Credit and Debt

Subterms

    Latest story

    125 Shares99 Views

    China’s First Quarter Results Show Growth Propelled by Its Factories

    by

    China’s big bet on manufacturing helped to counteract its housing slowdown in the first three months of the year, but other countries are worried about a flood of Chinese goods.The Chinese economy grew more than expected in the first three months of the year, new data shows, as China built more factories and exported huge amounts of goods to counter a severe real estate crisis and sluggish spending at home.To stimulate growth, China, the world’s second-largest economy, turned to a familiar tactic: investing heavily in its manufacturing sector, including a binge of new factories that have helped to propel sales around the world of solar panels, electric cars and other products. But China’s bet on exports has worried many foreign countries and companies. They fear that a flood of Chinese shipments to distant markets may undermine their manufacturing industries and lead to layoffs.On Tuesday, China’s National Bureau of Statistics said the economy grew 1.6 percent in the first quarter over the previous three months. When projected out for the entire year, the first-quarter data indicates that China’s economy was growing at an annual rate of about 6.6 percent.“The national economy made a good start,” said Sheng Laiyun, deputy director of the statistics bureau, while cautioning that “the foundation for stable and sound economic growth is not solid yet.”Retail sales increased at a modest pace of 4.7 percent compared with the first three months of last year, and were particularly weak in March. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    More stories

    • 150 Shares119 Views

      in Elections

      Car Deals Are Easier to Find but Lenders Are Tightening Their Terms

      by

      It has become harder for some borrowers to get affordable car loans as banks and dealerships face a rising number of delinquencies.New cars are more available this spring, and manufacturers have even begun offering deals to entice buyers.But at the same time, lenders have been tightening the terms of car loans as they deal with a rising number of delinquencies. That has made it harder for some people to get affordable loans.Access to auto loans for both new and used cars was generally worse in January than in December and down year over year, according to Dealertrack, a Cox Automotive service that tracks credit availability based on factors like loan approvals, terms and down payments. The impact was seen at banks, credit unions and dealerships.“We are seeing credit access tighten in all channels,” said Sean Tucker, a senior editor at Kelley Blue Book, Cox’s car research and sales website.Subprime borrowers in particular — consumers with the lowest credit scores — may face challenges finding financing, Mr. Tucker said. The share of subprime new-car loans has fallen to about 6 percent, roughly half what it was before the pandemic.Borrowers with strong credit are especially attractive to lenders. The average credit score for new-car shoppers taking out a loan or lease rose to 743 at the end of 2023, up from 739 a year earlier, according to fourth-quarter data from Experian Automotive, which tracks car financing. For used cars, the average score was 684, up from 681. (Experian’s report uses VantageScore 3.0 scores, ranging from 300 to 850; scores of 661 and above generally are eligible for favorable terms.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares99 Views

      in Elections

      Looking for a Lower Credit Card Interest Rate? Good Luck.

      by

      Comparison sites often emphasize the big banks’ offerings even though smaller banks and credit unions typically charge significantly less.Credit card debt is rising, and shopping for a card with a lower interest rate can help you save money. But the challenge is finding one.Smaller banks and credit unions typically charge significantly lower interest rates on credit cards than the largest banks do — even among customers with top-notch credit, the Consumer Financial Protection Bureau reported last week.But online card comparison tools tend to emphasize cards from larger banks that pay fees to the sites when shoppers apply for cards, said Julie Margetta Morgan, the bureau’s associate director for research, monitoring and regulations. “It’s pretty hard to shop for a good deal on a credit card right now.”For cardholders with “good” credit — a credit score of 620 to 719 — the typical interest rate charged by big banks was about 28 percent, compared with about 18 percent at small banks, the report found.For those with poor credit — reflected by a score of 619 or lower — large banks charged a median rate of more than 28 percent, compared with about 21 percent at small banks. (Basic credit scores range from 300 to 850.)The variation in the rates charged by big banks and smaller ones can mean a difference, on average, of $400 to $500 a year in interest for cardholders with an average balance of $5,000, the bureau found.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares179 Views

      in Elections

      More Tenants Can Now Add Rent Payments to Their Credit Score

      by

      Policymakers view the reporting of an on-time pattern as a way to reduce disparities in homeownership.About a third of American households rent, yet in most cases their credit score doesn’t reflect their on-time payments.That’s beginning to change. Renters can increasingly choose to have their timely monthly payments reported to the credit bureaus, with the goal of improving their credit profile to qualify for loans.A bevy of third-party services now offer consumers the option of having their on-time rent payments reported to one or more credit bureaus. The bureaus — Equifax, Experian and TransUnion — can add rent payments to loan data to enhance the credit reports and credit scores that lenders use to evaluate potential borrowers.The services typically report only on-time payments, but consumer experts recommend checking the details first. The reporting of late payments, such as when tenants withhold rent to protest their living conditions, may be a drawback to enrolling, consumer experts say.Zillow, the real estate website, became the latest entrant in the rent-reporting market this month. Some options, like Zillow’s, are available to renters whose landlords or property managers use the company’s rental management system to process payments. Others, like the service offered by Self Financial, are available directly to renters.As it stands, few landlords routinely report rent payments to credit bureaus. Traditionally, only lenders have reported to the bureaus, and rent isn’t considered a loan. Fewer than 5 percent of the roughly 80 million adults who live in rental housing had rental data in their credit files, and it was mostly negative data from missed payments, according to the Urban Institute, a nonprofit research group focused on advancing upward mobility and equity. (Negative rent information can end up in credit files if a landlord reports delinquent accounts or sends them to a collection agency.)But in recent years, policymakers have been exploring whether consumers can benefit from having on-time rent payments included in credit scores, just as payments for mortgages, car loans and credit cards are. Reporting on-time rent payments is viewed as a way to reduce disparities in homeownership.Fannie Mae, the quasi-governmental home finance giant, began a pilot program in 2022 using three financial technology companies that report on-time payments from thousands of renters in multifamily buildings to the credit bureaus. Fannie Mae reported in November that its data “shows a trajectory toward better financial health for many renters.” Well over half the participants increased their credit scores. Those who already had a credit score, and saw an improvement, had an average increase of about 40 points. (Scores range from 300 to 850.) The pilot has been extended to the end of this year.TransUnion has been able to include rent payments in its credit reports since 2016 and has seen increasing interest from property managers, said Maitri Johnson, vice president of tenant and employment screening at the credit bureau. The company’s data show that rent reporting is particularly helpful to consumers who were “unscorable,” meaning they had no or little credit history, Ms. Johnson said.Ariel Nelson, a staff attorney with the National Consumer Law Center, said consumers should be cautious. Reporting on-time payments can make sense, she said, for people who are able to consistently pay on time and may be renting temporarily while saving to buy a home.But there can be risks, particularly for lower income tenants who may struggle to pay on time, she added. If a tenant opts into reporting and pays on time for several months but then hits a rough patch and falls behind, the late payment isn’t reported. But lenders might interpret the absence of rental information on the credit report for a month or two as a negative, Ms. Nelson said.(Fannie Mae said that separate from the pilot, lenders could use its automated underwriting system to supplement their credit evaluations of first-time home buyers by including rent data, and that missing rent payments weren’t counted against the borrower.)The general industry approach so far is to give renters a choice about whether to have their payments regularly reported, and to report only on-time payments.As the practice becomes more widespread, landlords could eventually require reporting of rent to credit bureaus, Ms. Johnson said. The requirement would probably be disclosed during the negotiation of the lease agreement.The reporting of negative information could affect tenants who might want to withhold rent as a way to force landlords to maintain or repair buildings, Ms. Nelson said. If landlords report the withheld payments, tenants may feel pressured to pay to avoid harming their credit. A recent news report suggested that has happened in New York City.Zillow’s service deems payments on time if they are received within 30 days of the due date, said Amy Wipfler, senior product manager for social impact at the company. Payments made after that aren’t reported. The new service is available to “tens of thousands” of renters, she said.Currently, Zillow’s service reports just to Experian. If a participant applies for a loan with a lender that uses one of the other credit bureaus, the positive rent payments won’t have an impact. Zillow aims to add the other credit bureaus, Ms. Wipfler said. (Other services, like Esusu and Self Financial, report to all three.)Here are some questions and answers about using rent payments to help credit scores:Are all credit scoring systems able to factor in rent payments?No. Only the latest, but not yet widespread, versions of credit scoring systems from FICO, the data analytics company, can incorporate rent data, said Ethan Dornhelm, the company’s vice president for scores and predictive analytics. The FICO 8 version, an older but widely used model, cannot factor in rents, he said. All versions of VantageScore, a scoring model owned by the major credit bureaus, are able to factor in rent payments, a spokeswoman, Sarah Cain, said in an email.Is there a charge for rent reporting services?That varies. Some services are free for both landlords and tenants, while others may charge one-time or monthly fees. (Some are free for new rental payments but charge for reporting prior rental history.) It may not be worthwhile for consumers who already have top-tier credit scores to have their rent reported, since they would probably see incremental benefits from an even higher score, Ms. Johnson at TransUnion said.What are other ways to build credit?Options for building credit if you have a scant credit file or marred credit include opening a “secured” credit card. You typically make a deposit and get a line of credit up to that amount, and your payment history is reported to the credit bureaus. Some community banks and credit unions offer “credit builder” loans. The money you borrow is held in a bank account while you make payments, which are reported to credit bureaus. Once you have paid the loan amount, you get access to the funds. More

    • 113 Shares159 Views

      in Elections

      U.S. Economy Grew at 3.3% Rate in Latest Quarter

      by

      The increase in gross domestic product, while slower than in the previous period, showed the resilience of the recovery from the pandemic’s upheaval.The U.S. economy continued to grow at a healthy pace at the end of 2023, capping a year in which unemployment remained low, inflation cooled and a widely predicted recession never materialized.Gross domestic product, adjusted for inflation, grew at a 3.3 percent annual rate in the fourth quarter, the Commerce Department said on Thursday. That was down from the 4.9 percent rate in the third quarter but easily topped forecasters’ expectations and showed the resilience of the recovery from the pandemic’s economic upheaval.The latest reading is preliminary and may be revised in the months ahead.Forecasters entered 2023 expecting the Federal Reserve’s aggressive campaign of interest-rate increases to push the economy into reverse. Instead, growth accelerated: For the full year, measured from the end of 2022 to the end of 2023, G.D.P. grew 3.1 percent, up from less than 1 percent the year before and faster than in any of the five years preceding the pandemic. (A different measure, based on average output over the full year, showed annual growth of 2.5 percent in 2023.)There is little sign that a recession is imminent this year, either. Early forecasts point to continued — albeit slower — growth in the first three months of 2024. Layoffs remain low, and job growth has held steady. Cooling inflation has meant that wages are again rising faster than prices. And consumer sentiment is at last showing signs of rebounding after years in the doldrums.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

    • 75 Shares169 Views

      in Elections

      Your Tuesday Briefing: Putin Addresses Russia

      by

      Also, Pakistan’s military fired three top commanders.President Vladimir Putin during a televised speech yesterday. Sergei Ilnitsky/EPA, via ShutterstockPutin addressed the revoltPresident Vladimir Putin addressed the rebellion over the weekend by the Wagner mercenary group, led by Yevgeny Prigozhin, in a short televised speech yesterday. In his first public comments since Saturday, Putin tried to project unity and stability as questions swirled about the strength of his grip on power.Putin appeared visibly angry as he denounced the rebellion as “blackmail” and claimed that “the entire Russian society united and rallied everyone.” He did not mention Prigozhin by name.“They wanted Russians to fight each other,” he said. “They rubbed their hands, dreaming of taking revenge for their failures at the front and during the so-called counteroffensive.”Earlier in the day, Prigozhin also spoke publicly for the first time since Saturday. He said that he wasn’t seeking to oust Putin and denied that he had any intention of seizing power. He said that he was only protesting the new law that he said would have effectively halted Wagner’s operations in Ukraine.“We went to demonstrate our protest, and not to overthrow the government in the country,” Prigozhin said. Now, the future of the Wagner group remains unclear and Prigozhin could still face charges.Analysis: The short-lived rebellion — the most dramatic challenge to Putin’s authority in his 23-year reign — could undermine his power in the long-term.The war: Ukraine’s leaders are hoping to capitalize on the chaos in Russia to make gains on the front lines. The counteroffensive is off to a halting start, but leaders are urging patience and say the main push is yet to come.Imran Khan has accused the military of orchestrating his removal, an allegation that officials deny.K.M. Chaudary/Associated PressA crackdown in Pakistan’s militaryPakistan’s military fired three senior army commanders and disciplined 15 top officers over their conduct during recent protests that supported Imran Khan, the former prime minister. Analysts said it was the strongest action the military has taken against its own in decades.The crackdown sent a message that support for Khan would not be tolerated in the ranks. The punishments also underscored that the military would use an increasingly strong hand to quash support for Khan, who was ousted from power last year but has made a comeback in the months since.Details: Violent demonstrations erupted last month after Khan was briefly arrested on corruption charges, accusations that he denied. A military spokesman said that the members of the military who had been disciplined had failed to secure military installations against attacks by protesters.Arrests: Since the protests, at least 5,000 of Khan’s supporters have been arrested. A military spokesman said at least 102 will be tried in military courts, which has drawn widespread criticism from human rights groups.Inflation in Suriname is near 60 percent, and people are protesting.Adriana Loureiro Fernandez for The New York TimesU.S.-China relations complicate lendingMiddle- and lower-income countries are grappling with untenable debts after years of low interest rates encouraged borrowing. The rivalry between China and the U.S. is now complicating their ability to get relief on time.For decades, the I.M.F. has regularly prescribed austerity as a condition for financial aid. But in recent years, China has emerged as a major lender for developing countries across the world, and its loans are accompanied by fewer demands.Now, the I.M.F. and the U.S., its most influential participant, have balked at providing some relief to debt-stressed countries until Chinese financial institutions participate. Otherwise, they say, Chinese lenders are free-riding on debt forgiveness extended by others. But as Beijing grows increasingly assertive, it has refused to bow to the West.As a result, countries such as Ghana, Ethiopia and Pakistan — each facing escalating debts, much of it to state-owned Chinese lenders — are caught in the crossfire.Case in point: Suriname was offered low-interest loans from the I.M.F., but the agency was adamant that Chinese creditors restructure $545 million in debt — loans Suriname had used to build roads and housing. The impasse delayed relief as inflation soared and children went hungry.THE LATEST NEWSAround the WorldKyriakos Mitsotakis has pledged to keep the country on the road of economic and political stability.Louisa Gouliamaki/Agence France-Presse — Getty ImagesKyriakos Mitsotakis, the leader of a conservative Greek party, was sworn in for a second term after a landslide victory. It’s another win for the right in Europe.An anticorruption candidate stunned Guatemala’s establishment by advancing to a runoff in the presidential race against a former first lady.Sierra Leone’s main opposition party accused the military of attacking their headquarters after weekend elections.A study found that loan officers in Uganda were more likely to offer credit to heavier-looking people. In a place where food can be scarce, obesity can signal financial security.U.S. NewsClimate change is intensifying flood risks in some of the country’s most populous areas.A shortage of cancer drugs is forcing doctors to give priority to patients who have the best chance of survival.Yasufumi Nakamori, a senior curator at the Tate Modern in London, will become director of the Asia Society in New York.A Morning ReadJes Aznar for The New York TimesIn the Philippines, an annual rodeo on the island province of Masbate is both a competition and a celebration of the country’s unique cowboy culture, with roots in the Spanish and American colonial eras.“Where there’s cattle, there’s rodeo,” said a livestock farmer who directs the festival’s rodeo events. “It is not necessarily American.”ARTS AND IDEASTony Cenicola/The New York TimesInside Barbie’s dream houseIn 1962, American women were denied mortgage applications because of their sex or marital status. But that year, Barbie bought her first home. It had a record player and a television set, but no kitchen. She was there to have fun, not to be a housewife.In the years since, Barbie’s Dreamhouse has been a mirror for social, political and economic changes across the U.S. It responded to the sexual revolution, to the environmental movement and even to pandemic remote work.Throughout that time, Barbie’s house has given little girls a subliminal, maybe even subversive, blueprint for economic liberation. Notably, the Dreamhouse was all her own — Ken wasn’t on the deed.Barbiecore: Hot pink and magenta are surging in popularity in home décor. The forthcoming “Barbie” movie is serving as a catalyst.PLAY, WATCH, EATWhat to CookDavid Malosh for The New York Times. Food Stylist: Simon Andrews.This shish kebab is marinated in spiced yogurt.What to ReadThe novel “Banyan Moon” traces a family from 1960s Vietnam to present-day Florida.What to Listen toHere are nine new songs from our playlist.Now Time to PlayPlay the Mini Crossword, and a clue: Bit of fire (five letters).Here are the Wordle and the Spelling Bee. You can find all our puzzles here.That’s it for today’s briefing. See you tomorrow. — AmeliaP.S. Take our photo-based geography quiz.“The Daily” is about the rebellion in Russia.You can reach us at briefing@nytimes.com. More

    • 75 Shares179 Views

      in Elections

      How Independent Voters Feel About Biden

      by

      More from our inbox:Grading Biden on the EconomyIf Only Republicans Were as Bold as the BritsSanctions Against Russia if It Invades UkraineYes, They Deserve a Lawyer  Illustration by Cristiana Couceiro, photographs by Chris Jackson/Getty Images and Pool photo by Steve ParsonsTo the Editor:“14 Independent Voters Share Their Fears” (Sunday Review, Jan. 23) reflects attitudes that may cause the downfall of the Biden presidency and result in even greater negative consequences.In response to a request for “a word or phrase that describes President Biden,” the answers were weakly moderate (e.g., “reasonable”) to completely negative (e.g., “incoherent,” “pathetic,” “clueless,” “complete disaster,” “spaced out”).Consider the issues and opposition that Mr. Biden faces: Vladimir Putin and Ukraine, Chinese economic and territorial expansionism, Covid, a divided Congress, Iran negotiations, Build Back Better, inflation, Supreme Court rulings, voting rights, economic and social justice, and last, but definitely not least, climate change. Consider also that the Afghanistan pullout and infrastructure bill are done.I do not believe that any president since World War II has confronted and tried to address so many major, even existential, issues at one time. I was not initially a Biden supporter. I do not necessarily agree with him on everything. My solutions may differ on the issues. But if I were to be asked for a word to describe President Biden, it would be “courageous.”Dean R. EdstromEden Prairie, Minn.To the Editor:As I read through the transcript of the focus group with “independent” voters, I couldn’t help but think: I voted for Mitt Romney in 2012 and worked on Hillary Clinton’s campaign in 2016. Where’s my focus group?The media’s obsession with using Obama-Trump voters as a representation of independent voters has never made sense to me. While these voters may represent a segment of independent voters, they seem more drawn to strong personalities than good policies. Many in the group seemed susceptible to misinformation, a trait that I imagine led them to Donald Trump.There are other independents in this country who can provide much more interesting (and dare I say nuanced) takes on how the administration is doing. Those voters can have just as much of an impact on the elections in 2022 and 2024, if not more. I hope The Times will consider highlighting those voices as well in the future.Eric HinkleArlington, Va.Grading Biden on the Economy  Illustration by Rebecca Chew/The New York Times; photographs by Doug Mills/The New York Times, and Lauri Patterson, via Getty ImagesTo the Editor:Re “President Biden’s Economy Is Failing the Big Mac Test” (editorial, Jan. 23):Your editorial succinctly summarizes the economic policies of the Biden administration, the current state of the economy and its likely future trajectory. With all that in mind, it concludes that President Biden made the right choice in firing up the economy to avoid a sluggish recovery that would have caused considerable pain for many, even though this approach has caused near-term pain for a segment of the population.Were one, however, to read the headline, or even its first few paragraphs, one would come away with the incorrect notion that Mr. Biden — who the editors acknowledge has less ability to affect the economy than popularly conceived — has engaged in failed policies that have left people worse off than they ought to be.The Times can and should do better.Seth GinsbergEnglewood, N.J.To the Editor:The Times’s failing grade for President Biden’s economic performance needs to be re-examined. The editorial tells us your main measure is real weekly wages — the average worker’s wages adjusted for inflation. The editorial determined that Mr. Biden has failed, since the average real weekly wage fell by 2.3 percent over the last year.There are two major problems with this measure. The first is a composition effect. In 2020, many low-paid workers were laid off. This raises the average, in the same way the average height in a room rises when the shortest person leaves. The composition effect went the opposite way in 2021, as low-paid workers were rehired.The other is a pandemic price effect. Many prices, most notably gasoline, were depressed when the world economy shut down because of the pandemic. Predictably, these price declines were reversed when the economy reopened.If we want a more honest measure, we would look at real wage growth over the last two years, which is a very respectable 2.9 percent.Dean BakerKanab, UtahThe writer is senior economist at the Center for Economic and Policy Research.To the Editor:The problem is, nobody really understands the economy.Different economists will give different reasons for why the economy is doing what it’s doing. Some will get it right, many won’t. Some might be only partly right.When it comes down to it, there are often multiple reasons why the economy does what it does. And, no matter what the president does, the economy will go its own way because of multiple factors. So is President Biden at fault? A little bit yes and a little bit no.We have an economy being manipulated by Covid, oil-producing nations, supply chains, businesses inflating prices, etc. The president is the most prominent individual to aim at, but he’s only a small part of the problem. Do you know anyone who’d be more effective?Marshall CossmanGrand Blanc, Mich.To the Editor:Rather than blaming “Democrats, unable to agree on the terms of a permanent expansion” for the expiration of the child tax credit, the blame should be placed on one Democrat, Senator Joe Manchin, and the 50 Republicans who are united in opposition.Michael CaplowSeattleIf Only Republicans Were as Bold as the BritsPrime Minister Boris Johnson in Parliament on Tuesday.Jessica Taylor/Uk Parliament, via Agence France-Presse — Getty ImagesTo the Editor:Re “How Partying Could Be Boris Johnson’s Undoing” (The Daily podcast, Jan. 25):As I watch the British prime minister, Boris Johnson, tumble into a conflagration of his own lies and hubris as he flagrantly flouted Covid restrictions while the rest of Britain abided by the rules, I am struck by the members of his own Tory Party who are openly stating their disgust at his behavior.Certainly they are motivated by self-interest and the preservation of the Tory majority, but one can only wonder where we would be in this country if Mitch McConnell and other Republicans had confronted Donald Trump and openly declared their actual personal opinions about his mendacity and malignancy as David Davies, a senior member of the Conservative Party, did in Parliament. He quoted the words spoken to Neville Chamberlain: “You have sat there too long for all the good you have done. In the name of God, go!”The Republican leadership simply did not have the morality and courage of David Davies. We are all paying the price for their lack of character.Robert GrossmarkNew YorkTo the Editor:I have been struck throughout the pandemic by the resonances with Edgar Allan Poe’s story “The Masque of the Red Death,” in which a prince, attempting to escape a deadly plague, holes himself inside a palace and throws a masquerade ball. Spoiler alert: The plague gets in, disguised as a flamboyantly dressed guest.It does not surprise me that Boris Johnson’s demise may be thanks to a party of his own.Alice WalkerBrooklynSanctions Against Russia if It Invades Ukraine Mikhail Metzel/SputnikTo the Editor:If Vladimir Putin invades Ukraine, then the United States, Britain and the European Union should close their borders to Russian citizens and deny them visas.Let the oligarchs find new places to buy their mansions and launder their money. The West should not be a refuge for Russian money and rich Russians.Michael R. SlaterSan Luis Obispo, Calif.Yes, They Deserve a LawyerThe Rev. John Udo-Okon, pastor of the Word of Life International Church in the South Bronx, hopes to be trained to help his congregants defend themselves against debt-collection suits.Thalia Juarez for The New York TimesTo the Editor:Re “Do Debtors Really Need a Lawyer When Sued?” (news article, Jan. 26):Yes, they do! Hundreds of thousands of overwhelmingly Black and brown low-income people face debt collection in New York State — from pending cases and cases in which creditors secured court judgments against them. Why should they have to settle for nonprofessional counsel in legal proceedings that can determine if they have food on the table and a roof over their heads for themselves and their families?If you have the means, you would never settle for a nonprofessional, and they should not have to either. New York State should expand civil legal services in this grossly underfunded area, particularly at this critical time.Dora GalacatosNew YorkThe writer is executive director of the Feerick Center for Social Justice, Fordham University School of Law. More