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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.

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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.

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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.

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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.

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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.

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This article was originally published on : thegrio.com
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Ebonie Ward has an official opening of 550 RMG in Atlanta

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Ebonie Ward, 550 RMG


On May 17, the old fourth branch in Atlanta was buzzing with celebration when the entertainment director and entrepreneur Ebona Ward officially opened the door 550 rmgThe recent headquarters of her company, eleventh & Co. A ten,000 square feet of 10,000 is a return to her hometown and a brave investment in black creativity, cooperation and community.

“To be honest, it really means everything,” Ward said about having a brand new headquarters. “You work so hard to achieve a certain level of success. I have been in the industry for 13 years and I have rented a lot of space. I have worked with many other companies and brands, but have something of my own … I just feel completely different.”

Ward travel in the entertainment industry covers over a decade, including rap stars management comparable to Future, Gunna, DDG and Flo Milli. As one of probably the most influential black women in music, she is understood for connecting her sharp business vertex with deep involvement in community, culture and mentoring.

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550 RMG is a brand new house of five black corporations, including eleventh & COCreative Agency Six Degrees, Production Collective Genius Club, Non -Profit initiative and a month on the table and the approaching nine distribution, a brand new distribution company that’s to start out in September 2025.

“It gives me so many opportunities to help many more people,” said Ward. “Especially other black women who are interested in music business, entertainment, television, music, film … allows me to open and support so many other people.”

Ward has an extended history of cooperation with the founders of enterprises positioned at 550 RMG.

“I worked with B. Wright (Brian” Bwrightous “Wright) since 2011, when he was in Morehouse,” she said. “I used to have a Sneaker boutique on Peter Street and sold his shirts. We have been working together for years, and this allows us to support our companies in a more intentional way.”

The recent facility can be an area in which creativity and community coexist. Designed by an interior designer based in Atlanta, Annies Lamantia, 550 RMG features a recording studio, edition and production bay, wardrobe showroom, open kitchen, patio and plenty of conference rooms.

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“Studio is a place where magic is created,” Ward said, although she also emphasized the importance of versatility of space. “I really wanted to pull energy from this space. I wanted the versatility of opening up, so that people could cooperate and be common, but also have a space in which people can be focused and have a certain level of privacy.”

The intention for 550 RMG is deeply rooted in service. “This is the point for me – the messenger,” said Ward. Her Non -Profit organization, a spot on the table, recently hosted the third annual dinner on the occasion of HBCU scholarship holders. “I’ve always walked about music, art, philanthropy, fashion and finance. That’s what I call my Big Five. But philanthropy has such a close and expensive place in my heart.”

Ward’s commitment in social care is as comprehensive as its business tip. From events supporting women who’ve experienced losses in the course of the Mother’s Day, to programming breast cancer awareness in October, significant financial investments in scholarships for young black women attending HBCus, her work through the place on the table changes life. “I am a member of Delta Sigma Theta Borority Incorporated, and the service is always the first. But even more so, service with a mission,” she said.

https://www.instagram.com/reel/dios_qkak70/?igsh=mtnyBMPPMXF2Aglmeq===

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Building a team of powerful black women can be the predominant part of Ward’s legacy. While Ward is the overall director, owner and company manager, Jenna Tyson, Jenna Tyson, is the marketing director (CMO), Alexandria Kindle has 11thAnd the financial director I CO (CFO), Krishna Lee is EVP Touring & Logistics, and Zita R. Brack is the corporate’s internal legal advisor.

“I’m not without them,” Ward said. “As far as I am celebrated, if I could put them on a pedestal – on every pedestal I am in – they would be right next to me. I saw it and I was looking for many of them who came with me because of how amazing I thought.”

With the launch of nine distributions on the Ward horizon, there’s the inspiration for a more fair music industry. “Independence flourishes,” she said. “You don’t have to be signed now to the main label to succeed, but to be able to run a company, it requires a team. This is what we will be able to do differently – you can enter the incubated system in which everything is already working.”

550 RMG was born in addition to vision. “I wanted a comprehensive store,” she said. “There was no institution or a company where you were able to do everything in one.”

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While the obligations to work require an everyday travel department to Los Angeles, a return to Atlanta, to construct 550 RMG, seemed vital. “You must be a change you want in the world,” she said. “If I do not give people work, resources and tools, I do not create opportunities. Black women must see that it is possible.”

(Tagstranslat) ebonie ward

This article was originally published on : www.blackenterprise.com
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An online tourist company has just broken down. Here’s how to avoid leaving a contract online

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Traveldream.com.au sold with holiday discounts – chosen tourist trips, boutique and cultural trips trips through A clever website and refined social media ads. But last week there have been news that a tourist company from Melbourne He fell to administrationleaving customers from pocket by 1000’s of dollars, and in some cases got stuck abroad.

Many didn’t know that Traveldream has not been formally accredited with a leading industry body since 2020. His status under Australian travel accreditation programLeaded by the Australian Travel Industry Association, has been canceled.

Even worse, most travel insurance policies Do not include insolvencymeaning Many customers cannot get well their losses.

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The Traveldream website has been updated about a message from the administrator.

Australians are expected to end $ 2 billion Online holiday reservation in 2024–25.

Large platforms, corresponding to Booking.com and Expedia Account O 60% this motion. But many travelers also turn to smaller or less known suppliers offering flashy offers and lower prices, often with fewer security.

So how are you able to protect yourself? Start with these five controls.

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1

This is a common tactic that is difficult to resist. You scroll, see a dreamy picture, the value is tempting and suddenly you’re in the course of the money register.

But refined promoting doesn’t guarantee legitimacy.

Travel fraud If They growEspecially engaging Sellers only online.

A couple relaxing on a tropical beach at sunset in a hotel
Ads in social media for idyllic holidays may be tempting, but check a small print.
Song_about_summer/shutterstock

Check for those who can confirm your corporation address, phone number and customer support. If the contract seems unclear, underestimated or excessively urgent, it’s a red flag.

Look for independent reviews (on Trustpilot, TripAdvisor or Google) and check Scamwatch for known problems.

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2. Look how the company is involved with clients

The company’s status isn’t only what it guarantees: It is predicated on how he reacts to questions and complaints. Before booking, take a moment to see how the company interacts with clients online.

Do they respond constructively to complaints? Do they provide updates or explanations when problems arise?

Also concentrate to the tone. Does it feel Human and responsiveIs general and manual? This may suggest how they’ll treat you after sales.

Small characters can speak to the amount. A page with 1000’s of followers, but no visible commitment may indicate a paid audience – and a company that disappears when the situation becomes difficult.

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3. Check if the company is accredited

Another way to assess the credibility of a tourist company is to check whether it has formal accreditation. This signal that the company has met financial security standards, customer support and dispute resolution.

Search for the Australian Travel Accreditation Program register https://www.atas.com.auor search High -quality accreditation. In the case of foreign suppliers, check the recognized local programs.

Accreditation offers additional assurance, but this isn’t the entire picture. Some large, reputable corporations, corresponding to expedia, operate without it. If the company isn’t accredited, proceed caution and give attention to how reservations and payments are supported.

4. Carefully examine the foundations

Before booking, check what is going to occur if the supplier receives whether you’ll be able to cancel or change the date and how the reservation has been confirmed. Where possible, proceed directly with the hotel, air or cruise line to make certain that the reservations are secured.

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Cropped view of a woman entering the hotel room and holding the suitcase
Reservation directly on the hotel or tour supplier may be sure that you’re receiving current availability.
Media_photos/shutterstock

It can also be vital to understand what Travel insurance does – and doesn’t include.

The company’s insolvency is one among the The most typical exclusion. While the policy doesn’t include the “failure of the end supplier” or a similar clause (most don’t), you might not have the ability to apply for a refund. Always read the product revealing instructions to check exactly where you’re.

Another security is to pay for defense. Although the conditions differ depending on the supplier, bank cards can offer a return load If goods or services are usually not delivered.

5. Book directly where possible

During accredited travel agencies It may be helpful in complex routesLike foreign trips with many stops or package services, it is usually price booking directly with the supplier when organizing online travel, no matter whether it’s a hotel, airline or a trip company.

Cutting out brokers can offer higher value, including free add -ons, flexible cancellation and full access to loyalty programs.

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Direct reservations normally reflect the provision and costs in real time, reducing the danger of outdated information. You will use direct communication and confirmation, making it easier to adjust or solve problems.

If something goes improper, there’s also greater clarity about who’s responsible – it offers a stronger appeal Australian consumer law.

Lower line?

As increasingly more Australians book online, it’s tougher to say what’s trustworthy and what can reject you out of your pocket.

The fall of Traveldream is a reminder. Even on this planet of digital travel offers, it pays to ask: is that this company built to last, not only the departure of the trip, but until you come home?

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This article was originally published on : theconversation.com
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The report says that black women have suffered the greatest loss of work

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Although the US economy Over 170,000 jobs were added last monthmore black women lost their jobs than anyone else, in accordance with The latest Bureau of Labor Statistics report.

According to APRIL’s work report, despite the fact that the US unemployment rate remained at 4.2%, black women constituted a complete of 106,000 lost jobs. The employment of black women was immersed from 10.325 million in March to 10.219 million in April. Meanwhile, their unemployment rate increased from 5.1% to six.1%, which is the most significant increase in month to month amongst all demographies. According to data, black women lost 304,000 jobs since February.

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General black unemployment also increased in the third in a row a month in a row from 6.2% to six.3%, the highest rate from January. However, black men noticed a not very disturbing increase in employment-the echoes of unemployment dropped from 6.1% to five.6%.

As for other demographic data, the unemployment rate remained mostly unchanged, including white women who amounted to three.3%, and Latin women who amounted to 4.6%. In addition to the Black Americans, the Latin Americans had the second highest unemployment rate in April at 5.8%, while Asian Americans had the lowest 3.0%. The unemployment rate for white Americans in April was 3.8%.

This report appears after 4 months of Trump’s administration, which cut off every thing and any work function that is remotely related to the diversity, equality and employment and initiatives. The influence began to resound in all corporate America, and plenty of corporations announce the end or change of their politician Dei.

The arrangements on this report are disturbed by black experts.

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“The extraordinary nature of this growth of black women’s unemployment is a testimony and a direct result of anti-dei and anti-black concentration of new administration policy,” William Michael Cunningham, economist and owner of Creative Investment Research, he said about data. “This is clearly harmful to the black community, which we have not seen before.”

Other experts strive for cautious optimism around the general image. Just a few agree that matters are able to deteriorate with such a great amount of flow between ongoing tariff wars and the growing costs of work and life.

“Let’s face it, everything will deteriorate this year, probably later in summer,” said Robert Frick, a company economist from the Federal Credit Union of Navy CNN. “But for now we really have to correct our thumbs and hope that the income and work will continue.”

Usher provides an inspiring address at the University of Emory, receives an honorary doctorate

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This article was originally published on : thegrio.com
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