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The Law of Debt Relief

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What you don’t know about the business of getting out of debt will cost you. The question you have to ask yourself is how much you’re willing to pay for freedom. Quite simply the options are (1) pay it all off the usual way; (2) negotiate an amount less than you owe through negotiation; (3) consolidation; (4) debt relief payment plans; and finally, (5) bankruptcy. Certainly, if you’re struggling to pay off what you owe, chances are you’re in too much debt. Let’s look at the costs and benefits of each of these options. We’ll skip the “pay it off the usual way” because if you did this, you wouldn’t be reading this article.

NEGOTIATE DEBT

When we negotiate our debt, we’re asking the creditor to accept less that what is owed. Say you owe $5,000.00 and you convince the company to take $2,500.00 instead. You’ll pay them the $2,500.00 and then you’ll get a tax bill for the other half that was written off by the creditor on a 1099 tax form.

CONSOLIDATION

When you take all your debts and consolidate them, you’re taking out a new loan usually. When you’re declined for a consolidation loan you’ll need to seek other options. A new loan will pay off all the other debts and you make one payment for the terms agreed to, plus interest. This is not a plan to reduce what you owe. The average annual percentage rate (APR) on this type of loan is around 18.56%. To put that into perspective, the average range of interest rates charged on consolidation loans typically falls between 8.31% and 28.81%.

For a $30k total debt with an average interest rate of 48.56%, monthly payments would be approx. $771.00 for 60 months and total repayment would be $46, 258.00, making this the most expensive way out.

DEBT RELIEF PLANS

Debt relief companies are everywhere today, marketing to you to “speed up your debt free date,” and get you a payment plan that you can afford. Some of these companies have been sued for violating telemarketing rules, charging advance fees to help, and failing to inform you of your rights to your monthly payments deposited.

What you’re paying for here is for the company to take your monthly payment and negotiate a settlement of your debts for less than what you owe. This is a negotiation strategy with a payment plan. There will be a 1099 tax bill after these accounts are settled, so be prepared for that too. Below you’ll get to pause and read that fine print that I found in an ad:

“Clients who make all their monthly program deposits pay approximately 70-75% of their original enrolled debts over 24 to 60 months. Not all clients are able to complete their program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Company does not offer debt settlement services in all states and fees may vary from state to state. In some states, we may refer you to a trusted business partner that can provide you with alternative debt relief services. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest.”

This means that your savings is a nominal 25% to 30% discount of your debts after paying the company’s fees and costs to maintain that account for you. In the meantime, they cannot stop the interest from accumulating, nor do they stop the creditors from escalating their efforts or even filing suit. This could increase costs over time and still cause you to land in bankruptcy. So, perhaps you can save time and money by considering the last option.

BANKRUPTCY

There are two chapters of the Bankruptcy Code that any person may want to file. Chapter 7 Bankruptcy is a liquidation case where you have no money to make a payment plan. The other is a Chapter 13 Bankruptcy case, which is a 5-year payment plan case. Let’s compare a payment plan in bankruptcy with the plans just mentioned above.

Let’s level the playing field so you have enough information to make a well-informed decision for yourself.

It’s actually extremely difficult to pin down the total cost for these debt relief plans because the interest continues to grow while you’re building up an account for the company to use to negotiate a discount. What’s worse, is that the discount they get will likely be larger than what you’ll see because there is an offset toward their fees for the service.

In bankruptcy, the fees and costs are laid out and included in the monthly payment. For that same $30k in debt, and adding in the 11% trustee fee and average $5k attorney fee, and even discounting the debt by 30% and you’ll get a monthly payment of $470.00 per month for 60 months for a total cost of just $28,200.00 for a Chapter 13 case.

Bankruptcy offers protection against creditors by invoking the Automatic Stay, which is an injunction that stops creditors from filing law suits against you or otherwise trying to collect while you’re making your payments under Chapter 13 of the Bankruptcy Code. Other benefits include stopping interest from accruing on unsecured debts (i.e. credit cards), and there are no income tax consequences to debts discharged in bankruptcy. Oh, and did you know that credit scores actually improve when you’re in a payment plan case? They do. How much are you willing to pay to speed up your debt free date and do you really understand the price you’ll pay?

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TA: Ethereum Reclaims $3K, Why ETH Could Rally To $3,400

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Ethereum

Ethereum started a decent recovery and climbed above $3,000 against the US Dollar. ETH price could accelerate higher if it clears the $3,200 resistance zone.

  • Ethereum started a decent upward move above the $3,000 and $3,050 levels.
  • The price is now trading above $3,000 and near the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it clears $3,135 and $3,200 in the near term.

Ethereum Price Is Rising

Ethereum formed a support base above the $2,650 and started a steady recovery wave. ETH broke the $2,800 resistance zone and gained pace, similar to bitcoin.

There was also a break above a major bearish trend line with resistance near $2,950 on the hourly chart of ETH/USD. The pair surpassed the 76.4% Fib retracement level of the key decline from the $3,105 swing high to $2,651 swing low.

The price is now trading above $3,000 and near the 100 hourly simple moving average. An immediate resistance on the upside is near the $3,135 level. The first major resistance is near the $3,200 level. It is close to the 1.236 Fib extension level of the key decline from the $3,105 swing high to $2,651 swing low.

Source: ETHUSD on TradingView.com

A close above the $3,200 resistance could push the price further higher. The next major resistance might be near the $3,400 level. It represents the 1.618 Fib extension level of the key decline from the $3,105 swing high to $2,651 swing low. An intermediate resistance might be near the $3,320 level.

More Losses in ETH?

If ethereum fails to continue higher above the $3,135 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,050 level.

The next major support seems to be forming near the $3,000 level. A downside break below the $3,000 support zone could lead the price towards the $2,800 zone. The next major support is near the $2,650 level, below which ether price might decline towards the $2,500 region in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $3,000

Major Resistance Level – $3,200

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ECOMI And VeVe: The Mom And Pop Of NFT Comics And Illustrated Books

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VeVe is looking to lead the way with comic book NFTs.

ECOMI and it’s NFT platform VeVe are carving out a unique niche in NFTs. You never know what may happen to that old Spider Man comic you once loved but lost or threw out. What if that same comic book could be bought and saved online only to grow in value? ECOMI and VeVe are looking to address exactly that. Today’s generation has found a new way to turn digital comics into high value digital NFTs that can be resold for two to ten times (or more) of their initial value. 

The OMI token has remained strong through substantial volatility. | Source: OMI-USD on TradingView.com

VeVe Changes The Landscape For Comic and Illustrated Books

Lets take a quick but deep look into ECOMI and VeVe. VeVe is a block chain digital art app that allows everyday crypto investors and cartoon NFT fans to buy and hold or resell comic books, characters, and even illustrated novels.

What makes VeVe special and different from potential competitors is it’s ability to display your art in 3D anywhere in your home, office, outdoor space or room, etc. – while some people even save them in their personal VeVe vaults for personal joy or flex. OMI, the token behind VeVe, has made huge plays to put VeVe on the map by partnering with super hero comic powerhouse Marvel and DC, and even landing a deal with “The Little Prince” by Antoine de Saint-Exupery.

Related Reading | Number Of Investors Holding Bitcoin Tripled In Last Three Years

All of this action within the past couple weeks will look to help both VeVe and the OMI token rise to the top, and become the face for the new era of digital comic books and illustrations, all within the fast and ever-changing crypto NFT world.

To understand this importance, you must understand the head of the beast: ECOMI. ECOMI is a Singapore-based technology company in the collectible space of digital NFTs. They created VeVe to add a new dimension and spin on the NFT world. Within the few days, the price action has been re: the coin currently sits at $0.005 USD, with a trading volume north of $18M.

Related Reading |  Tomi Heroes NFT Sales Volume Just Exploded Past $1.35M, With Massive ROI Potential For TOMI Sale 

With the recent September 17th announcement of ‘The Little Bear’ deal and the strong price action lately, it is safe to say this is a company, app , and token that you should have on your radar if you’re interested in comics and NFTs that have potential looking forward.

In this new world of potential gold, it’s hard these days to ignore any company that takes on high client projects with good reputations within unique communities across the world. With new investments left and right into immersive NFTs, augmented reality, and other metaverse components, ECOMI and VeVe are making the strides necessary in securing strong IP partners to future-proof the brand.

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Lark Davis Depicts Next 9 Years Prolific for Crypto Investments

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Lark Davis Depicts Next 9 Years Prolific for Crypto Investments
  • Lark Davis takes on twitter, tweeting his views on next 9 years for crypto 
  • He terms the next 9 years to be the best for increasing the profits with cryptos. 
  • Also, he advises investors to set an exit time for best results

For all those crypto enthusiasts here, for sure if you are one you would have known of Lark Davis. And so, for those who don’t, Lark Davis is a profuse crypto analyst and advisor. Also, he’s a profuse investor of Bitcoin (BTC) and other altcoins too.  The well known influencer upon the crypto industry from New Zealand works with the goal of increasing one’s wealth with his advice upon the crypto investments. 

And so, he often puts out his predictions, views and advice openly upon almost all social media like, Twitter, YouTube and much more. In spite of this, the crypto geek took to twitter in the early hours of September 22, with his views.

Davis Tweet Depiction

Upon the tweet Davis starts with the term ‘Final’ which implies that with all profuse brainstorming, he’s firm with what he’s stating. 

Accordingly, Davis states in the tweet that he’s so confident and firm to his beliefs that the crypto industry will be the best wealth creator for the next 9 years. 

Also, he states this will be applicable till the end of this decade, until 2030. On the other hand he also poses a cat on a wall theory that his conclusions may either be true or false, yet he strongly believes in his statements. 

Furthermore, Davis terms investing upon  the cryptos for the next few years is the one and only best way for multiplying the assets profusely. This is to profits which no other industry could grant. 

Davis Warnings

At the same time, Davis ends the tweet with some valuable advice. And so, he states that the investors should be cautious with their exit time.

 Also he terms a fixed exit time is essential to gain the much fruits from the crypto industry. 

Moreover, he concludes that investors should be cautious enough to exit precisely and not to lose their assets and profits made back to the market itself.

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TA: Bitcoin Prints Bullish Pattern, Why Close Above $44K Is Critical

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Bitcoin

Bitcoin price started a decent increase above the $42,000 level against the US Dollar. BTC is now eyeing a key upside break above the $44,000 resistance zone.

  • Bitcoin started a recovery wave above the $42,000 and $43,000 resistance levels.
  • The price is still trading below $44,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $42,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate higher if there is a clear break above $44,000.

Bitcoin Price Starts Fresh Recovery

Bitcoin price remained well bid above the $42,000 level. BTC formed a support base and started a decent increase above the $42,500 level.

There was a break above a major bearish trend line with resistance near $42,500 on the hourly chart of the BTC/USD pair. The pair climbed higher above the $43,000 and $43,500 resistance levels. It even tested the $44,000 level.

However, the bulls are struggling to gain strength above $44,000. Bitcoin is still trading below $44,000 and the 100 hourly simple moving average. A high is formed near $44,024 and the price is now consolidating gains.

It even tested the 23.6% Fib retracement level of the recent increase from the $39,579 swing low to $44,024 high. On the upside, an immediate resistance is near the $44,000 level. The first major resistance is near the $44,200 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

A clear break above the $44,000 and $44,200 levels could start a strong increase. The next major resistance is near the $45,000 zone, above which the price could rise towards the $47,000 resistance.

Dips Limited In BTC?

If bitcoin fails to clear the $44,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $43,000 level.

The next major support is near the $42,000 zone. The 50% Fib retracement level of the recent increase from the $39,579 swing low to $44,024 high is also near the $42,000 zone. A downside break below the $42,000 zone could start a fresh decline. In the stated case, the price could even revisit the $40,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $43,000, followed by $42,000.

Major Resistance Levels – $44,000, $44,200 and $45,000.

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Judge Denies SEC’s Crypto Transactions to Ripple

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Judge Denies SEC’s Crypto Transactions to Ripple
  • Court denies in granting SEC’s crypto transactions to Ripple
  • Judge says SEC employee’s crypto history is completely irrelevant to the subject 
  • SEC states it has no fundamental obligations or policy upon crypto trading amongst its employees

The battle between Ripple and the U.S Securities and Exchange Commission (SEC) has been on fire since last month. Besides, the SEC now cornering the Ripple platform’s cryptocurrency, the XRP, Ripple fights back profusely. Also, according to the SEC, the Ripple platform and its cryptocurrency XRP are said to be completely insecure with many flaws in terms of security aspects. 

In spite of this, Ripple has filed a charge upon the federal court of New York at the end of August. Accordingly, Ripple requests the court to handover the SEC employee’s crypto trading history and transaction details. This is to the fact that if the employees have traded XRP, then with this Ripple wants to prove that the platform and its native token, the XRP are completely safe and secure. 

However, the entire court seems to be in favour of the SEC, as the judge denies granting Ripple’s request.

The Judge’s Decisions

The federal court judge, Sarah Netburn is found to be rather in support of the SEC and against Ripple. Accordingly, the judge states that the SEC’s Ethics Counsel did not implode Ripple or anything in link with it. 

Moreover, the judge states that in such a case it’s completely unnecessary for the SEC to give out the crypto trading history of its employees. And so, it’s not needed, declares the judge. 

In addition, Sarah points out that the court’s federal rules are to protect the U.S citizen’s privacy rights. 

The Battle History

Furthermore, it seems the SEC and the court favouring it are using the same statistics as that of Ripple previously. 

Accordingly, taking the history into account, at first the SEC has requested Ripple to provide it’s internal communications access. 

However, Ripple denied it. Also, Ripple justified that revealing all those related data and documents is a completely time consuming process and its cost is also a concern.

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Conflux (CFX) Price Sky-Rockets 60 Percent in the Last Week

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Conflux (CFX) Price Sky-Rockets 60 Percent in the Last Week
  • ShuttleFlow is a Conflux-based cross-chain asset bridge.
  • Sponsors pay the user’s transaction costs to assist with onboarding.

Promoting global token economy infrastructure. Conflux connects artists, communities, and markets globally. It is a high-speed first layer consensus blockchain that uses a Tree-Graph consensus algorithm to process blocks and transactions in parallel for improved speed and scalability.

It is the first regulatory compliant, public, and permissionless blockchain in China, linking decentralized economies to enhance the global DeFi ecosystem. Moreover, Conflux uses a well-tested PoW consensus to offer protocol-level security and anti-reentrance attack mitigation.

Increased Issue of Tokens

ShuttleFlow is a Conflux-based cross-chain asset bridge that allows smooth asset transfers across protocols. Moreover, it is the blockchain that can scale without compromising security or decentralization.

Built-in staking interest supports creative DeFi applications. The increased issue of tokens presently yields an annualized rate of 4%. Sponsors pay the user’s transaction costs to assist with onboarding. This mechanism enables individuals with no wallet balance to participate in the blockchain. 

Conflux’s token economy revolves around the $CFX token, which holders may use to pay transaction fees, stake for rewards, rent storage, and participate in network governance. Also, CFX compensates miners who guarantee the Network’s security. The Shanghai Free Trade Zone will explore cross-border trade using the offshore Renminbi (RMB) stable coin.

As per CoinMarketCap, Conflux Network price is $0.393001 USD. In the last 24 hours, the coin has gained 2.55% percent of its value. Furthermore, comparing the current CFX market cap to yesterday’s market value shows an increase.

The CFX gained sixty percent in the past 7 days. Moreover, Conflux Network has recently demonstrated great promise, and now may be an excellent time to invest.

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Bitcoin Falls to $40k Resulting in Over 180,700 Investors Liquidated

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Bitcoin Falls to $40k Resulting in Over 180,700 Investors Liquidated
  • UK’s Financial Conduct Authority publicly warned investors.
  • The largest crypto by market cap fell 10% in the previous week.

Fear of default by Evergrande Group, a Chinese real estate company, triggered a new round of crypto selling. 182,798 traders had been liquidated as of this report. The largest single transaction was a $14.52 million Bitfinex-ETH liquidation order.

CoinMarketCap.com values the global crypto market at $1.84 trillion, down around 1.6% from the previous day. The largest crypto by market cap fell 1% in the last 24 hours and 10% in the previous week.

After Tuesday’s sell-off, Bitcoin seems to have steadied around $40,000 support. After such a drop, analysts expect BTC to stabilize later this week.

A Parabolic Rise is Long Over-Due

Before the flash collapse earlier this month, funding rates were high, according to Delphi Digital, a crypto research company. However, the market was not as aggressive this time, resulting in a slightly better result. The developments surrounding Evergrande may cause increased volatility in the coming weeks.

On the charts, strong overhead resistance at $55,000 may limit short-term purchases. The U.S. With the Fed’s policy meeting ending on Wednesday and Bitcoin options expiring on Friday, volatility may remain high this week.

After this year’s relative Bull Run, an anonymous cryptocurrency expert told Nairametrics a parabolic rise is long overdue. Moreover, several weeks ago, the UK’s Financial Conduct Authority publicly warned investors about the risks of trading crypto assets.

The global crypto market is in the red due to the Evergrande crisis, dubbed as China’s Lehman Brothers. The uncertainty caused by Evengrande’s crisis impacted global stock markets. This crisis has a ripple effect on the cryptocurrency market as well as the global equity markets.

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Study Reveals Even By 2030, C02 Footprint From Bitcoin Mining Not a Concern

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Study Reveals Even By 2030, C02 Footprint From Bitcoin Mining Not a Concern