Business
Consumer debt climbs as American credit card balances surpass $1 trillion on August 7, 2023 at 9:25 pm Business News | The Hill
Published
1 year agoon
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Consumer debt grew $17.9 billion from May to June as a credit crunch brought on by Federal Reserve rate hikes drove a sharp gain in the amount of outstanding credit for payments like mortgages and car loans.
The numbers, which are not adjusted for inflation, come in well ahead of expectations at $13 billion and nearly double the increase from the previous month at $9.4 billion.
Debt levels on lump-sum purchases like houses and student loans increased $18.4 billion, offset by a 0.6 percent decrease in the amount of “revolving” credit, which includes things like credit cards and lines of credit.
The dip in revolving credit is catching the eye of economists.
“This is surprising and inconsistent with other data we have on consumer spending in the month,” economist Dean Baker with the Center for Economic and Policy Research told The Hill.
“These data are erratic and often subject to substantial revisions, but if we see another drop in July, that would indicate that some consumers are getting maxed out, and we may be in for a substantial slowing in consumption in the second half of the year,” Baker said.
Overall, Baker said, “the second quarter data shows modest credit growth. It fits with the story of consumption growing at a sustainable pace.”
A customer uses an ATM at a Bank of America location in San Francisco April 24, 2023. Bank of America is being ordered to pay more than $100 million to customers for double-dipping on some fees imposed on customers, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization. (AP Photo/Jeff Chiu, File)
Credit card debt hits $1 trillion for US consumers
Despite the month-over-month decline in revolving credit, credit card debt weighing on U.S. consumers is at an all-time high of more than $1 trillion.
After rising steadily over the last decade, credit card debt levels started easing up in March, 2020, when the government started sending out checks to help households weather the coronavirus pandemic.
They fell by more than $100 billion over the following year, dropping to $736 billion in April, 2021. But then they started rising sharply once again during the booming recovery and are now above their pre-pandemic trend.
Secret spending: Americans are hiding their credit card debt
Total credit card debt is 11.6 percent higher than it was last year, down from a recent high of 18.4 percent last September.
As a share of disposable income, debt service payments are about where they were before the pandemic, hitting 5.7 percent in the first quarter of this year.
Credit card interest rates, along with mortgage rates and other types of financing that rely on charging interest, have been skyrocketing as the Federal Reserve has been raising the rate at which banks can lend each other money.
The average commercial bank interest rate on credit card plans is now above 20 percent, up from just 14.5 percent in February of last year, before the Fed started slowing the economy in response to higher inflation.
That’s the highest level on record for a payment method that is traditionally one of the most expensive ways for consumers to purchase goods and services.
While many measurements of the macroeconomy look healthy at the moment, with second-quarter gross domestic product doing better than expected and inflation dropping fast, it’s not clear that these conditions are extending beyond businesses and improving things for workers and consumers.
Most Americans are living paycheck to paycheck
A recent poll by Lending Club found that a majority of Americans say they are living “paycheck to paycheck.”
“In May 2023, 57 percent of consumers lived paycheck to paycheck,” the poll found.
More than 72 percent of people making less than $50,000 a year live “paycheck to paycheck” while 60.9 percent of people making between $50,000 and $100,000 annually live that way, according to the poll.
Census Bureau data shows that 85.4 million Americans used credit cards to pay their expenses in the last seven days.
The tab is ticking up: Americans owe $1 trillion in credit card debt
Solei Phim, a New York city resident, told The Hill her credit card use has been going up recently for regular expenses including food and laundry. She said she tries to pay her balance off every month so as not to incur interest payments.
“We keep it for the [end of the] month. We try to keep [expenses] within the month and try not to make it past that, but we are using it more frequently,” she said.
Phim added that she put the government stimulus checks she received from both the Trump and Biden administrations over the course of the pandemic into her family’s savings.
Many Americans did the same, leading to a surge in personal savings that gave workers some additional flexibility and likely contributed to high levels of churn in the job market.
Business, News, consumer credit, credit, credit cards, federal reserve Consumer debt grew $17.9 billion from May to June as a credit crunch brought on by Federal Reserve rate hikes drove a sharp gain in the amount of outstanding credit for payments like mortgages and car loans. The numbers, which are not adjusted for inflation, come in well ahead of expectations at $13 billion and…
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Advice
10 Tips To Creating Quality YouTube Content on a Budget
Published
2 weeks agoon
October 4, 2024Producing engaging YouTube videos doesn’t have to break the bank. With the right strategies and tools, you can create high-quality content that resonates with your audience without overspending.
Define Clear Objectives
Before you start filming, establish your goals. Are you aiming to increase brand awareness, drive traffic to your website, or boost video views? Your objectives will guide your content strategy and help you measure success.
Create Compelling Content
Invest time in developing high-quality video concepts. According to Analytics Partners, video content has twice the lasting impact of non-video content. Focus on creating content that resonates with your audience and aligns with your brand messaging.
Leverage Smartphone Technology
Modern smartphones offer excellent video quality. For example, the iPhone 12 Pro can shoot 4K video at 60 fps, rivaling many dedicated cameras. Pair your smartphone with a basic tripod and external microphone for professional-looking results.
Optimize Lighting
Good lighting is crucial for video quality. Natural light is free and effective. Position yourself near a window or invest in affordable lighting options like ring lights, which typically cost between $20-$100.
Post-Production and Optimization
Use Free Editing Software
Take advantage of free or low-cost editing tools. DaVinci Resolve, for instance, offers professional-grade editing capabilities at no cost for its basic version.
Optimize for SEO
YouTube’s algorithm considers factors like view count, engagement, watch time, and relevance when recommending videos[2]. Use keywords in your titles, descriptions, and tags to improve discoverability. For example, including relevant keywords in your title can increase views by up to 20%.
Engagement Strategies
Prioritize Community Engagement
Respond to comments and interact with your audience. YouTube puts recent comments front-and-center in your analytics dashboard, encouraging timely responses. This engagement can lead to higher watch times and subscriber growth.
Experiment with YouTube Shorts
YouTube Shorts are amassing tens of billions of views daily. Creating Shorts content can increase your channel’s visibility and engagement without requiring significant production resources.
Budget-Friendly Marketing Tactics
Leverage Remarketing
Implement remarketing campaigns to re-engage viewers who have already interacted with your content. This targeted approach can be more cost-effective than broad audience targeting.
A/B Testing
Experiment with different video formats, thumbnails, and titles. YouTube’s own data shows that 90% of top-performing videos have custom thumbnails. A/B testing can help you identify what resonates best with your audience without additional production costs.
Real-Life Example
Consider the case of Peter McKinnon, a photographer and filmmaker who started his YouTube channel in 2010. Using primarily his smartphone and basic editing software, he grew his channel to over 5 million subscribers. His success came from consistently delivering valuable content, engaging with his audience, and gradually improving his production quality as his channel grew.
By implementing these strategies, you can create engaging YouTube content that resonates with your audience without overspending. Remember, the key is to focus on delivering value and consistently improving based on audience feedback and performance metrics.
Author: Bolanle Media Staff
As a film industry professional, you’re likely no stranger to the hard work and dedication required to bring a project to life. However, you may not be aware of the crucial role film festivals play in advancing your career and the industry as a whole. Let’s revisit the importance of film festivals and how they can benefit you and your work:
Film festivals provide a platform for your work to be seen by a wider audience, including critics, distributors, and industry leaders. This exposure can lead to recognition, awards, and critical acclaim, which can boost your reputation and open doors to new opportunities.
From the Film Festival Circuit Founder, Mikal Fair:
“Explore the ‘Film Festival Submitter’s Handbook 2024,’ your ultimate guide to conquering the film festival circuit. Whether you’re a filmmaker or screenwriter, this essential resource provides practical strategies to navigate the competitive landscape of film festivals successfully. From crafting compelling titles, taglines, and synopses to creating impactful director’s and writer’s statements, this handbook equips you with the tools to shine in the festival circuit. Learn to develop effective marketing materials, including posters and trailers, and discover the importance of communication and presenting a professional package. With insights tailored to the evolving role of social media and marketing in the film industry, this handbook is your key to festival triumph. Get your copy now and embark on your journey to festival success!”
Author: Bolanle Media Staff
Business
Laugh, Learn, and Connect: Houston Comedy Film Festival Oct 5th
Published
2 weeks agoon
September 30, 2024Located in: EADO Workspaces
The Houston Comedy Film Festival is set to return on October 5th, 2024, and it promises to be an exciting day filled with laughter, learning, and networking opportunities for comedy enthusiasts and aspiring filmmakers alike. This year, the festival welcomes Roselyn Omaka as the new festival director, bringing her expertise and innovative vision to the event.
Attendees can look forward to engaging sessions led by industry professionals. Joan Montreuil from The Newbie Film Academy will provide invaluable insights into financing films and raising capital, helping aspiring filmmakers navigate the often complex world of film funding. Meanwhile, Deloris from DD’s Showbiz will host an interactive acting workshop designed to enhance participants’ skills and confidence in front of the camera.
Although LemarKus Tinker from Friday Night Lights won’t be attending in person, he will offer an exciting virtual one-on-one guidance session for aspiring directors. This unique opportunity allows participants to connect directly with him from the comfort of their homes, gaining personalized advice and insights that can help shape their directorial vision. Imagine having a chance to ask questions and receive feedback from a seasoned professional in the industry—this virtual interaction is sure to be a highlight!
In addition to these educational opportunities, festival winners will have the chance to receive valuable resources from sponsors to further improve their films and business outcomes. This support could be the stepping stone that many emerging talents need to make their mark in the competitive world of filmmaking.
The festival kicks off at 12 PM sharp, so attendees are encouraged to arrive 10 minutes early to ensure they don’t miss any of the action. It’s important to note that everyone must purchase a ticket to attend this fantastic event. Tickets are available for $50, which grants full access to all festival activities. Attendees can purchase their tickets through different platforms: filmmakers (not screenwriters) are encouraged to buy their tickets on filmfestivalcircuit.com, while guests and screenwriters should secure their tickets via meetup.com/bolanlemedia. Tickets can also be purchased at the door on the day of the event.
The Houston Comedy Film Festival has been a cornerstone of the independent film community since its inception in 2008 by author and retired filmmaker Mikel Fair. Over the years, it has consistently ranked in the FilmFreeway Top 100, cementing its status as a must-attend event for comedy filmmakers and fans.
With Roselyn Omaka’s leadership, the star-studded lineup of industry professionals, and the diverse array of films and activities planned, the 2024 Houston Comedy Film Festival is shaping up to be an unmissable experience. Whether you’re an aspiring filmmaker, a comedy enthusiast, or simply looking for a day filled with laughter and learning, this festival has something for everyone.
Don’t miss out on this fantastic opportunity to immerse yourself in the world of comedy filmmaking. Grab your tickets now and be part of the Houston Comedy Film Festival experience! Join us on October 5th at the Coronation Theatre in Houston for a day of creativity, laughter, and cinematic celebration! Your next big break could be waiting for you!
Author: Bolanle Media Staff
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