Credit Card Debt

continued from page 36

If you’re one of those that pay their credit card bills ontime in full each month, the APR or the Fed benchmark interest rate doesn’t mean much to you. But if you carry a balance and pay the minimum amount, your credit card’s APR rate will likely increase affecting your payments. Suppose you have a $4000 credit balance and current interest rate is 20 percent. Making only a minimum payment of $80 per month will take nine years to pay off your credit card. This is the compounding effect at work and at a higher cost of capital. The effects are devastating.

Key takeaways:

1. Balance your outflows to inflows – at least every quarter. If you’re bottom-line number is in the red - after tallying your bills and recurring payments with your income, then it’s time to address categories of overspend - impulse buying, an expensive hobby, or eating out too often?

2. Try keeping your plastic card at home and practice paying with cash when going grocery shopping - have a shopping list and cash on hand. This limits impulse spending due to the inherent inconvenience.

3. Maintain an envelope for your top spending categoriesto rein in spending. This will also help in monitoring your cashflow at the end of every month.

4. Watch your debt-to-income ratio. Experts recommend not more than 36 percent of your gross income going to paydown all your monthly debt payments. Anything above and it teeters into a default.

A few debt payoff strategies:

1. Snowball method: Start by paying off the smallest debt first, while making minimum payments on other debts. Once the smallest debt is paid off, move on to the next smallest debt, and so on.

2. Avalanche method: Focus on paying off the debt with the highest interest rate first, while making minimum payments on other debts. Once the highest interest debt is paid off, move on to the next highest interest debt, and so on.

3. Balance transfer: Transfer high-interest debt to a credit card with a lower interest rate. This can help you save on interest and pay off debt faster.

4. Debt consolidation: Combine multiple debts into one loan with a lower interest rate. This can simplify your debt repayment and potentially save you money on interest.

Since this article is targeted towards women who primarily manage household finances – and the minutiae, next time you’re at the cashier counter in a department or retail store and you’re lured with an offer to open a credit card for a quick discount - stop and think about the true cost of this discount.

Poetically speaking: Plastic cards, a trap so sweet, They promise the world but come with a fee. A swipe here, a swipe there, Before you know it, you’re in despair.

The debt piles up, and interest rates soar, Minimum payments, but what’s in store? A vicious cycle, hard to break, It’s time to act, for our own sake.

The credit card debt crisis, it’s no joke, Affecting millions, a financial yoke. The stress it brings, the sleepless nights, We need a plan, to put things right.

Living beyond our means, we’ve lost control, The cost of convenience, taking its toll. But it’s not too late, we can turn it around, By taking small steps and getting unbound.

A budget, a plan, a financial goal, A little discipline, to keep us whole. We can break free, from this debt trap, And regain control, without any flap.

It won’t be easy, but it’s worth a try, To ease the burden, and wave debt goodbye. Let’s start today, and take a stand, For a brighter financial future, and a better land.

Rupa Pereira is the owner and lead financial advisor at FWJ Planning, an investment advisory and planning firm registered in NC. As an enrolled agent, she’s also authorized by IRS to represent her clients on tax-matters.

Contact: info@fwjplanning.com.

Teenage Story

continued from page 38

Now that I am older and wiser, I understand that the past doesn’t define me. I am proud to say that I have found my passion in Italian opera. I will be travelling to Tuscany this summer to study and perform opera. If my younger self saw me today, she wouldn’t believe her eyes. A nervous Elementary school kid who refused to sing came out of her shell because she chose to ignore the past and focus on the present.

I might forget the lyrics to my songs this summer, in front of 300 people who are fluent in the language that I am singing in. That won’t stop me from continuing to sing and it won’t stop me from loving what I do.

The present shouldn’t become a burden where you are stepping on eggshells, trying not to repeat the mistakes of the past. Isn’t it amazing that you have the power to achieve your goals and dreams?

You may not reach as far as you want to, but you at least have the power to start something. Don’t give up any of your power to the past because it does not accurately represent the person you are as a whole. Instead, direct all your attention on the now.

The present is a gift, so treat it like one.

Sereena Kumar is a sophomore at Enloe High School and has a passion for writing. Contact: slkumar@mycomedical.com

Immigration continued from page 42 numbers requires a huge investment in terms of time and money, of which Republicans and Democrats have been unable to agree.

As a result of Washington’s paralysis, states have begun enacting laws that have an outsized impact on the immigration landscape. Governor Ron DeSantis of Florida, who has not-so-subtly made preparations to run for the presidency in 2024, recently passed a sweeping immigration bill that promises to have a seismic impact on the state’s immigrant population.

Some changes required by FL Senate Bill 1718 include:

• Requiring employers with over 25 employees to use Everify to determine if an employee is eligible to work in the United States.

• Mandates that hospitals ask questions about a patient’s immigration status during the admission and intake process and submit reports to government entities about providing care to those without lawful status.

• Penalizes individuals caught transporting those without lawful immigration status (including family members, friends and co-workers) with up to 15 years in prison.

While the legality of these rules remains to be seen (a court challenge is all but guaranteed), the somewhat draconian nature of some of the bill’s penalties provides insight as to what DeSantis considers a winning issue. Proponents argue that the bill discourages those without lawful status from coming to Florida; opponents argue that the bill fails to acknowledge the huge impact that migrant workers (legal or illegal) have on Florida’s agricultural and construction sectors and will hurt employers already struggling with an overly tight labor from finding muchneeded labor. The bill does not go into effect until July 1, 2023.

Biden has long-been criticized as failing to engage meaningfully on the immigration issue, an assessment that is not entirely unwarranted. Though the pandemic did significantly impact the processing times associated with the visa adjudications process, practitioners saw the wait times for routine visas double and triple from pre-pandemic levels. For example, spousal based green card applications (commonly known as the Adjustment of Status process) routinely took four to five months to complete prior to the pandemic at both North Carolina USCIS offices in RaleighDurham and Charlotte; this is compared to the 18 – 24 months processing times that practitioners now commonly advise individuals to wait before expecting to receive their green cards.

Biden ran for the presidency citing a return to normalcy and a lowering of the temperature with respect to government; sadly, his government has failed to deliver on efficiency and accountability with some consulates worldwide still backlogged by over a year with respect to processing simple visitor visas. More pressing visas, such as immigrant workers are waiting years to immigrate to the United States, despite widely accepted economic data showing that the United States has millions of unfilled jobs throughout the economy.

These delays and inefficiencies are simply unacceptable and when coupled with media images of an overwhelmed border patrol, the current administration appears slowfooted and incompetent in responding to an otherwise foreseeable crisis. If Biden is serious about beating back a Republican challenge in 2024, he must engage on the immigration issue in a real way, lest he cede the issue entirely to Republicans. Although the real keys to lasting reform sit in the halls of Congress, the President’s inability (or unwillingness) to address the immigration issue headon leaves him vulnerable to an already loud chorus of accusations that he is too old and senile to meaningfully address what is a serious political issue. Much time exists between now and November 5, 2024, but history has taught us that whole-scale immigration change takes time, capital and most of all, political courage. The first two are dwindling for Biden and what remains to be seen is whether he has enough of the third to make it work regardless.

Rishi P. Oza is Partner at Brown Immigration Law, a firm that focuses solely on immigration law; he practices in Durham. roza@rbrownllc.com continued from page 48

Suny Polytechnic Institute: Upstate Accelerate Program

Dr. Carlie Phipps, Ph.D., Interim Dean of the College of Arts + Sciences at Suny Polytechnic Institute, says they are looking for students with an “other-oriented perspective.” In other words, they are looking for students who are volunteering not because it is a requirement for the National Honors Society but because they genuinely want to help others.

Some of the passion projects she highlighted included a student who produced a set of braille blocks and a game patterned after Scrabble called “Brabble” for children who are visually impaired or blind.

Other projects include making artificial arms and hands for children born without them. One student developed golf clubs for veterans who had lost fingers. “All these activities are unique because it’s a multi-disciplinary team working together,” Dr. Phipps said.

Building On Your Passions

While this list has passion projects highlighted by admission officers to programs, it is by no means a blueprint to getting accepted. Instead of following the passions of others, you should explore what makes you excited. By turning your interests into impact, you can create a standout resume that can compete with other top applicants to medical school, direct medical programs, and summer programs.

Violet Wei is a College Counselor and Outreach Coordinator. Website: MoonPrep.com Contact: Violet@moonprep.com.

Open 7 Days a week for Buffet Lunch & Dinner A La Carte

Now offering delivery during dinner!

Now offering delivery during dinner! Sunday thru Friday, 5:30pm-9pm, call 704.542.3933 (12 mile radius)

Sunday thru Friday, 5:30pm-9pm, call 704.542.3933 (12 mile radius)

• Full Service Catering in North Carolina, South Carolina, Georgia, & Virginia

• Business / Corporate Functions, Weddings, Birthdays, Holidays, Community Gatherings, etc.

• Preferred Caterers for Hyatt, Sheraton, Marriott, Embassy Suites, Westin Hotels, Ritz-Carlton, Columbia Convention Center, Ballantyne Hotel and more.