Economic Progress – Avance Economico http://avanceeconomico.com/ Wed, 18 Aug 2021 07:21:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://avanceeconomico.com/wp-content/uploads/2021/07/icon-7.png Economic Progress – Avance Economico http://avanceeconomico.com/ 32 32 Refinancing a Personal Loan: Can It Be Done? http://avanceeconomico.com/refinancing-a-personal-loan-can-it-be-done/ Fri, 13 Aug 2021 07:33:33 +0000 http://avanceeconomico.com/?p=1506 Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.” If you have a personal loan, you might wonder […]]]>

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

If you have a personal loan, you might wonder whether you can refinance it. For example, maybe you want to get a lower interest rate, reduce your monthly payment, or change your repayment term.

Here’s what you should know about refinancing personal loans:

Can you refinance a personal loan?

Yes, you can refinance a personal loan. To refinance a personal loan, you’ll simply take out a new personal loan to pay off the old one — which means you’ll have both a new rate and repayment term.

Keep in mind: Some lenders have restrictions when it comes to refinancing personal loans. For example, LightStream doesn’t allow borrowers to refinance existing LightStream loans — however, you can use a LightStream loan to refinance a loan from another lender.

Here are a few reasons why you might want to refinance a personal loan:

  • Lower your interest rate: Depending on your credit, you might qualify for a lower interest rate through refinancing — which will help you save money on interest charges and potentially pay off the loan more quickly.
  • Reduce your monthly payments: If you opt for a longer repayment term through refinancing, you could lower your monthly payments. Just keep in mind that choosing a longer repayment term means you’ll pay more in interest over time.
  • Consolidate multiple types of debt: You can use a personal loan for almost any personal expense. For example, if you take out a personal loan for debt consolidation or credit card consolidation, you could also use it to consolidate your old personal loan.

Although there are potential benefits that come with refinancing your personal loan, there are also some important potential drawbacks to consider. Here are a few to keep in mind:

  • Might pay more in interest: If you choose a longer repayment term, you could end up paying much more in interest over the life of the loan.
  • Origination fees: Many personal loan lenders charge origination fees — sometimes as high as 8% or more, depending on the lender. These fees are deducted before the loan is disbursed to you, reducing the amount of money you actually get.
  • Prepayment penalties: Some lenders charge prepayment penalties if you pay off the loan before the stated term. If the lender of your original loan charges this type of penalty, it could reduce your potential refinancing savings.

If you’re thinking about refinancing a personal loan, be sure to consider how much the new loan will cost you over time and if the possible savings are worth it. You can estimate how much you’ll pay for a new loan using our personal loan calculator below.

Enter your loan information to calculate how much you could pay

Total Payment
$

Total Interest
$

Monthly Payment
$

With a
$
loan, you will pay
$
monthly and a total of
$
in interest over the life of your loan. You will pay a total of
$
over the life of the
loan.


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Lenders that offer personal loan refinancing

Before you refinance your personal loan, it’s important to carefully consider your lender options to find the right loan for you.

Here are Credible’s partner lenders that offer personal loan refinancing:

Lender Fixed rates Loan amounts Loan terms (years)


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

9.95% – 35.99% APR $2,000 to $35,000** 2, 3, 4, 5*
  • Fixed APR:
    9.95% – 35.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    550
  • Loan amount:
    $2,000 to $35,000**
  • Loan terms (years):
    2, 3, 4, 5*
  • Time to fund:
    As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    Avant
  • Loan Uses:
    Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income:
    $1,200 monthly


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

6.79% – 17.99% APR $5,000 to $35,000 1, 2, 3, 4, 5
  • Fixed APR:
    6.79% – 17.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    740
  • Loan amount:
    $5,000 to $35,000
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    Next business day
  • Fees:
    No prepayment penalty
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, self-employment, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

5.99% – 29.99% APR $2,000 to $50,000 2, 3, 4, 5
  • Fixed APR:
    5.99% – 29.99% APR
  • Variable APR:
    N/A
  • Min. credit score:
    600
  • Loan amount:
    $2,000 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 1 – 3 business days after successful verification
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except DC, IA, VT, and WV
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Best Egg
  • Min. Income:
    None
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

6.99% – 24.99% APR $2,500 to $35,000 3, 4, 5, 6, 7
  • Fixed APR:
    6.99% – 24.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $2,500 to $35,000
  • Loan terms (years):
    3, 4, 5, 6, 7
  • Time to fund:
    As soon as the next business day after acceptance
  • Fees:
    Late fee
  • Discounts:
    None
  • Eligibility:
     Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan Uses:
    Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

7.99% – 29.99% APR $10,000 to $35,000 2, 3, 4, 5
  • Fixed APR:
    7.99% – 29.99% APR
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $7,500 to $50,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as 2 business days
  • Fees:
    Origination fee
  • Discounts:
    No
  • Eligibility:
    Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

10.68% – 35.89% APR $1,000 to $40,000 3, 5
  • Fixed APR:
    10.68% – 35.89% APR
  • Min. credit score:
    600
  • Loan amount:
    $1,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    Usually takes about 3 days
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Loan servicer:
    LendingClub
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

15.49% – 35.99% APR $2,000 to $36,500 2, 3, 4
  • Fixed APR:
    15.49% – 35.99% APR
  • Min. credit score:
    580
  • Loan amount:
    $2,000 to $36,500
  • Loan terms (years):
    2, 3, 4
  • Time to fund:
    As soon as the next business day
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except NV and WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $20,000
  • Loan Uses:
    Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

2.49% – 19.99% APR $5,000 to $100,000 2, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Fixed APR:
    2.49% – 19.99% APR
  • Min. credit score:
    660
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7*
  • Time to fund:
    As soon as the same business day
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except RI and VT
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Loan servicer:
    LightStream
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

6.99% – 19.99% APR1 $3,500 to $40,0002 3, 4, 5, 6, 7
  • Fixed APR:
    6.99% – 19.99% APR1
  • Min. credit score:
    660

    (TransUnion FICO®️ Score 9)
  • Loan amount:
    $3,500 to $40,0002
  • Loan terms (years):
    3, 4, 5, 6
  • Time to fund:
    Many Marcus customers receive funds in as little as three days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all 50 states
  • Customer service:
    Phone
  • Soft credit check:
    Yes
  • Loan servicer:
    Goldman Sachs
  • Min. Income:
    $30,000
  • Loan Uses:
    Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

18.00% – 35.99% APR $1,500 to $20,000 2, 3, 4, 5
  • Fixed APR:
    18.00% – 35.99% APR
  • Min. credit score:
    None
  • Loan amount:
    $1,500 to $20,000
  • Loan terms (years):
    2, 3, 4, 5
  • Time to fund:
    As soon as the same day, but usually requires a visit to a branch office
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

5.99% – 17.99% APR $600 to $35,000
(depending on loan term)
1, 2, 3, 4, 5
  • Fixed APR:
    5.99% – 17.99% APR
  • Min. credit score:
    670
  • Loan amount:
    $600 to $35,000*
  • Loan terms (years):
    1, 2, 3, 4, 5
  • Time to fund:
    2 to 4 business days after verification
  • Fees:
    None
  • Discounts:
    None
  • Eligibility:
    Does not disclose
  • Customer service:
    Phone, email
  • Soft credit check:
    No
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, home improvement, transportation, medical, dental, life events


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

6.95% – 35.99% APR $2,000 to $40,000 3, 5
  • Fixed APR:
    6.95% – 35.99% APR
  • Min. credit score:
    640
  • Loan amount:
    $2,000 to $40,000
  • Loan terms (years):
    3, 5
  • Time to fund:
    As soon as one business day
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except IA, ND, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    None
  • Loan Uses:
    Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

5.99% – 18.83% APR $5,000 to $100,000 2, 3, 4, 5, 6, 7
  • Fixed APR:
    5.99% – 18.83% APR
  • Min. credit score:
    Does not disclose
  • Loan amount:
    $5,000 to $100,000
  • Loan terms (years):
    2, 3, 4, 5, 6, 7
  • Time to fund:
    3 business days
  • Fees:
    None
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except MS
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Solely for personal, family, or household uses


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

8.93% – 35.93% APR7 $1,000 to $50,000 3 to 5 years 8
  • Fixed APR:
    8.93% – 35.93% APR7
  • Min. credit score:
    580
  • Loan amount:
    $1,000 to $50,000
  • Loan terms:
    3 to 5 years 8
  • Time to fund:
    Within one day, once approved9
  • Loan types:
    Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    A U.S. citizen or permanent resident. Not available in AR, DC, KS, ME, SC, VT, WI, WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

5.94% – 35.97% APR $1,000 to $50,000 2, 3, 5, 6
  • Fixed APR:
    5.94% – 35.97% APR
  • Min. credit score:
    580
  • Loan amount:
    $1,000 to $50,000*
  • Loan terms (years):
    2, 3, 5, 6
  • Time to fund:
    Within a day of clearing necessary verifications
  • Fees:
    Origination fee
  • Discounts:
    Autopay
  • Eligibility:
    Available in all states except West Virginia
  • Customer service:
    Email
  • Soft credit check:
    Yes
  • Min. Income:
    Does not disclose
  • Loan Uses:
    Debt consolidation, credit card refinancing, home improvement, and other purposes


Credible Rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

6.46% – 35.99% APR4 $1,000 to $50,0005 3 to 5 years4
  • Fixed APR:
    6.46% – 35.99% APR4
  • Min. credit score:
    580
  • Loan amount:
    $1,000 to $50,0005
  • Loan terms (years):
    3 to 5 years4
  • Time to fund:
    As soon as 1 – 3 business days6
  • Fees:
    Origination fee
  • Discounts:
    None
  • Eligibility:
    Available in all states except IA and WV
  • Customer service:
    Phone, email
  • Soft credit check:
    Yes
  • Min. Income:
    $12,000
  • Loan Uses:
    Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
Compare rates from these lenders without affecting your credit score. 100% free!
Compare Now

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | Read more about Rates and Terms

Avant

If you have poor or fair credit, Avant might be a good choice for personal loan refinancing. You can borrow $2,000 to $35,000* with terms ranging from two to five years.**

Keep in mind that if you choose to refinance an existing Avant loan, you can only do so twice. If you want to refinance again after that, you’ll need to consider another lender.


4.6


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 9.95% – 35.99% APR
  • Variable APR: N/A
  • Min. credit score: 550
  • Loan amount: $2,000 to $35,000**
  • Loan terms (years): 2, 3, 4, 5*
  • Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: Avant
  • Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes
  • Min. Income: $1,200 monthly

Axos Bank

With Axos Bank, you can borrow $5,000 to $35,000 with a term from one to five years. If you’re approved, you could have your funds as soon as the next business day.

Keep in mind that you’ll generally need very good to excellent credit to qualify for a personal loan from Axos Bank.


4.2


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 6.79% – 17.99% APR
  • Variable APR: N/A
  • Min. credit score: 740
  • Loan amount: $5,000 to $35,000
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: Next business day
  • Fees: No prepayment penalty
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes

Best Egg

Best Egg personal loans range from $2,000 to $50,000 with repayment terms of two or five years.

In addition to your credit score, Best Egg also considers other proprietary credit attributes as well as your digital footprint — which means you might have an easier time qualifying even if you have less-than-perfect credit.


4.1


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 5.99% – 29.99% APR
  • Variable APR: N/A
  • Min. credit score: 600
  • Loan amount: $2,000 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 1 – 3 business days after successful verification
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Best Egg
  • Min. Income: None
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Discover

If you’re looking for a long-term personal loan, Discover might be a good option — you can borrow $2,500 to $35,000 with a repayment term of three to seven years.

Just remember that choosing a longer term means you’ll pay more in interest over time.


4.4


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 6.99% – 24.99% APR
  • Min. credit score: 660
  • Loan amount: $2,500 to $35,000
  • Loan terms (years): 3, 4, 5, 6, 7
  • Time to fund: As soon as the next business day after acceptance
  • Fees: Late fee
  • Discounts: None
  • Eligibility:  Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

FreedomPlus

FreedomPlus offers personal loans from $7,500 to $50,000 with terms ranging from two to five years. If you’re approved, you could get your funds in as little as two business days.


4.1


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

FreedomPlus Personal Loans

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 7.99% – 29.99% APR
  • Min. credit score: Does not disclose
  • Loan amount: $7,500 to $50,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as 2 business days
  • Fees: Origination fee
  • Discounts: No
  • Eligibility: Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

LendingClub

LendingClub is one of the few lenders that allow cosigners on personal loans — which could make it a good choice if you need a cosigner to qualify for refinancing. With LendingClub, you can borrow $1,000 to $40,000 with a repayment term of three or five years.


4.3


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

LendingClub Personal Loans

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 10.68% – 35.89% APR
  • Min. credit score: 600
  • Loan amount: $1,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: Usually takes about 3 days
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Loan servicer: LendingClub
  • Min. Income: None
  • Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

LendingPoint

LendingPoint specializes in working with borrowers who have near-prime credit scores — typically meaning a credit score in the upper 500s or 600s. With LendingPoint, you can borrow $2,000 to $36,500 with a term ranging from two to five years.


4.5


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

LendingPoint Personal Loans

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Checking rates won’t affect your credit score

  • Fixed APR: 15.49% – 35.99% APR
  • Min. credit score: 580
  • Loan amount: $2,000 to $36,500
  • Loan terms (years): 2, 3, 4
  • Time to fund: As soon as the next business day
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except NV and WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $20,000
  • Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

LightStream

LightStream personal loans are available for $5,000 to $100,000, which could make it a good choice if you have a large loan to refinance or want to consolidate other debts along with your original loan.

Keep in mind that while LightStream doesn’t allow borrowers to refinance existing LightStream loans, you can use loan proceeds to refinance a loan from another lender.


4.9


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

LightStream Personal Loans

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Checking rates won’t affect your credit score

  • Fixed APR: 2.49% – 19.99% APR
  • Min. credit score: 660
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7*
  • Time to fund: As soon as the same business day
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Customer service: Phone, email
  • Soft credit check: No
  • Loan servicer: LightStream
  • Min. Income: Does not disclose
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Marcus

Personal loans from Marcus range from $3,500 to $40,0002 and come with terms ranging from three to six years. Additionally, if you make 12 on-time, consecutive payments on your loan, you can defer one payment interest-free.


4.3


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 6.99% – 19.99% APR1
  • Min. credit score: 660

    (TransUnion FICO®️ Score 9)
  • Loan amount: $3,500 to $40,0002
  • Loan terms (years): 3, 4, 5, 6
  • Time to fund: Many Marcus customers receive funds in as little as three days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Loan servicer: Goldman Sachs
  • Min. Income: $30,000
  • Loan Uses: Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes

OneMain Financial

Unlike many personal loan lenders, OneMain Financial doesn’t require a minimum credit score, which could make it a good choice for borrowers with less-than-stellar credit.

Loans from OneMain Financial range from $1,500 to $20,000 — though keep in mind that you might have to provide collateral for higher loan amounts.


4.1


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

OneMain Financial Personal Loans

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Checking rates won’t affect your credit score

  • Fixed APR: 18.00% – 35.99% APR
  • Min. credit score: None
  • Loan amount: $1,500 to $20,000
  • Loan terms (years): 2, 3, 4, 5
  • Time to fund: As soon as the same day, but usually requires a visit to a branch office
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose

PenFed

If you only need to borrow a small amount, PenFed might be a smart choice — you can borrow as little as $600 up to $35,000 with a repayment term from one to five years. Approved PenFed loans are typically funded within two to four business days after verification.


4.5


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 5.99% – 17.99% APR
  • Min. credit score: 670
  • Loan amount: $600 to $35,000*
  • Loan terms (years): 1, 2, 3, 4, 5
  • Time to fund: 2 to 4 business days after verification
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events

Prosper

Prosper loans are available from $2,000 to $40,000 and come with repayment terms of three or five years.

Keep in mind that because Prosper operates a peer-to-peer online loan marketplace where investors pick and choose the loans they want to fund, the funding time for a Prosper loan can be somewhat longer than other lenders. For approved loans, the entire process usually takes three to five business days from start to origination.


4.5


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 6.95% – 35.99% APR
  • Min. credit score: 640
  • Loan amount: $2,000 to $40,000
  • Loan terms (years): 3, 5
  • Time to fund: As soon as one business day
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: None
  • Loan Uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

SoFi

With SoFi, you can borrow $5,000 to $100,000 with repayment terms ranging from two to seven years. If you take out a personal loan with SoFi, you’ll have access to several borrower perks, including unemployment protection and career coaching.


4.9


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 5.99% – 18.83% APR
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $100,000
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Time to fund: 3 business days
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Solely for personal, family, or household uses

Universal Credit

Universal Credit offers personal loans from $1,000 to $50,000 with flexible repayment terms of three to five years. With fast funding and personalized recommendations to help you build your credit, a personal loan through Universal credit would be ideal for borrowers whose current scores need improvement.


4.3


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Universal Credit Personal Loans

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Checking rates won’t affect your credit score

  • Fixed APR: 8.93% – 35.93% APR7
  • Min. credit score: 580
  • Loan amount: $1,000 to $50,000
  • Loan terms: 3 to 5 years 8
  • Time to fund: Within one day, once approved9
  • Loan types: Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: A U.S. citizen or permanent resident. Not available in AR, DC, KS, ME, SC, VT, WI, WV
  • Customer service: Phone, email
  • Soft credit check: Yes

Upgrade

Personal loans from Upgrade range from $1,000 to $50,000 and come with repayment terms of three or five years. Upgrade also offers free credit monitoring and educational resources, which could help borrowers build their credit.


4.3


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 5.94% – 35.97% APR
  • Min. credit score: 580
  • Loan amount: $1,000 to $50,000*
  • Loan terms (years): 2, 3, 5, 6
  • Time to fund: Within a day of clearing necessary verifications
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except West Virginia
  • Customer service: Email
  • Soft credit check: Yes
  • Min. Income: Does not disclose
  • Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes

Upstart

In addition to your credit score, Upstart will also consider your education and job history to determine your creditworthiness — this means you might qualify even if you have little to no credit. You can borrow $1,000 to $50,0005 with Upstart.


4.6


Credible rating



Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

Ready to find a personal loan?
Compare rates from top personal loan lenders to find the right one for you.

Check Personalized Rates

Checking rates won’t affect your credit score

  • Fixed APR: 6.46% – 35.99% APR4
  • Min. credit score: 580
  • Loan amount: $1,000 to $50,0005
  • Loan terms (years): 3 to 5 years4
  • Time to fund: As soon as 1 – 3 business days6
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA and WV
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. Income: $12,000
  • Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Check Out: Personal Loan Lenders That Accept Cosigners

When should you refinance a personal loan?

While refinancing a personal loan might be a good choice in some cases, it isn’t right for everyone. Here are a few situations where personal loan refinancing could be a smart move:

  • Your credit score has improved. If you have a better credit score than when you originally applied, you might qualify for a lower interest rate. This could help you save money on interest and possibly pay off the loan sooner.
  • You need to lower your monthly payment. If you refinance and choose a longer repayment term, you could reduce your monthly payments and lessen the strain on your budget.
  • You want to switch to a fixed interest rate: A variable interest rate can fluctuate with market trends, which means your rate might go up in the future. With refinancing, you can switch to a fixed interest rate, which will stay the same over the life of the loan.

And here are some scenarios where refinancing might not be a good idea:

  • You don’t qualify for better terms. If you can’t qualify for a lower rate or more favorable terms, then refinancing likely isn’t worth it.
  • Origination fees outweigh your savings. Depending on the lender, origination fees can be as high as 8% or more. If these fees will eat up the savings you get through refinancing, then it might not be a good idea.
  • You are about to buy a house or finance another purchase. Taking out a new personal loan can have a slightly negative impact on your credit score, though it’s usually only temporary. However, if you’re planning to apply for a mortgage, auto loan, or another type of financing, then it’s likely better to wait to refinance a personal loan until later so there’s no effect on your credit score.

Learn More: Bad Credit Personal Loans

How to refinance a personal loan

If you’re ready to refinance a personal loan, follow these four steps:

  1. Compare lenders and choose your loan option. Be sure to compare as many personal loan lenders as possible to find the right loan for you. Consider interest rates, repayment terms, fees, and any restrictions the lender might have on refinancing personal loans. After comparing lenders, pick the loan that works best for your needs.
  2. Complete the application. Once you’ve chosen a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs.
  3. Get your funds. The time to fund on a personal loan is typically about one week — though some lenders will fund loans as soon as the same or next business day after approval. Make sure to keep up with payments on your old loan while you wait for your funds.
  4. Pay off your old loan. Once you have your new loan funds, you can pay off your original loan. Contact your original lender to determine how to do this, then follow their instructions. Afterward, ask your original letter for documentation showing the loan has been paid off. You can also keep an eye on your credit report to make sure the loan shows as being paid — though keep in mind that it might take up to 30 to 45 days for the new status to show up on your credit report.

Check Out: Need a $10,000 Personal Loan? Follow This Process to Get It Fast

Does personal loan refinancing affect your credit score?

When you apply for personal loan refinancing, the lender will perform a hard credit check to determine your creditworthiness, which might cause a slight dip in your credit score.

However, this impact is usually only temporary, and your score will likely bounce back within a few months.

Tip: Keeping up with payments on a new refinanced loan could actually help your credit score improve over time, which might outweigh the initially negative effect on your score.

If you decide to get a personal loan for refinancing, remember to consider as many lenders as you can to find a loan that suits your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

Ready to find your personal loan?
Credible makes it easy to find the right loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author

Emily Guy Birken

Emily Guy Birken

Emily Guy Birken is a Credible authority on personal finance. Her work has been featured by Forbes, Kiplinger’s, Huffington Post, MSN Money, and The Washington Post online.

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Repayment Options for Minority Student Loan Borrowers Ranger student loans http://avanceeconomico.com/easy-debt-consolidation-loans-visit-us-to-learn-more-about-our-debt-consolidation/ Thu, 12 Aug 2021 05:17:36 +0000 http://avanceeconomico.com/repayment-resources-for-minority-student-loans-borrowers-ranger-student-loan/ The cost of college education has always been associated with a plus-minus balance sheet. To improve your career potential, you often need a degree, and getting one often means paying expensive tuition – something a lot of people struggle with. RELATED CONTENT   For many students, investing in their future comes with the price of […]]]>

The cost of college education has always been associated with a plus-minus balance sheet. To improve your career potential, you often need a degree, and getting one often means paying expensive tuition – something a lot of people struggle with.

RELATED CONTENT

 

For many students, investing in their future comes with the price of student debt. But that doesn’t necessarily mean you’re in debt forever, or that the investment isn’t worth it. You only need to do your research and understand your situation to make positive, solid decisions about borrowing money to pay for college.

Overall, nearly 45 million Americans collectively owed about $ 1.71 trillion in student loans at the end of 2020, mostly federal student loans, according to the Federal Reserve. Statistics also show distinct racial disparities in who owes this record high level of student loan debt.

Black and Hispanic students tend to take out student loans at higher rates and for larger amounts than their white counterparts, and black borrowers on average owe the highest amounts and have the highest default rates. 

Find the Best Student Loan Refinance Lenders

 

According to a July 10, 2021 report published by researchers at EducationData.org, black college graduates owe an average of $ 25,000 more in student loans than white college graduates.

In addition, over 67% of Hispanic and Latino student borrowers have student debt. This ethnic group is the second most likely to borrow private student loans – 69.4% of Hispanic and Latino students borrow $ 40,000 or more in private student loans – and it is the group most likely to delay marriage and to have children because of student loan debt, according to the report.

So how do minorities get past student loan debt and head for a better financial situation after school? There are various free resources to help them find scholarships and grants to reduce their dependence on loans and help them pay off student loan debt once they leave college.

For example, the Hispanic Association of Colleges and Universities, also known as HACU, provides Hispanic students with resources to find scholarships and grants to help pay for their undergraduate education.

The Thurgood Marshall College Fund offers scholarship programs and special interest for black students, especially those at historically black colleges and universities, also known as HBCUs. The United Negro College Fund, or UNCF, offers more than 10,000 scholarships each year to support minority students while also donating to 37 HBCU scholarship funds, according to the organization’s website.

Here are other scholarship resources for minorities:

  • Details of the 40 scholarships focused on Hispanics and Latinos are available at goingmerry.com, a free financial aid and scholarship platform.
  • The Jackie Robinson Foundation offers four-year scholarships worth up to $ 30,000 over four years as part of its mentoring and leadership development program for qualified minority students pursuing undergraduate degrees.
  • The UNCF STEM Fellowship Program offers up to $ 2,500 to $ 5,000 per academic year, depending on the recipient’s academic year, to qualified African American students interested in studying science, engineering, technology, or math and to pursue a career in a STEM field.

Depending on your profession, there are other possibilities and the most convenient way to ease the burden of student debt after college that minorities should be aware of. Here are just a few:

Nursing Corps Loan Repayment Program. Although there are many state grants available to repay student loans for nurses, this program is nationwide through the Federal Administration of Resources and Health Services. It pays 85% of unpaid nursing education debt for qualified registered nurses, advanced practice registered nurses, or faculty of nurses who work full-time for at least two years in an area of ​​critical shortage or in an eligible nursing school.

Indian Health Service Loan Repayment Program. This program will reimburse up to $ 40,000 in eligible student loans to eligible health clinicians who register for two years of service in health facilities in Native American and Alaska Native communities. By choosing to stay longer, participants can renew their contract each year until their eligible student loan debt is paid off. American Indians and Alaska Natives who apply are given priority.

Teacher loan rebate program. Applicants approved for this federal program can earn up to $ 17,500 in rebate for federal subsidized and unsubsidized direct loans, including Stafford loans, if they agree to teach for five full, consecutive years at a school or school. a low income educational service organization. In some cases, the unpaid portions of federal or direct consolidation loans may also be eligible for a discount.

While not an exhaustive list, these resources are good starting points for minority students looking to reduce financial barriers to college. With access to funding sources that can minimize student loans, black, Hispanic, and other minority borrowers can get the most out of their investment in higher education.

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Home equity lines of credit: pros and cons http://avanceeconomico.com/home-equity-lines-of-credit-pros-and-cons/ Thu, 12 Aug 2021 05:17:36 +0000 http://avanceeconomico.com/home-equity-lines-of-credit-pros-and-cons/ Homeowners who want to tap into their home equity to consolidate high interest debt or finance home improvement projects often decide to take out a Home Equity Line of Credit (HELOC). One of the benefits of a HELOC is that you can only borrow the amount you need, which can lower your monthly payment. However, […]]]>

Homeowners who want to tap into their home equity to consolidate high interest debt or finance home improvement projects often decide to take out a Home Equity Line of Credit (HELOC). One of the benefits of a HELOC is that you can only borrow the amount you need, which can lower your monthly payment. However, varying payment amounts can make a HELOC riskier for less disciplined borrowers.

What is a Home Equity Line of Credit (HELOC)?

Unlike a home equity loan, which lends you a lump sum, a HELOC offers a line of credit that you can borrow when you need it. Like credit cards, HELOCs come with variable interest rates, and your monthly payment will vary based on your current interest rate and how much you’re borrowing at any given time.

With a HELOC, you usually receive a maximum amount that you can borrow based on the equity in your home. You can choose to use part or all of your line, and you are charged interest only on the amount you actually borrow. So if you haven’t used your line of credit, you won’t owe principal or interest.

Benefits of a Home Equity Line of Credit

Home equity lines of credit normally allow you to borrow up to 85% of the value of your home, less any outstanding mortgage payments, which means these loans won’t work for consumers who don’t have a home equity loan. considerable net worth. You also usually need good credit to qualify, as well as provable income to pay off your loan.

If you’re a HELOC candidate, here are some of the biggest benefits.

Qualify for a low APR

Interest rates have been at their lowest for several years, or almost, and home equity lines of credit allow you to take advantage of that fact. HELOCs can have lower interest rates and upfront costs than credit cards, making them attractive for debt consolidation or current projects.

In fact, some of the best HELOC rates drop below 5%. Meanwhile, the average APR on variable rate credit cards is around 16%.

Interest may be tax deductible

Even after the Tax Cuts and Jobs Act of 2017, you can still deduct interest paid on a home equity line of credit (or home equity loan) if you use the money for home improvements. .

Specifically, the IRS states that interest payments on real estate products are deductible if they are used to “buy, build, or significantly improve the home of the taxpayer who secures the loan.”

Borrow only what you need

Another advantage of HELOCs is that you can use the funds as needed. When home equity loans and even personal loans require you to take out a lump sum, you can use a HELOC in bursts if you want, borrowing only the money you use as you go. If you need less money than you thought you would have a lower monthly payment.

Choose from flexible repayment options

HELOCs often offer flexibility in how you pay for them. The timing of your HELOC can vary depending on how much you want to borrow and which lender you choose from, but HELOCs can last up to 30 years. You will usually only have to make interest payments during the withdrawal period, or the first 10 years, but you also have the option of making principal payments to reduce the remaining balance when you enter the withdrawal period. repayment.

Some HELOC lenders have also started offering fixed rate options, which allow you to lock in a portion of your HELOC balance at a fixed interest rate for a period of time.

Increase your credit score

Two of the most important parts of your credit score are your payment history and the different types of credit you have. Adding a HELOC to your credit portfolio and making one-time, regular monthly payments can boost your credit score as it shows a series of good financial habits.

Few restrictions on how you use the funds

With a HELOC, there are very few restrictions on how you can use the funds. Although your HELOC is secured by your home, you don’t have to use HELOC funds for home improvements. You can use it for college expenses, travel, or debt consolidation.

Disadvantages of a Home Equity Line of Credit

Being able to tap into the equity in your home is a good option, but there are some HELOC downsides to be aware of. Consider these drawbacks before going ahead with this loan option.

You use your home as collateral

A HELOC is a secured loan, which means that you put your home as collateral for the loan. While a secured loan can help you get a lower interest rate, you take additional risk.

“Because you are borrowing against your home, if you can’t make your monthly payments, you risk foreclosure,” says Sean Murphy, assistant vice president of equity loans at the Navy Federal Credit Union.

You will have a variable interest rate

Where home equity loans offer a fixed interest rate that will never change, home equity lines of credit have variable rates. This means that your rate can go up or down depending on the decisions of the Federal Reserve. So even if you purchase a HELOC with a low rate, you may still face high rates when paying.

There is a risk of overtaking

A disadvantage of HELOCs often stems from the borrower’s lack of discipline. Since HELOCs allow you to make interest-only payments during the drawdown period, it’s also almost too easy to access money without immediately feeling the pain of your decisions.

“If the borrower does not repay the funds on that line of credit, the loan ends up amortizing and payments increase dramatically,” says Joseph Polakovic, owner and CEO of Castle West Financial in San Diego. If you don’t expect or keep track of the increase in monthly payments at the end of the draw period, it can be a nasty surprise.

You reduce the equity in your home

When you borrow through a HELOC, you are borrowing against the equity in your home that you have worked hard to build up. If house prices go down, you could owe more than your home’s value. Having an exceptional HELOC also limits your additional opportunities to borrow against your equity.

Alternatives to a home equity line of credit

HELOCs can be extremely useful, but they’re not exactly perfect, at least not for everyone. Here are some loan alternatives to consider in place of a HELOC.

Home equity loan

A home equity loan is very similar to a HELOC, but instead of a line of credit, it gives you a lump sum in cash. You will have a fixed repayment period and a fixed interest rate, which means your monthly payment will never change.

Murphy says that if you’re looking to spend as you go – and only pay for what you borrow, when you borrow it – a HELOC is probably a better option. If you know exactly how much you need up front, a home equity loan might be a better option than a HELOC.

Refinancing of collection

A cash-out refinance replaces your existing mortgage with a new loan with a higher balance. Many lenders will allow you to refinance and borrow up to 80% of the value of your home, allowing you to receive the difference in cash.

If your home is worth $ 400,000 and you owe $ 200,000, for example, you could potentially refinance with a new loan of $ 320,000 and get $ 120,000 in cash, less closing costs and other refinancing costs. .

Personal loan

Like home equity loans, personal loans come with a fixed monthly payment, a fixed interest rate, and a lump sum up front. The big difference between personal loans and home equity loans and HELOCs is that personal loans are unsecured, so you don’t have to pledge your home as collateral.

Personal loans can also be easier to apply for, as you can often complete an application online and don’t have to prove your home’s value. However, they tend to carry higher interest rates than home equity products.

The bottom line

Home equity lines of credit can be a great option if you have enough equity in your home because you have more flexibility in what to borrow and when to pay it back. However, you will need to put your home as collateral, and HELOCs come with variable interest rates. Before applying, think about your financial habits, as well as how you want to use your funds.

Learn more:

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CDC extends moratorium on tenant evictions until October 3 http://avanceeconomico.com/cdc-extends-moratorium-on-tenant-evictions-until-october-3/ Thu, 12 Aug 2021 05:17:36 +0000 http://avanceeconomico.com/cdc-extends-moratorium-on-tenant-evictions-until-october-3/ The Centers for Disease Control and Prevention extended the moratorium on evictions until October 3, the agency said on Tuesday. Pandemic-era tenant eviction bans ended in many states in late July, but government agencies including the Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) have extended the bans for properties under their jurisdiction […]]]>

The Centers for Disease Control and Prevention extended the moratorium on evictions until October 3, the agency said on Tuesday.

Pandemic-era tenant eviction bans ended in many states in late July, but government agencies including the Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) have extended the bans for properties under their jurisdiction until September.

This new announcement could retain millions of tenants affected by the pandemic at home. But it is limited to areas of the country with high or substantial transmission of Covid-19, the agency said.

“In the context of a pandemic, moratoriums on evictions – such as quarantine, isolation and social distancing – can be an effective public health measure used to prevent the spread of communicable diseases. Moratoriums on evictions facilitate the self-isolation and self-quarantine of people who become ill or at risk of transmitting COVID-19 by keeping them out of assembly places and in their own homes, ”the statement said.

President Biden had called on Congress to extend the national moratorium on evictions, but efforts to do so have failed. After a Supreme Court ruling earlier this year, the court said it would be up to Congress to extend the moratorium.

The Consumer Financial Protection Bureau released a new online tool last week to help people facing late rent and eviction that are not covered by the extensions.

The Rental Assistance Finder is designed to help tenants and landlords easily find and apply for assistance with rent, utilities and other expenses, the agency said in a statement. .

The CDC oversees the implementation of the national moratorium on evictions, while the HUD, VA, USDA and FHFA each have their own moratorium on evictions with similar terms.

Advocates for fair housing say ending these protections could lead to an increase in homelessness without proper planning for mitigation.

Extension of eviction protections for tenants

The Center for Budget and Policy Priorities estimates that 10 million tenants are behind in their payments, with up to 26% of all tenants facing eviction in some states.

In June, the administration extended the national moratorium on evictions until the end of July to give tenants more time to recover from their COVID-related housing difficulties, and local agencies more time to distribute the rental relief, according to Biden administration officials.

The administration stressed that these funds are intended to help implement “eviction hijack tactics”, which would allow delinquent tenants to stay in their homes while helping landlords recoup some of their financial losses.

“Diversion strategies like these can help families stay in their homes while protecting landlord rights. And they are also a huge victory for state justice systems, ”said an administration official in June, as these courts face a significant backlog in potential deportation cases. Thus, helping tenants to stay in place also alleviates pressure on the legal system.

Moratorium on foreclosures for owners

Federal agencies that sponsor mortgage loans, including the HUD, VA, USDA, and FHFA, are helping homeowners educate themselves about alternatives to foreclosure in hopes of preventing a wave of forced homeowner moves.

Housing experts have noted, however, that foreclosures are relatively unlikely in today’s real estate market, as rapidly rising house prices mean that many homeowners have some equity even though they are behind on their payments. mortgage, so they should be able to sell their home. to cover their debts, rather than going through foreclosure.

In addition to the foreclosure moratorium extensions, HUD, VA and USDA have extended the deadline for new mortgage forbearance applications to September 30. Forbearance allows homeowners to temporarily suspend their mortgage payments, but does not forgive any debt.

At the end of the line

The coronavirus pandemic has wreaked havoc on household finances for many, and national moratoria on evictions and foreclosures were aimed at ensuring people don’t lose their homes as a result. This latest extension of these protections will give regulators more time to distribute resources and educate affected residents on their options for the future.

Some states also have their own additional policies that will keep tenants and landlords in place even after national policies expire.

Learn more:

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The history behind why today’s employees work so hard — Quartz http://avanceeconomico.com/the-history-behind-why-todays-employees-work-so-hard-quartz/ Mon, 05 Jul 2021 08:47:09 +0000 http://avanceeconomico.com/?p=1026 One summer night in August, 1935, a young Soviet miner named Alexei Stakhanov managed to extract 102 tons of coal in a single shift. This was nothing short of extraordinary (according to Soviet planning, the official average for a single shift was seven tons.) Stakhanov shattered this norm by a staggering 1,400%. But the sheer […]]]>

One summer night in August, 1935, a young Soviet miner named Alexei Stakhanov managed to extract 102 tons of coal in a single shift. This was nothing short of extraordinary (according to Soviet planning, the official average for a single shift was seven tons.)

Stakhanov shattered this norm by a staggering 1,400%. But the sheer quantity involved was not the whole story. It was Stakhanov’s achievement as an individual that became the most meaningful aspect of this episode. And the work ethic he embodied then—which spread all over the USSR—has been invoked by managers in the west ever since.

Stakhanov’s personal striving, commitment, potential and passion led to the emergence of a new ideal figure in the imagination of Stalin’s Communist Party. He even made the cover of Time magazine in 1935 as the figurehead of a new workers movement dedicated to increasing production. Stakhanov became the embodiment of a new human type and the beginning of a new social and political trend known as “Stakhanovism.”

That trend still holds sway in the workplaces of today—what are human resources, after all? Management language is replete with the same rhetoric used in the 1930s by the Communist Party. It could even be argued that the atmosphere of Stakhanovite enthusiasm is even more intense today than it was in Soviet Russia. It thrives in the jargon of Human Resource Management (HRM), as its constant calls to express our passion, individual creativity, innovation, and talents echo down through management structures.

But all this “positive” talk comes at a price. For over two decades, our research has charted the evolution of managerialism, HRM, employability and performance management systems, all the way through to the cultures they create. We have shown how it leaves employees with a permanent sense of never feeling good enough and the nagging worry that someone else (probably right next to us) is always performing so much better.

From the mid-1990s, we charted the rise of a new language for managing people—one that constantly urges us to see work as a place where we should discover “who we truly are” and express that “unique” personal “potential” which could make us endlessly “resourceful.”

The speed with which this language grew and spread was remarkable. But even more remarkable are the ways in which it is now spoken seamlessly in all spheres of popular culture. This is no less than the very language of the modern sense of self. And so it cannot fail to be effective. Focusing on the “self” gives management unprecedented cultural power. It intensifies work in ways which are nearly impossible to resist. Who would be able to refuse the invitation to express themselves and their presumed potential or talents?

Focusing on the “self” gives management unprecedented cultural power.

Stakhanov was a kind of early poster boy for refrains like: “potential,” “talent,” “creativity,” “innovation,” “passion and commitment,” “continuous learning,” and “personal growth.” They have all become the attributes management systems now hail as the qualities of ideal “human resources.” These ideas have become so entrenched in the collective psyche that many people believe they are qualities they expect of themselves, at work and at home.

The superhero worker

So, why does the specter of this long-forgotten miner still haunt our imaginations? In the 1930s, miners lay on their sides and used picks to work the coal, which was then loaded on to carts and pulled out of the shaft by pit ponies. Stakhanov came up with some innovations, but it was his adoption of the mining drill over the pick which helped drive his productivity. The mining drill was still a novelty and required specialist training in 1930s because it was extremely heavy (more than 15kgs).

Once the Communist Party realized the potential of Stakhanov’s achievement, Stakhanovism took off rapidly. By the autumn of 1935, equivalents of Stakhanov emerged in every sector of industrial production. From machine building and steel works, to textile factories and milk production, record-breaking individuals were rising to the elite status of “Stakhanovite.” They were stimulated by the Communist Party’s ready adoption of Stakhanov as a leading symbol for a new economic plan. The party wanted to create an increasingly formalized elite representing the human qualities of a superhero worker.

Such workers began to receive special privileges (from high wages to new housing, as well as educational opportunities for themselves and their children). And so the Stakhanovites became central characters in Soviet Communist propaganda. They were showing the world what the USSR could achieve when technology was mastered by a new kind of worker who was committed, passionate, talented, and creative. This new worker was promising to be the force that would propel Soviet Russia ahead of its western capitalist rivals.

Stakhanov ceased to be a person and became the human form of a system of ideas and values, outlining a new mode of thinking and feeling about work.

Soviet propaganda seized the moment. A whole narrative emerged showing how the future of work and productivity in the USSR should unfold over the coming decades. Stakhanov ceased to be a person and became the human form of a system of ideas and values, outlining a new mode of thinking and feeling about work.

It turns out that such a story was sorely needed. The Soviet economy was not performing well. Despite gigantic investments in technological industrialization during the so-called “First Five-Year Plan” (1928-1932), productivity was far from satisfactory. Soviet Russia had not overcome its own technological and economic backwardness, let alone leap over capitalist America and Europe.

‘Personnel decides everything’

The five-year plans were systematic programs of resource allocation, production quotas, and work rates for all sectors of the economy. The first aimed to inject the latest technology in key areas, especially industrial machine building. Its official Communist Party slogan was “Technology Decides Everything.” But this technological push failed to raise production; the standard of living and real wages ended up lower in 1932 than in 1928.

The “Second Five-Year Plan” (1933-1937) was going to have a new focus: “Personnel Decides Everything.” But not just any personnel. This was how Stakhanov stopped being a person and became an ideal type, a necessary ingredient in the recipe for this new plan.

On May 4, 1935, Stalin had already delivered an address entitled “Cadres [Personnel] Decide Everything”. So the new plan needed figures like Stakhanov. Once he showed that it could be done, in a matter of weeks, thousands of “record-breakers” were allowed to try their hand in every sector of production. This happened despite reservations from managers and engineers who knew that machines, tools, and people cannot withstand such pressures for any length of time.

Regardless, the party propaganda needed to let a new kind of working class elite grow as if it was spontaneous—simple workers, coming from nowhere, driven by their refusal to admit quotas dictated by the limits of machines and engineers. Indeed, they were going to show the world that it was the very denial of such limitations that constituted the essence of personal involvement in work: break all records, accept no limits, show how every person and every machine is always capable of “more.”

On November 17, 1935, Stalin provided a definitive explanation of Stakhanovism. Closing the First Conference of Stakhanovites of Industry and Transport of the Soviet Union, he defined the essence of Stakhanovism as a leap in “consciousness”—not just a simple technical or institutional matter. Quite the contrary, the movement demanded a new kind of worker, with a new kind of soul and will, driven by the principle of unlimited progress. Stalin said:

These are new people, people of a special type…the Stakhanov movement is a movement of working men and women which sets itself the aim of surpassing the present technical standards, surpassing the existing designed capacities, surpassing the existing production plans and estimates. Surpassing them—because these standards have already become antiquated for our day, for our new people.

In the ensuing propaganda, Stakhanov became a symbol burdened with meanings. Ancestral hero, powerful, raw, and unstoppable. But also one with a modern, rational, and progressive mind which could liberate the hidden, untapped powers of technology and take command of its limitless possibilities. He was cast as a Promethean figure, leading an elite of workers whose nerves and muscles, minds and souls, were utterly attuned to the technological production systems themselves. Stakhanovism was the vision of a new humanity.

“The possibilities are endless”

The Stakhanovites’ celebrity-status offered enormous ideological opportunities. It allowed the rise of production quotas. Yet this rise had to remain moderate, otherwise Stakhanovites could not be maintained as an elite. And, as an elite, Stakhanovites themselves had to be subjected to a limitation: how many top performers could really be accommodated before the very idea collapsed into normality? So quotas were engineered in a way which we might recognize today: by the forced distribution or “stack ranking” of all employees according to their performance.

After all, how many high-performers can there be at any one time? The former CEO of General Electric, Jack Welch, suggested 20% (no more, no less) every year. Indeed, the Civil Service in the UK operated on this principle until 2019 but used a 25% top performer quota. In 2013, Welch claimed this system was “nuanced and humane,” that it was all “about building great teams and great companies through consistency, transparency and candor” as opposed to “corporate plots, secrecy or purges.” Welch’s argument was, however, always flawed. Any forced distribution system inextricably leads to exclusion and marginalization of those who fall in the lower categories. Far from humane, these systems are always, inherently, threatening, and ruthless.

And so Stakhanovism is still flowing through modern management systems and cultures, with their focus on employee performance and constant preoccupation with “high performing” individuals.

Something that often gets forgotten is that Stalinism itself was centered on an ideal of the individual soul and will: what is there that “I” am not able to do? Stakhanov fitted perfectly this ideal. Western culture has been telling itself the same ever since—“the possibilities are endless”.

This was the logic of the Stakhanovite Movement in the 1930s. But it is also the logic of contemporary popular and corporate cultures, whose messages are now everywhere. Promises that “possibilities are endless”, that potential is “limitless,” or that you can craft any future you want, can now be found in “inspirational” posts on social media, in management consultancy speil and in just about every graduate job advertisement. One management consultancy firm even calls itself Infinite Possibilities.

Indeed, these very sentences made it on to a seemingly minor coffee coaster used by Deloitte in the early 2000s for their graduate management scheme. On one side it said: “The possibilities are endless.” While on the other side, it challenged the reader to take control of destiny itself: “It’s your future. How far will you take it?”

Insignificant though these objects may appear, a discerning future archaeologist would know that they carry a most fateful kind of thinking, driving employees now as much as it drove Stakhanovites.

But are these serious propositions, or just ironic tropes? Since the 1980s, management vocabularies have grown almost incessantly in this respect. The rapid proliferation of fashionable management trends follows the increased preoccupation with the pursuit of “endless possibilities”, of new and unlimited horizons of self-expression and self-actualization.

Pursuing endless possibilities becomes central to our everyday working lives.

It is in this light that we have to show our selves as worthy members of corporate cultures. Pursuing endless possibilities becomes central to our everyday working lives. The human type created by that Soviet ideology so many decades ago, now seems to gaze at us from mission statements, values and commitments in meeting rooms, headquarters and cafeterias—but also through every website and every public expression of corporate identity.

Stakhanovism’s essence was a new form of individuality, of self-involvement in work. And it is this form that now finds its home as much in offices, executive suites, corporate campuses, as in schools and universities. Stakhanovism has become a movement of the individual soul. But what does an office worker actually produce and what do Stakhanovites look like today?

Today’s corporate Stakhanovites

In 2020, the drama series Industry, created by two people with direct experience of corporate workplaces, gave us a glimpse into modern Stakhanovism. It is a sensitive and detailed examination of the destinies of five graduates joining a fictional, but utterly recognizable, financial institution. The show’s characters become almost instantly ruthless neo-Stakhanovites. They knew and understood that it was not what they could produce that mattered for their own success, but how they performed their successful and cool personas on the corporate stage. It was not what they did but how they appeared that mattered.

The dangers of failing to appear extraordinary, talented, or creative were significant. The series showed how working life descends into unending personal, private and public struggles. In them, every character loses a sense of direction and personal integrity. Trust disappears and their very sense of self increasingly dissolves.

Normal days of work, normal shifts, no longer exist. Workers have to perform endlessly, gesturing so that they look committed, passionate and creative. These things are compulsory if employees are to retain some legitimacy in the workplace. So working life carries the weight of potentially determining a person’s sense of worth in every glance exchanged and in every inflection of seemingly insignificant interactions—whether in a board room, over a sandwich or a cup of coffee.

Friendships become impossible because human connection is no longer desirable, since trusting others weakens anyone whose success is at stake. Nobody wants to fall out of the Stakhanovite society of hyper-performing top talents. Performance appraisals that may lead to dismissal are a scary prospect. And this is the case both in the series and in real life.

The last episode of Industry culminates in half the remaining graduates getting sacked following an operation called “Reduction In Force.”This is basically a drastic final performance appraisal where each employee is forced to make a public statement arguing why they should remain—much like on the reality TV series The Apprentice. In Industry, the characters’ statements are broadcast on screens throughout the building as they describe what would make them stand out from the crowd and why they are worthier than all others.

Reactions to Industry emerged very quickly and viewers were enthusiastic about the show’s realism and how it resonated with their own experiences. One YouTube channel host with extensive experience of the sector reacted to each episode in turn; the business press too reacted promptly, alongside other media. They converged in their conclusions: this is a serious corporate drama whose realism reveals much of the essence of work cultures today.

Industry is important because it touches directly on an experience so many have: the sense of a continuous competition of all against all. When we know that performance appraisals compare us all against each other, the consequences on mental health can be severe.

This idea is taken further in an episode of Black Mirror. Entitled Nosedive, the story depicts a world in which everything we think, feel, and do becomes the object of everyone else’s rating. What if every mobile phone becomes the seat of a perpetual tribunal that decides our personal value—beyond any possibility of appeal? What if everyone around us becomes our judge? What does life feel like when all we have to measure ourselves by are other people’s instant ratings of us?

We asked these questions in detail in our research which charted the evolution of performance management systems and the cultures they create over two decades. We found that performance appraisals are becoming more public (just as in Industry), involving staff in 360-degree systems in which every individual is rated anonymously by colleagues, managers and even clients on multiple dimensions of personal qualities.

Management systems focusing on individual personality are now combining with the latest technologies to become permanent. Ways of reporting continuously on every aspect of our personality at work are increasingly seen as central to mobilizing “creativity” and “innovation”.

And so it might be that the atmosphere of Stakhanovite competition today is more dangerous than in 1930s Soviet Russia. It is even more pernicious because it is now driven by a confrontation between people, a confrontation between the worth of “me” against the worth of “you” as human beings—not just between the worth of what “I am able to do” against what “you are able to do.” It is a matter of a direct encounter of personal characters and their own sense of worth that has become the medium of competitive, high-performance work cultures.

The Circle, by Dave Eggers, is perhaps the most nuanced exploration of the world of 21st-century Stakhanovism. Its characters, plot and context, its attention to detail, bring to light what it means to take up one’s personal destiny in the name of the imperative to hyper-perform and over-perform one’s self and everyone around us.

When the ultimate dream of becoming the central star of corporate culture comes true, a new Stakhanov is born. But who can maintain this kind of hyper-performative life? Is it even possible to be excellent, extraordinary, creative and innovative all day long? How long can a shift of performative work be anyway? The answer turns out not to be fictional at all.

Stakhanovism’s limits

In the summer of 2013, an intern at a major city financial institution, Moritz Erhardt, was found dead one morning in the shower of his flat. It turns out that Erhardt really did try to put in a neo-Stakhanovite shift: three days and three nights of continuous work (known among London City workers and taxi drivers as a “magic roundabout.”)

But his body could not take it. We examined this case in detail in our previous research as well as anticipating just such a tragic scenario a year before it happened. In 2010, we reviewed a decade of the Times 100 Graduate Employers and showed explicitly how such jobs can embody the spirit of neo-Stakhanovism.

Then in 2012, we published our review which signaled the dangers of the hyper-performative mold promoted in such publications. We argued that the graduate market is driven by an ideology of potentiality which is likely to overwhelm anyone who follows it too closely in the real world. A year later, this sense of danger became real in Erhardt’s case.

Stakhanov died after a stroke in Donbass, in eastern Ukraine, in 1977. A city in the region is named after him. The legacy of his achievement—or at least the propaganda that perpetuated it—lives on.

But the truth is that people do have limits. They do now, just as they did in the USSR in the 1930s. Possibilities are not infinite. Working towards goals of endless performance, growth, and personal potential is simply not possible. Everything is finite.

Who we are and who we become when we work are actually fundamental and very concrete aspects of our everyday lives. Stakhanovite models of high-performance have become the register and rhythm of our working lives even though we no longer remember who Stakhanov was.

The danger is that we will not be able to sustain this rhythm. Just as the characters in Industry, Black Mirror, or The Circle, our working lives take destructive, toxic, and dark forms because we inevitably come up against the very real limits of our own purported potential, creativity, or talent.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Some locals say a Bitcoin mining operation is ruining one of the Finger Lakes. Here’s how. http://avanceeconomico.com/some-locals-say-a-bitcoin-mining-operation-is-ruining-one-of-the-finger-lakes-heres-how/ Mon, 05 Jul 2021 08:45:27 +0000 http://avanceeconomico.com/?p=1015 Summer on Seneca Lake, the largest of the Finger Lakes in upstate New York, is usually a time of boating, fishing, swimming, and winetasting. But for many residents of this bucolic region there’s a new activity this season — protesting a gas-fired power plant they say is polluting the air and heating the lake. “The […]]]>

Summer on Seneca Lake, the largest of the Finger Lakes in upstate New York, is usually a time of boating, fishing, swimming, and winetasting. But for many residents of this bucolic region there’s a new activity this season — protesting a gas-fired power plant they say is polluting the air and heating the lake.

“The lake is so warm you feel like you’re in a hot tub,” said Abi Buddington, a resident of Dresden, N.Y., whose home is near the plant.

The facility on the shores of Seneca Lake is owned by private-equity firm Atlas Holdings and operated by Greenidge Generation LLC. They have increased the electrical power output at the gas-fired plant in the past year and a half and use much of that fossil-fuel energy not to keep the lights on in surrounding towns, but for the energy-intensive “mining” of Bitcoin.

Bitcoin is a cryptocurrency — a digital form of money with no actual bills or coins — but “mining” it, a way of earning it, requires massive, high-performance computers. The computers earn small rewards of Bitcoin by verifying transactions in the currency that are occurring on the internet around the globe. The math required to verify those transactions and earn bitcoins gets more complex all the time, and demands more and more computer power. At Greenidge, the computers operate 24/7, burning through an astounding amount of real energy, and producing real pollution, while collecting virtual currency.

One estimate from the University of Cambridge says global Bitcoin miners in a year use more energy than Chile. When this energy comes from fossil fuels, the process can add significantly to carbon emissions. The Greenidge plant houses at least 8,000 computers and is looking to install more, meaning it will have to burn even more natural gas to produce more energy.

Private-equity firms like Atlas buy companies, often using debt, and hope to sell them later at a profit. They are secretive operations with investments that can be hard to track. Such firms have grown significantly in recent years and currently oversee $5 trillion for pension funds, insurance companies, university endowments and wealthy individuals.

In the past 10 years, private-equity firms have poured almost $2 trillion into energy investments, according to Preqin, a private-equity database. Some $1.2 trillion of this money has gone into conventional energy investments such as refineries, pipelines, and fossil-fuel plants, versus $732 billion in renewables like solar and wind power, Preqin said.

As investor criticism prompts some public companies to dump fossil-fuel assets, private-equity firms are ready buyers. In 2019, for example, powerhouse Kohlberg, Kravis & Roberts, or KKR, acquired a majority stake in the troubled Coastal Gaslink Pipeline project, a 400-mile fracking gas pipeline in British Columbia, Canada, that has drawn protests from First Nations people whose land it crosses and citations from a regulator.

In a report last fall, the Environmental Assessment Office, a provincial agency, said the project failed to comply on 16 of 17 items inspected. As a result, Coastal Gaslink was ordered to hire an independent auditor to monitor its work to prevent site runoff that can pollute streams and harm fish.

Because private-equity firms expect to hold their investments for only a few years, they often keep alive fossil-fuel operations that would otherwise be mothballed, said Tyson Slocum, director of the energy program at Public Citizen, a nonprofit consumer advocate. “Private equity thinks it can squeeze a couple more years out of them,” Slocum said. “And they are often immune from investor pressures.”

In 2016, for instance, private-equity firm Arclight Capital Partners of Boston bought into Limetree Bay, an oil refinery and storage facility in St. Croix, U.S.V.I. The operation had gone bankrupt after a series of toxic spills but reopened in February 2021. Just three months later, it was shuttered after unleashing petroleum rain on nearby neighborhoods.

Arclight, which has invested a total of $23 billion since its 2001 founding, gave up operational control of Limetree Bay in early 2020, a person briefed on the matter said, and exited in an April restructuring, just before the accident.

A spokeswoman for Arclight said the firm “takes its responsibilities to protect the environment and support local communities seriously and will continue to strive to meet the highest standards.”

Because private-equity firms are secretive, their investors may not know what they own or the risks, said Alyssa Giachino of the Private Equity Stakeholder Project, a nonprofit that examines the industry’s impact on communities. She thinks pension funds and their beneficiaries may end up with more fossil-fuel exposure than they realize and may not have a full appreciation of the risks. They include heavy impacts on communities of color, risks of litigation and environmental penalties, and long-term climate impact, she added.

Private-equity titan KKR is a huge energy investor on behalf of endowments, public pensions and other institutional investors. Like many of its private-equity brethren, KKR has deployed far more money in conventional energy assets like the Coastal Gaslink Pipeline than renewables.

Between 2010 and 2020, KKR invested $13.4 billion in conventional energy assets versus $4.9 billion in renewables, according to a recent estimate by Giachino. KKR did not dispute these figures in emails with NBC News.

KKR’s spokeswoman said the firm is “committed to investing in a stable energy transition, one that supports a shift to a clean energy future while recognizing the ongoing importance of supplying the conventional energy needed for well-being and economic growth around the world today.” The company says it communicates its investment approach, progress and goals transparently to stakeholders. KKR recently added a team focused on energy transition investments in North America.

Private-equity investors sometimes “leave behind messes for someone else to clean up,” said Clark Williams-Derry, energy analyst at the Institute for Energy Economics and Financial Analysis. “The real trouble happens when the private-equity firm comes in and is just trying to strip mine the company and the workers for whatever they’re worth,” he said.

Not so Greenidge, the Atlas-owned operator of the Seneca Lake power plant, said Jeff Kirt, its chief executive officer. “The environmental impact of the plant has never been better than it is right now,” he told NBC News. The lakeshore facility is operating within its federal and state environmental permits, he added, and has created 31 jobs, a company-commissioned report shows.

Local residents rally against the Greenidge bitcoin mining plant on June 5, 2021 at a Department of Environmental Conservation office in Avon, N.Y.Moni Ginn

Cryptocurrency’s potential profits add to the appeal of buying low-cost and carbon-intensive power plants, Williams-Derry said. While natural gas-fired plants like Greenidge’s in New York are not as problematic as those that use coal, they still generate damaging greenhouse gases, he said.

After Greenidge took over the plant, Kirt told NBC News, the company sought ways to earn higher returns on its surplus energy. It struck gold with Bitcoin mining. During the 12 months ending Feb. 28, 2021, the company said it mined 1,186 bitcoins at a cost of approximately $2,869 each. Bitcoin, which gyrates feverishly, currently trades at around $34,000.

‘A horrible business model’

Greenidge’s owner, the private-equity firm Atlas, is on a roll. It recently raised $3 billion from investors, doubling its assets to $6 billion. Atlas owns stakes in 23 companies; two are power generators — Greenidge in New York and Granite Shore Power in New Hampshire.

Atlas bought the 150-acre, coal-fired Greenidge plant in 2014, three years after it had closed. Converted to natural gas, the almost 80-year-old plant began operations in 2017, generating energy to the grid only at times of high demand.

In 2019, Greenidge began using the plant to power Bitcoin mining and increased its output. It still supplies surplus power to the local electrical grid, but a lot of the power it generates is now used for Bitcoin mining. And it has plans for expansion at both Greenidge and elsewhere, company documents show. Last week, Greenidge announced a new Bitcoin mining operation in Spartanburg, S.C., at a retired printing plant owned by Atlas.

In March, Greenidge said its current Bitcoin mining capacity of 19 megawatts should reach 45 by December and may ramp to 500 megawatts by 2025 as it replicates its model elsewhere. Larger gas-fired plants in the U.S. have capacities of between 1,500 and 3,500 megawatts.

A crypto-mining facility on the shores of Seneca Lake in New York is operated by Greenidge Generation.NBC News

Also in March, Greenidge announced a merger with Support.com, a struggling tech support company whose shares trade on Nasdaq. The deal, expected to close in the third quarter of this year, will give Atlas control of the merged company and access to public-investor morney. Andrew Bursky, founder of Atlas, owns between half and three-quarters of Atlas, a regulatory filing shows. Neither Atlas nor Bursky would comment for this article.

“These crypto operations are looking for anywhere that has relatively cheap power in a relatively cool climate,” said Yvonne Taylor, vice president of Seneca Lake Guardian, a nonprofit conservation advocacy. “It’s a horrible business model for all of New York State, the United States and for the planet.”

Greenidge disputes this view and said last month its operations would soon be carbon neutral. It is buying credits that offset the plant’s emissions from an array of U.S greenhouse gas reduction projects.

Judith Enck, a former EPA regional administrator and a senior fellow and visiting faculty member at Bennington College in Vermont, has doubts. “Carbon offsets is not a particularly effective way to reach greenhouse gas reduction goals,” she said in an email, “and there is no system in place to regulate it in New York.”

One reason Bitcoin mining is seen as a threat to the environment, critics say, is that new operators of power plants may continue to use permits issued years earlier without undergoing an​​ in-depth ​environmental assessment.

The Seneca Lake power plant, owned by Greenidge Generation LLC, on Jan. 10, 2021.Abi Buddington

So far, legal challenges to the Greenidge operation have failed. Greenidge’s air​ permit is up for renewal in September, said Mandy DeRoche, deputy managing attorney in the coal program at Earth Justice, a nonprofit environmental advocate.

“We’ve asked the Department of Environmental Conservation to take a hard look and think about it as a new permit not just a renewal.”

Materials issued by Greenidge say state environmental authorities have determined that the plant “does not have a significant impact on the environment.”

Still, emissions from the plant are rocketing. At the end of 2020, even though it was operating at only 13 percent capacity, the plant’s carbon dioxide equivalent emissions totaled 243,103 tons, up from 28,301 tons in January, according to regulatory documents received by Earth Justice under an open records request. Before it began mining Bitcoin, the plant generated carbon emissions of 119,304 tons in 2018 and 39,406 tons in 2019, federal documents show.

On June 5, locals staged a protest against the plant at a nearby DEC office in Avon, N.Y. If regulators don’t rein in the Greenidge plant, they say, some 30 other power plants in New York could be converted to Bitcoin mining, imperiling the state’s emission-reduction goals.

“New York had established a goal in law of reducing greenhouse gas emissions by 40 percent by 2030,” Enck said. “The state will not reach that goal if the Greenidge Bitcoin mining operation continues.”

Greenidge declined to comment on Enck’s statement.

Maureen Wren, a spokeswoman for DEC, said in a statement that it is closely monitoring Greenidge.

“DEC will ensure a comprehensive and transparent review of its proposed air permit renewals with a particular focus on the potential climate change impacts and consistency with the nation-leading emissions limits established in the state’s Climate Leadership and Community Protection Act. As the greenhouse gas emissions associated with this type of facility may be precedential and have broader implications beyond New York’s borders, DEC will consult with the U.S. EPA, the state’s Climate Action Council, and others as we thoroughly evaluate​ the complex issues involved.”

Water usage by Greenidge is another problem, locals say. The 8,000 computers mining for Bitcoin in the plant require massive cooling, achieved with lake water. The current permit allows Greenidge to take in 139 million gallons of water and discharge 135 million gallons daily, at temperatures as high as 108 degrees Fahrenheit in the summer and 86 degrees in winter, documents show. Rising water temperatures can stress fish and promote toxic algae blooms, the Environmental Protection Agency says.

Although locals protesting the plant say the lake is warmer with Greenidge operating, a full thermal study has not been produced and won’t be until 2023. Greenidge recently published average discharged water temperatures from March 1 to April 17, during the trout spawning season; they ranged from around 46 degrees to 54 degrees, with differences between inflow and outflow of between 5 degrees and 7.5 degrees.

Over longer periods, temperatures have spiked, though. NBC News reviewed a February 2021 email from DEC to a local resident stating that since 2017, the plant’s daily maximum discharge temperatures have been 98 degrees in summer and 70 degrees in winter.

Abi Buddington.NSP Studio

The Greenidge spokesman said: “The limits already protect the lake’s fishery and the public health, and they have been clearly validated as not concerning.”

Not all local residents want Greenidge gone. The Dresden Fire Department welcomed the company’s $25,000 donation for a jaws-of-life machine and the school district was grateful for a $20,000 gift to develop education and enrichment programs.

Gwen Chamberlain, a former local newspaper editor, is one of three members of a community advisory board working with Greenidge to advance the region’s economy. “The tax base is growing, and that’s helping the school, the county, and the town tremendously,” Chamberlain told NBC News. “Their employment has always been good, solid jobs for local workers.”

Earlier this month, an economic study commissioned by Greenidge said the company made payments to local authorities in lieu of real property taxes of $272,000 in 2020.

Peter Mantius, a former journalist who writes about environmental politics in the region, said these payments, while greater than zero, are far less than what the plant once generated, thanks to a favorable tax assessment arrangement.

“The amount they paid instead of regular real estate taxes to the town and local schools and county — when you add those together it’s a fraction, maybe a quarter of what the old owner paid,” Mantius said.

Meanwhile, residents like Buddington feel compelled to keep fighting. “My concern is if we don’t do something now,” she said, “it’s going to be so much harder to undo.”

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Conservatives deserve the chance to show they are sincere in the fight against climate change http://avanceeconomico.com/conservatives-deserve-the-chance-to-show-they-are-sincere-in-the-fight-against-climate-change/ Mon, 05 Jul 2021 05:08:55 +0000 http://avanceeconomico.com/conservatives-deserve-the-chance-to-show-they-are-sincere-in-the-fight-against-climate-change/ Conservatives are finally taking climate change seriously, but the public needs to watch closely whether they are serious about mitigating global warming or whitewashing their reputation while blocking real efforts to reduce emissions. Scientists and activists are good at identifying problems, but not always at finding solutions that ordinary people will adopt. Politicians are supposed […]]]>

Conservatives are finally taking climate change seriously, but the public needs to watch closely whether they are serious about mitigating global warming or whitewashing their reputation while blocking real efforts to reduce emissions.

Scientists and activists are good at identifying problems, but not always at finding solutions that ordinary people will adopt. Politicians are supposed to solve public problems, but too many people these days are more interested in partisan purity.

Hopefully the new Conservative climate caucus will embrace reality and promote market-based solutions to slow global warming. With more than 50 Republican members of Congress, the group led by Representative John Curtis of Utah is expected to quell climate deniers and promote win-win policies.

“The goal of the Conservative Climate Caucus is to bring together members of the Republican Party to educate each other on climate policies that will allow real progress in reducing emissions through innovation and American resources,” a- he added. Curtis said in a statement. “Proposals to reduce emissions and be good stewards of the land must not hurt the US economy – in fact, they do the opposite.”

Congratulations go to the six representatives from Texas, including Reps Michael McCaul and Randy Weber, for helping to establish the caucus. Hopefully the other 16 Texas Republicans in the House will join soon.

I have supported market-based approaches to solving environmental problems since studying the Montreal Protocol to protect the ozone layer in college. Governments can identify problems and set tangible goals, but companies are best at finding ways to achieve those goals.

Ever since I started writing articles, I have begged the Conservatives to embrace science and offer alternatives to the big stick regulatory approach the Liberals rely too much on. Unfortunately, by denying that humans make the climate inhospitable for human life, the Conservatives have sacrificed their credibility on the issue and let the Liberals dirty the regulatory landscape.

The Conservatives say they believe in market-based and science-based solutions, and like all politicians, we should keep their word. The caucus says it believes “reducing emissions is the goal, not reducing energy choices.”

Fair enough, as long as the “innovative technologies” they promise succeed in allowing fossil fuels to remain “a major part of the global solution”. But if carbon capture and sequestration turns out to be too expensive or insufficient to meet emission reduction targets, the caucus should be prepared to let the industry disappear.

One of the first goals of the caucus should be to pass the bipartisan law on the future of clean energy through innovation. The law drafted by the GOP would require utilities to reduce their emissions by 80% by 2050. That’s later than President Joe Biden’s 2035 target, but it’s not a bad compromise.

To help power producers make the transition, the law funds research and development to commercialize experimental technologies. Then, the industry will be able to choose the appropriate production mix to meet the needs of different communities while mitigating climate change.

Meanwhile, industry lobbyists and some conservatives are still pushing the false narrative that companies will cut emissions without a mandate or regulation. American Petroleum Institute CEO Mike Sommers introduced a new self-report program to the Houston Economic Club last month.

The API wants to standardize how oil and gas companies track and report greenhouse gas emissions. Sommers expects companies to use the form to voluntarily report their emissions to investors and then reduce them.

However, most energy companies prioritize short-term shareholder returns over voluntary fulfillment of vague environmental promises. I hope, for example, that Royal Dutch Shell will reach net zero emissions by 2050. But scientists think it may be too late, and if dividends go down, executives will surely sacrifice their emissions targets instead. than to risk their jobs.

No one wants the government to tell them what to do, but we need elected leaders to set goals and safeguards so that all businesses operate on an equal footing. In recent months, big oil companies have called for stricter methane regulations because small companies won’t cut their emissions otherwise.

Democrats should welcome the Conservative climate caucus as an honest broker. Republicans deserve a chance to show their commitment to reducing greenhouse gas emissions and negotiating effective policies.

To spur action, energy companies should cut campaign donations to lawmakers who block climate legislation. The energy industry needs predictable regulations that allow it to find innovative ways to reduce emissions while producing energy; otherwise, it will always be a climate villain.

Finally, we all have to accept sacrifices. No number of jobs or economic growth justifies destroying the planet for future generations. If the Conservative Climate Caucus offers nothing but roadblocks, it will be nothing more than another layer of hypocrisy and cynicism in Washington.

Tomlinson writes commentary on business, economics and politics.

twitter.com/cltomlinson

chris.tomlinson@chron.com

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Center of Europe: the advance of the four of Visegrád http://avanceeconomico.com/center-of-europe-the-advance-of-the-four-of-visegrad/ Sun, 04 Jul 2021 22:31:34 +0000 http://avanceeconomico.com/center-of-europe-the-advance-of-the-four-of-visegrad/ As EUROPE emerges from the depths of its forties and recession, its geopolitical landscape will reveal a significant shift, the result of trends that appeared before 2020. As these trends disrupt a status quo that sustains illusory feelings of trust and superiority among the elites of Western Europe it can only be recognized slowly and […]]]>

As EUROPE emerges from the depths of its forties and recession, its geopolitical landscape will reveal a significant shift, the result of trends that appeared before 2020. As these trends disrupt a status quo that sustains illusory feelings of trust and superiority among the elites of Western Europe it can only be recognized slowly and hardly.

Before the pandemic, many saw the East-West divide of the European Union (EU) as a ‘rich man-poor’ gulf between a prosperous, modern and worldly Western Europe, on the one hand, and a poor, backward Central Europe. and isolated. and Eastern Europe (CEEC), on the other hand. Western leaders easily adopted a skeptical and condescending tone towards the Eastern members of the EU, in large part because of the persistent perception of these states as the hapless orphans of the Nazi and Soviet regimes. Not to mention the poor opinion of Central and Eastern Europe in popular culture; in Paris and Berlin, Central Europe is considered as a regional backwater—The European version of West Virginia.

Indeed, until the peoples of Central and Eastern Europe freed themselves from the USSR and the Warsaw Pact, they were systematically ignored, misunderstood or ritually described as “backward”. One of the most popular English books on Europe, Europeans, by Luigi Barzini, focuses on Belgium, France, Great Britain, Italy, Luxembourg, the Netherlands and the former West Germany – and, strangely, even the United States – but not a single country in central or eastern Europe. And neither the European Union nor its predecessor, the European Economic Community, ever called itself Western Europe, although until 2004 all of its members were located in Western Europe. In Brussels, “Europe” generally means Western Europe.

Yet some Central and Eastern European countries are, in terms of national progress, becoming the equals, if not superior, of France and Germany, two founders of the EU and its two most important members. and the richest. Recent statistical measures of economic growth, employment, income, prosperity, hard currencies, life expectancy, tax and debt burdens, global engagement, economic penetration China, innovation, entrepreneurship, manufacturing, immigration, crime and terrorism all show that four ex-Soviet satellites of the EU’s eastern border – the Visegrád or V4 group – perform better than France or Germany in almost all benchmarks.

And why is this important? Because the best performing Central and Eastern European countries undermine the reputation, governance models and leadership of Berlin and Paris, and the obvious systemic failures of Western European capitals can only support populist politics or “Illiberal” from Central and Eastern Europe. Europe. Western European elites are understandably not anxious to deal with their widespread and persistent political failures, so they remain little known. But the long-established reputations of Paris and Berlin are undermined by tons of data. Western Europe still boasts larger economies, higher incomes and longer life expectancy, but these represent a legacy of decades of prosperity and peace that has been denied to Eastern members of the EU. The indicators in which some CEE states are lagging behind, such as corruption or pollution, are also a legacy of the former communist regime. Economic and social progress before the pandemic looked very good for Czechia, Hungary, Poland and Slovakia, and worrying for Germany and France. If these trends pick up again – and there is no reason to believe that they will not – the East will soon eclipse the West.

The V4 ECONOMY and finances, for example, are much healthier in many areas than France and Germany. Pre-pandemic data indicated that the four countries of Central Europe were rapidly benefiting from the economic prosperity and financial stability of the two greatest powers in Europe. Before the coronavirus pandemic, the Four of Visegrád had long enjoyed levels of economic growth and employment significantly higher than Paris or Berlin. The gross domestic product (GDP) of the V4 grew by an average of 4.3% in 2018, compared to 1.6 for France and Germany. In both Hungary and Poland, GDP growth was 5.1%, more than three times the average rate for France and Germany. The worst growth rate among the V4s – the Czech Republic’s 3.0% – was still double the growth rate of Germany. Given Germany’s stellar reputation as Europe’s economic powerhouse, this is important. However, inflation remained moderate in the four Visegrád countries, ranging from 1.7% in Poland to 2.9% in Hungary.

Slower growth was forecast for France and Germany in 2020, even before the coronavirus pandemic, with the International Monetary Fund forecasting growth of 1.1% for Germany and 1.3% for France. Slightly slower growth was also expected for the V4 countries – from 3.3% for Hungary to 2.6% for the Czech Republic – but again the worst performing V4 country would still benefit from a growth rate should be double that of France and even better than that of Germany. And some analysts have seen this trend continue for at least another decade. A recent report from HSBC Global Research, The world in 2030, predicted that the V4 countries would maintain strong GDP growth rates of 3.4-3.6% until 2030, when it predicted a growth rate of 0.9% for Germany and 1, 1% for France.

The savings of the V4 are more vigorous in many other ways. Commercial real estate investments in the V4, for example, were still skyrocketing in the first quarter of 2020, when more than 3.78 billion euros were invested in all four countries, plus Romania. This is an increase of 79% from the first quarter of 2019 for these countries. In contrast, the growth of real estate investment in Germany was 35%, that of France 21% and the average for Western Europe 51%. And speaking of real estate, Warsaw will soon welcome tallest building in the whole of the European Union, Varso Tower, in a project led by Slovak developer HB Reavis.

Given this, it’s no surprise that the V4 countries also experienced higher employment levels than Germany and France, both on average and in most individual comparisons. Average UNEmployment in the Visegrád countries in 2018 was 4.1%, while it was on average 6.3% in France and Germany. The poor performance of the latter was due almost entirely to France, whose high rate of 9.1% would be associated with the United States in a severe recession. However, the Czech Republic benefited from a lower rate (2.3%) than even Germany (3.4%). Hungary’s 3.7% rate was only slightly higher than Germany’s, and each V4 country had much less unemployment than France.

Skeptics of the high GDP growth in the V4 countries, of course, can point the finger at their European grants. Indeed, Slovakia received € 11.3 billion of EU funds in the last seven-year budget cycle (2007-2015) and is expected to receive € 13.8 billion in the current cycle ( 2014-2020). Czechia received 23.3 billion euros in the previous cycle and is budgeted for 21.6 billion euros in the new cycle; Hungry has secured 27.7 billion euros previously and is online for 21.5 billion euros; and Poland got 61.6 billion euros before and receives 76.9 billion euros now.

Yet this approach has serious flaws. Although Germany is the largest net contributor of European funds, its economy has benefited the most under the euro, earning 1,900 billion euros between 1999 and 2007, or around 23,000 euros per German. Berlin’s economy benefits from the EU Eurozone in many ways, according to Bertelsmann Stiftung, a respected German think tank. Without the euro, Germany’s GDP would be around 0.5 percentage point lower, bringing it down to 1% in 2018 (see GDP figures above). By 2025, the benefits could rise to an additional 170 billion euros for Germany. The higher German GDP also explains around 0.5% less unemployment.

In fact, the GDP of almost all EU members is higher due to the integration of European economies, according to a study by the American Chamber of Commerce of the EU, and France and Germany enjoy an even higher percentage increase in annual GDP than the V4 countries. According to the report, Germany saw an increase of 1.55% in GDP per capita and France of 1.14%, while the gains for the V4 ranged from 0.79% for the Czech Republic to 0.49%. for Poland.

Even though EU grants are a part of GDP in V4 countries, the question of considerably lower GDP growth rates in France or Germany looms over the issue and raises a question: is it smart for Paris and Berlin to “get poorer”? by allocating billions of euros to other countries as their own economies collapse?

As a result of stronger economic growth and declining unemployment, Central European incomes increased dramatically and gained on the incomes of France and Germany, including national incomes have stagnated for decades. Beginning in poverty and isolation under communist rule in 1989-91, the average national income in Slovakia rose from 50 percent of the European average in 2000 to 75 percent in 2017, an increase of 50 percent. Income rose in Hungary from 53% to 65% of the European average, from 53% to 70% among the Poles and from 62% to 76% among the Czechs.

France and Germany, for their part, have long been used to a stagnation, or even a fall, in national income since 1980. In France, national income was 117% of the European average in 1980, but has fallen. at 110% in 2017. In Germany, income was 126% of the average in 1980 and 123% in 2017. At this rate, national V4 income will correspond to the European average in two decades.

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Barnstable MA proposed ADU regulation, zoning changes to add housing units http://avanceeconomico.com/barnstable-ma-proposed-adu-regulation-zoning-changes-to-add-housing-units/ Sun, 04 Jul 2021 13:05:35 +0000 http://avanceeconomico.com/barnstable-ma-proposed-adu-regulation-zoning-changes-to-add-housing-units/ Housing Secretary Mike Kennealy recently visited Hyannis to celebrate the increase in the number of housing units the village has seen over the past year. Kennealy joined state and city officials, and Robert Brennan, president of CapeBuilt Development and board member of the Hyannis Main Street Business Improvement District, in opening newly renovated apartments above […]]]>

Housing Secretary Mike Kennealy recently visited Hyannis to celebrate the increase in the number of housing units the village has seen over the past year.

Kennealy joined state and city officials, and Robert Brennan, president of CapeBuilt Development and board member of the Hyannis Main Street Business Improvement District, in opening newly renovated apartments above the 255 Main Street.

Then putting on helmets they went around The sea captain’s line, the development of 46 Brennan units in phase 1 which has a waiting list of over 100 applicants. After the visit, they walked along Main Street, shaking hands with traders and restaurateurs along the way.

Housing Secretary Mike Keenealy, center, walks Hyannis Main Street with Rob Brennan, Elizabeth Wurfbain, Representative Kip Diggs, Senator Julian Cyr and Rick Penn.

The celebratory tone of the day marked progress in the quest to resolve Cape Town’s rental housing shortage. And that provides a context for the city council’s discussion from July 15 at 7 p.m. on a draft Auxiliary Housing Units (ADU) ordinance. The settlement is one of the many tools the city is considering to increase the production and availability of housing in Cape Town’s largest city.

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The UAE-Israel peace is more than an agreement. It’s a way of life. http://avanceeconomico.com/the-uae-israel-peace-is-more-than-an-agreement-its-a-way-of-life/ Sun, 04 Jul 2021 12:58:55 +0000 http://avanceeconomico.com/the-uae-israel-peace-is-more-than-an-agreement-its-a-way-of-life/ The world expected our differences to define us. One of us is a Jew, the other a Muslim. One of us is Israeli, the other Arab. Not only have these characteristics shaped us as human beings, but they have also posed a lingering question: does the past determine the future, or is our fate in […]]]>

The world expected our differences to define us. One of us is a Jew, the other a Muslim. One of us is Israeli, the other Arab. Not only have these characteristics shaped us as human beings, but they have also posed a lingering question: does the past determine the future, or is our fate in our hands?

Last week, with the very first official visit of a Israeli Minister in the United Arab Emirates and the opening of an Israeli embassy and consulate in the country, we have an opportunity to reflect on the response.

Basically, the UAE and Israel decided to do things differently with the signing of the Abraham’s historic accords in 2020. With the establishment of diplomatic relations between the United Arab Emirates and Israel, our two countries have decided to define a new paradigm for our region: that defined by the joint pursuit of peace, stability, security, prosperity and coexistence for our peoples. Our determination to achieve the Accords stems from our recognition that we share many of the same goals, especially in our commitment to fostering a better future for generations to come. If we have the opportunity to create a world of peace for them, we must not let this opportunity pass by.

Of course, the challenges ahead are significant. The peace our countries have chosen comes against a backdrop of outbreaks of violence and extremism in the region, where there are serious economic interests and complex diplomatic dynamics. Our approach, which prioritizes open exchangee and person-to-person engagement will have to overcome the forces that try to undermine it. However, we believe in the power of bold decision-making that puts the well-being of our people at the forefront, and we hope to continue to inspire others in the region to choose the path of peace.

[T]Two of the world’s most dynamic and advanced societies have started to create an interconnected and powerful engine of progress and opportunity, not only for the UAE and Israel, but for the region as a whole.

The benefits of forging lasting peace are clear. Since the establishment of relations between the UAE and Israel, economic growth, cultural exchanges and political cooperation between our countries have flourished.

We have been witnesses high level trade delegations exploring promising opportunities for trade and investment, particularly in the sectors of health, aviation, agriculture, education, telecommunications, energy, technology and tourism.

We have seen our countries collaborate closely on vaccine research and development as the United Arab Emirates and Israel have emerged as world leaders in the fight against the COVID-19 pandemic. Now ranking among the top countries with the highest vaccine delivery rates, the UAE and Israel are committed to sharing their knowledge and expertise with other countries as part of efforts to strengthen cooperation international campaign in the fight against COVID-19.

In addition, our two countries wish to share resources between them in areas such as digital transformation, smart cities, cybersecurity and artificial intelligence. Young people will benefit from the growth of these industries, which will improve social well-being, increase economic competitiveness and ensure that our countries are prepared for the future.

As part of the agreements, the United Arab Emirates, the United States and Israel also announced the Abraham Fund. Through this fund, the American International Development Finance Corporation, the United Arab Emirates and Israel will mobilize more than $ 3 billion in private sector-led investment and development initiatives to promote regional economic cooperation and prosperity. in the Middle East and beyond. In turn, the initiative will generate unprecedented opportunities for the peoples of the region.

Today, two of the world’s most dynamic and advanced societies have started to create a linked and powerful engine of progress and opportunity, not only for the UAE and Israel, but for the entire region.

This vision is a vision that we share and cherish. The peoples of the United Arab Emirates and Israel seek to live in a world of peace. In order to realize this vision, we must work hard to create opportunities for engagement and encourage others to join in these efforts. This pursuit can only be strengthened by multilateral cooperation between countries also invested in the choice of collaboration rather than confrontation.

If the Abrahamic accords were the first of their kind in our region, they represent a future which, in our opinion, must become commonplace: one where differences are set aside in favor of dialogue. As the momentum builds, we are reminded that sometimes the most impactful decisions are those that are deemed difficult, if not impossible.

We both want to live in a world where peace is possible. We have to work hard with our people and with each other. In order to achieve lasting and lasting solutions to the problems facing our region, we will continue to uphold the spirit of peace in all efforts to shape a better world for our children. Peace is not an agreement you sign – it is a way of life. The ceremonies we organized last week are not the end of the road. They are just the beginning.

In doing so, by deciding differently, we choose peace.

Sheikh Abdullah bin Zayed Al Nahyan is the Minister of Foreign Affairs and International Cooperation of the United Arab Emirates.

Yair Lapid is Israel’s foreign minister.

This article originally appeared in National news and is reproduced here with permission.

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