Cell phone store – Cellphone Blocker Jammer http://cellphoneblockerjammer.com/ Sat, 07 May 2022 15:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://cellphoneblockerjammer.com/wp-content/uploads/2021/11/profile.png Cell phone store – Cellphone Blocker Jammer http://cellphoneblockerjammer.com/ 32 32 QuickQuid and Pounds to Pocket borrowers receive payment news https://cellphoneblockerjammer.com/quickquid-and-pounds-to-pocket-borrowers-receive-payment-news/ Sat, 07 May 2022 15:00:00 +0000 https://cellphoneblockerjammer.com/quickquid-and-pounds-to-pocket-borrowers-receive-payment-news/ Borrowers who were wrongly sold loans they couldn’t afford by two companies that went bankrupt will get a little more back than they expected. Around 78,500 QuickQuid and Pounds to Pocket borrowers will be reimbursed some of the interest and fees charged to them at a rate of 53.5p for each pound due over the […]]]>

Borrowers who were wrongly sold loans they couldn’t afford by two companies that went bankrupt will get a little more back than they expected.

Around 78,500 QuickQuid and Pounds to Pocket borrowers will be reimbursed some of the interest and fees charged to them at a rate of 53.5p for each pound due over the next two weeks, it has been confirmed.

Co-directors at Grant Thornton originally said borrowers should expect a payment of between 30 and 50 pence per pound in interest, fees and charges paid on their badly sold loans, plus 8% interest. But this week they contacted customers to say they will in fact receive 53.5p per £1 due, plus interest.

Read more: More families are turning to payday loans as the cost of living crisis rages

The update comes after CashEuroNet, of which payday lenders QuickQuid and Onstride.co.uk (formerly known as Pounds to Pocket) were part, went into administration in 2019 and ceased lending.

The claims portal for those who believed they were mis-sold a loan closed last February, so it’s too late to start a new claim. Customers who claimed before then should have received a decision on their claim by the end of June 2021, and another email this week detailing the amount they will recover. It is also too late to appeal decisions made by Grant Thornton, as borrowers had 21 days from receiving an initial decision on their application in June 2021 to do so.

When you submitted an application, you were required to include contact details, as well as the bank details you used when taking out your loan, and these will be the details that Grant Thornton will use to provide updates on your application. Any payment due will be transferred this week or the next.

It is now too late to update your contact details with Grant Thornton. A check will therefore be sent to the address you indicated during your complaint. If your address is no longer correct, contact CashEuroNet customer service on 0800 0163 250.

Payday loans and other short-term loans have been largely poorly sold and dozens of short-term lenders have gone bankrupt, including former Newcastle United sponsor Wonga, leaving customers with legitimate complaints to get dramatically reduced payments – or even finding it too late to complain if their lender has gone bankrupt.

If you couldn’t afford to repay the loan, or the lender didn’t properly check your finances, you may be able to get your money back, as lenders need to review your finances to make sure you can pay the loan. loan and fees. If, as was often the case, this was not done correctly and you should not have received the money, or if the costs or repayment schedule were unclear, you have been wronged. sold.

Citizens Advice has a guide to making a complaint, including a sample letter to send to your lender here.

Read more :

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True Pro-Life Beliefs Demand Our Attention | Opinion https://cellphoneblockerjammer.com/true-pro-life-beliefs-demand-our-attention-opinion/ Thu, 05 May 2022 21:34:00 +0000 https://cellphoneblockerjammer.com/true-pro-life-beliefs-demand-our-attention-opinion/ The Supreme Court’s leaked opinions regarding Roe vs. Wade made the conversations very volatile; strong feelings are expressed regardless of which side of the issue you support. Strong opinions are good. Rhetoric that disrespects, belittles and devalues ​​the lives of others is not. Pro-lifers will argue that overthrowing Roe against Wade is essential to protecting […]]]>

The Supreme Court’s leaked opinions regarding Roe vs. Wade made the conversations very volatile; strong feelings are expressed regardless of which side of the issue you support. Strong opinions are good. Rhetoric that disrespects, belittles and devalues ​​the lives of others is not.

Pro-lifers will argue that overthrowing Roe against Wade is essential to protecting vulnerable life.

It’s true: a baby in its mother’s womb is vulnerable. My cousin Zach’s life is also vulnerable because he lives with Down syndrome; a doctor’s advice before Zach was born suggested abortion, thank goodness that advice was not followed.

My dear Shawn’s life is also vulnerable, and a broken health system constantly puts him behind the 8 ball, leaves him with no options and like too many others; how does our health care system show respect for the lives of the most vulnerable people in need of care?

A worker – a valuable worker, an excellent nine-year-old worker – who is unfairly paid and survives or does not depend on the decisions of a greedy or downright indifferent employer is vulnerable. Payday loans only make matters worse and further degrade the dignity of a life.

Elderly people whose neglect and substandard care are startlingly inhumane are vulnerable.

Our homeless people are vulnerable, as are those who wander our streets with mental health issues; too often we just pretend not to see them. Or maybe too many of us just don’t want to.

The addict and the recovering addict are vulnerable, as are the LGBTQ+ people I work with and regularly work with.

Religious communities, in particular, need to take stock of what it really means and entails to respect life or to be pro-life or pro-birth. In my ministry, I encounter LGBTQ+ people, and especially young people, who are often viewed as “less than” and expelled from “religious” families and churches. If a child is born gay or trans and then leads a hellish existence thanks to a religious tradition that does not respect their life, how can they claim to be pro-life?

I could go on and on.

Tossing Roe against Wade may offer a victory for birthright defenders, but until all people are given the full and unconditional dignity they are rightfully entitled to and the care of a nation that prides itself on claiming to vote for respecting life, ensuring a life for a child does not make sense. That’s right; until we provide structures that respect and care for this child, this life, until his last breath with unconditional love, educational opportunities, health care, a living wage and justice of workers, and that we are concerned about the most vulnerable among us, we cannot say that we are anti-abortion. The point is, we’re pro-birth.

How easy it is to respond to the silent cries of the child in its mother’s womb, but when the pleas and deafening tears of those who are alive ask us to be pro-life and respect their lives, we fail. miserably. We are too often deaf, I’m afraid.

Overthrowing hard hearts is essential. The overthrow of a culture that slowly manifests a lack of respect for anyone’s life must be done with or without written opinions and votes. There must be, for sure, a communal uprooting of an ill-informed mindset that sees birth as an autonomous issue; there must be communal metanoia – a total conversion of hearts – before we can truly claim the victory of being pro-life.

Stan Zerkowski is the Catholic LGBTQ+ Ministry Director for Lexington.

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COVID woes prompt more states to require financial literacy classes https://cellphoneblockerjammer.com/covid-woes-prompt-more-states-to-require-financial-literacy-classes/ Tue, 03 May 2022 18:11:36 +0000 https://cellphoneblockerjammer.com/covid-woes-prompt-more-states-to-require-financial-literacy-classes/ Posted May 3, 2022 6:11 a.m. Elaine S. Povitch Stateline Studies have long shown that high school students are woefully misinformed about personal finances and how to manage them. But the COVID-19 pandemic, which has revealed how many American adults are living on the financial edge, has spurred ongoing efforts to make financial literacy classes […]]]>

Elaine S. Povitch

Stateline

Studies have long shown that high school students are woefully misinformed about personal finances and how to manage them. But the COVID-19 pandemic, which has revealed how many American adults are living on the financial edge, has spurred ongoing efforts to make financial literacy classes a school requirement.

Seven states now require a stand-alone financial literacy course as a high school graduation requirement, and five more state requirements come into effect within the next year or two. About 25 warrants at least some financial training, sometimes as part of an existing course. This year, about 20 other states have considered establishing or expanding similar rules.

Opponents of state mandates say the requirements, while laudable, may encroach on the limited time available for other high school electives and would impose costly demands on teacher training or hiring.

Nevertheless, financial literacy courses are gaining ground.

“I think there’s a lot of momentum now; many more states have legislation pending,” said Carly Urban, an economics professor at Montana State University who has studied financial literacy. In seven states — Alabama, Iowa, Missouri, Mississippi, Tennessee, Utah and Virginia — “almost all schools require it,” she said, though some graduation prerequisites don’t come into play. force only in 2023.

Over the past two years, Nebraska, Ohio, Rhode Island, and most recently Florida have passed laws making financial literacy a staple in high schools within a year or two. In North Carolina, graduation requirements take effect in 2023.

Thirty-four states and the District of Columbia introduced financial literacy bills in the 2021-22 legislative sessions, according to the National Conference of State Legislatures. Of these, about 20 focus on secondary schools.

The Kentucky and District of Columbia bills appear to take into account that student-athletes are now allowed to earn money for the use of their name, image or likeness. None of the measures require secondary schools to teach financial literacy. But Kentucky invoice, which the governor signed, requires colleges to implement financial literacy workshops for student-athletes. The DC invoice Encourage colleges hosting student-athletes to teach financial literacy.

Last month, Republican Florida Governor Ron DeSantis signed a invoice
calling on students entering high school in the 2023-2024 school year to take a financial literacy course as a condition of graduation. The new law provides a half-credit course on personal money management, including how to open and use a bank account, the meaning of credit and credit scores, types of savings and investments and how to get a loan.

At a signing ceremony, DeSantis touted the law as something that “will help improve the ability of students in financial management, when they find themselves in the real world.”

Financial literacy is an issue that is remarkably bipartisan. Rhode Island Governor Dan McKee, a Democrat, looked a lot like DeSantis when he sign Rhode Island’s requirement for financial education in high schools last year.

“Financial literacy is key to a young person’s future success,” McKee said. “This legislation paves the way for our public high schools to provide young people with the skills they need to achieve their financial goals.”

Urban, from Montana, said state policies that require stand-alone financial literacy courses help students the most, especially if states set standards on what topics should be included in the curriculum. . Most courses last one semester.

Some states use materials provided by the nonprofit Next Gen Personal Finance, which offers a free study guide and classroom materials for teaching financial literacy, to help set the standards, while others have expanded units already included in economics, math, or social studies courses.

Next Gen’s free courses include tutorials for teachers, plus in-class study guides on topics like managing credit, opening checking and savings accounts, budgeting, paying for school academics, investing, paying taxes and developing consumer skills.

In a 2018 study, only a third of adults could answer at least four out of five financial literacy questions on concepts such as mortgages, interest rates, inflation and risk, according to the Foundation for Financial Literacy. Financial Industry Regulatory Authority Investor Education. Financial literacy was lower among people of color and youth.

According to the Organization for Economic Co-operation and Development, about 16% of 15-year-old American students surveyed in 2018 did not meet the basic level of financial literacy skills.

But with a little education, those numbers can improve, according to Urban studies.

“The results are striking,” she said in a phone interview. “Credit scores go up and delinquency rates go down. If you’re a student borrower, you go from low to high interest, you don’t accumulate credit card debt, and you don’t use private loans, which are more expensive. Additionally, his research found that young people who have taken financial literacy courses are less likely to use expensive payday loans.

Even the teachers who run the classes tend to see an increase in their savings.

“If access remains limited – especially for students who have the most to gain from education – state policy may be the only option to ensure all students have access to personal finance before becoming financially independent,” Urban wrote in a 2022 study of high school personal finance courses.

The California Assembly Committee on Education unanimously approved a high school financial literacy bill last week. Committee chairman Patrick O’Donnell, a Democrat and former high school economics teacher, said financial concepts like individual retirement accounts, Roth IRAs, loan terms and other things are “difficult to understand… in their head”.

Educators need resources to teach these concepts, he said, noting that when he was a teacher he wrote his own course materials for teaching financial literacy.

The COVID-19 pandemic has underscored how few Americans are prepared for financial emergencies, giving new impetus to financial literacy requirements, according to John Pelletier, director of the Center for Financial Literacy at Champlain College in Vermont. “COVID woke people up,” he said in a phone interview.

He cited a 2020 Federal Reserve study that showed many Americans couldn’t come up with $2,000 in an emergency, and “it really hit home when people were forced off work. and collect a paycheck. If policymakers haven’t found a way to get money from people, we’re dealing with more than just paying the rent; we face hunger and homelessness.

Pelletier estimates that about 30% of public school children now have access to financial literacy classes.

But not all financial literacy bills made it through the legislative process. A invoice in Wisconsin this year died after objections from the Wisconsin Association of School Boards.

Ben Niehaus, director of member services for the association, said his group agreed with the intent, but was concerned about the rapid one-year timeline and the possibility of “compromising elective choices”.

The bill’s sponsor, Republican State Rep. Alex Dallman, said in a phone interview that he hopes to reintroduce the bill next session, possibly with only a half-credit course. .

“In our current economy, we’re taking out massive loans, not paying them back, and we have to be smarter about how we handle money,” he said. He added that technical schools across the state like the idea of ​​teaching finance because it could lead more students to conclude that they should forgo an expensive college education for a lucrative career in the trades.

But Niehaus said a financial literacy requirement could take time out of vocational electives, such as manufacturing courses, that many Wisconsin high schools have started offering.

“We try to add these experiences to meet the needs of the labor market with more than a high school diploma and less than a four-year diploma. There are only so many hours in a day,” Niehaus said.

“Yes, it’s important, but career and technology education is also important, and we think local school boards should decide.”

Stateline is a nonpartisan, nonprofit news service of Pew Charitable Trusts that provides daily reports and analysis on trends in state politics.

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“Broken” premises | AMERICAN SOCIETY OF PENSION PROFESSIONALS & ACTUARIES https://cellphoneblockerjammer.com/broken-premises-american-society-of-pension-professionals-actuaries/ Sun, 01 May 2022 23:38:28 +0000 https://cellphoneblockerjammer.com/broken-premises-american-society-of-pension-professionals-actuaries/ Perhaps because of the full moon last week, the 401(k) “enemies” were out in force. Yes, last week we were treated to a Bloomberg Opinion Article with ideas on how to “fix” America’s broken retirement savings system, a backhanded compliment (sort of) on SECURE 2.0 in Forbes by Teresa Ghilarducci, and the trifecta was completed […]]]>

Perhaps because of the full moon last week, the 401(k) “enemies” were out in force.

Yes, last week we were treated to a Bloomberg Opinion Article with ideas on how to “fix” America’s broken retirement savings system, a backhanded compliment (sort of) on SECURE 2.0 in Forbes by Teresa Ghilarducci, and the trifecta was completed by an academic editorial in the Washington Post alleging that the current pension system is “built for the rich”.

Much of the criticism was of the same old myopic view of taxes and tax preferences, all seasoned through the prism of a very skewed preference for federal government involvement in these matters, rather than the private sector.

Key points

So, allow me to take a few minutes to highlight a few points that always seem to be overlooked:

1. Tax deferral is not tax avoidance. These dues and earnings will be taxed (although generally outside of the 10-year budget scoring window used by Congress).

2. The ability to save for retirement on a pre-tax basis is a powerful incentive – even, and perhaps especially, for those who, according to academics, have no rational reason to do so (because, on a net, they do not have to pay federal income tax).

3. Tax benefits encourage not only plan participation (even if this is the case), but also the creation/existence of pension plans, in which low-income workers are 12-15 times more likely to save only alone.

4. Non-discrimination tests and legal contributions limit work (as intended) to maintain an effective balance between the benefits of the highest-paid workers and those of the others. In fact, real data proves that even though higher income earners have higher account balances, those balances are roughly proportional to their income. They are not “upside down”.

Now, with those things in mind (we’ll get to them later), what did the “enemies” have to say?

The “fixes”

Well, the Bloomberg editors’ “fix” to the system they claim is “broken” involves: (1) making access universal (but wait, what about Social Security?) – with a 3% self-default rate with an opt-out (they cite the UK NEST opt-out rate of 8%, although the opt-out rate for comparable state-run IRA schemes in the United States is three to five times higher); (2) making it “simple” (the federal government’s Thrift Savings Plan, or TSP, has been cited), ostensibly with an abbreviated fund menu – or perhaps simply because it’s a government solution; (3) make it “portable” (actually they want it centralized, presumably with the feds, so it never has to be moved/knocked down), and (4) they want it to be ” progressive,” which essentially means shifting the current tax deferral to a direct government match with “the lowest earners.”[1]

There’s really nothing new here – the solution seems to be, more or less, a “nationalisation” of retirement savings – with a program focused on helping those at the bottom of the income scale, but completely ignoring the vast sea of ​​middle-income savers — for whom Social Security alone is unlikely to be enough to reproduce their retirement income needs.

the Washington Post The editorial was written by Daniel Hemel, professor at the University of Chicago Law School and visiting professor at New York University School of Law. He seems quite angry with bipartisan support for SECURE 2.0 (actually the Securing a Strong Retirement Act of 2022) as some kind of Congressional sellout of the financial services industry. He owns a problem with “mega-IRAs”, but it also targets Roth contributions, the extension of the minimum required distribution period, the tax non-refundability of savings credit, as well as the gradual increase in catch-up limits – all of this which are characterized either as a gift to the rich, or as a budgetary “trick”, or both. He offers no solution to any of this, although he does suggest that focusing on stronger social security would be a better use of their time (I for one would support that). Nor is it acknowledged that somewhere along the way this system “built for the rich” managed to end up with about two-thirds of its participants in tax brackets which, by most measures , would fall well below what this label would encompass. Groups for whom this “broken” system is a lifeline beyond the baseline of Social Security and retirement benefits they never had.

And then, just before this article, Teresa Ghilarducci, a familiar critic of 401(k)s, writes an article ostensibly focused on the provisions of SECURE 2.0 (even taking the time to try to explain why he garnered such bipartisan support) on his way of pointing out why his proposal (now called the Ghilarducci/Hassett/EIG retirement proposal) is superior. Now most of us would think that the legislation – any legislation – that passed the United States House of Representatives by a margin of 414 to 5 should be about something as innocuous as naming an office position – that it would advance so many aspects of retirement security rather speaks to the importance of the problem(s) and the possibility of making progress in resolving them.

Well Ms. Ghilarducci seems to think that while SECURE 2.0 might be better than punching the eye with a sharp stick (my words, not hers), but she claims the patches it provides are too small (and probably too late), compared to her solution (if bipartisanship in the US Congress is quickly removed, she is very proud of her alignment with conservative economist Dr Hassett) that would build a TSP-like program for – well , everyone – or at least those who don’t. Don’t already have a retirement savings plan at work. This particular article doesn’t go into the details of its solution, but we’ve seen (and written about) it before. Notice that she’s not really worried about what you and I might consider middle-income workers — she’s focused on the low end (under $52,000 median household income). He asks for a counterpart from the government (rather than from the employer), but which is only 3%. Now, that’s a number that’s come up in previous proposals that she’s put forward – and Jack VanDerhei, when he was at the Employee Benefits Research Institute, predicted that to be well in below where the status quo brings that same group into the current system.[2]

“Broken” premises

Now, those of us who actually work with real people know that this supposedly “broken” system works incredibly well – for those who have access to it – including, especially, those at the bottom of the income scale. Academics consistently target the well-to-do in their criticisms, but ignore the needs of middle-income households for whom Social Security will almost certainly not be…enough. And completely ignore/ignore the role that current tax benefits play in promoting the formation and maintenance of these pension plans.

Indeed, beneath all the criticism, the real problem seems to be that, as we have repeatedly noted, too few American workers have access to this system. What these critics don’t seem to appreciate is that, rather than bridging this gap by further encouraging plan formation and participation, these haphazard editorials – often based on myopic opinions and faulty premises – only serve to to undermine this objective. But then, there might be a reason…

There are many success stories out there – I bet each of our 35,000+ readers knows one, ten, a dozen, maybe hundreds… it’s high time we started telling them.

Footnotes

[1] Bizarrely, they suggest that people should be able to “dip into their accounts for occasional emergency expenses”, which they say would “save billions more that would otherwise go towards interest on loans on often predatory wages”.

[2] I think, like previous proposals, its calculations work because it assumes that any balance not actually withdrawn by the individual (and possibly their spouse) would be absorbed into the “pool” and used to fund other payments .

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COVID woes prompt more states to require financial literacy courses | Education https://cellphoneblockerjammer.com/covid-woes-prompt-more-states-to-require-financial-literacy-courses-education/ Sat, 30 Apr 2022 00:11:00 +0000 https://cellphoneblockerjammer.com/covid-woes-prompt-more-states-to-require-financial-literacy-courses-education/ Studies have long shown that high school students are woefully misinformed about personal finances and how to manage them. But the COVID-19 pandemic, which has revealed how many American adults are living on the financial edge, has spurred ongoing efforts to make financial literacy classes a school requirement. Seven states now require a stand-alone financial […]]]>

Studies have long shown that high school students are woefully misinformed about personal finances and how to manage them. But the COVID-19 pandemic, which has revealed how many American adults are living on the financial edge, has spurred ongoing efforts to make financial literacy classes a school requirement.

Seven states now require a stand-alone financial literacy course as a high school graduation requirement, and five more state requirements come into effect within the next year or two. About 25 warrants at least some financial training, sometimes as part of an existing course. This year, about 20 other states have considered establishing or expanding similar rules.

Opponents of state mandates say the requirements, while laudable, may encroach on the limited time available for other high school electives and would impose costly demands on teacher training or hiring.

Nevertheless, financial literacy courses are gaining ground.

“I think there’s a lot of momentum now; many more states have legislation pending,” said Carly Urban, an economics professor at Montana State University who has studied financial literacy. In seven states — Alabama, Iowa, Missouri, Mississippi, Tennessee, Utah and Virginia — “almost all schools require it,” she said, though some graduation prerequisites don’t come into play. force only in 2023.

Over the past two years, Nebraska, Ohio, Rhode Island, and most recently Florida have passed laws making financial literacy a staple in high schools within a year or two. In North Carolina, graduation requirements take effect in 2023.

Thirty-four states and the District of Columbia introduced bills addressing financial literacy in the 2021-22 legislative sessions, according to the National Conference of State Legislatures. Of these, about 20 focus on secondary schools.

The Kentucky and District of Columbia bills appear to take into account that student-athletes are now allowed to earn money for the use of their name, image or likeness. None of the measures require secondary schools to teach financial literacy. But the Kentucky bill, which the governor signed into law, requires colleges to set up financial literacy workshops for student-athletes. The DC bill would encourage colleges with student-athletes to teach financial literacy.

Last month, Republican Florida Governor Ron DeSantis signed a bill calling for students entering high school in the 2023-24 school year to take a financial literacy course as a condition of graduation. . The new law provides a half-credit course on personal money management, including how to open and use a bank account, the meaning of credit and credit scores, types of savings and investments and how to get a loan.

At a signing ceremony, DeSantis touted the law as something that “will help improve the ability of students in financial management, when they find themselves in the real world.”

Financial literacy is an issue that is remarkably bipartisan. Rhode Island Gov. Dan McKee, a Democrat, sounded a lot like DeSantis when he signed Rhode Island’s requirement for financial education in high schools last year.

“Financial literacy is key to a young person’s future success,” McKee said. “This legislation paves the way for our public high schools to provide young people with the skills they need to achieve their financial goals.”

Montana State’s Urban said state policies that require stand-alone financial literacy courses help students the most, especially if states set standards on what topics should be included in the curriculum. Most courses last one semester.

Some states are using materials provided by the nonprofit Next Gen Personal Finance — which offers a free study guide and educational materials for teaching financial literacy — to help set the standards, while d Others have expanded units already included in economics, math, or social studies courses.

Next Gen’s free courses include tutorials for teachers, plus in-class study guides on topics like managing credit, opening checking and savings accounts, budgeting, paying for school academics, investing, paying taxes and developing consumer skills.

In a 2018 study, only a third of adults could answer at least four of five financial literacy questions on concepts such as mortgages, interest rates, inflation and risk, according to the Foundation for Financial Literacy. Financial Industry Regulatory Authority Investor Education. Financial literacy was lower among people of color and youth.

According to the Organization for Economic Co-operation and Development, about 16% of 15-year-old American students surveyed in 2018 did not meet the basic level of financial literacy skills.

But with a little education, those numbers can improve, according to Urban studies.

“The results are striking,” she said in a phone interview. “Credit scores go up and delinquency rates go down. If you’re a student borrower, you go from low to high interest, you don’t accumulate credit card debt, and you don’t use private loans, which are more expensive. Additionally, his research found that young people who have taken financial literacy courses are less likely to use expensive payday loans.

Even the teachers who run the classes tend to see an increase in their savings.

“If access remains limited – especially for students who have the most to gain from education – state policy may be the only option to ensure all students have access to personal finance before becoming financially independent,” Urban wrote in a 2022 study of the high school personal finance course.

The California Assembly Committee on Education unanimously approved a high school financial literacy bill last week. Committee chairman Patrick O’Donnell, a Democrat and former high school economics teacher, said financial concepts like individual retirement accounts, Roth IRAs, loan terms and other things are “difficult to understand… in their head”.

Educators need resources to teach these concepts, he said, noting that when he was a teacher he wrote his own course materials for teaching financial literacy.

The COVID-19 pandemic has underscored how few Americans are prepared for financial emergencies, giving new impetus to financial literacy requirements, according to John Pelletier, director of the Center for Financial Literacy at Champlain College in Vermont. “COVID woke people up,” he said in a phone interview.

He cited a 2020 Federal Reserve study that showed many Americans couldn’t come up with $2,000 in an emergency, and “it really hit home when people were forced off work. and collect a paycheck. If policymakers haven’t found a way to get money from people, we’re dealing with more than just paying the rent; we face hunger and homelessness.

Pelletier estimates that about 30% of public school children now have access to financial literacy classes.

But not all financial literacy bills made it through the legislative process. A bill in Wisconsin this year died after objections from the Wisconsin Association of School Boards.

Ben Niehaus, director of member services for the association, said his group agreed with the intent, but was concerned about the rapid one-year timeline and the possibility of “compromising elective choices”.

The bill’s sponsor, Republican State Rep. Alex Dallman, said in a phone interview that he hopes to reintroduce the bill next session, possibly with only a half-credit course. .

“In our current economy, we’re taking out massive loans, not paying them back, and we have to be smarter about how we handle money,” he said. He said technical schools around the state like the idea of ​​teaching finance because it could lead more students to conclude that they should forgo an expensive college education for a lucrative career in the trades.

But Niehaus said a financial literacy requirement could take time out of vocational electives, such as manufacturing courses, that many Wisconsin high schools have started offering.

“We try to add these experiences to meet the needs of the labor market with more than a high school diploma and less than a four-year diploma. There are only so many hours in a day,” Niehaus said.

“Yes, it’s important, but career and technology education is also important, and we think local school boards should decide.”

Distributed by Tribune Content Agency, LLC.

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British Columbia’s high-cost credit rules take effect May 1, 2022 https://cellphoneblockerjammer.com/british-columbias-high-cost-credit-rules-take-effect-may-1-2022/ Thu, 28 Apr 2022 20:20:16 +0000 https://cellphoneblockerjammer.com/british-columbias-high-cost-credit-rules-take-effect-may-1-2022/ On May 1, 2022, British Columbia will become the fourth Canadian province (along with Alberta, Manitoba and Quebec) to regulate high-cost credit products. After that date, there will be additional disclosure requirements and consumer rights for consumer credit products with interest rates above 32%, as well as licensing requirements for lenders offering such products. The […]]]>

On May 1, 2022, British Columbia will become the fourth Canadian province (along with Alberta, Manitoba and Quebec) to regulate high-cost credit products. After that date, there will be additional disclosure requirements and consumer rights for consumer credit products with interest rates above 32%, as well as licensing requirements for lenders offering such products.

The new high-cost credit rules in British Columbia are set out in the Trade Practices and Consumer Protection Act (pending amendments here) and the High Cost Credit Products Regulations. The rules apply to credit products for personal (not commercial) purposes with an annual percentage rate (“APR”) of 32% or more. It is important to note that the high cost credit rules do not apply to a “credit sale” (sale of a product whose purchase is financed by the seller or manufacturer of the product or by an associate of the seller or manufacturer) or a consumer lease. In addition, the rules do not apply to business loans, nor to “payday loans” (small, short-term credit agreements, which are already subject to regulation). Beyond these exceptions, the high-cost credit rules will apply to most other consumer loans or lines of credit in British Columbia where the APR (effective interest rate including additional charges other than interest expense) exceeds the 32% threshold.

A lender offering high credit products in British Columbia must be licensed, and a separate license must be obtained for each location from which the high credit lender operates in British Columbia. The high-cost lender must not operate its business under a name other than that indicated on the license. Details of the licensing process are here. Licenses must be in place by May 1.

The new part 6.3 of the Trade Practices and Consumer Protection Act sets out disclosure requirements for high-cost credit products. These go beyond what is required for other consumer credit agreements. This will likely require the preparation of new or updated consumer loan documents when the APR is above 32%. Another important change is that consumers have a unilateral one-day right of cancellation (cooling-off period) for any high-cost credit product, as well as a continuing right of cancellation where the credit provider does not provide full disclosure.

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Looking for a tax-free loan? It’s Probably Not Worth It, Experts Say | Business https://cellphoneblockerjammer.com/looking-for-a-tax-free-loan-its-probably-not-worth-it-experts-say-business/ Tue, 26 Apr 2022 10:56:00 +0000 https://cellphoneblockerjammer.com/looking-for-a-tax-free-loan-its-probably-not-worth-it-experts-say-business/ Last-minute filers are scrambling to ship their returns to the Internal Revenue Service by the 2021 tax year deadline of Monday, April 18, and are likely anxiously awaiting a big check via their refund of tax. Some tax firms or other lenders may offer the option of accessing these funds sooner, in the form of […]]]>

Last-minute filers are scrambling to ship their returns to the Internal Revenue Service by the 2021 tax year deadline of Monday, April 18, and are likely anxiously awaiting a big check via their refund of tax.

Some tax firms or other lenders may offer the option of accessing these funds sooner, in the form of a tax refund loan, also known as a refund anticipation loan.

Regulators and advocacy groups have warned of the potential downsides of loans, especially those that come with high fees or high interest rates. Personal finance experts generally do not recommend them.

Here’s what you need to know about loans this tax season.

What is a tax-free loan?

A tax refund is, quite simply, an advance on your tax refund, said Matt Schulz, chief credit analyst at LendingTree.

It’s a way to borrow against your tax refund to access funds immediately: borrow the amount from a lender and give them the refund when you get it from the IRS.

“Unlike a lot of loans, it’s not necessarily something you’re looking for,” Schulz said.

Tax refund loans are usually offered by a tax preparation company, Schulz said. You will not find them in your bank.

What are the advantages and disadvantages?

The advantage of a repayment anticipation loan is quite simple: you have immediate access to your repayment amount, instead of waiting the days or weeks it takes to get the funds from the IRS.

The wrong side? “It can end up costing you money,” Schulz said, in the form of interest or fees.

Some tax firms will offer you a tax refund loan at no cost, Schulz said. But, you will have to pay the company to do your taxes for you.

“Even with a 0% loan, there will always be a minimum that you will pay to prepare your taxes,” he said. “So if you’re someone who’s already planning to do your taxes, maybe it’s not that bad.”

Teresa Murray, director of the US Public Interest Research Group’s consumer watchdog office, says the cost may outweigh the benefits.

“We really urge people to avoid any type of prepayment anticipation loan,” she said. “Anything you borrow against a refund you haven’t gotten yet…it’s just bad news written all over the place.”

The North Carolina Consumer Council is warning anyone considering a loan against their tax refund to “think again.”

“While getting a tax refund advance may seem tempting, these loans are actually payday loans for tax returns, and you should avoid them as much as possible,” according to advice from the council on its website. . “The full amount must be repaid, as with any other loan, even if your repayment is less than expected or ends up not being repaid at all.”

When can I expect to get my refund?

The IRS issues more than nine out of 10 refunds in less than three weeks, according to its website. Taxpayers who filed their returns electronically will get their refund faster than those who mailed their tax forms.

And the department is handing out refunds faster and faster, Murray said. Now, some e-filers can expect to see the funds in their bank account within days.

“If you file electronically, you can get your money typically in four to six days,” she said.

North Carolina taxpayers may get their state tax refunds slower, but the upside is that a delay in accepting returns this year was due to a legislative reduction in the personal tax rate. .

Should I consider a tax-free loan?

Schulz said if you really need the money — and read the terms carefully — a tax refund loan can be an alternative to riskier ways to fill your bank account.

“Emergencies happen: job loss, medical emergencies, whatever the case,” he said. “(In that case), there are worse things you could do than a tax refund.”

And assuming you’ve done your taxes correctly, he said, a tax refund loan is a secured loan, with your actual refund serving as collateral. This makes it much less risky than, say, an unsecured payday loan with an exorbitant interest rate.

Murray, on the other hand, cautions against lending under any circumstances. She suggests holding on until you get your refund, especially since it might not take very long if you filed electronically and set up direct deposit.

“If you’re short on money…find a friend or relative to borrow money from for a few days,” she said. “Don’t go the prepayment loan route because they’re just ridiculously expensive…you’re paying for your own money.”

As this year’s tax filing season ends without the threat of a government shutdown going forward, that could make these loans even riskier, according to the North Carolina Consumers Council.

“Frequent federal government shutdowns could make these types of loans more attractive if you want to get your money back quickly, which can complicate things. Remember that a delay in getting your repayment will not be considered by the lender and will not release you from any obligation to repay the loan on time,” its website states.

Schulz added that major tax firms — like H&R Block or Jackson Hewitt — only accept applications for tax refund loans during a certain period, often between December and February. So, for these filers, the loan application window may already be closed.

And Murray had another piece of advice for any registrants who haven’t signed up yet: start early next year.

“When you’re in a rush, you’re more likely to not pay attention,” she said. “Anytime you have the words ‘not careful’ and ‘IRS’ in the same sentence, that’s not a good thing.”

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Give credit where it’s due https://cellphoneblockerjammer.com/give-credit-where-its-due/ Sun, 24 Apr 2022 17:58:19 +0000 https://cellphoneblockerjammer.com/give-credit-where-its-due/ The inequality is clear: while only 1 in 19 white Americans has a credit score of 620 or less – a level considered high risk for most lenders — 1 in 5 black Americans does. The reasons for these disparities are complex, but they stem from discriminatory policies dating back to before the founding of […]]]>

The inequality is clear: while only 1 in 19 white Americans has a credit score of 620 or less – a level considered high risk for most lenders — 1 in 5 black Americans does.

The reasons for these disparities are complex, but they stem from discriminatory policies dating back to before the founding of the nation that denied black Americans access to wealth-generating assets.

“Credit scores are the perfect example of how structural racism works,” says Chi Chi Wu, an attorney at the National Consumer Law Center and author of “Reparations, Race, and Reputation in Credit: Rethinking the Relationship Between Credit Scores and Relationships with Black Communities.”

“You start with black consumers who were denied their human rights and economic rights during slavery and redlining and Jim Crow with legalized discrimination,” says Wu. “Then you deprive their communities of assets. This affects the economic position of these communities, and this is reflected in credit ratings.

With credit scoring, a system developed in the 1970s and implemented in the 1980s apparently as a neutral way of weighing creditworthiness, its impact on the racial wealth gap is clear. Black Americans are more likely to have a negative payment history against them in credit scoring and much less likely to experience positive benefits from the type of payments they are most likely to make, such as rent and public services. And the credit bureaus don’t have to give a reason.

H. Hopp-Bruce/The Emancipator/Nadia Snopek/Adobe

These factors hunt some black Americans are moving out of traditional credit markets, moving them into less stable forms of credit, such as check cashing, payday loans, rent-to-own systems, and secured credit cards. These often come with usurious interest rates and exorbitant fees that make borrowers more likely to default, further damaging their credit.

The system discourages some black Americans from trying to access credit markets for fear of being rejected or subjected to predatory conditions. Black Americans are much more likely to be invisible credit, with little or no credit history. While only 9% of white Americans fall into this category, 15% of black Americans do.

Credit-Invisible Americans primarily use cash, viewing it as safer than banking, and even promoting the idea among black consumers that paying cash is a virtue.

In addition to the 15% of black Americans who are invisible to credit, an additional 13% have a credit history that does not show up in credit scores, compared to 7% of white Americans, according to data from the Consumer Financial Protection Bureau.

Rep. Ayanna Pressey’s (D-MA) recent push to reform credit reporting practices comes not just from policy documents and data that show the stranglehold these practices place on Americans, especially people of color. On this question, she brings her lived experiences to bear.

“In full transparency, I’m a black woman, growing up in America, who was raised in a red light district,” Pressley said during a congressional hearing last July. “While I was working as a full-time unpaid intern in Congress, working three part-time jobs, collecting various money orders to pay rent, to pay utilities, I cashed my check at a check cashing establishment . And I did it because that’s what I grew up close to.

She says her family “took great pride” in buying things with cash because it was considered the honorable thing to do.

She notes that her majority-minority congressional district in Greater Boston “has 57% of the city’s check-cashing locations, but only 12% of the city’s commercial bank branches.”

“So for my constituents and the roughly 1 in 5 people across America who are unbanked or underbanked, lack of access and broken trust with financial institutions is incredibly costly,” says Pressley. “The cost of cashing checks alone can be as high as $2,400 per household with an annual income of $32,000. Only. Collection. Checks.

Pressley described the very factors that drive the dual credit market to send more black and brown Americans to high-risk, high-cost financial institutions rather than traditional banks: fear of taking on debt, distrust of towards financial institutions and even the idea that cash is king.

“The experience you hear Rep. Pressley talk about is the experience of so many black Americans,” says Lisa Rice, president and CEO of the National Fair Housing Alliance. “They live in a credit desert.”

The American dream will never be accessible to all as long as inequalities are integrated into the credit market. It’s time to revamp it. Here’s how.

Revamp credit scoring to better assess risk. Today, the credit score problem is largely two-fold: First, credit scores are often inaccurate or affected by inherent racial bias. And in most cases, they’re also a terrible predictor of consumers’ ability to pay.

President Joe Biden has proposed the creation of a public credit reporting agency to compete with private entities Equifax, TransUnion and Experian, which have collectively faced a torrent of criticism for everything from data breaches to inaccuracies and racial prejudice.

Biden’s plan is admirable, but the problem isn’t just who scores, it’s how they do it. A public credit reporting system can only provide benefit if it fairly and transparently assesses the factors that actually predict a consumer’s ability to pay, gives consumers a greater ability to challenge and correct inaccurate information and refrains from unequally weighting negative and positive payment activity.

Payment history is one of the major factors affecting credit rating. This in itself creates racially disparate results. For example, timely mortgage payments improve consumer credit scores, but rent payments generally do not. But while the home ownership rate for white Americans it’s 72%, for black Americans it’s only 43%.

“We need to make sure the infrastructure is in place for people to report their housing rental payments to credit repositories so the data can be used,” Rice said.

Weighing rent payments mortgage payments will also help close the low-income credit gap created when low-income Americans are forced to make tough decisions about what bills to pay to try to make ends meet.

“People pay their rent first,” says Wu. credit.”

Other alternative payment data that may serve as more predictors for ability to pay, the researchers say, are utility payments, telecommunications account payments such as cell phone plans, and payment histories from mobile phones. Bank accounts.

Stop using credit scores for non-credit decision making and stop weighing unwilling debt. There is no data – none – showing that a person’s credit rating is predictive of that person’s value as an employee. Yet credit scores are often used for job applications, making it more difficult for people with mild or negative backgrounds to advance in their careers. This inability to earn better wages and pay bills better creates a cycle that causes people to fail.

“Credit scores aren’t as predictive as people think,” Wu says.

In addition to prohibiting the use of credit scores in employment decisions (with narrow exceptions for things like federal security clearances), the use of credit scores should also be prohibited to access coverage. insurance or to open accounts for heating, electricity and other necessary utilities. to keep homes safe and livable.

Additionally, credit reporting agencies should not be allowed to consider involuntary debts, such as debts incurred as a result of medical bills, divorces, or judgments in legal disputes over matters that do not involve the type of payments that would have been reported to the credit reporting agencies in the first place. . Records of collections, missed payments and personal bankruptcy filings remain in the credit system for seven to ten years – a period that is expected to be reduced. The system can’t work if people don’t have the ability to get up if they’ve fallen.

H. Hopp-Bruce/The Emancipator/Nadia Snopek/Adobe

The announcement by the three largest credit bureaus, Experian, Equifax and TransUnion, to voluntarily eliminate 70% of consumer medical debt from credit reports is commendable. However, black Americans are more likely to have medical debt, according to the Consumer Financial Protection Bureau, credit bureaus have poor self-monitoring records, and no one should be less able to buy a home, start a business or to obtain a job because of a previous illness or injury. The only fair solution is a federal mandate prohibiting the consideration of medical debt in any credit rating.

Other measures included in Pressley’s CREDIT (Comprehensive Credit Rating Enhancement, Disclosure, Innovation, and Transparency) bill, which passed the House but has yet to pass the Senate, include banning lenders to charge higher interest rates or otherwise make loans less affordable and riskier for borrowers solely because of lower credit scores. This approach, Wu points out, is what caused the 2008 foreclosures crisis to hit black communities the hardest.

Provide repair loans through special purpose credit programs and other measures. Those who have been unable to access credit markets due to racially disparate biases in credit reporting need an on-ramp to level the playing field.

A way is through special purpose credit programs authorized under the Equal Credit Opportunity Act, which provides low-interest or interest-free loans to homebuyers and small business owners to address systemic racism in underwriting credit.

“I call these loans ‘reparation loans’ because that’s really what they are,” says Wu. “They are a form of reparation for centuries of legalized, deliberate and intentional discrimination. And addressing these inequalities will require intentional action. »

Kimberly Atkins Stohr is the senior columnist for The Emancipator, as well as an opinion writer and senior columnist at the Boston Globe. It can be attached to kimberly.atkinsstohr@globe.com. Follow her on Twitter @KimberlyEAtkins.

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How access to earned wages can mark the end of predatory lending https://cellphoneblockerjammer.com/how-access-to-earned-wages-can-mark-the-end-of-predatory-lending/ Sat, 23 Apr 2022 03:17:19 +0000 https://cellphoneblockerjammer.com/how-access-to-earned-wages-can-mark-the-end-of-predatory-lending/ Can you handle an unexpected expense with your salary? According to a recent study by E&Y, only 29% of urban Indians said they are able to meet unexpected expenses with their salary, while the majority still live paycheck to paycheck. This essentially points to gaps in financial resilience in the context of the pandemic, larger […]]]>

Can you handle an unexpected expense with your salary?

According to a recent study by E&Y, only 29% of urban Indians said they are able to meet unexpected expenses with their salary, while the majority still live paycheck to paycheck.

This essentially points to gaps in financial resilience in the context of the pandemic, larger in emerging economies than in developed ones.


To make ends meet between paychecks, many are looking for other financing options, turning to friends and family loans and high-interest payday loans. A more cost effective liquidity reserve alternative has since emerged in the form of Earned Wage Access (EWA).

Let’s see how the solution can enable overall financial well-being.

Do we really understand payday loans?

Globally, payday loans have become synonymous with predatory and high-risk lending.

These are short term unsecured loans of around 2-4 weeks, just long enough to cover expenses until the next payday; the catch being astronomically high interest rates that average over 400% APR (annual percentage rate).

In India, interest rates for payday loans can reach 2% per day. The number by itself may not seem that big, but the APR can range from 36-730%, depending on the term of the loan. On the other hand, APRs for regulated credit systems like loans and credit cards are usually between 12 and 30%.

To put this into perspective, if you borrow Rs. 10,000 at 2% interest per day, you end up paying Rs. 2,000 in interest over 10 days, along with the principal amount. For people who are already struggling to make ends meet, predatory lending pushes them into a vicious and inescapable cycle of debt.

The E&Y study, cited earlier, also notes that people earning less than Rs. 15,000 are six times more likely to get into serious debt.

Regulators around the world are stepping up measures to limit the impact of high-risk loans. The Reserve Bank of India (RBI), for example, is working on an anti-predation lending policy.

Despite these measures, the unsecured loan industry is booming, which intensifies the financial distress of ordinary Indians.

Payday loan interest rates in India can reach 2% per day.

Earned Wage Access – Affordable Alternative

By freeing employees and employers from the traditional compensation cycle, access to earned wages helps disrupt predatory lending models. Earned Wage Access (EWA) or On-Demand Pay empowers individuals by giving them access to a portion of their earned but unpaid wages anytime before their payday.


The same allows employees to collect their earned salary instead of relying on short-term loans to comfortably cover unexpected mid-month expenses. It makes earned pay available to employees in real time and on demand, giving them instant access to cash available any time of the month. By paying only nominal transaction fees (i.e. a fraction of the interest on payday loans), access to earned wages can pave the way to financial stability.

Small steps, big gains

When implemented correctly, the benefits of Earned Wage Access are obvious. Research indicates that nearly 43% of paid access users are able to cover all their expenses with their monthly salary, and one in two users are optimistic about their financial situation.

Additionally, EWA is an employer-backed initiative – the solution is generally free to employers and has no impact on their cash flow. This unique feature not only allows organizations to contribute to the financial well-being of the entire workforce, but by breaking the compensation cycle, employers are ensuring that employees can build financial resilience.

Greater financial freedom

As companies around the world pay more attention to the needs of their employees and use technology to find solutions, “access to earned wages” is poised to become a popular and valuable product for modernizing the good. – being financial employees. By adding on-demand functionality to everyday life, access to earned wages can dramatically transform the landscape of financial freedom for Indians.

The author is CEO and co-founder, Refyne

(Disclaimer: The opinions expressed are those of the authors and Outlook Money does not necessarily endorse them. Outlook Money will not be liable for damages caused to any person/organization directly or indirectly.)

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Families affected by dangerous payday loans – FOX13 News Memphis https://cellphoneblockerjammer.com/families-affected-by-dangerous-payday-loans-fox13-news-memphis/ Wed, 20 Apr 2022 23:52:57 +0000 https://cellphoneblockerjammer.com/families-affected-by-dangerous-payday-loans-fox13-news-memphis/ MEMPHIS, Tenn. – FOX13 Investigates focuses on what some have said is the dangerous and trapping nature of payday loans. They are used by people who need money quickly, but many find themselves unable to pay them back. They can lead to a cycle of indebtedness that, according to one report, primarily affects blacks and […]]]>

MEMPHIS, Tenn. – FOX13 Investigates focuses on what some have said is the dangerous and trapping nature of payday loans.

They are used by people who need money quickly, but many find themselves unable to pay them back. They can lead to a cycle of indebtedness that, according to one report, primarily affects blacks and browns in Memphis.

A man who was too embarrassed to be publicly identified shared his story with FOX Investigates.

“You have a person reaching out and they’re trying to help you up, but then they put their foot on your shoulder trying to hold you down,” he said. “In this scenario, you will never get out.”

He and his wife said they were stuck in a cycle of financial debt that started with heartbreak and a need for money.

“We had three deaths in the family and we needed time off. And when we left, we were late. So, we thought we had to get it so we could catch up,” he said. He said he and his wife took 15 days off.

He said that was when he saw a TV advert for Advance Financial in Millington.

It’s one of more than 100 so-called high-cost lenders in Memphis and surrounding areas, providing borrowers with quick cash loans at sky-high interest rates of 280 or 460 percent. , amounts permitted by Tennessee state law.

The loan money is recovered by drawing from the borrower’s bank account for regular withdrawals whenever there is money in it, no matter how much money and no matter what other bills he has. requires.

“They didn’t even tell us about the interest rate. They didn’t tell us how much we were going to have to pay back. They didn’t tell us when they were going to start,” he said.

The $1,100 spent on paying off the loan each month was more than his rent.

A new report from the Memphis-based Black Clergy Collaborative and Hope Credit Union, a black-owned bank, sheds light on what the authors call “debt traps.”

The report points out that the loans are, in its view, “marketed as a quick financial solution”, but rather “create a cycle of long-term debt”.

“Just because an individual is poor doesn’t mean you have to exploit that individual,” said Reverend Darrell Harrington, the group’s economic chairman and senior pastor of New Sardis Baptist Church in Memphis.

The study says there are 114 high-cost lenders in Memphis, double the number of McDonald’s and Starbucks combined.

Of the 114 storefronts listed, 65% belong to nine companies located in other states; 51 of them are owned by just two companies.

“Millions of dollars are flowing out of the pockets of those who are more vulnerable than if they weren’t plowed back into the community,” said Bill Bynum, CEO of Hope Credit Union, which offers loans with up to 18% interest. . designed to help borrowers rebuild their credit.

“Unless they’re providing services at a responsible and not 400% affordable rate…they shouldn’t be allowed to operate,” Bynum said.

Visit the Hope Credit Union website here


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