CHICAGO (WLS) — At the start of a New Year, Americans think of resolutions and most of the time, they have to do with money.
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Charlie Wise, the senior vice president and head of Global Research for Transunion.
Wise said it’s an expensive time to borrow money right now, for those people looking to make large purchases such as homes and cars.
At the start of a New Year, Americans create their long list of resolutions – many times, they have to do with money.
“According to Wise, the Federal Reserve believes they have successfully raised interest rates to help control inflation. Although there has been some progress with rates decreasing slightly over the past year, borrowing money is still expensive compared to historical standards.”
He added that there might be some lower interest rates in 2025.
“It is anticipated by the market that any future rate adjustments will be relatively modest in the coming year,” Wise stated.
When it comes to credit cards, Wise says Americans are carrying a very high level of credit card debt.
“The average consumer in the U.S. with a credit card balance is carrying $6,400,” he said.
He added that we haven’t seen levels that high since before the Great Recession in 2009.
“Wise’s advice is to be cautious with extra money, especially if you receive a tax refund in the first quarter. Rather than splurging on luxuries, he recommends promptly paying off any outstanding credit card debts.”
Reducing credit card balance can help bring up credit scores.
“If you want to buy a home, if you want to buy a vehicle, having a good credit score really does matter in terms of the interest rate that you’re going to pay,” Wise said.
In addition to better managing their money, many people may be starting the new year with the goal of finding a new job.
In addition to better managing their money, many may start 2025 with the goal of finding a new job.
Jim McCoy is the CEO of Atlas. He explained that hot jobs have been consistent for the past few decades.
Specifically, healthcare jobs, IT jobs, developers, data science, artificial intelligence and electricians, installers and plumbers.
McCoy said companies are sticking with their hiring strategies ahead of President-Elect Donald Trump’s second term.
“There’s a little bit of a wait and see attitude in certain sectors. So, for instance, depending on what happens with tariffs… that would likely impact the retail sector. A very strong dollar is probably going to impact the tourism sector in the U.S.,” he said.
McCoy added that changes in immigration policy will also likely impact the construction industry.
For those looking for a new job, “The first thing for anyone looking for a job to remember is that for every $10,000 in salary you’re looking for, it probably will take you that many weeks in your job search.”
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