Healthcare services – JAZD Healthcare http://jazdhealthcare.com/ Thu, 12 May 2022 11:51:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://jazdhealthcare.com/wp-content/uploads/2021/10/icon-120x120.jpg Healthcare services – JAZD Healthcare http://jazdhealthcare.com/ 32 32 Tip recap: Nothing goes beyond money: Newly approved pilot program will provide $1,000 per month to 85 households – News https://jazdhealthcare.com/tip-recap-nothing-goes-beyond-money-newly-approved-pilot-program-will-provide-1000-per-month-to-85-households-news/ Thu, 12 May 2022 09:26:33 +0000 https://jazdhealthcare.com/tip-recap-nothing-goes-beyond-money-newly-approved-pilot-program-will-provide-1000-per-month-to-85-households-news/ City Council approved a pilot program at its May 5 meeting to provide monthly payments of $1,000 to 85 households for an entire year. Once people are accepted into the guaranteed income pilot, they won’t have to “prove” they still need the help, as many government-run financial aid programs normally require. The pilot project will […]]]>

City Council approved a pilot program at its May 5 meeting to provide monthly payments of $1,000 to 85 households for an entire year. Once people are accepted into the guaranteed income pilot, they won’t have to “prove” they still need the help, as many government-run financial aid programs normally require.

The pilot project will cost $1.18 million, with $152,000 going to TogetherTogether, a California-based nonprofit that will administer the program. The remaining funds, which were approved by the Board as an addendum to the fiscal year 2022 budget, will go to eligible families. UpTogether has experience administering direct cash assistance in Austin under the COVID-19 relief efforts, and works with the St. David’s Foundation on a similar guaranteed income pilot program.

These programs are guided by two fundamental principles: that the poor know better where to spend the money they have and that their needs can change more quickly than traditional public assistance programs (rent assistance, food allowances, childcare subsidies children, etc.) at the top. Austin Equity Director Brion Oaksin a memorandum to Council, referred to research by the city Innovation Office who found that fast-breaking financial “shocks” are “the most important driver[s] travel” as they add to other financial pressures – such as overdue bills that rack up late fees or interest-bearing payday loans – that can lead to eviction. Unrestricted income support, wrote Oaks, is not a “gift” of public funds, but an “essential investment in families and individuals” that can improve their health and fortunes to the point where they need less help from the sector long-term audience.

Mayor Steve Adler alluded to in his comments before the Board approved the program. “I just think [it’s] so misleading and so fake” that people call government aid programs “gifts,” he said. spend it in the most meaningful way for their family?” Adler also tied the guaranteed income program, which he hopes staff can expand and sustain in the years to come after the pilot, to the broader effort. of the city to reduce homelessness.

Mayor Pro Tem Alison Alter voted against the program, explaining in remarks before the vote that it was a complex decision for her. Alter acknowledged that the program would help families in need, but given the magnitude of the need in the city and the limited financial resources the city can deploy to meet that need, she felt it was not the right kind of program for the city. . “When I look at all the levers I have to help families meet basic needs,” Alter said, “I haven’t been able to conclude that this investment, at this time, is the best way for me. to meet those needs.” Council Members Pool Leslie and Mackenzie Kellywho both have similar reservations about guaranteed income (and, in Kelly’s case, the appropriate role of government), did not attend the May 5 meeting.

Guaranteed income programs have ambitious goals, and although similar programs exist in about 50 US cities, they remain largely untested as a means of reducing poverty. The Council’s vote to create the Austin pilot was postponed from its April 21 meeting in part because of questions about how to gauge its effectiveness; staff intend to work with Urban Institute, a DC-based think tank, to assess the success of the program. This analysis will include interviews with participants and stakeholders to identify potential improvements for future iterations of the program, as well as a “quasi-experimental quantitative analysis” comparing results for program participants and non-participants. Some suggested measures include the ability to cover an emergency expense of $400; the ability to access preventive health care and maintain a healthy diet; and the “ability to live life to the fullest”, which could be measured by how often caregivers prepare meals for children or have time for hobbies and interests.

CMs also raised concerns that Texas law does not allow for a guaranteed income program that is not intended to address specific public policy issues facing the city. Staff intend to focus on qualifying indicators to select participants, such as households at risk of eviction, utility customers who consistently miss payments, or people transitioning from homelessness to housing. with support services.

Right now, all the data we have about UpTogether’s success comes from the nonprofit itself. At a press conference earlier today, Ivanna Neri, director of UpTogether’s South West Partnership, said preliminary results from the St. David’s Foundation pilot project showed that all 125 program participants used the money to pay for basic necessities like housing, food, clothing and gasoline. Independent analysis of a publicly funded pilot project could go a long way to testing the underlying theory of guaranteed income: empowering people with unlimited financial assistance can be an effective and more dignified way to reduce poverty .

Do you have something to say ? the the Chronicle welcomes opinion pieces on any topic from the community. Submit yours now at austinchronicle.com/opinion.

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Should the government crack down on predatory lending https://jazdhealthcare.com/should-the-government-crack-down-on-predatory-lending/ Tue, 10 May 2022 18:54:34 +0000 https://jazdhealthcare.com/should-the-government-crack-down-on-predatory-lending/ Listen here or subscribe to Apple podcast, Spotify, Google Podcasts, or wherever you listen to your favorite podcasts, including Youtube, where closed captioning is available. Stay up to date on episodes via our Twitter. If you would like to support the journalism of the Toronto Star, you can subscribe to thestar.com/subscribematters. Guest: Christine Dobby, business […]]]>

Listen here or subscribe to Apple podcast, Spotify, Google Podcasts, or wherever you listen to your favorite podcasts, including Youtube, where closed captioning is available. Stay up to date on episodes via our Twitter. If you would like to support the journalism of the Toronto Star, you can subscribe to thestar.com/subscribematters.

Guest: Christine Dobby, business journalist

You don’t have to look far to see those who have been in dire financial straits over the past two years. We don’t talk about our finances. But a recent report painted a stark picture nonetheless. The report released by ACORN, a non-profit organization that advocates for middle-to-low-income Canadians, found that more people have been forced into installment or payday loans during the pandemic – and many are trapped in a vicious cycle, paying interest rates of up to 60%.

Star Business reporter Christine Dobby explains how high-cost lenders work and whether the government should have done anything to help prevent Canadians from falling through the cracks and falling into a crushing cycle of debt.

This episode was produced by Saba Eitizaz, Brian Bradley and Matthew Hearn.

Saba Eitizaz is co-host and producer of Star’s podcast team. She is based in Toronto. Follow her on Twitter: @sabaeitizaz

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FINANCIAL LITERACY NEW LEAP A1 | https://jazdhealthcare.com/financial-literacy-new-leap-a1/ Sun, 08 May 2022 21:30:06 +0000 https://jazdhealthcare.com/financial-literacy-new-leap-a1/ 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.

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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.”

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 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 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.

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.

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Retirement planning for the self-employed: Why you need a plan and what are the best options https://jazdhealthcare.com/retirement-planning-for-the-self-employed-why-you-need-a-plan-and-what-are-the-best-options/ Fri, 06 May 2022 17:09:14 +0000 https://jazdhealthcare.com/retirement-planning-for-the-self-employed-why-you-need-a-plan-and-what-are-the-best-options/ (Photo: Shutterstock) There was a time when people thought that a pension and Social Security income was enough to cover the costs of retirement. Today, the majority of consumers are saving for their retirement years through a variety of retirement plans that offer tax and other benefits. You also need to understand the need to […]]]>
(Photo: Shutterstock)

There was a time when people thought that a pension and Social Security income was enough to cover the costs of retirement. Today, the majority of consumers are saving for their retirement years through a variety of retirement plans that offer tax and other benefits.

You also need to understand the need to plan for your retirement on your own. The sooner you begin the process of creating this life, the better.

Before deciding on the best option for your financial situation, you must first understand why it is difficult to save as a self-employed person and why it is essential to build a retirement plan.

Why saving for retirement is difficult for the self-employed

Every self-employed person should remember these factors that prevent them from saving for their retirement:

  • Expenses related to running a business
  • Get rid of major debts
  • Inconsistent income
  • The cost of health care
  • Education costs

Establishing a retirement plan is a do-it-yourself project. No one will help you complete the paperwork, and there are no automated payroll deductions, no reciprocal contributions, and no business stock ownership.

You will need to be very serious about paying for the plan. Since your income determines how much money you can invest in your retirement accounts, you can’t be sure how much you can invest in them until the end of each year.

Even though freelancers face different hurdles when it comes to planning for retirement, they also have unique options. Funding your retirement account and the funds or time spent setting up and managing the plan can be considered costs to the business. A pension plan allows you to contribute before tax, which reduces your taxable income.

Why planning for retirement as a self-employed person is important

Here are some real benefits to saving for retirement now:

1. You will know many important things.

There are dozens of things to know about maintaining financial stability when planning for retirement. Retirement planning can help fill in the gaps and provide answers to important concerns such as:

  • As a spouse, can you get Social security benefits?
  • When to start collecting Social Security?
  • What tax, savings and investment strategies should you consider?
  • For good savings, which accounts should you consider?
  • What is the best mutual fund or investment mix?
  • Does it make sense to accept your pension in one lump sum?
  • Is it a good idea to replace the dormant 401(k)?
  • Should you consider a Roth IRA conversion?
  • What return on investment can you expect from your portfolio in retirement?
  • Which of your retirement funds should you use first after retirement?
  • At the end of the year, what financial issues should you focus on first?
  • In times of recession or falling markets, how do you manage your finances?
  • Is it essential for you to have life insurance?

2. It makes you financially disciplined.

Incorporating retirement into your standard savings strategy is a great idea. You can gain momentum and quickly increase your funds if you plan to save a routine. Your plan can help you determine how much risk you can accept with your investments and how much money you can comfortably get out of your portfolio.

Fostering retirement savings is a great gift for your future, and it means ensuring that your retirement years are among the most enjoyable times of your life. You might even be able to retire early as a result. All it takes is a little real control in your financial planning to save you from going bankrupt in retirement.

Working with a financial advisor who specializes in retirement income planning ensures you have the right amount of money in retirement and are never caught off guard in a crisis.

3. You will have the benefit of compound interest.

You won’t find a more substantial benefit than using compound interest when reviewing your retirement plan. It improves your savings fund by earning more interest on your saved interest. By starting early, you can take the benefits of compound interest and make your money grow as much as possible.

4. It will defend you from market volatility.

You will basically invest in the stock market when you invest money in a 401k or IRA account. Like stocks, it also has normal highs and lows. Fortunately, if you start investing early enough for your retirement, you can mitigate some risks. Since you will have plenty of time to erase short-term losses, your investments will be able to absorb these declines. This implies that you can be more active with your portfolio, which will eventually translate into better returns. As you get closer to retirement, you’ll start to focus on building up your assets to protect everything you’ve saved.

5. You can live a happier married life.

Financial problems, excessive debt, and inability to achieve financial goals contribute to marital discord. Two of the most worrisome things that can ruin your married life are debt and planning for retirement.

When these two elements are part of the relationship equation, you can focus on making more exciting decisions, such as how to invest more to build wealth, how to lead a life after retirement, etc. Maintaining a healthy connection with your spouse can be a compelling reason to consider debt relief and retirement. To get out of high interest rate debt, you can choose different strategies. You can settle credit card debtconsolidate a personal loan with a loan, opt for a balance transfer card, settle medical debts, etc.

But, to plan for your retirement, you need solid and simple options that can protect your money and give you good returns. So let’s move on to the last and most essential section of our conversation – the best options available for planning your retirement.

What are the best 2022 retirement plans for the self-employed?

For independent contractors or small businesses, there will be four basic options:

  • An IRA (conventional or Roth)
  • A SEP IRA
  • A simple IRA
  • A single 401(k)

A. Individual Retirement Accounts (IRA)

Whether self-employed or not, anyone who makes money can access an IRA. Individual retirement accounts are divided into two types: traditional IRAs, which provide initial tax relief, and Roth IRAs, which provide tax-free retirement income. IRA contributions aren’t considered a business expense, but they can save you money on your taxes.

Participants can contribute up to $6,000 to an IRA in 2022, with an additional $1,000 in catch-up contributions available for participants age 50 and older.

Individual Retirement Accounts (IRAs) are simple to open and offer a wide selection of adjustable investment opportunities. In addition to the various plans, anyone who earns money can contribute to an IRA.

B. Simplified Employee Retirement IRA (SEP IRA)

The SEP IRA is a hybrid of a standard IRA and a Roth IRA that offers excellent tax advantages and much greater contribution limits. It’s just as easy to get started for the self-employed as a traditional IRA, and it offers a comparable level of flexibility.

Self-employed people can deposit up to 25% of their adjusted net income in 2022, less than half of Medicare and Social Security taxes. Plan contributions you make are limited to a maximum of $61,000.

SEP IRAs are simple to set up and manage. SEP contributions are tax deductible up to the maximum amount allowed per year and may be added to the previous year’s income taxes. SEP IRAs are not exclusive of other IRA accounts, meaning you can contribute to other IRAs up to their maximum contribution limits.

C. Employee Savings Incentive Plan (SIMPLE IRA)

The SIMPLE IRA is for self-employed people and small businesses employing less than 100 people. The contribution restrictions are higher than a traditional IRA and lower than a SEP IRA.

In 2022, self-employed people can contribute up to $14,000, with a catch-up contribution of $3,000 for those age 50 and older. People can make a flat 2% contribution or a 3% matching contribution to the plan through an employer-sponsored match.

SIMPLE IRA payments are tax deductible and the plans are easy to manage with nominal fees. The self-employed can also invest both as an employer and as an employee, and more globally.

D. Solo 401(k) Plan

The Solo 401(k) is also called an Individual 401(k). It is comparable to standard employer-sponsored 401(k) plans. A person cannot participate if they have workers other than their spouse. As an “employer” and “employee”, a person can contribute and save more.

Self-employed people can initiate salary deferrals of up to $20,500 in 2022, as an employee, with an additional $6,500 for those age 50 and older. People can contribute up to 25% of their net income as an employer. In 2022, total contributions must not exceed $61,000 or $67,500 for people age 50 and over.

Depending on their needs, people can choose between tax-deductible and after-tax Roth deferrals.

Lyle Solomon has extensive legal experience as well as in-depth knowledge and experience in consumer credit and drafting. He has been a member of the California State Bar since 2003. He graduated from the McGeorge School of Law at Pacific University in Sacramento, California in 1998 and currently works for the Oak View Legal Group in California as a senior attorney.

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Dangote Cement sells N116 billion series 2 bond to implement its export strategy https://jazdhealthcare.com/dangote-cement-sells-n116-billion-series-2-bond-to-implement-its-export-strategy/ Wed, 04 May 2022 14:45:29 +0000 https://jazdhealthcare.com/dangote-cement-sells-n116-billion-series-2-bond-to-implement-its-export-strategy/ By Aduragbemi Omiyale The Chairman of Kano Dairy and Livestock Husbandry Cooperative Union (KADALCU), Mr. Usman Abdullahi Usman revealed that the state has the capacity to produce around 30,000 liters of milk per day. During a recent interview, he further stated that Kano’s dairy industry contributes nearly 24% of the total locally produced milk nationwide. […]]]>

By Aduragbemi Omiyale

The Chairman of Kano Dairy and Livestock Husbandry Cooperative Union (KADALCU), Mr. Usman Abdullahi Usman revealed that the state has the capacity to produce around 30,000 liters of milk per day.

During a recent interview, he further stated that Kano’s dairy industry contributes nearly 24% of the total locally produced milk nationwide.

According to him, “This is because Kano State has the largest cattle population and the relative level of peace in the state has attracted new settlers to the state as cattle herders move to Kano in greater numbers.”

“In addition, Kano also enjoys a higher population in terms of human resources. This provides a wider market for milk consumption,” he added.

Mr. Usman also revealed that the support of a private organization, Outspan Nigeria Limited, the dairy business unit of Olam Food Ingredient, has made the business attractive to farmers.

Outspan has partnered with the organization to provide a regular and sustainable dairy market for member farmers, ending homelessness or open grazing among farmers.

The company buys the raw milk from the association and processes it into different varieties of products.

The agreement between the two parties was signed in 2020. It aims to develop and execute a backward integration plan that aims to improve and support the dairy value chain in line with the federal government’s plan for self-sufficiency in the dairy industry.

Speaking on how the union is fulfilling its part of the deal, the head of KADALCU said, “We prioritize quality and standards as a cooperative union and we want to guarantee our customers milk that meets the best global quality standards. This is why we have implemented a rigorous milk analysis parameter.

“We have what is called a quality control unit. We train milk attendants to perform basic tests on raw milk brought to the milk collection center to determine the level of density of raw milk to prevent adulteration, and the PH level of it to s to make sure it doesn’t get sour,” he added. .

He said the union collects raw milk from its members and stores it in a larger milk collection center for up to 48 hours.

“The technology is almost similar to what is available at the milk collection centre. We make sure that the milk does not stay too long in the centres. This milk comes 100% from locally raised cows.

“Of course, we get milk from crossbred cows, but that’s rare. [About] 99% of our milk comes from indigenous cows,” he added.

“In Kano alone, we have the capacity to produce 30,000 liters or more of milk per day. It’s just that this milk is unrecoverable because the farms are located in distant cities. This is where the logistics, labor, culture system and milk handling/transportation education need to be in place. These are the reasons why the milk is not collected.

“But with the coming of Outspan Nigeria Limited, I am sure the gaps in the system would be filled sooner to ensure efficient collection of milk from remote clusters,” Mr. Usman noted.

He revealed that “currently there is an initiative called agro-pastoral development program aimed at helping pastoralists. There is also a project driven by a partnership between the federal government and the state government that aims to improve our operations. The federal government has been very supportive of dairy farmers. He donated and equipped the consolidation center which was upgraded by Outspan Nigeria Limited.

The president disclosed that KADALCU serves as the umbrella organization for 74 primary cooperative societies from different local government areas in the state.

According to him, the cooperative union comprises about 12,500 members of the 74 cooperative societies, which have been separated into three senatorial districts or areas of the state.

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CFPB seeks information on ‘unwanted fees’ charged by providers of consumer financial products or services | Hudson Cook, LLP https://jazdhealthcare.com/cfpb-seeks-information-on-unwanted-fees-charged-by-providers-of-consumer-financial-products-or-services-hudson-cook-llp/ Mon, 02 May 2022 21:14:44 +0000 https://jazdhealthcare.com/cfpb-seeks-information-on-unwanted-fees-charged-by-providers-of-consumer-financial-products-or-services-hudson-cook-llp/ On January 26, the Consumer Financial Protection Bureau issued a “Request for Information Regarding Fees Charged by Providers of Consumer Financial Products or Services.” In a contemporary statement, CFPB Director Rohit Chopra described the request for information as the start of “a new effort to help American families save billions of dollars in unwanted fees […]]]>

On January 26, the Consumer Financial Protection Bureau issued a “Request for Information Regarding Fees Charged by Providers of Consumer Financial Products or Services.” In a contemporary statement, CFPB Director Rohit Chopra described the request for information as the start of “a new effort to help American families save billions of dollars in unwanted fees in their financial lives.” The request for information seeks public comment on the impact of these “junk fees” on individuals (especially seniors, students, the military, people of color, and low-income consumers) and solicits feedback from social service organizations, consumer advocacy organizations, assisting attorneys, academics and researchers, small businesses, financial institutions, and state and local government officials.

As part of the request for information, the CFPB identified as points of attention:

  • If you are a consumer, please let us know your experiences with fees associated with your bank, credit union, prepaid card account, credit card, mortgage, loan, or payment transfer, including: (a) charges for things you thought were covered by the base price of a product or service; (b) unexpected charges for a product or service; (c) charges that appeared too high for the purported service; and (d) charges for which it was not clear why they were charged.
  • What types of fees for financial products or services hide the true cost of the product or service by not being included in the original price?
  • What charges exceed the cost to the entity that the charge is intended to cover? For example, is the amount charged for the NSF check fee necessary to cover the cost of processing a returned check and the associated losses to the depository institution?
  • Which businesses or marketplaces derive significant revenue from return fees or consumer costs that are not factored into the list price?
  • What are the barriers, if any, to incorporating fees into the initial prices for which consumers buy? How can this vary depending on the type of fee?
  • What data and evidence exists on how consumers view return costs, both inside and outside of financial services?
  • What data and evidence exists that suggests consumers do or do not understand fee structures disclosed in fine print or boilerplate contracts?
  • What data and evidence exists that suggests consumers do or do not make fee-based decisions, even if they are well disclosed and understood?
  • What oversight and/or policy tools should the CFPB use to deal with escalating excessive fees or fees that divert revenue from the original price?

The RFI originally set a deadline for comments to be provided no later than March 31.

However, on March 25, the CFPB extended the deadline to April 11 and announced that it had already received 25,000 comments.

In a February 2 blog post, the CFPB described “junk fees” as fees that “take many different forms, including fees for late penalties, overdrafts, returns, use of an out-of-network ATM, money transfers, inactivity, etc.” The blog post further identified the following “common unwanted charges”:

  • fees for lack of money (overdraft fees and NSF fees);
  • late fee;
  • fees to pay your bill (convenience fee);
  • prepaid card fees; and
  • closing costs and home buying costs.

In additional information provided as part of the RFI, the CFPB characterized the imposition of “hidden return fees”, which are “mandatory or quasi-mandatory”, as an anti-competitive tactic intended to “encourage consumers to make purchasing decisions based on a perceived lower price.” In support of its position, the CFPB noted that:

  • overdraft and NSF fees topped $15.4 billion in 2019, compared to just $1 billion in account maintenance fees;
  • fees represent about 20% of the total cost of credit cards (including $14 billion in late fees);
  • convenience fees remain common, despite a 2017 CFPB bulletin on unfair, deceptive, and abusive acts or practices (and violations of the Fair Debt Collection Practices Act) regarding telephone payment fees; and
  • in the context of residential mortgage transactions, “monthly property inspection fees, new title fees, legal fees, appraisals and appraisals, broker price notices, forced insurance, foreclosure and various unspecified “corporate advances” can all cost a homeowner dearly out of a home.

Although the request for information relates to credit cards, residential mortgages and fees charged by financial institutions in relation to deposit accounts, it is clear that the CFPB’s field of interest is much broader than that. The CFPB explicitly states that it is “interested in other loan origination and servicing fees, including for student loans, auto loans, installment loans, payday loans and other types of loans “. Therefore, while sales finance companies and installment lenders are not the immediate target of the CFPB’s investigation into fees charged in connection with financial services, we believe that these creditors should anticipate scrutiny by the CFPB of these practices and the future development of rules governing origination and creditor service fees. of all types. The information request also indicates, as expected, that Director Chopra plans to use the CFPB’s extensive oversight and review functions to aggressively regulate creditors and their financial products.

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Teach them personal finance in high school. – Twin towns https://jazdhealthcare.com/teach-them-personal-finance-in-high-school-twin-towns/ Sat, 30 Apr 2022 22:58:14 +0000 https://jazdhealthcare.com/teach-them-personal-finance-in-high-school-twin-towns/ I am a teacher at Robbinsdale Armstrong High School in Plymouth, where I teach both introductory and Advanced Placement (AP) economics. This is a subject that fascinates me for several reasons. Practical economics has a direct translation into the real world, which my juniors and seniors will soon be part of. As a result, I’m […]]]>

I am a teacher at Robbinsdale Armstrong High School in Plymouth, where I teach both introductory and Advanced Placement (AP) economics. This is a subject that fascinates me for several reasons. Practical economics has a direct translation into the real world, which my juniors and seniors will soon be part of. As a result, I’m using my class to try to do my best to prepare them for what’s to come.

In a personal finance unit, students complete a comprehensive budget project in which they gain “adult” experience by preparing a monthly budget. This includes paying rent, insurance, student loans, car loans and more. The exercise is a real revelation for the students. Comments like, “Real life is very expensive” or “Wow, that kind of compound interest really works” are common.

Students learn that student loans are legally binding and how credit card debt can destroy dreams. They learn about the ever-changing investment arena, how time in the market is better than trying to time the market, and how diversified investments in low-cost index funds have historically outperformed most active traders over time.

It’s rewarding as a teacher to hear from my former students how they opened an IRA or successfully secured a business loan based on what they learned in class. A former student was so committed to what he learned in my class that after graduating from college and establishing himself as a young professional, he started funding scholarships for finance students of the Year, which are awarded to 12 of my students each year.

When I talk to parents about the personal finance topics I discuss with my high school students (things like budgeting, credit, saving, investing, and IRAs), I can’t tell you how many times parents respond: “I wish I had learned that in high school!”

When I show students the power of compound interest, how saving and investing small amounts of money regularly over a lifetime can turn into a small fortune, students often ask why more people don’t know about it. My answer is that it’s not their fault; most simply have never been taught. What a disservice to our future generations!

Personal finance education enables students to learn strategies that break the cycle of poverty and create generational wealth. They are more likely to invest their savings and less likely to fall prey to high cost predatory lending (like payday loans). Personal finance teaches practical survival skills – investing for retirement, navigating education and career decisions, managing credit, budgeting, insuring assets – skills ALL young people need to thrive in modern life . Can we think of anyone who would not benefit from exposure to this material in their lifetime?

A comprehensive education in personal finance prepares students to face the greatest sources of financial difficulty in our society…before they encounter them at “the school of hard knocks”. These skills are too important and require more than a short unit in an economics class or waiting for individual districts/schools to need personal finance. Currently, only 1 in 6 high school students in Minnesota are guaranteed to take a personal finance course before graduation.

Minnesota voters think the state can do better, too. In an April 2022 poll conducted by Public Policy Polling for the NGPF Mission 2030 Fund, 82% of our state’s voters said they “believe all high school students should be guaranteed a basic course in personal finance,” and 86% said it is urgent that lawmakers deal with it.

I urge our legislators to consider the research, which conclusively shows that students who receive high-quality personal finance training in school manage their finances better as adults, which translates to less debt, higher credit scores, higher personal income and a better quality of life in general. .

Once the bill is passed, I am confident that the implementation will go well as well. I took training from the Minnesota Council on Economics Education and Next Gen Personal Finance, both of which are great organizations that can take on the challenge of preparing teachers in Minnesota for free.

Momentum is building across the country by making personal finance a graduation requirement. Let’s make Minnesota a leader in education and prepare our students for the challenging financial landscape by ensuring that every student in Minnesota receives a high-quality education in personal finance.

James Redelsheimer teaches at Robbinsdale Armstrong High School in Plymouth. He is the author of Barron’s AP Economics, BestPrep Board Member, Master Teacher at the Minnesota Council on Economic Education, and Next Gen Personal Finance Teacher Fellow.

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Impact of COVID-19 on Online Payday Loans Market Share, Size, Trends and Growth from 2022 to 2031 – themobility.club https://jazdhealthcare.com/impact-of-covid-19-on-online-payday-loans-market-share-size-trends-and-growth-from-2022-to-2031-themobility-club/ Fri, 29 Apr 2022 11:13:12 +0000 https://jazdhealthcare.com/impact-of-covid-19-on-online-payday-loans-market-share-size-trends-and-growth-from-2022-to-2031-themobility-club/ A recent report on the world Online payday loans market published by Market Reports provides a global overview and assessment of opportunities at the moment. The study provides an in-depth examination of key market trends. To forecast the growth of Online Payday Loans with the utmost accuracy, analysts consider both historical and current growth parameters. […]]]>

A recent report on the world Online payday loans market published by Market Reports provides a global overview and assessment of opportunities at the moment. The study provides an in-depth examination of key market trends. To forecast the growth of Online Payday Loans with the utmost accuracy, analysts consider both historical and current growth parameters.

The kOnline Payday Loans Business Intelligence Report estimates market size in terms of value (Mn/Bn USD) and volume (Mn/Bn USD) (x units). The research analysis has been geographically divided into critical regions that are growing faster than the global market to understand the development prospects of Online Payday Loans. Each section of online payday loans has been carefully considered in terms of price, delivery, and market potential.

For the forecast period, the study includes a review of the year-on-year growth pattern along with current and potential market volume forecasts (units). The study assesses the effect of the novel COVID-19 pandemic on online payday loans, as well as relevant insights into how industry players are responding to the new situation.

Access a sample report – marketreports.info/sample/22704/Online-Payday-Loans

The Online Payday Loans analysis rates each market leader based on market share, manufacturing presence, new releases, partnerships, existing R&D projects, and company strategies. In addition, the keyword research examines the SWOT report (strengths, gaps, opportunities and threats).

Major key players included in Online Payday Loans Markets are: Wonga, Cash America International, DFC Global Corp, Instant Cash Loans, Wage Day Advance, MEM Consumer Finance, 2345 Network, …

By TypeInstallationSingle-PhaseBy ApplicationPersonalLarge BusinessSMB

What are the main takeaways from the online payday loans study for readers?

• Study any Online payday loans the player’s existing business models, including product launches, expansions, alliances and acquisitions.

• Recognize key drivers, constraints, opportunities and patterns (DROT analysis).

• Key factors such as carbon footprint, R&D progress, prototype inventions and globalization.

• Examine and research the growth of the global Online Payday Loans landscape, including sales, supply, and usage, as well as historical and forecast data.

Check Instant Discount- marketreports.info/discount/22704/Online-Payday-Loans

The online payday loans report answers the following questions:

  • Which players have a significant share of online payday loans, and why?
  • Why do you think global online payday loans would be region-led?
  • What are the variables that negatively impact the growth of online payday loans?
  • How do online payday loan players develop plans to gain a strategic advantage?
  • What Would Global Online Payday Loans Be Worth?

Regional outlook:

Regionally, the global online payday loans market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In addition, market data classification and region to country analysis are covered in the market research report. Additionally, regions are separated into country and region groups:

– North America (USA and Canada)

– Europe (Germany, UK, France, Italy, Spain, Russia and rest of Europe)

– Asia-Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and rest of Asia-Pacific)

– Latin America (Brazil, Mexico and rest of Latin America)

– Middle East and Africa (GCC (Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa)

Buy the full report @ marketreports.info/checkout?buynow=22704/Online-Payday-Loans

About Us:

Market Reports offers a comprehensive database of syndicated research studies, custom reports, and consulting services. These reports are created to help make smart, instant and crucial decisions based on detailed and in-depth quantitative information backed by in-depth analysis and industry insights.

Our dedicated in-house team ensures that reports meet client requirements. We aim to provide valuable service to our customers. Our reports are based on extensive industry coverage and ensure that we focus on the specific needs of our clients. The main idea is to enable our customers to make an informed decision, keeping them and ourselves informed of the latest market trends.

Contact us:

Carl Allison (Business Development Manager)

Market reports

phone: +44 141 628 5998

Email: sales@marketreports.info

Website: www.marketreports.info

]]> Florida Digital Lending Market Analysis 2022-2030 and Key Vendor Key Business Strategies – The New York Irish Emgirant https://jazdhealthcare.com/florida-digital-lending-market-analysis-2022-2030-and-key-vendor-key-business-strategies-the-new-york-irish-emgirant/ Wed, 27 Apr 2022 14:53:06 +0000 https://jazdhealthcare.com/florida-digital-lending-market-analysis-2022-2030-and-key-vendor-key-business-strategies-the-new-york-irish-emgirant/ According to the Market Statsville Group (MSG), the Florida Digital Lending Market it is estimated that the size goes from $5.2 billion in 2021 for $18.1 billion by 2030to CAGR of 16.9% from 2022 to 2030. Consistent credit approval process, secure and privacy features, speed and instant decision making options are some of the major […]]]>

According to the Market Statsville Group (MSG), the Florida Digital Lending Market it is estimated that the size goes from $5.2 billion in 2021 for $18.1 billion by 2030to CAGR of 16.9% from 2022 to 2030. Consistent credit approval process, secure and privacy features, speed and instant decision making options are some of the major advantages of digital lending solutions and services in the market. Many lenders determine a borrower’s creditworthiness based on scores from the Fair Isaac Corporation (FICO) in Florida. Also, FICO scores have different names in each of the three major US credit reporting companies, namely Experian, Equifax, and TransUnion.

Get a sample full PDF copy of the report:https://www.marketstatsville.com/request-sample/florida-digital-lending-market

In Florida, customers are increasingly requesting short-term and long-term loans for their personal and business needs. Additionally, a massive increase in internet usage among individuals and easier access to loans from lending companies are driving the growth of government digital lending solutions. However, lending institutions charge a high rate of interest for various loan amounts, which is the main factor hindering the growth of the market.

Digital Lending Market Definition

Digital lending involves offering loans online and allows borrowers to apply for loans using laptops or smartphones over the internet. With many advantages over the traditional lending process, individuals and businesses are opting for digital lending services.

Inquire before purchase @:https://www.marketstatsville.com/buy-now/florida-digital-lending-market?opt=2950

Florida Digital Lending Market Dynamics

Drivers: Rise in Need and Adoption of Digital Lending Solutions in the State

In Florida, consumers are increasingly asking for short-term and long-term loans for their personal and business needs. Additionally, the massive increase in internet usage among individuals and easier access to loans available through online applications are driving the growth of digital lending solutions in the state. Moreover, digital lending services allow consumers to change their lifestyle and standard of living by helping them financially. Also, an increase in government initiatives for digital lending and an increase in the number of consumers taking out loans from digital lenders to establish their own business and increase their standard of living, which is propelling the growth of the market.

Constraints: High interest on small amounts and shorter repayment term provided by lenders

Lending institutions charge a high rate of interest for different loan amounts, which is the main factor hindering the growth of the market. Also, loan companies mainly focus on increasing their revenue due to which their repayment term is short for sanctioned loan amount. In addition, credit institutions borrow large sums of money from various banks and other institutes. Interest rates charged on loan amounts are generally high, which limits the growth of the digital loan market in Florida.

Florida Digital Lending Market Segmentation

The study categorizes the digital loan market based on loan type, provider type, loan amount, and end users..

Outlook by loan type (Sales/Revenue, USD million, 20172030)

  • Payday loans
  • Personal loans
  • SME Focused Loans

By type of Outlook provider (Sales/Revenue, USD million, 20172030)

  • Banks
  • credit unions
  • FinTech Institutions
  • Others

Outlook by Loan Amount (Sales/Revenue, USD million, 20172030)

  • Less than $500
  • $500 to $4,999
  • $5,000 to $10,000
  • Over 10,000

From end-user perspectives (Sales/Revenue, USD million, 20172030)

  • People
  • Contractors
  • SME

The personal loan segment expected to account for the largest market share, by loan type

On the basis of loan type, the Florida digital loan market is segmented into payday loans, personal loans, and SME loans.. In 2021, the personal loan segment accounted for the largest market share of 50.1% in the Florida digital loan market. A personal loan is a lump sum of money that an individual borrows from a bank, credit union, online lender, financial institution, and others.

Request Full Table of Contents and Figures & Graphs @https://www.marketstatsville.com/table-of-content/florida-digital-lending-market

Personal loans allow users to make smarter financial decisions by highlighting spending trends, helping manage debt repayment, and tracking financial goals. Additionally, individuals are resorting to personal loans to easily manage emergency financial crises, enabling efficient planning and management of monetary cash inflows and outflows, thus driving the adoption of digital lending services in this segment. Additionally, following the COVID-19 pandemic, in May 2020, a study conducted by TransUnion, an American consumer credit reporting agency, reported that Florida had 10.35%, which is the highest percentage of personal loans compared to Colorado and New York States.

Key Market Players in Florida Digital Lending Market

The main competitors in the digital loan market in Florida are:

These players have adopted various strategies to gain higher shares or maintain leading positions in the market. Product launch, agreement and partnership are the strategies most adopted by these players. The best winning strategies are analyzed by performing an in-depth study of the key players in the Florida Digital Loans market. A comprehensive analysis of recent developments and growth charts of various companies helps in understanding the growth strategies adopted by them and their potential effect on the market.

Report Description Request @https://www.marketstatsville.com/florida-digital-lending-market

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The 3 Best Installment Loan Apps to Get You Started https://jazdhealthcare.com/the-3-best-installment-loan-apps-to-get-you-started/ Mon, 25 Apr 2022 15:24:58 +0000 https://jazdhealthcare.com/the-3-best-installment-loan-apps-to-get-you-started/ Lending apps are gradually replacing traditional loan agencies or credit unions. Today, traditional lending institutions struggle to keep up with the convenience and transparent processes of these apps. Moreover, these applications and online lenders accept applicants regardless of their credit history. However, identifying trustworthy installment loan applications can be difficult. There are many lending companies […]]]>


Lending apps are gradually replacing traditional loan agencies or credit unions. Today, traditional lending institutions struggle to keep up with the convenience and transparent processes of these apps. Moreover, these applications and online lenders accept applicants regardless of their credit history.

However, identifying trustworthy installment loan applications can be difficult. There are many lending companies in this industry, and while some offer good service, others are opportunistic and deceptive.

Accordingly, we have listed the top three installment loan apps that can help you get started on the right foot. Let’s dive!

The 3 best installment loan apps to get you started

1. Heart Paydays

Heart Payday is a popular loan app in the United States. This site offers all of its loan services online and saves you the hassle of in-store loan applications. You can complete the entire application process in five minutes or less.

They offer various loan services, such as loans for bad credit guaranteed approval $5000which can help you meet your emergency needs.

This application has a user-friendly interface, and practically anyone can easily maneuver it easily. The site is notorious for accepting applicants rejected by other lenders, as its eligibility thresholds are relatively lower than those

in most credit institutions. For example, they accept people with bad credit, the unemployed, and those receiving government benefits.

Typically, Heart Payday loans come with APRs ranging from 5.99% to 35.99%.

Advantages

  • There is no paperwork involved
  • Same day payment
  • Easy application process

The inconvenients

2. Viva Payday Loans

Another great option for a payout when you’re short on cash is the Viva Payday Loan app. The site offers no-collateral loans within hours of completing your application.

Viva Payday Loan has partnered with direct lenders who can meet your loan needs as quickly as possible. Moreover, these direct lenders offer different loan amounts.

Viva Loans does not perform intensive credit checks when evaluating loan applications, and even people with bad credit scores can get loans with them. Other groups, such as the unemployed and recipients of government support programs, can also apply for Viva Payday loans.

Their payday APRs range from 5.99% to 35.99%. This is mainly because every direct lender they partner with imposes their rates. One of their main drawbacks is that their services are not accessible in all states.

Advantages

  • Same day payments
  • The simple and fast application process
  • Flexible loan amounts from $200 to $5,000

The inconvenients

  • Viva Loan services are not available in all US states

3. Credit Clock

Credit Clock Loan is considered best for quick loan approvals. They offer their customers a range of loan products, such as bad credit payday loans, personal loans, emergency loans, and more.

It is the ideal lender if you are in urgent and urgent need of money fast because their fast loan approval process and fast repayment period can save you time.

They offer loans to people with bad credit and even those who receive government benefits. However, you must meet their minimum requirements; you must be over 18, prove you earn at least $1,000, and be a US citizen. In some cases, you may need to prove that you are employed by submitting your payslip.

Advantages

  • Fast application process
  • Same day payments
  • People with poor credit history are also allowed to apply

the inconvenients

  • Only people earning $1,000 or more can apply for the loans

Conclusion

Knowing that you have a loan option within reach of your phone can be an amazing feeling. We often find ourselves in difficult situations, and going through the process of applying for a loan in store can be time consuming to try to finance an emergency. Therefore, having loan applications can make our lives much easier.

However, it also exposes us to great temptations. Unlike the traditional loan system, where you have time to think before taking out a loan, the new app option gives you the luxury of completing a loan application with just a few clicks. Some people, especially spendthrifts, might end up in cycles of debt.

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