All articles tagged with #payment plans
Independent record labels are pushing back against Apple's plans to pay artists and labels less for music streamed during trial periods. The labels argue that Apple's proposed payment structure would significantly reduce their revenue and harm smaller artists. This dispute highlights the ongoing tension between streaming platforms and the music industry over fair compensation for artists and labels.
A recent study by WalletHub found that 62% of Americans believe that deferred interest payment plans should be illegal. Deferred interest plans, offered by big-box retailers, promise no interest on purchases if paid off within a certain period. However, if even a dollar of debt remains at the end of the promotional period, the consumer is suddenly responsible for the full deferred interest, often at high rates. Many major retailers offer these plans, while others, like Walmart and Target, do not. Consumer advocates argue that these plans are designed to be complicated and trap vulnerable consumers.
A report by the Consumer Financial Protection Bureau (CFPB) reveals that college tuition payment plans offered by many institutions can put student borrowers at risk. The report found inconsistent disclosures and confusing repayment terms in these plans, leading to missed payments, late fees, and accumulating debt. Some institutions also withhold transcripts as a debt collection tool, which is potentially illegal and can have severe consequences for students. The report highlights the need for colleges and universities to review their repayment plans and avoid high fees or coercive debt collection practices. Additionally, the report identifies other risks such as snowballing fees, forced arbitration provisions, and confusing disclosures. The CFPB will continue to monitor tuition payment plans and school-based lenders for potential violations of consumer financial law.
A report by Consumer Affairs found that 78% of Americans would consider going into debt to cover a pet emergency. However, there are alternative ways to make pet emergencies more affordable. One option is to get a pet insurance policy, which can help cover unexpected medical expenses. Building a pet emergency fund is another proactive approach. It's also possible to negotiate a payment plan with your vet or seek financial aid for your pet's medical costs. As a last resort, using a 0% intro APR credit card can help manage debt.
The tax-filing season is ending soon, but millions of Americans still need to file their returns. The deadline to file taxes is April 18, and taxpayers can request an extension until October 16, 2023. Filing for an extension can help avoid a failure-to-file penalty, but it does not delay paying the taxes owed. The IRS offers payment plans to individuals who cannot pay the full amount of taxes they owe. Taxpayers can receive their refund within 21 days of filing by filing electronically and requesting direct deposit. Refunds are on average 11% smaller this year due to the expiration of pandemic-related tax breaks.