5 Great Ways to Increase Remote Working Productivity

When the COVID lockdowns started, most business owners probably didn't think much about the efficiency of their remote working solutions as long as they were able to keep the lights on. As we head into 2021, we can see that remote working is going to become a permanent feature of our business lives. With more than half of employees reporting frustrations with their remote work solutions, now is a good time to think about getting the best software and apps in to help your team stay productive.

Remember, too, that many of your people will find working at home a very lonely experience and so things like video conferencing can help alleviate the mental health impact of a lockdown.

Let's look at some of the products that are available to help you stay in touch and remain effective no matter what 2021 throws at you!

Workflow boards

One of the things that many people have reported is difficulty in keeping motivated and understanding what needs to happen and when.

When you're in an office, it's easy to simply lean across the desk and ask what is going on. But what happens when your team is all working remotely?

Using Kanban boards like Trello and Asana allows you to posts jobs, tasks, and subtasks and then allocate them to individual staff members or team so that everyone knows where they are and what still needs doing.

Remote access software

Remote access software can have some real benefits for users across the organisation and doesn’t need to be confined to your IT helpdesk.

Modern remote working can give users a virtual desktop, which is the same wherever they log on. A Virtual Private Network (VPN) can also increase security.

Remote access software can also include functionality that enables video conferencing, chat functions, shared word processing, and file sharing, along with resources for troubleshooting in a pinch.

If you’d like to find out more about what it can do for you, check the best options in this excellent remote access software review by Neil Patel.

Remote shared storage

Many companies rely upon having drives readily available to all staff, and when you're all working in the same office, this is a simple matter. But when your team is spread out, then you need to think about organizing remote storage.

Google Drive and Dropbox are probably the most well-known offerings, but there are many more. They all provide you with the ability to have shared drives that are accessible based on your own organization’s security protocol.

Remote storage is a very competitive area, so prices have dropped over the last few years. So in many cases, you are better off subscribing to a best-in-class cloud storage solution (especially if it includes remote access desktops as above) rather than upgrading your on-premise servers.

Business-class video conferencing

For many businesses, this is one area where they just had to get a solution in place quickly so everyone could carry on working. But it really is worth choosing a business-class video conferencing system.

Having a better system makes life easier for your staff, but it also portrays a professional image to your customers and suppliers.

Free systems are great, but they will always come with limitations. Zoom, for instance, limits calls to 45 minutes on its free version. Other free solutions reduce video quality.

With paid solutions, the cost for a group subscription is often very reasonable when compared to the cost of losing even one customer.

Collaboration and sharing tools

When you can just pass files and papers across a desk, life is easy. But if you're miles away from your co-workers, contractors, and customers, how can you possibly collaborate effectively?

Many of the really good systems bundle in storage, video conferencing, Kanban boards and collaboration tools that help your teams act like teams rather than a collection of dispersed individuals.

Obviously, the big player here is Microsoft. But you can get excellent results with apps like Zoho Connect, Winio, and Wire. If you only really want chat capability, then look at Slack.

Take advantage of trials

What works for some people may not work for you and your company. But the good news is that pretty much every system mentioned here has some form of free trial.

The best advice is to take the developers up on their offer and test these solutions out. Get feedback from your employees and take into account how easy the apps are to use, the support available, and of course, the annual cost.

Don’t be swayed by attractive-sounding initial reductions. If the system is good, you’ll be using it for a long time. It is much more important to get the right features for you rather than buying something that isn't well-suited to the task because the developer was offering a half-price sale.
 

Source: quickanddirtytips.com

1 in 10 Americans behind on monthly bills due to COVID

Almost a third of Americans report that since the onset of the pandemic, they have experienced a loss of income, and it has left many of them behind on their monthly bills.

1 in 10 Americans behind on monthly bills due to COVID

Electronic payments provider ACI Worldwide recently surveyed U.S. adults and found 1 in 10 reporting they are currently past due on monthly bills as a direct result of COVID 19-related financial hits.

The situation is worse for younger Americans than older ones, with more than a quarter of those age 18-34 (26%) saying they are behind on their bills. For those age 35-51, the share was 14%, while only 5% of those age 52 and older reported having past due bills due to the pandemic.

See related: Taking financial control amid a global pandemic

When asked how long they expect it will take to catch up, more than a third (35%) indicated it would take them six months or longer, with the remaining 65% saying they believe they can get back on track in under six months.

As a result of their missed payments, 15% of respondents reported they had contacted billers for payment arrangements or deferrals.

ACI Worldwide’s survey was conducted among a U.S. Census-balanced panel of 3,000 adults age 18 and older who are responsible for submitting payments for at least two of their household’s monthly bills. The results were released Dec. 15.

Source: creditcards.com

Credit card industry trends to watch for in 2021

Each year, CreditCards.com asks the experts to predict what the credit card landscape will be like in the coming year.

Read industry gurus’ forecasts now and see what changes credit card issuers might have in store for 2021.

See related: Best credit cards of 2021

More flexibility in card offers

Steven Dashiell, credit cards expert for Finder, expects the exceptional welcome offers and expanded reward opportunities we saw throughout 2020 will continue into 2021.

“These card adjustments were a response to evolving consumer spending habits during the pandemic and I foresee these spending habits lasting well through 2021,” Dashiell said.

Nishank Khanna, chief financial offer for Clarify Capital, noted that consumers are spending more on essential goods than discretionary items, so credit cards will likely offer more benefits for groceries and home goods.

“We can expect to continue to see flexibility with card offers, with many card issuers providing cash back options and diverse opportunities for the cardholder to decide how she or he spends rewards,” Khanna said.

This move is especially important for consumers who are exploring the perks they can get as they battle the impact of lockdowns and travel restrictions.

‘Buy now, pay later’ options will be more in demand

Given the current financial climate, consumers have gravitated toward alternative payment methods such as buy now, pay later options, said Imani Francies, a financial expert at USInsuranceAgents.com.

These services allow consumers to make large purchases by paying only a percentage of the total cart amount – they are then expected to make biweekly or bimonthly payments until the entirety of the purchase amount is paid off.

But Francies warned that if this way of paying becomes too addicting, people may start using credit cards to keep up with their payment plans, which could hurt their credit scores and transform the buy now, pay later option into a negative experience.

contactless payment technologies, said Vince Granziani, CEO of IDEX Biometrics.

For example, biometric fingerprint technology allows the user to make touchless payments via a fingerprint stored on a credit card that is safe, secure and unique to that individual.

The global demand for biometric technology in the payments industry is robust and will accelerate as business returns to a new normal in 2021 and beyond, Granziani predicted.

In 2021 and beyond, biometric smart cards will also become increasingly necessary to combat payment fraud. These cards prevent hackers from stealing your PIN or fingerprint data since it’s all stored directly on your card.

Therefore, if anyone were to steal or attempt using your card, they couldn’t do it without your fingerprint to activate a transaction, Granziani said.

Biometric cards have multiple uses, capable of holding passports and driver’s licenses ­– even library cards and travel passes – while holding your payment details all in one place, he added.

See related: Credit card scams in the time of coronavirus

Increased transparency will be the name of the game

Charles Tran, founder of CreditDonkey, forecast that credit card companies will offer increased transparency in 2021.

Transparency has always been a significant factor in the financial industry and it’s becoming an essential point of focus considering the tough times we are in, so credit cards will have to offer simplicity and utility to stand out.

“This will include transparency in the reward systems, fewer hidden fees, complimentary credit score monitoring and easier rewards redemption,” Tran added.

See related: 2020 credit card fee survey – What happened to 0% balance transfer offers?

Issuers may get tougher on delinquent debtors

Adem Selita, CEO and co-founder of The Debt Relief Company, sees an unsettling trend happening with regard to cross-collateralization, a method lenders use to secure one type of loan with the collateral from another.

For example, if you bought a car from a credit union and didn’t keep up with the payments, the credit union could repossess the car to satisfy your loan.

Selita believes credit card companies will become more aggressive regarding credit card defaults – depending on how the economy unfolds in the intermediate term – and even add features like collateralization to use consumers’ funds to pay their delinquent credit card bills.

In addition, Selita said, an updated law that goes into effect in 2021 will allow debt collectors to contact debtors via social media channels, text and voicemail.

And although they are not allowed to use social media to harass debtors, Selita said it still amounts to “essentially stalking consumers behind on their credit card bills and in default.”

2021 will be a comeback year for credit cards

There will still be some pain in terms of delinquencies and difficulty accessing credit, but 2021 will be a comeback year for credit cards, according to Ted Rossman, industry analyst for CreditCards.com.

The news of an effective COVID vaccine bodes well for a return to travel, dining and other discretionary spending that is so important for credit card companies.

But the improvement won’t be immediate or evenly distributed, Rossman warned.

Unfortunately, many consumers will fall behind on their payments, especially as stimulus and hardship programs wear off.

Many banks are expecting delinquencies to peak around mid-2021, although there’s still a fair amount of uncertainty around that.

This trend should keep a lid on 0% balance transfers and access to credit for people with lower credit scores, but the rebound will mean more competition for people with high credit scores and incomes, Rossman predicted.

“We’re already seeing some of this with the recent Capital One Venture Rewards Credit Card bonuses, and in 2021 I think we’ll see even hotter competition for the most creditworthy applicants.” he said.

Start your journey to financial freedom

Whatever might happen in the credit card industry in 2021, if you and manage your credit well you will stay financially healthy.

Spend wisely, avoid opening new credit you don’t need, manage your existing debt and live within your means, and you’ll be on the road to financial freedom.

See related: Overcoming hardships by embracing financial independence

Source: creditcards.com

What to Do this Weekend: Date Night In Ideas

Date-night-in

We are a month and a half into quarantine and date nights in many households have devolved into, ‘What have we not seen on Netflix yet?’  While we are all ready to get back out and about, there are plenty of fun date night at home options to help you enjoy and appreciate your partner.  This post is partially inspired by the fact that we are celebrating our wedding anniversary tonight and I was already doing so research on what to do this weekend.  I figured if I was already doing the work, I might as well share the wealth with you all!  

Check out a few of our best date night in ideas

Name that Tune

This really is a fun activity that we typically do on road trips, but it works just as well for date night.  Play each other your favorite songs from different eras or events in life.  

What song was popular when you went to your first school dance?  Did you ever learn a choreographed dance to a song?  What was it?  What was your first favorite country/hip hop/punk song?  Did you ever dedicate a song to someone on the radio? Make a mixtape?  First breakup/heartbreak song you listened to 100 times?

Music is such an integral part of our memories.  It is sure to bring out some great stories from your partner that you have never heard before and some great stories from your past that you may have completely forgotten about. All you really need is a Spotify account, your beverage of choice!

Wine Tasting

This is an amusing challenge for the nose and tastebuds.  Taste three (or five–no judgment here) wines and figure out which is which based solely on the tasting notes….you know the ‘hints of pencil lead and cranberry.’  This can be made romantic with dim lights and some candles or you can make this more upbeat with some fun background playlists.

Optional additions to make the night more festive: Cheeses, nuts, olives, crackers, honey

Minute to Win It

Impress each other with feats of strength and balance.  This is an evening bound to be full of laughter.  Check out this video for inspiration! Challenges include…

  • Face the Cookie.
  • Stack Attack.
  • Movin’ On Up.
  • Junk in the Trunk.
  • Suck It Up.
  • Penny Hose.
  • Ping Pong Bounce.

Sweets for Sweethearts

Bake together…even if neither of you is an expert in the kitchen, learning something new together is good for relationships!

Here are some recipes that have videos to go along with them

For easy cooking try these 3 Ingredient Desserts

For all those ripe bananas on your counter

For when you can only be trusted with the microwave

20 Questions

It sounds silly, but this really can be a learning experience. If you’ve been together you may think you know all the answers…but remember people’s tastes and preferences change.  Do you really know that sweet tarts are still his favorite candy? Or is Paris still her number one destination? The answers could surprise you!

Double Date 

Yes! This is actually possible via Netflix Party.  Pick a movie ahead of time, grab the popcorn and candy and chat with your favorite duo.  

Take a trip down memory lane

Look at each other’s pictures from your favorite vacation together.  You’ll be surprised to see the vacation through their eyes and their memories.  You can relive the best times together and appreciate it in a whole new way.  Bring in even more sensory memories by adding a favorite food or drink you discovered during that trip.

Or Take a Virtual Trip

Ever wonder what Venice is like during lockdown?

Join Travel Curious on their next tour with your Venetian born guide, Luca, who will take you on a live virtual walking tour of Venice and will end up in the Venetian mask-maker artisan shop. 

Join for free on their Instagram Live feed on May 15 2020 at 15:00pm BST / 10:00am EST

https://www.instagram.com/travelcurioustours/?hl=en

Read What to Do this Weekend: Date Night In Ideas on Apartminty.

Source: blog.apartminty.com

A September State of Mind

Hi friends. So sorry to go completely MIA on you. Between attempting online school with a five-year-old, much of California burning to the ground, and the general state total chaos in which we find ourselves, getting to the computer for any length of time has been a bit of challenge, to put it mildly. And then I blinked and summer is officially over.

But I had to finally get on here as I have big news for you!

They say you shouldn’t make major life decisions during times of extreme stress, right? Well, we decided to throw all caution to the wind and instead have purchased a coastal cottage in Washington State! Apparently a global pandemic, homeschooling a kindergartner and the most consequential presidential election of our lifetime wasn’t enough to keep me busy.

coastal cottage mood board on Apartment 34

In all seriousness, if the past seven months of Covid have taught us anything, it’s the importance of friends and family and so we decided to create a gathering place that can bring together those we love most for years to come. Nestled within the myriad of inlets and islands that dot the Puget Sound north of Seattle, the cottage enjoys sweeping views of the Olympic mountains and Hood Canal. I consider it my official respite from the impending doom. Sadly it looks nothing like the inspiration images I’ve collected here.

Instead, it is going to take a LOT of work to get our little coastal cottage visitor ready – and in a very short period of time. Over the coming weeks, I plan to take you along on the entire design journey. I will be sharing everything with you – from the cottage’s current state, to all of my design inspiration and through the remodel process. If all goes according to plan, I’ll share a major before and after reveal in time to spend the holiday season with our family rather than more than 800 miles away.

coastal cottage mood board on Apartment 34

Trust me, we’re going to have plenty to discuss, as I have to pick an entire household’s worth of things – from paint colors and kitchen cabinets down to dishware, bedding and everything in between. No design decision will be left unturned. It’s both exhilarating and incredibly daunting. These mood boards are just part my first ideation session for my dream vibe.

I’m hopeful sharing this process with you will offer you some fresh design ideas and positive inspiration as we all hunker down to weather what will undoubtedly be a stormy fall – be it literally or just politically. It’s been a rather dark year and I feel like this might be a way to share a little bit of light. I know I am very happy for the creative distraction. I hope you are too.

I can’t wait to share more very soon!

The post A September State of Mind appeared first on Apartment34.

%%youtubomatic_0_0%%

Source: apartment34.com

How to Protect Your Credit Score During COVID-19

A young Black woman sits outside on her laptop, drinking a coffee and looking up how to protect her credit score from COVID.

The COVID-19 coronavirus pandemic has affected everyone all around the world. Extended isolation and sudden job losses have everyone thinking about their futures. Lots of people are concerned about losing a reliable income source during this time of crisis. Some have even been forced to shut their businesses. The global pandemic has turned many people’s financial lives upside down.

As you work on keeping your bills in good standing and your finances going strong, you should also pay attention to your credit score. Even if you’re delaying some major purchases like buying a car or a home or going on a trip, you still need to maintain good credit. You’ll eventually start spending again, and you’ll need a good credit score.

But how can you protect your credit score during COVID-19? Keep in mind that your credit scores and reports play a crucial role in your future financial opportunities. The following steps will be your handy guide in managing and protecting your credit score during this global pandemic.

Stay on Top of Your Credit
Reports

Even on good days, make sure you regularly review your credit reports from the three credit bureaus. You can get free annual credit reports at AnnualCreditReport.com. Through April 2021, Experian, Equifax, and TransUnion are allowing consumers to access their credit reports for free weekly. Take advantage of this offer to make sure that any accommodations you request from lenders are appropriately reported and that your identity is safe and secure.

You can also sign up for the free Credit Report Card from Credit.com. With our report card, you’ll see your VantageScore 3.0 from Experian, as well as personalized information on what is affecting your credit score and how you can improve. If you want to dive deeper, sign up for ExtraCredit to see 28 of your FICO scores from all three credit bureaus.

Get ExtraCredit

Keep Up with Your Payments

Late payments can affect your credit history and credit reports for up to seven years. Prioritize paying your bills on time when you can, even during financially difficult times. You can do this by setting up reminders to alert you of payment deadlines. Also, you should make it a habit to make at least the minimum payment each month. Doing so will help you in keeping a good payment history record and prevents you from paying late fees.

Contact your lender whenever you can’t
make payments on time. Lots of lenders have announced proactive measures to aid
their borrowers affected by the global pandemic. Some are willing to provide
loan extensions, interest rates reduction, forbearance, or repayment
flexibilities. The best thing to do is to get in touch with your lender and
explain your current situation. Don’t forget to ask for written confirmation if
any agreements were made. 

Be Aware of Your Protections

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has protections to help your credit score remain unaffected during the pandemic. This Act puts special requirements on some agencies and companies reporting your payment information to the credit reporting companies. The requirements are applicable if you’re affected by the COVID-19 pandemic and specifically covered by the Act.

If you request an accommodation under the CARES Act, your creditors will report your account to the credit reporting agencies based on the current standing of your credit when the agreement is made. The requirements set by the CARES Act are only applicable to agreements made between 31st of January 2020 and 120 days after the COVID-19 national emergency officially ends.

Get to Know What Impacts Your
Score

If you’re currently unemployed and wondering if it will affect your credit score, the answer is no. Unemployment itself will not impact your score. Making late payments and missing payments are the things that most significantly affect your credit score. This is why we recommend getting in touch with your lender as soon as you suspect you may not be able to make a payment in full on time. Inform them of your current situation. This can also help you cope with your anxiety.

Hard inquiries, account mix, and credit age also impact your credit score, but to a lesser degree. Your major concern should be keeping your credit utilization low and paying bills on time.

Keep Yourself and Your
identity Protected

Securing your personal information and identity is also crucial in protecting your credit score. Identity theft and scams are rampant during this coronavirus pandemic. Your personal information can unlock different financial resources. Hackers and cybercriminals can utilize all your personal information to impersonate you and open credit card accounts, make purchases, transfer funds, and borrow money. If left undetected, this activity can significantly damage your credit score.

Though the damage is reversible, the entire process will be costly. That’s precisely why prevention is always the best option. ExtraCredit from Credit.com, for example, offers $1 million in identity theft protection and dark web monitoring, among other features.

Make Budgeting and Planning a Habit

During this crisis, budgeting is essential for keeping your credit card debt low and your credit score high. Pay attention to how much money you make and the amount of money you spend. Identify expenses where you can cut the usual costs, at least temporarily.

Reworking your budget is necessary, especially if you’re currently unemployed or earning less money. You can consider the following money-saving ideas to maximize your savings:

  • Put nonessential purchases such as online shopping and clothes on hold
  • Temporarily suspend nonessential services such as cleaning and lawn care
  • Cancel subscriptions on cable, music streaming, video streaming, etc.
  • Search for affordable meal planning solutions
  • Cancel fitness and gym memberships
  • Cut back child-related extracurriculars such as tutoring, lessons, and sports
  • Spend less on takeout

Although reducing costs is not fun, the
result will reduce your financial stress and will allow you to better protect
your credit.

You Can Protect Your Credit Score from COVID-19

All the things mentioned above have one thing in common: All require taking a proactive approach to your finances and credit. Follow the six credit-protection strategies mentioned above to maintain and protect your good credit even if you are facing a financial crisis.

About the Author

Lidia S. Hovhan is a part of Content and Marketing team at OmnicoreAgency. She contributes articles about how to integrate digital marketing strategy with traditional marketing to help business owners to meet their online goals. You can find really professional insights in her writings.


The post How to Protect Your Credit Score During COVID-19 appeared first on Credit.com.

Source: credit.com

How to Make a Great Impression in a Virtual Interview

Global pandemic got you thinking this is no time for a job change? Think again! Unemployment did soar to alarming rates in the early days of Covid. According to the Harvard Business Review, U.S. unemployment jumped from 3.5% in February of 2020 to 14.7% in April. But as of November 2020, it’s back down to 6.7%.
 
There is a job market, and it’s yours to partake in if you so choose. But the search is likely to be virtual.
 
So whether you’re out of a job or just looking for a change, let’s talk about strategies that will help you shine on screen and land your dream job.

1. Polish that profile

Keeping your online presence current and polished is a good idea in any moment or market. But according to Fast Company, there’s a particular urgency to sprucing it up right now. 
 
“Because many HR professionals are relying on video interviews, they’re also looking for ways to get a better feel for who the candidates are… [so] many are turning to social media profiles and looking for evidence of the candidate’s work online.”
 
This is a moment to assess your professional online presence. Personally, I focus on LinkedIn.
 
What’s your headline? What achievements are you highlighting? Do you have links in your profile to samples of your work?  Can you ask for testimonials or endorsements from people in your network? Ask a few friends to check out your LinkedIn profile as if they were looking to hire. Get their feedback and make adjustments. 
 
This is your moment to use LinkedIn like a Rockstar.

2. Set the scene for success

My family has this little holiday tradition. Every year we watch the 1989 classic National Lampoon’s Christmas Vacation. It gets worse every year, but you don’t mess with tradition. This year, my 13-year-old was savvy enough to recognize that no one in Clark Griswold’s office had a computer on their desk. She simply couldn’t fathom the idea of work getting done in a pre-technology world. I can barely believe it myself.
 
Technology has evolved in ways the workforce of 1989 could never have imagined. It’s amazing what we can do today. But while videoconferencing technology has technically enabled amazing things, we all know it can be clunky and awkward by 2020 standards. So do your best to make your virtual interview as smooth as possible.
 
Here’s a quick checklist:
 
  • Check your tech. Internet connection, microphone, webcam—are they all working? If not, make sure you troubleshoot ahead of time.
     
  • Create a professional setting. Your background—real or virtual—should be as professional as possible.
     
  • Test the platform in advance. Make sure that wherever you’re meeting (Zoom, Teams, etc.) you have everything downloaded or updated, and you'll be able to get into the virtual interview without a hitch. Do a practice run with a friend if you’re anxious.
     
  • Strip out distractions where you can. Kids, dogs, landscapers, snowblowers—they're all noisemakers of the highest order! Be aware, and do your best to minimize.
     
  • Acknowledge distractions you can’t control. In a tiny apartment or homeschooling kids solo? Don't stress! Just call this out as the meeting begins so no one is caught off guard. Any interviewer with a shred of humanity will offer you some grace.

If the interviewer isn't willing to cut you some slack, pay attention to that vibe! I mean, is a workplace that can't roll with real-world challenges graciously really where you want to be?

3. Account for the floating head syndrome

Videoconferencing is the best we’ve got, but it’s not perfect. There is so much about in-person interaction that we didn’t appreciate until we lost it! We’re now trading in floating heads. We’ve lost our access to body language which helped us read the room or sense how we were being received by our conversation partner.
 

In the absence of body language, you’ve got only your voice, so check in with the interviewer.

 
In a pre-pandemic world, the savvy among us might read subtle cues from the interviewer indicating we’ve gone off-topic, or we’re going into too much detail. But in the absence of body language, you’ve got only your voice.
 
So check in—not constantly, but periodically. Ask the interviewer “Am I answering the question you asked?” or “How’s this level of detail? I can provide more or less if that would be helpful.” 
 
The interviewer will appreciate your checking in. It demonstrates an emotional intelligence many of your competitors may not show.

4. Keep that energy soaring

We all know Zoom-fatigue is real. Energy tends to be lower on video, so find ways to express enthusiasm that the interviewer can’t help but experience.

Focus on being fully present.

This isn’t about singing and dancing (though some solid choreography would certainly make you memorable!) Focus instead on being fully present. Close all of your tabs or windows besides the videoconference. The temptation to multi-task or be distracted by an email is dangerous. This will help you stay focused on the conversation at hand.
 
Be prepared to share stories or examples about projects you were really excited about being a part of. Oh, and find moments to just smile! Let your interviewer know, visually, you’re just happy to be there. Your enthusiasm will shine through.

5. Ask questions of the moment 

It’s good practice in any climate to ask thoughtful questions in an interview. Hiring leaders respond well to curiosity. Especially the kind that shows you did some prep work.
 
In this particular climate, be sure you ask a question or two that is relevant to the experience we're all having. You might ask how they’ve shifted their strategy or service delivery or what they’ve learned about their customers during Covid.
 
This line of questioning shows not only a spirit of curiosity, but that you’re thinking about the need to redirect, be agile, and consider the context when engaging with their products or customers.

6. Put your resilience on display

The great buzzword of 2020 will surely carry into 2021. You may have skills, experience, and connections, but every company wants to know: Are you resilient?
 
Buzzy though it may be, companies want, now more than ever, to recruit people who know how to deal with setbacks, handle rejection, learn from failure, and keep on truckin'!

Every company wants to know: Are you resilient?

So as you move through your conversation, find spots to highlight moments of failure that taught you something new; challenges you overcame; or difficult feedback you used to improve yourself. You can even talk about how you transitioned to working while homeschooling, nursing, and doing whatever else the pandemic has demanded of you.
 
These are the rules of the road when it comes to virtual interviewing. And of course, it goes without saying that what mattered in traditional interviewing—being on time, being professional, doing your research, sending a thank you note—all still applies.
 
Now go get ‘em, tiger!
 

Source: quickanddirtytips.com

Fed reports credit card balances continued to dip in November

Credit card balances slightly dipped in November, as the COVID pandemic fallouts continued, and with the government continuing to wrangle about a second round of fiscal stimulus measures.

Consumer revolving debt – which is mostly based on credit card balances – was down $700 million on a seasonally adjusted basis in November to $978.8 billion, according to the Fed’s G. 19 consumer credit report released Jan. 8.

In November, credit card balances were off 1% on an annualized basis, after October’s 6.7% drop, which came on the heels of September’s 3.2% annualized gain.

Total consumer debt outstanding – which includes student loans and auto loans, as well as revolving debt – continued to grow and rose $15.3 billion to $4.176 trillion in November, a 4.4% annualized gain.

Card balances had touched an all-time high in February 2020 before the coronavirus pandemic started impacting consumer spending and bank lending. They dipped below the $1 trillion mark in May, for the first time since September 2017.

The Fed also reports that interest rates on credit cards were at 14.65% in November, with the rates on cards that are assessed interest (since they carry a balance) at 16.28%.

See related: Paying with credit is getting more expensive in the pandemic

Consumers expect household spending to rise

Consumers expect their household spending at the median to grow 3.7% in the year ahead, the highest in more than four years – even though they don’t anticipate much growth in their income (2.1%) or earnings (2%) – according to the New York Fed’s survey of consumer expectations for November.

Moreover, they are less optimistic about their household financial situation in the year ahead, with more of them expecting it to decline, and fewer consumers expecting an improvement.

Even then, more respondents are optimistic about their ability to access credit in the coming year, expecting it will be easier. However, the mean probability of missing a minimum debt payment in the next three months rose by 1.6 percentage points to 10.9%. Even then, this is still below its 11.5% average for 2019.

Less cheer on labor market front

On the labor market front, more consumers expect that the U.S. unemployment rate will be higher in the year ahead, with the average probability of this outcome rising to 40.1% in November, from October’s 35.4%.

However, they were less pessimistic about the prospects of losing their jobs, with this probability down to 14.6% on average, from October’s 15.5% (but still above the 2019 average of 14.3%).  Those above the age of 60 and those without a college degree were more optimistic about holding on to their jobs.

The respondents were less likely to voluntarily leave their jobs, with the mean probability of this down 1.3 percentage points to 16.6% (a low for the survey). Those 60 and older were at the forefront of this decline. However, respondents on average were more optimistic about the prospects for landing a new job if they lost their current ones.

In the meantime, the government reported that the economy shed 140,000 jobs in December, and the unemployment rate remained at 6.7%. The jobs lost were mostly in the sectors hard hit from the pandemic, with closures impacting the leisure and hospitality sector, as well as private education jobs.

The retail sector added jobs to aid holiday shopping, mostly in warehouses (which benefit from e-commerce) and superstores.

Although average hourly earnings for private sector employees rose $0.23, this is mostly because of the loss of lower-paying jobs in the leisure and hospitality sector, which tilted the average wage for the employed workers to the upside.

In online commentary, Diane Swonk, chief economist at GrantThornton, noted, “The silver lining to a bad overall jobs report is that the losses were concentrated in sectors that are most sensitive to COVID. Many of those jobs will come back once we get to herd immunity. The challenge is getting there, given the slow rollout of vaccines and poor uptake in some areas.”

Given that it will take a while to more fully open the economy, she is in favor of “aid today and another tranche once the new administration takes office.”

See related: Second stimulus deal provides $600 per individual

Application rates for credit cards plunged on pandemic impact

The New York Fed also reported in its credit access survey, which is conducted every four months as part of its survey of consumer expectations, that most credit applications and acceptance rates fell sharply after last February. Mortgage credit was the exception to this.

For credit cards, the application rate was off a steep 10.6 percentage points since February to touch a survey low of 15.7%. This decline impacted all age groups and credit score categories. Applications for credit card limit increases dropped 6.6 percentage points to 7.1% between February and October, another series low since the survey began in October 2013. The decline was spread across all ages and credit score categories.

Consumers applying for credit cards were also subject to steep rejection rates, with this rate rising 11.6 percentage points from February to touch 21.3% in October. Those looking for higher credit limits also were rejected about 37% of the time, from about 25% of the time in February.

No wonder consumers said they were less likely to apply for a credit card or credit limit increase in the next 12 months, with these figures falling 36% and 34% on average since February 2020. Those with credit scores above 680 led this decline.

Source: creditcards.com