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Inflation starts taking a back seat to other household debt and credit concerns, Achieve survey finds

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5 months ago

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57% of consumers rely on credit cards to make ends meet

SAN MATEO, Calif., Aug. 5, 2024 /PRNewswire/ — While inflation remains a lingering challenge for consumers as they strive to make ends meet and pay their bills on time, other financial challenges are starting to become a more pressing concern, according to the results of a new study by Achieve, the leader in digital personal finance.

Achieve’s think tank, the Achieve Center for Consumer Insights, surveyed 2,000 consumers with active accounts across categories of consumer debt, including credit cards, mortgages and home equity lines of credit, and auto and student loans. The survey format and respondent panel are designed to complement the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit by providing qualitative insights into consumer borrowing trends. To further examine the causes and ramifications of rising loan delinquencies, the survey panel included a subset of borrowers who were 30 days or more past due on their payments at least once during the past six months.

Inflation’s impact lessens

Job loss or reduced income was the leading reason consumers said they have recently fallen behind on their bills, with 18% of respondents citing this as the primary reason they missed a payment on a debt account. Meanwhile, the share of consumers who cited inflation as the primary reason they missed a payment on one of their debt accounts fell by more than half in the third quarter, to 10%, compared to 21% during the second quarter.

While the share of consumers who said they missed a debt payment because they didn’t want to pay the bill remains low, the percent who cited this as their primary reason grew both across all debt accounts and among credit card, auto and student loan borrowers.

“Recent positive news about the pace of inflation slowing, and in some cases, even reversing course, appears to be overshadowed by other financial concerns for struggling consumers,” said Achieve Co-Founder and Co-CEO Andrew Housser. “In a sign of the beginnings of a choppy job market, more and more consumers are being impacted by reduced income or job loss.  Combine that with interest rates still near decades-long highs, and consumers with significant levels of debt are finding it difficult to make ends meet.”

57% of consumers rely on credit cards to get by

Over half (57%) of respondents in Achieve’s survey said they are carrying a credit card balance to cover the cost of essential expenses, including 27% who said spending on living expenses has accrued on their credit card balances for more than six months.

During the third quarter, 36% of consumers said it is very difficult or difficult for them to pay their recurring debts on time, a slight increase from 31% in the second quarter. Among these respondents, 64% said paying their debts on time is challenging because they don’t make enough money to cover their spending. Almost a third (32%) said having too many accounts to repay contributes to their debt challenges, down from 39% last quarter. The share of respondents who said timing cashflow between receiving income and payment due dates was identical in the second and third quarters, at 27%. Meanwhile, 16% said they have difficulty tracking how much they owe across their accounts, up slightly from 14% last quarter.

“Households that find themselves relying heavily on credit cards to pay for basic necessities often get caught up in a cycle of indebtedness that they cannot get out of,” Housser said.

Economic optimism is growing

Consumer sentiment about how their financial situation has evolved over the past three years is mixed, with a nearly even share of respondents saying their situation has improved (37%) and worsened (36%). But expectations for the future are much stronger, with most consumers expecting their financial circumstances to improve in both the short and long term. Over the next year, 56% of consumers expect their finances will improve, with that rate growing to 64% when asked about their outlook three years from now.

Methodology

The data and findings presented are based on an Achieve survey conducted in June 2024 consisting of 2,000 U.S. consumers ages 18 and older with an active account for one or more of the following categories of consumer debt: auto loan; major credit card with a minimum outstanding balance of $100; first-lien mortgage; home equity line of credit (HELOC); student loan; and other (unsecured personal loan, store-branded credit card, buy now, pay later loan, or closed-end home equity loan). The sample was augmented to include a statistically significant subset of credit card, auto loan and student loan borrowers who have been 30 days or more past due at least once in the past six months.

About the Achieve Center for Consumer Insights

The Achieve Center for Consumer Insights is a think tank that leverages Achieve’s team of digital personal finance experts to provide a view into the state of consumer finances. In addition to sharing insights gleaned from Achieve’s proprietary data and analytics, the Achieve Center for Consumer Insights publishes in-depth research, bespoke data and thoughtful commentary in support of Achieve’s mission of helping everyday people get on the path to a better financial future.

About Achieve

Achieve, THE digital personal finance company, helps everyday people get on, and stay on, the path to a better financial future. Achieve pairs proprietary data and analytics with personalized support to offer personal loans, home equity loans, debt resolution and debt consolidation, along with financial tips, education and Achieve MoLO (Money Left Over), a free mobile budgeting app. Achieve has 2,500 dedicated teammates across the country with hubs in Arizona, California, Florida and Texas. Achieve is frequently recognized as a Best Place to Work.

Achieve refers to the global organization and may denote one or more affiliates of Achieve Company, including Achieve.com (NMLS ID #138464); Achieve Home Loans, Equal Housing Lender (NMLS ID #1810501); Achieve Personal Loans (NMLS ID #227977); Achieve Resolution (NMLS ID # 1248929) and Freedom Financial Asset Management (CRD #170229).

Contacts

Erica Bigley

Austin Kilgore

Vice President

Director

Corporate Communications

Corporate Communications

ebigley@achieve.com

akilgore@achieve.com

415-710-9006

214-908-5097

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SOURCE Achieve

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RainFocus Marks Continued Excellence in 2024 With Industry Leadership and Innovation Recognized by Multiple Prestigious Awards

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19 minutes ago

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December 26, 2024

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New accolades build on the company’s momentum as a leading event technology provider

LEHI, Utah, Dec. 26, 2024 /PRNewswire/ — RainFocus™, provider of the next-generation event marketing platform, has continued its streak of industry recognition, earning several notable awards in 2024. Recognition was given by esteemed organizations such as Inc., Adobe, Event Technology Awards, and more, as well as from the top research and advisory firms. These accolades underscore RainFocus’ innovative contributions to the event marketing industry and the company’s commitment to excellence in technology and customer success.

“These achievements reflect the hard work and dedication of the entire RainFocus team,” said JR Sherman, CEO of RainFocus. “We strive to help our clients create meaningful relationships and grow their businesses by orchestrating impactful content within memorable experiences. Whether it’s through innovative customer data strategies, sustainable practices, or seamless execution, we’re passionate about delivering more than just results. I’m proud of our success and recognition for these efforts, and I am looking forward to what we’ll accomplish with our partners and clients in 2025.”

RainFocus’ achievements in 2024 included recognition across a diverse range of awards:

Named a Leader in The Forrester Wave™: All-In-One Event Management Platforms, Q4 2024 reportAppeared for the fourth time on the Inc. 5000 List of fastest-growing private companies in AmericaRecognized at Adobe Summit for Technology Innovation as the 2024 Adobe Digital Experience ISV Partner of the YearWon Best Conference Technology at the Event Technology Awards, which celebrates remarkable advancements and innovations in the industryNamed a Leader in the 2024 Gartner® Magic Quadrant™ for Event Technology PlatformsWon the 2024 Sammy Awards Product of the Year for Experiential/Event Marketing, highlighting dedication to creating unforgettable experiences and pushing boundariesRecognized with several Eventex Awards, including the Eventex People’s Choice Awards recognizing CEO JR Sherman as one of The Most Influential People in the Events IndustryNamed a Bronze Winner by The Stevie® Awards in the annual American Business Awards® for Most Innovative Tech Company of the Year – Up to 2,500 Employees

RainFocus’ platform powered a record number of events in 2024, supporting enterprise clients across technology, associations, retail, and other industries. From virtual and hybrid conferences to large-scale in-person gatherings, the platform delivered unified data insights, seamless integrations, and personalized experiences that drove measurable business outcomes.

With RainFocus INSIGHT, the company’s annual flagship event, on the horizon, the company plans to unveil new platform enhancements that further empower event marketers to harness data for deeper audience engagement. RainFocus remains dedicated to redefining the future of event management through technology, innovation, and partnership.

About RainFocus
RainFocus is the next-generation event marketing platform built to capture and analyze unprecedented amounts of first-party data for exceptional events and optimized engagement throughout the customer journey. RainFocus powers flawless experiences with secure, scalable solutions to support the entire event lifecycle. The platform integrates with sales and marketing technologies, simplifying event registration, content management, and exhibitor activation across in-person, virtual, and hybrid experiences, all from a single dashboard. Leveraging real-time data, RainFocus provides actionable insights to drive personalization, accelerate qualification and lead conversion, and close deals. For more information, visit www.rainfocus.com.

Additional Resources

Join the conversation with RainFocus on Facebook, LinkedIn, and Instagram.Visit RainFocus.com to learn more about our event marketing and management platform. If you’re ready to get started, request a demo.Discover RainFocus On Demand, the go-to learning destination for event industry leaders to discover the latest trends, thought leadership, and best practices, delivered on demand – any time, anywhere. Learn more.Are you interested in joining the RainFocus Partner Program? Apply today.Grow your career and help reshape the events industry at RainFocus. Apply here.

Media Contact:
Sheena Lakhani
sheena.lakhani@rainfocus.com

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SOURCE RainFocus

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HSG Laser Opens New Manufacturing Facility in Jinan, China and Unveils 120kW Laser Cutter

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19 minutes ago

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December 26, 2024

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CHICAGO, Dec. 26, 2024 /PRNewswire/ — HSG Laser, a global leader in metal shaping equipment and solutions, proudly announces the grand opening of its newest manufacturing facility in Jinan, China—a key milestone in its global manufacturing and supply strategy. This state-of-the-art facility bolsters HSG Laser’s expansive production network, complementing existing bases in Foshan, Suzhou, Bangkok, and other strategic locations worldwide.

With an investment of USD 68.3 million, the Jinan facility was fully self-funded, highlighting HSG Laser’s financial resilience and dedication to its customers. Positioned as one of 2024’s largest laser cutting equipment production projects, it plays a critical role in achieving the company’s ambitious goal of surpassing 10,000 units in annual global production capacity. Beyond meeting the growing global demand for advanced laser cutting solutions, the Jinan base contributes significantly to local employment and economic growth.

Adding to the excitement, the grand opening ceremony featured the debut of HSG Laser’s groundbreaking 120kW ultra-high-power laser cutting machine. This revolutionary innovation sets a new industry benchmark with its exceptional performance and cutting-edge features. Designed with a specialized high-power machine bed, it minimizes deformation during high-power cutting, ensuring ultra-high brightness, outstanding efficiency, and remarkable stability. Delivering twice the brightness of 100kW models and a transmission distance of up to 40 meters, the 120kW laser is equipped with fourth-generation Yb-doped fiber technology and third-generation ultra-high-power transmission systems, guaranteeing stable energy output and superior beam quality.

The machine achieves unparalleled cutting speed, improving performance for thick metal sheets by 50% to 200%. Additionally, its advanced residual material system enhances production capacity by 200% and material utilization by 175%, significantly reducing costs and waste while promoting sustainable manufacturing practices.

HSG Laser’s unwavering commitment to research and development continues to solidify its leadership in the metal shaping industry. By May 2024, the company had deployed over 25,000 units worldwide, earning the trust of customers across the globe. This success is built on internationally recognized R&D expertise, enabling the delivery of innovative, high-quality solutions. Backed by research partnerships in Japan, strong recognition in Europe and the Americas, and a growing global manufacturing network, HSG Laser remains dedicated to driving industrial innovation. The company looks forward to collaborating with global partners to redefine industry standards and shape the future of laser cutting technology.

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SOURCE HSG Laser

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Driving Cloud Innovation: Hyperlink InfoSystem Becomes an AWS Partner

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19 minutes ago

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December 26, 2024

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NEW YORK and LOS ANGELES, Dec. 26, 2024 /PRNewswire/ — Users from virtually every industry, including the largest enterprises, startups, and government agencies, use AWS to reduce costs, improve agility, and accelerate innovation, resulting in a global boom in demand for cloud-based solutions. Amazon Web Services (AWS) is a globally revered and adopted cloud platform, providing a broad spectrum of global computing, networking, analytics, storage, database, mobile, security, Internet of Things (IoT), machine learning and artificial intelligence (AI), and application services. Organizations are rapidly switching to AWS to enhance their operational scalability, security, and efficiency. Acknowledging the urgency to satisfy this demand, Hyperlink InfoSystem has incorporated AWS into its diverse lineup of offerings, allowing it to deliver full, customized cloud services to its worldwide clientele.

Being a globally recognized leader in IT services and digital transformation, Hyperlink InfoSystem officially decided to join the cloud bandwagon and announce its pristine status as an official AWS Partner. This collaboration signifies a vital milestone in Hyperlink InfoSystem’s journey to supplying premier cloud solutions and accentuates its dedication to empowering businesses with best-in-class technology. Being an official AWS Partner, Hyperlink InfoSystem will potentially utilize its comprehensive experience and pre-existing in-depth knowledge of AWS in assisting businesses of all sizes to migrate to the cloud. Enabling this will also empower organizations to unleash the true power of cloud computing and modernize their applications.

With an exceptional 98% client retention rate, Hyperlink InfoSystem already persists in setting the benchmark in the cloud computing market. Adding to this, the official status as an AWS partner, the company will utilize the complete power of the AWS ecosystem to provide immaculate services in AI/ML integration, IoT solutions, DevOps support, cloud migration, application development, and data analytics. Hyperlink InfoSystem envisions capitalizing on its technological acumen and unique approach to help organizations embark on cloud transformation journeys. Their proven track record in deploying over 4,800 apps and collaborating with over 2700 global clients cements their position as a reliable partner for businesses looking to realize the true potential of AWS technologies.

Commenting on this remarkable new status, Harnil Oza, CEO & Founder of Hyperlink InfoSystem, commented, “Our company has been a proud investor in all kinds of emerging technologies, and our new status as official AWS partners is only adding more feathers to our cap. With this partnership, we intend to deliver robust, scalable, and secure cloud solutions for different industries such as finance, healthcare, e-commerce, and logistics. Currently, AWS holds the top position as the ultimate partner for cloud innovation, and this partnership will bring us a step closer to delivering seamless digital transformation journeys to our clients while reinstating reliance.”

Hyperlink InfoSystem caters to organizations of all sizes and offers services in IoT, AR/VR, AI, and data analytics, expanding the adaptability of modern solutions for numerous sectors. With a growing consumer appetite for cloud-based solutions, the firm continues to serve clients throughout the United States, Europe, the Middle East, and Asia. Considering its newly established status as an AWS Partner, Hyperlink InfoSystem looks forward to conducting training and certifications and investing in research to ensure staying at the forefront of cloud technology. Whether it’s cloud migration, cloud-native application development, or infrastructure enhancement, Hyperlink InfoSystem strives to ensure success at every stage. To inquire more about their transformative AWS services, contact their team at +1(309) 791-4105 or email info@hyperlinkinfosystem.com.

About Hyperlink InfoSystem

Hyperlink InfoSystem is a prominent international enterprise excelling in IT solutions in many domains. Since its humble beginnings in 2011, its specialization in technologies has expanded across web development, mobile app development, enterprise software solutions, and now Artificial Intelligence (AI). With over 1200+ employees and a global presence in the USA, UK, UAE, France, India, and Canada, Hyperlink InfoSystem is dedicated to assisting corporations to leverage the complete power of technology to accomplish their goals.

Contact Details:
Hyperlink InfoSystem
Harnil Oza
+1-309-791-4105
info@hyperlinkinfosystem.com

New York Address:
One World Trade Center
285 Fulton Street suite 8500,
New York, NY 10007,
United States

Ahmedabad Address:
C-308, Ganesh Meridian,
Opp Kargil Petrol Pump, S.G. Highway,
Sola, Ahmedabad, 380061
India

London Address:
Level 30, The Leadenhall Building,
122 Leadenhall Street,
London EC3V 4AB

Canada Address:
151 Yonge Street, 11th Floor,
Toronto, Ontario, M5C 2W7,
Canada

Logo: https://mma.prnewswire.com/media/2429933/4743119/Hyperlink_InfoSystem_Logo.jpg

 

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