While the cheaper FE phone has all of the same features as original Galaxy S24, that more expensive phone could be the better pick.
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Secured Debt vs. Unsecured Debt: Whatâs the Difference?
Debt can be an important tool, whether youâre using it to make large purchases, pay for unexpected expenses, consolidate existing balances or even invest in the future. To understand what type of debt is best for you and your situation, though, itâs important to understand the difference between secured debt and unsecured debt, and how each can be managed over time.
What is unsecured debt?
Unsecured debt is a form of borrowing that is not secured by a specific material asset. Since this type of debt doesnât require an asset as collateral, thereâs nothing specific the lender will take from you if you default on the debt. This includes things like personal loans, student loans and credit cards. (Note that federal student loans are a unique type of debt. They are unsecured, but they do not require the same type of credit review as other loans.)
Without a collateral asset, unsecured debt is considered more risky for lenders. For this reason, it may come with higher interest rates, higher credit score requirements and lower borrowing limits than secured debt.
With that said, unsecured debt can be less risky for borrowers. While you should always plan to pay back your debt as agreed, lenders donât have a specific asset they can seize if you fail to repay an unsecured loan. That doesnât mean unsecured loans are without risk, of course. If you miss payments or end up defaulting on these debts, it can still wreck your credit and, in the worst cases, creditors can take legal action against you.
What is secured debt?
Secured debt is a form of borrowing where a collateral asset is used to secure the debt. This category commonly includes loans intended for large, specific purchases, like buying a house or car. Since these loans pose less risk for lenders, they tend to have less strict eligibility criteria, lower interest rates and higher borrowing limits on average.
If the borrower defaults on this type of loan, the lender can assume ownership or control of that asset and use it to recoup lost funds. (This is called foreclosure or repossession, depending on the loan type.)
Whether itâs your home, car or even savings account thatâs used as collateral, the fact that the lender can seize the asset if you donât repay is what distinguishes this type of debt. But itâs not the only risk for borrowers. Defaulting on a secured loan will still damage your credit, leaving you both without the property and in a worse position financially.
Examples of each type of debt
|
Examples of Secured Debt |
Examples of Unsecured Debt |
|---|---|
|
Home mortgage |
Personal loan |
|
Auto loan |
Student loan |
|
Home equity loan |
Credit card |
|
Secured credit card |
In-store financing |
|
RV, boat or ATV loan |
Medical bills |
The better your credit history and score, the more likely you are to get approved for unsecured credit products. If you have a limited credit history or even poor credit, you may be forced to opt for secured credit cards or loans secured with a collateral asset until you demonstrate to lenders that youâre not a risky borrower.
Why it matters if your debt is secured or unsecured
When it comes to repayment, the type of loan you have dictates your options to manage the debt. With secured debt, such as an auto loan or home mortgage, you have the option of refinancing over time. Refinancing could help you lower your interest rate, reduce your monthly payments, pull equity out of the asset in the form of cash, remove a co-borrower and more. Since this debt is secured by a material asset, thereâs typically no shortage of lenders that may be willing to refinance the debt. You can also refinance some kinds of unsecured debt, like a personal loan or private student loan. This can be a smart move if your finances have improved since you took the loan out and you can now qualify for better terms.
With unsecured debt, debt consolidation is a common strategy used to get debt free faster. With this method, you take out a new loan that can then be used to pay off one or more existing debts. While you can consolidate some secured debts, the move is commonly used for unsecured debt.
If youâre struggling to make payments, debt relief is an option for unsecured debt â but not for secured debts. With debt relief, you can work with a company to create a debt repayment plan, reduce your interest rates or, in some cases, settle your debts for less than you owe.
The bottom line
Both secured and unsecured debt can be smart options, depending on whether youâre looking to make a big purchase, consolidate existing credit card debt or build your credit score with a credit card. Secured debt may be the better option if you have a limited credit history or are making a very large purchase, but comes with risks since the debt is secured by collateral. Unsecured debt is more flexible and doesnât risk your assets, but may have higher interest rates and stricter requirements for approval.
More from Money:
Debt Snowball vs. Debt Avalanche: Which Payoff Strategy Is Right for You?
OlalâArt Gallery Set to Debut âDuetâ â An Exploration of Identity and Connection
OlalâArt Gallery is set to unveil âDuet,â an evocative new exhibition featuring works by Dutch artist Julia Winter and French artist Armelle Kergall. Following her successful solo exhibition, âOBSERVER,â at Singaporeâs The Arts House â Gallery II, Julia Winter returns with a fresh collaboration that broadens her visual narrative on critical global issues â from environmental and political challenges to the intricacies of community and human connection. Winter â a conceptual artist who transforms recycled materials into subversive creations that blend environmental consciousness with layers of historical meaning â is deeply influenced by a global perspective born from her experience living in different countries. She delves into themes of dislocation and identity, focusing on the theme of âthe otherâ amid social and political divides.
At the opening of the âOBSERVERâ exhibition, Dutch Ambassador to Singapore, Ms. Anneke Adema, joined to celebrate and share her thoughts on the showcase. In her speech, Ms. Adema expressed her admiration for Julia Winterâs creative vision, particularly for the âMacbethâ series, which she found especially captivating.
Julia Winterâs âMacbethâ series draws inspiration from Shakespeareâs famed play, reflecting themes of power, ambition, and the often devastating cost of political agendas. Through an ironic and introspective lens, she explores the cyclical nature of history, urging viewers to question the patterns of manipulation and conflict. As a world traveler and long-time resident in Asia, Winterâs art beautifully merges Eastern and Western influences. Her experiences with Eastern philosophy and calligraphy have inspired her workâs focus on harmony between humanity and nature. This perspective, grounded in the concept of qi, lends her a unique vantage point for observing the world.
Images above courtesy of Olalâart gallery
Julia Winterâs work, particularly her acclaimed âDouble Portraitâ series â which debuted in 2023 at OlalâArt Gallery â has captivated audiences with its unique mixed-media approach. Utilising techniques like portraiture on glass and photography, she examined themes of family, gender, and identity, capturing the diversity of people around her. Winterâs creations â including symbolic dolls made from recycled fabrics â celebrate the rich tapestry of relationships within society and the stories that bind us. Her art is a visual dialogue, urging viewers to pause and consider the world from a more nuanced perspective.
Images above courtesy of Olalâart gallery
âDuetâ serves as a platform for reflection, pushing the boundaries of societal norms and fostering a space for audiences to contemplate the shared and often challenging aspects of life. Through Winterâs lens, art becomes not just a medium but a powerful call to rethink and reimagine relationships with the people and environments one encounters daily. âJulia Winterâs exhibition aims to show the audience that art goes beyond visual âeye-candy.â It serves as a platform that encourages us to think, rethink, analyse, and ultimately realise deeper truths,â describes OlalâArt Gallery.
Read More: OlalâArt Presents âBlack / White Quotesâ An Introspective Exhibition
For Julia Winterâs solo show âObserverâ, performance artist Liz ZHU performs a piece entitled âThis suit fit, yet I remain unseenâ (as seen photographed above), curated by Olalâart gallery.
Aesthetically, Julia Winter finds inspiration in the works of notable artists such as Jannis Kounellis, Joseph Beuys, Christian Boltanski, Louise Bourgeois, and Annette Messager, among others. As a woman and an artist, Winter brings a compassionate yet unyielding lens to the pressing issues of our time. In her hands, recycled materials, textiles, and photography become more than media; they become a narrative of resilience and empathy, urging audiences to rethink their roles within society.
Read More: âAGAPEâ: A Mother-Daughter Arts Exhibition by Xu Yanting and XitongÂ
Her work is a vessel that embodies both strength and compassion, demonstrating that women bring a powerful perspective and an expansive heart to issues facing the world, society, and community. With Armelle Kergall, âDuetâ at OlalâArt Gallery, continues this journey â challenging viewers to see beyond surface impressions and encouraging them to foster deeper connections with communities, the environment, and themselves.
With todayâs ongoing political and social climate, the exhibition is arguably more apt now than ever in reminding audiences to embrace a broader view of humanity and the relationships that define it. OlalâArt Gallery describes Juliaâs work as capturing Singaporeâs vibrant community spirit, creating dolls from recycled fabric that reflect the deep connections and diverse identities within society.
Read More: Artistic Duo: Meet the Founders of OlalâArt
âDuetâ will run from 15 November 2024 to 5 January 2025 at 27a, Arab Street, Singapore.
To find out more about the upcoming exhibition, head to OlalâArt Galleryâs official website here: www.olalaworks.com and explore their official Instagram account here: olal.art
All photography in this article are courtesy of Eugene Tan
For more on the latest in art and culture reads, click here.
The post OlalâArt Gallery Set to Debut âDuetâ â An Exploration of Identity and Connection appeared first on LUXUO.
How to Safely Store Valuables in a Luxury Toronto Condo
Toronto is the fastest-growing city in North America. Its metropolitan area grew by 221,588 people over the past 12 months, more than any other city in Canada or the USA. This is one of the key reasons Toronto has embraced high-rise living over recent years. There is a great choice of luxury condos, such as those around Cumberland Street and Yorkville Avenue. For all their great facilities, however, the lack of storage space at these condos can present some challenges to those who own precious valuables.
It is worth noting that Toronto has a relatively low crime rate. A report released earlier this year by CTV News showed it is ranked the safest city in Canada. Nevertheless, a survey by Canadian bank TD Canada Trust found that a remarkable 94 percent of people moving into condos said security was their biggest priority. Here, we look at some popular and practical solutions for safely storing valuables when you live in a luxury Toronto condo.
Off-Site Secure Storage
Canadian businesses offering Toronto storage in secure facilities have grown in step with the high-rise condos, so there are plenty of options for Canadians looking for off-site storage. Storage facilities in downtown Toronto are within easy reach of the main condo developments, meaning householders can access their belongings relatively quickly. This allows them to place items in storage even if they need to use them periodically or at short notice.
Reputable storage facilities have 24/7 security and feature temperature and climate control, so users can feel confident that their belongings are safe from theft or damage. They also offer a protection plan with a third-party insurance company to ensure there is cover in place, just in case.
Installing a Safe in Your Condo
Off-site storage is ideal for larger valuables such as antique furniture or artwork, which might be awkward to get into a high-rise apartment or would look incongruous amongst modern decor. But what about smaller valuables such as custom jewelry, where space is not a problem but security is the greater concern?
In this situation, installing a wall safe could be an ideal solution. It will serve the triple-pronged purpose of securing your valuables, putting your mind at rest and reducing your insurance premium. There are numerous resources online that go into the details of how to buy and install a safe, so we will not go into details here. However, there are some potential complications that apply to those living in a high rise condo:
Building requirements: some condo associations have specific requirements when it comes to the placement or installation of safes, so check with them before you do anything else.
Concrete floors and walls: condos often have concrete walls and floors so this can make it a challenge to drill into them. Also be considerate to neighbors, as drilling into concrete creates a lot of noise and dust.
Weight restrictions: High-rise condos are built to strict and exact load-bearing limits. If in doubt, speak to your condo association or buildings manager.
Type of security: condos typically have greater incidental access than other properties, such as maintenance workers. Choose the security of your safe accordingly. For example, consider biometric access over a simple key lock.
Secure Storage a Vital Component for Luxury Living in Toronto
Toronto is a vibrant and rapidly growing city, where high-rise condo living is now the standard. This applies as much to those living a high-end luxury lifestyle as it does to anyone else, so finding secure storage for valuables is an important consideration.
Off-site storage is the ideal solution, as facilities are purpose-built and offer high levels of security, including CCTV and regular patrols. Fitting a safe is an option for securing smaller valuables, but it does come with challenges due to the nature and construction characteristics of Torontoâs modern high rise buildings.
For more on the latest in luxury property reads, click here.
The post How to Safely Store Valuables in a Luxury Toronto Condo appeared first on LUXUO.
How I’m Budgeting for a Long-Distance Move Without Going Into Debt
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How Iâve Found Relief from Panic Attacks
âDonât assume Iâm weak because I have panic attacks. Youâll never know the amount of strength it takes to face the world every day.â ~Unknown
I was just eighteen when it happened. Sitting in a crowded school assembly, my heart pounded, my chest felt constricted in a vice, and the air seemed to vanish from my lungs. As my surroundings closed in on me, my inner voice muttered, âI think you are dying.â
That was the day I experienced my first panic attack.
Terrified, I fled from the hall. âI need to see a doctor now,â I gasped tearfully to the school secretary. âSomething is wrong! I canât breathe properly!â
The secretary, recognizing what was happening, reassured me that what I was experiencing was a panic attack. Taking my hand in hers, she explained that it would soon pass.
Her guiding me through a few rounds of slow, deep breathing eased the panic. Drenched in sweat and drained from the experience, I called my mom to fetch me.
After that first terrifying experience, panic attacks became a regular, unwelcome presence in my life. I lived in constant fear, always on edge, dreading the next one.
The fear wasnât just about the physical symptoms; it was also about the overwhelming sense of doom, the fear of collapsing in public, of losing control, or even dying.
Whenever panic struck, my immediate response was to escape, to flee from wherever I was. I would phone my mom or dad, hoping their voice would anchor me until the terror subsided.
This pattern cost me countless experiences. Movies, parties, shopping tripsâanything that could trigger a panic attackâbecame something to avoid. My world shrank as the panic attacks took over my life.
Locked in Panicâs Cycle
Panic attacks can manifest in various ways. I have experienced them all. Multiple times. Racing heart, shortness of breath, chest pain, dizziness, sweating, tingling in my arms and legs, dizziness, nausea, stomach cramps, sweating or chills, or detachment from reality.
Even though I knew rationally that these were all panic symptoms, I sometimes found it hard to accept that nothing else was wrong. I know many people share this sentiment.
In the beginning, panic was a lonely experience for me, as I was ashamed to talk about it to friends. This meant quietly suffering. It was a dark place to be. I ached within and longed for this condition to disappear forever.
My once colorful world quickly morphed into a choking gray. Thankfully, in time, I chose to share my condition with others.
In doing so, I created a supportive lifeline. People whose gentle, caring aid helped me to navigate the panic attacks when they felt too overwhelming to manage alone.
Decoding the Trigger: The Nervous Systemâs Hidden Role
I sought the help of a psychologist who helped me to understand the panic attack cycle. I consumed books on panic to understand the condition that had turned my world upside down.
Panic attacks were foreign words to me when I first experienced them. However, I quickly learned how common they are.
Through therapy, I realized my panic attacks were not random or a sign of weakness; they were the result of a dysregulated nervous system. Through various life experiences, my bodyâs natural alarm systemâdesigned to protect me from dangerâhad gone haywire.
My nervous system was stuck in a constant state of high alert, responding to threats that didnât exist. This realization was a turning point in my journey.
With this new understanding, I began to change how I approached my panic attacks. Instead of fleeing or resisting, I started to face them head-on. I learned to breathe through the discomfort.
I had always been aware of the delicate interplay between mind and body and realized that my thoughts needed attention. My catastrophic thinking had become my nemesis, flooding my body with increased panic symptoms.
I worked hard at changing my thoughts, and, over time, the booming negative voice was replaced with a more reassuring, positive one.
Progress took time. Patience was an important lesson. I learned to be gentle with myself and to celebrate the small victories. When setbacks occurred, I encouraged myself to persevere.
Panic Tips for Immediate Relief
Grounding Techniques: I use the â5-4-3-2-1â technique when panic strikes. This entails naming five things I can see, four I can touch, three I can hear, two I can smell, and one I can taste. This is a powerful method, as it helps distract my mind from the panic symptoms.
Conscious Breathing Rounds: This technique involves breathing in for four counts through my nose, holding for four counts, and then breathing out through my mouth for four counts. I do several rounds of these. The positive effect this has on my nervous system is evident after this exercise.
Positive affirmations: Memorize a few positive affirmations to repeat to yourself during a panic attack. Affirmations such as âThis is just a false alarmâ or âI am safe, and these feelings will passâ are very useful. These gentle affirmations invite the nervous system to quieten.
From Fear to Freedom: A Bold New Journey
Today, panic attacks no longer rule my life. Iâve learned to manage and understand them. Their occurrence is far less frequent.
If you suffer from panic attacks, know this: With the right tools and mindset, you can also regain control of your life.
Find a caring therapist. Allow yourself to be vulnerable. You may temporarily require medication, in which case your therapist will guide you. Most importantly, do the internal work.
Today, unlike forty years ago, when my struggles first started, panic attacks are widely discussed. And with access to the Internet, information on the topic is merely a click away. I wish Iâd had that luxury back then.
Facebook offers access to many free groups. Join an anxiety support group that resonates with you.
Connect with your tribe. A shared space of meaningful interaction and empathy offers hope and encouragement.
What could be more healing than the collective energy of your tribe cheering you on every day?
About Elana
Elana, a dedicated BodyTalk practitioner and anxiety coach, inspires holistic wellbeing through her global practice and writing. Passionate about holistic living, she recently launched her blog, “Inspired Wellbeing,” to motivate others to prioritize their wellbeing. Let Elana inspire you on your journey to a healthy, purposeful life! You can find her at bodytalkbalance.co.za and on Facebook here.
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This Exclusive Code Will Give You the Lowest Prices Available on iRobot Roomba Robot Vacuums
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Special Post-Election Episode: Our Responsibility
There is a balance between individual rights and personal responsibility. In this special episode I discuss why our nation’s future depends not just on our rights, but on how we choose to exercise those rights for the common good.
Listen to last week’s episode: https://youtu.be/sixngWhxAIM
Andy Stanley Leadership Podcast: October 2024 Episode | REVERB 16: Special Post-Election Episode: Our Responsibility
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Best Savings Rates Today, Nov. 13, 2024: Take Advantage of High APYs While You Still Can
These savings accounts still earn more than 10 times the national average rate.