The fact that we continue to rely on passwords this deep into the digital age is more than a bit jarring. These alphanumeric scraps, the equivalent of digital skeleton keys, once served as a valuable tool. Unfortunately, passwords are now far more trouble than they're worth. They provide little protection against identity theft, breaches, and myriad other problems.

Yet completely ditching passwords is out of the question at least for now. While they may rank as an almost total security fail and a bane for everyone, they remain an entrenched standard. Consequently, multifactor authentication (MFA) has become a necessity, but it too presents challenges bordering on outright problems.

This is the first of a two-part series about how businesses can adopt stronger and better authentication methods. While there's an immediate need to boost MFA adoption, it's also critical to move to more advanced and secure passwordless frameworks, including those that use biometrics.

As with every technology, an accumulation of solutions eventually becomes a new problem. Most organizations and many consumers recognize the need to move beyond password-only authentication. Yet two-factor authentication (2FA) and even many MFA techniques were never designed for today's sophisticated digital frameworks.

"When you log into six different systems during the day and each of them uses a different method ... you wind up with two-factor authentication PTSD," says Michael Engle, co-founder and chief security officer at 1Kosmos. "You spend a significant time fetching codes and launching apps."

The mix of methods including time-based one-time password (TOTP), SMS and email 2FA, push-based 2FA, universal second factor (U2F) tokens, WebAuthn, and desktop agents introduce an often-confusing array of options for both companies and consumers. Making matters worse, they deliver varying levels of protection, and most people aren't equipped to understand the pros and cons. For instance, widely used SMS and email codes are easily intercepted or breached when a crook has access to a device. Toolkits that facilitate man-in-the-middle attacks and other password exploits are now widely available on sites such as GitHub.

Consumer and enterprise fatigue is at a breaking point. And while significantly better MFA and passwordless systems are taking shape Apple, Google, and Microsoft have announced they are moving to passwordless sign-ins built on the FIDO2 standard organizations continue to struggle with adoption.

Design, usability, and functionality are all critical. There's a need to convince people to move beyond a basic password and adopt MFA, but it's also critical to deploy higher grade MFA methods while moving to passwordless.

"This requires improved UX and education. There's a need for the process to be seamless," says Don Tait, a senior analyst at Omdia Consulting.

It's a startling and entirely disturbing fact: Despite a seemingly endless string of hacks, attacks, breaches, and breakdowns 81% of hacking-related breaches are caused by password issues only 29% of consumers believe that the inconvenience of 2FA is always worth the security trade-off. About 36% are willing to use 2FA in some cases, depending on the importance of the account.

The reasons for this reticence are at least partly rooted in the nature of today's online world. For better or worse, people expect Web pages to load instantaneously, and they seek access to accounts without any latency even when dozens of APIs and servers around the world are required for a transaction. Remarkably, one study conducted by Microsoft found that the average person only has an attention span of approximately eight seconds.

Yet it's also clear that MFA frameworks can be a big hassle. Oftentimes, it's necessary to request a text code or pull out a phone and open an authenticator app from Google or Microsoft and type in a code. Meanwhile, physical tokens, such as YubiKey, offer stellar security but they can be difficult to set up and use.

MFA participation is ticking up due to the pandemic and ominous warnings about the risks of relying on a password only; Okta found that MFA adoption rose by about 80% during the early stages of the pandemic. However, attacks are escalating and becoming more sophisticated. The net result is a relative move backward.

"There are too many companies giving too little thought to how to implement more advanced MFA and passwordless systems," says Jasson Casey, CTO for authentication vendor Beyond Identity. "You can't build a security architecture without considering design and usability. As the level of friction goes up, participation goes down."

These issues unfold in several ways. Design elements may hide MFA options or deliver confusing instructions for how to set it up. They sometimes provide confusing or ominous warnings that frighten users, or a site or service doesn't communicate the value of using MFA. Frequently, users don't see any compelling reason to adopt this additional layer of security.

"People turn to digital services because they're looking for ease of use and convenience," says Kalev Rundu, senior product manager at authentication firm Veriff. MFA must not be any different. It must fit seamlessly with the broader digital interaction and deliver a clear advantage or other forms of authentication.

Gaining buy-in is critical. Researchers from the Max Planck Institute for Security and Privacy; the University of California, San Diego; and Facebook found that one of the keys to convincing people to turn on MFA is to present the decision as a personal empowerment choice. This might include a message like, "You can increase your protection against account hacking" or "Protect your account, pages and friends."

When researchers tested this personal responsibility approach with accompanying buttons on Facebook, it led to an uptick in MFA adoption by 33% among 622,419 participants. When users viewed a message about the advantages of being protected, they were 28% more likely to adopt MFA. On the other hand, the corporate responsibility button didn't prompt any change in behavior.

Another technique that boosts adoption revolves around an incentive or a reward an approach that has already gained traction within gaming platforms like Fortnight and World of Warcraft. In 2019, a group of researchers from the University of Bonn and Leibniz University Hannover in Germany found that even a small incentive, such as an upgraded avatar or another small gift, can push numbers up.

Colors, placement, and design elements also matter. Delivering the request at the right moment without interrupting the flow of an interaction or transaction is crucial.

"It must be so easy that doing it for the first time has nearly no friction," 1Kosmos' Engle says. QR codes and push-to-app authentications can help, especially when a user can authorize the sign-in from a separate authorized device.

Still, none of these approaches are seamless and they aren't bulletproof. The future of MFA and full passwordless systems lies in biometrics, FIDO2, and emerging systems that not only authenticate to an account on a device, but also verify a person's identity.

"A new era of authentication is emerging," Omdia's Tait says.

In part 2, Dark Reading takes a look at the rapidly evolving passwordless space and what companies need to do to stamp out passwords once and for all.

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Evolving Beyond the Password: It's Time to Up the Ante - DARKReading

Of course MANifesto has a manifesto. Its right there in the freakin name.

No rush on thinking it all through, though. Catch up with the Toronto Man Band a self-described gaggle of grown-up gays covering songs originated by girl groups belatedly via last summers entirely lovable mid-pandemic debut Pinky Swear and its accompanying volley of glamourpuss videos for tunes like Labelles Lady Marmalade and All Saints One Strike or MANifestos brand-new cover of local 80s one-hit wondertwins Tus Stay With Me and youll soon realize there are numerous layers of subtext and social commentary operating amidst all the fun.

Oh, the layers are many. Theyre plentiful, concurred founder and frontman R. Kelly Clipperton, relaxing over cocktails on his patio with singularly named bandmates Twaine, Dionisio and Brayo after an evening rehearsal in Liberty Village last week. Even in just doing the research for the album and trying to pick the songs and understanding that the majority of them were actually written by men for women to sing for men to sing what a man would want to hear I realized there were even more levels to it, that the Supremes and the Chordettes and LaBelle and the Pointer Sisters were essentially puppets within a concept. So the idea was to take that and pull it back and empower not only us, but the women who originally sang those songs and kind of turn it on itself.

Clipperton, already well established in Toronto as the frontman for bands such as Merkury Burn and Kelly and the Kellygirls not to mention a photographer, occasional playwright and hairdresser of no small repute had been toying with the idea of forming a mature, out-and-proud version of the typical, dubiously heterosexual boy band for more than a decade when he finally forged ahead and recruited the MANifesto lineup through contacts in the worlds of music and theatre in late 2019, just in time to have the whole project derailed by the COVID-19 pandemic.

The chemistry between the nascent MANifesto lineup (originally a five-piece) was so evident to all involved that the men decided to steam ahead amidst the lockdown era, kicking out harmonious covers of the Pointer Sisters Automatic, Girls Alouds The Promise and the Spice Girls Say Youll Be There before finally electing to release Pinky Swear last September even though there appeared to be little foreseeable opportunity on the horizon to actually take their decidedly theatrical oeuvre to the stage.

I just felt that we didnt have a choice. It was, like, We cant sit on this. Itll disintegrate. Itll just go away, said Clipperton. Ive always wanted to sing with other gay men. All the projects Ive ever created have been very diverse with regards to gender and sexual orientation and race and sound and everything and its always been like that, but Ive never really had the opportunity to do something that felt really at home for me.

Even with the number of gay men who are pop stars who are now out and doing their own work, Ricky Martin released a video just recently and theres, like, zero homo-evidence. And hes been out for 15 years now. Theres still no gay evidence. Its all still kind of washed over. Its still too dangerous. Ive always said that gay men are the last greatest taboo. Lesbians will always be accepted because straight men think lesbians are for them, right?

MANifesto finally gets to stage its long-delayed, official coming-out party towards the peak of Pride celebrations on Friday at the Buddies in Bad Times theatre with an elaborate stage show entitled MANifesto Are Gay.

Needless to say, theres a lot of pent-up performative energy waiting to be unleashed after two years in stasis.

Its definitely gonna be a bit of a spectacle, said Traine ahead of the performance. We want to stand out a bit and we want to have a lot of fun but we also want to share the connections to all the talented people around us we have in our own lives. So weve got dancers, weve got singers, weve got costumes, weve got projections

Weve got makeup. Weve even got some Cirque de Soleil s-t happening, added Dionisio. We wanted more pyro but its not in the budget. However, were gonna be on fire. I cant hardly wait.

If theres a more sobering side to all the camp and conviviality of the MANifesto experience, its embodied by the groups unflinching support of Rainbow Railroad, an organization that helps LGBTQ people from countries where being queer is a genuine threat to their lives and livelihood escape to more accepting climes. All proceeds from Pinky Swear are donated to Rainbow Railroad and MANifesto has vowed to advocate for the non-profit as long as it has a platform from which to sing out.

A native of Uganda, Brayo has personally benefited from the charitys good deeds, having arrived in Canada just in time to experience the last true Toronto Pride party to go on before the pandemic three years ago. His story is, sadly, a reminder of why events like Pride have come to exist in the first place.

My social media accounts are still monitored by my persecutors. They still monitor. My family is home so anything that they see I do, they know they cant attack me directly so they attack my family. So thats a dilemma, he said. But when I got here and I saw the way people were free and enjoying life I made it my personal vendetta to support Rainbow Railroad. And when I shared my stories with these queens, they all got on board.

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Amid Toronto band MANifestos camp and conviviality theres a message of empowerment - Toronto Star

As life circumstances change and grow, many women find themselves in positions of financial independence for the first time later in their lives.

When Im partnering with women on their financial journeys, I truly believe a trusted relationship between us with shared experiences allows for honest questions and honest answers. My clients and the other women in their lives can feel comfortable sharing any financial fears and doubts, while also confident in telling me their goals and ambitions without feeling self-conscious.

With new financial knowledge in hand, these women come to see they can make brave choices and create a new way forward theyd only imagined before. This freedom and self-empowerment comes from venturing into financial decisions on their own, with support from advisors and advocates like myself and my partners. Now financially independent, women can achieve personal and retirement goals they didnt realize were possible before.

Sometimes women choose to leave neighbourhoods behind, buying a new style home theyd never imagined owning before. Other times, they can reach their financial goals and take the trip thats always been at the top of their wish list. As they find financial independence, the options become endless.

Financial freedom looks different for everyone. The transition can be difficult and uncomfortable, but having support along the way can help women find their way and create new possibilities. The results may be different than they imagined, but with a detailed financial plan and the support of a trusted advisor partnership, they have the support they need to navigate the changes to their financial situation.

As women meet with trusted financial advisors and forge a path for a brave new future, here are my top tips for getting the most out of their money.

Advisors are not here to pass judgement on where youve come from. By sharing where youre at right now, and what you hope to accomplish with future funds, will help you and your advisor make realistic divisions with your money.

Be open and honest about exactly what you hope to gain and achieve in your future

Its important for your advisor to understand your financial goals so they can put together a plan that works for you and will help you achieve those goals. Even if a goal feels too big, your advisor can help you determine if its a possibility or find alternative goals based on your financial situation.

As you move into a brave new financial future, its important to leave behind any poor memories from past financial experiences. Some decisions and outcomes in the past may have negatively affected you without having had your input. Find an advisor who listens to your hopes and concerns, working with you to find financial success.

You shouldnt feel intimidated by your financial advisor. As you learn about your money, ask questions, learn more about your financial situation and uncover whats possible.

I have helped women transition through many life changes, including losing a spouse, losing a lifelong home, changing careers, unexpected retirement and children moving back home.

Watching women thrive through challenging parts of their lives is such an empowering experience for me. I enjoy watching women come into their own and make their own choices; realizing a new life is possible for them and their loved ones.

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Forging a new financial future: How women can empower themselves by taking control of their finances - SaultOnline.com

Manifesting is a hot topic now, with social media videos aplenty teaching you how to conjure up anything from the perfect boyfriend to a new Beyonc album. Fun fact: I wrote this article two days before Queen Bey announced Renaissance, her first album in six years (!!!). Now, I'm not going to take full responsibility for this, but please think of me kindly as you jam on your hot girl walks this summer.

But manifesting is far more than a TikTok trend. Its a centuries-old practice spiritual experts swear can lead to a happier and more fulfilling life. And all it takes is a mindset shift.

Simply put, "manifesting is the practice of changing your thoughts, words, and feelings to attract something you want into your life," says Juliette Kristine Conner, a manifestation coach. Manifesting is also called the Law of Attraction for this reasonyou are attracting things into your life.

In essence, this practice is all about being the creator of your own reality (Plot Girl Summer anyone?). Its about taking the big swings and embracing whatever stumbles you inevitably experience as part of the process. Your life is literally a choose your own adventure novel, and the sooner you realize that the better off you'll be.

For first-timers, this can all sound a little abstract and "woo-woo," but when it comes down to it, changing your thoughts can truly change your life, says Conner.

"Manifesting moves you from a victim mindset to one of personal empowerment," she adds. Imagine this: Youre on your lunch break at work, and you go to Starbucks for a delicious iced mocha when the inevitable happens. A crack in the green straw leaves you with mocha dribbling all down your new Zara top. You could (and I certainly have) let your thoughts spiral. Maybe you think "This ALWAYS happens to me" or "They really should have better quality straws."

But instead, think of this minor setback as you might if it were to happen in your favorite rom-comfull of opportunities for excitement. Your stain may lead you to strike up a conversation with a coworker when borrowing Tide to Go, which leads to an impactful new friendship. Or perhaps, on your sprint home to change, you run into your next great love. This type of thinking can wake you up to endless possibilities in your life (a.k.a. manifestations) and stop you from blocking them with your Negative Nancy attitude.

"This simple shift can make you more optimistic... leading to a happier life," says Conner. "You start to see the control you have over your life, instead of feeling helpless."

There are many different ways to manifestthe 369 method, visualization meditations, and vision boards are among the most popular. (More on those techniques in a sec.) But ultimately, whatever practice works for you is what you should stick with.

Still, a few things remain important across the board, says Adora Winquist, who has spent over twenty years supporting others to find physical, emotional, mental, and spiritual healing.

This is Conners favorite manifestation method and the most beginner-friendly, she says. Although it is much easier to create a digital vision board (shout out to Canva and Pinterest), Conner recommends breaking out the magazines, scissors, and glue for this one.

"You can throw together images online quickly, and without intention," says Conner. Not only does working with real materials force you to slow down and be more cognizant of what images deserved a coveted spot on your vision board, but a physical boardsomething concrete that you can hang wherever it'll be seen regularlyis far more powerful.

Because a vision board serves as a daily reminder of your desires, "this is an anchor bringing you to your future manifestations," says Conner, who manifested a trip to Bali with a vision board. In her twenties, Conner created a vision board with a photo of a person getting a massage at a spa overlooking the ocean in Bali. Less than six months later, her now-husband got a job offer in Bali and invited her to come with him. Not only that, but his job was actually at the same resort the photo on her vision board was taken. (Is it cold in here, or does everyone have goosebumps!?)

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The 369 manifestation method is simple to DIY: Write down the goal, desire, or feeling you want to call into your life (ex. "I am wealthy" or "I am at peace") three times in the morning, six times in the afternoon, and nine times at night. Repeat daily until you succeed in your manifestation.

All you need to do for this technique is make sure you have a piece of paper or a notebook, and a writing utensil of your choice. May I suggest a gel pen? No one said manifesting cant be fun, people!

But just FYI: While the 369 method might make you feel like you're harnessing some magical energy (because you are within yourself), it doesn't work like magic. The method works because repetition keeps your most important desires at the forefront of your mind, so you're more inclined to take the necessary steps to achieve them.

Beyond being consistent in this manifestation practice, Winquist also encourages her clients to keep an open heart and to make sure their nervous system is at ease while they are writing. This can even be used as an extra step in your existing meditation or breathwork practice.

This option is great for the avid meditator or a more ~advanced~ manifestor, says Conner. It is exactly what it sounds like: sitting and envisioning your life with the object or the feeling in it already.

Conner recommends pairing this technique with a vision board, so you can look at something before you close our eyes and really drop into the feeling with meditation. Btw, you don't have to go it alonemany guided manifestation videos already exist on YouTube.

Winquist has another excellent tip for this type of manifesting that plays on our natural inclination for negativity. Because the mind tends to attach more easily to negative thoughts, why not use that to your advantage?

If you are manifesting a new designer dress, for example, you might think about bringing it home and finding a small stain on it. "[That visualization] occupies our inner Debbie Downer," she says. "When we give the mind the tiniest bit of negativity to focus on, it gives it a hook to the experience."

It is important to remain in the present and positive, Winquist says. She recommends starting all of your affirmations with "I am" so it is as if your work has already been a success.

Speaking of affirmations... incorporating those into your day is one of the fastest ways to change your mindset and get what you really want, says Conner. You can think of them as a manifestation jet pack.

Affirmations, or positive statements, repeated slowly and consistently could be the extra push your life needs.

But make sure you make this a regular practice. "Just like going to the gym once isn't going to give you a six-pack, saying affirmations a few times isnt going to work," says Conner. Flex those mindset-changing muscles!

Some people believe that you can manifest negative things in your life, but Conner says not to worry about it. Don't even let it cross your mind (seriously). After all, its the thoughts you think most frequently that will create your life.

BRB, I've got some manifesting to do...

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How To Manifest Your Desires In 3 Ways, According To Experts - Women's Health

The world is revolving and upgrading itself. We cannot deny that being financially independent is a prerequisite for living freely today. This is where personal finance comes to the rescue. It is a relief in a world of dependency and fraud. A fundamental terminology that needs to be understood should be taught in the curriculum at the school level. It provides practical insight and gives an upcoming youth of today economic empowerment.

What is Personal Finance?

As the cumulation of two words suggests, personal finance is managing and pre-planning ones budget, keeping short, medium, and long-term goals handy. It helps in financial soundness and keeps one updated with their expenses. Lets dive into the ultimate guide to personal finance with a formula incorporated at the end for ease of understanding and making the best decision.

The Basic Terminology

This head revolves around explaining the basic terminology required to jump-start the course in full swing. We are introduced to the finance jargon like budget, income, expense, saving, investments, assets, liabilities, capital gains, and cash flow. The terms were pretty simple and if you are from a commerce background, it didnt take long to understand. However, if you arent, then

Budget: It is a financial blueprint that estimates the income and expenses of an individual for a given period. It is generally, like a forecast or expectations set by the individual for an upcoming time.

Assets: An asset is anything that gives the individual sets or another entity a current, future, or potential economic advantage.

Liabilities: A liability is a debt that a person or company owes to another party, usually in the form of money. They are resolved over time by exchanging economic benefits such as money, products, or services.

Capital Gain: The profit earned on the sale of an asset such as stocks, bonds, or real estate is known as a capital gain. When the selling price of an asset exceeds its acquisition price, it results in a capital gain. It is the gap between the assets selling (higher) and cost (lower) prices.

Cash flow: Cash flow refers to the quantity of cash or cash equivalent a corporation gets or expends as payment(s) to creditors.

This being taught, the pillars of finance are what we are proceeding with. There are seven pillars of finance though, in this part, we will detail 4 of them. The seven posts, however, are: -earning, spending, saving, budgeting, investing, tax planning, and insurance.

We should aim at maximizing our earning potential by enhancing our skill set, making connections in the industry, and engaging in maintaining a diversified earning portfolio. The earned earnings should then be spent keeping wants and needs in mind. The best way to do so is to divide expenses into several buckets. This whole process of analyzing the income and expense game and saving a certain sum is called budgeting. Its an ongoing process.

For your clear understanding, the budgeting process is introduced as a reference.

Step 1:Calculation of monthly income, let us assume it to be Rs 10,000.

Step 2: Adding up necessary expenses. Considering you are a student, you dont have any fixed costs other than a SIP and for a variable payment, lets say you have a petrol cost to incur. And as you wish to give yourself a good watch, you are setting aside, say, Rs 500/month. This resulted in your total expense being Rs 3000.

Step 3: For discretionary expenses, you set aside a sum of Rs 2000 for partying and stuff.

Step 4: Adjusting the expenses and income, you will realize that you are left with Rs 5000 every month, which for now is just under the head saving, though you can consider this as an investment.

Towards the end, there are some budgeting frameworks you should all be aware of, like the 50/30/20 rule wherein 50% of the income goes towards the needs or necessary expenses, and 30% goes in for wants, and the remaining 20% is taken up by savings. The following framework taught was 80/20, wherein 80% is set aside as saving and the remaining 20% is for investing. Last but not least is the framework I am following called Zero-based budgeting wherein I consider my investments as fixed expenses.

The Credit saga

This head is focused on explaining what a credit score is and ways of improving it. A credit score means that it tells the bank or any financial institution how capable we are of repaying the loan. To incorporate a fun fact, this system was introduced after the global financial crisis of 2008. Lets now move on to the understanding of credit card eligibility. A sufficient balance along with regular income is the minimum criteria. In this and the type of organization we are working with, our credit limit is set. Due to many financial institutions, credit cards are offered just on a good FD balance.

The credit card bill is to be paid at the end of every month. It is a 22-day long cycle. If unable to pay the bill, heavy interests are charged initially. Then, a letter is sent out to our name to get the title in legal books as a defaulter. And ultimately, a legal proceeding is put into action that may result in the ceasing of collateral.

You might be confused as to how these institutions earn; let me explain. On every transaction, the companies have payment processing fees : of 2-2.5%, and as for banks, they make through interest from credit card bills.

A credit score is a three-digit number that sums up the information on your credit card. The credit score calculation is when you apply for a loan the lender requests and receive the credit report from credit bureaus that collect the information from various banks, including loan amount, repayment date, default, etc. This report is taken up by agencies that, through their algorithm, generate credit scores. And when we make a payment to some lenders, they report the payment to the credit bureaus.

A brief guide on the improvement of credit score says that the credit utilization ratio introduced means the percentage of spent credit from the credit limit that is advised to be 5-10%. The best and worst credit score is 800 being the best and 100 the worst.

Saving from the tight clutches of Taxation

This is an absolute new realm. It revolves around tax planning strategies. One should be tax-efficient and should know the process of filing the income tax return. Lets get acquainted with tax planning strategy. Here we are discussing that investing in various schemes like ELSS, PF, PPF, life insurance, etc. helps in saving the taxes. Also, an innovative idea of leveraging the repayment of loans can be regarded as a taxable income deduction, and declaring investments leads to avoiding monthly deduction of taxes in salary. We should also be considered salary restructuring that includes the tax exempted/abated allowance like HRA, meal card, travel allowance, etc.

The most practical aspect is: How to file your ITR?

The steps of filing ITR are given below. It has become an easy and concise process owing to the first-class development of the Internet and thus can be done by anyone. Following are the steps for the same:

Step 1: Register yourself with the e-filing portal by visiting https://www.incometax.gov.in/iec/foportal

Step 2: Proceed to log in and enter your credentials

Step 3: On being logged in, click on a dropdown called e-filing and choose Income tax returns

Step 4: A further dropdown will arise. Choose File Income Tax Returns

Step 5: Select the Assessment year for which you wish to file your income tax returns and click on Continue.

Step 6: Youll be prompted to choose between filing your returns online or offline. In this situation, you must select the first option, the suggested method of filing your taxes.

Step 7: Determine if you want to submit your income tax returns as a single person, a Hindu Undivided Family (HUF), or in another capacity. Select the individual radio button.

Step 8: Determine which income tax returns (ITR) you want to submit. People and HUFs without revenue from a business or profession, for instance, may file an ITR 2. Similar to how companies pick between ITR1 and ITR4, individuals have two options. To continue with ITR1, you must click this button.

Step 9: The following question will ask you why you filed returns above the basic exemption limit or because of the seventh Section 139 provision (1). According to the clause, a person is eligible to file income tax returns if their total annual deposits in one or more current accounts exceed Rs. 1 crore, they spend more than Rs. 2 lakh on travel abroad, or they pay more than Rs. 1 lakh in power bills. Make sure you select the appropriate choice.

Step 10: Complete the information regarding your bank account. Pre-validate your bank account information if you have already submitted it.

Step 11: A new page where you can file your income tax returns will subsequently be opened for you. There will be a tonne of information already filled out on the website. Please verify that all the notification is accurate by checking them. Verify and review the summary of your returns.

Step 12: The final step is to double-check your returns and transmit a physical copy to the Internal Revenue Service. The verification procedure must be followed.

Let go free of debt

This head commenced with the foreword DEBT. The bifurcation was taught on five bases that are based on security, repayment, period, interest rate, and deduction.

Based on security we have: Secured and Unsecured loans

Based on repayment we have: Revolving and Non-revolving loans

Based on period, we have: Long term, short-term, and medium-term loans

Based on the interest rate, we have: Fixed interest rates and variable interest rate loan

Based on deduction we have: Deductible and Non-deductible loan

The terms listed are easy to comprehend. When choosing to go in for a loan, it is highly suggested to undertake a proper analysis and research with each loan instrument and decide whats good for your appetite.

The effect of debt on personal finance is a dwindling credit score, mental and physical health due to constant stress and worries, and a negative impact on employment. The best way out is to make a monthly budget and strictly stick to it.

On the Island of risk and repayment

This head revolves around repayment terms and risk calculation. Let us understand the different types of risks like systematic, unsystematic, credit, country, political, reinvestment, interest rate risk, foreign exchange rate, inflationary, and market risk. The risks which are vital for us to understand are inflationary and market risks. A well-defined portfolio is, if not insulated, then at least protected translucently by this risk. Further, we move on to how the change in interest rate impacts lenders and borrowers.

Rising interest rates will lead the borrower to pay more and vice versa. The strength of impact depends upon whether the loan is short-term or long-term. In the case of a loan with a floating/variable rate, the interest cost will rise, however, with the fixed rate, it will be the same throughout.

In the case of a lender, if we have an account with the bank, a financial corporations lower rates will enable you to reinvest the money at higher rates as the original loan matures. However if invested in a fixed-rate, environment, it will be insulated from the fluctuations.

Lets further understand how the home loan interest rate is determined. It is determined by the marginal cost lending rate. It is mainly related to home loans, and it is the lowest interest rate banks can offer, and that is closely linked to the repo rate.

Retirement fabrics and frolic

This head talks about Retirement planning. The first topic to be introduced is primary reasons to plan for your retirement, wherein lack of social retirement benefits in India, medical emergencies, financial independence, and inflation were discussed.

The traditional saving method was degraded because it is said that inflation will keep on rising as the future unfolds. Thus one should take it under consideration and invest in such a manner that we can have more returns. It is advised to divide our lives into stages, understand risk appetite and returns generated in each phase and invest accordingly to generate passive income in the future.

Moving on, the O&O method can be straightened out for you where owning two houses, equity/MF investments along with fixed, and gold investment is advised and, of course, owing as little as we can. A diversified portfolio that balances the risk-return ratio is instructed to be possessed for a relaxed retirement.

This discussion, along with the tax planning one, enabled me to do some research and finally landed me to invest in the ELSS fund. In the event of regular income flow, I will also be sponsoring a sum towards the retirement scheme. Well, the footprints are meant to be followed. Dont hesitate to do the same.

The seventh in a row

This is a detailed discussion of the sixth session where practical knowledge concerning investment was imparted. We as individuals have different ambitions and explanations of short, medium, and long-term goals. Considering our previous example, it can be decided as a short-term financial goal to execute the budget I drew for myself and invest the savings of 5000 in overnight or ultra-short duration fund. For the medium term, the example plans on implementing a wedding and world tour all by myself. And lastly, for a long time, lets say you need a financially sound future for which investing in various MFs and retirement schemes tops the list. The amazing fact that many of you might not know is that in India, we have 29 stock exchanges. The factors to consider before opening a Demat account are spread over the internet. Another awe-inspiring fact is that the stock transfer takes place from only two depositories, CDSL & NSDL.

Next, we jump onto the reason for stock price fluctuation. It all depends upon the market forces of demand and supply. More the need, the more the prices and vice versa. The importance of any organization depends not on the value of stocks, but it is market capitalization.

For easy understanding, lets consider the formula for the same

Market capitalization= stock price*No. of outstanding shares.

Towards the end, lets discuss the critical elements of Portfolio Management which are diversification, asset allocation, and rebalancing. The power of compounding is underrated. It is the process in which assets earning from either capital gain or interest are reinvested to generate additional earnings over time. It differs from linear growth, where only the principal makes interest every year.

The formula for the calculation of the future value of the investment was also taught, which made it very simple to evaluate the investment instrument.

A=P(1+r/n)(nt)

A= the future value of investments/loans, including interest

P= the principal investment

r= annual interest rate

n= the no. of times that interest is compounded per unit t

t= the time the money is invested or borrowed for

I hope this article has helped you align your personal goals and taught you about different realms of personal finance.

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Personal Finance: An Ultimate Guide And Introduction To Its 101 - Inventiva

CHICAGO, June 02, 2022 (GLOBE NEWSWIRE) -- TransUnion (: TRU) today announced that Chris Cartwright, President and CEO, and Todd Cello, Executive Vice President, Chief Financial Officer, will present at the 42nd Annual William Blair Growth Stock Conference on Thursday, June 9, 2022. The presentation is scheduled to begin at 9:20 a.m. CT (10:20 a.m. ET). A live webcast of the presentation will be made available on the TransUnion Investor Relations website at http://www.transunion.com/tru. A replay will also be available on the companys website following the conclusion of the presentation.

About TransUnion (: TRU)TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

E-mail [emailprotected]

Telephone 312-985-2860

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TransUnion to Present at the 42nd Annual William Blair Growth Stock Conference - GuruFocus.com

CHICAGO, May 24, 2022 (GLOBE NEWSWIRE) -- With the costs of many goods and services rising dramatically in the last year, consumers are looking for more ways to lower expenses. TransUnions (: TRU) latest Personal Lines Insurance Shopping Report found the number of consumers who accepted a telematics offer from their auto insurance provider increased 33% since the end of 2021a trend driven by consumers hoping to lower their premiums by demonstrating safe driving habits.

Telematics programs use connected devices, mobile phones, or auto manufacturer car apps to monitor and report detailed driving behavior. Similarly, in homes, connected devices monitor for warning of fires, water leaks, and other hazard risks.

The new data comes from a TransUnion survey of 2,791 consumers conducted between February and March 2022. It found that, compared to the last survey in November 2021, the number of customers offered a telematics policy to monitor their driving and help determine their rates rose from 32% to 40%and the number of those who opted in rose from 49% to 65%.

Its clear that high inflation levels are impacting consumer wallets, and many people are now considering new technologies that may help them save money. In the insurance industry, more consumers are warming to the idea of using a telematics tool to enhance safe driving while also lowering costs, said Michelle Jackson, senior director of TransUnions personal property and casualty insurance business. This evolving sentiment could carry over to similar offerings in the property space.

Along with general inflation, cumulative auto insurance prices are up on average 4%, with some states trending at nearly 20% for some drivers, according to the report. In response, consumers are shopping for lower premiums, better coverage and better service from their insurer, a trend noted across auto, property and rental insurance.

Percentage of consumers shopping and switching insurance providers over the past six months

Auto and property insurance industries even out

Throughout 2021, year-over-year property insurance shopping rates remained extraordinarily high in response to a white-hot housing market. However, as the first quarter of 2022 unfolded, those rates trended negative on a YoY basisthe result of an increase in mortgage interest rates, combined with higher home prices and limited inventory.

By contrast, auto shopping rates were depressed throughout 2021 due to supply chain shortages. Initially, this market began 2022 below 2021 levels; however, by March, shopping was closer to even with the previous year. This bounce-back was driven by two factors: increased shopping in search of lower premiums and a boost of funds from tax returns that enabled more consumers to shop for automobiles.

It appears that auto and property insurance industries found some equilibrium this quarter, after a tumultuous 2021, said Jackson. Inflation is projected to continue through 2022, which will likely have the dual effect of pricing out consumers from new homes and vehicles while motivating them to seek out more affordable coverage.

For additional insights into the personal lines insurance marketplace, the full report can be accessed here.

About TransUnions Insurance Shopping ReportThe quarterly Insurance Shopping Report is based entirely on TransUnions internal studies. The insurance shopping trends reported are based on TransUnions report which is derived from TransUnions extensive database of credit data. It includes information on insurance shopping transactions from September 2020 to March 2022. The report focuses on the credit population, highlighting TransUnions data. It also explores a subset of the total insurance shopping population. The report excludes data from insurance customers in California, Hawaii, and Massachusetts, where credit-based insurance scoring information is not used for insurance rating or underwriting.

About TransUnion (: TRU)TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

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Inflation Drives 33% Surge in Auto Telematics Adoption in First Quarter of 2022 - GuruFocus.com

Many startups adopted flexible remote working as a short term necessity during the pandemic and as a result, those whove maintained hybrid or remote work practices may not be properly set up to thrive. Storyblok is fairly unusual in that it has been fully remote since it was founded in 2017. Weve grown to a team of 175 people in 38 countries, spanning dozens of timezones. This has meant weve had to spend a lot of time developing processes and policies that fit remote work, and employing technology to create a happy and productive team.

Heres how to build a fully remote startup.

Dont try to bend or impose your existing culture create a new one. Fully remote or hybrid working requires a level playing field where everyone feels like they are equally involved and engaged. This means your main drivers of culture cant be work socials, ad hoc stand ups or table tennis at lunch. You cannot favour people in the office over everyone else. Instead, culture should revolve around self empowerment and autonomy.

At Storyblok our diversity helps define our culture. Team projects include creating a cookbook or restaurant guide that covers food and locations all over the world, where our team is based. Similarly, everyone is encouraged to share their cultural traditions and holidays so we can celebrate them all together. We also try to help people interact on a more personal and individual level. We organise randomised coffee chats where people speak for 30 minutes to their colleagues in different teams. This enables people to break the ice with people they may not get the chance to regularly interact with.

Many of our activities such as blood donations and tree planting are created and driven by team members at all levels. This is because people need to feel that they are trusted and have their own voice to do their job and engage socially in the manner they see fit.

One of the biggest challenges of managing a remote startup is balancing monitoring with micromanagement. Using software to monitor staff is an absolute no go. There is no faster way to undermine trust. Instead, build a structure of regular meetings, stand ups and clear goals that covers every team member. At Storyblok, people have weekly stand ups with line managers, a weekly team meeting and a monthly all hands meeting.

Read: How to run an offsite

Good managers will know who is performing no matter where they are. Communicating this clearly and transparently across the business ensures everyone knows the rules of the game. Making more data-driven assessments of performance can help to take human bias out of the equation. For example, some managers may subconsciously favour in-house team members they talk to face-to-face and reward them accordingly. Relying more on the hard facts can remove this danger and also help with diversity and inclusion.

Not everyone can be a remote worker in the same way not everyone works best in an office. So you need to think about specific personality traits when you are building a startup team that can operate in both a virtual and in-person environment. We favour people who are particularly self-motivated, open minded and, importantly, have a clear understanding of the reality of remote working life. After all, switching on your computer alone on a dark January 4th morning and getting motivated to work can be tough and needs to be acknowledged.

Similarly, how are your pay and promotion or annual reviews set up? Are there criteria that favour one group over the other? Does a one size fits all approach actually work? Reviewing all of these processes is incredibly important to ensure fairness and create the culture of trust that enables remote working to work.

Read: How to compensate remote workers fairly

Often criteria around whether someone is a team player can manifest in odd metrics like how enthusiastically they speak at team meetings or how much they engage in social activities. Not only does this obviously favour in-office workers, it is also biased towards extroverts.

We are very careful to remove these flawed information points during annual performance reviews. We look at what the data on Notion tells us, what other team members say based on a set of well defined questions and, crucially, the views of the individual being assessed. The experience is tailored to the individual but the way we structure assessments is consistent right across the team.

Theres still more work to do, which is why we are making the process more quantifiable and transparent by getting a HRIS system up and running. This will mean that performance, achievements and future goals are all fully defined, measurable and accountable.

Technology has a huge role to play in enabling your hybrid or remote startup to work efficiently and productively. From day one, we invested in Notion, Slack, top end IT equipment such as webcams, microphones, headphones, G-Suite, Salesforce and simple time savers such as DocuSign.

We developed policies and training to ensure they were used how we intended. Its easy enough to buy a shiny new platform but actually getting people to adopt and embrace it requires discipline and diligence. The leadership team needs to set the example by being consistent, and onboarding processes for new arrivals need to provide plenty of training so people understand not just how to use collaboration tools but why they are used.

We use Zavvy to support onboarding. One week before joining staff receive all their equipment, an intro to the team and a tutorial on the tools we use. Then, for one month, they go through a general onboarding process to meet everyone, learn processes and get to grips with their job. We also assign a buddy and an onboarding manager to help support new hires and quickly answer any questions they have.

Giving people more flexibility in how and when they work alongside free flowing communication also comes with the risk of burnout and a lack of boundaries. Its very easy for working time to bleed into leisure time and for remote workers to fear taking breaks or pushing back on deadlines. Leaders play an important role in setting this example.

Be clear that you dont expect immediate responses or weekend working and encourage people to take holidays. Create a systematic approach to checking in on your teams mental wellbeing and employ both mental health tools and health and wellbeing perks and benefits. You do not want anyone falling through the cracks and it is very easy for a remote worker to suffer in silence. Vigilance is key. We provide regular check-ins for employees, very quick one to two question surveys to see how people are feeling, discourage overtime and encourage taking all paid time off.

There is no one size fits all remote worker and as a result, there is no one size fits all approach to remote or hybrid working. Everything Ive listed really comes down to creating environments where your startup can trust and be trusted by its team. Trust is built on fairness, honesty and confidence. Its when the entire team feels they are treated equally they have access to the same tools, benefits, flexibility, engagement and opportunities.

Building a remote startup culture will not happen overnight, which is why its essential to listen to your team What do they want? What works well for them? and then be willing to change your approach. Simply adding working from home as a benefit on a job description is not nearly enough and will ultimately lead to trouble. The world of work has changed your startup needs to too.

Lydia Kothmeier is vice president of operations at Storyblok.

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What you need to know to build a fully remote startup - Sifted

The Adventurous Lectionary The Third Sunday of Pentecost June 26, 2022

During the Pentecost season, mysticism inspires mission. God is real, speaks to us, shapes our experiences, and invites us to join in unity with all creation. Even when God appears absent, we call out to God, knowing beneath the shadows, there is light. Pentecost invites progressives and mainstream Christians to join analysis and rationality with mysticism and poetry. To look beyond the appearances of persons and things to intuit the divine fire ready to burst forth for those who have cleansed and opened the doors of perception.

Todays readings take us beyond the one-dimensional and ordinary way of looking at the world and asks us to launch out in new directions of faithfulness to God. They ask us to awaken to higher levels of reality and believe great things, and to know that great things are hidden in ordinary moments. They challenge us to trust Gods presence working creatively and redemptively in our own freedom. They ask us to live by the spirit and in life-giving, not legalistic or guilt producing ways and to expect great things from ourselves as well as God.

Our readings take us into the mystic and beyond everyday experience. They invite us to accept and to enter the realm of the mystical, miraculous, and magical; the realm of paranormal experience. Not bound by death, Elijah is caught up in a whirlwind and ascends into heaven. The prophet is delivered from mortality to dwell in the house of God. Elisha asks from a double portion of his mentors spirit and is given a sign, and then goes forth with the same miraculous powers to shape the non-human world. Like Moses before them, the Divine Force is great with Elijah and Elisha, who can now part the waters.

Moderns and even post-moderns will have trouble interpreting this passage literally. Do people really escape death or ascend unto the heavens? Yet, the world is often more curious and wonder-full than we can imagine. We hear stories of shaman and rainmakers, all of which give some credence to such paranormal. In an interdependent universe, more awesome than we can imagine, we can understand Jesus stilling of the sea a manifestation of naturalistic, not supernatural, divine power active in the natural world. Still, such events seem incredible and violate everything we know about one-dimensional naturalistic causal relationships. Further, at the time Elijah went up into heaven, although the Hebraic peoples visualized a three-story universe, they had little or no positive vision of the afterlife. Where then did he go? Was there a heaven above, where the blessed dead lived in harmony with the divine? Could Elijah have slipped into an alternative universe or a higher energetic field? Who knows? But it is fun to speculate, especially if you are fan of science fiction and Marvel and DC comics.

We can all recognize the boldness of Elishas request, give me a double portion of your spirit. A lot of chutzpah here! But audacity is what we need. Our world is too small, and we need a big imagination and trust greater power to confront the seemingly insurmountable forces promoting climate change, conspiracy theories, election fraud, white nationalism, and homophobia. Such a request challenges us to ask God for great things, get our ego out of the way, and let Divine Providence move through us. We often settle for less when we should settle for more. We are sounding the death knell of congregational life, when she should lean on divine energy and inspiration to empower our congregations. Elishas request invites us on a daily basis to ask, What great thing will you do in my life today, God? and What great thing will I do today, O God? Expecting great things from God does not diminish our power or responsibilities, it increases them in a world where God asks and needs us to be companions in healing the earth one act at a time. In an open-system universe in which the future is partly left up to us, we can expect great things from God and great things from ourselves, and our congregations. What great thing can our congregation expect as a result of Gods ever-present love and guidance?

The words of Psalm 77 reflect a troubled communitys cry for divine presence. They have heard like us the stories of healing and rescue, and they need it now. They need deliverance from the forces of evil and so do we. Obviously, we understand these stories differently than the ancients did we dont depend on literal parting of the waters but we can still lean on God to inspire, guide, and energize our own efforts. We need a power and wisdom greater than our own to tackle todays global and local crises, especially as our leaders stoke the fires of global climate change, despite dire warnings from scientific experts, and perpetuate violence and incivility masked as patriotism. Sadly, many of the most destructive behaviors are found in churches where the god Thanos has eclipsed the God of Jesus Christ. Leaning on God does not diminish our power and responsibility but energizes us to be channels of blessing and healing instruments of peace and creative transformation in our world.

The Galatians passage celebrates Christian freedom, freedom from the confines of legalistic traditions, guilt, and shame, and freedom for life-transforming behaviors. Faith does not lay down the law, nor does it legalistically exclude Gods children from the scope of salvation, if their lifestyles and orientation differ from our own. The way of the Spirit opens us to the world in all its diversity, frees us from ego and individualism, and inspires us to bring greater unity and community to the world. It may even challenge us to let go of our laws and open to a deeper openness and flexibility.

Freedom for Paul is lived out in love. Freedom is balanced by responsibility and care for the least of these. It is contrary to Pauls intent to identify freedom with gun and property rights, unrestrained capitalism, and failure to practice God health habits in a time of pandemic. Those are the exact opposite of freedom, but rather enslave us to the devices and desires of our wayward self-interest and quest to dominate.

For Paul, Christian freedom is grounded in the affirmation that we should love our neighbor as ourselves, and that loyalty to God takes us from personal preference to world loyalty. Yes, explore your gifts and achieve much, but remember that creating healthy communities is as important as your own well-being. Once again, we need, as Whitehead says, to go from individual and community affirmation loyalty to world loyalty. All nationalism as well as ethnic and gender identity is subservient to the divine vision, which embraces all and brings out the best of our unique gifts.

As one who has led scores of memorial services and funerals, Jesus words are challenging ones. Our commitments are important and need to take center stage, though not to the exclusion of other commitments. We have obligations as citizens and followers of Jesus, and we need to affirm our responsibilities to our families and loved ones. The realm of God is found in everyday relationships of fidelity, support, and healing. We love God by loving those around us. Still, we must accept the uneasy conscience that Jesus provokes even as we take care of our children and our parents and go to work on a daily basis. Few of us will sacrifice everything for Gods realm. Those who do sacrifice should not succumb to a sense of spiritual superiority. We cant take the bite out of

Jesus words, and we need to continually ask ourselves as we check our bank accounts, drive children to school, pick up our grandchildren (in my case), and act as responsible members of society, Are we looking beyond our own self-or-family interest? Do we see Gods way of life in our way of life? We need to be willing to adjust our course to be faithful in our time and place to Gods ways in economics, spiritual practices, and congregational loyalty. We constantly need to ask what is our ultimate authority (Paul Tillich) and to whom do we give our ultimate allegiance. (Robert Cornwall)Jesus is ultimately counseling a holistic spirituality in which all of our various calls and vocations must be balanced with one another, with no absolutes, but willingness to care for loved ones and yet look beyond family and nation, kin and allegiance, to our ultimate allegiance, the divine vision for our lives. Decisions will need to be made, and sacrifices too, but these are all ultimately for the greater good of creation and to embody our love for others as well as ourselves.

Todays readings ask much of us. But, in the asking, they assert that God will give us the power to face the challenges of the day. They present a vision of alignment with Gods Vision that unleashes divine power and the ability to be faithful to God in ways we have not previously imagined. They challenge us to think larger in terms of ethics, social responsibility, and personal empowerment. In so doing, we may experience a double portion of grace, wisdom, and power.

+++Bruce Epperly is a pastor, professor, spiritual guide, and author of over seventy books, including THE ELEPHANT IS RUNNING: PROCESS AND OPEN AND RELATIONAL THEOLOGY AND RELIGIOUS PLURALISM; PROPHETIC HEALING: HOWARD THURMANS VISION OF CONTEMPLATIVE ACTIVISM; MYSTICS IN ACTION: TWELVE SAINTS FOR TODAY; WALKING WITH SAINT FRANCIS: FROM PRIVILEGE TO ACTIVISM; 101 SOUL SEEDS FOR GRANDPARENTS WORKING FOR A BETTER WORLD; and PROCESS THEOLOGY: EMBRACING ADVENTURE WITH GOD. He can be reached for seminars and talks at drbruceepperly@gmail.com.

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The Adventurous Lectionary The Third Sunday after Pentecost June 26, 2022 - Patheos

CHICAGO, May 12, 2022 (GLOBE NEWSWIRE) -- Rising interest rates and the increased prices of goods and services placed pressure on the consumer wallet in the opening quarter of 2022. Despite the challenges, consumers remain well positioned from a consumer credit perspective, according to TransUnions (: TRU) newly released Q1 2022 Quarterly Credit Industry Insights Report (CIIR).

During the course of the COVID-19 pandemic, consumer performance remained relatively strong as stimulus funds, forbearance and accommodation programs provided consumers with a safety net during a period of great uncertainty. Now that pandemic financial programs have ended, new challenges such as inflation and rising interest rates are starting to have an impact on consumer spending power.

While prices are increasing, consumer spend has not yet recovered to the pre-pandemic levels. The CIIR found that in Q1 2022 the average credit card balance hovered around $5,010. While this was a 4.7% increase over Q1 2021 ($4,784) it still lagged 11% behind the average balance in Q1 2020 ($5,637). Total credit card balances for the industry are $769 billion, which is 5.5% below the $814 billion observed in Q1 2020.

In addition to consumer spend approaching pre-pandemic levels, consumer liquidity also remains stable. Aggregate excess payment (AEP) the excess amount a consumer makes over the minimum amounts due on all their credit accounts is typically an indication of a consumers ability to manage their overall debt payments. In Q1 2022, average AEP was $328, remaining relatively flat from the $326 observed in Q1 2021. The current level remains above the average AEP levels seen pre-pandemic.

Consumers are Paying More Toward Their Monthly Bills

Compared to a year ago, the price of everything from filling a gas tank to buying a carton of eggs has increased due to inflation. Since wages of many consumers have not kept up with inflation, people are spending more to get less. However there are several positives to note, including low unemployment, lenders increasing access to credit, and strong consumer performance, said Michele Raneri, vice president of research and consulting at TransUnion. These are all indications that consumers are well positioned as the economy continues to find its footing from the financial volatility of the pandemic.

Credit Industry Indicator Shows Credit Health Remains High

Another sign that consumer credit health remains healthy: TransUnions Credit Industry Indicator (CII) increased to 116 in Q1 2022 up from 115 in the previous quarter and 105 one year ago. The CII offers a comprehensive view of consumer credit health through aggregated credit data, including supply, demand, usage and performance, to show the overall picture of whether the credit market is improving or deteriorating. It also provides a view of the impact of economic market events, including inflation, on consumers.

In addition to consumer credit health maintaining a healthy level, there has not been a material impact to consumer performance. Serious delinquency rates across mortgage, auto, credit card and personal loans have stayed relatively flat in the wake of expired forbearance programs or rolled back accommodation programs.

Consumers are continuing to perform well on their credit and debt obligations even when faced with several macroeconomic factors that are influencing affordability. Factors such as rising interest rates could affect the monthly payment amounts for some consumers, but we are currently seeing that they are continuing to make payments, sometimes even in excess, of what is required, said Raneri.

For more information about the report, please register for the Q1 2022 Quarterly Credit Industry Insights Report Webinar. Read on for more specific insights about credit cards, personal loans, auto loans and mortgages.

Consumers Gain More Access to Credit as Credit Card Industry Rebounds

Q1 2022 CIIR Credit Card SummaryFor the third consecutive quarter, card origination volumes set an all-time record with 21.5 million new originations in Q4 2021. The total represents a 7% QoQ and 38% YoY increase. This surge was mostly driven by non-prime consumers with the subprime risk tier growing 57.5% and near prime growing 39.8% YoY. All other risk tiers exhibited double-digit growth, though at lower percentages. Credit card demand has led to a record 197 million consumers with access to such credit with 159 million of those consumers carrying a balance. Credit lines have also rebounded strongly with total credit lines exceeding $4 Trillion for the first time in Q1 2022 and the average new account credit line growing to $4,634 an increase of 21.6% YoY.

Instant Analysis

Card issuers continue to exhibit strong interest in pursuing growth and meeting consumer demand for credit through larger origination volumes and extending higher credit lines. While total credit lines are at a record high, the average credit line remains below pre-pandemic levels as lenders manage risk for the origination growth in the below prime risk segments. However, in spite of inflation pressures and the rising price of goods and services, growth among consumer balances remains muted and has shown minimal market growth.

Q1 2022 Credit Card Trends

*Note: Originations are viewed one quarter in arrears to account for reporting lag.

Vehicle Sales Soften as Inventory Challenges Continue to Affect Auto Industry

Q1 2022 CIIR Auto Loan SummaryDealer inventory continues to remain tight and has been further impacted by international pressures on the supply chain, including the war in Ukraine and COVID-19 lockdowns in China. Origination volumes in Q4 2021 dropped to 6.5 million a decrease of -3.0% over the same period last year. As a result, available vehicles are moving off dealer lots at a quick rate. These issues have continued to erode vehicle affordability with the average balance of new auto loans reaching $28,415 in Q1 2022 a YoY increase of 15.2%. This has pushed the average monthly payment of vehicle purchases (including both new and used vehicles) to $556, an increase of approximately $100 over a four year period.

Instant Analysis Supply shortages have driven up vehicle prices and the shutdown of international factories will lead to a growing lack of inventory throughout the remainder of the year. On top of the increasing prices of vehicles, rising inflation will also have an impact on consumer purchasing power. To help keep monthly payments in check, we anticipate some lenders may offer consumers options such as lengthened loan terms to offset affordability challenges.

Q1 2022 Auto Loan Trends

*Note: Originations are viewed one quarter in arrears to account for reporting lag.**Data from S&P Global MobilityAutoCreditInsight, viewed one quarter in arrears.Click here for additional auto industry metrics.

Despite Uptick, Personal Loan Delinquencies Remain Below Pre-Pandemic Levels

Q1 2022 CIIR Personal Loan SummaryThe serious delinquency rate (60+DPD) at the borrower level saw an uptick in Q1 2022, increasing from 2.68% to 3.25% YoY. This growth was predominantly due to the growing share of balances held by below prime consumers. However, delinquency rates remain at healthy levels and are below pre-pandemic highs. Total balances reached a milestone high of $178 billion in Q1 2022 and grew 23.8% YoY, the fastest rate of growth since Q2 2016. This growth was driven by a 12.2% YoY increase to the average balance per consumer, which reached $9,896 in Q1 2022. The number of consumers carrying a balance also grew for the third consecutive quarter (20.4 million) in Q1 2022 just below the peak of 20.9 million consumers in Q1 2020.

Instant Analysis Lenders are cautiously expanding back into the non-prime segment of the market with Q4 origination risk tier distribution very closely resembling the levels seen pre-pandemic. Inflation is putting pressure on all consumers which will likely drive continued growth across risk tiers, as consumers seek credit to finance specific purchases or for debt consolidation. While investor demand is still driving growth, rising interest rates and uncertainty about the economy could dampen some of this growth. Lenders will continue to monitor performance of subprime and near prime consumers across their portfolios for signs of deterioration as they continue to lend in this segment.

Q1 2022 Unsecured Personal Loan Trends

*Note: Originations are viewed one quarter in arrears to account for reporting lag.

Amid Rising Home Prices, Homeowners Poised to Increase Home Equity

Q1 2022 CIIR Mortgage Loan SummaryRising interest rates and limited housing supply have caused the mortgage origination market to slow with volumes declining to 2.9 million originations in Q4 2021 a -28% YoY decrease but a number still well above the 2.3 million observed pre-pandemic in Q4 2019. Rate and term refinance originations dropped dramatically by 58% YoY resulting in the continued increase of purchase share of originations for the third consecutive quarter up from 47% in Q4 2020 to 56% in Q4 2021. Tappable home equity, however, continues to grow and reached an all-time high of approximately $20 trillion in Q4 2021. Additionally, homeowners are showing sustained interest in taking advantage of the equity they have built with total home equity originations up 4% YoY and 80% from 2018 to 1.2 million. Within home equity originations, cash-out refinance decreased by only 6% YoY while HELOC grew 31% YoY in Q4 2021 and 13% YoY for a Home Equity Loan. Rising home prices have also pushed the average loan size of new mortgages to $315,543, an increase of 7% YoY.

Instant Analysis

The rising interest rate environment has impacted mortgage origination volume. There is less incentive to go through a rate and term refinance and for those looking to purchase a home, low inventory and high home prices presents a challenge. A marginal reduction in new cash-out refinance volumes and a substantial increase in HELOC and home equity loan originations indicates that for those who are already homeowners, the continued home price appreciation offers an opportunity to tap into growing home equity and gain access to cheaper capital. Mortgage lenders can bolster growth in a subdued market by leveraging tools that can identify and reach consumers who are in the market to tap their available home equity.

Q1 2022 Mortgage Trends

* Originations are viewed one quarter in arrears to account for reporting lag.Click here for additional mortgage industry metrics.

For more information about the report, please register for the Q1 2022 Credit Industry Insight Report webinar.

About TransUnion (: TRU)TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

Read more:
Despite a Series of Challenges, Consumer Credit Health Remains Relatively Strong in Opening Quarter of 2022 - GuruFocus.com