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Surging Personal Loans Spotlight Need for Greater Financial Literacy in America

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7 months ago

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The press release highlights the surge in personal loans in the U.S., with an increase in borrowers and market value, emphasizing the importance of financial literacy to manage this growth responsibly.

GLENDALE, Calif., March 6, 2024 /PRNewswire-PRWeb/ — Personal loans have become increasingly popular in the U.S., serving purposes such as debt consolidation, housing, and education. With personal loans hitting record highs, it’s fascinating to observe the diverse participation across generations, from the highest average balance of $21,644 for Gen X to the more modest $7,684 among Gen Z.

The personal loans market was worth $80.41 billion in 2022 and is expected to grow with an annual growth rate of 30.8% from 2023 by 2030.

These statistics spark much-needed discussions on the necessity of financial discipline, education, and sound money management practices. The story goes beyond simple borrowing, emphasizing conscientious economic empowerment and stability.

The Burgeoning Personal Loan Industry

To paint you a clear picture, let’s look into some updated figures:

As of the third quarter of 2023, the number of Americans taking out personal loans rose to 23.2 million, a 5.5% increase compared to 22 million in the previous year.Market research indicates the personal loans market was worth $80.41 billion in 2022. The market is expected to grow with an annual growth rate of 30.8% from 2023 by 2030.

While these numbers might seem small initially, they reflect significant growth. This surge involves both you and me. As the saying goes, “With great power comes great responsibility.” This saying is especially true in finance, where taking out a loan brings an essential repayment duty.

However, the reality presents a different narrative. The total balance of personal loans in America jumped by 54% to $241 billion by the end of December 2023 since 2019, before the pandemic.

The average debt per borrower climbed to $11,692 from $8,780 since the pandemic began. In 2023, Credit Card delinquencies rose sharply by over 50%, with total consumer debt reaching an astonishing $17.5 trillion. In the same period, the average debt per personal loan borrower was $11,692, up 9% from $10,749 the previous year.

This scenario seems more appealing, especially to lenders. So, what’s driving this trend? Are interest rates too high, or are there other factors at play?

Financial Literacy

The answer lies in two words: Financial Literacy. Despite being one of the most advanced countries in the financial sector, the U.S. could fare better in financial literacy. This gap highlights the need for improved education on managing finances effectively.

The rise in personal loans raises some red flags. Without the right know-how, getting in over your head is easy. That’s where financial literacy comes in. It’s critical to handle loans wisely. Ant Tumi’s take? Start learning about money early, right in school. This way, you’re set up to make intelligent choices about borrowing. Education is the game-changer for making informed decisions and avoiding debt traps.

Teaching Financial Literacy in Schools

As the market experiences remarkable growth, the importance of financial literacy becomes increasingly evident. In “Financial Literacy in Schools – The Missing Curriculum,” Ant Tumi, the founder of LoanForSuccess, highlights that only 57% of American adults are financially literate. This shortfall in understanding contributes to the 77% of Americans who feel economically stressed, specifically among Gen Z, who often juggle social media trends and innovation; only 36% show financial literacy.

Don’t worry; it’s not just about numbers! Ant Tumi dives into various sources, including scholarly readings, case studies, personal anecdotes, observations from children to senior citizens, and research, all aimed at finding a practical solution to the issue- beginning right from school.

It all starts with education in school!

About LoanForSuccess

LoanForSuccess is an innovative platform that bridges the gap between loan providers and borrowers, fostering an environment of financial empowerment and accessibility. Founded by Ant Tumi, a visionary entrepreneur and author of the groundbreaking eBook “Financial Literacy in Schools – The Missing Curriculum,” LoanForSuccess is committed to promoting financial literacy and responsible borrowing.

With a core belief in the power of education to transform financial decision-making, LoanForSuccess offers resources and tools to help individuals navigate the complex world of personal finance. Our mission is to make financial success achievable for everyone by providing the knowledge and connections necessary to make informed borrowing and lending decisions.

Through our services, we aim to contribute to a financially literate society where every loan is a step toward personal growth and economic stability.

Media Contact

Ant Tumi, LoanForSuccess, 1 866-894-6599, ant.tumi@loanforsuccess.com, https://www.loanforsuccess.com/

View original content to download multimedia:https://www.prweb.com/releases/surging-personal-loans-spotlight-need-for-greater-financial-literacy-in-america-302078565.html

SOURCE LoanForSuccess

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Eoptolink Releases OSFP 1.6T DR8 and 2FR4 Series Transceivers for AI/ML Clusters and Cloud Datacenter Networks

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24 mins ago

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September 20, 2024

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CHENGDU, China, Sept. 20, 2024 /PRNewswire/ — Eoptolink Technology Inc., Ltd. (SZSE: 300502), a leading innovator and provider of advanced optical transceiver solutions, announces the release of its OSFP 1.6T DR8/DR8-2 and 2xFR4 transceivers enabling the next generation high bandwidth networks for AI/ML clusters and cloud datacenters.

Eoptolink 1.6T OSFP transceivers have 8 electrical host interfacing lanes and 8 optical lanes operating at 212.5Gb/s (106GB with PAM4). Equipped with the industry’s latest DSP, these modules support transmission distances of up to 2km without the need to regenerate the FEC. The 1.6T DR8 and DR8-2 modules comes with either one MPO-16 adapter for point-to-point (P2P) connections or two MPO-12 adapters for 2x800G breakout applications. The 1.6T 2xFR4 modules are designed with a dual duplex LC connector running with 2 pairs of fibers only, which could help users to save fiber resources compared to DR8 and DR8-2 versions.

The 1.6T DR8/DR8-2 and 2FR4 Portfolio consists of: – 

EOLO-13T-5H-XMX    OSFP 1.6T DR8, 1×1.6TbE, 500m, MPO-16
EOLO-13T-5H-XDX    OSFP 1.6T DR8, 2x800GbE, 500m, Dual MPO-12
EOLO-13T-02-XMX    OSFP 1.6T DR8-2, 1×1.6TbE, 2km, MPO-16
EOLO-13T-02-XDX     OSFP 1.6T DR8-2, 2x800GbE, 2km, Dual MPO-12
EOLO-16T-02-XXX     OSFP 1.6T 2FR4, 2x800GbE, 2km, Dual Duplex LC

Eoptolink OSFP 1.6T transceivers feature both EML and SiPh-based solutions, and testing has demonstrated excellent performance. “We are very proud of our optical and RF design teams, says Sean Davies, VP Sales, Eoptolink Technology Inc., Ltd. “Our 1.6T OSFP modules do not need an additional FEC on the optical side and this results in lower latency and power consumption of the modules simplifying the complete system and helping our AI and cloud customers in their work.”

About Eoptolink

Eoptolink Technology Inc., Ltd. (SZSE: 300502), a publicly traded company in China, is a leading innovator and provider of advanced optical transceiver solution for data center, enterprise and telecom networks. Eoptolink is dedicated to research, develop, manufacture and markets a diverse portfolio of high-performance optical transceivers for AI, Cloud Data Center, 4G/5G wireless, Transport & Datacom and FTTX applications all over the world.

Contact Us

China(HQ):   

No.510 Wulian Avenue, Chengdu 610200

USA:   

3191 Laurelview Court, Fremont, CA 94538

Thailand:   

390/21 Moo 2, Khao Khan Song, Sriracha, Chonburi 20110

E-mail:  

sales@eoptolink.com 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/eoptolink-releases-osfp-1-6t-dr8-and-2fr4-series-transceivers-for-aiml-clusters-and-cloud-datacenter-networks-302253858.html

SOURCE Eoptolink Technology Inc., Ltd.

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Flat Ads Makes Its Mark at DMEXCO 2024: Showcasing Strength in Programmatic Advertising

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September 20, 2024

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COLOGNE, Germany, Sept. 20, 2024 /PRNewswire/ — In September, Flat Ads makes its mark at DMEXCO 2024, the prestigious European event of digital marketing and technology. The highly successful exhibition boasts 650 exhibitors, 850 speakers, and thousands of participants. At the event, Flat Ads showcased the strength of programmatic advertising platform in ad delivery, traffic optimization, and brand safety.

Flat Ads programmatic advertising platform has an exclusive developer traffic of 700 million and an extensive network spanning over 200 countries and regions worldwide. It cooperates with over 200 leading DSP/SSP partners, including FreeWheel, PubMatic and Criteo, leveraging an efficient and complete bidding system, as well as automatic delivery algorithms, to achieve precise marketing and advertising effectiveness maximization.

With its exclusive platform strategy algorithm, Flat Ads programmatic advertising platform can continuously conduct automatic exploration and matching based on the characteristics of DSP and traffic, optimize and adjust the algorithm model in real-time. This not only ensures the sustainability of DSP budgets, but also maximizes traffic utilization and enhances monetization revenue of advertisements.

Moreover, brand protection is among the top priorities of Flat Ads. In addition to accessing to authority agency Pixalate to test the effectiveness of ads, it has also accessed HUMAN, the global cybersecurity authority to safeguard its clients by preventing bot attacks, digital fraud and abuse, ensuring a stable, reliable, and secure programmatic advertising transaction platform.

By participating in DMEXCO 2024, Flat Ads showcased its outstanding strength and fruitful achievements in the programmatic advertising field, attracting the attention of numerous advertisers and developers for cooperation. Flat Ads boasts not only robust technical capabilities and innovative prowess, but also an active and open attitude towards emerging technologies, embracing and exploring them. It remains committed to providing more professional and efficient global marketing services to advertisers and developers worldwide, helping clients stand out in the fiercely competitive market and achieve business growth.

As a globally leading mobile advertising marketing platform, Flat Ads currently operates offices in Singapore, Indonesia, Hong Kong, and Guangzhou, serving over 1000 clients with global marketing solutions. If you’re interested in Flat Ads’ programmatic advertising services, please visit www.flat-ads.com.

View original content:https://www.prnewswire.co.uk/news-releases/flat-ads-makes-its-mark-at-dmexco-2024-showcasing-strength-in-programmatic-advertising-302253872.html

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Tulufan, Xinjiang: For the first time, a new energy plant and station has achieved “all-green electricity” operation

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1 hour ago

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September 20, 2024

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TULUFAN, China, Sept. 20, 2024 /PRNewswire/ — On September 19, employees of State Grid Tulufan Electric Power Supply Company came to State Power Investment Zhongli Tenghui Qiquanhu Photovoltaic Power Station to provide comprehensive technical support and guidance for new energy enterprises.

Seven wind power and photovoltaic power generation enterprises, including Xinjiang Jize Power Generation Company in Tulufan, have obtained 6.035 million KWH of grid electricity by purchasing 6,035 “green certificates” to achieve “green electricity – green electricity” and achieve green energy use in the whole link of new energy power generation.

The green power certificate, referred to as “green certificate”, is the only certificate that identifies the production and consumption of renewable energy power. Promoting the all-green operation of new energy power generation is an important measure to promote the green consumption of renewable energy.

“Before, we were just ‘producers’ of green electricity. Now the buyers of green certificates have become green electricity consumers, and the production process is fully green.” Qiquan Lake photovoltaic power station inspection officer Forzati Dilishati said.

Since the launch of the green electricity and green certificate market, State Grid Tulufan Electric Power Supply Company has actively promoted green electricity trading, promoted the supply of green electricity and green certificates in multiple scenarios, promoted the rapid promotion and popularization of related services in Tulufan, and helped build a new power system.

In the first eight months of this year, the cumulative volume of green electricity transactions in Xinjiang reached 1.174 billion KWH, 93.83 times that of the whole year of 2022.

 

View original content:https://www.prnewswire.com/apac/news-releases/tulufan-xinjiang-for-the-first-time-a-new-energy-plant-and-station-has-achieved-all-green-electricity-operation-302253902.html

SOURCE State Grid Tulufan Electric Power Supply Company

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