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Wednesday, March 29, 2023
WALL STREET LOOTS - BUT NOT ENOUGH FOR TIM COOK - Apple Launches ‘Pay Later’ Service to Get Americans Even Deeper in Debt
ASK TIM HOW MANY APPLE EMPLOYEES HAVE TO LIVE IN THEIR CARS IN APPLE PARKING LOTS!
Apple Launches ‘Pay Later’ Service to Get Americans Even Deeper in Debt
Apple has launched its “Apple Pay Later” feature that will allow users to pay for purchases in multiple installments. The service encourages Americans to take on more debt with loans for items from $50 to $1,000.
Ars Technica reports that Apple has launched a limited edition of a new service called Apple Pay Later as a significant step in expanding its financial services. The service was first introduced at the company’s Worldwide Developers Conference in June 2022, but there was several delays leading up to its launch.
Apple CEO Tim Cook poses for a goofy selfie ( Justin Sullivan/Getty)
(The Associated Press)
Users of devices like iPhones can borrow money directly through the Wallet app by using the service. With a full rollout scheduled for the upcoming months, the tech giant has begun by “inviting select users to access a prerelease version of Apple Pay Later.”
Customers using the service are eligible to apply for loans between $50 and $1,000. However, only Apple Pay-accepting businesses, whether online or offline, can be used with the service. The loans must be repaid in four equal payments over the course of six weeks. Apple mandates that debit cards be used to make these payments.
The tech giant runs a soft credit check to determine eligibility prior to starting the loan. The user’s device displays the payment schedule, and the Wallet app has a special screen where users can keep track of their loan balance and upcoming payments on a calendar.
The company’s current partnerships with MasterCard and Goldman Sachs enable Apple Pay Later. According to Tim Cook’s company, the service is “enabled through the MasterCard Installments program,” enabling it to function right away with retailers who already accept Apple Pay. “Goldman Sachs is the issuer of the MasterCard payment credential used to complete Apple Pay Later purchases,” according to information released about the service.
The business created a subsidiary to finance Apple Pay Later loans, something that was not done with Apple Card or Apple Pay in the past. This subsidiary will begin reporting loans to US credit bureaus in the fall.
The tech giant has been extending its services beyond hardware sales as smartphone adoption has slowed down in recent years. In order to maintain growth and profitability, the company now provides a wide range of services, including streaming entertainment, cloud backups, fitness, and financial products.
Forty-four percent of Americans work a second job, a 13 percent increase relative to the Trump administration, a LendingClub report revealed Tuesday.
The recent increase under President Joe Biden is highlighted by a survey from FlexJobs, which found 69 percent of employed professionals either have a side job or want one.
The desire to work longer hours at a second job comes as Biden’s 40-year-high inflation cost American households an extra $5,200 in 2022 or $433 per month on average, according to Bloomberg.
While many Americans are forced to expand their income by working more hours at a second job, Biden is expanding taxes on the so-called gig economy.
As Breitbart News noted in November, the IRS warned workers that they will be forced to report income over $600 to the IRS on a form called the 1099-K. The warning was a result of Biden’s American Rescue Plan Act of 2021.
The rule is intended to compel American workers to “pay your fair share,” an idea that Biden has pushed for the wealthy but not average Americans — until now.
The LendingClub report also revealed 62 percent of Americans, including 48 percent of high-income consumers, were living paycheck to paycheck in February, up two percentage points from the month prior.
The report noted 39 percent of those who lived paycheck to paycheck “with issues paying their bills” mentioned “extraordinary expenses” as their reason for seeking side work.
Some 55% percent of respondents reported their supplemental income grew as a share of their total income over the last 90 days.
The report polled 4,125 U.S. consumers from February 7 – 23 and considered economic data from other sources as well.
A report revealed 62 percent of United States adults live paycheck to paycheck.
A report by PYMNTS and LendingClub, a peer-to-peer lending platform, revealed that as of February, 62 percent of Americans live paycheck to paycheck, including 48 percent of high-income consumers.
The report noted that though inflation is lower than it was in July, consumers are still contending with rising costs.
“Inflation has made life more and more expensive, and consumers have already made moves to cope, such as pulling back on discretionary expenses,” the report read. “But one can only pull back so far on spending, and PYMNTS’ data reveals that consumers are finding another way to navigate their lower purchasing power.”
The report observed that for some people “supplemental income may be the key” and noted that about a quarter of consumers had a side job in addition to 17 percent who had other forms of supplemental income.
The report noted 39 percent of those who lived paycheck to paycheck “with issues paying their bills” mentioned “extraordinary expenses” as their reason for seeking side work.
Some 55% percent of respondents reported their supplemental income grew as a share of their total income over the last 90 days.
The report surveyed 4,125 U.S. consumers from Feb. 7 to Feb. 23 and also considered economic data from other sources.
A February press release from LendingClub indicated that in January 60 percent of consumers were living paycheck to paycheck, two percent lower than in February.
The press release also touched on data about outstanding credit card balances, with the average consumer having credit card debt totaling 35 percent of their savings.
However, this figure varied among different consumer groups. Those who indicated they were living paycheck to paycheck without issues paying their bills maintained credit card balances equaling 62 percent of their savings, and those who were living paycheck to paycheck and had trouble paying their bills had credit card debt exceeding their available savings by more than 50 percent.
In 2018 and 2020, Breitbart Senior Contributor and
Government Accountability Institute President Peter
Schweizer published Secret Empires and Profiles in
Corruption. Each book hit #1 on the New York
Times bestseller list and exposed how Hunter Biden and Joe
Biden flew aboard Air Force Two in 2013 to China before
Hunter’s firm inked a $1.5 billion deal with a subsidiary of the
Chinese government’s Bank of China less than two weeks after
the trip. Schweizer’s work also uncovered the Biden family’s
other vast and lucrative foreign deals and cronyism.
Video: China May Have Had More Deals With The Biden Family Than We Thought
In this short video clip from Fox News, Maria Bartiromo asks James Comer, the House Committee Oversight Chair, about the Biden crime family’s lucrative deals with China — as many as eleven separate ones.
Apple CEO Tim Cook praised his company’s “symbiotic relationship” with China during his first visit to the communist country since the Chinese coronavirus pandemic plagued the world.
“We could not be more excited. Apple and China — grew together and so this has been a symbiotic kind of relationship,” Cook said at the China Development Forum in Beijing, according to a report by Financial Times.
Tim Cook speaks in China ( NG HAN GUAN /Getty)
The China Development Forum is the communist regime’s version of Davos, which is a gathering of the world’s elites who are trying to plan the lives of everyone else on the planet.
Cook added that this year, Apple would celebrate its 30th anniversary in China, which makes the vast majority of the company’s iPhones.
“We have a very large supply chain operation in China and then of course we also have our — Apple stores,” Cook said. “From the moment we hit the ground yesterday, we couldn’t wait to see some of our customers so we went to the Sanliutn store [in Beijing].”
The Apple CEO’s visit to China on Friday was also reportedly covered by the communist regime’s state media. Cook was one of several U.S. CEOs in Beijing for what has been advertised as an opening-up party after three years of strict policies regarding the Wuhan virus.
The severe coronavirus-related policies had a major impact on supply chains in China, making 2022 one of Apple’s toughest years in the communist country, resulting in the company’s quarterly revenue in the three months to end-December to fall for the first time in three and a half years.
As Breitbart News previously reported, Cook signed a $275 billion deal with China in 2016 in order to prevent a crackdown by the communist government on its vast business in the country.
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