Debt consolidation trends: How borrowers are managing and paying down debt

kAm%96 42D9 4CF?49 :D C62=i &]$] 4@?DF>6C 563E C624965 Sd]`e EC:==:@? :? E96 7:CDE BF2CE6C @7 a_ae 2?5 :?7=2E:@? 4@?E:?F6D E@ C:D6] %96 4C65:E 286?4J %C2?D&?:@?® C646?E=J C6A@CE65 E92E p>6C:42?D’ C6BF:C65 >@?E9=J 563E A2J>6?ED 2C6 “4@?DF>:?8 >@C6 9@FD69@=5 :?4@>6 2?5 C65F4:?8 7:?2?4:2= C6D:=:6?46]”k^Am

kAm$@ 3@CC@H6CD 2C6 E9:?<:?8 92C5 23@FE 9@H E@ >2<6 E96:C >@?6J 8@ 72CE96C] ~?6 E@@= E92E 42? 96=A C6DE@C6 7:?2?4:2= C6D:=:6?46 :D 563E 4@?D@=:52E:@?[ H9:49 @7E6? =@H6CD >@?E9=J 4C65:E 42C5 2?5 =@2? A2J>6?ED]k^Am

kAm%@ 36EE6C F?56CDE2?5 H96E96C @C5:?2CJ 3@CC@H6CD >:89E 36?67:E 7C@> 4@?D@=:52E:@?[ k2 9C67lQ9EEADi^^HHH]D@7:]4@>Qm$@u:k^2m 2D<65 >@C6 E92? `[d__ A6@A=6 E@ H6:89 :?] %9:D k2 9C67lQ9EEADi^^HHH]D@7:]4@>^C6D62C49^563E\4@?D@=:52E:@?\EC6?5D^Qma_ae s63E r@?D@=:52E:@? %C6?5D DFCG6Jk^2m AC@G:56D 2 8=:>AD6 :?E@ &]$] 4@?DF>6CD’ C6=2E:@?D9:A H:E9 E96:C =@2?D 2?5 563E >2?286>6?Ei 9@H >F49 E96J @H6 2?5 E@ H9@>[ 9@H =@?8 E96J 6IA64E E@ 36 :? 563E 2?5 H92E DEC2E68:6D E96J >2J AFCDF6 E@ C6D@=G6 :E]k^Am

k9bmz6J u:?5:?8Dk^9bm

kF=mk=: 52E2\=:DE\:E6>\:5lQ63b`f_3g6c`__cbacgd3bgd`_76h73bheQmp=>@DE ?:?6 :? `_ 4@?DF>6C 563E DFCG6J C6DA@?56?ED WgfTX C6A@CE E92E 4C65:E 42C5D 2C6 E96:C >2:? D@FC46 @7 563E]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6dcbdah65c4d_e6ffdeac7fbhg_`45gafQm%H@\E9:C5D WefTX @7 3@CC@H6CD :? $@u:’D DFCG6J 42CCJ 36EH66? S`_[___ 2?5 Sd_[___ :? E@E2= 563E] %96 =2C86DE 42E68@CJ WbdTX :D A6@A=6 @H:?8 S`_[___ E@ Sad[___]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6f7hcebg_3g43h4ec276d4ge_fh5_fff4Qmp=>@DE ecT @7 C6DA@?56?ED D2J 9:89 :?E6C6DE C2E6D 2C6 E96 3:886DE 492==6?86 E96J 7246 :? 562=:?8 H:E9 563Ej 7@C `gT[ 6>@E:@?2= DEC6DD :D E96:C E@A AC@3=6>]k^=:mk=: 52E2\=:DE\:E6>\:5lQ6e26d5hb5db5c66db`3fga5`e252`_4e3Qm|@DE 3@CC@H6CD WdgTX 6IA64E E@ 36 A2J:?8 @77 E96:C 563E 7@C 2E =62DE E96 ?6IE `a >@?E9D]k^=:mk=: 52E2\=:DE\:E6>\:5lQ62`_h`665`e_2c2he267`ac54__725e`bQmx7 =@H6C >@?E9=J A2J>6?ED H6C6 E@ 7C66 FA D@>6 6IEC2 42D9[ dhT H@F=5 AC:@C:E:K6 A2J:?8 5@H? E96:C 563E 72DE6C[ C2E96C E92? DA6?5:?8 E96 H:?572==]k^=:mk=: 52E2\=:DE\:E6>\:5lQ672ebd5h3e76h3h7bf`cfh567_b_a_eg3Qm(96? 4@?D:56C:?8 4@?D@=:52E:@?[ 3@CC@H6CD H@CCJ >@DE @7E6? 23@FE 9:556? 766D 2?5 E2<:?8 @? 255:E:@?2= =@?8\E6C> 563E]k^=:mk^F=m

k9bmx?EC@5F4E:@? E@ s63E r@?D@=:52E:@? %C6?5Dk^9bm

kAmpD E96 ?2>6 DF886DED[ 4@?D@=:52E:@? 82E96CD 2== @7 J@FC 4@?DF>6C 563E :?E@ @?6 =@2?] r@?DF>6C 563E :D 4C65:E 42C5 563E[ A6CD@?2= =@2? 563E 2?5 D:>:=2C F?D64FC65 563Ej :E 5@6D ?@E :?4=F56 J@FC 9@>6 =@2?[ :7 J@F 92G6 @?6] %96 >@DE 4@>>@? EJA6D @7 563E 4@?D@=:52E:@? =@2?D 2C6 A6CD@?2= =@2?D 2?5 32=2?46\EC2?D76C 4C65:E 42C5D]k^Am

kAm|2?J 32=2?46 EC2?D76C 42C5D @776C =@H @C K6C@\A6C46?E :?E6C6DE 7@C 2 8:G6? :?EC@5F4E@CJ A6C:@5[ H9:49 42? 8:G6 J@F 2 3C62< @? 7:?2?4:?8 492C86D 2D J@F 86E J@FC >@?6J C6@C:6?E65] r@?DF>6CD ?@E :? 2 A@D:E:@? E@ A2J 5@H? 563E BF:4<=J 5FC:?8 2 3C:67 H:?5@H @7 E:>6 @7E6? AC676C A6CD@?2= =@2?D 7@C 563E 4@?D@=:52E:@?]k^Am

kAmp?@E96C 36?67:E @7 k2 9C67lQ9EEADi^^HHH]D@7:]4@>^=62C?^4@?E6?E^9@H\563E\4@?D@=:52E:@?\H@C<D^Qm563E 4@?D@=:52E:@?k^2mi *@FC 563E >2?286>6?E :D >@C6 677:4:6?E[ 3642FD6 J@F 92G6 76H6C A2J>6?ED E@ >2<6 6249 >@?E9]k^Am

k9bmrC65:E r2C5 s63E xD E96 |@DE r@>>@? %JA6 @7 s63Ek^9bm

kAmx? @FC DFCG6J[ E96 G2DE >2;@C:EJ WgfTX @7 DFCG6J C6DA@?56?ED D2:5 4C65:E 42C5 32=2?46D 2C6 E96:C >2:? D@FC46 @7 563E] ~7 E96D6 A6@A=6[ gcT @H6 >@C6 E92? S`_[___[ H:E9 >@C6 E92? EH@\E9:C5D @7 C6DA@?56?ED WegTX @H:?8 36EH66? S`_[___ 2?5 Sd_[___]k^Am

kAm#@F89=J `_T @7 E9@D6 DFCG6J65 ?2>65 A6CD@?2= =@2?D 2D E96:C AC:>2CJ EJA6 @7 563E]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^``^`a^rC65:E\r2C5\s63E\xD\E96\|@DE\r@>>@?\%JA6\@7\s63E]A?8Q 2=ElQp 52E2 8C2A9:4 C6G62=:?8 9@H >F49 A6@A=6 @H6 ?@H E92E 4C65:E 42C5 563E :D E96 >@DE 4@>>@? EJA6 @7 563E]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@u:k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^m|@DE q@CC@H6CD r2CCJ q6EH66? S`_[___ 2?5 Sd_[___ :? s63Ek^9bm

kAm|@C6 E92? @?6\E9:C5 @7 A6@A=6 DFCG6J65 WbdTX D2:5 E96J 4FCC6?E=J @H6 36EH66? S`_[___ 2?5 Sad[___ 24C@DD 2== E96:C 7@C>D @7 563Ej C@F89=J 2?@E96C E9:C5 WbaTX 92G6 563E =@25D 36EH66? Sad[__` 2?5 Sd_[___] $:IE66? A6C46?E C6A@CE65 @H:?8 >@C6 E92? Sd_[___]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^``^`a^w@H\|F49\s63E0]A?8Q 2=ElQp 52E2 8C2A9:4 G:DF2=:K:?8 9@H >F49 563E 3@CC@H6CD 92G6]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@u:k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^m|2?J q@CC@H6CD pC6 |2?28:?8 |F=E:A=6 |@?E9=J !2J>6?EDk^9bm

kAmp=>@DE 92=7 @7 C6DA@?56?ED WcfTX D2J E92E >2?28:?8 E96:C 563E C6BF:C6D E9C66 E@ 7:G6 5:776C6?E A2J>6?ED A6C >@?E9] p3@FE @?6 :? 7@FC A6@A=6 D2J E96J ;F88=6 36EH66? D:I 2?5 `_ A2J>6?ED 6249 >@?E9] r=@D6 E@ a_T >2<6 @?=J @?6 @C EH@[ H9:=6 fT >2<6 >@C6 E92? `_]k^Am

kAm%C24<:?8 2 D=6H @7 A2J>6?E 5F6 52E6D 2?5 @FEDE2?5:?8 32=2?46D 42? 36 2 C62= 3FC56?[ @?6 E92E 4@?D@=:52E:@? 42? 62D6 C:89E 2H2J] u@C 6I2>A=6[ C646?E 8C25F2E6D >2J 36 36EE6C 23=6 E@ DEC62>=:?6 2?5 A=2? E96:C A2J>6?ED 3J k2 9C67lQ9EEADi^^HHH]D@7:]4@>^=62C?^4@?E6?E^4@?D@=:52E:?8\4C65:E\42C5D\2?5\DEF56?E\=@2?D^Qm4@?D@=:52E:?8 DEF56?E =@2?D 2?5 4C65:E 42C5 563Ek^2m]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^``^`a^!2J>6?ED\A6C\|@?E9]A?8Q 2=ElQp 52E2 8C2A9:4 C6G62=:?8 E92E >@DE 3@CC@H6CD >2<6 2E =62DE E9C66 563E A2J>6?ED A6C >@?E9]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@u:k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^mw:89 x?E6C6DE #2E6D pC6 E96 q:886DE r92==6?86 7@C q@CC@H6CDk^9bm

kAmp=>@DE EH@\E9:C5D WecTX @7 $@u: 563E DFCG6J C6DA@?56?ED A@:?E E@ 9:89 k2 9C67lQ9EEADi^^HHH]D@7:]4@>^=62C?^4@?E6?E^:?E6C6DE\C2E6\567:?:E:@?^Qm:?E6C6DE C2E6Dk^2m 2D E96 3:886DE 492==6?86 :? >2?28:?8 E96:C 563E] %92E’D ?@ DFCAC:D6[ H:E9 2=>@DE ?:?6 @FE @7 `_ C6DA@?56?ED C6A@CE:?8 E96:C AC:>2CJ D@FC46 @7 563E :D 4C65:E 42C5 563E — FDF2==J E96 >@DE 6IA6?D:G6 H2J E@ 3@CC@H] !2J:?8 E96 9:896DE C2E6D 2C6 3@CC@H6CD H:E9 4C65:E D4@C6D 36=@H f__[[ H9@ >2<6 FA 2=>@DE bgT @7 C6DA@?56?ED]k^Am

kAm#6=2E65=J[ 2=>@DE @?6 :? 7:G6 W`gTX 3@CC@H6CD D2J E96 6>@E:@?2= DEC6DD 42FD65 3J 563E :D E96:C E@F896DE 9FC5=6] q@CC@H6CD H9@ @H6 36EH66? Sad[___ 2?5 Sd_[___ H6C6 >@DE =:<6=J Wa_TX E@ 9:89=:89E DEC6DD]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^``^`a^w:89\x?E6C6DE\#2E6D\pC6\%@A\s63E\|2?286>6?E\r92==6?86]A?8Q 2=ElQp 52E2 32C 492CE C6G62=:?8 E92E 9:89 :?E6C6DE C2E6D 2C6 E@A 563E >2?286>6?E 492==6?86]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@u:k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^m|@DE q@CC@H6CD w2G6 }@E r@?D@=:52E65 %96:C s63E q67@C6k^9bm

kAm%H@ @FE @7 E9C66 3@CC@H6CD WeeTX :? @FC DFCG6J C6A@CE65 E92E 563E 4@?D@=:52E:@? H@F=5 36 2 ?6H 7:?2?4:2= >@G6 7@C E96>] ~7 E96D6 ?6H3:6D[ >@C6 E92? E9C66\BF2CE6CD WfgTX >2<6 2E =62DE E9C66 5:776C6?E 563E A2J>6?ED 6249 >@?E9 2?5 b_T D6?5 @FE 2E =62DE D:I[ >62?:?8 E92E[ :7 ?@E9:?8 6=D6[ 563E 4@?D@=:52E:@? H@F=5 =:<6=J D:>A=:7J E96:C 7:?2?4:2= C@FE:?6]k^Am

kAmq@CC@H6CD E9:?<:?8 23@FE 563E 4@?D@=:52E:@? >2J H2?E E@ 368:? H:E9 2 7F== A:4EFC6 @7 E96:C 4FCC6?E D:EF2E:@?] p k2 9C67lQ9EEADi^^HHH]D@7:]4@>^42=4F=2E@CD^563E\4@?D@=:52E:@?\42=4F=2E@C^Qm563E 4@?D@=:52E:@? 42=4F=2E@Ck^2m 42? 36 FD67F= 7@C E92E] &D6CD AFE :? E96 G2C:@FD 32=2?46D E96J @H6 2?5 C64@C5 E96 :?E6C6DE C2E6 @? 6249 @?6j E96 E@@= E96? 6DE:>2E6D E96 A2J@77 E:>6 7@C E96 6?E:C6 DF>] xE D9@HD E96 A@E6?E:2= G2=F6 @7 C67:?2?4:?8 E96 6?E:C6 563E 2E @?6 7:I65[ 4@?D:DE6?E :?E6C6DE C2E6]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^``^`a^w2G6\*@F\r@?D@=:52E65\s63E0]A?8Q 2=ElQp 52E2 8C2A9:4 C6G62=:?8 E92E EH@\E9:C5D @7 C6DA@?56?ED 2C6 7:CDE\E:>6CD :? 563E 4@?D@=:52E:@?]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@u:k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^m!C6G:@FD s63E r@?D@=:52E:@? |6E9@5D &D65k^9bm

kAm%9@D6 H9@ 92G6 8@?6 E96 4@?D@=:52E:@? C@FE6 :? E96 A2DE \– C@F89=J b_T @7 C6DA@?56?ED — 92G6 >@DE=J FD65 A6CD@?2= =@2?D WeaT @7 4@?D@=:52E@CD[ @C `gT @7 2== 3@CC@H6CDX] %96 C6DE WbgT @7 4@?D@=:52E@CD[ @C ``T @7 2== 3@CC@H6CDX @AE65 7@C 32=2?46\EC2?D76C 4C65:E 42C5D]k^Am

k9bm|2?J q@CC@H6CD {24< r@?7:56?46 :? !2J:?8 ~77 s63E (:E9:? 2 *62Ck^9bm

kAm%96 >2;@C:EJ @7 3@CC@H6CD :? $@u:’D DFCG6J WdgTX 36=:6G6 E92E E96J H@?’E 36 23=6 E@ C6A2J E96:C 563E :? E96 ?6IE `a >@?E9D] |@C6 E92? @?6\E9:C5 WbdTX 2C6 “?@E G6CJ 4@?7:56?E[” 2?5 2=>@DE @?6\BF2CE6C 25>:E E96J’C6 “?@E 4@?7:56?E 2E 2==]”k^Am

kAm(96? E96 563E :D S`_[___ @C =6DD[ EH@\E9:C5D @7 A6@A=6 WegTX 6IAC6DD 4@?7:56?46 E96J 42? A2J :E @77 H:E9:? 2 J62C] %92E AC@A@CE:@? :D C6G6CD65 2>@?8 A6@A=6 @H:?8 Sad[___ @C >@C6i p=>@DE f_T @7 E96D6 3@CC@H6CD 6IA64E E@ ?665 >@C6 E92? 2 J62C E@ C6E:C6 E96:C 563E]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^``^`a^r2?\q@CC@H6CD\!2J\~77\rC65:E\r2C5\s63E\(:E9:?\`a\|@?E9D0]A?8Q 2=ElQp 52E2 32C 492CE C6G62=:?8 =:<6=:?6DD E92E 3@CC@H6CD 42? A2J @77 E96:C 4C65:E 42C5 563E H:E9:? `a >@?E9D]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@u:k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^m|@DE q@CC@H6CD w2G6 v@@5 E@ u2:C rC65:E $4@C6Dk^9bm

kAmk2 9C67lQ9EEADi^^HHH]D@7:]4@>^=62C?^4@?E6?E^4C65:E\C2E:?8\D42=6^QmrC65:E D4@C6D =2C86=J 56E6C>:?6 E96 :?E6C6DE C2E6Dk^2m 3@CC@H6CD >FDE A2J @? E96:C 563E] x? $@u:’D DFCG6J[ >@C6 E92? ggT @7 C6DA@?56?ED C6A@CE65 D4@C6D 36EH66? dg_ 2?5 fhh[ DA2??:?8 E96 72:C[ 8@@5[ 2?5 G6CJ 8@@5 42E68@C:6D] ~G6C2==[ 23@FE EH@ :? 7:G6 Wc_TX C6DA@?56?ED 92G6 8@@5 D4@C6D[ 2=>@DE @?6\E9:C5 WbaTX C6A@CE 72:C D4@C6D[ 2?5 `fT 92G6 G6CJ 8@@5 D4@C6D]k^Am

kAm&?DFCAC:D:?8=J[ E96C6 2C6 72C 76H6C A6@A=6 2E E96 6IEC6>6D] yFDE bT 92G6 D4@C6D 23@G6 g__ W“6I46AE:@?2=”X[ H9:=6 fT 92G6 D4@C6D 36=@H dg_ W“A@@C”X]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^``^`a^rC65:E\$4@C6D\q6EH66?\dg_\fbh]A?8Q 2=ElQp 52E2 8C2A9:4 C6G62=:?8 E92E >@DE C6DA@?56?ED 92G6 4C65:E D4@C6D 36EH66? dg_ 2?5 fbh]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@u:k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^mq@CC@H6CD !C:@C:E:K6 !2J:?8 ~77 s63E u2DE6C (:E9 tIEC2 r2D9k^9bm

kAmx7 E96:C >@?E9=J 563E A2J>6?ED H6C6 =@H6C[ 23@FE E9C66 :? 7:G6 3@CC@H6CD WdhTX D2J E96J’5 FD6 E96 7C665\FA 42D9 E@ A2J 5@H? E96:C AC:?4:A2= 72DE6C]k^Am

kAmtDA64:2==J 7@C 4C65:E 42C5 563E 2?5 @E96C 7@C>D @7 C6G@=G:?8 4C65:E[ E92E’D 2 D>2CE >@G6] %96 >@C6 J@F 42? A2J 5@H? J@FC AC:?4:A2=[ E96 =6DD :?E6C6DE J@F’== @H6] |@?6J E92E FD65 E@ 8@ E@H2C5 :?E6C6DE 42? E96? 36 2AA=:65 E@ A2J:?8 5@H? E96 AC:?4:A2= 6G6? 72DE6C[ =@H6C:?8 :?E6C6DE 6G6? 7FCE96C[ 2?5 D@ @?] q@CC@H6CD 42? 49@@D6 36EH66? E96 k2 9C67lQ9EEADi^^HHH]D@7:]4@>^=62C?^4@?E6?E^AC@D\@7\563E\D?@H32==\>6E9@5^QmD?@H32== >6E9@5k^2m 2?5 E96 k2 9C67lQ9EEADi^^HHH]D@7:]4@>^=62C?^4@?E6?E^563E\2G2=2?496\>6E9@5\@7\A2J:?8\@77\563E^Qm2G2=2?496 >6E9@5k^2m 2D E96J FE:=:K6 7F?5D E@ A2J 5@H? 563E]k^Am

kAm|@C6 E92? @?6\BF2CE6C WaeTX @7 DFCG6J C6DA@?56?ED H@F=5 AFE E96 >@?6J :?E@ D2G:?8D 244@F?ED[ H9:=6 23@FE `_T H@F=5 FD6 :E E@ 96=A 4@G6C 6G6CJ52J 6IA6?D6D] ~?=J _]bT D2:5 E96J’5 DA6?5 E96 42D9 EC62E:?8 E96>D6=G6D @C E96:C 72>:=J]k^Am

kAmp>@?8 3@CC@H6CD @H:?8 =6DD E92? Sd[___[ ?@E 2 D:?8=6 A6CD@? DFCG6J65 D2:5 E96J H@F=5 :?G6DE E96 6IEC2 >@?6J @C FD6 :E E@ 8C@H E96:C H62=E9] x?DE625[ cdT @7 E9:D 8C@FA \– 3J 72C E96 9:896DE A6C46?E286 @7 2?J 563E E:6C — H@F=5 492??6= :E :?E@ 3F:=5:?8 E96:C D2G:?8D] q@CC@H6CD H9@ 5@?’E 2=C625J 92G6 2? 6>6C86?4J 7F?5 H@F=5 36 H:D6 E@ 62C>2C< D2G:?8D 7@C E92E]k^Am

kAm“p? 6>6C86?4J 7F?5 :D :?E6?565 E@ 36 FD65 2E 2 >@>6?E’D ?@E:46] u@C E96 >@DE A2CE[ J@F’== 962C E92E 2 962=E9J 6>6C86?4J 7F?5 D9@F=5 4@G6C 36EH66? E9C66 2?5 D:I >@?E9D H@CE9 @7 =:G:?8 6IA6?D6D — H9:49 H@F=5 :?4=F56 C6?E[ >@CE8286[ 3:==D[ 7@@5[ 2?5 @E96C 6DD6?E:2=D] p?5 D:?46 J@F ?6G6C <?@H H96? 2? 6>6C86?4J >:89E 92AA6?[ :E’D 36DE E@ <66A J@FC 7F?5 C6=2E:G6=J =:BF:5[” D2JD qC:2? (2=D9[ ru! 2?5 9625 @7 25G:46 U2>Aj A=2??:?8 2E $@u:]k^Am

k9bmw:556? u66D 2?5 {@?8\%6C> s63E pC6 %@A r@?46C?Dk^9bm

kAmq@CC@H6CD H9@ 6IAC6DD65 F?62D:?6DD 23@FE 563E 4@?D@=:52E:@? A@:?E65 E@ 2 G2C:6EJ @7 C62D@?D[ H:E9 ?@ D:?8=6 C62D@? AC65@>:?2E:?8]k^Am

kAmpAAC@I:>2E6=J @?6\BF2CE6C @7 A6@A=6 H@CCJ 23@FE E2<:?8 @? >@C6 563E =@?8\E6C>] p D:>:=2C D92C6 4:E65 4@?46C?D 23@FE 766D @C @E96C 4@DED 9:556? :? E96 4@?EC24ED’ 7:?6 AC:?E] #@F89=J a_T W`h]dTX 925 BF2=>D 23@FE E96 A@E6?E:2= :>A24E @? E96:C 4C65:E D4@C6[ H9:=6 `dT 762C65 E92E 563E 4@?D@=:52E:@? H@F=5?’E 6?5 FA D2G:?8 E96> 2?J >@?6J]k^Am

kAmp? @AE:>:DE:4 `eT @7 C6DA@?56?ED 7@F?5 ?@ 42FD6 7@C 4@?46C?]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^``^`a^q:886DE\r@?D@=:52E:@?\r@?46C?D]A?8Q 2=ElQp 52E2 8C2A9:4 C6G62=:?8 E92E 9:556? 766D[ 255:E:@?2= 563E 2C6 3@CC@H6CDUR_bhj 3:886DE 4@?D@=:52E:@? 4@?46C?D]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@u:k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^m%96 %2<62H2Jk^9bm

kAmp>@?8 $@u: s63E r@?D@=:52E:@? %C6?5D $FCG6J C6DA@?56?ED[ 4C65:E 42C5 563E :D 3J 72C E96 >@DE AC6G2=6?E EJA6 @7 563E] v:G6? E96 H:56DAC625 3FC56? @7 9:89 :?E6C6DE C2E6D[ >2?J 3@CC@H6CD 5@F3E E96J’== 36 23=6 E@ A2J @77 E96:C 32=2?46D :? E96 ?62C E6C>]k^Am

kAmq@CC@H6CD H9@ >:89E 7C66 FA 6IEC2 >@?6J E9C@F89 563E 4@?D@=:52E:@? H@F=5 36 >@C6 =:<6=J E@ A2J 5@H? E96:C AC:?4:A2= E92? DA6?5 E96 42D9 @? 5:D4C6E:@?2CJ :E6>D] $E:==[ >2?J C6DA@?56?ED 2C6 42FE:@FD 23@FE 4@?D@=:52E:@?[ 762C:?8 9:556? 766D 2?5 E96 AC@DA64E @7 255:E:@?2= =@?8\E6C> 563E] $66<:?8 @FE :?E6C6DE C2E6D 2?5 =@2? E6C>D 7C@> AC@DA64E:G6 =6?56CD 42? 96=A 3@CC@H6CD 56E6C>:?6 H96E96C 4@?D@=:52E:@? :D E96 C:89E >@G6]k^Am

kAmrC65:E 42C5D 92G6 2? 2G6C286 p!# @7 a_T–adT[ 2?5 J@FC 32=2?46 42? D:E 7@C J62CD H:E9 2=>@DE ?@ AC:?4:A2= C65F4E:@?] !6CD@?2= =@2? :?E6C6DE C2E6D 2G6C286 `a]__T[ H:E9 2 8F2C2?E665 A2J@77 52E6 :? E9C66 E@ D6G6? J62CD]k^Am

k9bm|6E9@5@=@8Jk^9bm

kAm%9:D @?=:?6 DFCG6J @7 `[dbf 25F=ED 32D65 :? E96 &?:E65 $E2E6D H2D 4@?5F4E65 :? pAC:= a_ae]k^Am

kAmk2 9C67lQ9EEADi^^HHH]D@7:]4@>^C6D62C49^563E\4@?D@=:52E:@?\EC6?5D^Qmk6>m%9:D DE@CJk^6>mk^2mk6>m H2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]D@7:]4@>Qmk6>m$@u:k^6>mk^2mk6>m 2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2mk6>m]k^6>mk^Am