Beware! Shylocks come in all guises, borrow wisely
Monday January 11 2021
Borrow wisely this year and, if you’re in the business of investing, apply wisdom for the same! PHOTO | SHUTTERSTOCK
By CAROL MUSYOKA
Many years ago as a rookie banker, a colleague of mine found us a get-rich-quick scheme that would help circumnavigate bank policy that prevented employees from doing any business outside of the bank.
The colleague knew “a guy” who lent out money to individuals in dire need of help and “the guy’s” customer demands were growing faster than he could capitalise his business. My colleague approached a number of us in the bank to provide short-term loans in exchange for some serious interest returns, ranging in the lower double digits. We did. Boy did we make good money!
Government to borrow $127 million to consolidate debt
Prime Minister Gaston Browne (file photo)
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After hours of debate from MPs on both sides of the Lower House, parliamentarians voted to consolidate government loans amounting to $127 million under the Loan Borrowing from Antigua Commercial Bank Bill 2020.
The loan will consolidate all existing public sector borrowing with a long-term bond, and a $5 million overdraft facility at the Antigua Commercial Bank (ACB).
The government has negotiated for a payback amount of $928,000 monthly at an interest rate of 6.25 per cent over a 20-year period. However, Prime Minister Gaston Browne said the interest on the overdraft which is currently at 11 per cent will have to be reduced further.
according to the federal reserve of st. louis, student loan debt is at an all-time high. is.6 trillion dollars. 1.6 trillion dollars, that s twice what it was a decade ago. financial comparison site analyzed more than a thousand schools and found students in the northeast tend to suffer the most the northeast as a whole has a high concentration of private universities and private universities are more expensive. students are asked to borrow more. topping the list connecticut with an average burden of 38,000 upon graduation. new hampshire, rhode island, pennsylvania and delaware come next. the average cost above 34 grand. the rising cost come as young people are choosing college at historic rates and with gen z making up 37% of the electorate the crisis is pivotal for 2020. president trump released a 10 point plan to reform the higher education act, which would limit loan borrowing and simplify repayment, but several democrats pitched plans to forgive debt all together.
reporter: connecticut has an average burden of $38,000 on graduation. the average cost above $34,000 in other states in the area. with genz making up 37% of the electorate, the crisis is pivotal for 2020. president trump released a plan to reform the higher education act which would limit loan borrowing and simplify loan repayment. joe biden supports income based forgiveness and senator bernie sanders pledges to wipe all debt away and offer tuition free college also. for many college grads the changes can t come soon enough. about 10% of student debt is 90 days past due according to the new york fed and about a third of young graduates with bachelor s degrees believe the cost was not worth the benefit. jacqui heinrich, fox news. mike: a beloved television star passed away yesterday after a years long battle with brain