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BBK, the retail and commercial banking pioneer in Bahrain, said its team of experts is constantly striving to expand its financing offerings to citizens and residents of Bahrain, to meet their current and future needs and to ensure that they have the necessary financial resources to carry out their various personal, family and professional projects. This is in line with the Bank’s duty to serve all of its customers, while supporting the commercial sector and economic growth of the Kingdom of Bahrain.

Retail banking managing director Dr Adel Salem said BBK would announce special offers on its wide range of loans such as consumer, car, mortgage and Mazaya loans, in addition to specially designed loans. for women, working professionals and retirees. “This is part of BBK’s strong commitment to providing the best financial and banking services to its existing and new customers, which includes the bank’s continued development of its loan offerings by offering low interest rates, diversifying loan repayment periods, facilitating guarantees, etc.

Dr. Adel also said that the bank’s ability to diversify its credit products and increase its competitiveness confirms its high financial solvency, as well as its ability to respond to the aspirations of its customers and shareholders, within the framework defined by its board. administration.

BBK strives to grant very competitive loans, to facilitate the administrative procedures for obtaining the loan and to speed up the granting process while granting flexible repayment periods allowing the customer to choose a suitable repayment plan.

It should be noted that the Bank recently announced that it will settle 50 loans totaling BD 250,000 to celebrate its Golden Jubilee.

BBK will also be promoting its mortgages at a stand at the Gulf Property Show and is launching a new car loan campaign during Ramadan which would be available at all car dealerships in Bahrain. Those interested in applying for BBK car loans can inquire about the BBK offer at car showrooms or call the bank’s call center.

BBK also intends to announce the launch of new credit facilities in the near future that meet consumer needs and will be announced in due course.

BBK is continuously striving to be ahead to meet the demand and expectations of its customers with the newly launched enhanced Digital Banking Channel, BBK Mobile Banking App and Online Banking as well as the BBKPLUS Digital Onboarding App. which are part of BBK’s ongoing efforts to provide its customers with a seamless and convenient banking experience.

When you take out a student loan, you agree to a specific interest rate and repayment schedule. But what are your options when other lenders offer better deals than your current loan or your monthly payment gets too high?

Refinancing student loans can be the solution to high interest rates. When you refinance, you take out a new loan that pays off the balance of your existing student loans. This new loan could either have a lower interest rate, saving you money in interest over time, or a new repayment schedule, which can make your monthly payments more manageable.

With interest rates are expected to rise soon – and the possibility of several rate hikes this year – now may be the perfect time to refinance your student loans. Here’s everything you need to know to get started.

Refinancing Private vs. Federal Loans

If you have student loan debt, you have either a private loan or a federal loan – private loans are made by a lender such as a bank, state agency, or school, while federal loans are funded by the federal government. We think that 90% of student loan debt held relates to federal loans. In most cases, it will make sense to refinance private loans, which tend to have higher interest rates and not federal loans, which tend to have lower interest rates and more regulation.

When you refinance a private loan, you do so with another private lender. You cannot refinance a private loan into a federal loan. Student loan expert Mark Kantrowitz, author of How to Apply for More College Financial Aidindicates that if you have a private loan, it is currently advisable to refinance a fixed rate loan before interest rates are rising.

If you have a federal loan, your refunds may currently be on hiatus, and you may be debating refinancing if you’re worried about paying the monthly payment when the freeze lifts. In this case, there are other options you should explore first, such as income-contingent reimbursement (IDR), which can help make monthly payments more affordable, pandemic relief benefits, and , especially, loan cancellation programs, such as Cancellation of civil service loans.

Although refinancing your federal student loans is often discouraged, if you think it’s the right choice for you, Kantrowitz advises waiting until the midterm elections in November to refinance: Federal students aren’t growing that fast and, if student loan forgiveness passes, it will be before the midterms. So refinancing now will void your eligibility for the rebate.

What to consider before refinancing

1. Check your credit score and improve it if necessary

In order to qualify for a lower interest rate than your current loan, you will need a good credit rating. A FICO score of at least 670 is considered “good” and can help you qualify for student loan refinancing…although a higher credit score may also qualify you for lower rates. Your current loan repayment history will also contribute to your credit score: if you’re struggling to pay your current student loans and have missed a few payments, lenders may be hesitant to sign you up for a new one.

If your credit is weak, talk to your lender about adjusting your payment plan so you can get back on track. In the meantime, work on improving your credit, because the key is to pay off your debt and make your payments on time.

Before refinancing, Kantrowitz advises checking your credit reports (free) and troubleshooting. If you find errors, you can delete them by contesting them; your creditor will have 30 days to confirm the accuracy of your report or remove errors, so it’s best to access your credit report 30 days or more before refinancing.

2. Evaluate your income and debt-to-income ratio (DTI)

Lenders will also likely look at your income, your co-signer’s income (if you have one), and your DTI ratio (your total monthly debt payments divided by your total gross monthly income).

Your income level shows lenders that you make enough money to repay your loans and meet your payments. Kantrowitz suggests looking at refinancing minimum income thresholds, which typically hover around $30,000.

Your DTI ratio represents the debt you have compared to the amount of money you earn. A high DTI, which shows you have more debt, can be a red flag for lenders. For example, if you have a monthly debt of $1,000 and earn $4,000 per month, your DTI would be 25% ($1,000 divided by $4,000). However, if you have monthly debt of $2,500 and earn $4,000 per month, your DTI will be much higher – 62.5% – which could affect your ability to get a new loan.

Typically, to refinance your student loans, you want a DTI of 50% or less.

3. Compare lenders

It’s important to shop around with different lenders to make sure you get the optimal rates and terms. Kantrowitz emphasizes consideration of monthly loan payments, total repayment terms, and interest rates. He says, “Remember that longer repayment terms mean lower monthly payments, but more interest over the life of a loan. Try to avoid repayment terms longer than ten years and make sure choose a plan that offers the highest monthly payment you can afford.

4. Find out if you are prequalified

When researching lenders, many may offer the option to prequalify, allowing you to see what your potential interest rates and monthly payments would look like. Depending on the change from the terms of your current loan, you can decide if refinancing is right for you. Prequalification requires a soft credit draw, so it won’t affect your credit score. Keep in mind that prequalification does not guarantee loan approval or specific rates.

5. Consider a co-signer

Student loan refinance lenders often allow you to add a cosigner to your loan — or release one. If you don’t have a long-standing credit history, you may need someone with good or excellent credit to co-sign your loan. When you add a co-signer, they also assume responsibility for the loan. This means your co-signer will have to make payments if you’re unable to, and your repayment history will impact their credit rating.

Conversely, if you want to release a current co-signer, you can refinance a private student loan in your name alone. To do this, make sure you meet the criteria for credit and consecutive on-time payments.

Next steps to refinance

Once you’ve committed to refinance your student loans, there are steps you can take to get the interest rate and payment plan you want.

First, start shopping around with other student lenders. Compare rates and terms and get prequalified to browse your options and decide which loan term and lender best suits your budget. Once you have chosen a lender, you submit a formal application and wait for their approval, which usually takes two to three weeks. Once your new lender approves your application, they will repay your old loan directly and you will begin making regular payments to your new lender.

BEIJING, March 11 (Reuters) – New bank lending in China fell more than expected in February as general credit growth slowed, increasing pressure on the central bank to ease policy further. to support the slowing economy.

Chinese banks extended 1.23 trillion yuan ($195 billion) in new yuan loans in February, down sharply from a record 3.98 trillion yuan in January and below analysts’ expectations, the data showed. released Friday by the People’s Bank of China (PBOC). .

A pullback in loans in February was widely expected, as Chinese banks tend to preload loans at the start of the year to get better quality customers and gain market share.

Analysts polled by Reuters had predicted new yuan lending would fall to 1.49 trillion yuan in February. But the final tally was also lower at 1.36 trillion yuan in February 2021, when the economy rebounded from a pandemic-induced crisis.

“General credit growth was much weaker than expected last month, reversing much of the acceleration of recent months,” Julian Evans-Pritchard of Capital Economics said in a note.

“This suggests that more easing measures will be needed to achieve the policy goals that were recently set out in the National People’s Congress.”

Household loans, mostly mortgages, suffered a rare contraction of 336.9 billion yuan in February from 843 billion yuan in January, indicating continued weakness in China’s property market, a major driver of economic growth.

Ting Lu, chief China economist at Nomura, said a contraction in medium- and long-term household lending was the first since the data was released in 2007, and matched a 40% drop in home sales. nine of the top 100 developers in January-February.

Corporate loans fell to 1.24 trillion yuan from 3.36 trillion yuan.

Ming Ming, chief economist at CITIC Securities, said February lending may reflect weakness in the housing sector and household demand, but could accelerate as earlier easing measures begin to wear off. to be smelled.

“With the implementation of a series of policies such as the promotion of favorable monetary and investment policies to stabilize the economy, March data would be better than February data,” he said.

FURTHER RELAXATION STEPS EXPECTED

To spur growth, the central bank cut interest rates and the reserve requirement ratio (RRR) for banks, with further easing measures expected. Read more

The PBOC could give markets more clues about its liquidity and rate plans as early as next Tuesday, when its medium-term lending facility (MLF) matures.

“We continue to expect a 50 basis point cut in the RRR and a 10 basis point cut in the policy rate by the end of the second quarter of this year, as the PBOC may need to do more to echo the State Council’s call for lower effective lending rates,” Goldman Sachs analysts said in a note. .

Chinese Premier Li Keqiang said on Friday he was confident of achieving the economic growth target of around 5.5 percent for this year despite headwinds, pledging to provide more political support over the course of the year. a politically sensitive year. Read more

But many economists say that target is ambitious given the challenges, including the housing downturn, growing outbreaks of COVID-19 and an uncertain global recovery.

China said it would keep money supply and total social finance growth essentially in line with nominal economic growth this year.

M2 broad money supply rose 9.2% from a year earlier, central bank data showed, below Reuters poll estimates of 9.5%. It increased by 9.8% in January.

Outstanding yuan loans rose 11.4 percent year-on-year, compared with 11.5 percent growth in January. Analysts were expecting growth of 11.5%.

Growth in the total stock of social finance (TSF), a broad measure of credit and liquidity in the economy, slowed to 10.2% in February from a year earlier and 10.5% in January.

The TSF includes forms of off-balance sheet financing that exist outside of the conventional bank lending system, such as initial public offerings, trust company loans, and bond sales.

In February, TSF fell to 1.19 trillion yuan from 6.17 trillion yuan in January. Analysts polled by Reuters had expected a February TSF of 2.22 trillion yuan.

Editing by Raju Gopalakrishnan and Kim Coghill

Our standards: The Thomson Reuters Trust Principles.

Scammers set to target flood victims, more than one in four properties owned by women and the launch of Boomer Loans. Here are five things you may have missed this week.

East coast flooding will attract scammers, Westpac warns

As millions of people on the country’s east coast begin the process of cleaning up after devastating floods, Westpac is urging Australians to be extra careful as the disaster in Queensland and New South Wales could lead to increased scams.

Westpac’s managing director of fraud and financial crime prevention, Chris Whittingham, says scammers often exploit disastrous events to take advantage of unsuspecting victims.

“Time and time again, following a major event or natural disaster, we see an increase in the number of people being duped by scams.

“It’s a tactic fraudsters have continued to adopt throughout the pandemic, where scams have nearly tripled.”

Westpac warns that scammers can try a variety of tactics from creating fake donation sites to posing as insurers, businesses or government organizations offering help to victims.

“We urge people to be very alert to the possibility of scams and to check carefully that any websites or charities are legitimate before sending funds or your personal information,” adds Whittingham.

Women are flexing their property market muscle

The CoreLogic Women and Property 2021 report confirms that women are doing it for themselves in the real estate market, with more than one in four homes (26.6%) owned by women nationally, just below the 29.9% of properties owned by men.

Female homeownership rates are highest in Greater Sydney (31.9%), and surprisingly women are a driving force in some of the city’s most expensive areas, including the Eastern Suburbs (37.1%) , North Sydney and Hornsby (37.0%).

While male/female couples are still the norm on the housing market (43.5%), the proportion of buyers is increasing. CoreLogic says more than 28% of real estate purchases in 2021 were made by women, up from 27.3% in 2019.

For those who can rise to the affordability challenge, home ownership is a plus for financial well-being, especially later in life. A 2019 study by the Center of Excellence in Population Aging Research found that poverty rates are 42% among renters over the age of 65 in Australia, compared to 6% among outright homeowners.

Launch of a lender reserved for baby boomers

Financial help could be at hand for the more than 4 million Australians aged over 55.

A new fintech from Western Australia – the aptly named Boomer Home Loans, will launch in April 2022, aiming to become the country’s first specialist home loan lender for the over 55s.

This may be a step in the right direction for the financial health of baby boomers. More than two million households led by people over 50 currently owe more than $600 billion on their mortgages, with many paying interest rates topping 4% at a time when other borrowers can get lower rates at 2%.

Still, those over 55 may struggle to get a home loan or refinance an existing loan with regular lenders unless they have an exit strategy in place. And that usually means planning to sell their home to pay off debt in time for retirement.

Although based in Perth, Boomer Home Loans will operate nationwide and is expected to be available through brokers in the second half of 2022.

More than one in five changes jobs

New statistics from the NAB show that more than one in five Australians have changed jobs in the past year, and nearly one in four plan to hand in their notice this year.

After decades of low employee turnover, NAB research found that COVID had a big impact on how we view work. The survey found that the top reasons workers consider leaving are lack of personal fulfilment, lack of career progression, mental health and low wages.

There is certainly no shortage of jobs to be filled. SEEK says job postings increased 35.8% in February 2022 compared to February 2021.

Avalanche of refinancing in 2021

A record 363,978 home loans nationwide were refinanced in 2021, up 28% from 2020, according to PEXA, a digital home settlement platform. Victorian homeowners led the charge to switch lenders, with 125,071 refinances last year, up 19% year-on-year.

PEXA Insights Head of Research, Mike Gill, said, “Historically low interest rates, combined with heightened speculation about impending rate hikes, have prompted homeowners to refinance across the country, especially in the second half.

Is it too late to strike a better deal with a new lender? Maybe not. Reserve Bank data shows that variable rates on existing loans currently average 3.77%, while the average for new loans is 3.49%. On a $500,000 mortgage, that rate differential could mean a savings of $76 on monthly payments — and a much larger savings of $22,700 in interest over the term of a 25-year loan.

According to Mozo, refinancers can still find $3,000 repayment deals with more than 20 different lenders, including BOQ, HSBC, ING, ME, St. George, Suncorp and Virgin Money.

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A home equity loan is a loan using your home as collateral – a somewhat risky move, but worthwhile in certain circumstances. Additionally, you may be able to deduct the interest you pay on a home equity loan as long as you meet certain conditions. Taxpayers who itemize deductions on their returns, spend the proceeds of a home equity loan to buy, build, or substantially improve the property, and do not have too much total mortgage debt may qualify for this deduction.

If you need help managing your finances, consider finding a professional using SmartAsset’s free financial advisor matching service.

Home Equity Lending Basics

Home equity loans use the equity in the borrower’s home as collateral. Taking out a home loan is therefore putting the borrower’s home at risk. If the borrower defaults on the loan, the lender can foreclose and sell the home to pay off the debt.

Home equity loans generally carry lower interest rates than other loans, such as unsecured personal loans, but may involve higher fees and other costs. And they’re only available to homeowners who have enough equity in their home to meet lenders’ loan-to-value (LTV) requirements. LTV references generally limit loans to 80% of the home’s appraised value.

Regular home equity loans advance the borrower a single lump sum in cash. Home equity lines of credit (HELOCs) allow borrowers to withdraw cash whenever they want up to the amount of the loan. HELOC borrowers only pay interest on funds actually advanced.

Mortgage Interest Deduction Basics

The mortgage interest deduction allows homeowners who borrowed to buy their home to deduct the interest paid in a year from their taxable income for that year. However, only owners who itemize deductions can claim this deduction. Many opt instead for the standard deduction, which for 2022 is $12,950 for single filers and married filers filing separately, $25,900 for joint filers and $19,400 for heads of families.

The tax law also only allows mortgage interest deductions on a maximum of $750,000 of mortgage debt. An upper limit of $1 million applies to mortgages entered into before December 16, 2017. The limit applies to total mortgage debt on up to two residences.

Home Equity Loan Interest Deduction

The IRS rules for home equity loans are similar in some ways to those for the original loans used to buy the home, such as filers who want to deduct interest on an original mortgage, home equity borrowers must itemize. Interest deductions on home equity loans are limited to the same total mortgage debt of $750,000. And interest deductions on home equity loans can also only be claimed on qualified residences, which generally allows for a first and second home.

The big difference with home equity loan interest deductions is that they can only be claimed when loan proceeds are used to buy, build or significantly improve the property.

If a borrower uses the loan for other purposes, such as paying off a high-interest credit card balance, the interest is not deductible.

Also, the loan must be secured by the home being purchased, built or improved. If a borrower uses a home loan secured by a principal residence to buy, build or improve a vacation home, the interest is not deductible.

The tax rules do not precisely define what amounts to a substantial improvement. However, it is generally understood as a permanent improvement that increases the value of the house. Examples include:

• Adding a room, such as a bedroom, bathroom, or home office
• Replacement of a roof
• Build a swimming pool
• Upgrading or replacing a heating or air conditioning system
• kitchen remodel
• Installation of windows

Less permanent upgrades may not qualify. For example, repainting a room would probably not be deductible. Note that the borrower must be able to associate the home equity loan proceeds with a specific improvement and keep receipts to substantiate the cost.

The mortgage limit of $750,000 applies to all loans taken out on the house or houses. So a borrower with a primary residence and a vacation home who owes a total of $500,000 on both homes could only deduct interest on a home equity loan of $250,000 or less. If a larger home equity loan is taken out, interest would only be deductible on up to $750,000 of loans.

Home Equity Loan Alternatives

Alternatives to a home equity loan may be preferable. For example, paying for improvements with an unsecured personal loan avoids putting the home at risk, although the interest on the personal loan is likely higher and also non-deductible. A cash refinance is another option. A homeowner who refinances in cash takes out a new loan for more than the balance of the original mortgage and pockets what’s left over after paying off the original mortgage.

Interest paid on the refinance loan amount used to pay off the original mortgage is tax deductible as long as the taxpayer details and owes no more than $750,000 in total mortgages. After paying off the original mortgage, other funds from a cash refinance are, like home equity loans, tax deductible only to the extent they are used to purchase, build or substantially improve a qualifying residence the loan.

Conclusion

Interest on home equity loans may be deductible if the taxpayer itemizes, owes no more than $750,000 in total mortgage debt and uses the proceeds to purchase, build or substantially improve the property. Improvements must be made to the property securing the loan. Other restrictions limit the deductibility of interest on a maximum of $750,000 in total mortgages.

Financial Planning Tips

• A financial advisor can help you with home equity loans or any other financial problem. Finding a qualified financial advisor doesn’t have to be difficult. SmartAsset’s free tool connects you with up to three financial advisors who serve your area, and you can interview your matching advisors for free to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, start now.
• To see what your income tax payment might look like, use SmartAsset’s free tax calculator.

Photo credit: ©iStock.com/LaylaBird, ©iStock.com/xijian, ©iStock.com/:Inside Creative House

Are home equity loans tax deductible? appeared first on SmartAsset Blog.

Fintech lender OppFi is suing California’s banking commissioner, arguing that its high-cost loans shouldn’t be subject to the state’s 36% annual interest rate cap because they’re made in partnership with a bank.

OppFi, which is not a bank, would not be able to charge triple-digit interest rates in California on its own due to the state’s rate cap. But it has partnered in high-cost lending with Utah-based FinWise Bank, which has the ability to export Utah’s much looser interest rate rules.

Consumer advocates and state policymakers have called the arrangement a “rent-a-bank” program in which OppFi uses FinWise Bank’s charter to escape California’s 36% rate cap. But in a lawsuit filed this week, Chicago-based OppFi argued that it was not the true lender of the loan – and that, since it only provides certain services on behalf of FinWise Bank, the state rate cap does not apply.

OppFi says Clothilde Hewlett, who heads California’s Department of Financial Protection and Innovation, is trying to “wage war” against similar partnerships between fintech companies and banks.

“It is clear that the commissioner unequivocally decided to abuse her enforcement powers against OppFi in order to unlawfully extend the regulatory scope of the DFPI and the scope” of the state’s price cap, OppFi said in his lawsuit, which was filed in Los Angeles County. Superior Court.

OppFi is also asking for a statement that the loans, which FinWise continues to make using the OppFi platform, do not violate the rate cap. Although the agency has taken no formal action, OppFi said in a press release that it has filed a lawsuit so that it “can continue to serve nearly 7.2 million Californians in need of credit”.

California’s rate cap, which took effect in 2020, prohibits lenders from charging annual percentage rates greater than 36% on installment loans between $2,500 and $10,000.

Hewlett, which declined to comment directly on the lawsuit, said in a statement that triple-digit APRs “keep struggling Californians in a cycle of poverty and have been barred from the state” by the rate cap law. .

“Companies doing business in California who fail to comply with the law will be investigated and may face enforcement action to ensure consumer protection and compliance with California law. state,” the DFPI commissioner said.

OppFi and other high-cost lenders say higher interest rates are needed to make loans economically feasible, as they lend to borrowers with lower credit scores who often don’t qualify for bank loans. OppFi also says its website directs eligible customers for APRs below 36% to other lenders.

A few of OppFi’s competitors had considered switching to banking partnerships in California after the state enacted its rate cap, prompting a warning policy makers there that this would be an evasion of the new law.

Shortly after the law took effect, the agency contacted OppFi to request more information about its banking partnership. Last month, a senior DFPI official told OppFi that the commissioner had concluded that the OppFi-FinWise loans violated the state’s rate cap and “threatened immediate enforcement action” to end the partnership, according to the OppFi lawsuit.

“The commissioner’s threat of action poses a potentially fatal threat to OppFi’s operations in California,” OppFi said in the lawsuit, adding that its sole business in California provides technology services to the bank.

“OppFi doesn’t make the loans, it’s the bank,” the lawsuit states.

OppFi says its role in the partnership is to maintain a website for consumers to access loans; prepare a marketing strategy for FinWise; customer support and loan service; and using its algorithms to help with underwriting. The bank underwrites, funds and approves all loans, and the loan agreements “clearly identify the bank as the entity extending the credit,” the lawsuit says.

But consumer advocacy groups say OppFi and other high-cost lenders are the real lenders.

“Mere nominal approval of underwriting and making the loan is not enough to make the bank the true lender,” said Lauren Saunders, associate director at the National Consumer Law Center.

In a letter last month, the NCLC and 14 other consumer groups demand the Federal Deposit Insurance Corp., which oversees the handful of banks involved in the partnerships, to “end modern predatory bank leasing systems.”

Last year, a federal judge in California dismissed a lawsuit brought by an OppFi customer that claimed the bank violated California consumer protection laws. The company also recently colonized a lawsuit filed by the Attorney General for the District of Columbia for alleged rate cap violation. As part of the $2 million settlement, OppFi agreed to stop offering loans with APRs above the district’s 24% APR cap, either directly or in partnership with a bank.

OppFi, which went public last year, reported $293.3 million in third-quarter loan receivables, up from $240.3 million a year earlier.

Last week the company noted its former CEO Neville Crawley had resigned after less than two months at the helm. Crawley had joined OppFi last July as chairman.

The board has named Todd Schwartz, the company’s founder and executive chairman, as the new CEO.

Credit unions can now say “yes” to parents who want to help their children pay for their education.

GALVESTON, TX, USA, March 10, 2022 /EINPresswire.com/ — CU REVL LLC (CURevl) announced the expansion of its product suite to include parent loans.

The Parental Loan is designed to give parents, family, or other creditworthy individuals the ability to borrow funds on behalf of a student to help pay for education costs when scholarships, grants, and other financial aid is insufficient.

With an easy, no-fee online application, a repayment term of 10 or 15 years, the choice of two repayment options, and a fixed interest rate, the new Parent Loan is a great option for families.

“Our Parent Loan offers families an alternative to the Federal Parent PLUS Loan,” says Tim Kulesha, COO of CURevl. “Families need to weigh all options such as fees, interest rates, repayment options and loan forgiveness.”

For more information on education funding options, visit curevl.com.

Stacy Lumadue
CU Revl
+1 916-662-1270
write to us here
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PHOENIX–(BUSINESS WIRE)–As Americans’ credit card debt levels rise, 29% of them are facing problems with their liabilities, according to New York Life. This means that millions of people may need solutions such as debt consolidation, but may find information about the process confusing or misleading.

“Debt consolidation offers a way to combine multiple debts into one payment to provide a streamlined way to repay. It’s often a great solution for people overwhelmed by multiple bills looking to regain control of their money,” said Michael Sullivan, personal financial consultant at Take Charge America, a non-profit housing and credit counseling agency. “But like other forms of debt relief, it can be difficult to separate truth from fiction.”

Sullivan busts five common debt consolidation myths:

• You cannot pursue the consolidation yourself. False. Despite what you may hear elsewhere, debt consolidation is a process that you can initiate yourself. Consolidation can take many forms, including a debt management plan, balance transfer credit cards, and personal loans. Research the different solutions to determine which works best for you. A non-profit credit counseling session can also offer an unbiased assessment of your unique situation.
• Consolidation eliminates your debt. False. Although consolidation is a great way to control your debt by combining multiple debts into one payment, you still have to pay off the balance. Consolidation is not forgiveness.
• You must have good credit to pursue debt consolidation. Mostly false. When applying for a consolidation loan, good credit can help you get better terms and a lower interest rate. If you explore a debt management planyour credit score is not a factor in qualifying for the plan or obtaining lower interest rates.
• You always save on interest. False. You can save on interest, depending on the terms of your consolidation loan. But even with a lower interest rate, you might end up paying more interest over the life of the loan if you extend the repayment period.
• Consolidation traps you in a cycle of debt. False. Like other debt relief options, consolidation is a tool to help you regain control of your financial situation. It doesn’t solve the underlying problem, which is often overspending and mismanagement of money. If you don’t solve these problems yourself, you can easily get into debt.

To learn more about debt consolidation or other debt relief options, visit take over america.

About Take Charge America, Inc.

Founded in 1987, Take Charge America, Inc. is a non-profit agency providing financial education and counseling services, including credit counseling, debt management, student loan counseling, housing advice and bankruptcy advice. He has helped over 2 million consumers nationwide manage their personal finances and debts. To learn more, visit takechargeamerica.org or call (888) 822-9193.

BANGKOK

Stocks were down Friday in Asia after another turbulent day on Wall Street as investors remained concerned about the broader impact of Russia’s invasion of Ukraine.

Shares fell more than 2% in Tokyo and Hong Kong and fell in most other Asian markets. US futures were lower. The S&P 500 fell 0.5% on Thursday and the Nasdaq 1.6% as technology companies led the way lower.

Oil prices retreated from their recent highs and European markets also closed lower.

Russian troops were bombing Europe’s largest nuclear power plant in Ukraine, raising concerns about radiation risks.

A spokesman for the plant in Enerhodar, Ukraine, said in a video posted on Telegram that there was a “real threat of nuclear danger”. Andriy Tuz said shells fell directly on the plant and set fire to a non-functioning reactor that contained nuclear fuel.

Elsewhere, Russian forces gained ground in their bid to cut the country off from the sea, as Ukrainian leaders called on citizens to rise up and wage guerrilla warfare against the invaders.

Tokyo’s Nikkei 225 index fell 2.7% to 25,881.32 while Hong Kong’s Hang Seng fell 2.7% to 21,866.81. In Seoul, the Kospi fell 1.2% to 2,714.80. The Shanghai Composite lost 0.3% to 3,470.47.

Australia’s S&P/ASX 200 fell 0.9% to 7,088.60.

On Thursday, the S&P 500 fell 23.05 points to 4,363.49. The Dow Jones slid 0.3% to 33,794.66. The Nasdaq lost 214.07 points to 13,537.94.

Small company stocks also lost ground. The Russell 2000 Index fell 26.46 points, or 1.3%, to 2,032.41.

The pullback left indices on pace with weekly losses as bond yields were mostly flat in the meantime. The 10-year Treasury yield slipped to 1.85% from 1.86% on Wednesday night.

Stocks rallied midweek after Federal Reserve Chairman Jerome Powell said he favored a modest interest rate hike at a policy meeting later this month. That reassured investors who feared he would support more aggressive measures to fight inflation.

But Powell warned on Thursday that the fighting in Ukraine is likely to further amplify the high inflation that is troubling global economies. He said he was determined to do whatever is necessary to slow inflation, pointing to the high-risk challenge of raising interest rates enough to ease price pressures without triggering another recession.

Russia is a major oil producer and prices have risen as global supplies are threatened by the conflict, raising fears that persistent inflation could get even higher.

Powell said inflation is expected to rise about 0.2 percentage points for every $10 increase in the price of a barrel of oil. Oil prices have jumped $40 a barrel since early December to around $110, suggesting price pressures will be higher than they otherwise would have been in the months ahead.

Early Friday, benchmark U.S. crude rose $2.09 to $109.76 a barrel in electronic trading on the New York Mercantile Exchange. It lost $2.93 to $107.67 a barrel.

Brent crude, the international price standard, added $1.54 to $112.00.

Trading on the Moscow Stock Exchange remained closed on Thursday. The Russian ruble has lost another 15% against the US dollar and is worth less than 1 cent. It has plunged since Western governments imposed sanctions that cut off much of Russia’s access to the global financial system.

The exposure and overlap of US markets vis-à-vis Russia is relatively low. The real risk is European banks’ exposure to Russia, Young said.

“If European banks are starting to feel the contagion of this, then it’s about our exposure to Europe, which surprisingly is still reasonably low,” she said. “That doesn’t mean there isn’t sentiment risk. No one likes to hear about financial markets freezing.”

Russia’s invasion of Ukraine has been the dominant issue for investors all week as they try to gauge its global economic impact.

“For a world that was already struggling with worrying (cost-push) inflation before the invasion of Ukraine, soaring commodity prices due to geopolitical fallout are not just an inconvenience, but rather a threat. constraining economy,” Mizuho Bank said. said in a comment.

Investors will get an update on the US jobs market on Friday when the Labor Department releases its report for February.

“What we’re prepared to do is take a close look at the jobs report tomorrow to see what the Fed needs to do and the state of the economy,” said senior investment strategist Rob Haworth. at US Bank Wealth Management. earnings will provide a good reading of inflation and consumers’ ability to keep pace.

In currency trading, the US dollar bought 115.37 Japanese yen, down from 115.47 on Thursday. The euro weakened to $1.1029 from $1.1066.

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AP Business Writers Damian J. Troise and Alex Veiga contributed.