Fed Disbands Climate Groups Studying Financial Stability Risks
The Federal Reserve has disbanded a number of internal groups set up to help the US central bank identify and respond to financial stability threats posed by climate change.
Among those dismantled are the Supervision Climate Committee and the Financial Stability Climate Committee, which were established in early 2021. That's around the time the Fed — under President Joe Biden — began to speak more openly about the financial implications of a hotter planet and increasingly erratic weather patterns. Former Fed Vice Chair Lael Brainard said at the time that the two committees were part of an effort to build 'institutional capacity and knowledge' on climate risks and vulnerabilities.
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How to choose the right debt settlement company for you
Debt settlement requires you to pay a lump sum to creditors for less than you owe and have the remaining balance forgiven. To choose the right debt settlement company, compare the cost, eligibility requirements and reputation of each company. There may be other options for relief, including debt management or consolidation. You might have seen ads promising that you can settle your debt for much less than you owe. If you have a lot of debt with accompanying and persistent collection calls, you might wonder if these companies can provide the debt relief options they promise. To an extent, they can. Debt settlement companies can be a solution to freeing yourself from debt. But finding a reliable, trustworthy agency goes beyond calling the 800 number in the ads or even doing a quick internet search. Before you choose a debt relief company, you should determine if it's the right solution for your situation, then research legitimate companies with agreeable terms. What is debt settlement? Debt settlement is the act of negotiating with creditors and lenders to accept a lump sum payment lower than what is owed and forgive the rest. Debt settlement companies differ in their terms, plans, requirements and even their legitimacy. Consider these factors when choosing a company to work with. Debt-settlement companies earn revenue by charging fees equal to a percentage of the initial or settled debt — typically between 15 and 25 percent. Possible additional costs might include account setup fees and monthly service expenses. These costs could pose an additional burden if you're already struggling financially. A legitimate debt relief company can't legally ask for upfront payment, so any such request is a red flag. Ask for a breakdown of anticipated costs and fees before signing the dotted line. You might not owe enough to work with some debt relief companies. These firms obtain the majority of their revenues on a percentage of existing or settled debt, so you'll need to have a minimum amount to make it worth their while. The generally quoted debt requirement is at least $10,000, though some debt-relief companies can go as low as $7,500. Debt relief scams are prevalent in the finance industry, so it's important to be on guard. Sure signs of a scam are a company that: Contacts you first. Has repeated complaints of fraud, poor customer service or failed results. Uses aggressive sales tactics or over-promises. Another way to determine if a debt relief company is legit is to check how long it has been in business. If that company has been in business for several years, chances are it isn't a 'fly-by-night' firm with dishonest aims. Along those lines, the Federal Trade Commission has a database of banned debt relief companies that are essentially prohibited from offering debt settlement services. Another way to determine reputability is with accreditation. Membership in and accreditation by the American Association for Debt Resolution — formerly the American Fair Credit Council — isn't essential for debt relief agencies. It does, however, lend a level of credibility to the company. AADR members are held to strict operating standards and are audited regularly to ensure they follow regulations. As an added protection, be sure you're working with an accredited debt settlement counselor rather than a salesperson. A counselor certified by the International Association of Professional Debt Arbitrators (IAPDA) can generate trust that the individual will support your best interests rather than doing it for the commission. Additionally, some states require that debt settlement counselors be IAPDA-certified. During the research process, be sure to explore the following with any company you consider: Length of time in business. How much debt the company helped settle. Whether commissions are involved — if the answer is 'yes,' you could be dealing with salespeople rather than accredited debt counselors. The debt settlement process and estimated time frame. While you're asking these questions, be wary if you run across these red flags: The company claims it can settle your entire debt for a promised percentage reduction. The company touts a 'new government program' to get rid of your credit card debt. The company issues an iron-clad guarantee that it can cancel your debt. The company claims it can stop all debt collection calls or lawsuits. The company says it can pay off your unsecured debts for pennies on the dollar. If any debt settlement company makes promises that seem too good to be true, they probably are. When to consider debt settlement Debt settlement may be a good option when: The debt is unsecured. You're already behind on payments. You've tried other methods, like debt management or consolidation. You're okay with settling between 10% and 50% of your debt. Your only other option is bankruptcy. You get a windfall that could pay a lot, but not all, of your debt in one lump sum. Debt settlement comes with risks. Because you're asked to stop making payments as part of the debt settlement plan, your credit score may drop significantly and you may continue to get debt collection calls and threats. According to Andy Manthei, Change Cultivator at GreenPath Financial Wellness, creditors may take legal action and the debt settlement may show up in your credit report. He also warns that the IRS may see the forgiven debt amount as income, which you'll be taxed on. If possible, consider these options first. Debt management programs help you lower your monthly payment through actions like interest rate reduction and debt consolidation, and are created and managed by credit counseling agencies or nonprofits. Instead of paying creditors, you pay the agency or organization and they make the payment on your behalf. According to Manthei, debt management can drop your monthly payment by hundreds of dollars, while also decreasing the payoff timeline, total interest paid and total cost. If the various debts, payments and interest rates are overwhelming, consider consolidating your debts into a 0 percent balance transfer card or debt consolidation loan. Doing so will create one debt with one interest rate and monthly payment, making it easier and potentially faster to pay down your debt. Use a debt consolidation calculator to see if this option makes sense for you and get an idea of what your payment would look like. Get in touch with creditors or lenders directly, explain your situation and ask if you can work out a plan that includes reasonable monthly payments. Creditors may already have a preset plan for when life happens, which may include certain hardship programs, late-fee pauses and rate reductions. 'Some creditors, depending on the level of hardship, may even go to 0% [interest],' Manthei says. Those late-night ads might paint debt settlement companies as the answer to your woes. But before you make the call, carefully examine the background of the advertised company. If you're having severe financial difficulty and can't pay what you owe, debt settlement companies can be a solution. The above tips for choosing a debt relief company can help you find one that's reputable and trustworthy. This, in turn, can help alleviate the stress connected to seemingly insurmountable debt so you can work toward a fresh financial start. Remember, too, that it isn't the only option. According to Manthei, borrowers should try to avoid tunnel vision, take a step back to see the broader picture and see that there are options. Do a little research to understand the differences and find the best route. Most importantly, says Manthei, 'know you are not alone and it's going to be ok.' Sign in to access your portfolio
