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Top Ways To Lower Interest Rates

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Sick of paying high interest rates on your debt? Lowering your interest rate can quickly decrease required payments, freeing up money to direct toward your other needs or to pay down your debt faster. Maybe you’ve heard advertisements about credit repair agencies promising secrets to saving you thousands of dollars in interest. The truth is that the methods used by reputable credit counselors are simple and can be done on your own without going through a paid service. Here are some of those tips so you can take advantage of lowering your interest rates ASAP.

Know the facts about your debt. Put together a debt inventory so you can see the amount you owe and the interest rates you are paying. You can typically find your annual percentage interest rate (APR) on your monthly statement. This information will help you be strategic in the upcoming steps. Credit card and credit line interest rates can move up or down, so the rate you remember may have changed.

Call your lender and ask for a lower rate. Before you take any steps to move funds from one account to another, be sure to call your current lender and ask for a lower rate. This often works best if you do a little research to confirm that the lender offers a lower rate than you have. Sometimes that means asking for your account type to be converted to another, which is usually easy to do as long as you qualify for the new type of account.

If the company says no, you are no worse off. Taking the time to negotiate with your lender can often yield the same returns as hiring a professional credit counselor. Once you have tapped into the best rates your lender has to offer now, it is time to work through your options.

Exchange high interest rates for lower rates. After you have updated your debt inventory with your current rates, examine your existing opportunities. Do you have open lines of credit like a home equity line or personal line of credit with lower rates? You can reduce your overall interest rate by shifting the higher interest debts over to those credit lines. If you do not already have a home equity line but possess significant home equity, this type of debt can be helpful.

Perform a balance transfer. This is when you transfer an existing credit card balance to a different card, which has a lower interest rate. If you have decent credit, you’ll likely get offers for this type of transfer in the mail. While balance transfers can seem like an excellent opportunity, there are some pitfalls to be aware of:

Promo rates — Most balance transfer deals offer you a promotional rate that you’ll pay on the amount you transfer. Still, it often comes with an overlooked asterisk: any new purchases you make are usually charged a higher rate. To beat the credit card companies at their own game, avoid using the new card to shop while paying down your balance or you’ll most likely negate the interest savings of the balance transfer and could end up worse off in the long run.

Transfer fees — Most balance transfer offers include a charge, which is typically 1% – 3% of the balance you’re transferring. For example, if you are moving a $3,000 balance to a card with a 3% transfer fee, you’ll be starting with a balance of $3,090. If you are planning to transfer money, ask to have the fee waived or lowered.

Rate expiration dates — Usually, the low rate that card companies offer to entice you to transfer your balance has an expiration date somewhere between 8 and 24 months after you open the card. Be sure that your debt reduction plan includes that same end date so that you can either have the balance paid off or transfer it to another card.

After taking these steps, the key is to keep your interest rates low. That means using debt wisely by paying off credit card balances monthly or not using them at all. Also, continue to manage your longer-term debt by making payments on time. These tips will keep the door open to use that low interest rate for bigger goals in the future.

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California’s vague new financial regulation law – Orange County Register

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Assembly Bill 1864 didn’t get much media or public attention as it zipped through both houses of the Legislature on the last day of the 2020 session.

Superficially, it appeared merely to reconfigure the state’s financial regulatory agencies into a new entity called the Department of Financial Protection and Innovation.

However, those in California’s vast financial industry were paying lots of attention because the bill creates an entirely new regulatory regime with broad powers, including fines of up to $1 million a day, to police financial players that hitherto have had little oversight.

The official rationale for the legislation is that President Donald Trump’s administration neutered the federal Dodd-Frank Wall Street Consumer Financial Protection Act of 2010, so the state must step in with an equivalent to guard against predatory financial practices that harm consumers.

The new California Consumer Financial Protection Law gives the reconstituted agency authority to go after “abusive practices” whose definition in the law is fairly vague. Thus, the agency itself will define the term as it also decides which businesses will face its scrutiny.

It appears that the new law will affect firms involved in debt settlement, credit repair, check cashing, rent-to-own contracts, payday lending, student loan servicing and financing for retail sales. However, its primary target seems to be financial services offered by non-banks, particularly what are called “fintech companies” that offer bank-like services via the Internet without maintaining physical offices.

Fintechs, many of them based in the San Francisco Bay Area, have blossomed in recent years as part of the digital economy, competing with traditional brick-and-mortar banks. Their disruptive nature is not unlike the challenge that technology-based ride services such as Uber and Lyft pose to taxicabs and buses.

Late-blooming changes in AB 1864 exempted traditional financial firms that are already regulated, such as banks and credit unions, from the new consumer protection law, leading some analysts to conclude that its unstated aim is to help them stave off competition from new kids on the financial block.

The vagueness of the new law was encapsulated in what Gov. Gavin Newsom said during a signing ceremony. The new law and the new department, he said, will “create conditions for innovation to flourish in a way where we can steward that and we can just work against its excesses. So we support risk-taking, not recklessness.”

Newsom also signed two other financial protection measures, one that requires debt collectors to be licensed beginning in 2022 and the other creating a Student Loan Borrower Bill of Rights.

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Erie Homecoming 2020 to take place virtually

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Erie Homecoming 2020: “Erie’s Economic Evolution” is happening this week.

Erie Homecoming is an event that shares the vision of where we are going as a business community and the specific projects that will be taking us there.

Yoselin Person was live outside of the Erie Regional Chamber to tell us more about what’s taking place at this year’s homecoming.

Get your favorite hot drink because Erie Homecoming is happening virtually. 

Rooms full of people just aren’t happening in the midst of a pandemic, so Erie Homecoming is an event that will inspire you from comfort of your home or office.

The purpose of homecoming is to give attendees the opportunity to learn how they can invest in the Erie community.

During this two day event, you will be able to learn how you can invest the time, talent and treasure in creating a more diverse and prosperous Erie community.

Erie’s Black Wall Street will be featured this year. It’s a nonprofit organization that’s known for improving black business.

“So, having it geared towards helping black businesses expand and spread their wings, I think that’s amazing,” said Alexandria Ellis, owner, She Vintage.

Ellis began her business six months ago. She says Erie Black Wall Street is a safe space where black entrepreneurs can connect and collaborate with others.

The organization also helps others with credit repair.

“They’ve helped me by connecting me with resources if someone is looking for a nail tech or a boutique that’s black owned, they have connected customers of their clients to me through their organization,” said Ellis.

Speakers from the black owned organization will speak about creating regional equity.

There will also be a discussion about Flagship Opportunity Zones and what it means in terms of tax and other investment incentives.

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RiverBend Growth Association announces new members | Business

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RiverBend Growth Association encourages use of face coverings

The RiverBend Growth Association announces its new members:

5 Diamond Campground

Brian Campbell and Matt Diamond

2 Fun Lane

Hartford IL 62048

(618) 254-1180

facebook.com/5-Diamond-Campground-103976501423687

Alton Pride Inc.

Jason Heeren, director of sponsorship

P.O. Box 662

Alton IL 62002

(618) 204-7420

https://altonpride.com

Alton Pride is a charitable and educational organization established to bring awareness, understanding, and advocacy to the LGBTQ+ community with an emphasis on the specific needs of the youth within the community. We are setting ourselves apart from other Pride organizations by focusing on giving back to our community, rather than hosting just a parade or festival. We will be depositing a majority of event proceeds into a structured account funding our goal to develop a local teen suicide prevention line and a teen resource center to help youth in need.

 

Imo’s Pizza – Bethalto

Lori Bromberg, president/treasurer and managing partner

515 N. Bellwood

Bethalto IL 62010

(618) 258-0011

www.imospizza.com

Bethalto Imo’s is owned by Charles and Barbara (Babs) Pelan. Barbara was a nurse and Charles has had a varied career but has always had an entrepreneurial spirit. He and Babs purchased the Bethalto Imo’s in 2013 and seeing the success of the brand and the store in Bethalto were anxious to purchase the Edwardsville Imo’s franchise in 2014.

Their daughter, Lori Bromberg, is the managing partner and provides leadership and daily oversight to the business. Lori has a bachelor of science degree in management and has 31-plus years in corporate leadership roles, including customer experience, supply chain, distribution strategy, change management, hr/talent management, training and safety. Lori also is a certified mentor for SCORE providing mentoring and coaching to small businesses.

While it is our goal to have a financially successful business, we believe the cornerstones to achieving success is ensuring a superior product and customer experience, investment in our employees, positive contributions to our community, while demonstrating a strong commitment to safety. We pride ourselves on our commitment to Imo’s corporate mission, “To maintain the Imo’s tradition of uncompromising quality, pride in Imo’s products, and passion for success and for customers to experience a genuine, original St. Louis pizza of the highest quality, served in a pleasant atmosphere or at home, so that they too will have reason to say: “Imo’s is my favorite pizza.”

If you frequent our Bethalto location, we will be moving down the street a little over a mile, still on 111, within the next month or so.  We will continue to have delivery and pick-up as well as offer new patio seating.

 

Lewis and Clark Community College Foundation Inc.

Mark Kratschmer, president

5800 Godfrey Road, ER 0210

Godfrey IL 62035

(618) 468-2010

www.lc.edu/About_the_Foundation/

The Lewis and Clark Community College Foundation is a nonprofit corporation organized under the laws of the state of Illinois. The foundation supports Lewis and Clark Community College and its students through scholarships, awards, and other assistance.

Piasa Body Art

Cody Hinkle, owner

560 E. Broadway

Alton IL 62002

(618) 462-1720

Alton’s best body art shop, offering tattoos and piercing services. Now with The Salon for all your hair care and barbering needs!

Prosper Credit Consultants

Jerheart Huntley, owner

525 Wyss Ave.

Alton IL 62002

(877) 503-7465

prospercreditconsultants.com

Credit repair that works! Prosper Credit Consultants uses the most innovative processes to make sure our clients are educated on how credit repair works! Prosper Credit Consultants is dedicated to educating our clients on how to get and keep good credit! We have become a one-stop shop for all things from credit repair, building credit for beginners, trade lines, putting our clients in position to purchase that new car, and home they want. Give us a call (877) 503-7465 or set up a free credit consultation.

The RiverBend Growth Association is the chamber of commerce and economic development organization for the 12 communities known as the Riverbend.  For more information about the Growth Association, visit www.growthassociation.com or call (618) 467-2280.

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