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4 tips on how to pay off credit card debt and why you need to do it now

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NEW YORK (AP) – For Americans who lacked savings before the pandemic, financial stress increases. A mix of inflation, higher rates of interest and the tip of pandemic relief reminiscent of a moratorium on student loan payments has led to record credit card debt, experts say.

Americans had greater than $1.05 trillion on their credit cards within the third quarter of 2023, and the typical rate of interest on a given credit card is currently around 21.5%, the very best for the reason that Federal Reserve began monitoring rates of interest in 1994. A report by the rating company Moody’s stated that credit card arrears are now much higher than in 2019, i.e. at pre-pandemic levels.

Silvio Tavares, president and CEO of VantageScore, considered one of the country’s two essential credit scoring systems, said “the reality is that we are starting to see some significant signs of stress,” despite the fact that consumers are generally in good financial shape.

A mix of inflation, higher rates of interest and the tip of pandemic relief reminiscent of a moratorium on student loan payments has led to record credit card debt, experts say. (AP Photo/Mike Stewart)

If you’re scuffling with increased credit card debt and feeling the continuing effects of inflation, here’s what to consider:

Ask for a discount in rates of interest

One of the primary things you should do is ask your credit card company to lower your rates.

While the Federal Reserve signaled on Wednesday that that is the primary (*4*)the rate of interest cut will probably happen in a number of months, average credit card rates of interest are already much higher than the speed set by the Fed. Most firms offer promotional rates and ways to transfer your balance to low- or zero-interest cards, a minimum of for the primary yr. These promotions may help prevent debt from accumulating.

That said, you can have to pay a balance transfer fee and pay off the balance before the promotional window ends, or you could also be charged additional interest.

What’s more, reports on banking industry sentiment show that banks have gotten more conservative with their lending, which implies refinancing could change into tougher.

Pay off higher interest debt first

Known because the “avalanche approach,” paying off debt where interest accumulates faster will all the time be simpler than paying off lower-interest debt first. This is essentially the most economical approach to debt management.

Another approach, referred to as the “snowball approach,” considers the psychological advantages of paying off small debts first, which may boost morale, before tackling larger debts. Some financial advisors find this method more motivating.

Nonprofit credit counseling may be found through the National Credit Counseling Foundation at nfcc.org.

A Discover card is used to pay for gas at Sam’s Club in Madison, Missouri, on July 1, 2021. (AP Photo/Rogelio V. Solis, File)

Consolidate your loans and lower your student loan payments

Where possible, advisors also encourage consumers to consolidate their loans at a hard and fast rate of interest, if available. Federal Trade Commission Consumer Guide for Getting out of debt may help you make a plan.

When it comes to student loan repayment, also be certain that that every one of those debts are consolidated and that you make the most of any ways to reduce your monthly costs.

The Public Service Loan Forgiveness Program is considered one of several options for relief that remains to be available to many individuals with student debt. Other sources for borrowers include: fake certificate, defense of the borrower, closed school, leave due to total/everlasting incapacity for workand alternative repayment programs reminiscent of repayment depends on income.

Budget for inflation

Inflation has dropped from its peak, but the associated fee of many goods and services stays high: According to the Bureau of Labor Statistics, a loaf of bread that cost $1.54 in December 2020 cost $2.02 at the tip of last yr. According to realtor.com, the median rent for a property with two bedrooms or less increased from $1,424 at the tip of 2020 to $1,713 at the tip of last yr.

America savesa nonprofit campaign run by the Consumer Federation of America, offers tips.

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Since the pandemic, some monthly service providers have change into more open to negotiating bills — whether it’s utilities, phone service, cable, web or automotive insurance. According to Kia McCallister-Young, director of America Saves, making such calls can lead to significant savings. Call and ask in regards to the lowest rate, available discounts and coupons, he advises. If the supplier is competitive with other firms, you are more likely to get a reduction.


This article was originally published on : thegrio.com
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Black-owned brand redefines vodka with first-ever organic hemp-infused vodka

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Fiyori Vodka changes the foundations of the alcohol industry, offering a singular combination of luxury and well-being.

Founded by Clarence Darkwa and COO Jay Black, Fiyori is the world’s first organic vodka with hemp. It offers a smooth, sophisticated drinking experience combined with the health advantages of organic hemp seeds. As black entrepreneurs in a white-dominated industry, Clarence and Jay have overcome challenges and broken barriers to create a product that stands out and is leading a brand new wave of wellness-conscious spirits.

BLACK ENTREPRENEURSHIP We caught up with the founders to debate their journey, the innovation behind their brand, and the way Fiyori is poised to disrupt the market.

BE: What inspired you to create Fiyori and the way did the thought for an organic hemp-infused vodka come about?

Clarence and Jay: Fiyori was inspired by the need to create a premium vodka that not only tasted exceptional, but in addition offered health advantages. Known for its wealthy dietary profile—filled with essential fatty acids, proteins, and antioxidants—hemp seeds were a natural alternative. We desired to mix wellness with pampering, and so the thought of ​​an organic vodka infused with hemp was born. Fiyori was a product that combined one of the best of each worlds: premium vodka and the advantages of organic hemp seeds, while maintaining a smooth, sophisticated taste.

Can you tell us concerning the technique of developing the world’s first organic hemp-infused vodka? What challenges did you encounter along the best way?

Creating the world’s first organic hemp-infused vodka has been an exciting journey. The process began with sourcing high-quality organic hemp seeds that met our rigorous standards for sustainability and purity. We experimented with the infusion process to realize the proper balance of flavor without compromising the smoothness of the vodka. One of the most important challenges was overcoming regulatory hurdles and educating consumers concerning the difference between hemp and marijuana. Despite these hurdles, we remained committed to creating a singular product that showcased the natural advantages of hemp seeds.

Why was it necessary to you that Fiyori vodka not only be hemp-infused but in addition organic? How do these decisions reflect your brand values?

From the very starting, we were committed to making a vodka that was aligned with the values ​​of quality, sustainability and wellness. The decision to make use of organic ingredients stemmed from our belief that customers deserve a clean, pure product without harmful additives. Hemp seeds have quite a few health advantages and we desired to preserve these characteristics through an organic process. This commitment to integrity reflects Fiyori’s mission to supply a premium, health-conscious vodka while supporting sustainable farming practices.

How do you think that the addition of hemp makes your vodka stand out from others available on the market and the way have consumers responded to it to date?

The hemp infusion definitely sets Fiyori apart in some ways. It adds a subtle nutty flavor and offers potential health advantages like improved heart health, reduced inflammation, and protection of neurological function. Consumers were thrilled to find a vodka that not only tastes smooth but may also contribute to their overall well-being. The feedback was overwhelmingly positive, with many purchasers surprised by how smooth our vodka is and thrilled by the potential health advantages.

In an industry where tradition often rules, how does Fiyori manage to embrace innovation while still paying homage to the art of vodka making?

While we honor traditional vodka-making techniques, we’ve embraced innovation with our hemp seed infusion and deal with organic ingredients. Using state-of-the-art equipment and sustainable practices, we’ve created a product that’s each modern and respectful of workmanship. Our goal is to refine the vodka-making process without overshadowing its roots, combining tradition with recent trends in wellness and sustainability.

Given current trends within the alcohol industry, where do you see Fiyori’s place and what do you think that the longer term holds for cannabis-infused alcohol?

Fiyori suits right into the growing trend of health-conscious, organic spirits. As more people see the advantages of hemp and as regulations evolve, we imagine hemp-infused spirits will turn into more popular. We are proud to be on the forefront of this movement, leading the charge to coach consumers and push the boundaries of premium spirits.

What advice would you give to aspiring black entrepreneurs seeking to break through? spirits industry or other highly competitive market?

Our advice to aspiring Black entrepreneurs is to remain true to your unique vision. Your personal experiences and perspective can set you apart. Build strong networks, deal with quality and innovation, and persevere within the face of challenges. The journey is not going to be easy, but with exertions, community support, and a transparent mission, success is within sight.


This article was originally published on : www.blackenterprise.com
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Gary Payton Launches Greater Purpose Cannabis Brand

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Gary Payton, Green Label Rx


Former NBA star Gary Payton recently partnered with Green Label Rx to launch Greater Purpose, a cannabis-infused wellness brand with recovery support for athletes and professionals.

The product will debut on September 20 at Hall of Flowers, a cannabis industry trade show in Santa Rosa, California. The former legendary Seattle Supersonic guard has teamed up with Green Label Rx founder Jason McKnight to bring the product to the world.

“Having maintained peak physical fitness throughout my career, it became important to me to share the benefits of cannabis recovery and offer the highest quality wellness products to those with an active lifestyle,” Gary Payton said in a written statement.

Greater Purpose bills itself as the primary brand of its kind to mix the worlds of recovery and cannabis. The topical product line will help alleviate chronic muscle pain, because it has been developed to harness the healing properties of cannabis and is designed to assist those with an lively lifestyle.

During the Hall of Flowers festival, people will have the opportunity to experience Greater Purpose, receive exclusive prizes, watch live product demos and meet Payton on the event.

“Greater Purpose is more than just a product line – it’s a movement to change the way we think about recovery and self-care,” said Jason McKnight.

It was recently revealed that Payton, who has been coaching basketball for several years, was announced as the brand new head coach of the College of Alameda men’s basketball team. He will lead the team after serving as head coach at Lincoln University in Oakland, California for the past three seasons.

Payton has coached within the Big3 Ice Cube league since its inception in 2017. He led his team to a title last season and was named Big3 Coach of the Year.

In 2006, he won the NBA championship with the Miami Heat. The 56-year-old played within the NBA for 17 seasons with the Seattle SuperSonics, Miami Heat, Milwaukee Bucks, Los Angeles Lakers and Boston Celtics. In the 1995-96 season, he was named the NBA Defensive Player of the Year, becoming the primary point guard to win the award.


This article was originally published on : www.blackenterprise.com
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2nd Annual Franchise Game Symposium in Plano, Texas Breaks New Ground

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Tarji Carter - The Franchise Game Founder / Event Organizer


Franchise gameThe first and only African American Franchise Symposium and Trade Show in the U.S., held its second annual event on August 16, 2024 in Plano, Texas. The event, which was spearheaded by The Franchise Player, Tarji Carter, marketing expert Dessie Brown Jr., and brand consultant Daylon Goff, was held on the Yum! Restaurants International Corporate Campus. The symposium brought together industry experts and leaders to debate the secrets to success, challenges, and opportunities in franchising.

(Photo credit: Donnie R. Word II)

This yr’s theme, “Own Your Future: Franchising as a Path to True Independence,” was the focus throughout the day. There were many notable highlights, but in keeping with Tarja Carter, “One of the most memorable moments at The Franchise Game 2024 was an incredible fireside chat with our esteemed guest, Roland Parrish, and the incredible Lady Jade. Roland’s story of how he used his success to revitalize a struggling community in Dallas through his foundation is truly inspiring. And his sponsorship of Charlie Pride’s internship with the Texas Rangers Baseball Club shows just how deep his commitment runs. But what really stole the show were the priceless gems he dropped, encouraging everyone to lead with integrity, not greed. His words hit home in a powerful way and left the audience feeling inspired, motivated, and ready to make a difference.”

James Fripp, Chief Equity, Inclusion & Belonging Officer at Yum! Brands made a big impact at this yr’s Franchise Game by offering two scholarships to the Yum! Franchising Bootcamp through the Executive Education Program on the University of Louisville! This opportunity is an actual game-changer for 2 lucky participants who will now have the prospect to delve into the world of franchising and gain invaluable knowledge to advance in their entrepreneurial journey. What a unbelievable gesture of support and empowerment from James and Yum! Brands!

This yr, there have been twice as many exhibitors, including Ben & Jerry’s, American Franchise Academy, Nebo Law Firm, Dine Brands (IHOP, Applebee’s and Fuzzy’s Taco Shop), GoTo Foods (Cinnabon, Carvel, Schlotzsky’s, Moe’s Southwest Grill, Jamba Juice, McAlister’s Deli and Auntie Anne’s), Smoothie King, Potbelly Sandwiches, KFC, European Wax Center, Inspire Brands (Dunkin’, Baskin Robbins, Arby’s, Buffalo Wild Wings, Jimmy Johns and Sonic Drive-In), EATS Broker (restaurant brokerage), ATenantCo (business real estate), Orchatect (IT infrastructure solutions) and Chick N Max.

I had the pleasure of participating in the symposium and trade fair, representing Ben & Jerry’s and reporting on the event BLACK ENTREPRENEURSHIP readers. In my role as a franchise development consultant for the brand, I shared with The Franchise Game participants details about Ben & Jerry’s industry-leading racial equity incentive program, which offers a big reduction in franchise fees and waives licensing fees for BIPOC candidates interested in ownership. “It’s definitely one of the most, if not the most aggressive incentive programs in the game,” Carter said. “We were also very grateful to partner with Ben & Jerry’s, who generously donated ten tickets for students at the University of North Texas at Frisco to participate in The Franchise Game and experience the world of franchising firsthand. It’s all about creating opportunity and access, and we’re so grateful for Ben & Jerry’s commitment to making a real difference!”

After the massive success of The Franchise Game 2024, planning is already underway for 2025. Carter said, “2024 was an absolute blast! We’ve doubled in size, with a bigger, better, and bolder program that sets the stage for something truly special. Our partnership with Yum! Brands has been phenomenal, and I’m excited to announce that we’re returning to their Plano Corporate Campus for The Franchise Game 2025 — and trust me, it’s going to be EPIC! We’re already gearing up for next year, ready to welcome more Texas entrepreneurs and give them the tools, connections, and inspiration they need to succeed as franchise owners. I can’t wait to see everyone there!”

To learn more about The Franchise Player and events, go to pl.franchiseplayer.com.


This article was originally published on : www.blackenterprise.com
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