Byron Allen’s Allen Media Group is undergoing further layoffs. According to an exclusive report published on October 11, the corporate has fired another round. Media Group confirmed that these layoffs were allegedly part of a company-wide growth strategy.

Sources revealed to the socket that Allen Media Group – the owner of several popular affiliated broadcast and news stations – has laid off employees from its weather, news and sports reporting teams. The changes can be visible within the lineup of The Weather Channel, the HBCU Go series, Entertainment Studios and even the final promoting sales departments.

This is just not the primary time employment has been cut at Allen Media Group; earlier this yr, the corporate announced it could be cutting jobs to extend efficiency. An Allen Media Group spokesman said these latest layoffs “are a continuation of the job cuts announced by Allen Media Group in May.”

Byron Allen’s Allen Media Group has revealed that the staffing changes will “improve the positioning of the growing company”.

According to the corporate’s statement, the changes will include “expense and employment reductions across all company departments.” Allen Media Group is a non-public company and has 36 affiliated television stations from ABC, NBC, CBS and Fox. He can be the owner of the digital platform TheGrio.

Although the corporate claims that the newest layoffs are a continuation of those who began in May, sources say that the truth is it’s a very different situation. The dismissed employees were reportedly only informed of the choice, and the uncertainty had an impact on the environment within the affected departments.

In May, the corporate explained in an announcement: “Allen Media Group’s brands continue to perform well, and in many areas our revenue growth significantly outperforms the market.”

“We are adapting these changes to ensure future business opportunities and support our growth strategies in our rapidly growing industry.”

August was a historic moment for Americans. AND report from the Federal Reserve Bank of New York found that Americans owe a record $1.14 trillion on their credit cards. Credit card balances reportedly increased by $27 billion in the second quarter of 2024, a rise of just about 6% from the previous 12 months.

Unfortunately, credit card delinquency rates are also higher. In the second quarter of 2024, 7% of households reported being seriously delinquent on their credit cards (90 days or more) in comparison with 5% at the same time in 2023.

Vonda Copeland, co-owner of Copeland Insurance Agency, he said that with the current economy, high rates of interest and job uncertainty, increasingly more individuals are using credit cards to satisfy basic needs. Unfortunately, it is a terrible recipe for defaulting on payments.

According to them, the average American has a complete balance on their credit card of about $6,501 Experimentand as increasingly more people seek debt relief, questions arise about whether credit card debt can become uncollectible. It seems that it depends on many aspects, including the location of the credit card user.

Factors resulting in bad debt

James Lambridis, founder and CEO of DebtMD, said creditors typically sell unpaid debts to collection agencies inside three to 6 months. Most agencies attempt to withdraw between 20 and 40% of the original balance.

Credit card debt becomes uncollectible after three predominant aspects: the expiration of the statute of limitations, a bankruptcy filing, and a call by creditors to discharge the debt.

If there may be a statute of limitations, it begins when creditors start sending notices and letters looking for payment for the debt.

“If a debt remains unpaid within the statute of limitations – typically three to 10 years depending on the state – the creditor loses the right to sue for repayment,” said Kristy Kim, CEO and co-founder of TomoCredit, adding that the debt is legally time-barred and is legally uncollectible.

Even though creditors lose the right to sue borrowers or collect their wages once the debt becomes uncollectible, Kim says the debt can still appear on your credit report and affect your rating for as much as seven years.

Shannon Sharpe believes he could be a member of the Billionaire Boys Club today if he hadn’t received bad financial advice a few years ago.

While talking about money and investing with business mogul and Dallas Mavericks owner Mark Cuban on his Sharpe platform told how he once considered investing in Google early on but decided against it after a financial advisor advised him against it.

“I remember when Google came out and they thought the stock was going to be around $85 a share,” Sharpe recalled. “I remember telling my financiers, ‘You know what, I just signed with the Ravens, I’ve got some money. Man, I would love to buy $300,000 worth of Google stock.”

Sharpe’s financial advisor thought Google’s stock was overvalued at $115 and convinced him to desert his investment. Thinking about it now, Sharpe realizes how much he could gain in the long term if he bought the stock at this price. Sharpe also spotted an early investment opportunity in Netflix that he missed.

“That s… there!” Sharpe shouted to Cuban. “With you I would be a billionaire!”

“You fucked up,” the Cuban laughed.

After a 14-season NFL profession and becoming a successful sportscaster and podcast host, Sharpe built net price of $14 million. He earned $22.3 million during his time within the NFL, which included a four-year, $13.8 million contract with the Baltimore Ravens in 2000 and a $16 million contract with the Denver Broncos in 2002.

After retiring, Sharpe was a sports commentator on CBS Sports, Fox Sports and ESPN. His latest commentary will be found from Stephen A. Smith. Sharpe also prepared cognac, who will be seen drinking on his platform, Le Portier Shay VSOP Cognac.

Considered top-of-the-line tight ends in NFL history, Sharpe ranks third in profession receptions, receiving yards and touchdowns for his position. In 2011, he was inducted into the Pro Football Hall of Fame.