Soaring Interest Rates Are Squeezing Out Small Businesses

Small businesses are feeling the effects of the Federal Reserve’s interest rate hikes as tightening credit puts more businesses and workers in dangerous positions, according to The New York Times.

Interest payments for small businesses will rise to about 7 percent of revenues next year on average, as opposed to being just 5.8 percent of revenues in 2021, according to the NYT. The Fed has raised its federal funds rate to a range of 5.25 percent and 5.50 percent following a series of 11 hikes that started in March 2022, bringing the rate to its highest point in 22 years.

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Merchant Banking Organization: Gun, Ammunition Purchases by Credit Card Will be Coded

An unloaded handgun sitting on the center console of a vehicle with the magazine clip next to it

The international organization responsible for creating merchant category codes for credit card purchases has given its approval to establish one for transactions made at gun stores.

The International Organization for Standardization’s Registration and Maintenance Management Group met on Wednesday to discuss a request made by Amalgamated Bank to set up such a code.

An ISO spokesperson told The Center Square that RMMG members could not decide whether to approve the application. That elevated the discussion to the ISO leadership that oversees standards for retail financial services.

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Connecticut Governor Lamont Directs Increase in Earned Income Tax Credit to Benefit Lower-Income Taxpayers

Ned Lamont

Nearly 200,000 households in Connecticut will benefit from an increase in the state’s Earned Income Tax Credit, Gov. Ned Lamont said.

The governor said in a news release that the Department of Revenue Services will increase the 2020 Earned Income Tax Credit from 23% to 41.5% as directed by the state budget.

Lamont said the increase will “provide needed economic support to low-to-moderate income working individuals and families” who faced negative economic impacts amid the COVID-19 pandemic.

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Six Every Day Things Millennials Can Do to Save Money

by Lena Wang   Am I adulting yet?” Every millennial has asked themselves this catchphrase question. It’s commonly heard from twenty-somethings who have legitimate concerns about how to survive. We feel hopeless and uncertain about the future because our parents didn’t teach us personal finances or how to pick the right partner. Economic policies, such as social security and raising the national debt, gambled away our future. Can you really blame us for feeling hopeless? Millennials are some of the hardest-working, most innovative people. Look at Uber, Airbnb, and Facebook. We are far from lazy, and we’ve disrupted many industries for the better. We struggle to pay rent and we’re swamped with student loans, but there are ways to make better decisions and save money. Food and Groceries Shop within your budget, even if it means sacrificing a pleasant shopping experience. Buy groceries at Aldi, Walmart, or similar wallet-friendly stores instead of Whole Foods, Target, or Publix. An important tip to remember before you grab groceries: Never shop hungry, or you’ll be tempted to buy junk food. Also, consider how many people you’re feeding. If you have a big household, then buy in bulk at places like Sam’s Club. Dollar…

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