To say that viewpoints are polarized these days would be an understatement. On just about every subject imaginable – from pop music to politics – people have opinions. And often, the opinion that someone has on a topic puts them in direct opposition of the folks who don’t share that opinion. One only has to look at how Democrats and Republicans usually face off on various topics in order to understand how all of this works. Keeping in mind how people tend to cling to their opinion, and write off people who are on the opposite side of the fence makes it easy to understand why payday lending is such a hotly debated topic.
On one side you have consumer advocates and others who are opposed to payday lending. They believe that payday lenders charge too much for their services and that the lending companies play a part in trapping their customers in cycles of debt. On the other side, there are payday lenders, their customers and those who support this industry. The lenders are business owners that believe they offer valuable services to consumers that are underserved by traditional banks. The customers are people who need access to fast money, and who have turned to payday lenders for these services. And the supporters of this industry come from a wide range of backgrounds, with most of them sharing a strong belief in offering choice to consumers and the American entrepreneurial spirit.
The Biggest Threat to Payday Lending
You can choose to be on either side; that’s one of the great things about this country. But there is one group that is the biggest advocate of eliminating payday lending completely – the Consumer Financial Protection Bureau (aka the CFPB.) This government group is in charge of protecting consumers from financial misdeeds and shady business practices. And while they certainly do that, the CFPB has been on a serious quest to rid the country of payday lending and other forms of short term loans that operate outside the realm of traditional banking. The CFPB is currently poised to unleash new, stricter regulations that many believe will ring the death knoll for the payday loans industry.
Surprising Support for the Payday Lending Industry
For a while, it seemed like only a handful of elected Republican officials had an interest in protecting the payday lending industry. However, in recent months key Democrat leaders have stepped up and joined in bipartisan steps to help delay/prevent the new CFPB regulations from taking effect. Many people believed that the payday lending industry was as good as done for until officials from both sides of the aisle began to talk common sense about the issue and started working together to formulate legislation that would work to stop the CFPB from enacting its new regulations. This is still a work in progress, but it demonstrates that even those who tend to lean toward liberal political affiliations can have a change of heart. As to where these bipartisan efforts will ultimately lead is something that everyone will have to keep an eye on in upcoming months.
The debate about payday loans will likely continue regardless of whether or not the CFPB is successful in implementing its new regulations. However, for those that ardently support a free market, choices for American consumers in the financial market and the ability for low income consumers to get access to short term, small dollar lines of credit, the hope is that bipartisan efforts to quell the CFPB turn out to be successful.
When it comes to estate planning there are many people who are in need of help. Many women do not know how to go about planning for their estate. Here are some tips so that all women can start planning their estate.
The first thing you need to do is to make sure you have an updated will. This is one of the most important things that you can do for your future, and your family’s future. It will make things very difficult for your family after your death if you do not have one. Get help from a lawyer who specializes in wills and they will be able to help you create one that is the best for you and your family.
Take your time when deciding who is going to be your executor of the estate. This is a very important thing and if you leave it to someone who you cannot trust, while you may not be around to regret it, your family will not be happy. Being an executor of an estate is a big deal, so you need to make sure that whoever you chose is up for the job.
Put your money into trusts. This will ensure that your money will go to those who you want it to. If you do not have a trust set up for anyone and all your money is in various accounts, then it can end up being free game for anyone in your family. If there is someone you want to make sure gets some money put it into a trust. Go to your bank and they will be able to help you with this.
If you know that your health is going downhill you may want to give out some of your assets before you die. This will make sure that you will be able to leave what you want with who you want to have it. It also means that your family will not have to deal with it after you pass on.
Make sure you have named the beneficiaries of your retirement accounts. This will make sure that your family member will get the money that is in these accounts. It is not hard to do, but if you need help you can go to your bank and talk to someone about it.
If your spouse dies before you do, you need to review and revise your estate planning. Your will may need to be changed, your beneficiaries may need to be changed, and the executor of your estate may need to be changed. Go over all of it if your spouse dies before you and change what you need to change right away.
No one wants to think about dying. Unfortunately you need to. Getting your estate in order will help you stress less when you get older. It will also help your family so they do not have so much to worry about once you go.
As women we tend to plan most things. One thing that we cannot forget to plan for is our finances. There is an old quote that says if you fail to plan you plan to fail. It is so true. There are many issues that women face when it comes to financial planning.
Women really need to have a financial plan and be able to put it into place. That means that it must be a realistic plan or there will be no way for you to actually put it into place. Take some time when trying to create a financial plan. Think about each part of it before making it official. Have it written out so that you can refer to it as needed.
In addition to a general financial plan you need to have a retirement plan. You do not know how long your retirement will last so you need to make sure that you have a good retirement plan so that you will have money throughout your retirement. Studies have shown that women tend to live longer than men do. If you need help that is okay, that is what financial planners are for.
While your parents are still young, help them get long term care insurance. More often than not it falls to the woman to take care of their elderly parents. You do not want to use all your income or savings to take care of elderly parents. If they have long term care insurance that can help take a lot of the financial burden off of you. While you are at it you should get yourself some long term care insurance too. Plan for your future the same time you are helping your parents plan for theirs.
Budgeting is another financial planning issue that women have. When it comes to making a budget, sometimes you have to make sacrifices in order to insure a good financial future. This is where we tend to have problems. Most of us women have something we like to do whether it is shopping, or going to the spa, or maybe getting our nails done. As much as we enjoy these things and do not want to give them up, sometimes we have to.
When it comes to financial planning, we as women can have some issues once in a while. This does not mean that it is hopeless though. Financial planning is incredibly important for our financial future. What we do now does matter. Work at any issue you may have at financial planning and your future self will be very glad that you did.