Posts

Navigating Financial Uncertainty

Image
  Symple Lending Gives Us Insights Into How an Election Year Can Impact Credit Card Use and Debt Management Election years often bring a unique sense of uncertainty, influencing various aspects of life, including financial behavior. Consumers’ credit card use and debt management are notably affected as they navigate the unpredictable economic landscape. To shed light on these trends, we spoke with Symple Lending , a leading financial services company specializing in personal loans and debt consolidation. Their insights offer a comprehensive understanding of how election years impact consumer financial behavior and provide valuable advice for managing debt during such times. Impact of Election Year Uncertainty on Consumer Behavior Election years frequently evoke a sense of apprehension among consumers , impacting their approach to credit card usage and debt management. According to David Ochoa, Senior Director of Operations at Symple Lending, fluctuations in spending habits are common d
Post a Comment
Read more

It’s All in the Fine Print: Understanding the Interest Charges on Your Credit Cards — Realty Times

Image
  For decades, credit cards have played a prominent role in how Americans make purchases, pay medical bills, and even earn rewards. While they are convenient and can even offer perks — like cash back rewards — they do have a dark side. If cardholders aren’t careful, spending can get out of control. Many consumers have good intentions and plan to pay off the entire balance monthly, but life happens. And before they know it, the balance — and interest — take on a life of its own. Look at this article as a brief guide on how credit card interest is accrued. Lending institutions and retailers must borrow the money that they lend to you. And since they must pay interest on those funds, you must pay interest on what you borrow. However, the good news is: you can take steps to avoid paying unnecessary interest charges. Calculating credit card interest Many Americans readily admit they weren’t superstar math students in school and believe converting percentages is way over their head. And most
Post a Comment
Read more

The experts at Symple Lending discuss how rising interest rates are make paying down credit cards more difficult

Image
The experts at Symple Lending discuss how rising interest rates are make paying down credit cards more difficult.   Cash-strapped consumers who have been relying on plastic to make their purchases are now paying the price. When the second quarter of 2023 ended, the  Federal Reserve Bank of New York  revealed the cold hard facts about the state of U.S. consumers’ credit card balances. According to their report, revolving credit spiked $45 billion between the first and second quarters, catapulting total credit card debt north of $1 trillion. Credit card debt among average credit cardholders is  $ 6,568 up  from $5,963 in Q2 2022. After the Federal Reserve’s annual meeting in Jackson Hole, WY in late August, Fed Chair Jerome Powell said the inflation battle is still ongoing. Thus, he couldn’t rule out additional rate hikes later in 2023. For anyone keeping count, the Fed has raised rates by  5.25  percentage points since March 2022. That’s 10 consecutive hikes. These increases have a dire
Post a Comment
Location: Costa Mesa, CA, USA
Read more

Debt Consolidation Specialists Symple Lending Talk About Shortening the Path to Becoming Debt Free

Image
  We spoke with Symple Lending, a highly respected team of debt consolidation specialists, about the growing segment of American consumers who woke up to the New Year shackled to debt from Christmases past. It wasn’t just the holiday spending ghost of 2022 that got them into this mess. In the past 12 to 18 months, prices have been rising but paychecks have lost their elasticity — their purchasing power has plummeted. And when a paycheck doesn’t allow the consumer to pay for everyday essentials like groceries, utilities, and gasoline, it spells trouble. Symple Lending reiterated that as inflation mercilessly grinds higher, it will continue to permeate every element of consumers’ lives; interest rates on credit cards, as well as revolving loan balances, will continue to skyrocket. In fact, consumer debt is accelerating at a pace that we haven’t seen in the U.S. in decades. Government data crunchers have been busy, counting every swipe of plastic. According to the Federal Reserve Bank of
Post a Comment
Read more

How to Prepare for a Possible Recession

Image
  When inflation is raging and the scent of a recession is in the air, what is the American household to do? First, remember that if a recession does occur, it won't signal the end of the world. And also remember it is not too late to chart a plan of action - preparing now may give you a buffer zone. Americans across the country pay close attention to weather patterns in their region; they know when to prepare if Mother Nature stirs up trouble. Coastal citizens keep a close eye on tropical depressions and know when to board up and lock down. Midwesterners are very familiar with thunderstorm and tornado drills. Long-time residents of the north give advice to newcomers on how to cope with snowstorms. No matter how well anyone is prepared for a specific storm, there are ones that can sneak up on them - such as a flashflood. Consumers can relate to weather-related scenarios and see the importance of planning - buying extra water and batteries just in case. But not all are as well prepa
Post a Comment
Read more

Interview with Symple Lending: Americans of All Ages are Spooked by Inflation and Recession Fears

Image
  For three years, Americans have been juggling a variety of anxiety-producing uncertainties. After emerging from lockdown cocoons, people thought things would return to normal. They discovered nothing was expected. You are not alone if you are puzzled about why and how this happened. Even the world’s most experienced money managers are stunned by these economic jolts. Nerves become jittery as the prices climb. No one needs a degree in economics to know that a grocery trip costs far more than last year. The sky-high prices are causing Americans to rethink their purchasing decisions. They wonder when the prices will stop rising. Understanding the factors in play can remove some of the fears that consumers are experiencing. We spoke to the experts at Symple Lending they offered their perspectives on inflation and recession. Can you give us an Explanation of Inflation in Layman’s Terms? Symple Lending : It’s paying a lot more for a product you did one year ago. True, if you rewind the clo
Post a Comment
Read more

Symple Lending explains what happens when you make minimum payments on credit card debt

Image
  Your credit card's minimum payment is the smallest amount you can pay without being considered late-paying. When your income is a little too short for all your bills on occasion, having this minimum to fall back on can seem like a lifesaver. However, there are risks lurking inside this apparent benefit; you need to know what paying the minimum really means if you're going to avoid the pitfalls. Why You Might Need the Minimum Sometimes There may be circumstances that make it necessary for you to pay just the minimum on your credit balance. Suppose you suddenly lost your job or had a major medical expense that took a big bite out of your savings. It's understandable you might need to temporarily fall back on the minimum payment. If money is extra-tight as your credit card due date approaches, the minimum can allow you to make an acceptable payment on time. This saves your account from being hit by late fees and keeps your account active. While your credit score can be harme
Post a Comment
Read more