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<ul><li>List and rank all your debts, and prioritise <keyword id="776023" type="General" weightage="20" keywordseo="repayments" source="Orion">repayments</keyword> </li><li>Use additional resources to pay off debts with the highest interest rate first </li><li>Once one <keyword id="44647" type="General" weightage="20" keywordseo="debt" source="Orion">debt</keyword> is paid off, use that money to pay off the debt with the next highest interest </li></ul>Debts are essential at times, but when they pile up, it can be a problem. In these uncertain times, many people have been relying on high-interest, instant loans, often not realising the total cost associated with such debts. At times, one may find themselves straddled with high debt, thus putting stress on the personal and family finances. In such cases, it is important to have a debt repayment strategy in place. One of the best debt payment strategies is known as the <keyword id="108152" type="General" weightage="20" keywordseo="avalanche" source="Orion">avalanche</keyword> method. The process is simple. You may have various types of debt. Debts like home loans and car loans are secured debts and will thus have lower interest rates. On the other hand, debts like <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword> and credit card loans will have higher interest rates. While home loan interest rates can be as low as 8%, personal loan rates can be as high as 24% and credit card debt can go as high as 42% per annum. The avalanche system of debt payment means paying off the debt with the highest interest first. Here is how it works. <ol><li>List your debts: Gather all your debts, including <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword>, personal loans, home loans and so on. Note down the outstanding balance, the monthly payment required, and most importantly, the interest rate for each debt. </li><li>Rank by interest rate: Organise your debts from highest interest rate to lowest. The debt with the most punishing interest becomes your prime target. </li><li>Allocate resources to pay all debts: Develop a monthly budget and allocate as much money as possible to cover the payments on all your debts. If it is credit card debt, be sure to make the payment in full, because making a minimum payment will only make things worse as the interest on the remaining amount keeps mounting. </li><li>Avalanche the extra: Here's the key part. Any extra money you can muster for debt repayment gets thrown at the debt with the highest interest rate. This extra payment goes towards the principal amount in addition to the minimum payment, accelerating its payoff. </li><li>Repeat: Once the highest interest debt is eliminated, repeat the process by directing all the extra money (including the freed-up minimum payment from the paid-off debt) towards the next highest interest rate debt. This helps you pay off debts faster and save money on overall interest charges. </li></ol>When debt piles up, one may feel helpless. But careful planning can help pay off debt little by little and be debt-free at the earliest.

Here’s how one can use the avalanche method to pay off lingering debts

The country's largest lender, <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>) has warned customers against instant loan apps and even suggested measures to safeguard against the menace. "Please refrain from clicking on suspicious links or giving your information to a company posing as a <keyword id="15606804" type="General" weightage="50" keywordseo="bank-or-financial-company" source="Orion">Bank or Financial Company</keyword>. Report cybercrimes at cybercrime.gov.in," the bank tweeted. Instant loan apps, especially those originating from China have been a menace as the government as well as the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>), have received several complaints against them. Their proliferation has led to increased cases of cybercrime and also extortion of hapless borrowers. Sharing some safety tips, the SBI suggested that it is always better to check the authenticity of an app before downloading. There are lots of illegal apps that may trap users and siphon off money from their accounts. Customers should not click on suspicious links and discretion should be used to avoid falling for unauthorised apps, the SBI said. Check the app permission settings to secure your data from getting stolen and in case of theft, such matters should be reported to the local police authorities, the bank cautioned further. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/article/unicorns-are-pass-cockroaches-are-the-new-favourites-of-venture-capitalists/articleshow/95734214.cms">Unicorns are passé, cockroaches are the new favourites of venture capitalists</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-generates-15-16-lakh-formal-sector-jobs-every-month-says-ashwini-vaishnaw-citing-epfo-data/articleshow/95738734.cms">India generates 15-16 lakh formal sector jobs every month, says Ashwini Vaishnaw citing EPFO data</a>

SBI warns customers against instant loan apps

<ul><li>The <keyword id="857141" type="General" weightage="20" keywordseo="loan-amount" source="Orion">loan amount</keyword> can range between ₹10,000 to ₹30,000. </li><li>The entire <keyword id="6360217" type="General" weightage="20" keywordseo="loan" source="Orion">loan</keyword> process, including disbursement and collection, is conducted digitally through the app. </li><li>In FY23, the company reported that 34% of <keyword id="602834" type="General" weightage="20" keywordseo="loan-repayments" source="Orion">loan repayments</keyword> were conducted through <keyword id="3160615" type="General" weightage="20" keywordseo="digital-channels" source="Orion">digital channels</keyword>. </li></ul>Muthoot Microfin Limited on Monday launched a new service called 'Suvidha Loan' aimed at providing customers with instant access to funds. This service allows customers to apply for a loan amount ranging from ₹10,000 to ₹30,000, and receive the funds within 30 minutes of application. The entire process is facilitated through the Mahila Mitra App, which is the company's mobile application platform designed for its customers. With the introduction of this service, Muthoot Microfin aims to empower its customers with quick and hassle-free access to much-needed funds. Says Sadaf Sayeed, chief executive officer, Muthoot Microfin, “Muthoot Microfin has conceptualised Suvidha Loan to empower microfinance customers, strengthening our commitment towards digital inclusion of rural India. This enables customers to borrow at her discretion and convenience without being dependent on a loan officer or joint liability group.” The Suvidha Loan incorporates secure document execution methods like virtual signatures, OTP verification, and geo-coordinate confirmation, ensuring a seamless process, the company says. Customers can choose flexible repayment options, including monthly or weekly instalments, to suit individual needs and preferences. The entire loan process, including disbursement and collection, is conducted digitally through the app, eliminating the need for paper-based transactions and minimising manual intervention. Sayeed adds that with the use of the company’s Mahila Mitra app and credit scorecard, together with integrated household-level credit bureau, digital KYC (know-your-customer), and penny-drop verification, “we can analyse a customer on 40 different parameters in a matter of minutes. We can decide on a loan within 15 minutes and disburse it in 30 minutes.” At present, Muthoot Microfin has a customer base of 13 lakh individuals who use the Mahila Mitra App to manage their loans and access digital services. In FY23, the company reported that 34% of loan repayments were conducted through digital channels, which were encouraged through incentivised payback schemes. The introduction of Suvidha Loans aligns with the company's vision to empower customers by leveraging digital infrastructure and services, further enhancing their convenience and accessibility. The Mahila Mitra app was launched in May 2020, to enable customers to instantly overview their loan details, and learn more about their transactions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/travel/news/lgbtq-plus-travel-safety-concern-rises-in-india-as-per-booking-com-survey/articleshow/100767027.cms">More than 60% LGBTQ+ cancelled travel plans in India last year with over 90% fearing for their safety</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-railways-kavach-which-aims-to-prevent-railway-accidents-explained/articleshow/100767568.cms">Explained: What is Kavach? The Railways’ protective armour missing in Odisha</a>

Speedy, small loan market sees Muthoot Microfin make an entry

More than one in two Indian consumers who use instant loan apps are facing very high interest charges, extortion and <keyword id="6355729" type="General" weightage="20" keywordseo="data" source="Orion">data</keyword> misuse, as the Reserve Bank of India (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) takes a tough stand against unregistered digital loan lending apps, a new report showed on Tuesday. While 58 per cent of citizens said when they or someone in their family/ household staff took a loan using instant loan apps in the past two years, they were charged annual interest of over 25 per cent. Over 54 per cent of citizens surveyed experienced extortion or data misuse during the collection process, according to the report by community social media platform LocalCircles. The platform on Tuesday wrote to the RBI Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> and IT Minister <keyword id="7787429" type="General" weightage="80" keywordseo="ashwini-vaishnav" source="Orion">Ashwini Vaishnav</keyword>, requesting them to take cognizance of the survey findings and take further action on such instant loan apps. According to MeitY, it has blocked 27 such fraudulent instant loan apps. The RBI has also disallowed non-bank prepaid payment instruments (PPIs) from loading credit. "The PPI-MD (PPI-master direction) does not permit loading of PPIs from credit lines. Such practice, if followed, should be stopped immediately. Any non-compliance in this regard may attract penal action under provisions contained in the Payment and Settlement Systems Act, 2007," according to the latest RBI directive. The Maharashtra police cyber crime team recently wrote to Google Play Store, asking to remove 69 loan apps after receiving hundreds of complaints of harassment and threats made by fraudulent loan recovery agents to customers. India has witnessed an emergence of instant loan providers through smartphone-enabled fintech lending companies to help people meet shortages of funds. Some instant loan apps, according to consumers, charge as much as a 500 per cent interest rate and use extortion methods to collect money from borrowers or loan defaulters, according to LocalCircles. "Some citizens also claim to be getting phone calls for repayment of loans taken over a year ago, even though they have paid the amount taken or more," the report mentioned. On the other hand, there are many reports of borrowers' personal information, including <keyword id="144117" type="General" weightage="80" keywordseo="aadhaar" source="Orion">Aadhaar</keyword> card, PAN card, etc. being shared with third-party platforms. "People have also reported in a few cases, how their parents in a different location received messages about the loan payment which they had already made some time back," the report noted. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/indias-biggest-companies-spend-nearly-11-lakh-crore-on-employee-expense-last-year/articleshow/92690317.cms">If you thought techies got the biggest hikes last year, think again...</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/big-tech-should-obey-the-law-of-the-land-says-india-after-twitter-goes-to-court/articleshow/92689452.cms">Big Tech should obey the law of the land says India, after Twitter goes to court</a>

One in two Indians face extortion and data misuse thanks to instant loan apps

<ul><li><keyword id="8939913" type="General" weightage="80" keywordseo="jio-haptik" source="Orion">Jio Haptik</keyword> and <keyword id="3498585" type="General" weightage="80" keywordseo="cashe" source="Orion">CASHe</keyword> partner to enable automated instant credit lines on <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword>. </li><li>This will aid business owners and solopreneurs to access instant credit via WhatsApp. </li><li>Jio <keyword id="4380499" type="General" weightage="100" keywordseo="haptik" source="Orion">Haptik</keyword> and CASHe claim to provide revolving loans on WhatsApp within a minute.</li></ul>Jio Haptik partnered with financial wellness platform CASHe on Tuesday to enable instant credit line disbursals on Whatsapp. Jio Haptik is a WhatsApp chatbot solution provider, which was acquired by <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> in 2019. The overriding technology powering this solution is Haptik’s advanced conversational commerce capabilities and CASHe’s AI-powered bot. The Whatsapp chatbot matches the user’s inputs and automatically facilitates a formal application, along with a Know-Your-Customer (KYC) check. Once verified, it sets up a credit line in a few clicks through a guided conversational flow. The user’s details are generated and displayed based on the name entered – the only key input that the borrower needs to enter is at the start of the conversation. “Haptik is pleased to be partnering with CASHe, India’s leading financial wellness platform, with the aim of helping borrowers get access to loans and credit seamlessly and in under a minute. Since going live with our WhatsApp bot, CASHe has witnessed over 50,000 credit line issuances, more than ₹25 crore in loan disbursals, and more,” said Swapan Rajdev, co-founder and CTO, Haptik. However, this is not the first time that an Indian company is offering loans via Whatsapp. <a href="https://economictimes.indiatimes.com/news/how-to/need-a-loan-just-say-hi-on-whatsapp-and-get-rs-10-lakh-instantly-heres-how-to-apply/articleshow/86961211.cms?from=mdr">Last year</a> IIFL Finance, a non-banking financial company, offered an instant loan disbursement of ₹10 lakh on WhatsApp, where users could access it by typing ‘Hi’ in a chat box, in five minutes. Jio Haptik and CASHe, however, claim to provide revolving loans on WhatsApp within a minute. Revolving loans provide more flexibility with drawdowns and repayments as opposed to traditional loans. “With this solution on offer, we have successfully pivoted our credit model to adapt to the shifts in the lending space by offering instant sachet loans to existing and prospective borrowers through an engaging and conversational flow. The digital assistant on WhatsApp helps us to reach out to new customers and support the existing ones,” said <keyword id="12757264" type="General" weightage="50" keywordseo="yashoraj-tyagi" source="Orion">Yashoraj Tyagi</keyword>, CTO of CASHe. <keyword id="15651702" type="General" weightage="50" keywordseo="jio-on-whatsapp" source="Orion">Jio on Whatsapp</keyword> This August, <keyword id="58448" type="General" weightage="50" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> launched a grocery delivery service called Jio on Whatsapp. In the September ending quarter, Reliance Retail said that <keyword id="8506093" type="General" weightage="50" keywordseo="jiomart" source="Orion">JioMart</keyword> on WhatsApp brought in 37% orders from ‘new’ customers on JioMart. “The business launched JioMart on WhatsApp native app during the quarter, a novel and disruptive initiative that brings the simplicity of instant chat service to the online shopping experience to millions of consumers. An impressive 37% of orders received from this platform are from new customers who had not shopped on JioMart before,” Reliance said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/government-listed-private-companies-capex-to-touch-21-lakh-crore-in-fy23-icici-securities/articleshow/95858117.cms">Government, listed private companies’ capex to touch ₹21 lakh crore in FY23: ICICI Securities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/recent-ipo-successes-could-lead-to-recovery-in-the-primary-market-ey/articleshow/95858664.cms">Recent IPO successes could lead to recovery in the primary market: E&amp;Y</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/mumbai-delhi-ranked-lowest-among-6o-global-cities-for-public-transit-systems/articleshow/95857282.cms">Mumbai, Delhi ranked lowest among 6o global cities for public transit systems</a>

Jio Haptik and CASHe partner to deliver instant credit lines on Whatsapp

After the success of its pilot programme in India, Xiaomi is back with its digital lending platform <keyword id="6552363" type="UNKNOWN" weightage="20" keywordseo="Mi-Credit">Mi Credit</keyword>. Through the app, the company provides instant loans up to ₹1 lakh to users within five minutes. Earlier, Xiaomi had partnered with KreditBee to disburse loans. This time around, it has partnered with Aditya Birla Finance, Money View, EarlySalary, CreditVidya and ZestMoney. Xiaomi is providing real-time disbursements and supports all major banks on its platform. How to avail an <keyword id="4381247" type="PERSON" weightage="20" keywordseo="instant-loan">instant loan</keyword> from Mi Credit The loan application process is 100% digital and takes just five minutes. Just follow the below steps to avail a loan up to ₹1 lakh from Mi Credit: <ul><li>Download the <a href="https://play.google.com/store/apps/details?id=com.micredit.in.gp">Mi Credit</a> app from the Google Play Store.</li><li>Sign in using your phone number or your Mi account.</li><li>Once you sign in, you will see a banner that says, ‘Maximum loan amount ₹1,00,000’.</li><li>Click on the ‘Complete’ button.</li><li>Now, enter the required information such as your name, gender, date of birth, email ID, PAN number and pin code.</li><li>Agree to the terms and conditions at the end and click on ‘Submit’.</li><li>You will then be asked to submit your address proof and a selfie as part of KYC.</li><li>A loan profile will inform you whether you are eligible for a loan.</li><li>If you are eligible, you will be asked to submit your bank account details and the loan will be disbursed to your account.</li></ul>How to check your credit score on Mi Credit app In addition to availing an instant loan, you can also check your credit score on the Mi Credit app for free. <ul><li>Download the <a href="https://play.google.com/store/apps/details?id=com.micredit.in.gp">Mi Credit</a> app from the Google Play Store.</li><li>Sign in using your phone number or your Mi account.</li></ul><ul><li>At the bottom bar, click on ‘Profile’.</li><li>Now, click on ‘Credit Report’.</li><li>Provide the required details, including your PAN number.</li><li>Agree to the terms and conditions at the bottom and click on ‘Submit’.</li></ul>Once your credit report is ready, it will be sent to your registered email address.

Here’s how you can avail an instant loan from Mi Credit

<ul><li>CRED launched two new products for its users – CRED <keyword id="4484421" type="PERSON" weightage="20" keywordseo="RentPay">RentPay</keyword> and CRED Stash, available to users who have a <keyword id="6380214" type="PERSON" weightage="20" keywordseo="credit-score">credit score</keyword> of 750 and above.</li><li>CRED RentPay allows users to pay their rent on credit.</li><li>CRED Stash allows users to avail an instant line of credit up to ₹5 lakh. </li></ul><keyword id="6368202" type="UNKNOWN" weightage="20" keywordseo="credit-card">Credit card</keyword> payment app CRED has introduced two new features – CRED RentPay and CRED Stash in India. CRED RentPay allows users to pay one of their highest recurring expense - monthly rent on credit. CRED Stash is an instant <keyword id="173215" type="PERSON" weightage="20" keywordseo="credit-line">credit line</keyword>. In addition to allowing users to pay their rent, CRED is reportedly also working on allowing users to make payments such to landlords such as maintenance charges and security charges using their credit cards. CRED RentPay The first product, CRED RentPay allows users to free up cash by paying rent on credit. Users can pay their household rent using their credit cards from the CRED app. By using this, users will be able to get an interest-free credit period on rent, earn reward points on their credit cards and earn CRED coins when they pay their credit card bill on the CRED app. To use the new CRED RentPay feature, users will have to add their landlord’s bank account or UPI details into the app. This will allow users to directly transfer the rent from their credit card to the landlord’s account. CRED will charge users a transaction fee of 1% - 1.5% depending on the user’s credit card network. This means that if you are using CRED RentPay to pay ₹20,000 rent, you will have to pay ₹200 - ₹300 to CRED. CRED Stash CRED Stash has been launched as a pilot with IDFC FIRST Bank and the company has claimed that it is the only offering of its kind in India. The company has added that it will scale up with other bank partners on completion of the pilot. CRED Stash is an online instant line of credit that will allow CRED users to quickly get credit without having to go through the application and verification process. CRED users will get a pre-approved credit line of up to ₹5 lakh and users will be able to withdraw any amount within their pre-approved limit. Users will be able to select the tenure for the loan. CRED claimed that the interest charged is a third of the interest rates charged on credit cards. The pre-approved limit will depend on the user’s credit score and credit card limit. See also: <a href="https://www.businessinsider.in/finance/news/how-to-avail-three-month-moratorium-for-sbi-emi-and-credit-cards/articleshow/74945199.cms">How to avail three-month moratorium for SBI EMI and credit cards</a> <a href="https://www.businessinsider.in/india/news/how-to-avail-three-month-moratorium-for-icici-bank-emi-and-credit-cards/articleshow/74941936.cms">How to avail three-month moratorium for ICICI Bank EMI and credit cards</a> <a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-loses-30000-crore-in-the-first-few-minutes-of-trading/articleshow/75263790.cms">Mukesh Ambani’s RIL loses ₹30,000 crore in the first few minutes of trading</a>

Here is how you can pay your rent using your credit card

<ul class="summary-list"><li>Steve Pederzani was told that going to law school would set him up for a comfortable future.</li><li>But he hasn't been able to land a steady job and is buried in $347,000 worth of <keyword id="11896049" type="UNKNOWN" weightage="60" keywordseo="student-debt" source="Orion">student debt</keyword>.</li></ul>Steve Pederzani thought going to law school was the best decision for him.After graduating from college and working as a social worker, Pederzani, now 32, wanted to continue helping people and saw a law degree as the next big step in doing so. As a first-generation student, he said he was frequently advised by attorneys and those around him that pursuing a law degree would leave him well off — and keep a roof over his head, even while in school — so he thought taking out <keyword id="11896050" type="UNKNOWN" weightage="60" keywordseo="student-loans" source="Orion">student loans</keyword> would be worth it."I grew up in a working-class family, and I don't want to wonder when the next meal is going to be. I don't want to worry about putting food on my plate," Pederzani told Insider. "And with law school, everyone said that I'll never have to worry about those things."But after graduating from law school in 2017, Pederzani today has $347,000 in student debt that keeps growing. He took out graduate PLUS loans to attend Seattle University School of Law, which allowed him to cover the full cost of tuition, but medical complications with his fiancée delayed him from taking the bar exam, and their collective incomes took a major hit since his fiancée could not work.As a result, Pederzani could no longer afford Seattle rent so he temporarily moved to Nebraska to live with his fiancée's family. They now live in Albuquerque, New Mexico, where Pederzani took and passed the bar exam, and they're currently using rental assistance and the Supplemental Nutrition Assistance Program. Graduate PLUS loans — the type of loan Pederzani took out — are the most expensive type of federal loan with the <a href="https://www.businessinsider.com/student-loan-debt-interest-rates-increase-biden-treasury-inflation-2022-5">highest interest rate</a>, now at 7.54%. Those loans are included in President Joe <keyword id="60973" type="UNKNOWN" weightage="60" keywordseo="biden" source="Orion">Biden</keyword>'s plan to forgive up to $20,000 in student debt for federal borrowers making under $125,000 a year. But the relief is currently on pause due to two federal courts that have so far <a href="https://www.businessinsider.com/biden-administration-notifies-approved-student-loan-relief-applicants-2022-11">blocked</a> the relief, in response to lawsuits filed by conservative groups seeking to permanently throw out the loan forgiveness.Regardless, Pederzani said he had no problem paying back the amount he borrowed. In fact, he wants to. But he said he wished more people — and the president — would recognize that high-paying jobs don't benefit everyone who pursues them."There are people who would find $10,000 in relief from Joe Biden as miraculous," Pederzani said. "But there are a substantial number of people like me that are being forgotten. We're being left behind."<h2>'Paying off student loans is the last thing on my mind right now'</h2>Pederzani said he chose to take out student loans to cover the full cost of attendance because he was under the assumption he would get hired once graduating and make enough income to pay the loans off. That's hardly been the case for him. After delaying his bar exam, he reached out to his alma mater for assistance in the job hunt to no avail.He was able to work as a clerk at a personal-injury firm for a short time but moved to New Mexico during the pandemic and jobs were in short supply.Since then, he hasn't been able to keep a steady income. While he is on an income-driven repayment plan that's allowing him to make $0 monthly payments on his student loans, the interest is continuing to accrue, and he said it'd take "a lottery win or buried treasure" to get out from under it."We're not doing OK," Pederzani said. "Whoever told you that lawyers have instant tickets to the middle class, that maybe existed 10 or 20 years ago, but that doesn't exist anymore. It's not the same job market anymore."The idea that those who pursue law degrees will instantly be successful — and therefore don't need any student-debt relief — is one Biden has touted, saying on numerous occasions that those who got advanced degrees from prestigious institutions, like Harvard or the University of Pennsylvania, didn't need loan forgiveness. Some lawmakers have made that argument, too: GOP Sen. <keyword id="12297627" type="UNKNOWN" weightage="60" keywordseo="tom-cotton" source="Orion">Tom Cotton</keyword> wrote on Twitter that if Biden canceled student debt, taxpayers would have to pay "the law school loans of a lawyer earning $300,000."According to the <keyword id="11897874" type="UNKNOWN" weightage="60" keywordseo="education-department" source="Orion">Education Department</keyword>, about 70% of law students leave school with debt, with the average amount totaling about $138,500. And a <a href="https://www.reuters.com/article/lawyer-debt-aba/panic-attacks-sleepless-nights-lawyers-detail-law-school-debt-fallout-in-aba-report-idUSL1N2HI3A4">survey</a> by the American Bar Association in 2020 found that debt from law school had caused some graduates to "lie awake at night worried," leaving them in "constant anxiety and stress" that forced many of them to push off buying houses or getting married.Pederzani can attest to that — he said he had put off buying a house and adopting a child because of the debt. While he hopes he can pay it off eventually, it's out of the question right now."We don't even have enough money for rent next month," Pederzani said. "Paying off student loans is the last thing on my mind right now."

Meet a first-generation attorney with $347,000 in student debt who can't land a job and says 'there are a substantial number of people like me that are being forgotten'

<ul class="summary-list"><li>With Biden set to decide on <keyword id="11896051" type="UNKNOWN" weightage="60" keywordseo="student-debt-forgiveness" source="Orion">student debt forgiveness</keyword> soon, opponents see higher <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> as a key risk.</li><li>Republicans argue debt cancelation could boost demand and worsen price increases.</li></ul>Every element of broad student-loan relief is fodder for debate, from how much to forgive to who should receive forgiveness. And right now, the impact debt cancellation could have on the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> is adding another layer to the mix.On the campaign trail, President Joe Biden <a href="https://www.businessinsider.com/student-loan-debt-forgiveness-biden-campaign-promises-education-department-2021-6">pledged</a> to voters with federal <keyword id="11896049" type="UNKNOWN" weightage="60" keywordseo="student-debt" source="Orion">student debt</keyword> that they would see a $10,000 reduction of their balances — but it's been over two years, and millions of borrowers are still waiting for that relief. Most recent reports have <a href="https://www.businessinsider.com/biden-announcing-cancel-10000-student-loan-debt-150000-income-cap-2022-5">suggested</a> the president is considering $10,000 in forgiveness for borrowers making under $150,000 a year. Forgiving $10,000 per borrower would wipe out $321 billion in federal student loans, according to <a href="https://libertystreeteconomics.newyorkfed.org/2022/04/who-are-the-federal-student-loan-borrowers-and-who-benefits-from-forgiveness/">researchers</a> at the Federal Reserve Bank of New York. But with the US facing 40-year-high inflation, that potential burst of new spending power from consumers who'd instantly see their net worth jump by thousands of dollars could send the cost of common goods and services even higher. Prices <a href="https://www.businessinsider.com/inflation-report-cpi-may-gas-prices-federal-reserve-rate-hikes-2022-6">soared 8.6% in the year through May</a>, powered by an abundance of consumer demand and woefully insufficient supply.The possible inflationary spike gives the GOP a new talking point in the debate over broad forgiveness. Forgiving hundreds of billions of dollars in debt, Republicans argue, will only boost demand and exacerbate already stifling inflation, but Democratic lawmakers have stressed the need for relief, and the economic stimulus it would bring.The Biden administration is working on a fairly tight schedule. The freeze on student-loan payments is set to expire after August 31, and many lawmakers and advocates <a href="https://www.businessinsider.com/biden-cancel-student-debt-extend-loan-payment-pause-orgs-sbpc-2022-6">worry</a> payments will resume before any broad relief is fully implemented.For the <keyword id="11896084" type="UNKNOWN" weightage="60" keywordseo="white-house" source="Orion">White House</keyword>, though, resuming payments after canceling some student debt might be necessary to fight rising inflation.Jared Bernstein, a member of the White House Council of Economic Advisers, previously <a href="https://www.nytimes.com/2022/06/22/us/politics/biden-student-debt-inflation.html">told</a> The New York Times that "the key economic fact here is that if debt payment restart and debt relief were to occur at roughly the same time, the net inflationary effect should be neutral." Those against forgiveness are also pushing for a reversal of the payment freeze, arguing that ending the pandemic-era policy could cool demand further as Americans shift their budgets back toward making those payments.Top Republican on the House education committee Virginia Foxx has repeatedly <a href="https://www.businessinsider.com/gop-republicans-oppose-biden-canceling-forgiving-student-loan-debt-2022-4">slammed</a> the idea of any broad student-loan forgiveness and continued payment pauses, citing the $150 billion cost to taxpayers that accompanied Biden's latest extension of the payment pause and the potential inflationary impact further relief would bring."Taxpayers have been footing the student loan bill for graduate students and Ivy League lawyers to the tune of $5 billion every month while their wallets are being drained by skyrocketing inflation," Foxx previously <a href="https://www.businessinsider.com/gop-republicans-oppose-biden-canceling-forgiving-student-loan-debt-2022-4">said</a>. The Committee for a Responsible Federal Budget — a nonpartisan think tank — also wrote in a <a href="https://www.crfb.org/blogs/canceling-student-loan-debt-poor-economic-stimulus">report</a> that broad student-debt cancellation is a poor economic stimulus, putting $90 billion per year back into the economy while costing the US around $1.5 trillion in uncollected loan repayments. <h2>Student-loan forgiveness 'could be good for the economy'</h2>Still, as Insider <a href="https://www.businessinsider.com/cancel-student-loan-debt-payments-paused-two-years-economy-2022-1">reported</a>, some experts think broad relief is something the government can afford to implement.Marshall Steinbaum, an economics professor at the University of Utah, previously said the economy has been "more than fine" without student debt payments, and some members of the Biden administration see a clear benefit from moving forward with forgiveness efforts. Treasury Secretary Janet Yellen said such a move "<a href="https://www.businessinsider.com/janet-yellen-student-loan-forgiveness-good-for-economy-tradeoffs-biden-2022-5">could be good for the economy</a>" by removing a "substantial burden" from millions of Americans' financial lives.While it appears Biden plans to restart student-loan payments on September 1 to ease concerns over inflation, it's still unclear if even that will happen. Education Secretary Miguel Cardona recently <a href="https://www.businessinsider.com/student-loan-payment-pause-could-be-extended-ample-notice-cardona-2022-6">said</a> another extension of the pause is not off the table, and advocates argue that a continued freeze — and broad debt cancellation — could help borrowers deal with the rising prices that are draining their wallets right now."We strongly urge your administration not to threaten the financial security of people with student debt as a tactic to fight inflation," nearly 200 organizations, including the NAACP, recently <a href="https://www.businessinsider.com/biden-cancel-student-debt-extend-loan-payment-pause-orgs-sbpc-2022-6">wrote</a> to Biden. "Instead our organizations urge you to enact robust <keyword id="13968794" type="UNKNOWN" weightage="60" keywordseo="student-debt-cancellation" source="Orion">student debt cancellation</keyword> that is not means-tested and does not require an opt-in for participation and to fully implement this policy before any student-loan bill comes due."Whether forgiveness exacerbates inflation or not, it's up to the Fed to slow the price surge. Officials have already <a href="https://www.businessinsider.com/fed-rate-hike-june-fomc-decision-interest-rates-inflation-surging-2022-6">raised interest rates</a> at the fastest pace in nearly three decades in hopes of closing the gap between supply and demand. Chair Jerome Powell emphasized the importance of cooling inflation in a Wednesday panel hosted by the ECB, saying there's "<a href="https://www.businessinsider.com/inflation-outlook-jerome-powell-price-hikes-permanent-federal-reserve-policy-2022-6">a clock running</a>" before faster price growth turns permanent.Yet for all the talk of forgiveness posing new inflation risk, the central bank is steering clear of taking a side on the matter. When asked by Republican Rep. John Rose of Tennessee whether canceling student debt would worsen inflation, Powell deferred, leaving the potentially risky decision to the Biden administration and Congress. "I'm going to leave that to CBO to score, and also the Office of Management and Budget," Powell said at the June 23 hearing. "To be independent, we need to be out of these very difficult fiscal issues, which are really your job."

Biden's White House fears canceling student debt will drive inflation even higher &mdash; and that restarting loan payments might help avoid that

<ul class="summary-list"><li>Dr. Jordan Frey, 35, is a plastic surgeon who takes surveys on the side.</li><li>Frey said he spends about two hours per week on surveys, and he makes $500 to $1,000 per month.</li></ul>This as-told-to essay is based on a conversation with <a href="https://prudentplasticsurgeon.com/" target="_blank" rel="noopener">Dr. </a><a href="https://prudentplasticsurgeon.com/" target="_blank" rel="noopener">Jordan Frey</a>, 35, a plastic surgeon whose side hustle is taking online surveys. The following has been edited for length and clarity. I've always loved working with my hands and solving complex problems. That's why I became a plastic surgeon who focuses on reconstructive surgeries after trauma, cancer, or congenital defects.Three years ago, when I reached the end of my training and became a plastic surgeon, I was really burnt out. A lot of that feeling came from the financial pressure it takes to become a physician.<h2>I began my career as a physician with half a million dollars of student loan debt</h2>When you're a resident and a fellow, you get paid very minimally. When you're a medical student, you pay to go to school. I had credit-card debt, no savings, and no investments, and I wasn't feeling great about it.Even though I was working 60 hours a week and making a salary of more than $400,000, it felt like it would take forever to pay off my loans; I didn't see a path to financial freedom.I also saw a lot of doctors around me earning a high income, but overspending on luxurious lifestyles and accumulating even more debt — I didn't want to fall into that trap.<h2>I started researching more about personal finance and income streams</h2>I saw how some people find ways to make multiple streams of income so they can meet all their money goals, and I wanted to start doing that. I felt it would make me a better doctor if I didn't have to focus on how stressed I was about money.<div type="image" title="A black and white headshot of Jordan Frey" height="4212" width="4220" msid="98604578" hostid="261"></div>I decided to create additional streams of income. My wife and I started investing in real estate that we buy, fix up, and rent out. I also have a <a href="https://prudentplasticsurgeon.com/" target="_blank" rel="noopener">blog</a>, which generates ongoing income from sponsorships.Finally, after doing some general research on side hustles, I found that you could make money by taking surveys. I found platforms specifically looking for doctors to take surveys and provide them with information on different topics.<h2>I make anywhere from $500 to $1,000 a month taking surveys</h2>I've been taking surveys for 2 ½ years. At first, I signed up for <a href="https://www.m3globalresearch.com/" target="_blank" rel="noopener">M3 Global Research</a>, <a href="https://www.curizon.com/" target="_blank" rel="noopener">Curizon</a>, and <a href="https://incrowdnow.com/" target="_blank" rel="noopener">InCrowd</a>. Soon after, I found myself taking a few surveys a week, based on topics that my skill set qualified for.The pay for each survey varied. For example, a 10-minute survey would pay between $30 and $40, and an hour-long survey would pay $500. Pharmaceutical and medical-device companies used these platforms as a way to consult with doctors and gain industry information.The more surveys I did, the more the platform's algorithms understood who I was and what my qualifications were. They started sending me more curated opportunities, like doing consulting interviews with companies who would pay $500 to speak with me on the phone about a certain topic.<h2>Getting started was easy</h2>I created a profile on each of the platforms that listed my expertise and areas of focus as a physician. Based on that information, the platforms would curate a list of appropriate surveys that I qualified for and I'd apply to them.After getting accepted, I'd take the survey and make instant money. I also found that I could make money just by referring other doctors to these platforms. That was an additional source of income through this stream.<h2>The format of each survey varies</h2>You can generally expect surveys that have multiple choice questions — for example, "How likely are you to use these products?" and "What is the most important thing to you about this certain type of device?" — and short-form answers, or a phone call.Surveys can be as short as two minutes or as long as an hour, and the pay can vary from $20 to over $500. Even though my employer is OK with me taking these surveys, they're anonymous. My name is never given out along with my answers.<h2>The amount of time I take surveys every week varies based on my schedule</h2>On an average week, I'll spend two to three hours taking surveys. Based on how many opportunities come my way during a certain month, I can find myself making between $500 and $1,000. I use this money to reinvest in my real estate projects and to pay off my medical school debt.I started my career as a doctor feeling burnt out already, and I didn't want my additional side hustles to make that worse. The biggest thing that keeps me motivated is having a strong reason why for what I'm doing, whether as a plastic surgeon, a real-estate investor, or as someone who surveys.<h2>I actually enjoy taking these surveys, because it's a unique way to make money and give back</h2>Pharmaceutical, healthcare, and medical-device companies are a part of the healthcare system, and when I do these surveys, I'm able to keep them informed and involved with what a practicing physician sees. I hope my advice can help improve the overall healthcare system.For those who want to achieve more financial freedom, I do recommend having multiple streams of income, no matter how much you earn in your profession. Taking surveys is a great way to earn income based on your knowledge and what you're the most passionate about. Think about what your expertise is and then go out there and monetize it.

I make $1,000 a month taking surveys online. It's quick, easy money that helps me pay off my student loans.

<ul class="summary-list"><li>A <keyword id="12561801" type="UNKNOWN" weightage="60" keywordseo="margin-loan" source="Orion">margin loan</keyword> is a type of interest-bearing loan that allows you to borrow against the value of the securities you already own in a <keyword id="12211052" type="UNKNOWN" weightage="60" keywordseo="margin" source="Orion">margin</keyword> account.</li><li>Margin loans increase your buying power since you can buy more securities than you could using cash.</li><li>While taking out a margin loan could increase your earning potential, it could also amplify your losses.</li></ul>When opening a <a href="https://www.businessinsider.com/what-is-a-brokerage-account" target="_blank" rel="noopener">brokerage account</a>, you have two options: cash account and margin account. If you decide to open a margin account, the amount you'll deposit into your account will act as collateral for the margin loan.Here's what you need to know about what a margin loan is, how it works, and the pros and cons of using it.<h2>What is a margin loan?</h2>A margin loan allows you to borrow against the value of the securities you own in your brokerage account. Whether you have stocks or bonds in your portfolio, such investments act as collateral to secure the loan.Each brokerage firm has its own terms on margin loans and what securities they consider marginable. Typically, they'll have a list of <a href="https://www.businessinsider.com/how-to-invest-in-stocks" target="_blank" rel="noopener">stocks</a>, <a href="https://www.businessinsider.com/how-to-invest-in-mutual-funds" target="_blank" rel="noopener">mutual funds</a>, and <a href="https://www.businessinsider.com/what-is-a-bond" target="_blank" rel="noopener">bonds</a> that are marginable. You can use margin to <a href="https://www.businessinsider.com/leverage" target="_blank" rel="noopener">leverage</a> your account as it will increase your buying power.<h2>How do margin loans work?</h2>Buying on margin occurs when you buy stocks, bonds, mutual funds, or any other market securities by borrowing money from a broker. "If you buy on margin, you will effectively be borrowing money from a brokerage to purchase stock,' says Baruch Silverman, founder of <a href="https://infoforinvestors.com/" target="_blank" rel="noopener">The Smart Investor</a>. "In simple terms, you could think of it as a loan from a broker." When you buy investments on a margin, you're essentially using your securities as collateral to secure a loan. Most brokerage firms allow customers to borrow up to 50% of the value of marginable securities. So if you have $4,000 of marginable investments in your <a href="https://www.businessinsider.com/margin-account" target="_blank" rel="noopener">margin account</a>, you can borrow up to $2,000. Using a margin increases your buying power because you can buy more securities than you could otherwise buy with a cash account.Note: You don't have to borrow a margin loan of up to 50%. You can borrow less, say 10%, 20%, or even 30% based on your investing needs.As with any other loan, "margin loans do charge interest," says Cliff Auerswald, president at <a href="https://reverse.mortgage/" target="_blank" rel="noopener">All Reverse Mortgage</a>. The annual percentage rate for margin interest is usually lower than that of personal loans and credit cards. Plus, "there isn't a set repayment schedule for everyone," he adds. Margin loans don't require a fixed payment schedule and any interest charged is applied every month.<h2>Example of a margin loan </h2>Investors with a margin account can borrow up to 50% of the purchase price of marginable investments. Let's take a look at how that would work: Let's say you want to purchase $6,000 worth of shares in company X and have $3,000 in your brokerage account. You'd pay for 50% ($3,000) and your broker can lend you the other 50% ($3,000) for company X's shares. Your total <a href="https://www.businessinsider.com/purchase-power" target="_blank" rel="noopener">purchasing power</a> would then be $6,000, meaning you can spend up to $6,000 worth of marginable investments. A margin account can also allow you to borrow against your marginable securities you already own. For example, if you have $3,000 in marginable stocks and haven't borrowed against them yet, you can buy other investments worth $3,000 without having to add any cash into your account. The marginable securities you already own act as collateral for the first 50% ($1,500), while the newly purchased marginable investments provide collateral for the other 50% ($1,500). So you'd now have $6,000 worth of stock in your account with a 50% loan value.Quick tip: Buying on a margin is a highly risky venture, especially for new, inexperienced investors. It's therefore advisable to start with a cash account before using margin.<h2>Pros and cons of margin loans </h2><h3>Pros</h3>Using margin comes with several potential benefits, including:<ul><li>Increased buying power. A margin loan allows you to buy more investments than you could otherwise buy with a cash account. Let's say you want to purchase 100 shares of a specific company, but you have less money in your brokerage account. When you use margin, you leverage your account to buy more investments. </li></ul><ul><li>Easy access to funds. With a margin account, you can access cash without having to sell your investments. Your brokerage can give you instant access to funds, which you can pay back at your convenience by either depositing cash or selling securities.</li><li>Allows you to diversify your portfolio. A margin loan gives you more buying power, meaning you can buy more different securities like stocks, bonds, mutual funds, and exchange-traded funds. A diversified portfolio translates to reduced risk investment.</li></ul><ul><li>You can repay the loan by depositing cash or selling securities. Buying on a margin allows you to pay back the loan by either adding more money into your account or selling some of your marginable investments. </li></ul><ul><li>There's no set schedule for repaying the loan. The good thing with a margin loan is that you can pay back the principal at your convenience, provided that you meet your maintenance margin requirement.</li></ul><h3>Cons</h3>As with any other financial tool, margin loans also come with drawbacks.<ul><li>You may face a margin call or liquidation of securities. Margin accounts have a minimum maintenance requirement, and if not maintained, you may be subject to a margin call. A margin call is an alert from your broker to load more money into your account, sell some investments, or add more marginable assets. If you don't meet a margin call, your broker can take prompt action to liquidate the securities in your account.</li><li>Interest rates may rise. Margin loans charge interest but tend to be lower than other forms of lending. But, if you don't pay your margin loan interest for a long time, interest rates may rise, which can result in the cost of your loan increasing.</li></ul><ul><li>You can suffer losses if the securities in your account decline in value. While a margin loan can increase your potential returns, the opposite is true 一 it can also magnify your losses. When securities in your portfolio decline in value, your losses go up. It's even possible to lose more than your initial investment.</li></ul><h2>The financial takeaway</h2>A margin loan allows you to borrow against the securities you own in your brokerage account. Buying on a margin increases your buying power since you can purchase more investments than you could otherwise buy using cash. While margin can increase your potential returns, it can also magnify your losses. Plus, even if you're right with your trades, interest charges can eat up your profits.Generally speaking, buying on a margin is highly risky, and you can lose more than your initial investment, especially if you're inexperienced. If you decide to take a margin loan, be sure to weigh the benefits and risks.<a data-type="5ffa383630ea213755738134">Margin trading means buying stocks with borrowed funds — it's riskier than paying cash, but the returns can be greater</a><a data-type="61646190d9c2f80fd016e280">Understanding margin calls and 4 ways to avoid owing money to your brokerage firm</a><a data-type="5fc809a6f45c2344c12b9ab6">Trading and investing are two approaches to playing the stock market that bring their own benefits and risks</a><a data-type="60ef025e4ee35001a50ba5b7">What is leverage? How investors can use debt to increase the returns on investments</a>

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