PPIs) cannot be loaded with lines of credit, this decision is likely to impact fintech players like Jupiter, LazyPay, and Fi, among others. The move comes at a time when the RBI has said it […]]]>

As the Reserve Bank of India (RBI), through a notification to non-banking fintech players, has stated that Prepaid Payment Instruments (PPIs) cannot be loaded with lines of credit, this decision is likely to impact fintech players like Jupiter, LazyPay, and Fi, among others. The move comes at a time when the RBI has said it will soon introduce regulations for fintech players.

The latest circular issued to fintech players complements the “Principal Guidelines on Prepaid Payment Instruments (PPI)” published in August last year, to provide a framework for the authorization, regulation and supervision of entities issuing and operating PPIs in the country. Here is what the last circular says and who will be impacted by it:
What is the solution?

Fintech companies, such as Jupiter and LazyPay, link up with banks or non-bank financial companies (NBFCs) to offer customers a line of credit. The notification by the central bank was addressed to non-bank PPI issuers.

According to Investopedia, a line of credit is a flexible loan from a bank or financial institution. It’s similar to a credit card that gives you a limited amount of funds – funds you can use when, if, and how you want – a line of credit is a set amount of money that you can access need and that you repay immediately. or over a predefined period of time.

In the notification issued to fintech companies, the RBI said that the main directive on prepaid payment instruments (PPIs) issued last year only allows such instruments “to be loaded/topped up in cash, debit to a bank account , credit and debit cards, PPI (as permitted from time to time) and other payment instruments issued by regulated entities in India and must be in INR only”.

The main management does not allow the loading of PPI from credit lines. “Such a practice, if followed, should be stopped immediately. Any non-compliance in this regard may result in criminal prosecution under the provisions contained in the Payments and Settlement Systems Act 2007,” he said.
What are PPIs?

According to the PPI Prime Directive issued in August last year, PPIs are the instruments that facilitate the purchase of goods and services, financial services, funds transfer facilities, etc., against the value that is stored there.

According to the RBI, PUPs are categorized into two types – small PUPs and full KYC PUPs. Small PPIs are issued by banks and non-banks after obtaining minimum details of the PPI holder. They can only be used for the purchase of goods and services, while remittances or cash withdrawals from these IPPs are not permitted. Full-KYC PPIs are issued by banks and non-banks after completing Know Your Customer (KYC) of the PPI holder. These PPIs must be used for the purchase of goods and services, the transfer of funds or the withdrawal of cash.
Who will be impacted?

Lines of credit have become a popular way to top up prepaid cards among fintechs in the buy now, pay later (BNPL) segment. The latest RBI decision will impact Line of Credit linked wallets and prepaid cards that have authorized BNPL, including LazyPay, Uni, Slice, MobiKwik, PostPe, EarlySalary and Ola Postpaid, among others.

Read all the latest news, breaking news, watch the best videos and live TV here.

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More than 127,000 public sector workers have received student loan debt forgiveness. Are you next? https://glwdrk.com/more-than-127000-public-sector-workers-have-received-student-loan-debt-forgiveness-are-you-next/ Wed, 22 Jun 2022 21:00:02 +0000 https://glwdrk.com/more-than-127000-public-sector-workers-have-received-student-loan-debt-forgiveness-are-you-next/ Federal student loan repayments have been on hold for more than two years due to the pandemic. As borrowers check their student loan account and consider resuming payments before the the hiatus is set to end on August 31Public service workers like teachers, nurses, first responders, government employees, and firefighters have the opportunity to get […]]]>

Federal student loan repayments have been on hold for more than two years due to the pandemic. As borrowers check their student loan account and consider resuming payments before the the hiatus is set to end on August 31Public service workers like teachers, nurses, first responders, government employees, and firefighters have the opportunity to get student loan forgiveness.

After making rule changes in October 2021 and again in April this year, the Public Service Loan Forgiveness Program has now forgiven a total of $7.3 billion in student loans for more than 127,000 borrowers. , the US Department of Education announced in early June. During President Joe Biden’s tenure, the department has approved a total of $25 billion in student loan relief since January 2021.

This initiative to help more public servants qualify for student loan forgiveness began last fall when the PSLF program extended debt relief to more teachers, nurses, firefighters and eligible civil servants. Other changes in April improved tracking of borrowers in income-driven repayment plans and those who were improperly placed on forbearance by lenders.

Read more: With interest rates on the rise, should you refinance your student loans?

“Borrowers who dedicate a decade of their life to public service should be able to count on the promise of public service loan forgiveness,” US Education Secretary Miguel Cardona said in October. “The system has not delivered on that promise to date, but that is about to change for many borrowers who have served their communities and their country.”

In addition to the expanded PSLF exemption, the Federal student loan payment break extended until August 31, and the Biden administration is exploring more widespread cancellation of student loans for federal student loan holders.

How do you know if you qualify for loan relief through the expanded PSLF program? And how to apply? Here’s everything you need to know about civil service loan forgiveness.

What are the changes to the PSLF program?

The PSLF program, first launched in 2007, was designed to help civil servants repay their loans faster. The program works by providing loan forgiveness to eligible government officials who have made 120 eligible student loan payments. Yet nearly 99% of borrowers who applied since 2008 were turned down before the October expansion.

Under the PSLF’s new limited waiver program, the Department of Education is making it easier for borrowers to enroll and receive program benefits. These include making it easier to identify and deal with potential errors made by their loan servicers – and expanding the types of loans that will now be eligible for the forgiveness. Another focus will be on improving benefits for service members, including converting time spent on active duty into loan repayment, the department said.

Some restrictions are temporarily relaxed, offering new categories of borrowers the opportunity to receive a discount through loan consolidation. Previously, only direct federal loans were eligible for the PSLF. Now other federal ready such as FFEL, federally guaranteed loans from private lenders, Perkins loans, and those with non-standard or non-income-based repayment plans may be eligible. (Note: the waiver only applies to federal loans — though these make up the vast majority of student loan debt, accounting for more than 90% of the total.)

Borrowers can also receive credit for past payments and periods of employment, such as active military service, for which they would not have qualified in the past.

The limited waiver gives borrowers a full year to apply for the PSLF program under its new terms and significantly expands eligibility. Previously, there were few options for appealing a denial of a PSLF application, and only 5% of people who applied for PSLF ever received debt forgiveness.

Who is eligible for the PSLF?

To qualify for the PSLF, you must be employed full-time by a U.S. federal, state, local, or tribal government agency—this includes the military—or nonprofit organization. You must have direct loans or other types of federally guaranteed loans that have already been consolidated into direct loans, and you must make 120 qualifying payments (10 years of payments). Examples of eligible borrowers for the PSLF are workers like teachers, nurses, and firefighters who serve their local communities.

Who is eligible for student debt cancellation under the new PSLF terms?

The PSLF has expanded borrower eligibility in the sense that more loan types and payment plans are eligible for forgiveness than ever before, but borrowers who can apply are still limited to public sector workers. Thus, more than 550,000 borrowers already eligible for the PSLF can now benefit from an additional discount. There are several specific ways to meet the requirements and check if you are eligible.

The easiest way to determine if you qualify is to apply for the Limited Waiver. Completing the waiver will help you do things like consolidate different types of loans or certify previous periods of employment for credit.

And even if you suspended your monthly student loan payments during the pandemic, you are still eligible for additional relief from the PSLF. In fact, each suspended payment still counts as an eligible payment toward your goal. So if your payments have been suspended for 22 months, that counts as 22 on-time payments.

How do I apply for a PSLF pardon?

The Ministry of Education has a dedicated tool to guide your request for a limited waiver. The deadline to apply for the waiver is October 31, 2022, but the sooner you apply, the better. Some borrowers may not have to do anything to have their loan cancelled, but it’s a good idea to confirm your specific details.

What if I didn’t receive credit for past payments?

In the past, if you made payments but your loan officer had incomplete or inaccurate records, you had almost no recourse to counter their claims. Now, with the limited waiver, you can apply for forgiveness and have your payments count towards your debt and forgiveness.

Which loans are eligible for the PSLF?

Previously, only direct loans with a standard or income-driven repayment plan were eligible for PSLF. However, for a limited time, you may be able to receive credit for past payments on federal loans that were not previously eligible for PSLF, regardless of your repayment plan. Borrowers with FFEL, Perkins and other federal loans may need to consolidate their loans through the Direct Consolidation Program by October 31.

What other policy changes should I know about?

The Department of Education said in its statement that it will continue to roll out and update its policies in the coming months as it attempts to get the PSLF program back on track.


Correction, January 25: This article previously stated that private loans would be eligible for student loan forgiveness under the new waiver. It was wrong. In addition to direct loans, only FFEL loans – which are federally backed, but often issued by private lenders – Perkins loans and other federal loans are eligible for the PSLF exemption.

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Interview with Greg Jennett, Today – ABC News – Afternoon Briefing June 14, 2022 https://glwdrk.com/interview-with-greg-jennett-today-abc-news-afternoon-briefing-june-14-2022/ Tue, 14 Jun 2022 23:52:01 +0000 https://glwdrk.com/interview-with-greg-jennett-today-abc-news-afternoon-briefing-june-14-2022/ Media event date: June 14, 2022 Date published: June 15, 2022 Spectators: General public GREG JENNET: Yes, so the Prime Minister made those remarks from Queensland on his first visit to that state since winning the election. Anthony Albanese made a point of meeting his new Minister for Elderly Care and Sport, Anika Wells. They […]]]>

Media event date:

June 14, 2022

Date published:

June 15, 2022

Spectators:

General public

GREG JENNET:

Yes, so the Prime Minister made those remarks from Queensland on his first visit to that state since winning the election. Anthony Albanese made a point of meeting his new Minister for Elderly Care and Sport, Anika Wells. They inspected a new nursing home for the elderly in Brisbane and may have also made a mention or two of the Socceroos victory, which gives this team a ticket to the World Cup final in Qatar. So we met Anika Wells a short time ago.

Anika Wells, welcome back. This time for the first time on our program as a full minister now and a lot has changed for you. You were accompanied by the Prime Minister today. The biggest shift to Labor in Queensland happened in your own Lilley seat, and now you’re a minister. So congratulations on that. I’m just going to ask you for a brief comment. You must feel like your world has turned upside down since you took the oath.

ANIKA WELLS:

Oh, how nicely you frame our conversation, Greg. It’s great to be with you and it’s great to be in this position. As you said, the Prime Minister traveled to Queensland for the first time today, traveled to Brisbane and visited me because we want everyone to know that caring for elderly people are a top priority for this Albanian Labor government.

GREG JENNET:

Yeah, now you have visited what I think could be described as a very modern aged care facility, perhaps even the model for all future ones in Australia. May I ask if as an individual operation there will be nurses present 24/7?

ANIKA WELLS:

So it’s not scheduled to open for another five weeks, Greg, so they’re still getting all of that up and running. But this center – this center in particular – as you say, anticipates and tries to act in accordance with all the recommendations of the Royal Commission. And I think that gives Australians hope that the future of aged care is brighter and is already here in some places.

GREG JENNET:

So how many – the question was how many like-minded operators? How many exceed the minimum expectations, and I guess anticipating what is to come, of you as a minister or of the Albanian government more generally?

ANIKA WELLS:

I want to recognize and pay tribute to those providers who do, but I will admit that there are not enough of them, which is why we made a commitment in the election to ensure that every center has nurses on board 24 hours a day. 7and we aim to do this by July 1, 2023, as the Royal Commission has asked us to do.

GREG JENNET:

So what, if anything, have you been ordered to do during your brief shift to get the nurses who will be needed to meet that 12 month deadline? We are talking, of course, about training, but I presume also in the context of immigration.

ANIKA WELLS:

Yeah. It’s true. So that’s two weeks for me tomorrow as Minister for Aged Care. And addressing those labor shortages is really a top priority for me, and not just for me, but for the ministers I work with in this space. That means Workplace Relations Minister Tony Burke. It also means Immigration Minister Andrew Giles. And that means my Chief Cabinet Minister, Mark Butler. We are working together to ensure that we can do everything we can to address this labor shortage as soon as possible. And, as you say, it’s a complex problem that requires a thoughtful solution. We know from polls that the nurses union has done, from countless reports, that there are nurses who work part-time and want to work more hours. So we want to give them reasons to come back to the industry and put in more hours. We also know that there are so many people who have been part of the care economy in Australia who have left because the pay and conditions are not good enough and we want to raise wages so that those people want to come back in the area. So those two factors, plus something to do with migration, will give us enough nurses for 24/7 staff centers when we need them.

GREG JENNET:

I’m sure you’ll find through no fault of anyone that even with a diligent and professional civil service, the things you want to see happen can sometimes take surprisingly longer than you thought when promising them from the opposition. So if that were the case, what would you do after 10 or 11 months? Do you just want to extend your own timeline, your own ambition to reach that nursing benchmark within 12 months?

ANIKA WELLS:

Well, without making assumptions, I’m going to tell you how I think about this question, that is to say how I want to act and the values ​​that I bring to this profession. I want to be an open and responsible minister. I want to be frank and I want a good faith agreement. So I think Australians elected an Albanian Labor government because they want to see aged care transformed in this country. I want to reward that good faith by getting nominations for the board and doing things that we can do in the short term, recognizing that this is a system that has been in decline for decades and that ‘It will take more than one term to get the kind of reforms that everyone wants and to get the kind of future for senior care that everyone wants in this country.

GREG JENNET:

Yeah, and one of the things that’s coming up, which will obviously impinge on your goal that we’re talking about, is funding a pay raise for so many people in the industry. The official decision has yet to be made, but has your treasurer Jim Chalmers assured you that this will be or is being funded in some way ahead of his first budget in October?

ANIKA WELLS:

Well, that was all part of what Australian Labor brought to the election, wasn’t it, Greg? That we would pay a raise set by the Fair Work Commission. So it started with us. One of the very first things I did as Minister for Aged Care was write to the Fair Work Commission asking permission to submit a submission on this case. Now the timelines for that are pretty tight, but we’ll be beholden to the Fair Work Commission to review everyone’s submissions, make a decision on it, set when the government will show up and pay that raise of salary.

GREG JENNET:

All right, we’ll see where that takes us. Just a here and now. Obviously, not all nursing homes in Australia are as modern as the one you visited today. Their energy insulation or efficiency ratings are probably not that high in many cases. It makes me wonder if you’ve ever had an assessment of the impact of this energy crisis, if that’s what we call it in Eastern Australia, on care homes for the elderly? Did you request a briefing on this?

ANIKA WELLS:

No one came to us directly with this particular problem. Obviously we had no power outages in Queensland last night. This was avoided thanks to the good work of Minister Chris Bowen working with the Queensland Government and as I understand it looks like we are going to avoid this again tonight. It’s something I rely on. Everyone works in good faith in the industry to come to me if this should be a problem, but it’s not yet something people have come to me for.

GREG JENNET:

Alright, fair enough. Why not move on to the other side of your wallet that can bring you a bit more joy today at least, Anika Wells, and that’s in the sports sphere. You and so many others celebrate the Socceroos victory over Peru. Just tell us about the contacts and conversations you had to convey about the congratulations, the gratitude of the nation to the various officials and players today?

ANIKA WELLS:

How good is this? How good was it? And my first contact was actually cheering on my husband and kids as we were trying to explain the concept of a penalty shootout to a 5 year old and I think that’s the experience that many Australian households experienced very early this morning. . I was sort of following the game through my shower speaker, on my phone, and then finally on the TV screen for the shootout. And I truly think the Socceroos have defied expectations and lit the hearts of a nation by qualifying for the World Cup for the fifth time. And I think it’s a momentous day as part of our coming golden decade for Australian sport as we head into the Brisbane 2032 Olympics. I can’t believe my luck being Minister for Sport for helping everyone in the industry work together to make it all happen in the decade ahead.

GREG JENNET:

No, that’s quite a gig, especially for a Queenslander. Just with regard to the Qatar World Cup finals in particular, of course there are human rights concerns about their initial bid and some of their attempts to prepare, their build program , and so on. Do you share them? Do you intend to attend the final later this year?

ANIKA WELLS:

Oh well I need the Prime Minister’s permission to travel overseas and I have, as you say, aged care priorities which I am using my time with him to discuss right now. If we’re going to travel, listen, I had initial discussions with the Football Australia team this morning. I spoke to the CEO and President to congratulate them on Socceroos efforts today. We made a commitment to each other to meet again in the coming weeks to talk about what this road looks like. So I’m going to have to put a pin in that one, Greg, and get back to you.

GREG JENNET:

No, perfectly understandable. We thought we would push and push and see where it would take us. Obviously, a little work needs to be done and a lot of practice also for the Socceroos themselves. Anika Wells, congratulations again on your nomination. Thanks for this initial conversation about the two wallets today. We’ll talk to you soon.

ANIKA WELLS:

Thank you very much, Greg, have a great afternoon.

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How to Get the Best Truck Repair Loans https://glwdrk.com/how-to-get-the-best-truck-repair-loans/ Fri, 10 Jun 2022 20:06:54 +0000 https://glwdrk.com/how-to-get-the-best-truck-repair-loans/ Owning and driving a tractor-trailer can be an expensive business. Beyond the money needed to buy the truck itself, there are also repairs, which can be very expensive. If you run a trucking business, repair costs can add up quickly. Fortunately, there are several financing options for tractor-trailer owners who need help paying for truck […]]]>

Owning and driving a tractor-trailer can be an expensive business. Beyond the money needed to buy the truck itself, there are also repairs, which can be very expensive. If you run a trucking business, repair costs can add up quickly. Fortunately, there are several financing options for tractor-trailer owners who need help paying for truck repairs.

Read on to find out how to get the best tractor-trailer repair loans for your needs.

Common Reasons Owner-Operators and Professional Truckers Need Truck Repair Financing

Commercial trucks tend to see heavy use during the week, driving thousands of miles for a variety of purposes. But high mileage is a good indicator of common breakdowns and repair needs in all automobiles. Regular and ongoing maintenance is essential to ensure your trailer or commercial fleet is safe on the road and running smoothly. But even with regular tune-ups, commercial trucks can start to show costly signs of wear.

Some of the most common reasons commercial truckers and owner-operators need financing are these costly repairs:

  • Brakes — brake overheating and wear are one of the leading causes of accidents with semi-trailers. Maintaining brakes and repairing them is an important step in keeping trucks safe, but the costs can add up.
  • Motor overheating — again, high mileage and long haul means your commercial truck’s engine has plenty of opportunity to overheat, which can lead to costly repairs.
  • Hall — Starters can cause major problems for drivers and should be tested often, especially during colder months.
  • Universal joints – because they transfer transmission power to the differential, universal joints carry a heavy load and must be properly lubricated. Drivers should be aware of rattles or vibrations while driving, as these can be signs of a failing U-joint.
  • wheel bearings — these important components keep the truck’s wheels moving, and if the driver notices noise coming from the wheel arches or jerky movements while driving, it’s a sure sign that they need to have the wheel bearings checked.

Benefits of Getting a Truck Repair Loan

Getting small business loans or financing for your truck repair can provide you with a number of benefits beyond the ability to pay for your repairs quickly. You can also open up cash flow for other business expenses or increase your working capital to help grow your trucking business. Repaying a small business loan can also help you build credit for your business, which can help you in the future if you want to get more financing or grow your business further through equipment leasing or to other options. It can also help you get better rates and repayment terms if you decide to refinance.

Types of Truck Repair Financing

There are several types of truck repair financing. Finding the right option for your business is important. Some common types of truck repair loans include:

Truck Repair Equipment Financing

Many trucking companies will use equipment financing to help pay for repairs to their fleets. Equipment financing tends to be a short-term loan to cover the cost of repairs. There are many lenders online that offer equipment loans, which can simplify the application process. Many truck rental companies also offer equipment financing to truckers, but use the truck as collateral.

Business line of credit for truck repairs

Unlike a traditional loan, a business line of credit lets you borrow only what you need and pay interest on it. Plus, each time you pay it back, you tend to use the credit again. It is a good option for those in the trucking industry who have a fleet of trucks to manage and often have expensive repairs.

Professional credit card for auto repair

Business credit cards can be a good option for truckers and trucking companies who need to pay for repairs and want to earn points or rewards by doing so. It’s important to find a credit card with an annual percentage rate (APR) that fits your budget, but often the approval process for a credit card is less stringent than other financing options.

Title loans for truck repair

If you don’t have good credit and need auto repair financing now, a title loan is an option you can consider. In this type of financing, your truck would be used as collateral, so the risk is that if you cannot repay your loan, the lender will take your truck. These loans also tend to have high interest rates.

Personal loans for truck repair

If you are an owner-operator, you may consider a personal loan to cover your semi-trailer financing needs. Personal borrowers can get attractive interest rates and repayment terms, especially with good credit, but you may not be able to get as much money from a personal loan as commercial truck loans could. give some.

Capital loan for the repair of semi-trailers

A capital loan is like other business loans, but can only be used to improve a property. If you are a truck driver or a truck fleet owner, this means you could use the capital loan to repair your truck or trucks, but not for operating expenses.

How to select the best loans for your needs

Getting the best truck repair loan depends on several factors. It’s worth researching your loan options to find the right lender for your commercial vehicle repairs.

Here are some things to consider when researching your loan options:

  • Your credit score — your professional and personal credit ratings will affect the types of financing you qualify for, from which lenders and for how much. Although bad credit doesn’t mean you can’t get a loan or other financing, it can affect your interest rates and repayment terms. Knowing how to establish business credit can help you secure better terms for any loan you may need for your business.
  • Your credit history — how long you have been in business or how long you have accumulated credit can affect your ability to qualify for loans or credit.
  • Amount of the loan – how much do you need? How much can you claim? And how much can you afford to pay per month?
  • Advance payment — some lenders require money upfront to reduce their risk in lending to you. It’s a good idea to know how much you can afford and what you’re willing to pay.
  • Interest rate — your credit score will affect your interest rate, but it can vary depending on the type of small business loan you get as well as the lender you choose, so keep that in mind.
  • Repayment Terms – like interest rates, this will depend on your qualifications, but shorter repayment terms may mean higher monthly payments, while longer repayment terms may mean higher interest rates. Also, some lenders may penalize you for paying off a loan early, which you should consider before signing.

Many truckers and trucking company owners don’t think they can qualify for financing due to bad credit or other issues. While it’s true that your credit score can seriously affect your ability to qualify for a loan or other financing, it’s not a definitive barrier to entry. But this can make the terms of the loan less desirable for you, so it is important to check all the requirements before accepting financing.

Get matched with the best truck repair loans for your needs

Knowing which loans you qualify for can help save time on the application process upfront and reduce hassle in the long run. Nav provides small business owners with personalized financing recommendations based on your professional and personal credit scores, credit history, annual income, and a number of other factors. In fact, business owners who use Nav are 3.5 times more likely to be approved for the financing they apply for. Sign up today to see your options.

This article was originally written on June 10, 2022.

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Is “Travel Now, Pay Later” a good option for your vacation? https://glwdrk.com/is-travel-now-pay-later-a-good-option-for-your-vacation/ Sun, 05 Jun 2022 16:21:15 +0000 https://glwdrk.com/is-travel-now-pay-later-a-good-option-for-your-vacation/ Planning a last-minute summer vacation but don’t have enough savings to fund the trip? Some travel aggregators, such as MakeMyTrip and Expedia, have started offering a Pay Later financing option, commonly referred to as Vacation Now, Pay Later, at the time of booking, which allows customers to book the vacation without paying for it immediately. […]]]>

Planning a last-minute summer vacation but don’t have enough savings to fund the trip? Some travel aggregators, such as MakeMyTrip and Expedia, have started offering a Pay Later financing option, commonly referred to as Vacation Now, Pay Later, at the time of booking, which allows customers to book the vacation without paying for it immediately.

The Vacation Now, Pay Later service offers digital credit which is disbursed by the travel aggregator’s partner bank or non-bank financial company (NBFC). The annual interest rate on these loans can vary between 13% and 30% and the repayment term can be up to 18 months. Repayment in installments comes one month after booking, which means that contrary to the name of the loan, you won’t necessarily pay the loan back after your vacation if you book well in advance.

Some aggregators may offer you a zero interest rate for a full refund made within 15 days of taking credit. Late payments result in a penalty of 2 to 3% monthly interest or flat-rate late fees for each default.

One important thing to note with these loans is that aggregators may not extend credit on all travel-related expenses. For example, some aggregators only extend credit on packages available on their platform, while others do not allow flight bookings or visa fees through the Pay Later funding option. In the former case, you may have to compromise on your itinerary just to be able to finance your vacation.

Also check if the aggregator allows you to cancel the loan if the trip is canceled and if you will have to pay additional fees for the cancellation.

“Holidays involve cancellations, sometimes on the traveler’s side and sometimes on the airline or travel agency side, which can cause a lot of hassle for the borrower as they will have to deal not only with the aggregator but also with the lender. The experience might leave a sour taste in the mouth. Better to use a credit card,” said Amit Suri, a Delhi-based financial planner.

A travel credit card may be a better option because not only do you save on interest if you repay on time, but you also earn rewards points that can be used for flight and hotel reservations later.

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Can you afford this big summer toy? What you need to know about owning and financing a boat or RV. https://glwdrk.com/can-you-afford-this-big-summer-toy-what-you-need-to-know-about-owning-and-financing-a-boat-or-rv/ Thu, 02 Jun 2022 09:01:00 +0000 https://glwdrk.com/can-you-afford-this-big-summer-toy-what-you-need-to-know-about-owning-and-financing-a-boat-or-rv/ Summer is the season for the great outdoors, and getting a new toy, like a boat or an RV, is a dream come true for many people. But with rising interest rates, spikes in the cost of oil, and general economic uncertainty, you might be hesitant to make a big purchase right now. Financing options, […]]]>

Summer is the season for the great outdoors, and getting a new toy, like a boat or an RV, is a dream come true for many people. But with rising interest rates, spikes in the cost of oil, and general economic uncertainty, you might be hesitant to make a big purchase right now.

Financing options, such as a secured loan, can make the purchase more manageable by spreading out the payments. But borrowing is not good for everyone. Look at your budget and factor in other expenses, like storage, maintenance, and gas.

Should you finance a big summer purchase?

Before deciding if and how you should finance, check with yourself why you want to make the purchase, says Jarrod Sandra, a certified financial planner based in Crowley, Texas. According to Sandra, customers are sometimes motivated by the idea of ​​a boat or an RV, not by the reality.

“I think mostly toys, you get that ‘American dream feeling’ of waterskiing behind the boat every Saturday or being out in the beautiful wilderness,” he says.

Sandra, who once owned a motorhome, says that dream doesn’t always come true. Maybe you rarely have time to get in the water on the weekends, or the remote campsite you’re considering is actually noisy and crowded.

For those who are sure they want to buy, whether to borrow money largely depends on your overall financial situation, says Marianne Nolte, a Fallbrook, Calif.-based certified financial planner and avid sailor.

“It all comes down to budgeting,” says Nolte. “It doesn’t matter if you’re 25 and saving for your first home or you’re a 50-year-old man who is well settled in his financial journey. You have to make sure, in terms of cash flow, that you are not going to hurt your monthly expenses.

Nolte adds that just because you can afford a loan doesn’t mean you should automatically get one. Also, make sure you’re not giving up on bigger goals, like saving for retirement, to cover payments.

Both Nolte and Sandra recommend a test drive, such as joining a yacht club or renting an RV for the weekend, to get your feet wet before committing to the purchase.

Check: 7 Quirky Places Worth Stopping On A California Road Trip

Financing for boats, RVs and small toys

If you’re going to finance a big summer toy, you’ll probably need a secured or unsecured loan.

Secured loans are usually the most affordable option and are available from banks, credit unions, and some dealerships. Since the purchase itself serves as collateral, interest rates tend to be lower and you can often benefit from a longer repayment term, sometimes up to 20 years.

One of the best ways to get approved for a secured loan is to provide a down payment of at least 10%, says Michael Lax, executive vice president and head of marine RV sales at Bank of the West.

Credit history is also important. If you’ve financed a similar purchase in the past, such as with a car loan, it can make the approval process much easier, Lax says.

Unsecured personal loans are another financing option and are offered by online lenders, banks, and credit unions. These loans don’t require collateral, so you don’t risk losing the item if you don’t repay. Lending decisions are based on creditworthiness, income, and existing debt, but annual percentage rates may be higher and repayment terms shorter, compared to a secured loan.

Some lenders let you prequalify for an unsecured loan, which is a smart way to check potential terms and compare different loans without affecting your credit score.

Also see: The 12 Best American Road Trips

Borrowers considering smaller toys — think a personal watercraft or all-terrain vehicle — may want to consider a credit card. But especially in an environment of rising credit card interest rates, you’ll want to pay off the balance as soon as possible. The cost of buying can also increase your credit utilization ratio, which could affect your credit score.

If you have good or excellent credit, a 0% APR card may be a good choice. You won’t pay any interest as long as you redeem the card before the promotional period expires and the regular APR sets in.

Lily: No matter your age, here’s how to know if your finances are on track

Consider the associated costs before making a final decision

The purchase price is not the only expense to keep in mind. Depending on the vehicle you purchase, there are an assortment of related costs that you will want to budget for.

Storage and transport are among the most important. While small items may live in your garage, larger items like boats may need to be stored offsite in a marina or parking lot. You will also need to transport the item, which may require a trailer and adding a hitch to your car or truck.

Maintenance is another concern. Like cars, toys require regular maintenance to stay in good condition, whether it’s changing a tire, checking the oil or preparing the vehicle for colder temperatures.

Read also : This couple swapped their house for an RV and paid off $200,000 in debt – then the money started rolling in

Gasoline, insurance and one-time costs, such as mooring or camping fees, must also be taken into account in the purchase budget.

More from NerdWallet

Jackie Veling writes for NerdWallet. Email: jveling@nerdwallet.com.

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20-Year HELOC Rates Drop – Forbes Advisor https://glwdrk.com/20-year-heloc-rates-drop-forbes-advisor/ Tue, 31 May 2022 17:25:36 +0000 https://glwdrk.com/20-year-heloc-rates-drop-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. The average rate on a 20-year HELOC, or home equity line of credit, is 5.57%, down 1.57% from last week, according to Bankrate.com. Meanwhile, the rate on a 10-year HELOC is 4.74%, […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

The average rate on a 20-year HELOC, or home equity line of credit, is 5.57%, down 1.57% from last week, according to Bankrate.com. Meanwhile, the rate on a 10-year HELOC is 4.74%, the same as last week.

Related: Best home equity lenders

10-year HELOC rate

This week, the average interest rate on a 10-year HELOC is 4.74%, the same as last week.

At the current rate, a 10-year HELOC of $25,000 would cost a borrower about $99 per month over the 10-year draw period.

HELOC Draw Periods and Redemption Periods may be the same or different. HELOCs have variable interest rates, which means the interest rate can change as you pay it back.

Borrowers generally only pay interest during the drawdown period, but can also repay the principal, although this is not mandatory.

20-year HELOC rate

The interest rate for a 20-year HELOC averaged 5.57% this week. That’s down from 7.14% last week and up from 5.03% at the 52-week low point.

At the current interest rate of 5.57%, a $25,000 20-year HELOC would cost about $116 per month during the draw period.

How do I qualify for a HELOC?

Qualifying for a HELOC is similar to qualifying for a first mortgage. Borrowers can typically have a maximum debt-to-income ratio (DTI) of 43%; a minimum credit score of 620; at least 15% to 20% equity in the home; and a history of on-time mortgage payments, if applicable.

Lenders also typically require a third-party appraisal of the property’s value, as this helps determine the home’s equity.

HELOC Rate Information

With the Federal Reserve raising its federal funds rate, borrowers could see HELOC rates rise this year. Typically, HELOC rates move in step with rate increases by the Fed.

The current 10-year average HELOC rate is 4.74%, but over the past 52 weeks it has fallen to 2.55% and 5.64%. On a 20-year HELOC, which has a current average rate of 5.57%, the low of 52 is 5.03% and the high is 5.70%.

HELOCs vs home equity loans

While both tap into your home equity and are backed by your home or other property, HELOCs and home equity loans have key differences.

A HELOC allows you to withdraw money as needed and only pay interest on what you borrow during the drawdown period. You repay the entire balance and interest during the repayment period. Home equity loans require homeowners to take their funds all at once and pay off the balance with fixed monthly payments.

This can make a home equity loan a better option if you have a large project and need one-time financing. Home equity loans have fixed rates, while HELOC rates are variable.

Frequently Asked Questions (FAQ)

Is HELOC interest tax deductible?

If you itemize deductions, you may be able to deduct interest costs if you use proceeds from a HELOC for home improvements.

Will taking out a HELOC impact my credit rating?

As with any credit product, HELOC lenders will perform a credit check as part of your application, which will cause a temporary dent in your credit score. However, as long as you repay on time, you can recover quickly.

Remember that a HELOC is secured by your home, which means that failing to make timely repayments will not only hurt your credit score, it could mean you lose your home.

What are the alternatives to HELOCs?

Home equity loans allow you to leverage the equity in your property for cash. Loans, unlike lines of credit, are taken out for a fixed amount and repaid regularly with a fixed interest rate.

You can also swap your current mortgage for a smaller mortgage and pocket the difference in cash, also known as a cash-out refinance.


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