Disability insurance – Wankanyakla Self Help Group http://wankanyaklaselfhelpgroup.com/ Wed, 29 Jun 2022 19:20:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://wankanyaklaselfhelpgroup.com/wp-content/uploads/2021/06/icon-80.png Disability insurance – Wankanyakla Self Help Group http://wankanyaklaselfhelpgroup.com/ 32 32 Failing Personal Finance Class | Opinions from Calaveras County https://wankanyaklaselfhelpgroup.com/failing-personal-finance-class-opinions-from-calaveras-county/ Wed, 29 Jun 2022 19:20:00 +0000 https://wankanyaklaselfhelpgroup.com/failing-personal-finance-class-opinions-from-calaveras-county/

Michigan is on the verge of becoming the 14th state to mandate a high school personal finance course, congratulations. I only wish we had taken a finance class when I was in high school. On my own, well, I’ve put every dollar I made as a lifeguard into my ’55 Chevy, even to the point that I drove to Mexico to have the seats folded and folded in Naugahyde. It cost a fortune; but oh, it looked Boss!

However, as we drove home through the hot Southern California desert, a small problem arose. I started smelling something that made my eyes water. As my olfactory nodules swelled to the size of peaches, I discovered that they had stuffed my beautiful new upholstery with horse manure, something you might never notice except on a very hot day.

I sold this car on the coldest day of the year to a classmate of mine who also needed a personal finance course. The only thing I took away from Mrs. Mann’s home economics class was, “Never spend more than a quarter of your income on housing.” That little bite has served me well over the years, but the days on where you spent only a quarter of your income on rent are gone, while rents are $2,500 a month here in Tahoe and double that in New York City if you can find an apartment.

A while ago I picked up a bunch of girls who were hitchhiking to the state line for a night out. In the course of the conversation, one asked the other: “Did you bring any money with you?”

These girls could have used a course in finance and maybe a course in sociology. My humble suggestion is this: drop Shakespeare for Twain and drop algebra for personal finance. I’ve never used algebra except to figure out how fast I had to run to finish a marathon in under three hours. And I’ve never used Shakespeare except to occasionally confess to myself, as Caliban once did, “What a triple ass I was.”

The advice I got from my father, who was very good with money, was simple: “No, we can’t buy Buick taillights for your Chevy, son. Money doesn’t grow on trees.”

Kids graduating from high school today need to educate themselves on cryptocurrencies, compound interest, and payday loans, not to mention what’s hot at the game of the week.

Life was good when I was a lifeguard in Tahoe. I had my ’55 Chevy and a friend who worked at Harrah’s who shared her generous takeout meals. This summer will never come again, not for me; unfortunately for no one. Life is so much more complicated today. So let’s incorporate personal finance as a corps into our high school curricula in our great country and enable our graduates to have more imaginative, successful, and stress-free futures.

bne IntelliNews – Sky-high inflation is forcing more Russians to take out “payday” loans https://wankanyaklaselfhelpgroup.com/bne-intellinews-sky-high-inflation-is-forcing-more-russians-to-take-out-payday-loans/ Sat, 25 Jun 2022 19:09:50 +0000 https://wankanyaklaselfhelpgroup.com/bne-intellinews-sky-high-inflation-is-forcing-more-russians-to-take-out-payday-loans/

Sky-high inflation is forcing more Russians to take out expensive short-term loans to make it through the end of the month when they get their paycheck.

In May of this year, Russians took out more consumer loans just to cover their daily living expenses than during the corona crisis. Short-term loans for “urgent purposes” to cover a monthly shortfall accounted for 10% of all personal loans taken out in May, up from 6% in the same month last year, the Central Bank of Russia (CBR) reports. The number of applications for these loans also increased by 1 percentage point from April to May and by 2.5% year-on-year. Kommersant reports.

In addition, the average size of loans has also increased. Experts believe this is because banks have restricted the number of loans they make and are imposing stricter rating criteria to curb the growth of non-performing loans (NPLs) as Russia slides into recession due to extreme sanctions imposed by the West after Russia invaded Ukraine in February.

“In May 2022, 2.38 million payday loans of up to RUB 30,000 ($563) for up to 30 days totaling RUB 21.59 billion were issued. This is the highest volume since December of last year and is 16% higher than a year earlier. According to the central bank, microcredit was extended across Russia from January to March [worth] RUB175 billion,” said the National Bureau of Credit Histories.

Rising inflation creates the problem of eating away at incomes faster than companies can raise wages. Inflation is at a multi-year high, even after falling to 17.1% in May from 17.8% in April.

And the pressure is unlikely to ease anytime soon, even after the CBR’s emergency rate hike to 20% shortly after Russian forces crossed the border into Ukraine, which appears to have effectively curbed inflation. As pressure on price growth has eased, the CBR has cut interest rates back to the pre-war level of 9.5%, but inflation remains in double digits, disproportionately hitting the poorest.

The CBR is currently forecasting average inflation in the range of 14% to 17% this year and 5% to 7% next year, while interest rates should fall back to 4% in 2024, the CBR says, but it’s not doing so in the meantime help low-income families as high inflation reduces real incomes.

According to a recent Kept (formerly KPMG) survey conducted in April-May, less than a quarter (23%) of Russian borrowers are confident they can service loans already taken out, while as many as three-quarters of Russians are struggling count in the fulfillment of payment obligations. Not only private customers of banks were surveyed, but also small and medium-sized enterprises (SMEs). This insecurity is caused by the fear of losing jobs. Unemployment has not risen from current levels near the post-Soviet low of just over 4%, despite an expected economic contraction of 8% to 15% this year, but regional authorities are already reporting the first signs of rising tensions in labor markets. At the height of the coronavirus (COVID-19), pandemic unemployment was above 8% and is expected to rise back to that level in the coming year. In anticipation, the vast majority (93%) of Kept respondents plan to cut costs in anticipation of tougher times.

Borrowers’ concerns have yet to surface in banking statistics, although the CBR stopped reporting some key variables such as bad loans and sector earnings in April.

On April 1, loans past due by 90 days or more (the definition of NPLs) exceeded RUB 1 trillion, but in percentage terms this accounts for only 4.1% of banks’ portfolios and less than last September (4.3%). , reports Kommersant. Sberbank informed the publication that the share of loans overdue by a day or more is only 1.5% and “no problems” are visible among corporate customers.

But banks and government are already taking action: banks can restructure problem loans, and the CBR said in its latest banking update for May that the government is using money from the National Welfare Fund (NWF) to recapitalize key companies. Problems were smoothed out by credit holidays and restructuring, without which bad debt would have grown 15% in April-May, Kommersant quotes experts who estimate that one in seven borrowers has lost their ability to service their debt. Independent expert Andrei Barkhota said Kommersant that NPLs could rise by 25% to 30% by the end of the year.

The state is already planning to step in to cushion the blow with a 4 trillion ruble ($67.8 billion) welfare package to help ease the economic shock of the war in Ukraine. The Ministry of Finance announced a 10% increase in pensions in early June, the Bank of Finland Institute for Emerging Economies (BOFIT) reported in its weekly update on June 10. who typically also have a part-time job tend to be among the safest. Most Russians do not see a pension as a retirement plan, but as a supplement to a better standard of living in the second half of life.

“The previous pension increase of 8.6% was planned for the beginning of this year. The increases are intended to compensate retirees for rising consumer prices. With a view to the increase that has now been made, it represents compensation for the sharp jump in prices after Russia invaded Ukraine,” reports BOFIT.

The government’s spending plan is set to increase wages and benefits by millions of dollars to mitigate the economic fallout from the country’s invasion of Ukraine. A bill signed into law by Russian Prime Minister Mikhail Mishustin on June 21 will also increase Russia’s minimum wage and living wage by about 10%, according to business daily Vedomosti. Under the new measures, families with children under the age of three will also increase. There will also be more financial support for low-income families with children up to the age of 17. The proposal was laid out by President Vladimir Putin last week during a televised meeting of Russia’s State Council, where he stressed that the Kremlin’s main job is to ensure the minimum wage stays above the “living wage”.

Online Same Day Payday Loans – Fast Loans for 1 Hour https://wankanyaklaselfhelpgroup.com/online-same-day-payday-loans-fast-loans-for-1-hour/ Wed, 22 Jun 2022 00:09:12 +0000 https://wankanyaklaselfhelpgroup.com/online-same-day-payday-loans-fast-loans-for-1-hour/

Same day payday loans online

Get a 100% cash advance online even if you have a bad credit rating. The Best Fast Loan Service!

Admission Requirements

The easiest way to determine if a payday loan is right for you is to speak to the person who administers it. If the person offering it accepts. While these types of online same day payday loans can come in handy in emergencies, they are often used for other purposes that can make you pay off thousands of dollars in interest in a short amount of time. They require a minimum payment of $300 or $500 to be eligible.

This type of loan may come with a fee or an interest rate and should be carefully considered before applying for a payday loan. However, payday loans are typically more difficult to repay because you cannot pay the loan directly with a credit or debit card. This type of loan is a good choice for people who may be in a tough economic situation or are under a lot of stress.

Fast Payday Loans

Most payday lenders are structured as instant loans; Therefore, you have less than a day to repay your loan. In most cases, you’ll need to make an additional $100 or $200 down payment along with your loan. Payday lenders are usually geared towards the youth to bail out people and help them in unexpected troubles or economic situations. These online same day payday loans can be used for anything including paying off a car loan, rent, utility bills and even health insurance or student loan bills.

These types of loans require you to pay a fee to pay back your loan, but they can be quick payments on top of other basic payments. If you would rather have an instant cash advance, you better look for a quick cash advance that is better than an instant loan on top of your other payments. Cash back loans and cash advances don’t require a down payment and are easier to pay off if you’ve made bad credit decisions.

Repay fast cash advances

The lender takes your personal credit report and immediately starts applying for a loan against your credit report. You must pay the lender within twenty days of receiving the application. The borrower is expected to pay back the loan within the same time as your existing credit card or loan. To ensure that the borrower will repay the loan, the borrower must provide at least two weeks’ income and proof of payment proving that the consumer used their money as intended.

Quick Cash Loans are offered to people interested in lending cash at a pace that may be difficult or impossible in a real-world situation. The lender usually pays low interest (typically 3% or less per month) and can offer repayment in 10 monthly installments. The lender will make a deposit into your accounts and return the balance within the next six months.

Eligibility for quick cash loans online

The ability to receive instant payments is attractive, especially for those who want to use the money to deal with a personal emergency or help an elderly relative pay a monthly bill. But the reality is that people can use quick cash loans to get cash for their home payments. Some people currently do not have access to credit and are unable to pay off a mortgage. With Quick Cash Loans Online, you can get an approved Quick Cash loan online instantly. You don’t have to go to your local bank to get approval. Applying for a quick cash loan is the same for people who have and have a credit history. And now it is possible to get cash for almost any same day payday loan online at the most favorable terms, now one can no longer search where to borrow money for one’s need.

Cash advance companies may also require you to provide proof of income and use this to verify your income and for income verification. This type of payment means you don’t have to worry about the amount you owe to even get approved.

Flexible and cheap online loans

With the rise of alternative forms of payment available online, you may be wondering how to make the most of your current method of holding some cash. The solution, especially in recent years, is to open a dedicated bank account online for your checking account. If you are serious about saving and investing for the long term, this may be the best decision you have ever made. You have to keep in mind that you can literally get cash very quickly, which allows you to profit and solve your financial problems quickly.

Take payments from your checking account through the same quick cash loans. One such product is credit. The products have a $500 minimum deposit, no upfront costs, and no minimum monthly payments. The monthly installments are 2.9% for mobile phone loans, 3% for cash loans and credit card loans. You can also get same day payday loans online and as you can see it can be done on very favorable terms as the interest rate on the loan is lower than banks.

The quick cash advances are best for small to medium sized businesses with a low percentage of customers who can afford the advances. Many consumers prefer to use cash instead of a credit card and online cash advance and online quick cash advance are good options for the business owner. These are great ways to get a quick cash advance without the upfront cost of a loan or the potentially high interest rates.

Money from loans or debt

There are a variety of lenders, but they usually charge high interest rates, just like payday loans. But now there is a way to get same day online payday loans at a very low interest rate that will help you solve all your financial difficulties very quickly. If you make a monthly payment for debt, such as For example, a rent deposit, car loan, or mortgage, don’t use those funds for anything other than paying down your debt.

If your loans are paying off to some extent, you might want to consider borrowing money from a credit union. Unlike your payday loans, these types of loans are structured and secured by a bank or savings association, giving you the protection of a bank.

Online loans in cash

One of the best ways to get easy cash is to borrow same day payday loans online and from online lenders. For example, if you are interested in buying a car, your car payment may not be completed in a month. You need to pay off your loan in a short time, so it may be better to rent a used vehicle than to buy a new one. Borrowing cash advances online can be quick, convenient and usually guaranteed.

What are other names for Juneteenth? US betrays ‘Jubilee Day’ spirit https://wankanyaklaselfhelpgroup.com/what-are-other-names-for-juneteenth-us-betrays-jubilee-day-spirit/ Fri, 17 Jun 2022 17:50:23 +0000 https://wankanyaklaselfhelpgroup.com/what-are-other-names-for-juneteenth-us-betrays-jubilee-day-spirit/

This story was supported by the Economic Hardship Reporting Project, a non-profit journalism organization.

Dating back thousands of years, the anniversary was a momentous celebration, a year to give back lands, forgive debts, and free enslaved people. Heralded by the loud sound of a ram’s horn, Bible scholars note, the Jubilee year was founded on the idea of ​​liberty and orchestrated an economic, cultural, and moral reorganization of society. It is fitting, therefore, that June 16 is often referred to as the anniversary day.

In January 1863, the Emancipation Proclamation abolished slavery and declared “all persons held as slaves” “free forever”. But it wasn’t until two years later, on June 19, 1865, that news of liberation finally reached the enslaved people of Galveston, Texas. June 16, sometimes called Black Independence Day or Freedom Day, honors this indeed end of slavery.

In a way, the Emancipation Proclamation acted as Black Americans’ first and only jubilee — in fact, “jubilee” is what formerly enslaved people called the period that followed the Civil War. Abolition ended an entire economy of exploited labor that essentially built the modern capitalist world. But the Emancipation Proclamation went further than requiring Confederate states simply to recognize the abolition of slavery – it also directed the United States government to “preserve” the liberty of formerly enslaved people and “to take no action or actions to oppress such persons” or “any” effort they may make for their actual freedom.” Today, in flagrant contradiction to the instructions of President Abraham Lincoln, the government still sanctions and facilitates the oppression of black people.

Stock tenure, convict leasing, medical racism, mass incarceration, police, and other racist institutions locked Black Americans in cycles of debt bondage, forced labor, and suffering. Forced to fund public goods and their own incarceration through debt, Black people bear the brunt of student, medical, and criminal debt. For-profit colleges, hospitals, police departments, and the industrial prison complex are all (literally) banking on their plans to indebted black communities. Just a decade ago, in the wake of the 2008 financial crisis, racist housing practices and job losses wiped out more than half of black wealth.

As a result, the gap between black and white home ownership is wider today than it was over 50 years ago. From the Three-Fifths Compromise to prison and racial maneuvers, politicians have repeatedly stripped black political power and made voting rights for black Americans weaker than they were in 1965, when the Voting Rights Act was first passed. The scourge of gun violence and the school-to-jail pipeline have stolen the future of black children. Black girls are disappearing at a ruthless rate, and black trans women have a life expectancy about the age required for president: 35. If you’re black, your odds of being incarcerated increase almost fivefold. If you are a black woman in New York City, you are eight times more likely to die in childbirth. Unfortunately, Black Americans make up 13% of the US population and 40% of those on death row.

Vermont Child Tax Credit not enough https://wankanyaklaselfhelpgroup.com/vermont-child-tax-credit-not-enough/ Tue, 14 Jun 2022 17:35:14 +0000 https://wankanyaklaselfhelpgroup.com/vermont-child-tax-credit-not-enough/

I was so proud to see the Vermont House pass its own statewide version of the child tax credit.

It is estimated that this affects approximately 33,000 children in Vermont at a time when rising inflation is negatively impacting the everyday life of the average Vermonter. And we know for a fact that those credits help.

In 2021, the expanded federal child tax credit was a financial lifeline for US children living in poverty. The effect was immediate. Child poverty fell by 40% after one month of payments, and research shows recipient families spent this money on rent, food and clothing for children. Recipients of child tax credits continued to work, lived healthier lives, invested more in their children’s education, and used payday loans less often.

However, some legislators have stopped an extension of child allowance payments. As a result, child poverty increased by 41% after payments stopped. In addition, many households with child allowances had to give up their jobs because they could no longer afford childcare.

I was so grateful to see Rep. Welch supporting the Vermont Children’s Tax Credit. I would like to see Sen. Leahy and Sen. Sanders show equal support for children living in poverty. I urge Sens. Leahy and Sanders to do their utmost to extend the National Child Tax Reduction with permanent full refunds and to resume monthly payments immediately.

With inflation making it harder for families to make ends meet, what more does lawmakers need to do the right thing?

Felicia Bonano

Essex junction

Send a letter to the editor using the link below. Please be sure to read the rules.

Those who actually pay with Buy now will pay companies like Klarna and Affirm: NPR later https://wankanyaklaselfhelpgroup.com/those-who-actually-pay-with-buy-now-will-pay-companies-like-klarna-and-affirm-npr-later/ Sun, 12 Jun 2022 21:10:24 +0000 https://wankanyaklaselfhelpgroup.com/those-who-actually-pay-with-buy-now-will-pay-companies-like-klarna-and-affirm-npr-later/


If you’ve shopped online lately, you might have seen an option that allows you to pay a little now and pay the rest later with no interest. Buy now, pay later Businesses have grown in popularity during the pandemic. Klarna, Afterpay and Affirm are just a few of them. This is where Apple comes in with Pay Later. So what is behind this trend, how does it work and who actually pays? So we called Alexi Horowitz-Ghazi from Planet Money. He covered Buy Now, Pay Later services on a recent episode of Planet Money. Alexi, welcome.

ALEXI HOROWITZ-GHAZI, BYLINE: Thank you for inviting me.

THOMPSON: So buy now, pay later sounds easy, but is it? Can you explain to us how these services work?

HOROWITZ-GHAZI: Sure. So buy now, pay later is a form of consumer credit – like credit cards or payday loans or other things we’ve seen – but it’s kind of a new form. So the way this works is that you shop online or increasingly in more and more stores in IRL and instead of paying the total price with a credit card or a debit card or something you are offered a purchase now. Pay later option. It’s usually this pay-in-four model, which means they charge for installments. You pay the first installment immediately using the bank account or credit or debit card of your choice. You take that initial payment and then you pay it back in regular installments. And all without interest. It works a bit like old-fashioned layaway, except you buy now, pay later, and get what you buy right away.

THOMPSON: How do companies make money from this if there’s no interest? Someone gets paid.

HOROWITZ-GHAZI: Right. Therefore, lending money is usually profitable because of a combination of interest and fees, or perhaps collateral. There are no guarantees with these things. They will not repossess your Nike sneakers and try to resell them to recoup your missed payments or anything. And there is no interest like you said. And the fees, while there are late fees and interest that comes with failing to pay repeatedly, the fees really aren’t that high. And that’s not the core of the business model. The way these companies make their money is that they actually collect fees from the merchants — which are the companies that sell you the goods you buy online or in person. And they charge anywhere from 4% to 9.5%, which can be a lot higher than what credit cards usually charge, which is anywhere from 2% to 4%.

THOMPSON: If the retailer has to pay those fees, do the retailers then pass those fees on to the consumer through higher prices?

HOROWITZ-GHAZI: That’s probably happening to a certain extent, but this model is still in its infancy. And for the most part, the model actually seems to be working for everyone involved, because what the buy-now, pay-later companies are offering these merchants is the promise of many more sales. So you’re bringing in a lot of new customers, people who might not have used credit cards or who might be allergic to the idea of ​​using credit at all – so a lot of Zoomers and millennials who grew up in the US who just didn’t use credit cards after the financial crisis want – and people who, as you know, may have a poor credit history or bad credit score and otherwise cannot access things like credit cards and other forms of credit. So they bring in new people, and then there’s also something about the psychology of splitting the total price up into those installments – into these smaller installments that make people a little less reluctant to complete their order – you know, click buy, when they are at the end of their shopping, when they are at the checkout.

THOMPSON: So you know the old saying – right? – that if it sounds too good to be true, it probably is. Where can this go wrong for the consumer?

HOROWITZ-GHAZI: Right. So, you know, that’s it — these payments are interest-free, which means it can be pretty cheap money, you know, if you comply with all the terms of the loans. The problem with these is kind of a downside to being outside of the normal credit reporting system. It means it’s easier to buy these loans now and pay them off later in the beginning. But it also means that not every one of those loans is reported to any central repository, which means you can take out, you know, five or six different loans from five or six different companies without any of them knowing about it. That means you can get caught up in this whole maelstrom of payments and get into trouble pretty quickly.

And that’s one of the things that has raised alarms among consumer groups and regulators. Last fall, the House of Commons Financial Services Committee held a hearing examining all of this. And right now, the Consumer Financial Protection Bureau has an open investigation into the “buy now, pay later” industry. They examine the risk for consumers of becoming overwhelmed, what types of data are collected by these companies and how they are used, and how these services fit into existing regulations for other types of credit products.

THOMPSON: Alexi, why do you think this practice has decreased during the pandemic?

HOROWITZ-GHAZI: Well, buy now, pay later. Businesses started in countries like Australia and Scandinavia, and they’ve gained momentum over the years. They mostly came to the US around 2015, and they were in that critical mass moment, so to speak, just as the pandemic was starting. They were picked up by bigger and bigger companies, eventually places like Amazon and Walmart and Target, exposing them to a lot more people. And this happened just as lockdowns were raging and many people were turning to the internet and online shopping as a form of retail therapy or just as a place to find essentials while struggling to figure out how to work from home could work . And it’s weathered this huge explosion of online shopping that’s happened over the years since the pandemic began. It just became a new, increasingly convenient way for people to do their shopping online.

THOMPSON: So a random explosion.

HOROWITZ-GHAZI: Yes. I would say it was good timing and many business strategies that came to a head at just the right moment.

THOMPSON: That was Alexi Horowitz-Ghazi, host and reporter for NPR’s Planet Money. Thank you Alexi



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Cost of Living Crisis: Glasgow is the fourth most affected city in the UK https://wankanyaklaselfhelpgroup.com/cost-of-living-crisis-glasgow-is-the-fourth-most-affected-city-in-the-uk/ Thu, 09 Jun 2022 09:30:27 +0000 https://wankanyaklaselfhelpgroup.com/cost-of-living-crisis-glasgow-is-the-fourth-most-affected-city-in-the-uk/ People in Glasgow are among the hardest hit by the cost of living crisis in the UK, research has found.

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Food, energy and fuel prices have all skyrocketed in recent months, leaving people struggling with rising bills and looking for cost-cutting measures.

Using search engine data from the last three months of search engine tools Ahrefs, Google Keyword Planner and KWFinder, a study was conducted examining key terms such as energy cap, payday loan, save money and cheapest energy supplier.

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This data was then analyzed and ranked by the combined number of searches for all keywords. This data was then sorted.

Most popular

How well do you know Glasgow?

Glasgow was the fourth most searched area in the UK, with same-day loan searches being the third most searched term across the UK. Other Scottish cities that felt the impact of the cost of living were Aberdeen 7th and Edinburgh 22nd.

Analysis of the data has shown that people from Manchester are struggling with the cost of living more than anyone else in the UK. With 2200 people searching for payday loans monthly, 210 searching for energy price caps and 310 people searching for cheapest energy suppliers, Manchester was the hardest hit area in the UK by population.

Newcastle was the second most affected city and, with its small population, had one of the highest number of payday loan searches compared to the other cities and towns in the study. With 1000 people a month looking for quick ways to make money and cover unexpected expenses.

People from Leeds were the third most affected place in the UK when it came to the cost of living crisis. Leeds had one of the highest numbers of people looking for information about the energy price cap, along with people wanting to switch energy providers for the cheapest service.

Newport, Cardiff and the London Borough of Brent were the least affected areas, with the fewest people searching online for information on energy caps, quick loans, savings and information on the cheapest energy suppliers.

Commenting on the results, a Pink Storage spokesperson said: “The cost of living is something that most of us worry about. By analyzing online search behavior, we can see how people are trying to make ends meet.

“If wholesale energy prices remain high, we can expect further increases in energy prices, and as a result, that will be reflected in people’s online search behavior.”

Nova Scotia UARB cuts interest rates on payday loans https://wankanyaklaselfhelpgroup.com/nova-scotia-uarb-cuts-interest-rates-on-payday-loans/ Tue, 07 Jun 2022 17:53:30 +0000 https://wankanyaklaselfhelpgroup.com/nova-scotia-uarb-cuts-interest-rates-on-payday-loans/

A payday lender on Wyse Road in Dartmouth on Tuesday. Photo: Zane Woodford

Payday lenders will receive a smaller portion of checks from Nova Scotians later this year.

In a decision released Tuesday, the province’s Utility and Review Board (UARB) lowered the maximum interest these lenders can charge from $19 on a $100 loan to $17 starting September 1 . From January 1, 2024, this number will drop back to $15.

Currently, Nova Scotia’s maximum is the second highest in Canada, with Newfoundland and Labrador capping interest at $21 on a $100 loan. Saskatchewan and Manitoba allow $17 per $100. At $15, Nova Scotia would rival British Columbia, Alberta, Ontario, Prince Edward Island and New Brunswick.

The change to $15 per $100 brings the annual interest rate Low to approx. 390% (with a two-week term). If that phrase sounds criminal, that’s because it is, but payday lenders in Canada are exempt from the Criminal Code provision that caps interest at 60% annually.

Nova Scotia was the first province to regulate payday loans, and the UARB first held a public hearing on the loans in 2008 and opted to set the interest rate at $31 per $100 (about 800% annually). Since then, the regulations have been regularly revised and interest rates have been reduced each time. Most recently, she held a hearing in 2018 and lowered interest rates to currently $19 per $100.

In its decision, a three-person panel of the board — vice chairman Roland Deveau and members Richard Melanson and Jennifer Nicholson — summed up a hearing that took place in March 2022 when the board heard from members of the public, consumer advocates and payday loan industry representatives.

These proponents argued lower interest rates would wipe out the payday loan business. Canadian Consumer Finance Association (CCFA, formerly known as the Canadian Payday Loan Association) attorney Patty Ko argued that the pandemic was already having a significant impact on the industry.

“Given the significant negative impact of the COVID-19 pandemic, she cautioned that it was not the time to make any significant changes and urged that the maximum borrowing cost of $19 per $100 be maintained,” the board wrote .

Patrick Mohan, president of the Independent Payday Loan Association of Canada, argued that rates should rise.

“Mr. Mohan suggested that instead of lowering or maintaining the current maximum borrowing costs, they should be increased to allow smaller operators to offer their product,” the board wrote.

“While his presentation provided anecdotal evidence, there was no verifiable data or expert opinion to support the suggestion that the cap should be increased. The board rejects this proposal.”

The pandemic has led to a decline in payday loan origination and repeat customers, but the board noted that the default percentage has increased.

“The data shows a decline of about 8% in the number of loans from 2015 to 2019 for the pre-COVID period, although the decrease in the total value of loans was only about 3%,” the board wrote. “The data also shows that the number of diverse businesses offering payday loans in Nova Scotia and the number of retail stores have remained stable from 2017 to 2021, despite a reduction in maximum borrowing costs and a pandemic.”

The board decided that there was no reason why lenders in Nova Scotia couldn’t make a living at the same interest rates as the rest of the country.

“The CCFA has not provided any evidence or satisfactory explanation as to why this would not be the case,” the board wrote. “While there are undoubtedly regional differences in overall population, demographics, income and other financial measures, given the nature of the product, the profile of the product’s consumers should be relatively similar across the country. The industry as a whole should be able to serve this demographic on a relatively equal footing with the rest of the country.”

Although it did not side with the industry, the board wrote that it had taken into account the pandemic-related impact on the business.

“Except for the impact of the COVID-19 pandemic, the board would have been inclined to move immediately to the maximum borrowing cost of $15 per $100,” the board wrote. “The Board believes that a phased approach to lowering the maximum cost of borrowing is appropriate to reach a level where consumers in Nova Scotia receive the same interest protection as is available in most of the rest of the country under the circumstances.” “

The Board also lowered the maximum default interest rate from 60% to 30% and left the default penalty at $40, the highest in the country.

The Board noted that many members of the public were asking for payday loans to be abolished altogether or for similar regulations to be adopted as in Quebec, where a 35% cap on annual interest has effectively ended the practice.

The board accepted the provincial government’s position on the issue, arguing, “The elimination of the regulated payday loan industry in Nova Scotia would reduce the short-term borrowing options available to consumers.

“It would also increase the presence of unscrupulous and unregulated lenders, particularly unlicensed online lenders, potentially leading to the unfortunate consequences of innocent borrowers accessing such unregulated loans via the internet,” the board wrote.

The board will next review payday loan rates in three years unless “a critical issue is brought to the attention of the board in the meantime.”

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]]> The Weekly Authority: 📱 Pixel Prototype https://wankanyaklaselfhelpgroup.com/the-weekly-authority-%f0%9f%93%b1-pixel-prototype/ Sun, 05 Jun 2022 05:36:05 +0000 https://wankanyaklaselfhelpgroup.com/the-weekly-authority-%f0%9f%93%b1-pixel-prototype/

⚡ Welcome to The weekly authoritythe Android authority Newsletter that breaks down the top Android and tech news of the week. The 197th edition here, with this Pixel 7 prototype, foldable Galaxy specs, Final Fantasy 16 updates and some good news for coffee drinkers.

🎉This week marked the Queen’s Platinum Jubilee celebrations here in the UK (the first British monarch to celebrate 70 years of service!) so I enjoyed the two day National Day and we had a street party here in town!

Popular news this week

Google Pixel 7 prototype below









Top Gun Maverick
  • Top Gun: Maverick’s Memorial Day weekend opener grossed $124 million at the box office last Sunday night ($248 million worldwide).
  • Season 3 of The Boys arrived on Amazon Prime Video on Friday and the first reviews are in.
  • And the creators of Stranger Things are answering burning questions ahead of Volume 2 (spoiler alert if you haven’t played through Volume 1 yet!).
  • Meanwhile, Netflix’s new crackdown on password sharing is a confusing mess in test markets in Costa Rica, Chile, and Peru.
  • Speaking of Netflix, a trailer for the new action comedy The Man From Toronto starring Kevin Hart and Woody Harrelson.
  • Owen Wilson’s superhero movie is coming to Paramount Plus: but no official Secret Headquarters release date yet.
  • Spider haters are looking the other way now: An Arachnophobia remake is in the works, starring Christopher Landon on board to direct, with James Wan and Michael Clear named as producers.
  • Plus: Beavis and Butt-Head Do The Universe gets a release date, premiering on Paramount Plus on June 23 – plus there’s a trailer and a new revival series coming later this year.
  • We ranked Sam Raimi movies from worst to best, including Doctor Strange in the Multiverse of Madness.
  • Also this week, our picks for the best new streaming movies, from 13 Going on 30 to Colossal.

To play:

Diablo Immortal Demon Hunter Splash
  • Bad news for Diablo fans: many of Samsung’s Exynos-powered phones can’t run Diablo Immortal, but Blizzard is working on a fix.
  • Speaking of which, Diablo Immortal will not be released in Belgium or the Netherlands due to countries’ laws regarding loot boxes.
  • Steam Deck’s docking station was delayed indefinitely, with Valve citing “part shortages and COVID closures.”
  • And Amazon is finally launching an invitation system to buy a PS5 or Xbox Series X.
  • The Summer Game Fest announces the lineup of over 30 participating companies, taking place June 9-12.
  • Meanwhile, the Star Wars Jedi: Fallen Order sequel is due out next year and will just be next-gen.
  • The first Modern Warfare 2 trailer landed ahead of the full gameplay reveal on June 8th.
  • And Modern Warfare 2’s art sparks speculation across the Call of Duty platform – could the game return to Steam?
  • BioWare is confirming the next big fantasy RPG title – Dragon Age: Dreadwolf, but don’t expect it this year.
  • Veteran Square Enix producer Shinji Hashimoto is retiring – often credited with creating the Kingdom Hearts franchise, he also worked on FF VIII, FF IX and The World Ends With You and the sequel.
  • Sony Goes Live Service Games After Bungie Purchase – Loud TechCrunch The company expects to spend 49% of its PlayStation Studios development budget on live service games by the end of the year.
  • And one of Japan’s most respected game developers is developing a game for Apple’s subscription service: Yu Suzuki and his team are working on Air Twister, which will be released on June 24th.
  • Also, this interview with Tim Sweeney, CEO of Epic Games, dives into Fortnite, the Metaverse and more…


Vivo X80 Pro reclined

Hadlee Simons / Android Authority

  • Vivo X80 Pro review: The best of Vivo, (mostly) refined – “It doesn’t reinvent the wheel, but it’s still a welcome upgrade over its already great predecessor.”
  • Samsung Galaxy A52s review: Jack of all trades – A high-end build, an excellent display, long battery life and long-term software support make this easy to recommend.
  • Huawei Watch GT 3 Pro review: Titanium, ceramic, and compromises – “Lots to offer, but hampered by too many software bugs, lack of features at launch, and an extremely limited third-party app ecosystem unless you’re planning on investing at a Huawei phone to stay. ”
  • Fossil Gen 5 smartwatch review: An oldie but a goodie – The best Wear OS 2 watch you can buy.
  • Samsung Galaxy S22 Ultra Review: The power user’s best friend – “In addition to top specs and fully supported, feature-rich software, the Galaxy S22 Ultra offers the S Pen and a wealth of productivity tools unmatched by the competition.”


Android Open Source Project AOSP mashup logo

Gary Sims / Android Authority

stray ps5

This week brought us PlayStation’s latest State of Play many Stay tuned, including Final Fantasy 16 news:

If you missed it you can catch up here, but otherwise read on for anything you missed:

  • Things started with a new trailer for the Resident Evil 4 Remake that we were expecting but still curious about. Coming March 24, 2023, it will be in development for PSVR2 and will be released for PC and Xbox Series X/S.
  • PSVR2 news continued with a look at Resident Evil Village – to be honest it looks a bit scary to me, but kudos to anyone brave enough to play it! The horror was followed by another spooky title, The Walking Dead: Saints and Sinners Ch2, and we also got a glimpse of a VR version of No Man’s Sky.
  • But the PSVR2 trailer everyone wanted to see was a first look at Horizon Call of the Mountain with some amazing looking gameplay – plus news of a new patch for Horizon Forbidden West that landed on Thursday.

Everything you need to know about PlayStation Plus

  • Now for the news I’m most looking forward to: We have a Stray release date! It’s coming on July 19th! We also got another trailer showing some gameplay. Oh, and it will be included as part of higher PlayStation Plus tiers.
  • What else? Spider-Man is coming to PC on August 12, with Miles Morales to follow soon.
  • We’ve seen a trailer for survival horror that’s giving us some serious dead space vibes, The Callisto Protocol, and it’s out on December 2nd.
  • Also, Rollerdrome is out on August 16: the sci-fi roller derby game looks pretty fun – and the anime action/dating sim Eternights lands in early 2023.
  • In case you missed it, Street Fighter 6 has peeked inside, showing off new character Jamie alongside Luke, Chun-Li and Ryu, coming in 2023, and Xbox Series X/S and PC versions are also on the way.
  • The critically acclaimed Tunic launches on PS4 and PS5 on September 27th, and Season: A Letter to the Future looks incredibly intriguing and is due out this fall.
  • But the biggest update everyone has been waiting for was the news of Final Fantasy XVI. We have a trailer next to a Summer 2023 release window. I can’t. Waiting.

tech calendar

  • June 6th to 10th: Apple WWDC 2022
  • June 9-12: Summer Game Festival
  • June 10th: The Quarry releases on PC, PS5, PS4, Xbox Series X, Xbox One
  • June 10th: Jurassic World Dominion in theaters
  • 12th of June: Xbox and Bethesda Games Showcase @ 12 p.m. CT
  • 20-23 June: Collision (Toronto)
  • June 26 – July 3: Summer games done quickly
  • July 5 at 8:00 p.m. ET: Launch of the Asus ROG Phone 6
  • July 19: Stray lands on PS5, PS4, PC

Tech tweet of the week

Some DALL-E 2 Kermit The Frog-inspired goodness – The Sopranos is pretty awesome:

Paula Beaton, Editor.


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Only 1 Michigan ballot issue of 10 submitted before deadline https://wankanyaklaselfhelpgroup.com/only-1-michigan-ballot-issue-of-10-submitted-before-deadline/ Thu, 02 Jun 2022 00:50:00 +0000 https://wankanyaklaselfhelpgroup.com/only-1-michigan-ballot-issue-of-10-submitted-before-deadline/

LANSING, MI — Petition Deadline Day is usually a busy day at the Richard H. Austin Building across from the Michigan Capitol as ballot organizers carry stacks of boxes full of petition papers signed by hundreds of thousands of people.

But on Wednesday, June 1, when 10 legislative initiatives were collecting petitions to the Secretary of State by 5 p.m., only one was delivering the paperwork. Some didn’t collect enough signatures, and others – although organizers said they had enough signatures – chose not to submit them.

Related: Michigan Voter Identification Campaign Detects Fraud and Delays Petitions for November Election

The 10 petitions, which cover the spectrum of issues from voting to education to pandemic powers, required 340,047 valid signatures to appear on the November ballot. Only one campaign, Michiganders for Fair Lending, met the deadline.

That petition, a two-part proposal, has garnered more than 575,000 signatures, Treasurer Dallas Lenear said Wednesday before carrying boxes to the polls office. After a “thorough quality control process” proposed and required by the bureau, he said, the committee erased invalid signatures and filed 405,265.

“We are now confident that the signatures we are submitting are valid,” Lenear said. “We intentionally avoided any field service team, signature teams that had a history of cheating.”

If the petitions pass the polls’ signature checkers and are approved for voting, the Michiganders would vote on the measure to become law. It would crack down on payday loans by capping service fees and giving the Attorney General oversight powers.

Committees for several other election campaigns with petitions due Wednesday say they have garnered more than minimum signatures but feared they would fail Bureau scrutiny or survive outside challenges. Instead, some are waiting to file petitions that would put the measures before the state legislature rather than Michigan voters.

The reluctance to make petitions comes after a signature fraud scandal ousted five Republican gubernatorial candidates from the August primary.

Related: Perry Johnson stayed away from the gubernatorial election after the court rejected his appeal

An initiative campaign, Secure MI Vote, said on Wednesday it found around 20,000 fraudulent signatures when checking its papers.

Below are the nine petitions that were not filed on Wednesday and why:

Unlock Michigan 2: The organizers of that petition, who were the first to announce they would not be running in November’s election, said they had collected the signatures needed but not enough that they believed could survive a challenge.

Proponents will instead focus on passing state legislation next year. In response to COVID-19 pandemic orders, the petition aimed for state emergencies to expire after 28 days unless lawmakers or a local government extend them.

The first Unlock Michigan petition to vote in 2020 was successful in stripping Gov. Gretchen Whitmer of her public health emergency powers.

Safe MI voting: That petition to require voter ID at the polls got nearly 100,000 signatures over the requirement, spokesman Jamie Roe said at a news conference on Wednesday. But the committee also intercepted another 20,000 signatures which they suspect are fraudulent.

Petitions containing approximately 20,000 fraudulent signatures as counted by Secure MI Vote will be heard at a press conference in Lansing, Michigan on June 1, 2022.Ben Orner | MLive.com

Organizers are delaying their filing by a couple of weeks out of “an abundance of caution,” Roe said, as collecting more signatures will hopefully help Secure MI Vote pass polling station verification and fend off challengers.

By filing later, the initiative would go before the Republican majority in the Legislature rather than the voters. Legislature would have 40 session days to vote on it, and Whitmer cannot veto a temporary vote. But the polling station, which is under Democratic administration, can wait until 2024 to verify signatures.

Michigan United: This petition aimed to repeal Michigan’s “Truth in Sentencing Law” and reduce sentences for certain types of prisoners. Wednesday’s deadline was not met.

Yes to the national referendum: Organizers halted their campaign of petitions in December but hope to pass legislation in 2024. The petition would have tied Michigan’s electoral votes in the presidential election to the national winner of the popular vote, an effort other states have supported to bypass the electoral college system.

Let MI Kids Learn: This two-part petition, co-sponsored by former US Secretary of Education Betsy DeVos, would allow taxpayers to apply for contribution credits for private K-12 students. These “scholarships” would award up to $500 for public school students, $1,100 for students with disabilities, and up to $8,700 for non-public students.

As with Secure MI Vote, organizers will collect even more signatures in excess of the required amount to avoid legal challenges and potentially seek lawmakers to take them up.

Audit MI: This petition did not receive final approval for distribution from the State Board of Advertising. It attempted to transfer election-scrutiny authority from the secretary of state and county officials to a panel of 10 Republican and 10 Democratic delegates selected by bipartisan legislative leaders.

raise wages: That petition garnered nearly 500,000 signatures by the deadline — including nearly 460,000 from paid circulators — but was not submitted Wednesday “out of caution” following the governor’s racial scandal, said Saru Jayaraman, president of One Fair Wage.

“We plan to submit 600,000 signatures to the Electoral Board in June this year, well ahead of our 180-day allowable deadline — for the wage increase measure to be included in the November 2024 vote,” she said.

The initiative called for an increase in Michigan’s minimum wage to $11 an hour in 2023, and then to $1 a year until it reaches $15 in 2027.

Michigan Initiative for Community Healing: That petition, which hopes to decriminalize psychedelic plants and mushrooms, now aims to gather signatures later this summer to participate in the 2024 vote, organizer Myc Williams said The Detroit News.

Revive Michigan elections: This petition would have further explored the 2020 Michigan election result, which some continue to falsely say was won by former President Donald Trump. The petition was not submitted by the deadline on Wednesday.

Read more from MLive:

Are the birth costs covered? The Supreme Court says yes, but parents who pay bills disagree

The Devos-backed private school tax credit petition will not submit signatures to vote in November

COVID cases continue to fall in Michigan as deaths hit 10-month low

Michigan wants a new center to compete as the “Manufacturing Capital of the United States.”