Financial Health – Amiya Sahu http://amiyasahu.com/ Thu, 24 Nov 2022 00:20:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://amiyasahu.com/wp-content/uploads/2021/06/icon-150x150.png Financial Health – Amiya Sahu http://amiyasahu.com/ 32 32 New West families are seeing their debt rise due to rent and food prices https://amiyasahu.com/new-west-families-are-seeing-their-debt-rise-due-to-rent-and-food-prices/ Thu, 24 Nov 2022 00:20:00 +0000 https://amiyasahu.com/new-west-families-are-seeing-their-debt-rise-due-to-rent-and-food-prices/ Family Services offers financial workshops and one-on-one financial empowerment coaching People of all ages are using credit – or accessing payday loans – to pay their rent and put food on the table. Murray Baker, financial empowerment manager at Family Services of Greater Vancouver, said rising inflation and interest rates are impacting everyone, especially low-income […]]]>

Family Services offers financial workshops and one-on-one financial empowerment coaching

People of all ages are using credit – or accessing payday loans – to pay their rent and put food on the table.

Murray Baker, financial empowerment manager at Family Services of Greater Vancouver, said rising inflation and interest rates are impacting everyone, especially low-income and vulnerable people. He said it had a “huge impact” on people in Metro Vancouver, as some of the areas seeing the biggest increases are food and rent.

“It would be different if it increased on luxury cars – it won’t impact the customers we see,” he said. “It’s the food and the rent that hits these people hard.”

Baker said people with low incomes, unstable jobs, or who are elderly or disabled can access credit just to make ends meet.

“They don’t have access to credit to buy luxury items or discretionary items; they need to access credit just to live day to day,” he said. “Food on the table, feeding their families, making sure they have money at the end of the month for rent.”

Baker said people who don’t have good credit or who have instability in their jobs can find it very difficult to get credit from banks or other financial institutions, so they are often pushed to access to credit through “predatory” lenders who may charge 45 to 60 percent interest on loans.

“This is one of the areas where we are seeing an increasing number of people being affected,” he said. “And once people get trapped in this downward debt cycle, it’s really hard for them to get out of it.”

Baker said he deals with some “heartbreaking” cases, such as a senior on a fixed income who accessed a loan to help a family member, and was then paying $1,000 a month to repay these loans.

“When you access it, you have to pay. And if you miss payments, there are penalties involved. And the interest rates are prohibitive,” he said. “Quite honestly, I was worried about his mental well-being because he was so stressed about it. Imagine an elderly person in his 60s, not living an exorbitant life, and all of a sudden struggling to…find that money to repay those loans.

Family Services was able to help the man get a loan through a credit union, which reduced his payment to $350 per month.

“Some of the most difficult people I see are struggling people, older people who may have worked all their lives, who haven’t lived an extravagant lifestyle or anything, and who are struggling with homelessness or food security,” he said. “So those are some of the most heartbreaking customer stories I see.”

Baker told the story of a customer with a disability who had taken out payday loans, but was confused about what he was signing.

“He thought the interest he was paying was 6%, but it was 46%,” he said.

Some people, Baker said, feel like they have no choice but to get payday loans because they can’t get credit from a bank.

“They choose the predatory lender because in fact the bank is closed to them. They cannot access credit through the bank. So it’s a forced decision that attracts people there,” he said. “And then, unfortunately, when the economy is tough, some of these places really thrive because people – it’s a case of, do I take a payday loan or do I not pay my rent or do I have a bare table for dinner?”

Financial Literacy Month

November is Financial Literacy Month in Canada, a month aimed at strengthening financial literacy across the country. This year’s theme is Making Change That Matters: Managing Your Money in a Changing World.

The Financial Consumer Agency of Canada said this year’s theme reflects a complex and changing financial landscape. In the face of rising costs of living, rising interest rates and record levels of household debt in Canada, FCAC is putting the spotlight on debt management.

According to Family Services of Greater Vancouver, the number of people affected by inflation and the rising cost of living continues to rise in the Lower Mainland: nine out of 10 Canadians are tightening their household budgets as inflation and high prices persist; high inflation has pushed record numbers of Canadians to food banks in 2022; and nearly half of Canadians say their finances are worse than a year ago.

Baker said financial empowerment is about providing education to individuals, so they can make better, more informed financial decisions. When they have solid financial information, he says they are able to make good decisions and ask the right questions.

“If you have basic knowledge and ask well-thought-out questions, you’re probably less likely to be financially exploited,” he said.

Baker said he always wondered why financial empowerment wasn’t taught to students in school.

“A life skill, such as financial empowerment, is something that you’re going to use all your life,” he said.

If people have an understanding of budgeting, setting financial goals, saving, Baker said, it can have a huge impact on their lives.

Help is available

Family Services offers general workshops on topics such as: money basics (financial skills, budgeting, credit and debt); make your money work (saving and investing, saving for retirement, registered disability savings plans) and registered education savings plans); money and you (money and relationships, consumption, frauds and scams); advantages of navigation; and tax declaration. Services are offered in English, Spanish, French, Farsi, Cantonese and Vietnamese, and some workshops are offered at local public libraries.

“The message we want to get across is that if people are in trouble, there is help available,” he said. “Of course, our workshops are good for general information. But our individual coaching is really helpful.

While workshops and one-on-one coaching can’t immediately solve people’s financial problems in a single session, Baker said they often leave an hour-long session less stressed than when they arrived.

“They realize that there are options available, whereas when they first arrive they think there is no hope,” he said. “They leave knowing, ‘Hey, we talked about different strategies or things I can do. “”

Through one-on-one coaching, family service staff will work with a person on their personal situation.

“Our approach is very much a trauma-informed, client-centered approach,” Baker said. “We support and provide the information, strategies and options, but ultimately it’s up to the client to decide what action they want to take. We find that’s really beneficial because it gives them control, and they gain that confidence knowing they’re making the decision.

Baker said there was increased interest in post-pandemic programs. It is also picked up as inflation has increased.

For people who are struggling financially, the first step in family services is to see if there are ways to increase their resources, which could include using the benefits finder tool that provides a list of potential benefits they may receive.

“A lot of times we have customers come in, and they’re not even aware that they’re missing out on a particular benefit,” Baker said. “So one of the things we do is make sure their taxes are filed and up to date, which sometimes low-income people don’t file taxes, because their rationale is ‘I don’t earn enough. , it’s not worth me filing .’ But by not reporting, they often miss out on many government benefits.

Family Services also helps people learn about community benefits they may be eligible for, such as grants that can help seniors pay for housing or affordable internet services. Other actions could include finding ways to reduce expenses and providing information about food banks and other food programs if food insecurity is an issue.

Baker said single parents are a group that finds it particularly difficult, as are older people who may not be able to accept a job or other employment. He said college and university students are accessing food programs in increasing numbers, having seen “very significant” increases in rental rates.

“It’s a field, in fact, I’ve spent most of my career working in this field, writing books for students on how to fund colleges and universities. So it’s an area that I’ve been studying and writing about for many years. And it’s, you know, it’s probably one of the worst situations in terms of current students.

Baker is the author of the book, The Debt-Free Graduate: How to Survive College or University Without Breaking the Bank. He was inspired to write the book after seeing the “huge debt” of students after graduation and the impact it had on their lives for many years after graduating from college, including their ability to get married, to start a family, to start their life. own business, to buy consumer goods (which has an impact on the whole economy) and to set aside money for their own financial future.

“It’s really had a huge effect,” he told the Registration.

Debt impacts people’s lives — from their relationships with family members to mental health issues, Baker said. He emphasizes that there is no shame in asking for help.

“People don’t have to feel stigmatized if they’re in debt,” Baker said. “We do our coaching without judgment – ​​we don’t care how people got to the situation; our concern is how can we help you out of this situation? »

The Family Services team works with a variety of clients, some of whom earn six-figure incomes but are at risk of losing their homes to debt.

“People look around the Lower Mainland and you see nice homes and people driving fancy cars. Or you’re on social media and people are sharing their new purchases and things like that. There’s the perception that “everyone is fine except me,” Baker said. “And sometimes you compare it to an illusion rather than a reality. You don’t know all these people who drive nice cars, how much debt they have.

For coaching appointments, contact Family Services of Greater Vancouver at moneynavigator@fsgv.ca or call 1-800-609-3202.

Follow Theresa McManus on Twitter @TheresaMcManus
Email tmcmanus@newwestrecord.ca

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In South Dakota and Nebraska Deep Red, voters used ballot initiatives to reduce inequality https://amiyasahu.com/in-south-dakota-and-nebraska-deep-red-voters-used-ballot-initiatives-to-reduce-inequality/ Mon, 21 Nov 2022 05:54:53 +0000 https://amiyasahu.com/in-south-dakota-and-nebraska-deep-red-voters-used-ballot-initiatives-to-reduce-inequality/ This fall, in the run-up to the midterm elections, a group of Catholic nuns, Protestant ministers and other religious leaders caravanned through South Dakota on what they called a “Love Your Neighbor Tour.” . They stopped at grocery stores, restaurants, senior centers, libraries and other community gathering places to start conversations about health insurance. They […]]]>

This fall, in the run-up to the midterm elections, a group of Catholic nuns, Protestant ministers and other religious leaders caravanned through South Dakota on what they called a “Love Your Neighbor Tour.” .

They stopped at grocery stores, restaurants, senior centers, libraries and other community gathering places to start conversations about health insurance. They heard story after story of family members, friends and neighbors struggling to afford quality health care.

The purpose of this tour: to build support for a ballot initiative to help more South Dakotans get the care they need.

Through such initiatives, citizens can circumvent elected officials who have become disconnected from their constituents.

In this year’s elections, voters in more than 30 states committed to this form of direct democracy. These voters raised taxes on the wealthy in Massachusetts and Los Angeles, funded universal preschool and child care in New Mexico, and clamped down on medical debt in Arizona.

In South Dakota, the “Love Your Neighbor” campaign won big. By a margin of 56 to 44, voters approved a proposal to force their state government to expand Medicaid eligibility, a move that will help about 42,500 working-class people get treatment.

These people earn too much to qualify for the state’s existing Medicaid program, but too little to access private insurance through the Affordable Care Act. Since 2010, the federal government has covered 90% of the costs when states expand Medicaid, but political leaders in South Dakota and 11 other states have refused to do so.

This isn’t the first time South Dakotans have used effective strategies of people-to-people organizing and ballot initiatives for the good of their neighbors.

In 2016, a bipartisan coalition with strong support from the faith community won a stunning victory against financial predators, winning 76% support for an election measure to impose a 36% cap on loan interest rates. on salary. Previously, those rates averaged around 600% in South Dakota, trapping many low-income families in a downward spiral of debt.

In this midterm election season, Nebraska offers another inspiring example of citizen action to circumvent out-of-touch politicians.

For 13 years now, Republicans in Congress have blocked efforts to raise the federal minimum wage, leaving it stuck at $7.25 since 2009. Nebraska’s entire congressional delegation — all Republicans — has always opposed the hikes minimum wage. Rep. Adrian Smith, for example, recently attacked President Biden’s $15 federal minimum proposal as “economically harmful.”

Nebraskans see the issue differently.

Voters there approved an increase in the state minimum wage to the same level Biden has proposed — $15 an hour — by 2026. The measure, which was accepted with 58% support, will mean bigger paychecks for about 150,000 Nebraskans.

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Studies show gains versus hunger lost with tax credit ending – The 74 https://amiyasahu.com/studies-show-gains-versus-hunger-lost-with-tax-credit-ending-the-74/ Fri, 18 Nov 2022 17:03:06 +0000 https://amiyasahu.com/studies-show-gains-versus-hunger-lost-with-tax-credit-ending-the-74/ Support The 74’s end of year campaign. Each donation will be matched dollar for dollar. An article in the Journal of the American Medical Association in October confirmed previous research that food insecurity increased significantly after the monthly Federal Child Tax Credits expired on January 15, 2022. The study looked at the period between January […]]]>

Support The 74’s end of year campaign. Each donation will be matched dollar for dollar.

An article in the Journal of the American Medical Association in October confirmed previous research that food insecurity increased significantly after the monthly Federal Child Tax Credits expired on January 15, 2022.

The study looked at the period between January and July of this year in a series of national surveys and found an almost 25% increase in food inadequacy, affecting black, Hispanic and Indigenous families the most.

The article published Oct. 21 in JAMA, “Association of the Expiration of Child Tax Credit Advance Payments With Food Insufficiency in US Households,” involved a cross-sectional study of repeated surveys of a nationally representative sample of 592,044 US households.

“The results of this study suggest that loss of monthly payments (child tax credit) was associated with an increased prevalence of households with children in the United States reporting sometimes or often not having enough to eat, a condition associated with adverse health effects across the lifespan,” the paper concludes.

Monthly American Rescue Plan Act (ARPA) Child Advance Tax Credit (CTC) payments were administered to more than 35 million households with children in the United States between July and December 2021. Center figures on Budget and Policy Priorities show the appropriations benefited about 2.37 million children in Ohio. Tax credits were associated with a substantial decrease in food insufficiency, according to the study.

Under ARPA, three major changes to the credit have been enacted for the 2021 tax year: an expansion of eligibility to include families with very low or no income; an increase in credit amounts from a maximum credit of $2,000 per child per year previously to $3,000 per child 6-17 per year and $3,600 per child under 6 per year; and provision for half of the loan in the form of a monthly advance between July and December 2021.

As a result of these changes, about 92% of families with children were eligible to receive $250 to $300 per month per child between July and December 2021, according to the study. National data shows that parents report spending monthly CTC payments on food, utilities, rent, clothing and education costs, according to the article.

These monthly payments expired in January 2022 after the US Congress failed to extend the policy.

In a series of surveys conducted by researchers just before the CTC expired, the unadjusted household food insufficiency was 12.7% among households with children.

In late January and early February 2022, following the first missed monthly CTC payment, 13.6% of households with children reported food insufficiency, rising to 16% in late June and early July 2022.

“Given the well-documented associations between the inability to afford food and poor health outcomes across the lifespan, Congress should consider prompt action to reinstate this policy,” the JAMA article recommended.

These latest findings mirror previous research done by the nonpartisan National Research Group at the Brookings Institution and published in April 2022 in a report titled “The Impacts of the 2021 Expanded Child Tax Credit on Family Employment, Nutrition and financial well-being”.

Brookings researchers said the temporary tax credit expansion “has unprecedented reach” and lifted 3.7 million children out of poverty by December 2021.

“The expanded CTC significantly improved food security and healthy eating among eligible people,” Brookings found.

Moreover, according to this study, about 70% of CTC recipients who were negatively affected by inflation said that the payments helped them better manage rising prices.

Besides increasing food security, other areas Brookings said tax credits help families include statistically significant declines in credit card debt compared to those who were not eligible; reducing reliance on expensive financial services such as payday loans and pawnbrokers, as well as reducing blood plasma sales rates; increased capacity to manage emergency expenses and strengthened family emergency funds; and a significant drop in evictions.

Brookings also found that credit enabled families of color to make significant investments in their children’s long-term educational outcomes. Black, Hispanic and non-white households were more likely to use the credit for child care and education expenses, Brookings found.

South Dakota Searchlight is part of States Newsroom, a grant-supported network of news outlets and a coalition of donors as a 501c(3) public charity. South Dakota Searchlight maintains editorial independence. Contact editor Seth Tupper with any questions: info@southdakotasearchlight.com. Follow South Dakota Searchlight on Facebook and Twitter.


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Penticton healthcare worker and children on the brink of homelessness https://amiyasahu.com/penticton-healthcare-worker-and-children-on-the-brink-of-homelessness/ Fri, 11 Nov 2022 14:00:10 +0000 https://amiyasahu.com/penticton-healthcare-worker-and-children-on-the-brink-of-homelessness/ Penticton mother Kandace Sztepanacz with her children in their small apartment. Image Credit: SUBMITTED/Kandace Sztepanacz A single mother of two struggles to keep her family housed in the midst of a provincial housing crisis. Currently living in a small one-bedroom apartment, Kandace Sztepanacz is getting deeper into debt every […]]]>




Penticton mother Kandace Sztepanacz with her children in their small apartment.

Image Credit: SUBMITTED/Kandace Sztepanacz


A single mother of two struggles to keep her family housed in the midst of a provincial housing crisis.

Currently living in a small one-bedroom apartment, Kandace Sztepanacz is getting deeper into debt every month.

“I’m sinking financially,” she said. “I even had to take out payday loans. I live in fear that we’ll end up living in my car, and in January there’s a rent increase.

Sztepanacz doesn’t know from month to month whether she’ll be able to afford to continue living in her apartment, and between shifts as a nursing unit clerk at the Penticton Regional Hospital, she is looking for cheaper accommodation.

She is far from finding one in her price range, and the current stressful situation is having an impact on her mental health.

“The prices are amazing,” she said. “Even properties that claim to be low-income cost $1,600 or more for a bedroom, and then they require rental insurance, parking fees, and add utilities on top of that.

“There are a few properties that have units in the lower price range, but they require you to have a certain credit score.”


READ MORE: Governments must take ‘serious action’ to tackle housing crisis: accountants

Last year, Sztepanacz was receiving employment insurance benefits to supplement his salary, but is no longer eligible after moving into a full-time position a few months ago.

“Even with full-time hours, I’m barely getting by,” she says. “I don’t get child support, so I work overtime whenever possible.”

This year, she applied for shelter allowance through BC Housing.

“They’re basing it on last year’s taxes and I had EI topped me up, which was too much to qualify for their low income bracket of $40,000 gross, not home, raw, to support three people,” she said. “So I reapplied asking them to use what I’m currently making.

“They wanted three current pay stubs which I submitted, but the stubs reflected an unusually high period of overtime which I was able to enter when many of my colleagues were away. I explained it was higher than normal and showed them normal stubs but they used my overtime stubs and decided I was earning too much for the low income bracket and told me refused.

Sztepanacz asked to go back to school to become a nurse so she could earn more money, but had to put the plan on hold because she couldn’t support her children at the same time.

She even tried to find a second job, but her rotating schedule as a hospital clerk prevented her from doing so.

Sztepanacz wants the government to step in and help families who desperately need affordable housing.

“My grandmother worked in the hospital running the radiology department for years and was able to afford a big, nice house where I grew up, but my generation can’t afford to live. Something has to be done, the cost of living is way too high. I have a great job, one with a pension, but I live in fear that we will end up on the streets.


READ MORE: HOUSING CRISIS: Kamloops mom and kids in tough spot after losing their home

Sztepanacz has a family member who lives in Penticton who doesn’t have room for all three of them.

“I know people my age and in their 40s who have had to move back in with their parents and others who work full time while living in their car.”

As Sztepanacz takes each day one day at a time, she struggles with anxiety, fear and a sense of hopelessness that her family will one day feel financially stable and well housed.

According to Statistics Canada data from the 2021 census released in September, residents of British Columbia spent an average of 25.6% of their income on housing last year.

43.7% of Kelowna renters spent more than 30% of their income on housing last year.

36.1% of Kamloops renters paid more than 30% last year.

The data published by Statistics Canada does not include a breakdown for small communities.


READ MORE: Renters in Kamloops and Kelowna find it harder to find housing than homeowners: StatsCan


– This story was corrected at 8:56 to change the title as the woman is not a nurse.



To contact a reporter for this story, email Shannon Ainslie or call 250-819-6089 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.


We appreciate your comments and opinions on our stories, but play well. We will not censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in the comments, email the editor in the link above.

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41% of students plan to drop out due to money worries – Reading Today Online https://amiyasahu.com/41-of-students-plan-to-drop-out-due-to-money-worries-reading-today-online/ Tue, 08 Nov 2022 07:11:41 +0000 https://amiyasahu.com/41-of-students-plan-to-drop-out-due-to-money-worries-reading-today-online/ RESEARCH by a leading credit management company found that 76% of students are worried about making ends meet while in college, and 41% are considering quitting smoking. Lowell’s research on student debt habits found that more than three-quarters of students (77%) develop personal debt, excluding tuition fees and student loans, while in class. The use […]]]>

RESEARCH by a leading credit management company found that 76% of students are worried about making ends meet while in college, and 41% are considering quitting smoking.

Lowell’s research on student debt habits found that more than three-quarters of students (77%) develop personal debt, excluding tuition fees and student loans, while in class.

The use of credit comes mainly from the use of credit cards, overdrafts, buy it now programs and payday loans.

John Pears, CEO of Lowell, said: “College should be an exciting and rewarding experience, but for young people who leave home and can’t depend on family money, it can also be costly.

“Getting into debt while in college can be worrisome, especially if you don’t have a regular source of income or a guaranteed job for graduation. We want students to know that they are not alone when it comes to struggling with college debt.

“If you are concerned about your situation, help and support is available. A list of independent organizations that can offer support is available on our website.

Just under one in ten students rely on payday loans for small amounts of money with an extremely high APR.

The study suggested that students who rely on this form of borrowing could end up with permanent debt problems, especially if they intend to pay them back with student loans or scholarships.

With a 0% overdraft, many students are drawn to what may seem like “free” money. However, after college, many banks expect students to pay off their overdraft within 1-3 years, putting even more pressure on graduates to find jobs in a market. competitive work.

Naturally, the top spending priorities are weekly groceries, rent, and bills, but despite financial pressure, 34% of students said they were likely to spend money on nights out , take-out or dining out.

Excluding tuition fees and student loans, graduates leave university with an average debt of £2,332, taking 3.8 years to pay it off in full.

About 15% of graduates finished university with over £5,000 in extra loans. Of all those surveyed, 16% took four years or more to pay off the personal debt they had accumulated while in college.

Sheldon Allen, President of the University of Reading Students’ Union, said: “We are working with the university to address a range of priorities in [the cost of living crisis]. We believe that every student should be able to have a low-cost hot meal on campus and that students should be supported if they encounter difficulties.

“To work on resolving the crisis, we are collaborating with the university and have launched a new UoR/RUSU Cost of Living Task Force. The task force is co-chaired by me and Elizabeth McCrum, Vice Chancellor for Education and Student Experience. It brings together key people from across the university community to tackle these issues and work to further support students with the cost of living.

To access support visit: www.lowell.co.uk/help-and-support/independent-support

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Financing options for Lyft and Uber drivers https://amiyasahu.com/financing-options-for-lyft-and-uber-drivers/ Fri, 04 Nov 2022 16:14:13 +0000 https://amiyasahu.com/financing-options-for-lyft-and-uber-drivers/ A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule. The best part? These people only need a valid driver’s license and a car to start making money! Unfortunately, there are a few expenses associated with […]]]>

A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule.

The best part? These people only need a valid driver’s license and a car to start making money!

Unfortunately, there are a few expenses associated with the role, and maintaining a vehicle to company standards and policies can be a bit costly. This is when Lyft and Uber drivers can consider outside sources of income to supplement their work, such as a Lyft driver payday loan.

Here are some other financing options to consider.

Why Rideshare Drivers Need Funding

Here are three of the most common reasons a Lift or Uber driver may need additional financial assistance:

For emergency funds

Being a driver for Lyft or Uber usually comes with a good financial package, but the job doesn’t come without its own set of significant expenses. For example, owning a car that can then be used for commuting can be quite expensive.

If you consider the cost of car upgrades and maintenance, gas, parking fees and accessories, money can quickly add up and become an unmanageable sum!

Debt Consolidation

This is a common strategy for paying off debt with a single financing solution. It is an ideal solution that helps borrowers to repay a loan amount in full. For a rideshare driver who may have balances with interest rates, debt consolidation may be a good idea.

Buy a new car

Using a loan to buy a new car can be a good way to solve a pretty big problem. After all, having a quality car is an asset as a Lyft or Uber driver. Taking out a loan allows drivers to have a solid source of income without having to dip into their savings or shell out hefty up-front payments.

Are they eligible for loans?

The simple answer is yes, Lyft and Uber drivers are eligible for certain loans.

Unfortunately, unlike contractors, Lyft and Uber drivers may have a harder time qualifying for any type of loan. This is largely due to the unpredictability of the ridesharing industry, stringent documentation requirements, poor credit history, and even employment status.

Types of loans available

There are different types of loans available for Lyft and Uber drivers to choose from and apply for, depending on specific circumstances. We have described some of the most suitable options below.

Payday loans

One of the main buffers to ensure that a car stays in pristine condition is a payday loan. Although this can be a practical solution if they are in a difficult situation, it often comes with higher interest rates which can make repayments much more expensive than they should be.

Secured loans

These have lower interest rates in exchange for collateral types of items. It’s one of the best types of loan a Lyft or Uber driver can get, and it’s good for improving credit scores. Yet, if a loan is not repaid on time, the car may be lost as collateral.

Unsecured Loans

It’s another good option for Lyft and Uber drivers to consider, but it’s much harder to qualify than other types of loans. If they don’t want to put their car under warranty, this is a great alternative.

Loans for bad credit

If rideshare drivers have a bad credit history and are not eligible for secured loans, this is a good alternative. However, it has stricter repayment terms and much higher interest charges as they pose more risk to lenders.

Credit card

It’s the best option for Lyft and Uber drivers looking to fund some bills from time to time. It’s a pretty straightforward route to a line of credit that can be used to make purchases for the car, buy gas, and even pay for needed repairs. However, they must repay the minimum amount before the delegated due date.

Personal loans

Lyft and Uber drivers can apply for personal loans in any situation. If they have collateral or decent credit, they can receive much lower rates on whatever loan they get. Whether they want to finance car repairs or buy months worth of fuel for the car, a personal loan can be a very useful tool!

Other financing options to consider

Instead of resorting to quick cash loans or payday loans with high interest rates and fees, here we have listed the various alternative funds that drivers can apply for.

Credit line

Sometimes a borrower does not need to take out a loan but still does not have enough money should an emergency arise. This is where a strong line of credit will come in handy. It provides Lift and Uber drivers with a comfortable cushion of funds to cover maintenance costs and other relevant purchases.

Cash advance

If a Lyft or Uber driver has bad credit, a cash advance may be the answer. It is not a loan, but rather a calculated cash amount that is given to the driver based on all of their future earnings.

Alternative Small Business Lending Platforms

There are many companies that might be willing to offer more suitable loans for small businesses operating in the economy, such as Lift and Uber drivers.

Depending on which lender they choose to go with, drivers could receive a loan of $10,000 and an additional $15,000 in the form of a line of credit.

These lenders usually charge higher interest rates, which can put anyone in a more difficult financial situation.

Summary

There is no doubt that being a Lyft or Uber driver can sometimes be quite an expensive task. Fortunately, drivers no longer have to shell out money out of pocket to cover work-related expenses. This is because there are many suitable financial alternatives.

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Lefsetz Letter » Blog Archive » Takeoff https://amiyasahu.com/lefsetz-letter-blog-archive-takeoff/ Wed, 02 Nov 2022 20:56:18 +0000 https://amiyasahu.com/lefsetz-letter-blog-archive-takeoff/ If this guy was white… Most people have no idea what’s going on behind the discs. Despite the bluster, the silver flash, the real life of these rappers is not depicted. They are in danger. In an underground economy. It’s the rock and roll of old. A cash business, but much more dangerous. Not that […]]]>

If this guy was white…

Most people have no idea what’s going on behind the discs. Despite the bluster, the silver flash, the real life of these rappers is not depicted.

They are in danger.

In an underground economy.

It’s the rock and roll of old. A cash business, but much more dangerous.

Not that I knew that much until I read Joe Coscarelli’s book, “Rap Capital: An Atlanta Story”: https://amzn.to/3Ns7PMl and spoke to him for the podcast: https ://bit.ly/3haAadK

First, we have a huge incarceration problem in America, which disproportionately targets black men. It’s amazing how many of these eventually famous rappers go in and out of prison. And if you think racism is outdated, you need to be on the Supreme Court. There are places in Georgia where rappers are on their toes due to notorious white police crackdowns on petty crimes.

As for the pay…

Everything looks simple from the outside. There are record company royalties and concerts. But it’s much more complicated than that. There’s tons of cash gigs the IRS not only misses rich CEOs but also rappers, who themselves are sometimes incredibly rich because of this economy, where you show up at a club to rap for follow and… you can do several concerts per night. That’s another amazing thing about Coscarelli’s book, how rich some of these rappers are.

Not that a career is guaranteed. It’s one thing to have a hit, it’s another to maintain it.

And it’s not just the underground economy that’s involved, but also the Fortune 500. They know that rappers have the most credibility, not to mention popularity, with the target audience, so they go into business with them. . It used to be that you had to have a certain number of visits before companies called you, but now they’re involved from the start.

And so many acts are disposable. And find themselves where they come from. Never mind the fact that many do not.

And while rockers and old swaggers are still trying to figure out the internet, it was embraced by the hip-hop community right from the start. Rappers knew that you had to give to receive, like a drug dealer. They knew it was about getting the big money, not the little one. Ergonomic Mixtapes. These recordings endeared them to an audience that bonded with them. There was a lot of money on the road, if you had fans.

And cultural.

And, culture involves a lot of posturing and violence.

And white people and the mainstream media might report it, but they don’t denounce it.

It’s taken for granted that rappers get shot. Why?

Well, we could go to the source and ask why black people don’t have more opportunities. Coscarelli writes about college graduates who end up doing manual labor. But affirmative action is taboo, because someone might gain an advantage that has been incorporated into a majority group. I mean you have to attack the problem at some point.

And let’s be clear, it’s not what you learn at Harvard or Yale, it’s the people you meet, who are part of your network. JD Vance was a hick until he went to Yale Law School, built relationships, worked with Peter Thiel, and ended up writing a twisted book he used as a platform to run for Senate from Ohio. Where is the concomitant advantage for blacks?

Believe me, the upper middle class knows all the tricks. But even the middle class has no idea, that the best educational institutions are blind to need, and if you can get in and you’re broke, you don’t have to pay a dime.

America’s information deficit, right there.

So think of all the people who profit from rapping. White-run labels, TV and streaming companies, the aforementioned Fortune 500, but none of them lift a finger to counter the violence in the culture, they don’t even bother to speak out against it.

This is racism incarnate.

As for George Floyd… All the companies that have supported black people… that was then and this is now, the end result is far from major, it’s the same as ever.

So if a white rapper had been shot, there would have been front-page stories about his family, their devastation. And there would be investigative articles in the media asking how this could happen. How this honest citizen of good family got suffocated. Yeah, they were coating the background of the deceased, were they reading an obituary where they said the person was an arrogant punk?

And all the government leaders would come together and talk about action.

Meanwhile, where are the stories about Takeoff’s family? Where is the deep dive into his past life?

AND WHERE IS THE OUTRAGE!

We can start with gun control… But it seems to go the other way. I would think twice before moving to Texas, where anyone can carry a gun without a license. Rave me about the supposed economic benefits all day long, they don’t mean much when you’re dead.

The truth is that white people and the mainstream community don’t care if another black person dies. Just one less mouth to feed. Yeah, that’s how they see it, that black people are taking it, always wanting more, the government has to stop supporting them.

While they’re at it, why don’t they take out all that money the government disproportionately gives to red states, huh?

And an advanced society watches over those at the bottom of the economic ladder. In most western countries. But welfare was stifled under the Clinton administration and the idea that black women just have babies and are supported by the government is wrong. You think someone should take your money, that you should pay less tax, but when there’s a natural disaster, you want federal help right away.

Yes, there must be a scapegoat. And blacks are number one.

Even if their schools are not up to standard. The right says that you have to choose the school, close the bad schools, only there is not enough room in the good schools for all the disadvantaged! And in truth, it is only a ruse to advance the cause of religious schools, which are not free, and if you are not a believer…

And don’t equate every rapper with Kanye. They’re not that rich and they’re not that crazy. They are just trying to survive.

So we have to take the guns off the streets. Enough of throwing our hands in the air. When your kid gets shot, you go crazy, and someone else’s kid?

And how about a denigration of violence. Why are gangs and violence portrayed as cool? A lot of kids join gangs not because they’re cool, but just to survive. And since the police are ineffective, the gangs and others take the law into their own hands. And since opportunities are scarce, kids sell drugs, for that quick cash, I mean how long are they going to live anyway?

That’s what amazed me in “Hoop Dreams”. They threw a big birthday party for the player because living to be eighteen is such a feat. Do we feel the same as white people? That just staying alive is something to celebrate?

And often they find the perpetrators and lock them up, but that’s not really a deterrent, because they don’t think they have much of a future to begin with. And honor and image are everything, as if we were living in the feudal past.

All those talent agencies and apparel companies can drop Kanye like he’s hot, but how about dropping those involved in violence. Believe me, if you take away the few opportunities, it will change the culture.

As for clubs and strippers and making it rain…

Everyone can choose how they want to live their life but we flood these great athletes with money that they have no education on how to spend and then they blow it up and end up broke and eventually dead with CTE. But gamers are disposable, just like rappers. Hell, most NFL players don’t even have guaranteed contracts! Get hurt and you’re out. We don’t care about you. Life is hard. Meanwhile, the bad actor billionaire owner continues to rape and plunder not only in business, but also in his personal life.

It’s a way to demonstrate your status, by earning money and spending it.

Now, in truth, on TikTok there are all these videos that talk about money, about the economics of buying a new car, about investing. Maybe newcomers will see them, but we don’t even teach economic skills in school, because if we did, salespeople couldn’t laugh at these customers. Dollar stores, payday loans… They’re obnoxious, but if you’re broke, sometimes you don’t have a choice.

Somehow, America has flipped, and it’s white people who are at a disadvantage. What’s a poor boy to do? Don’t play in a rock and roll band, BUT BECOME A RAPPER! It is one of the few potentially well-paying jobs for an underprivileged youth, other than drug dealing.

But we demonize these people, because we take advantage of their backs.

Come on, black people are way above their weight when it comes to culture. And, unfortunately, this culture of gun violence impacts not only them, but also white people, BECAUSE IT’S SEEN TO BE COOL!

Let me tell you, when you’re dead, nothing is cool. Finito. It’s finish. The challenge is to stay alive. Shit, the government should give a million dollars to every rapper who hits 40. Better yet, a guaranteed income for all, including blacks.

But no one wants to PAY FOR IT! I don’t understand, you want to live in Venezuela? I’ve been there, the wealthy people live in the hills in houses surrounded by concrete walls topped with barbed wire.

You think you are immune, but you are not. We live in a big society. And you are part of it, and you are vulnerable. If you don’t take care of your siblings, raise them, it will impact you negatively.

But then you have all those executives who say they’ve made their billions and don’t recognize that without customers they’d have NOTHING!

Consumers are kings. But that’s not how our society sees it. We worship the rich and criticize the poor, ignoring what goes on in their brains.

And when it comes to hip-hop, it’s all about creativity. You don’t get to the top by accident. So why can’t we recognize it, except in award shows that nobody watches anyway?

Certainly, everything fades almost instantly these days. But in the aftermath of Takeoff’s death, I haven’t seen any official elected commentary on it. I didn’t see any outcry. At best, there was a shrug.

And that’s not right.

Something has to give. And if you don’t fix the underlying problem, it will affect you.

Come on, is anyone outraged that this guy was shot?

I suppose not.

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Kim and McGuire face off in Lake County Treasurer’s campaign – Chicago Tribune https://amiyasahu.com/kim-and-mcguire-face-off-in-lake-county-treasurers-campaign-chicago-tribune/ Thu, 27 Oct 2022 21:46:41 +0000 https://amiyasahu.com/kim-and-mcguire-face-off-in-lake-county-treasurers-campaign-chicago-tribune/ Four years after becoming Lake County treasurer in a 2018 blue wave election, Mundelein Democrat Holly Kim faces a challenge from Republican Paula McGuire of Green Oaks. Kim touts nearly $10 million in investment income earned in 2020, up from $2 million four years ago, the launch of online billing to reduce printing and postage […]]]>

Four years after becoming Lake County treasurer in a 2018 blue wave election, Mundelein Democrat Holly Kim faces a challenge from Republican Paula McGuire of Green Oaks.

Kim touts nearly $10 million in investment income earned in 2020, up from $2 million four years ago, the launch of online billing to reduce printing and postage costs and the launch of a 24-hour support system among its achievements.

She also said she had raised the profile of the office from a time when “no one really knew anything about the Treasurer’s Office”, despite a host of challenges presented by the COVID-19 pandemic.

McGuire, a longtime accountant for PwC, says things aren’t going so well and she can usher in changes to better serve Lake County residents.

“I think there’s a fine line in being a PR office and having some sort of fiduciary professionalism in place as well,” McGuire said. “I think the main focus would be to make sure that community assets are properly protected and then you would make sure that individuals in the community actually have access to all the information that they are looking for and maybe you would report, of course on a quarterly basis, what is going on in this office.

Kim took the job with a vision to play a bigger role than just being an office that “just collects the money” from property tax payments and manages a portfolio worth a few hundred million dollars. dollars in county assets.

“It’s true, this office is just collecting the money,” Kim said. “But honestly to God, with the way we invested and returned money, it all helped the county keep its levy flat for three straight years because we got all those extra millions of dollars. So I guess we can help in different ways.

Kim said the increase in investment income was partly due to investments made in ways that his predecessor, David Stolman, “didn’t realize” were available after updates to state laws governing the management of county investments, including the seizure of corporate and municipal bonds. markets.

She added that this raise helps the treasurer’s office “give back millions” so the Lake County Board can then “do things like road projects or flood (mitigation).”

McGuire said she wondered if the wins shared by Kim might be too good to be true.

“If I asked (Kim) specifics about it and how it happened, I’m not sure she could answer that question,” McGuire said. “I found that to be a bit, how do you say that…impossible. If you’re investing according to state regulations and looking at the rates of return over those years, and I don’t want to answer to her question in her place but in my opinion the only way to do that is if you have a huge base influx I kind of tried to press her on that in another situation and she didn’t haven’t really been able to answer the question.

Republican Paula McGuire of Green Oaks is challenging Democratic incumbent Holly Kim for Lake County treasurer in the Nov. 8 election.

McGuire said that if she were to win the job, she would want to ensure that investments are made in clearly permitted areas as defined in state regulations, which she said, “there is a question whether or not this has actually happened in the past here for the past four years.

“Because I’m not a politician, one of the things most people say when dealing with the treasurer’s office is that they want to be more transparent and more specific,” McGuire said.

She said that in order for residents to “get the details” on the desk, “you need the FOIA.”

Kim said she has made other improvements to benefit taxpayers, including reducing eCheck fees to free for online and phone payments, as well as joining the Illinois BankOn Commission, in the part of a mission to encourage people to avoid taking payday loans.

“We work with the state; it’s really a move in that we’re moving people away from payday loans and starting a relationship with a bank or credit union instead,” Kim said. “There are a lot of things I’m involved in that this office has done to help people.”

McGuire said her “stronghold is numbers” and that she has the financial sense to “act proactively instead of worrying about acting reactively.” A Lake County resident for more than 25 years, McGuire said, she has experience in the insurance industry, banking industry and financial investment services.

She said now was the right time to run for public office since her kids are grown and she’s not one to sit around and complain about things she’d like to see changed, rather than d act to implement them itself.

“With the political climate as it has been for the past five years or so, I don’t think anyone can really sit down and complain about something unless they’re trying to do something,” McGuire said. .

Kim explained that a decision during the pandemic to allow residents to pay their property taxes in four installments shows her ability to adapt and thrive in the role under difficult circumstances.

She said 2022 was the first “normal collection year” during her tenure after figuring out how to handle new software launched by her predecessor, which she said had many “development issues”. Allowing four payments was impractical, Kim said, “but it was the right thing to do.”

“What it did then in the third year that I was here was that we were running two fiscal years, so it was hard for our accounting to catch up,” she said. “There were certain things like the tax sale that we had to pay twice in a year.”

Kim said she’s also taken an active role in pushing for legislative changes that help county residents, including one that ensured more than 5,000 mobile home owners in Lake County would have capped late fees. $100 or 50% of their initial tax bill, as applicable. is lower.

She previously said there were instances in Lake County where customers were unable to pay their property taxes due to accrued late penalties, which she called a policy holdover from politicians who, according to she wanted to “keep the poor in poverty”.

McGuire pointed to a mistake made earlier this year when many residents mistakenly had both installments of their property taxes withdrawn from their bank accounts, instead of the first payment as expected, as evidence that a change is needed. locally.

Kim explained in a June Facebook post that the double charge happened due to “human error.”

McGuire, as well as some people who commented on Kim’s post, criticized the error for possibly causing bank accounts to be overdrawn, resulting in overdraft fees, and even the disruption of other scheduled payments.

“My question is, how do you split this two-payment process into four payments, but not test it enough to make sure it’s not going to double?” McGuire said. “I don’t understand how this could have happened.”

]]> WeDevelopment Federal Credit Union aims to stop predatory banks https://amiyasahu.com/wedevelopment-federal-credit-union-aims-to-stop-predatory-banks/ Sat, 22 Oct 2022 18:11:00 +0000 https://amiyasahu.com/wedevelopment-federal-credit-union-aims-to-stop-predatory-banks/ KANSAS CITY, Mo. — A project that was first discussed in 2007 came to fruition on Saturday. A ribbon-cutting ceremony was held at WeDevelopment Federal Credit Union, located at 31st and Prospect in Kansas City, Missouri. Dozens of community members and local leaders celebrated the new credit union which aims to help KC’s most financially […]]]>

KANSAS CITY, Mo. — A project that was first discussed in 2007 came to fruition on Saturday.

A ribbon-cutting ceremony was held at WeDevelopment Federal Credit Union, located at 31st and Prospect in Kansas City, Missouri.

Dozens of community members and local leaders celebrated the new credit union which aims to help KC’s most financially challenged areas.

“I think it shows persistence, you don’t change the world all at once, sometimes these things are tough,” said KCMO Mayor Quinton Lucas.

Gwendolyn Washington, CEO of WeDevelopment, told KSHB 41 that the credit union will help protect people from predatory lending companies, especially since the poverty rate near the location is around 30%. .

“When you have people on fixed incomes or who don’t make a lot of money, their emergencies might just be a $500 loan, that’s why they go to payday loans, but when they can go to a financial institution like WeDevelopment and they can take out a $500 loan with less than 20% interest, you know that’s where they need to come,” Washington said.

With priorities set on expanding access to banking services while educating members on how best to manage their finances, Mayor Lucas says the credit union is just the start of a better and more community. safe.

“You see more businesses filling that intersection,” he said. “I think what you’re going to see is more people going back to the core of our city, more people developing, and in the long run a place that in 10 to 15 years looks very different. Having a lot more stores, having a lot more business and a lot less crime.”

There is still work to be done, but the credit union is scheduled to open to the community on December 5.

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FTC seeks public comment on so-called ‘junk fees’ | Troutman pepper https://amiyasahu.com/ftc-seeks-public-comment-on-so-called-junk-fees-troutman-pepper/ Fri, 21 Oct 2022 18:33:34 +0000 https://amiyasahu.com/ftc-seeks-public-comment-on-so-called-junk-fees-troutman-pepper/ On October 20, the Federal Trade Commission (FTC) Posted an advance notice of proposed rulemaking, seeking public comment on the harms resulting from what it describes as “undesirable fees”, that’s to say, allegedly unnecessary, unavoidable or unexpected charges that inflate costs while adding little value. The term also encompasses “hidden charges”, which are charges for […]]]>

On October 20, the Federal Trade Commission (FTC) Posted an advance notice of proposed rulemaking, seeking public comment on the harms resulting from what it describes as “undesirable fees”, that’s to say, allegedly unnecessary, unavoidable or unexpected charges that inflate costs while adding little value. The term also encompasses “hidden charges”, which are charges for goods or services that are misleading or unfair, including because they are disclosed only at the last stage of the consumer’s purchase process or not everything. Although the FTC has been active in taking enforcement action against alleged “junk fees,” it generally does not have the authority to seek sanctions against first-time offenders or the ability to obtain a financial compensation for consumers in cases where “junk fees” violate the FTC. prohibition of unfair or deceptive practices. This new rule would change that.

According to the FTC, these so-called “junk fees” are prevalent in a variety of industries: “Junk fees manifest themselves in markets ranging from auto financing to international calling cards and payday loans. Examples of fees the FTC is questioning include “mobile cramming” fees, connection and maintenance fees on prepaid phone cards, account fees, fees that decrease the amount a borrower receives from loan, miscellaneous fuel card charges, car dealership fees, undisclosed fees for funeral services, hotel “resort” fees, hidden fees for academic publications, poorly disclosed auxiliary insurance and membership programs.

According to the FTC, the fees it plans to regulate fall into the following categories:

  • Unnecessary charges for worthless, free or counterfeit products or services.
    • Consumers may be subject to fees for products or services that cost businesses nothing, are available free of charge, or should be included in the purchase price.
  • Unavoidable charges imposed on captive consumers.
    • Consumers may be forced to pay unwanted charges because they have no way of avoiding or opting out of them, either because they are dealing with a monopolistic company or because they have already invested money in the product or service and can’t easily walk away.
  • Surprise fees that secretly drive up the purchase price.
    • According to the FTC, this happens when companies unexpectedly prey on undisclosed fees, hide fees in the fine print, add fees at the end of a purchase process, or use digital dark models or other deceptions to perceive them.

The FTC invites comment on, among other things, the prevalence of each of the above practices and the costs and benefits of a rule that would require the initial inclusion of all mandatory charges whenever consumers are offered a price for a good or service. Once the notice is published in the Federal Registerconsumers can submit their comments electronically.

This proposed rule isn’t the only new rule the FTC is considering attacking fees. As we discussed here, in June 2022, the FTC issued a proposed motor vehicle dealer business regulation rule. The proposed rule would create a host of new compliance challenges for motor vehicle dealers, including a new national standard for price advertising, disclosure triggers for payments, additional paperwork for selling add-on products, prohibition of “no benefit” additions on products and additional record keeping requirements. The deadline for comments expired on September 12.

The FTC and other regulators have also challenged the charges through enforcement action, and this notice follows the FTC’s announcement of charges against a car dealership for discriminating against certain groups of car buyers in the way he imposed additional charges in the automobile. vehicle sales. We are discussing this settlement here.

FTC Chair Lina Khan explained the reasoning for the proposed new rule in her statement“These types of additional or redundant charges can mislead consumers or prevent them from knowing the true cost of a purchase until they have already invested significant time and energy.” Chairman Khan also claimed that the “unwanted fees” also had negative ramifications for other business owners. “These fees don’t just hurt consumers, they can also force honest businesses to compete on an unfair playing field. A company selling a widget for $25 could lose sales to a company selling a comparable widget for $20, plus a six-dollar widget certification fee added at the end.

Troutman Pepper will continue to monitor important developments involving the FTC and the proposed rules, and we will provide further updates as they become available.

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