Over the last four years, consumer complaints about digital wallets and mobile payment apps in the United States surged as more and more Americans choose cashless payments.
Between April 2017 and April 2021, the US Consumer Financial Protection Bureau received nearly 9,300 complaints related to mobile or digital wallets, and the majority of them aimed at one platform.
According to data presented by StockApps.com, PayPal accounts for nearly half of all digital wallet complaints in the United States, almost 4,500 in the last four years.
PayPal Received 2x More Complaints than Square and Coinbase Combined
As one of the first and most significant players in the digital payments landscape, PayPal witnessed impressive growth since the pandemic struck. More than 67 million people started using its services in the last year alone, with the total number of users rising to nearly 400 million.
Unsurprisingly, given its wide user base, PayPal had the most complaints of all companies providing digital payment services in the United States. Between April 2017 and April 2021, PayPal received 4,431 digital wallet complaints, or two times more than Square and Coinbase combined, revealed the US Public Interest Research Group data. Furthermore, statistics showed most of them were related to managing, opening or closing a mobile wallet account.
Square came second with over 1,200 complaints in this period, with unauthorized transactions as the top issue.
The digital wallet service for buying cryptos, Coinbase, ranked third with a total of 755 complaints related to digital wallets or nearly six times less than PayPal. PNC and JPMorgan Chase &Co. round the top five list with 594 and 324 received complaints, respectively.
Total Number of Digital Wallet Complaints Surged by 5,200 in a Year
Although the number of digital wallet complaints has been constantly growing since 2017, the last year set a new record.
Statistics indicate that between April 2017 and April 2021, the US Consumer Financial Protection Bureau received a total of 9,277 complaints related to mobile or digital wallets. More than 1,000 complaints were received in the first year. However, in the year preceding April 2021, the number of complaints surged to 5,200 or nearly 60% of all complaints received in this period.
Statistics also revealed there were 970 complaints in April 2021 alone, nearly double the previous complaint peak in July 2020.
The global shift towards a cashless society and the surge in the use of mobile wallets are expected to continue driving the rising number of complaints. In 2021, mobile wallets are set to become a $2.5trn worth industry, growing by a massive 25% year-on-year. Nearly 20% of the total transaction value or $468.1bn will be generated in the United States.
Whether you are in between moves or simply have excess items around the house or office, it’s evident you need more space. A storage unit will provide you with a secure place to keep your valuable items.
These days, there are a lot of storage units you can rent which can make your life more organized. However, with so many options, how do you find the right storage facility? Here are six factors you need to consider when choosing a storage facility.
Before choosing a self-storage facility, you want to know how safe and secure its storage units are. A secure self-storage facility like iStorage should have the following features:
Security guards to minimize the chances of crimes happening in the storage facility
Fire safety: Check for fire extinguishers, detectors, fire alarms, sprinklers, and detectors
Storage unit features: The storage unit should be clean and air-conditioned. There should be pet control measures in place, and the floor level should be high enough to avoid water flow
If you need frequent access to your valuables, it is advisable to choose a storage facility in your area for convenience. However, the location will matter less if you will rarely need to access your items. In addition, keep in mind that you are more likely to get inexpensive storage facilities outside of urban centers.
3. Fees and costs
There are a number of factors that will ultimately determine the cost, including contract type, minimum storage period, and additional fees. Explore different contract types to see what is convenient for you. Check if the facility has a minimum storage period and what happens if you want to access your items before that period lapses. You also need to consider additional fees, along with what happens when you make a late payment or miss a payment? You don’t want to incur extra expenses or lose your storage unit.
You don’t need to pay for space that you don’t need. A great self-storage provides a variety of sizes. Before choosing a storage facility, make a list of items that you want to store and how much they would take. Depending on the item you want to store, you may want to make sure they can fit in a storage unit both in terms of the height and width.
5. Accessibility and convenience
It is important that you access your items any time you need them, but that may be a problem if the storage facility is not open. Some storage facilities are closed after the regular nine to five working hours and during weekends, while others are open 24/7. For convenience, it is advisable to choose a storage facility that is open round the clock.
6. Check your home insurance policy
Review the terms of your home insurance policy to see whether the valuables will be covered if you move them outside your home. Most home insurance policies do not cover items outside the home, so it is advisable to look for a storage facility that offers insurance as part of their rental package.
Whether you are moving or you have a ton of excess things on your hands, a storage unit can come in handy, and these tips will help you find the right storage facility for your storage needs.
Your credit status is more or less the same as your health. Unless you keep on monitoring and evaluating how you are doing, you may find yourself in the red zone. In the UK, Experian, one of the major credit reference agencies (CRAs) has mapped out using data the average credit scores for 391 areas. When you key in your age and then select your region, you’ll get to know what the average score is for that specific area.
Depending on the CRA you use to assess your scores, you will find yourself in any one of the following 5 categories- Excellent, Good, Fair, Poor, Very Poor. If you lie in the ‘Poor’ or ‘Very Poor’ categories, you need as a matter of urgency, to repair your credit. If you fall in the ‘Fair’ group, your score is average meaning you have some work to do to push yourself up the pyramid.
As long as your score is less than 999 on Experian, 710 on TransUnion and 700 on Equifax, there is something you need to do. With a good credit score, you stand a high chance of getting approved for almost every credit you apply for, and you’ll also get competitive rates. In this article, you will learn 5 steps you can implement right away to repair and boost your credit score.
Check Your Credit Score
It is not practical for you to begin repairing your credit unless you first know where you stand. Running credit checks with Experian, TransUnion, and Equifax will give you an accurate view of where to start.
Apart from getting to know your score, use the credit report to check the accuracy of the information entered by the CRA. For instance, there could be accounts fraudulently opened under your name or inaccurate personal information.
You can dispute any erroneous information in your credit report by filing for a Notice of Correction with the concerned CRA highlighting the specific information you are contesting.
Pay Up your Bills on Time
Late or missed payments can put na massive dent in your credit score. On the Experian scoring model, payment history has a weighting of 35%. This means more than a third of your score depends on how well you keep up with your bills including credit card payments.
If you have a problem keeping up with your bills schedule, try automating your payments so that bills are cleared as they fall due without your intervention. In case all your bills fall on the same date, consider rescheduling them so that you can get a reprieve in between.
Be upfront with your creditors. If there is an option for alternative payment plans that can lower the monthly amounts payable, explore them. For instance, if you are experiencing financial hardship, credit card companies can reduce your instalments until you get up on your feet.
Repay your Debt
After payment history, the second-largest component in terms of impact on your score is your credit utilisation rate. The amount you owe in credit card debt divided by the credit limit you have available gives you your credit utilisation ratio.
While it is understandably difficult paying up your debt, you are much better off paying it piece by piece until you get it paid in full. For instance, instead of making only the minimum payments on your credit card facility, consider whittling the card balances down to zero.
You can also consolidate your loans to help you manage them better. Get a loan that can help you pay off all other debts so that you can only remain with a single obligation to service. You can take a competitively priced non guarantor loan to help you clear your credit card balance.
The beauty with strategy is that these loans do not appear on your credit report hence won’t affecting your score. On the other hand, when you pay up your credit card debt, you will receive a boost in your score.
Avoid Making Multiple Loan Applications Successively
When repairing your credit, the last thing you would want is multiple hard enquiries on your credit file within a short span. This means lenders are checking your credit status to help them evaluate if you are fit for their products.
As one hard enquiry after another hits your credit report, lenders will increasingly see you as a credit risk trying to save your skin by borrowing from multiple sources. The impact this has on your credit score can be huge.
As an alternative to borrowing from different sources, try shopping for one credit facility say an auto loan and then consider offers from different lenders. The scoring model treats this differently from opening a lot of credit cards in one go.
Consider Getting Help Repairing Your Credit
Other than working yourself lame trying to rebuild your credit all by yourself, you may want to try other strategies to quickly move you up the scoring ladder. Here are some of the ways you may want to look at.
You can become an authorised user in an account that is always paid up and in good financial shape. Ensure the primary user has an excellent record that you can piggyback on to rebuild your credit score.
When applying for credit, consider getting a cosigner with good credit standing. The joint consideration by the lender may increase your chances of getting approved and boosting your score.
The third strategy you can use is that of opening a secured account. In this account, the lender requires that you put in an amount of money against which they advance credit. You can not be issued with credit card debt that exceeds the amount you have in the account. This ensures you are always secured, making you a responsible borrower.
While a bad credit score isn’t something to be proud of, it shouldn’t weigh you down either. With a solid stepwise credit repair plan, you can improve your credit score and take it as high as you want to. Starting by knowing where you are at and facing the situation as it is, will firm your steps and point you in the right direction.
Commodity trading is a bit different than currency trading. The new currency traders often think that they can trade the commodity market without gaining special knowledge about the industry. But doing so, they are making a big mistake. If you want to become a top commodity trader, you should follow some specific guidelines. Most importantly, you need to have a strong mindset that you will learn new things.
Learning new things regarding trading business is a very tough task. But if you take rational steps it won’t take much to become a profitable trader. Let’s see the key steps which we can follow to become a top commodity trader.
Develop a strong basic
Commodity trading requires strong basic. Without having sound knowledge about the supply and demand zone, it is nearly impossible to find the perfect trading opportunity. You might be thinking that you know everything about this market and easily make a big profit without doing the proper market analysis. But this not the way professional traders execute their trades. They rely on fixed sets of logic and execute the trades after doing the in-depth market analysis. So, start working hard and learning the basics of trading.
Find a good broker
Without gaining access to a robust trading platform, you won’t be able to do the perfect market analysis. Most retail traders think that they know everything about the market and they don’t have to trade with the high-end brokers. But after taking the trades with the low-end platforms, they start to look for the best commodity broker. By choosing a good broker, you can avoid many technical problems, and thus you will be able to make better decisions. Never try to ignore the importance of a well-reputed broker. If you do so, you will keep on losing money and eventually blame the market.
Learn to analyze price action signals
To trade the commodity market, you should learn to deal with the price action confirmation signals. Once you master the art of price action trading strategy, you should be able to take the trades in a standard way. This will improve your decision-making skills. Usually, the traders execute the trades at the important support and resistance level without taking any confirmation. But if you do the math properly, you will notice the support and resistance level are often broken. And the false spikes can easily hunt down the stop loss. To avoid such problems, we can rely on the price action confirmation signals and execute the trades without having any major problems.
Learn about the chart pattern
Professional commodity traders are very good at analyzing the major chart. Learn about the major chart pattern so that you can execute the quality trades without having any major issues. Forget about the aggressive approach and look for reliable trade signals based on the chart pattern. Though it will be tough to take the trades you do have the option to use the paper trading account. At the initial stage, start learning about the continuation chart pattern as it will make the overall trading process easier. And if you take the trades with the help of a reversal chart pattern, you should look for the price action confirmation signals.
Trade with low risk
To survive in the commodity market, you must know the fact, losing trades are very common. If you try to ignore the losing trades, you are going to lose money most of the time. So, to protect your trading capital, you should stick to the basic 2% rule of money management. At times you might have the urge to trade with higher risk but you must control this greed. Unless you systematically control your greed factor, you will keep on losing money and eventually blame the market. That’s why always follow standard rules at trading and take the trades with discipline.
It may shock you to learn just how much your past financial mistakes can impact your future purchasing decisions. Even a late or non-payment could end up costing you several thousand dollars due to lending institutions and banks seeing you as a high-risk borrower.
While you can’t turn back the clock, you may be able to improve your financial situation in a straightforward way – by purchasing seasoned tradelines. The following information may enlighten you as to how.
Wider Job Prospects
Surprisingly, authorized user tradelines might be able to make you a more desirable employee on paper for businesses looking to hire you. Many companies look at the payment history and credit reports of people they are considering hiring.
While your non-payment on a TV doesn’t make you a bad person, employers can see it as a reflection of how responsible you are. Improving your credit score with AU tradelines may make a difference to your job prospects in the future.
More Loan and Credit Card Options
Some people fear applying for loans and credit cards because they believe their poor credit history will have them turned down. If you do apply, yourcredit score may even mean you’re not eligible for some of the more competitive interest rates that may be available.
With a seasoned tradeline of a suitable age and credit limit, that may change. A tradeline may be able to boost your credit score and make you eligible for better interest rates that make everyday living more affordable.
Better Mortgage Options
Even if you’ve done everything in your power toreduce debt to improve your chances of mortgage approval, your credit score may still work against you. Many lenders see a low credit score and associate it with poor money management. You may then be seen as a high-risk borrower and have to pay higher interest rates as a result.
In many situations, purchasing a tradeline can assist with broadening your mortgage options. The higher your score, the more lenders may be lining up to offer you competitivemortgage lending rates.
Pay Less on Vehicle Insurance
Vehicle insurance companies have made an unusual discovery. People with lower credit scores may file more claims. As they are in the business of making money, they often charge those people higher rates. You may be able to save money on your monthly payments by improving your credit score.
Improved Rental Possibilities
Finding the perfect property to rent for your family can be challenging with the best credit score. However, it’s often even more so with a patchy financial history.
Many landlords and property managers screen tenants and view their credit scores to determine how safe or risky they are as a tenant. Even if you’ve only had one blemish on your record, it can be all it takes for a property investor to decide to choose someone else.
At least 90 days before you start your search for a new rental property, consider purchasing an authorized user tradeline. By the time prospective landlords start running checks on you, your credit score may already be improved.
There are plenty of ways to improve your financial situation, such as getting a higher-paying job and cutting your costs. However, in the long-term, purchasing tradelines may also be among the best. If you’re in any of these situations above, it may be worth looking at your options.
Dying is not only the process of one person leaving this earth. What they leave behind has to be administered by the ones living, so the legacy of the deceased is safe after their death. The “Letters of Administration” are there for the same cause. Their presence ensures that if a person has died without leaving a will, their property is handed over to the right person. Any person is given the “Letters of Administration” will be allowed to manage the deceased person’s estate. Keep reading to find more about Letters of Administration.
Who Can Apply
A person’s spouse or their closest living relative can apply for the Letters of Administration. However, as the law is lenient regarding who can inherit and manage the deceased person’s “Estate,” almost anyone can apply for the Letters of Administration. But a court will always favor the spouse or living relative of the deceased person. Court also verifies that the person they entrust with the estate is a law-abiding citizen. However, as per the law, no foreigner can apply for the Letters of Administration. You can also find more about letters of administration at State Trustees.
Difference From Probate
Probate is only made when a deceased person named someone in their Will. Probate is an application that the executor files. However, the Letters of Administration are only requested by people when the deceased person has named no one in their Will. The Letters of Administration would give the complete authority to the receiver in the same way if they were named in the Will.
The Meaning Of Intestate
Intestate is the word used to indicate the person who died without writing a Will. This word is also used for those who had written a Will before leaving this world, but their Will doesn’t dictate who will inherit their property. Another use of this word is for a person who died after signing a Will, but their Will doesn’t declare the authority for a specific piece of their property.
If A Will Is Discovered Later
There are various circumstances a Will doesn’t show in front of the court at first. The court decides on granting the estate to a person with the Letters of Administration. But a Will may be found out later, and the court may be notified of it. In such a case, the court will be entitled to revoke its decision to grant the Letters of Administration. They will reallocate the property to the person who the deceased person named in their Will. The person who was given the Letters of Administration will be revoked from access to the property.
The Application Process
Applying for the Letters of Administration is difficult, but conditions can differ from person to person. The first step is thoroughly checking for a Will left by the deceased person. The court can verify that a no Will was found during the search. The next step is publishing a Notice of Intention on the website of the Supreme Court. You can then complete your application and file it to the court after 14 days have passed since you published the Notice of Intention.
Otaviano Canuto, Senior fellow, Policy Center for the New South
The “middle-income trap” has become a broad designation trying to capture the many cases of developing countries that succeeded in evolving from low- to middle-levels of per capita income, but then appeared to stall, losing momentum along the route toward the higher income levels of advanced economies. We need to approach middle-income countries as being in a complex transition phase between accumulation and innovation-based economies. Individual middle-income country experiences of falling into a “trap” may be approached as cases of lack of or failing performance in footing the bill in terms of appropriate policies and institutions.
Commodity prices go through extended periods during which prices are well above or below their long-term price trend. The upswing phase in super cycles results from a lag between unexpected, persistent, and upward trends in commodity demand, matched with a typically slow-moving supply. Eventually, as adequate supply becomes available and demand growth slows, the cycle enters a downswing phase.
The latest super-cycle of commodity prices, starting in the mid-90s, reaching a peak by the time of the global financial crisis, and getting to the bottom by 2015, can be seen as associated to the developments of globalization that we have already dealt with in this series. More recently, some analysts have spoken that we might be on the verge of a new cycle, super-cycle or not.
There are three major reasons for central banks to engage on climate change issues. The first is the set of – physical and transition – risks to financial stability potentially brought about by natural disasters and trends derived from climate change. Second, the potential impact of climate change shocks and trends on economic growth and inflation and, therefore, on their monetary policy decisions. Finally, the possibility of using their balance sheets and their macroprudential toolkit to favor climate mitigation.