Application Market – Link 123 Wed, 29 Sep 2021 03:13:00 +0000 en-US hourly 1 Application Market – Link 123 32 32 How to Live Debt-Free! Fri, 13 Aug 2021 13:04:04 +0000 What you’ll find What is Debt consolidation? Debt Management Plan (DMP) Consolidation of Debt Loan Settlement of Debt How to Consolidate Student loans Debt consolidation has many advantages Risks associated with debt consolidation Debt Consolidation Strategies What is Debt consolidation? What is Debt Consolidation? Consolidating debt refers to combining multiple debts into a single. You might have […]]]>

What you’ll find

  • What is Debt consolidation?
  • Debt Management Plan (DMP)
  • Consolidation of Debt Loan
  • Settlement of Debt
  • How to Consolidate Student loans
  • Debt consolidation has many advantages
  • Risks associated with debt consolidation
  • Debt Consolidation Strategies

What is Debt consolidation? What is Debt Consolidation?

Consolidating debt refers to combining multiple debts into a single. You might have 4 credit cards like most Americans. It would be easier to track them if you merged your debts into one.

Additionally, the single debt that can replace all other debts may have favorable terms. Consolidated debts can have lower interest rates, and more flexible payment deadlines.

Consolidation will not get you out from debt but it will help you to restructure it and make it more manageable and affordable. But that’s not all. There’s more.

How debt consolidation works

First, it is important to note that there are three types of debt consolidation. These 3 types are very different from one another:

  • A debt consolidation loan can be a personal loan which you use to pay off other debts.

Let’s explain how each type of debt consolidation works to help you decide which one is the best. There are many benefits as well as potential risks associated with each of these. Let’s take a quick look at the main methods of debt consolidation. You’ll be able to determine which one is best for your needs immediately. Get more info:

Debt Management Plan (DMP)

The first step is to contact a debt management agency (also known as a credit consulting agency). Non-profit agencies such as these are usually free or very cheap. They help debtors with managing their debts and negotiating better terms for them.

You talk to your advisor to learn everything you need about debt management, as well as some tips for how to pay everything off. They will also discuss your financial situation to create a realistic plan for you to pay everything off.

After summing up your debt, you pay the agency and not your lenders. You pool your cash in one place and the agency promptly sends it off to the lenders. This way you don’t have to worry about making a monthly payment.

Your agency will continue to work with your creditors to try and negotiate better terms. This means that you can get your debt extended enough to make it payable quickly. However, it may also result in lower interest rates.

To help you out more, all credit lines involved will be disengaged so that you can no longer borrow from them. While this may speed things up, it will not prevent you from using your credit cards. Remember that DMPs are not available for all loans. Secured debt and student loans will not be included in the DMP. However the agency can help you with that.

You will only be charged the initial setup fee which is usually $30-$50 and the monthly management fees which are usually $20-$75. That’s not too bad. You may also be eligible for a waiver of fees if your income is low.

  • Spreads payments out, making them easier to manage
  • Financial counseling
  • Low cost or no cost
  • Doesn’t damage your credit score


  • The amount you pay will not be reduced
  • It is not guaranteed that your agency will be able to negotiate favorable terms with lenders.
  • We will remove any credit accounts from your credit reports – even good ones!

This restructuring is just for your debt. It’s a way to make it simpler on the pocket. Your debt will be delayed but you won’t miss any payments if the plan is followed. A DMP won’t harm your credit score. Instead, it will only make your credit score better if it is followed through.

Where to get a Debt Management plan

You can find them at the DMP store! These agencies are also known as debt management agencies. These non-profits are also known as debt counseling agencies, because they provide free education and guidance for anyone who needs it.

They are available online and can communicate with clients via email and phone. They are designed for ease-of-use and peace of mind. You can also get them for free or cheap.

NFCC or ACCC are some of the most popular online names. But there are other good places to get a DMP. There are no bad options. But, you don’t have to choose between the two mentioned agencies.

How to Locate a Legitimate Debt Management Company

It is crucial to distinguish the fraudulent companies from the credible ones. As it is with all financial services, this is the number one priority. If you hire a credit agency, they will have access to your financial information as well as personal data.

You should also be aware that they may negotiate with your bank on your behalf, so it is important to ensure they are knowledgeable. There are a few things that you need to look out for when determining whether a company is legitimate or fraudulent.

  • Nonprofit status– Credit management agencies that are licensed and legitimate are not for profit.
  • CertificationVerify that the agents are certified professionals. They must be certified in credit counseling.
  • Track record– A company’s newness can lead to suspicion. It is always safer to go with older agencies that have a good reputation.
  • Regulation– A member of a major national accreditation association such as the NFCC is a good sign and a sign that the agency being looked at is trustworthy.
  • License– A red flag is raised if a company does not have a license in their state to do business.
  • Sensible feesThese are non-profit organizations, so they’re not very expensive. Monthly fees typically range between $20 and $50. You can compare the fees of different companies to get an idea about their prices.

Consolidation loan for debt

If you prefer DIY and are looking to do things yourself, a consolidation loan may be the right choice. You will take out a personal loan and use it to pay off smaller debts like your credit card debt. Then you can focus on the big one.

So why would you do this? The big personal loan will have a lower interest rate, and you can stretch your monthly payments. You have one year to repay your debt if you have four credit cards that have interest rates between 10% and 24%. Now, let’s suppose you find a personal lender with a 5% interest and three years to pay it back.

This means lower interest rates, and more time to pay everything off. Because bills are more manageable, they will be smaller than if they were not stretched out.


  • You can “Combine” all your debts into one loan. It simplifies the process.
  • Savings on interest rates can be made by finding a good deal
  • Your payments can be extended significantly


  • Best deals require a great credit score
  • There is no counseling or assistance. You’re all on your own.
  • Origination and prepayment fees may be charged

Consolidating multiple debts with a loan is a great way to make things easier. A single monthly payment beats worrying about four or more. This means that you have more time, fewer expenses, easier management, but what is the best loan?

Is a debt consolidation loan right for you? Are Debt Consolidation Loans Right for You?

If the loan is good, a debt consolidation loan makes sense. You want a lower interest loan, which requires good credit. If you have a good credit score, you can search for the best loans for debt consolidation to find a solution to your debt-induced problems.

There may be other options available for you, even if your credit rating isn’t excellent, very good or excellent. Even if the interest rate on your consolidation loan isn’t very high, it can help you manage your monthly payments.

If you are in search of this type of relief, be sure to check out the top bad credit loans. Some offer guaranteed approval.

Consolidation of Credit Cards

A new low-interest credit can be used to pay off existing high-interest debts. If you are able to repay the new card promptly, you may even be able get away with no interest rates.

Are you looking to consolidate credit card debts?You will want to know the pros and cons about Payoff.

A few cards offer a balance transfer function that you might like to look into. Balance transfers allow you to transfer your debt to another card at lower interest rates and with bonus benefits.

Is it better for a person to take out a personal loan than to get a credit card debt?

This will depend on your borrowing and spending habits. You’ll get a one-time cash injection with a fixed interest rate if you choose one of the best personal loan lenders.

This means that your monthly payments will remain the same, which is usually a positive thing. Personal loans have lower interest rates that credit cards. This makes them a better option when you’re making large purchases.

Personal loans won’t let you borrow more than you need. You get the money once and that’s it. You can borrow the money you need whenever you want it. This is great for smaller, unplanned costs. You can save your life by having a credit line in your wallet for an unexpected medical expense.

Although a personal loan is almost always more affordable and offers better terms, it only gives you one amount of money. However, credit cards can cause more debt and be very useful in times of financial crisis or small purchases. These are just a few of the top lenders for debt consolidation loans.

Variables, but low as a general rule

Borrowers with good-to-excellent credit are best

Borrowers who have good to excellent credit

Varies, but is known to be low

Borrowers who have good to excellent credit

Students and student debt consolidation/home improvements borrowing

Variables, but low as a general rule

Borrowers with good-to-excellent credit are best

Borrowers who have good to excellent credit

Students and student debt consolidation/home improvements borrowing

Debt Settlement

Debt settlement, also known as debt relief, is the most risky and possibly the most attractive method of consolidation. Here’s how to do debt settlement:

All it takes is you going to a company that deals with debt. Instead of paying your lenders, you pay this company and they place your money in trust funds. This means that your credit score is dropping, your debt payments are falling, and creditors are getting more annoyed. This is a bad start but we’ll get there.

After that, the debt settlement company will contact your bank to try and lower your debt. This could result in your debt being reduced anywhere from 10% up to 70%, depending on how things go.

The remaining debt will be paid off with the money you have deposited in the trust fund. This sounds good. However, this is not possible and it won’t. Your credit score will be damaged by missed payments, even the most successful debt settlement.


  • May help to reduce your monthly payment.
  • Can help you avoid bankruptcy
  • This is the best choice if you are in debt.


  • The lender may refuse to settle the debt and could sue you
  • Your credit score is at risk
  • It can be very expensive to hire debt settlement companies

In addition, debt settlement firms are not cheap and can charge a high price for their services. Taxes may also be required depending on the amount of debt forgiven. So, be ready for extra expenses.

What are the dangers of debt settlement? What are the Risks of Debt Settlement?

While this was the best case scenario, let’s take a look at the worst-case scenario. Now, you have given your money to the debt relief company and are now missing your payments as they negotiate your bank. The bank decides that it does not want to negotiate, and sues you instead.

You will end up with a bad credit score, outstanding debt, and a lawsuit. This is not the end. The debt settlement company might still request their fee. We can all agree that this is a very bad situation.

Although debt settlement can help you reduce your debt and improve your credit score, it can also backfire on you. You should also be wary of scam businesses.

The process of debt settlement can be risky.

This fraud company has been scamming college campuses by claiming that it can pay off student loans. Due to the COVID-19 epidemic, many students have been unable pay their debts. Fraudsters are finding ways to profit from this. Be wary of scams. Only use well-respected debt settlement companies that have a track record.

How to consolidate student loan debts

Consolidation Private Debt

Personal private loans, also known as. refinancing. You can take both your federal student loans and private student loans and pay them off with one loan.

If you find a great deal, it is possible to lower your interest and get more money. Consolidating like this can make it difficult to get a federal student loan.

Student Loan Programs

This fourth method of consolidation is designed to aid students who have access to government programs. Federal consolidations were designed to reduce the student debt record of $1.5 trillion. A private personal loan is a good way to consolidate student debt, but federal consolidation can offer additional benefits.

Rapid increase in student loan debt over the last 14 years

Federal consolidation is available if you qualify. You can combine your student loans to get rid of one debt in a shorter time. You will have an easier time paying all monthly bills because the terms are based on your income. While this might seem like a great relief, you may have to pay more due to the accruing rate. Plan ahead.

Your eligibility could be lost as a result of federal consolidation programs. All benefits will be lost if you turn to a private lender for consolidation of student loan debts. If federal consolidation is what your needs are, you can check the official information on the government website to see what’s available.

In light of the economic turmoil recently, the government began to forgive student loans for federal loan holders. This is an option you might consider. The approval rate for loan forgiveness applications is below 1.5%. This basically means that the government is saying “don’t let your hopes fall.” While it may seem difficult to get your loan cancelled, you should try.

Consolidating Debt is a Benefit

DMPA debt management program is the lightest of all consolidation methods. A DMP is the most lightweight of all consolidation methods. It will consolidate your debt, make it easier to pay off and lower your interest rate.

Another advantage is its ease of use. Your agency will handle your lenders for you, and will provide information and guidance whenever you require it.

DMPs have an intrinsic educational value and also provide objective benefits. This consolidating method won’t harm your credit score and it is the most secure.

Debt consolidation loan:You can consolidate your debts by finding a consolidation loan that offers lower interest and better terms. The only problem with this approach is that you don’t get an advisor like a DMP. Instead, you are responsible for your debt. A consolidation loan for debt is a great option if your ability to manage your debt well and you can negotiate a good deal.

The major credit score factors

Settlement of DebtThere are two benefits to this approach: all work is done by your debt settlement agent, and if successful, your debt could be reduced dramatically. This is the most risky debt consolidation option, but it may be your best choice if you are in danger of going bankrupt. A debt settlement may not be good for your credit score. However, bankruptcy can cause more damage and stay on your credit report 10 years.

What are the dangers of consolidating debt? What are the Risks of Debt Consolidation?

DMPThe first is that you must pay every month. The DMP can be ended if missed payments are made. In this case, the reduced interest rates and extended payment terms will be restored to their original state.

Another problem is that all accounts associated with your DMP account will be closed. This means you won’t be able use your credit cards after your plan begins. You will also lose all accounts associated with your credit report.

It means that any positive items on your credit report that were related to this account are also gone. However, your credit score will not be affected by the negative items, but you must rebuild the good ones. It is important to first understand your credit report before you can consolidate debt.

This can be solved by a person with an old credit card who will sign you in as an authorized users. All the benefits will accrue to you, including the copying of their credit history.

Perhaps consolidating debt is unnecessary if you have positive credit scores.

Debt consolidation loan:Even if you are eligible for a great loan, and do get it, there are risks and disadvantages. You can damage your credit score by failing to pay off your consolidated debt. Even if you get a loan consolidation loan, it will only temporarily lower your credit score.

This is not the only problem. You should always look for personal loans with no prepayment fees. This will allow you to pay off the debt as soon as possible.

Settlement of DebtWhen it comes to debt settlement, there are many potential risks. This will first of all damage your credit score. It doesn’t guarantee success.

According to the AFCC 76% of debtors have achieved debt settlement success for their first account. The average amount of debt removed is 48%. Although you’ll see encouraging numbers in ads, they don’t always tell the truth.

If you fail to settle your debt, you could be sued by your creditors. Your credit score will fall and your debts will remain intact. This is why it’s important not to take debt settlement lightly. After signing up for the service, you will need to continue making regular payments to your debt settlement company. The majority of these funds will be used to repay your debts. However, the company will receive a significant portion.

Scam debt settlement businesses are also out there. But that’s not all. American legislators are cracking down against debt settlement companies. They have been banned from doing business in certain states. Before you sign up for a debt relief program, make sure to read the most recent news.

What’s the smartest way to consolidate your debt? How can you consolidate your debt the most smartest way?

Knowing your situation is key to being smart about debt consolidation. Each type is best for a particular problem. However, it can also be disastrous for other issues. Here’s a quick illustration.

Situation AIf you have good credit scores, you are eligible for top loans for people with excellent credit. This allows you to consolidate debt and save money.

Situation BWhile your credit score may not be great, your income isn’t too high compared to the amount of your debt. However, you still haven’t missed too many payments. This scenario might call for a DMP.

Low income people can get debt management agencies for a low cost. They will even waive their fees. They can also offer advice and lower interest rates to help stretch your monthly bills. You can drive your debt to oblivion as long as you adhere to their plan.

Situation CYour life has been difficult. You are now in debt and unable to make your monthly payments. Even though this is risky, debt settlement may be able to save you from this type of situation.

You can reduce your debt up to half if you visit a legitimate debt settlement agency. But this will be costly – be ready to pay the company, tax on forgiven debt and take a hit to your credit score. The only way to consolidate debt is through settlement. This can happen even if you do everything correctly.

What to Do When Consolidating Debt Is Not a Good Idea

In every situation, debt consolidation can cause a dip in credit score. Consolidating your debt is unnecessary if you have the ability to pay it off. Because your credit score will not be negatively affected, it is the best option.

You shouldn’t apply for debt consolidation loans if your credit score isn’t high enough. The problem with DMPs is that all the involved credit accounts are removed. This means your good credit history and other positive credit information are also deleted. Settlement of debt comes with many problems and risks. It should not be considered unless there are other options.

Consolidating debt will not make you debt-free, but it can help to restructure your debt and make it easier. You should not consolidate debt if you cannot get a deal to make it more affordable and simpler for you. You should only consolidate debt if absolutely necessary.

How to Manage Your Debt How to manage your debt?

You can consolidate or not your debt, but you need to be aware of the state of your finances. Let’s look at some ways to make managing your debt easier and more efficient.

Know how much you owe, and to whom

You should first create a list with all your lenders. Include your monthly payments and any debts to them. You will be able to see all of your obligations and get a rough idea about when you can afford everything.

Create a calendar and keep it up

Schedule all monthly payments. Being punctual with your payments will help you improve your credit score. It will also keep creditors away. You should make it a priority to get every payment on-time.

The High-Interest Debt is the most important

High-interest credit cards must be paid first. Spend the maximum amount on the high-interest credit cards and save any cash. As you go, eliminate each debt one at a time.

Good accounts come first

Failure to pay a bill on time can result in collection fees or charge-offs. If you do get these, don’t panic and don’t forget your good accounts in order to pay other past due bills. Maintaining good accounts will improve your credit score and deter more annoying collectors.

Make sure you have enough money for emergencies

After making all your payments, you should be able to spare some money for emergency situations. You should not be in debt and you shouldn’t borrow. It is best to save some cash for emergencies.

Be aware of your situation – Get help if needed

This is not an easy task. It takes time and discipline. A consolidation loan or DMP might be helpful in reducing debt.

You might be having trouble organizing and managing your finances on your own, but there are some tools and services that may help. A few free programs can help you track your finances, monitor FICO and ensure that you pay everything in due time.

You could also get a company to handle this and protect your identity from theft. You can find the best credit monitoring services both free and cost-free to learn more.

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G20 Sovereign Debt Suspension: To Apply, Or Not To Apply Fri, 13 Aug 2021 12:20:55 +0000 View Analyst Contact Information This report does not constitute a rating action. That is the question many governments are asking–to apply, or not to apply. As the group of the world’s major economies met in mid-November to discuss a framework for debt treatments beyond the Debt Service Suspension Initiative (DSSI) scheme for low income countries, […]]]>

This report does not constitute a rating action.

That is the question many governments are asking–to apply, or not to apply. As the group of the world’s major economies met in mid-November to discuss a framework for debt treatments beyond the Debt Service Suspension Initiative (DSSI) scheme for low income countries, World Bank data showed that about 40% of eligible borrowers had not participated in the DSSI.

S&P Global Ratings believes cost-benefit considerations were behind some of the qualifying governments’ decisions not to apply for debt suspension. In some cases, sovereigns with access to commercial debt allegedly fear losing market access if they take up the offer to delay debt payments. Sovereigns could be seen as defaulting if debt suspension extends to commercial lenders (see “Credit FAQ: COVID-19 And Implications Of Temporary Debt Moratoriums For Rated African Sovereigns,” published April 29, 2020). Furthermore, the DSSI scheme is temporary–set up to help low-income economies cope with the fallout of COVID-19–and does not alleviate the structurally high debt burdens many sovereigns are facing; savings have been viewed to be small, offering only temporary liquidity relief.

With the G20 group of nations endorsing “debt treatments” and other sovereign debt relief programs being planned, if these considerations are addressed, it could help to broaden their appeal.

Rated Sovereigns In The Group Show Weak Credit Fundamentals

Rating Score Snapshots
Issuer Sovereign foreign currency ratings Institutional assessment Economic assessment External assessment Fiscal assessment: budget performance Fiscal assessment: debt Monetary assessment
Angola CCC+/Stable/C 5 6 6 6 6 5
Bangladesh BB-/Stable/B 5 4 2 6 5 4
Benin B+/Stable/B 4 5 5 3 5 5
Burkina Faso B/Stable/B 5 6 4 5 3 5
Cameroon B-/Stable/B 6 5 5 4 3 5
Congo CCC+/Stable/C 6 6 6 4 6 5
Congo (the Democratic Republic of the) CCC+/Stable/C 6 6 6 4 2 6
Ethiopia B/Negative/B 5 5 6 6 3 5
Fiji BB-/Negative/B 5 4 3 4 5 5
Ghana B-/Stable/B 5 5 6 6 6 4
Honduras BB-/Stable/B 5 5 2 5 4 4
Kenya B+/Negative/B 4 5 5 6 6 4
Mongolia B/Stable/B 5 4 6 4 5 4
Mozambique CCC+/Stable/C 6 6 6 6 6 5
Nicaragua B-/Stable/B 5 6 6 5 3 6
Nigeria B-/Stable/B 5 6 6 6 5 5
Pakistan B-/Stable/B 6 6 5 6 6 4
Papua New Guinea B-/Stable/B 5 6 6 6 6 5
Rwanda B+/Negative/B 4 5 5 6 4 4
Senegal B+/Stable/B 4 4 5 5 5 5
Tajikistan B-/Stable/B 5 6 6 6 4 5
Togo B/Stable/B 5 6 6 3 3 5
Uganda B/Stable/B 5 6 5 6 6 4
Uzbekistan BB-/Negative/B 5 5 3 6 2 4
Zambia SD/NM/SD 6 6 6 6 6 5

The 73 sovereigns that qualify for the DSSI mostly show weak credit metrics, with many experiencing fiscal pressures. Of the 25 sovereigns in this group that S&P Global Ratings publishes ratings on, 21 are rated in the ‘B’ category or lower. The remaining four are all rated ‘BB-‘ (see table 1). Their credit quality often reflect low average income and relatively weak institutions. In several cases, sizable external borrowings also weigh on their external balance sheets. These credit attributes significantly constrain the debt sustaining capacity of these sovereigns.

Ten of these rated sovereigns carry relatively heavy debt burdens that equal or exceed 60% of GDP (see chart 1). We estimate that four of these will report net general government debt larger than their GDP in 2020. Low-cost concessional lending from bilateral or multilateral sources typically make up a significant share of their borrowings, helping to keep debt service more affordable. Even so, many of these rated sovereigns pay interest of at least 10% of revenue (see chart 2). These characteristics are also shared by many unrated DSSI-qualified sovereigns.


Even without COVID-19, the credit quality of DSSI-qualified sovereigns could benefit from reduced debt burdens. More fiscal resources could be applied to infrastructure improvements or much-needed social spending as a result. These countries should, in theory, welcome debt relief schemes that creditors extend. However, the number of countries that yet to apply for DSSI suggests that these sovereigns have reservations about the scheme.

Limited Participation Thus Far

The partial participation may reflect characteristics of the DSSI that are associated with its objectives. The initiative was launched mainly to help governments in low-income economies cope with the fiscal shock dealt by COVID-19. It provides fiscal room for governments by temporarily relieving them of some debt payment burden. Moreover, the G20 creditor nations wanted to be sure that the resources the DSSI releases go toward spending to meet the COVID-19 pandemic.

The World Bank estimated that about 10 of the 73 eligible countries would see reduced debt payment amounting to more than 1% of 2019 GDP (see chart 3). This initially included both interest and principal payment suspensions relating to official bilateral loans (between two governments) between May and December 2020. The actual reductions may be even smaller if these countries could refinance at least part of the principal payments maturing in this period, as is often the case in normal times.


Another key aspect is that DSSI is not offering debt relief, only postponement. The suspended payments have to be repaid in the future. The scheme is meant to be neutral to lenders in terms of net present value, and borrowers were initially expected to repay the suspended amounts within four years from the end of the period of the DSSI. This repayment period was extended to six years in October. The initiative, therefore, helps to address liquidity problems faced by sovereigns but does not reduce their overall debt burden (see “The G20 External Interest Payments Moratorium Will Partly Ease African Sovereign Debt Service Burdens,” published June 24, 2020).

The relatively slow progress in implementing the DSSI may have lessened its attractiveness further. In early October, the World Bank said that the scheme had delivered more than US$5 billion in debt service deferral in 2020. This is some way short of the US$8.9 billion potential savings that the institution estimated for countries that have signed up for the initiative. If the scheme had not been extended by another six months, it would have left little time for participating countries to access its full benefit.

Sovereigns Borrowing From Commercial Sources Have Additional Misgivings

For sovereigns that expect to be able to seek financing on commercial terms, the costs of participating in the initiative could be greater than the potential DSSI benefits, due to limitations being imposed by the DSSI process on commercial borrowing. With global interest rates likely to be very low in the foreseeable future, some higher-yielding emerging market sovereign bonds could find favor with investors. Mongolia (B/Stable/B), for instance, issued a 5.5-year US$600 million bond with a relatively low coupon rate of 5.125% in July. This issue would not have been possible if the country had applied for the DSSI suspension. In return for receiving US$68 million of debt service relief this year from bilateral creditors, Mongolia would have been restricted by the DSSI from contracting new non-concessional lending during the period of suspension.

This could be why, like Mongolia, none of the qualifying sovereigns with relatively high ratings of ‘BB-‘ (that increases their likelihood of successfully tapping international bond markets) or those with market access (such as Kenya or Nigeria) have so far sought DSSI relief. Although the restriction on non-concessional borrowing was eased after the recent G20 meeting, DSSI participants are still subject to limits to taking on such debts.

Sovereigns with outstanding international bonds or loans may also prefer to avoid the DSSI for another reason. Provisions in some such debt agreements could trigger credit events if the sovereign seeks debt suspension from official creditors. Nigeria (B-/Stable/B) and Kenya (B+/Negative/B), opted out of the DSSI partly because some restrictive terms on external commercial obligations could trigger an “incidence of default.” Nevertheless, officials of some non-participating countries had expressed interest in joining the program if the DSSI terms are revised to allow greater financial relief. Other sovereigns, however, do not appear to face similar constraints. Countries such as Angola, Pakistan, and Papua New Guinea participated in the DSSI despite having outstanding international bonds (see end note 1 on how we view sovereign defaults on commercial debts and official debts).

Some Sovereigns Are Wary Of Seeking Commercial Lenders’ Participation In DSSI


When the DSSI was launched, private sector debt holder’s participation was strongly encouraged. The World Bank estimated that commercial lending accounted for about 20% of external debt of DSSI-eligible countries (see chart 4). For some members of the group, however, commercial debt accounted for as much as half of external debt (see chart 5).


The effort to include commercial creditors, however, has been largely unsuccessful. The large number of private creditors that lend to these governments make negotiations difficult. Even when they are part of some organization or creditor group, such as the Institute of International Finance (IIF) and the Africa Private Creditor Working Group, this task is not made easier. The IIF, for instance, suggested that private sector participation should be on a case-by-case basis, voluntary on the part of the creditor and sovereign borrowers should approach relevant creditors themselves.

Since the start of DSSI, Zambia (SD/SD) has been the only sovereign rated by S&P Global Ratings to officially seek debt relief from commercial creditors. Even before Eurobond holders officially rejected the request in November, Zambia missed its coupon payment in October and had indicated that it was unlikely to pay within the grace period (see “Zambia Foreign Currency Ratings Lowered To SD/SD on Suspension Of Debt Service Payments To External Commercial Creditors,” published Oct. 21, 2020).

Demand For Equal Treatment Among Creditors

The need to balance the interests of official and commercial creditors can sometimes complicate debt relief negotiations. In refusing Zambia’s request for a payment suspension, international investors in Zambia’s Eurobond cited concerns that any relief that they grant could be used to repay the Zambian government’s arrears to some Chinese banks. Media reports said they viewed as unequal treatment the Zambian government’s nonpayment on their debts while payments to Chinese lenders continued. On their part, Chinese official lenders wanted the Zambian government to clear its arrears with them before granting debt relief, according to news reports.

China had also joined the DSSI, in principle, negotiating on a case-by-case basis. However, based on media reports, the Chinese government has said that it did not consider some loans from Chinese financial institutions as official lending. The Export-Import Bank of China (A+/Stable/A-1) and the China Development Bank (CDB; A+/Stable/A-1) have been active lenders to projects in the DSSI-eligible countries. Although widely recognized as China’s policy financial institutions (and therefore noncommercial in nature), they have been making nonpolicy loans for many years in an effort to generate profits to offset the financial drag of policy-related lending. The diminishing government-directed lending at the CDB also led the Chinese government to re-designate it a development finance institution instead of a policy bank in 2008. Consequently, any debt relief from these banks will have to be examined by S&P Global Ratings to determine if the obligations concerned are to be classified as official credit or commercial debt in nature (see End note 2).

Credit Impact May Be More Important In Future

The initiative provides a helping hand in the form of liquidity assistance to sovereigns that most need it in the face of the economic and other pressures brought about by the global pandemic. The increased transparency required of participating countries is also helpful for better assessments of their credit strengths. However, DSSI does little to ease the heavy debt burden that many of these countries shoulder and some sovereigns have not participated.

This situation may not change much with the “Common Framework for Debt Treatments beyond the DSSI” announced in mid-November at the extraordinary meeting of G20 finance ministers and central bank governors. The announcement listed “where applicable, debt reduction in net present value terms” as a key parameter to be agreed on by creditors. However, it considered debt write-off or cancellation to happen only in the “most difficult cases.” This could mean that reliefs are likely to come in the form of maturity extensions and lower interest rates.

Concluding an agreement under this framework may also take some time. Any agreement has to be signed with all creditors in a “Memorandum of Understanding” that would have to be implemented through bilateral agreements between the debtor country and each participating lender. The framework also specified that debtor countries needed to “seek from all its other bilateral creditors and private creditors a treatment at least as favorable as the one agreed in the MoU.” If this means that all creditors need to agree to the same debt reduction (or more), getting any debt reduction agreement signed would not be easy.

Apart from the G20 Framework (to which the Paris Club creditors also agree), other organizations have also proposed various alternatives. The U.N. Conference on Trade and Development, for instance, has argued for a temporary standstill of sovereign debt repayments for some countries. Another U.N. agency, the Economic Commission for Africa, has floated the idea of a sovereign debt exchange. And a group of economists have proposed a central credit facility, which is a mechanism by which a multilateral agency oversees a comprehensive sovereign debt standstill to ensure the resources released are directed toward fighting COVID-19.

Debt reduction alone, however, may not be the solution. These debt declines could reverse if governments ramp up borrowing again. But debt reduction can be combined with other measures that improve debt capacity and put in place mechanisms for better external monitoring of fiscal and debt activities. These additional measures could cement the credit improvements provided by debt reductions.

End notes

1. S&P Global Ratings’ sovereign credit ratings address the risk of default on commercial debt obligations and a failure to service commercial debts on time and in full could lead to a default under our criteria. A failure to service official debts (i.e., bilateral or multilateral loans) according to the terms of the debt contract does not have a direct and immediate impact on sovereign credit ratings. Consequently, such failures to pay on bilateral obligations do not constitute a sovereign default by our definition. Nevertheless, defaults on official debts often accompany credit stresses that have negative implications for sovereign ratings.

2. A significant debt write-off of China’s loans to DSSI countries is unlikely to be a serious hit to China’s financial system. Chinese official loans to the 73 DSSI qualifying countries amounted to about US$120 billion. Even if a sizable portion of this was written off without compensation, it would still amount to much less than the US$130 billion bad debts written off by Chinese banks in 2019.

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What documents do you need to refinance your mortgage? A checklist Thu, 12 Aug 2021 05:17:36 +0000 Our goal is to give you the tools and the confidence you need to improve your finances. While we do receive compensation from our partner lenders, whom we will always identify, all opinions are ours. Credible Operations, Inc. NMLS # 1681276, is referred to herein as “Credible”. When the demand for refinancing increases, the process […]]]>

Our goal is to give you the tools and the confidence you need to improve your finances. While we do receive compensation from our partner lenders, whom we will always identify, all opinions are ours. Credible Operations, Inc. NMLS # 1681276, is referred to herein as “Credible”.

When the demand for refinancing increases, the process slows down. According to the latest data from ICE Mortgage Technology, refinance closings can last around seven weeks on average.

But you can streamline the process by gathering all the documentation you might need up front. Lenders typically ask for this information once you submit the mortgage application, so get ready by organizing the paperwork now.

Here are the documents you will need for mortgage refinancing:

Proof of income

For employees

Whether you earn an annual salary or an hourly salary, you will usually receive pay stubs and tax forms from your employer. If you do not have copies in your files, contact your human resources department. Here is what you will need to provide:

  • W-2 forms from the previous two years
  • 1099s if you have a secondary income
  • Pay stubs for the last 30 days
  • Bank statements for the last two months
  • Signed federal income tax returns (personal) from the previous two years or a signed IRS 4506-T form
  • The names, addresses and telephone numbers of your employers for the past two years
  • A written explanation if you have been employed for less than two years or if you have an employment gap

For the self-employed and independent contractors

Self-employed workers – which include freelancers and independent contractors – do not receive W-2 forms or pay stubs from an employer. As a self-employed person, you will need to present other types of documents to verify your income.

You can usually download statements from your business bank account and generate business statements using accounting software. Depending on how you filed your tax returns, you may also have a PDF copy of your tax return or be able to download one from your online tax filing program. Here’s what you might need to provide:

  • Signed federal income tax returns (personal and potentially business) for the past three years
  • Your most recent quarterly or annual income statement
  • A list of all trade debts
  • Bank statements (personal and professional) for the last two months
  • Fannie Mae Form 1084 (potentially)

Credible makes it easy to compare multiple lenders for a new loan. If you are looking to refinance your mortgage, start by checking the prequalified rates on Credible. Checking rates with us is free, secure and has no effect on your credit score.

Find out if refinancing is right for you

  • Real rates from several lenders – In 3 minutes, get real prequalified rates without impacting your credit score.
  • Smart technology – We streamline the questions you need to answer and automate the document upload process.
  • End-to-end experience – Complete the entire creation process, from price comparison to closing, all on Credible.

Find my refi rate
Checking rates will not affect your credit

Insurance Information

For home insurance

Your mortgage lender will ask you for a copy of your home insurance report page to make sure your home’s coverage is up to date.

They can also ask for the name and phone number of your insurance agent in case they have any questions. If you don’t have a hard copy on file, you can usually find one by logging into your account or contacting your agent.

To help the lender check if the coverage is sufficient, he may order an appraisal to verify the value of the home. If the value has changed since you purchased your insurance policy, you will need to work with your insurance company and update the coverage limits.

For title insurance

You will need a copy of the registered deed with the names of the legal owners as well as your title insurance, which provides a legal description of your property. Title insurance also helps the lender verify your property taxes, which are included in your debt-to-income ratio (DTI).

Your title insurance policy must be included in your closing documents. If you’ve misplaced them, contact your original lender or title company and ask if they have any copies on file.

Credit check

Your lender usually only needs your verbal permission to withdraw your credit, but you may need to produce additional documents to support the credit check:

  • A letter explaining any late payments, collections, judgments, or other deviating items on your credit reports.
  • Bankruptcy discharge documents if there is one in your credit history.
  • Statements showing your payment history for utilities, telephone, cable TV, auto insurance and other expenses.

Don’t miss: Minimum credit score required to refinance your home

Debt statements

Check your accounts online for your most recent billing statements, or contact each lender for a copy. You will need it to show your financial obligations:

  • The most recent mortgage statement for the home you are refinancing and any other property you own.
  • The most recent billing statement for any outstanding home equity loan or line of credit.
  • The most recent monthly statement for accounts on your credit reports, such as student loans, car loans, personal loans, and credit cards.
  • Any debt that is not on your credit reports, such as payday loans.

State of heritage

Include recent monthly statements of any account you will be withdrawing money from or in which you have placed your cash reserves. These may include:

  • Bank statements for checking or savings accounts
  • Retirement account statements
  • Brokerage account statements
  • Deposit statement certificates

About the Author

Kim porter

Kim Porter is an expert in credit, mortgages, student loans and debt management. She has been featured in US News & World Report,, Bankrate, Credit Karma, and more.

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How To Consolidate A Business Debt Thu, 12 Aug 2021 05:17:36 +0000 When you have your own business, whether you are just starting out or have been doing it for years, cash flow isn’t always constant. Sometimes you have to pay unforeseen expenses, make a payroll, or finance new equipment. If you don’t have the cash on hand to afford these things, you might need a business […]]]>

When you have your own business, whether you are just starting out or have been doing it for years, cash flow isn’t always constant. Sometimes you have to pay unforeseen expenses, make a payroll, or finance new equipment. If you don’t have the cash on hand to afford these things, you might need a business loan.

If you’ve used a few business loans, you could make many different payments to them each month. This means keeping track of the various due dates, interest rates and balances. In addition to running a business, you might feel like loan management is too much to handle. In that case, you might want to look into business debt consolidation.

How does business debt consolidation work?

Business debt consolidation involves taking out a new loan to pay off your existing business loans and debts. By taking out a debt consolidation loan for small businesses, you are transferring a lot of debt in one, simplified monthly payment.

Most often, business debt consolidation works like personal debt consolidation. When looking for a method of business debt consolidation, you should look for loans that offer lower interest rates than what you are currently paying.

You will also want to make sure that the loan covers any unpaid debts that you are trying to consolidate. For example, you can find a loan that covers $ 30,000 in business debt, but your debt could be $ 50,000. If so, you might want to consider a higher loan maximum.

What is the difference between consolidating and refinancing my commercial debt?

Consolidation and refinancing are very similar, but there are a few key differences.

  • Refinancing: You take out a loan to replace another, preferably with a lower interest rate and better repayment terms. You don’t necessarily need to have several types of debt to refinance; you can refinance one loan with another.
  • Consolidation: This is when you replace many types of debt, including loans, with one loan. When you receive your new loan funds, you will pay off your existing debt with this money. Then, you will make a single monthly payment on your new loan.

Although the two are different, you can still handle them the same. For example, if you’ve had a business consolidation loan before, you can refinance it to take advantage of a lower interest rate.

How to get a business debt consolidation loan

While each lender has different requirements, most will look at factors like your income, credit rating, and debt-to-income ratio. Here are several steps you can take to get a business debt consolidation loan:

  • Check your credit score: Most lenders will require you to have a score of 650 or higher. However, some lenders specialize in bad credit loans and can work with you if you have a score in the top 500.
  • Go through a first consultation: Before you can get a loan, you will need to go through an interview with an underwriting team who will determine if you are a good candidate for debt consolidation.
  • Submit financial documents: You will likely need to provide a lender with the following documents:
    • Projections of future sales.
    • Several years of personal and business income tax returns.
    • Personal financial statements.
    • A list of all debts.
    • A list of all the equipment.
    • Multi-year profit and loss accounts and balance sheets.
  • Initial review: Once you submit the required documents, the lender will review them. If you are successful, you will receive a prequalification letter outlining the terms of the loan.
  • Due diligence: The lender will authenticate the information you provided and research your tax history and any previous legal action. If you pass this part of the process, you will receive a Letter of Commitment.
  • Final Steps: Your potential lender will need to check a few documents regarding your original loans and securities and a 12-month payment history.
  • Conclude the deal: Once you have completed these steps, you will be able to sign the final documents for your business debt consolidation loan.

Should You Consolidate Your Small Business Debt?

So, is corporate debt consolidation worth it? This method can be a good option if you want to streamline your payments, but you should be aware of the risks before you apply.

Benefits of debt consolidation

  • More manageable payments: If you have many different payments, due dates, and interest rates to keep up with, debt consolidation streamlines them. You’ll have better management of your payments, making it easier to keep track of what you owe and when you owe it.
  • Improved cash flow: If you get a lower interest rate, you will be able to keep more money in your business each month. This can be used for large purchases, payroll, or other business needs.
  • Possible increase in credit score: If you can better manage payments with a single loan payment, you will have a better payment history. It can boost your business credit score, and it looks great for lenders. They will be more likely to give you loans and credit offers in the future.

Disadvantages of Debt Consolidation

  • A lower interest rate is not guaranteed: If you get a loan with an interest rate no lower than what you are paying now, you could end up paying more than you currently owe. Unless you can get a lower interest rate, business debt consolidation might not be worth it.
  • Pay more interest over time: When you take out a new loan to replace old loans, your loan terms start over. This means that you may be spending more time paying off your loan, and you may be paying more total interest in the long run.
  • Your cash flow issues might not be resolved: If your business is losing money, a debt consolidation loan will not solve your financial problems. It will be a short term solution without a long term strategic solution.

Best Business Debt Consolidation Options

If you are thinking about consolidating your business debt, you have several choices depending on your situation.

bank loans

Banks and credit unions are among the most readily available options for obtaining a debt consolidation loan for your business. There is usually a lot of choice and large financial institutions usually target business customers. Large institutions like Chase and Bank of America can be good places to start.

But keep in mind that you generally need to have a strong credit history to qualify for a bank business loan. Depending on the institution, you may need to be in business for a few years and show your business income to be eligible.

Small business management

Small Business Administration (SBA) loans are administered by the federal government specifically for small businesses with financial need. They are designed to help businesses without a big financial cushion grow and be successful.

While banks may want years of established credit, SBA loans are given to businesses that are just starting out or those that are not as financially stable. SBA 7 (a) loans can be used for debt consolidation. To find a lender who issues SBA loans, visit the SBA website.

Alternative lenders

If you can’t get financing the traditional way, you may want to consider alternative methods, such as peer-to-peer lending companies. Companies like LendingClub and Funding Circle cater to borrowers who need the cash but may not have an established operating history to prove they are worth it.

Corporate Debt Consolidation FAQs

Will debt consolidation hurt my credit score?

Depending on how you use your debt consolidation loan, it could hurt or improve your credit score. Consolidating your debt can lower your credit utilization rate and diversify your credit history. Simplifying your payments may also make it easier for you to make payments on time. On the other hand, you should avoid exhausting the credit that would be released on your other accounts. Adding a new line of credit can also temporarily lower your credit score.

What Qualifications Do I Need For Corporate Debt Consolidation?

In order to qualify for a business debt consolidation loan, lenders will consider the following factors:

  • Your credit history and score.
  • Whether you are a financially stable candidate.
  • Proof of your income to show you can repay the loan.
  • Whether you have collateral, such as a house or a vehicle

The bottom line

Corporate debt, especially from multiple sources, can be overwhelming. If you are in pain, you may want to consider business debt consolidation.

There are several methods to choose from, and the best one for you depends on the maturity and needs of your business. Before you start applying, be sure to consider all of your options to make sure that a business debt consolidation loan is right for you.

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Gaming market size to reach $ 398,950 million by 2026 at a CAGR of 11% Mon, 05 Jul 2021 13:00:00 +0000 BANGALORE from India, July 5, 2021 / PRNewswire / – The World Gaming market is segmented by type (mobile game, console game, PC game), application (hobbyist, professional) and geography – Industry forecast to 2026. This report is released on Evaluate reports in the Games Market The size of the games market is expected to reach […]]]>

BANGALORE from India, July 5, 2021 / PRNewswire / – The World Gaming market is segmented by type (mobile game, console game, PC game), application (hobbyist, professional) and geography – Industry forecast to 2026. This report is released on Evaluate reports in the Games Market

The size of the games market is expected to reach $ 398,950 million by 2026, from 192,150 million dollars in 2019, at a CAGR of 11.0% in 2021-2026.

The main growth factors of the games market are:

  • The growing adoption of internet services, along with the widespread availability of online games around the world, is expected to drive the growth of the games market.
  • The adoption of gaming platforms, such as eSports, is increasing due to multiple investments and the growing prize pool. This in turn is expected to drive the growth of the gaming market.
  • In the video game industry, game makers are constantly improving and pushing the technological boundaries in terms of real-time image rendering, which is expected to fuel growth.
  • Easy accessibility and competitive prices for game consoles are expected to further increase market growth.

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The emergence of cloud gaming is expected to boost the gaming market. Using the highly scalable cloud platform, high-end games can be played even on low-end machines. With cloud solutions, the limitations imposed by memory requirements, graphics capacity and processing power are reduced, providing gamers with an incredible gaming experience.

Game developers are constantly improvising and pushing the technological boundaries for real-time rendering of graphics in the video game industry, which in turn is expected to propel growth. Moreover, game makers are constantly improving and pushing the technological boundaries in terms of real-time image rendering, which is expected to increase the growth of the market.

The increased investment in the gaming industry is expected to drive the growth of the market. Large tech companies are investing heavily in the games market, allowing it to reach a large audience base with models such as free-to-play. In addition, the growing popularity of eSports tournaments that offer huge rewards to the winners is attracting more and more people. This in turn is expected to increase sales of video games and accessories as well as gaming hardware and software.

A majority of parents around the world fear that children may be exposed to inappropriate content through video games. Therefore, some regulatory action has been taken to standardize the online age classifications. This could hamper the growth of the gaming market to some extent.

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Depending on the type, the smartphone is expected to experience significant growth – This growing demand for mobile games is a direct result of multiple technological advancements in the market, such as augmented reality, virtual reality and cloud gaming. Large companies making games for consoles and PCs are also releasing their games in mobile versions due to the increasing market for mobile games.

Depending on the region, Asia Pacific has been the largest gambling nation in the world for the past few years and it will continue to grow over the next few years. the Asia Pacific market occupied about 46.94 %% of the global market in 2017, while North America and Europe were about 24.85%, 21.78%.

By region

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa.

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Game breakdown data by type

  • Mobile games
  • Console games
  • PC games.

Game Breakdown Data by Application

Key companies:

  • Activision Blizzard
  • Electronic arts
  • Microsoft
  • NetEase
  • Nintendo
  • Sony
  • Tencent
  • ChangYou
  • DeNA
  • GungHo
  • Apple
  • Google
  • Nexon
  • Sega
  • Warner bros
  • Namco Bandai
  • Ubisoft
  • Square Enix
  • Take-Two Interactive
  • King of digital entertainment.

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Video game industry the market size is expected to reach $ 156,760 million by 2027, from $ 109,610 million in 2020, at a CAGR of 5.2% in 2021-2027.

Esport market is segmented by Type Multiplayer Online Battle Arena (MOBA), First-Person Shooter (FPS), Real-Time Strategy (RTS), by Application Professional, Amateur and by various regions.

Cloud Gaming market should reach $ 1091.6 million by 2026, from $ 92 million in 2019, at a CAGR of 41.9% during 2021-2026.

– The Gaming and animation market on mobile, PC and console is segmented by Application e-Education, Web Design, Animation Entertainment and various regions.

– The Online gambling market is segmented by type of online games for smartphones, online games for tablets, application for young adults, adults, middle-aged adults, seniors and various regions.

– The Serious games market the size should reach $ 8,005.3 million by 2027, from $ 3,766.6 million in 2020, at a CAGR of 10.9% in 2021-2027.

– The AR mobile games market is segmented by type based on geographic location, none based on geographic location, by mobile phone, tablet application and by various regions.

VR games market is segmented by Type, Single Player, Adventure Game, Shooter, Racing Game, Simulation Game, Business Application, Private Entertainment, and various regions.

5G in the gaming market is segmented by type of software, service, hardware, application of online games, virtual games, and various regions.

AI in the gaming market is segmented by Type, Cloud Based, On Premise, PC Gaming Application, TV Gaming, Smartphone & Tablet Gaming and by various regions.

AI in the video game market is segmented by PC, TV, Smartphone and Tablet Application and by different regions.

Taiwanese digital game market: According to the Yahoo Gaming survey 2017, Asia accounted for 47% of the global gaming market worth $ 100 billion in 2017, while Taiwan was ranked fifth in the Asia region and had a market value of nearly $ 1 billion.

Click here to view related reports on Gaming market


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US removal of Sudan from “godfathers of terrorism” list is a step towards debt relief (IMF) Thu, 11 Mar 2021 06:07:47 +0000 WASHINGTON (Reuters) – The International Monetary Fund said on Friday that the U.S. government’s plan to remove Sudan from its list of terrorist sponsor states would remove one of the obstacles facing the heavily indebted African country as it seeks to reduce its debt. “We are encouraged by the US administration’s formal indication to Congress […]]]>

WASHINGTON (Reuters) – The International Monetary Fund said on Friday that the U.S. government’s plan to remove Sudan from its list of terrorist sponsor states would remove one of the obstacles facing the heavily indebted African country as it seeks to reduce its debt.

“We are encouraged by the US administration’s formal indication to Congress of its intention to remove Sudan from (the list),” Carol Baker, IMF chief of mission in Sudan, said in a statement to Reuters. “Sudan’s removal from the (list) removes one of the obstacles to possible HIPC debt relief. “

The Heavily Indebted Poor Countries initiative was launched in 1996 by the IMF and the World Bank to ensure that no poor country faces a debt burden that it cannot manage. But the process is long and will require significant reforms from Sudan.

US President Donald Trump this week announced his decision to remove Sudan from the US list of terrorist sponsor states, paving the way for Friday’s announcement that Israel and Sudan would take steps to normalize their relations.

Sudan, struggling with $ 60 billion in external debt, urgently needs financial assistance to reorganize its economy. Inflation hit 167% in August and the currency fell as the government prints money to subsidize bread, fuel and electricity.

Last month, the IMF approved plans to monitor a 12-month program of economic reforms implemented by Sudan’s new transitional government as it seeks to build international confidence and move forward towards eventual debt relief. debt.

Sudan’s high external debt and long-standing arrears continue to limit its access to external borrowing, especially from the IMF, to which it owes $ 1.3 billion.

Reporting by Andrea Shalal; Editing by Cynthia Osterman

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Ways to prevent accidents and injuries on the farm Thu, 11 Mar 2021 06:07:47 +0000 Part of your emergency protocol should include up-to-date emergency contact information for everyone on the farm. You need to know who to contact if someone is injured and how they relate to the employee. You should also have any relevant medical information about your employees that could affect their treatment in the event of an […]]]>

Part of your emergency protocol should include up-to-date emergency contact information for everyone on the farm. You need to know who to contact if someone is injured and how they relate to the employee. You should also have any relevant medical information about your employees that could affect their treatment in the event of an injury.


Preparing for accidents also means having the right equipment. All vehicles and machinery should be equipped with a safety kit and eye wash bottles that can be used in an emergency. The more quickly you are able to react to a serious incident, the less serious the injuries themselves will be.


In addition to all the incidents that result in serious injury, there are many more incidents that narrowly avoid disaster. Don’t just brush up on these incidents! Use them as learning opportunities: discuss them and find out how you could prevent a similar situation from happening again. The more proactive you are in avoiding farm-related injuries, the safer everyone will be.


Some of the most risky areas on the farm are grain elevators and livestock pens. Not only are injuries particularly likely to occur here, they are also more likely to be serious. This may not always be practical, but one of the best ways to avoid injury and death in these situations is to implement the buddy system. Always make sure there is someone nearby who can get help quickly in the event of an accident.


One of the easiest ways to avoid accidents is to constantly take inventory of your surroundings. Look for ways people could get hurt, so you can eliminate those risks and keep people safe. This will be especially beneficial if you have a lot of hired helpers on your farm. People are constantly making things happen, and mistakes are inevitable. Take the time to ensure that the keys have not been left in the tractor, that the equipment has been returned to the correct location and that the risk of tripping has been taken into account.


Sometimes you are too used to seeing the same place day in and day out to be blind to the risks. In these cases, it may be a good idea to hire an outside consultant to walk around the farm and provide safety suggestions. The consultant can spot risks that you haven’t noticed.

You should also designate someone to focus on farm safety – either one person or a small committee for a larger farm. Their role is to develop policies and practices to prevent injury, educate other employees, and ensure compliance with OSHA and other states.


Editor’s Note: Lori Culler grew up on a vegetable and grain farm and is the founder of AgHires (…), a nationwide job recruiting service and online employment site based in Temperance, Michigan. E-mail and find more tips on managing work under Resources on

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GDP Center publishes report on sustainable debt relief Thu, 11 Mar 2021 06:07:47 +0000 On November 16, 2020, The Global Development Policy Center (GDP), a regional center affiliated with the Frederick S. Pardee School of Global Studies at Boston University, released a new report titled “Debt Relief for Green and Inclusive Recovery.” The GDP Center hosted a launch webinar to celebrate the report, which was produced in partnership with […]]]>

On November 16, 2020, The Global Development Policy Center (GDP), a regional center affiliated with the Frederick S. Pardee School of Global Studies at Boston University, released a new report titled “Debt Relief for Green and Inclusive Recovery.” The GDP Center hosted a launch webinar to celebrate the report, which was produced in partnership with the Heinrich Böll Stiftung and the Center for Sustainable Finance at SOAS, University of London.

The report proposes substantial debt relief by public and private creditors for low- and middle-income countries with unsustainable debt burdens, to provide fiscal space for investment in related health and social spending. to COVID-19, climate adaptation and green economic recovery strategies.

The launch webinar featured former British Prime Minister Gordon Brown and Prime Minister of Barbados Mia Mottley, as well as renowned experts and report authors including Kevin Gallagher, professor of global development policy at the Pardee School and director of the GDP Center.

During the launch, Prime Minister Brown stressed that the report “shows how we are starting to build an environmentally sustainable future from the case of COVID and the world, disfigured not only by pandemics, but by pollution and poverty.” He said that by relieving the debts of the poor and freeing up money to fight climate change, we can start to change our world.

In his remarks, Prime Minister Mottley said: “COVID-19 has been a huge leveler, and they say, as we know, pride comes before the fall. Now is not the time for pride… The right policy choices in disasters do not happen by accident, and unprecedented times call for unprecedented responses. She further announced: “Today we join the call for debt relief to be extended beyond the public sector to the private sector and beyond the poorest countries to middle income countries. . In short, this is the moment [to act]. ”

The full report can be read on the GDP Center website, and a recording of the launch event can be viewed below.

The GDP Center is a university research center affiliated with the Pardee School of Global Studies. The mission of the GDP Center is to advance policy-oriented research for financial stability, human well-being and environmental sustainability. Find out more about this center on the GDP website.

GDP Center publishes report on sustainable debt relief


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Tagged: 2020, Climate change, Development research, GDP Center, Global Development Policy Center, Kevin Gallagher, Research report, Sustainable development

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Biden officials plan to take action to ease student debt Thu, 11 Mar 2021 06:07:47 +0000 (AP) – Biden administration examines whether it can take steps to ease student debt through executive action, even as it continues to call on Congress to pass legislation to help borrowers and their families. A tweet from White House press secretary Jen Psaki appeared to go beyond her comments at a briefing earlier Thursday, when […]]]>

(AP) – Biden administration examines whether it can take steps to ease student debt through executive action, even as it continues to call on Congress to pass legislation to help borrowers and their families.

A tweet from White House press secretary Jen Psaki appeared to go beyond her comments at a briefing earlier Thursday, when she said President Joe Biden was counting on Congress to act next on student loan relief. Biden said he supports up to $ 10,000 student loan cancellations per borrower.

“The president continues to support the cancellation of student debt to provide relief to students and families,” Psaki tweeted. “Our team is examining if there are any steps he can take through executive action and he would be happy to be able to sign a bill sent to him by Congress.”

It came hours after a group of Democrats urged Biden to use executive action to write off $ 50,000 in federal student debt for all borrowers. The group, which included Senate Majority Leader Chuck Schumer of New York and Senator Elizabeth Warren of Massachusetts, said it would stimulate the economy and help close the country’s racial wealth gap.

Biden had previously said he supported wiping out student debt of up to $ 10,000 through legislation, but had not shown interest in executive action. During a briefing before posting his statement on Twitter, Psaki appeared to reject the idea of ​​using presidential powers to write off debt, saying Biden had already suspended student loan payments during the pandemic.

“He would look to Congress for the next steps,” she said.

Legal scholars have fallen on either side of whether Biden himself has the power to grant loan relief, with some saying the move is unlikely to survive a legal challenge.

The Trump administration took action to block a large-scale debt cancellation in early January, issuing an Education Department note concluding that the secretary did not have the authority to provide such assistance and that it would be up to Congress. .

Schumer said he and Warren had studied the matter and concluded that “this is one of those things the president can do on his own.” Former presidents have written off the debt, Schumer said, but not on the scale proposed.

Democrats insist on the issue as a matter of racial justice and as a relief from COVID-19. They rely on statistics showing that black and Latino borrowers are more likely to take on student debt and take longer to repay their loans.

Representative Ayanna Pressley, D-Mass., Said the student debt crisis “has always been a matter of racial and economic justice.”

“But for too long the narrative has excluded black and Latin communities, and how that debt has exacerbated deep-rooted racial and economic inequalities in our country,” she said.

Representative Ilhan Omar, D-Minn., Also supports the measure, which said it would help millions of Americans who suffered financial losses during the pandemic. “The last thing people should worry about is their student loan debt,” she said.

Calls for debt cancellation have escalated after years of tuition hikes that have helped inflate the nation’s student debt. More than 42 million Americans now hold federal student loans totaling $ 1.5 trillion, according to data from the Department of Education.

In an effort to provide relief shortly after last year’s pandemic, the Trump administration suspended federal student loan payments and set interest rates at zero percent. When he took office, Biden extended the moratorium until at least September 30.

Some Democrats say that’s not enough, and Schumer said he recently met with Biden to advocate for broader relief.

Forgiving $ 50,000 in student debt would cost around $ 650 billion, Warren said. She says it would be a “big positive” for the economy by allowing more Americans to buy homes and start businesses.

Republicans have pledged to fight any attempt at blanket debt cancellation, saying it unfairly shifts the burden from borrowers to taxpayers.

In a hearing Wednesday with Biden’s candidate for Education Secretary, Senator Richard Burr, RN.C., urged the White House to reject calls for a mass pardon and pursue legislation instead aimed at simplifying loan repayment options.

Copyright 2021 The Associated Press. All rights reserved.

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Survey reveals generational gap in Canadians’ understanding of the causes of debt Thu, 11 Mar 2021 06:07:47 +0000 Enter Wall Street with StreetInsider Premium. Claim your 1-week free trial here. TORONTO, March 03, 2021 (GLOBE NEWSWIRE) – As COVID-19 continues to worsen the financial difficulties of many Canadians, a new national survey by Licensed Insolvency Trustees Bromwich + Smith examines how the country views the debt and the factors that cause it. the […]]]>

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TORONTO, March 03, 2021 (GLOBE NEWSWIRE) – As COVID-19 continues to worsen the financial difficulties of many Canadians, a new national survey by Licensed Insolvency Trustees Bromwich + Smith examines how the country views the debt and the factors that cause it. the Monitoring the causes of debt, reveals a generational gap in the perception of the causes of debt, wants versus needs, job losses and rising cost of living, addiction, mental health and gambling.

When asked what people think are the main causes of debt, the highest response (at 52% of Canadians) was “a difficulty in distinguishing wants from needs” (essential purchases vs instant gratification like impulse purchases).

Other main responses include a lack of financial literacy (42%), an increase in the cost of living (41%), unexpected financial emergencies such as a car accident, divorce, major health problem, a lawsuit or a natural disaster (40%), and job loss (36%).

To complete the list:

  • Social acceptance – expenses to integrate at 27%
  • Marketing and media at 15%
  • 10% drug addiction
  • Mental health issues at 8%
  • Finally, the game at 7%

“These results are very revealing of how people perceive the causes of debt in Canada,” said Shawn Stack, vice president of insolvency practice at Bromwich and Smith. “Often people assume that debt is caused by mismanagement of money. However, what we are seeing with our clients is that many find themselves in this situation due to factors beyond their control. Unexpected life events like serious illness, death in the family, divorce or job loss are usually the reasons people get into trouble.

Generational chasmWhen discussing the causes of debt, beliefs differ among different age groups. Specifically, while the older cohort (55+) strongly believes that wants versus need is the main cause of debt (58%), only 44% of younger respondents (18-34) agree. For the younger cohort, lack of financial literacy and budget planning skills is the main cause of debt at 50 percent. This contrasts with 34 percent for the 35-54 cohort and 43 percent for those 55 and over.

“There is a stigma associated with debt that makes people feel ashamed that they cannot pay it off,” Stack said. “In the K-shaped recovery, where different parts of the economy are recovering at different rates, the most vulnerable cohort is pushed further down. Young Canadians and women have felt a stronger impact amid the pandemic and tend to have a different understanding of the factors leading to debt as they experience it. ”

Women are much more likely than men to believe that rising cost of living (44% to 38%) and unforeseen financial emergencies (55% to 45%) are the main causes of debt.

“Everyone’s journey is different,” Stack said. “But to overcome debt, it takes an inner journey and a measure of self-forgiveness. Once this is done, it is important to know that every Canadian has the right to restructure their debt. Our Debt Relief Specialists at Bromwich + Smith are just a phone call away to help Canadians navigate this process and rebuild their value.

the Monitoring the causes of debt is the latest in a series of Bromwich + Smith designed to create a benchmark of attitudes regarding stigma, money and debt.

Canadians’ understanding of the causes of debt

Causes of debt national 18 – 34 35 – 54 55+
Wants vs needs – difficulty distinguishing between essential purchases and instant gratification / ‘impulse buying’ 52% 44% 50% 58%
Lack of financial literacy / budget planning skills 42% 50% 34% 43%
The cost of living is increasing 41% 46% 44% 34%
Unforeseen financial emergencies (car accident, divorce, major health problem, lawsuit, natural disaster) 40% 43% 41% 38%
Job Loss 36% 37% 34% 36%
Social acceptance – spending beyond your means to integrate 27% 26% 30% 26%
Marketing and media – advertisements for credit cards, goods, services and lifestyles 15% 12% 13% 18%
Substance dependence 9% 9% 9% 7%
Mental health problems 8% ten% 9% 7%
Gambling 7% 6% 8% 8%

Bromwich + Smith understands the many reasons Canadians get into debt and will continue to support those seeking effective debt relief solutions.

The full survey results are available through the contacts below.

About Monitoring the causes of debt by Bromwich + Smith From December 18 to 20, 2020, an online survey was conducted among a representative sample of 1,520 Canadian Angus Reid Forum members. The sample was balanced and weighted for age, gender, region and education. For comparison purposes, the sampling plan would have a margin of error of +/- 2.5 percentage points, 19 times out of 20. Discrepancies in or between totals are due to rounding.

About Bromwich + Smith Bromwich + Smith, our dedicated team of Licensed Insolvency Trustees and Debt Relief Specialists are committed to rebuilding the value of our clients, while helping to relieve the overwhelming financial and emotional burden they endure. Beyond the financial well-being of our clients, Bromwich + Smith strives to restore the personal well-being and self-confidence of each client. Whether it is through a consumer proposal, bankruptcy, advice or a budget, our clients trust us to work with them to find personalized solutions to restore them. With offices in British Columbia, Alberta, Saskatchewan and Ontario, Bromwich + Smith helps thousands of Canadians rebuild their value every year. Bromwich + Smith Debt Relief Specialists are available for an initial consultation by phone at 1-855-884-9243 or via

For more information: To arrange an interview with Shawn Stack, Vice President of Bromwich + Smith, please contact:

Dana sharman MAVERICK Public Relations 1-705-878-6493

Natasha B. RussellSenior Communications Specialist Bromwich + Smith 1-587-329-6947

A photo accompanying this announcement is available at

Monitoring the causes of debt

Vice President of Insolvency Practice Shawn Stack and Co-Founder President David Smith have a safe hallway conversation at Bromwich + Smith Headquarters. The company just released the Debt Cause Tracker, a survey that examines people’s perceptions of the origins of debt.

Source: Bromwich + Smith

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