Last year was dominated by a dramatic presidential election and an economy that, while strong on paper, didn’t feel that way for many Americans. Here’s what we saw in 2024 when it came to credit cards and debt:

• Interest rates began to fall, but credit card APRs are still catching up: The Federal Reserve lowered interest rates three times toward the end of 2024, but it took a few months for average credit card interest rates to follow suit and come down slightly from a record high.
• Debt and delinquencies rose, but things could be stabilizing: According to NerdWallet’s 2024 American Household Credit Card Debt study, revolving credit card debt increased just 1.5% from September 2023 to September 2024. But when you look at that same timeframe for the year prior, debt levels increased by 15%. Credit card delinquency rates rose steadily since the latter half of 2021, but they leveled off a bit between the third and fourth quarters of 2024.
• Attempts at certain industry changes stalled. The Credit Card Competition Act — first introduced in 2022, but still hotly debated in 2024 — aims to indirectly lower the credit card swipe fees merchants pay, by allowing them more choice among payment processing networks. Opponents, though, argue that any savings are unlikely to trickle down to shoppers, and they note that history suggests the plan could also negatively affect credit card rewards programs. Regardless, the legislation hasn’t meaningfully advanced in Congress. Separately, attempts by the Consumer Financial Protection Bureau (CFPB) in 2024 to cap credit card late fees stalled out when a federal judge blocked the new rule.

And just like that, we’re a quarter of the way through the 21st century. Here’s what’s coming in 2025 that could have unexpected impacts on credit cards.

1. A new presidential administration

The second Trump administration is here. While that news seems more political than financial, decisions made in Washington can affect banks, financial technology companies and, of course, consumers.

One big unknown at this point is the fate of the CFPB, as the new Department of Government Efficiency — co-led by businessmen Elon Musk and Vivek Ramaswamy — takes aim at federal spending deemed to be wasteful. Musk has called for the elimination of the CFPB, which was originally created to enforce federal consumer financial laws.

But if the CFPB’s future is at risk, it’s going out with a bang. Since December alone, the CFPB has been busy:

• It issued a circular to law enforcement agencies specifying “bait-and-switch” practices with credit card rewards programs that could be in violation of federal law.
• It finalized a rule to eliminate medical debt from credit reports.
• It sued Experian, saying the credit bureau failed to properly investigate consumer disputes, which have resulted in incorrect information appearing on credit reports.

“In my view, the CFPB in the last year has done a lot of things, and all of them help consumers,” says Adam Rust, director of financial services at the Consumer Federation of America. “If there’s a deregulatory shift in Washington, all of those things are at risk.”

Potential deregulation in the banking industry, which essentially would loosen some of the rules banks must follow, could have positive and negative consequences for consumers. It could make credit easier to access for those with a wider range of credit scores, and open up possibilities for new technological advancements in the industry. But it could also limit (or eliminate) some consumer protections.

2. A post-pandemic plateau

For the many Americans who’ve attained some immunity from vaccines or past infections, COVID-19 has become just one of the litany of seasonal respiratory viruses to be aware of, but not necessarily afraid of. It seems our spending habits have mirrored the ups and downs of the past five years, too. First, we stayed home and spent less. Then, we got back out there and revenge-spent our way into higher debt levels. Now, we’re getting closer to achieving moderation.

“For 2025, we predict stability,” says Michele Raneri, vice president and head of U.S. research and consulting at TransUnion. According to TransUnion’s 2025 Consumer Credit Forecast, credit card balances and delinquency rates will still increase, but at lower rates than we saw in 2022 and 2023.

Raneri says TransUnion predicts inflation will lower to 2.26% by the end of the year, down from 2.9% in December 2024. Of course, this depends on a number of factors, including whether the Fed will adjust interest rates again in 2025.

3. A major credit card merger

Capital One announced its intention to acquire Discover in February 2024, which would make it the largest credit card issuer in the country. Capital One estimates the acquisition could be done early this year.

One detail that has frequent travelers concerned is Discover’s overseas acceptance rates, which aren’t as robust as Visa and Mastercard. If Capital One’s cards join the Discover payment network, will they lose their top-of-wallet status for anyone who travels abroad often?

You can take this off your list of things to worry about right at this moment, because the whole merger process could take years, according to Michael Hershfield, CEO and founder of Accrue Savings, a B2B payments and loyalty platform that allows its partners to create FDIC-insured digital wallets. “You have pre-existing deals with partners that are time-bound. I don’t think 2025 consumers will begin to feel some of those changes.”

4. An embrace of artificial intelligence

Artificial intelligence is coming for everything eventually, but even now it’s so much more than a way for college students to fast-track their next research paper (you think you’re being clever, but your professor can tell). Credit card issuers are increasingly using AI to more quickly evaluate credit card applications, prevent fraud and target consumers for marketing campaigns.

Plus, it can help you solve issues with your card without sitting on hold.

“I expect apps to continue to improve, with a current focus across the industry on AI in chatbots and search to help consumers solve problems faster,” Matt Lattman, senior vice president of card acquisition marketing at Discover, said in an email.

5. A continued love of rewards

Since 2019, median income hasn’t kept up with major expenses like housing, food and transportation. Consumers are looking for a deal, and credit card rewards programs remain a popular way to feel like you’re getting one. “Rewards have become something that’s really important to consumers, and a way to offset the cost of the things that they’re buying,” says Beth Robertson, managing director of Keynova Group, a financial services intelligence firm.

And it’s not just about redeemable points and miles — it’s also about scoring discounts. “One thing that we know is already happening — the card value proposition now is not just the rewards program,” says Jessica Duncan, assistant vice president of research and insights at Competiscan, a company that tracks and analyzes direct marketing activity. “It’s experiences, shopping deals.”

Still, the allure of cheaper travel remains strong. “People look at their rewards and they treasure them. It’s almost like a layaway plan for vacation for a lot of people,” Rust says. But he recommends you don’t cling onto your miles too tightly for too long. “It doesn’t make sense to bank them because you’re not going to earn interest on them.”

According to Duncan, travel and premium cards will continue to get revamped, which could lead to higher fees in exchange for more interesting perks. She cited multiple cards from American Express as examples of products that continue to make changes and target younger generations.

“They don’t want to be your grandfather’s business card anymore,” she said.

Sara Rathner writes for NerdWallet. Email: srathner@nerdwallet.com.

The article 5 Credit Card Trends to Watch for in 2025 originally appeared on NerdWallet.

As “day 1” of the new Trump administration approaches, one of its highest policy priorities could have a profound impact on consumers’ wallets.

Based on what’s known so far about President-Elect Donald Trump’s plan to raise tariffs on all imported goods, it’s likely U.S. shoppers would see prices rise for a wide range of items, including:

• Everyday essentials like food, gas and clothing.
• Luxuries like consumer electronics, jewelry and cosmetics.
• Major purchases like new cars and homes.
• Goods made by U.S. manufacturers using imported raw materials and equipment.

That’s because tariffs are paid by the domestic companies importing foreign goods and materials, and those companies tend to raise consumer prices to cover higher import costs. After Trump’s victory, U.S. companies selling a range of products confirmed that if his tariff plans are enacted, they’ll raise their prices.

Throughout Trump’s campaign, economists tried to quantify the impact his proposals could have on American consumers. Multiple studies projected that U.S. households would see their costs rise by thousands of dollars per year. If the expected price hikes reignite inflation, experts warn the economic fallout could go beyond higher prices to rattle the entire U.S. economy.

What we know about Trump’s tariff plans

Trump’s tariff agenda involves across-the-board import tax hikes. During the campaign, he said he would impose at least a 10% tariff on all foreign imports, which would be added to any existing tariffs. He also called for tariffs of 60% or higher on Chinese imports and 100% or higher on automobiles produced in Mexico.

In a Truth Social post at the end of November, Trump specified that he plans to sign an executive order on his first day in office that would slap a 25% tariff on all goods imported from Canada and Mexico, as well as increase tariffs on Chinese imports by 10%.

What could get more expensive

The U.S. is the biggest importer in the world, with the majority of foreign goods coming from China, Mexico and Canada, according to the Office of the U.S. Trade Representative.

Imports into the U.S. fall roughly into five categories that vary in how visible they are to the average consumer: food; consumer goods; vehicles, including engines and parts; industrial supplies and materials; and capital goods.

Food

The U.S. imported roughly $196.6 billion worth of food in the first 11 months of 2024, according to monthly U.S. Census Bureau data released on Jan. 7. Some imported food and beverage items (like coffee beans, cocoa, sugar and some fruits) can’t be sourced domestically; other items aren’t produced at enough scale to meet current U.S. demand. That means consumers could expect food prices to rise, especially these types of items:

• Fruit and fruit juices
• Fish and shellfish
• Bakery products
• Vegetables
• Meat products
• Wine, beer and other alcoholic beverages
• Food oils
• Unroasted coffee
• Dairy products and eggs
• Tea and other spices
• Nuts
• Sugar
• Cocoa beans

Consumer goods

Cell phones, clothes, household appliances, toys, sporting equipment, appliances, cosmetics, shoes, cookware — the list of imported consumer goods is long and totaled more than $731 billion for most of 2024, accounting for about a quarter of all imports recorded through November.

In public comments, U.S. companies that sell imported consumer goods — including Walmart, E.l.F. Beauty, Steve Madden, Columbia Sportswear and Stanley Black & Decker — have said that price hikes on some items are likely if Trump’s tariff plans come to fruition.

Additionally, a study by the Consumer Technology Association predicts tariffs would raise prices on laptops and tablets, video game consoles and smartphones.

Autos

The U.S. imported $437.2 billion in automotive vehicles, parts and engines through the first 11 months of 2024. Passenger cars top the list in this category, but it also includes parts and accessories. That means in addition to new car purchases, imported goods needed to maintain or repair vehicles also would get more expensive.

As with other consumer goods retailers, companies selling cars and parts plan to pass on the cost of higher tariffs to consumers. And they won’t necessarily wait until the import tax hikes take effect. In an earnings call in September, AutoZone CEO Philip Daniele said the company would know how big tariffs would be and would raise prices ahead of time. “If we get tariffs, we will pass those tariff costs back to the consumer,” he said.

Industrial supplies and materials

Consumers might not personally notice the impact of higher prices on every raw material. But there’s one whose fluctuations the average American rarely overlooks: Crude oil.

That’s because the cost of oil plays a major role in determining the price of gas. While the U.S. is the largest single oil-producing country in the world, the industry relies on imported oil because aging U.S. refineries aren’t built to handle the quality of crude that’s produced domestically. So, with more than $152 billion spent on imported crude oil during the first 11 months of 2024, consumers should expect tariffs to raise gas prices domestically.

» MORE: Can Trump lower gas prices when he’s president?

Regarding other goods in this category, it’s worth noting that, even though they’re purchased by producers, consumers won’t be off the hook completely. For example, higher prices for materials like lumber, steel, shingles, copper and other building supplies will raise costs for the construction industry. That could lead to less construction or more expensive projects, which could subsequently impact local housing markets.

Capital goods

Like industrial supplies, capital goods are a category of imports that stay relatively hidden from consumers because they’re used to produce consumer goods and services, rather than purchased by consumers. But their costs are baked into everything you buy. So even if the goods are produced domestically, it’s possible (even likely) that the machinery used to make those goods is imported.

The U.S. imported nearly $876 billion worth of capital goods in 2024, according to U.S. Census year-to-date data for November. Here are a few notable examples:

• Computers and computer accessories
• Telecommunications equipment
• Semiconductors
• Medical equipment
• Civilian aircraft, including engines and parts
• Farm equipment

Taryn Phaneuf writes for NerdWallet. Email: tphaneuf@nerdwallet.com.

The article What Could Get More Expensive Under Trump’s Tariffs? originally appeared on NerdWallet.

Wildfires have burned at least 12,000 homes, buildings and other structures in Los Angeles, according to the California Department of Forestry and Fire Protection’s latest estimates. If the L.A. wildfires have displaced or otherwise impacted you, you may qualify for natural disaster financial relief — including relief from student loan bills.

Borrowers with federal student loans who live in Federal Emergency Management Agency (FEMA)-designated disaster ZIP codes can pause their student loan payments for up to 90 days with a natural disaster forbearance. There are additional relief options for private student loan borrowers, current college students and federal borrowers who live outside of a FEMA-designated area.

Here’s how to get student loan help if the L.A. wildfires or other natural disasters have impacted you.

If you have federal student loans

Monitor your email and student loan accounts

Make sure you have email communications enabled in your federal student loan servicer account and studentaid.gov account, in case you can’t access regular mail.

Frequently monitor your inbox for any communications from the Education Department and your student loan servicer, who often contact affected borrowers shortly after a natural disaster, says Celina Damian, student loan servicing ombudsperson at the California Department of Financial Protection and Innovation.

If the wildfires displaced you from your home, don’t change your permanent address in your student loan accounts, says Scott Buchanan, executive director of the Student Loan Servicing Alliance. Your address must be in a FEMA disaster zone to qualify for a natural disaster forbearance, he says.

Opt for a natural disaster forbearance — if you need it

Your servicer will automatically put your loans in a natural disaster forbearance if you live in a FEMA disaster ZIP code and miss a student loan payment, Buchanan says. This will pause your bills for up to 90 days and prevent student loan default. Or, you can call your servicer to proactively request a natural disaster forbearance. No documentation is needed, he says.

But if you can afford to continue making student loan payments, consider skipping the natural disaster forbearance. Interest will build on your student debt during this period, increasing the amount you owe.

“It’s one of those things you should definitely take advantage of if you’re financially impacted, but if you’re not financially impacted, it’s probably something you may not want to do, because it’ll mean that you’ll actually pay more over a longer period of time,” Buchanan says.

Months spent in a natural disaster forbearance count toward the 10-year Public Service Loan Forgiveness (PSLF) finish line, so long as you’re also working for a qualifying employer during this time, according to the Federal Student Aid office’s website.

Understand other federal student loan relief options

You don’t need to live in a FEMA disaster ZIP code to get relief. Any borrower can call their servicer and request a general student loan forbearance for up to 12 months at a time. If you’ve lost your job, you can also request an unemployment deferment for up to three years. Interest will likely accrue during these periods, and you won’t make progress toward loan forgiveness.

Income-driven repayment (IDR) plans can also shrink your monthly bills to as low as $0 if you’ve lost some or all of your income. By choosing an IDR plan over a general forbearance or deferment, you’ll make progress toward loan forgiveness — even if you have $0 payments. If you’re already enrolled in an IDR plan and your income has decreased, call your servicer to get your payments adjusted.

If you have private student loans

Call your lender and avoid interest capitalization

Call your private student loan lender. Explain your situation, and ask about natural disaster relief options, such as a temporary forbearance.

For example, the lender Ascent offers a three-month Natural Disaster/Declared Emergency Forbearance. Earnest has a general financial hardship forbearance, good for up to 12 months. With both of these forbearance options, interest not only builds, but it may also capitalize — which means it is added to your original principal balance. You’ll pay interest on top of a larger balance after forbearance ends, increasing the amount you’ll pay monthly and over time.

If you opt for a private student loan forbearance, try to make interest-only payments before capitalization occurs.

If you are a current student

Contact your school’s financial aid office

Contact your school’s financial aid office and ask them to reassess your aid eligibility if the wildfires have affected your family’s finances. Notify them about any change in residence if you’ve been displaced. They may increase your aid package or direct you to your school’s emergency financial aid fund.

If the wildfires leave you unable to complete the school year, your financial aid office can also extend your “in-school” status, Damian says. This will prevent you from entering federal student loan repayment. (Generally, borrowers must start paying student loan bills six months after graduating, leaving school or dropping below half-time enrollment.)

You won’t have to report any disaster-related support your family receives from the federal or state government on future Free Application for Federal Student Aid (FAFSA) forms — so you don’t have to worry about your financial aid shrinking as a result of receiving these funds.

Get additional student loan help after the wildfires

Start with your servicer or lender if you have questions about your student loan relief options. If you still need help with a complex situation, consider reaching out to these resources:

• California’s Student Loan Empowerment Network. If you’re a borrower living in California, you can get one-on-one support from this organization, which is operated by the state’s Department of Financial Protection and Innovation. Call 888-774-2227 or fill out a form on its website.
• California’s student loan ombudsperson office. This office can help you navigate complex student loan issues if you live in California. Reach out through its online contact form. If you live elsewhere and face a natural disaster, a handful of other states also offer this service to residents.
• Borrower assistance organizations. Nonprofits like TISLA can help you understand your relief options.
• Your college’s financial aid office. Even if you left college years ago, your former financial aid office will likely be happy to offer resources and talk through questions about relief.

These resources are always free. Watch out for student loan scammers, who may try to charge you a fee to access student loan relief.

Eliza Haverstock writes for NerdWallet. Email: ehaverstock@nerdwallet.com. Twitter: @elizahaverstock.

The article How to Get Student Loan Relief After the L.A. Wildfires originally appeared on NerdWallet.

Natural disasters, whether massive wildfires, hurricanes or floods, can upend lives in an instant, but unwinding the financial damage can take many months. Still, those affected have many sources of help.

Here’s how you can get help and be strategic with your resources as you begin to rebuild after a disaster.

Deal with immediate needs first

First things first: Contact the Federal Emergency Management Agency to get help via a disaster recovery center by texting “DRC” and your ZIP code to 43362. Texting “Apple” or “Android” to that same number will give you a download link for a mobile app from FEMA with additional resources, such as shelter locations.

Local and state agencies and nongovernmental groups such as the Red Cross also can also help; call 211 from any phone or visit 211.org to get information.

Check your credit card or hotel loyalty accounts as well. You might have points or a free night certificate that can cover the cost of your immediate lodging.

Some general rewards credit cards allow you to use points to book hotels directly through their own travel portals or let you transfer points to a specific hotel loyalty program. Some nearby hotels might offer discounts for evacuees as well.

Next, tend to financial issues

As soon as possible, turn to handling your finances. FEMA offers unemployment assistance, rental assistance, legal services and much more. You have several ways to register, including online at DisasterAssistance.gov, via the FEMA app, at a disaster recovery center or by phone at 800-621-3362 (FEMA).

Nonprofit credit counseling agency Money Management International has a free program called Project Porchlight that offers disaster victims support for up to a year. The program helps people navigate an unfamiliar process, stay on top of deadlines and address the trauma that makes handling tasks harder.

And you do have several tasks to handle:

Contact insurers as soon as possible

Act quickly so you can get the most out of your home insurance, renters coverage or auto insurance.

Review your policies for types of damage covered, coverage limits and deductibles. Home and renters insurance policies typically don’t cover flood damage, so if you have flood insurance, check that policy as well. Flood and wind damage to your car are covered as long as you have comprehensive insurance on your auto policy.

Ask about your coverage, the time frame for filing and processing a claim, whether the claim will exceed your deductible and if you’ll need estimates for repairs to structural damage. You should ask about coverage of living expenses if you are displaced and reimbursement for a car rental. Some insurers will also cover the loss of spoiled food.

When you talk to your insurer, ask what you can throw out and what you should document for your claim. Take photos and video of the damage, then do what you can to protect your property. Take detailed notes about every interaction you have with the insurance company. Here’s more about how to file a home insurance claim.

Call your mortgage company and other creditors

If you’re worried about your ability to make monthly mortgage payments, contact your mortgage servicer as soon as possible — ideally before missing a payment — to discuss your options.

Mortgage forbearance is a way to avoid foreclosure and may allow you to make partial payments or pause payments entirely for an agreed-upon period of time.

Communicate proactively with creditors, said Bruce McClary, spokesman for the National Foundation for Credit Counseling, in an email. Impassable roads and outages to power, internet access and phone service are all factors that can hinder paying on time. “Once your creditor is aware of these things, they may be able to offer some temporary payment relief,” McClary said. Hardship programs may waive fees or lower your interest rate for a time.

Because cash is king in areas where power and communication are disrupted, you might have to use your credit card to get cash from an ATM. Just be aware that typically carries a higher interest rate, McClary said.

Seek a student loan payment pause, and contact your college for aid

Federal student loan borrowers can get a natural disaster forbearance, which pauses or reduces your payments for up to 90 days.

Some borrowers may automatically receive this forbearance, but you may need to proactively request it from your student loan servicer. Interest may build on your debt while you’re in this forbearance, increasing the amount you’ll owe in the future.

Payment relief options for private student loan borrowers vary by lender. Call your lender to ask about options.

If you’re a current student and you or your family’s finances were affected, contact your school’s financial aid office and ask them to reassess your financial aid eligibility due to changed circumstances. You may also want to apply for more immediate money through your school’s emergency financial aid fund.

If you’re displaced, notify your school’s financial aid office (or your student loan servicer) of your change in residence.

Be strategic with aid, credit and debt as you dig out

“Rebuilding and repairing after a disaster can be incredibly expensive, even for those with insurance,” says Kate Bulger, vice president of business development for Money Management International. “Applying for as much aid as possible and preserving cash today means that consumers will have more funds left when they are ready to rebuild.”

When you exhaust aid and your emergency fund, you’ll likely need to rely on credit to afford necessities or repair damage. Lately, some major card issuers are making it easier (and cheaper) to turn your available credit line into an installment loan, often at a lower ongoing interest rate. Or you might be allowed to break up a large emergency purchase into predictable monthly payments.

When your debt picture becomes clearer, consider strategies for paying balances back down. The debt snowball, where you focus your efforts on the smallest debt first while maintaining minimum payments on others, can give you some quick wins and motivation.

Finally, be aware of debt relief options for contending with amounts that are beyond your ability to repay.

NerdWallet writers and editors Caitlin Constantine, Meghan Coyle, Eliza Haverstock, Lauren Schwahn and Kate Wood contributed to this article.

Laura McMullen writes for NerdWallet. Email: lmcmullen@nerdwallet.com. Twitter: @lauraemcmullen.

The article Where to Turn When a Natural Disaster Upends Your Finances originally appeared on NerdWallet.

After the fanfare of President Donald Trump’s swearing-in ends, he’ll get to work on enacting his agenda, including several economic priorities like tariffs and tax cuts.

As Trump did in his first term, he is likely to rely on executive orders to enact some promises like his tariff plans. Strictly legislative plans, including tax cuts, will need to go through Congress, where Republicans hold a thin majority in both houses. And if the most recent government shutdown drama is any indicator, the GOP may not be in sync with each other, let alone with Trump.

Here’s what’s on Trump’s list to address the economy in his first 100 days.

Taxes, border security and energy in ‘one big, beautiful bill’

On Jan. 5, Trump wrote on Truth Social that GOP members of Congress are creating one large piece of legislation to enact some of his biggest campaign promises. “One big, beautiful bill” — as Trump called it during an interview with conservative radio host Hugh Hewitt — would include several of his proposed measures related to border security, taxes and energy. Trump also told Hewitt that he’d be open to two bills.

Trump posted on Truth Social that the bill would be paid for by his proposed tariffs. But much is unclear about the potential legislation, including which of the many proposals Trump has floated would make the cut. Here are a few he made on the campaign trail:

Border security and immigration

• Begin mass deportations of undocumented immigrants, facilitated by local law enforcement and the military.
• Create immigrant detention camps.
• Hire Border Patrol agents and restricting entry of asylum-seekers.
• Appoint a border czar.
• Restart border wall construction.
• Roll back humanitarian programs that allow for legal migration and work permitting.

Taxes

• Extend or make permanent the tax cuts included in his 2017 Tax Cuts and Jobs Act, which are set to expire at the end of this year. That includes estate tax cuts and individual income tax cuts.
• Lower the corporate tax rate by one percentage point, which would bring it to 20%.
• On Trump’s Truth Social post regarding the bill, he also said it would include his “no tax on tips” proposal.
• Implement R&D tax credits for businesses, which allows businesses to write off 100% of expenses in their first year.

Energy policy

• Increase oil production. Presidents have the ability to influence oil production, but cannot guarantee it. He says he wants to speed up permitting for drilling and fracking.
• Eliminate the $7,500 tax credit for electric vehicle purchases.
• Roll back Biden’s electric vehicle and charging station production.
• Roll back emissions policies for gas-powered vehicles.
• Institute tariffs on EV supply chain-related imports.
• End the “EV mandate” to ensure half of all new vehicles sold in the U.S. are electric.

Republicans could pass one bill — or two — using the process of budget reconciliation, which requires only a simple majority for approval. On Jan. 5, House Speaker Mike Johnson told Fox News that he hopes to pass the package within Trump’s first 100 days.

Tariffs

A cornerstone of Trump’s campaign is to impose new tariffs on trade partners. Initially, while campaigning, he said he wanted to place a 10% to 20% tariff on all foreign imports; add an additional 60% tariff on Chinese imports; and add 100% to 200% imports on automobiles made in Mexico. In December, Trump then said he planned to enact 25% across-the-board tariffs on Canada and Mexico.

On Jan 7, during a press conference at Mar-a-Lago, Trump said he would “put very serious tariffs on Mexico and Canada.” He also threatened to place high tariffs on Denmark.

On Jan. 6, the Washington Post reported that Trump may enact tariffs on all countries, but only on specific types of imports. It’s not clear which imports could be targeted. Later that day, Trump refuted the Washington Post’s story on Truth Social.

Experts speculate that Trump could enact his tariffs by declaring a national economic emergency under the International Emergency Economic Powers Act. Many economists and other experts say tariffs are highly likely to increase prices in the U.S.

Raise — or get rid of — the debt ceiling

The debt ceiling is the total amount that the U.S. government is allowed to borrow in order to meet its existing legal obligations. The debt ceiling suspension was lifted on Jan. 1 and the U.S. is expected to hit the debt limit soon.

On Dec. 19, during government shutdown negotiations, Trump told NBC in a phone interview that he would be in favor of lifting or removing the debt ceiling altogether. He also indicated that he wanted Congress to address the debt ceiling in its continuing resolution to fund the government through mid-March. But there was no measure to address the debt ceiling in the bill that Congress approved.

Congress must act to suspend or increase the debt limit in order to prevent the U.S. from defaulting on its debt — an event that would result in devastating economic effects.

On Jan. 7, Johnson said in a press conference that the massive GOP-supported bill would include an increase to the debt limit.

A slew of ‘Day One’ executive orders

Trump made executive orders frequently during his first term and has promised a bevy of “day one” promises including, but not limited to:

• Beginning mass deportations.
• Enacting tariffs on trade partners.
• Ending Biden’s humanitarian aid program and birthright citizenship.
• Banning diversity, equity and inclusion (DEI) programs from the federal government.
• Banning trans women from women’s sports.
• Pardoning those convicted for their involvement in the Jan. 6 attack on the U.S. Capitol in 2021.
• Expediting permits for drilling and fracking.
• Enacting climate policy plans including ending the EV mandate.
• Directing cabinet secretaries and agencies to defeat inflation.
• Ending the war in Ukraine, although how he plans to do so is unclear.

Anna Helhoski writes for NerdWallet. Email: anna@nerdwallet.com. Twitter: @AnnaHelhoski.

The article What Trump Plans for the Economy in His First 100 Days originally appeared on NerdWallet.

Big hotel brands are adding vacation rental properties to their portfolios, creating new options for large groups and families.

Still, interest in short-term rentals remains strong. Demand for short-term rental surged by 7% year-over-year in 2024, according to a 2024 report from AirDNA, a firm that tracks vacation rental data and analytics. AirDNA projects demand for short-term rentals will further grow by 4.9% in 2025.

Now, big hotel companies like Hilton, Hyatt and Marriott have debuted their own vacation rental properties.

Most recently, on Jan. 8, 2025, Hilton Hotels & Resorts announced a partnership with a vacation rental resort called Evermore Orlando Resort. Evermore offers hundreds of vacation rentals on one sprawling property, alongside resort-level services such as a 24-hour front desk and on-site dining.

For travelers seeking group accommodations — and who want to avoid the unpredictability that can come with renting from individual owners — these hotel-affiliated vacation rentals are worth a look. One potential downside, though, is that they can be pricey.

Why Hilton’s eyes are on Evermore Orlando Resort

Evermore Orlando Resort opened in January 2024 as a 1,100-acre luxury vacation rental complex consisting of 69 houses, 206 flats and 41 villas that range in size from two-bedroom apartments to 11-bedroom homes.

“We designed homes perfect for a weeklong vacation,” says Christopher Kelsey, developer of the Evermore Orlando Resort. “Every home has identical primary bedrooms, so there’s no arguing over who gets the best room, or who should pay more or less because they got better bedrooms.”

Units have features that appeal to families like bunk rooms and — in the biggest ones — a slide that takes you downstairs. Resort amenities include an artificial beach complex, golf courses, restaurants and a gym. Unlike other vacation rentals, the property has onsite staff to assist with issues.

But the units can be expensive. Evermore rates vary by night, but nightly rates for the 32-person, 11-bedroom home — the largest residence available — start at about $3,000. If you split that cost with a full house of guests, though, it could be more affordable than individual hotel rooms.

As of Jan. 8, 2025, travelers at Evermore can use Hilton Honors points to book homes through Hilton’s website. When booking with cash, they’ll earn Hilton points on their stays, too.

Major hotel brands embrace more space and multi-family trips

Hilton’s partnership with Evermore is hardly the only instance of big brands getting into vacation rentals.

Marriott

In 2019, Marriott International launched Homes & Villas by Marriott International, a collection of 140,000 vacation rentals worldwide, where Marriott Bonvoy members can earn and redeem points for stays.

In contrast to Evermore, these are mostly standalone homes, cared for by Marriott-vetted property management companies that offer 24/7 support (albeit not necessarily onsite).

The collection includes several luxury properties, which tend to have costly rates. Properties include an Italian villa with a sauna, private chef and infinity pool, which accommodates up to 24 and starts at $3,800 per night. There’s also an 18th century Irish Castle in Galway that sleeps 17 and starts at about $6,300 per night. Affordable properties include multi-bedroom homes in Orlando that cost less than $100 per night.

Hyatt

In 2023, Hyatt Hotels Corp. launched a similar offering called Homes & Hideaways by World of Hyatt. Like Marriott Homes & Villas, Hyatt’s program features standalone properties overseen by management companies that have earned Hyatt’s stamp of approval.

Hyatt Vacation Club offers larger accommodations through timeshares, where you can purchase fractional ownership or usage rights in a property. Owners typically pay an upfront fee and annual maintenance fees in exchange for points to book stays at locations across the brand’s network.

Hyatt Vacation Club units are also bookable with cash or World of Hyatt points, which can be earned through stays or certain credit cards. Prices vary by location, with some resorts offering multi-bedroom villas for $200 or $300 a night, while others could charge upward of $900.

There are more than 20 Hyatt Vacation Club locations across the U.S. and Mexico, and each resort is designed to showcase its host location.

Stephanie Sobeck Butera, executive vice president and chief operating officer at Hyatt Vacation Club, said in an email that Hyatt Vacation Club specifically builds in places that are “not necessarily traditional timeshare markets.” That includes Santa Fe, New Mexico, and Branson, Missouri.

Offerings vary by location. For example, the Hyatt Vacation Club Wild Oak Ranch in San Antonio, Texas, offers classes on how to make guacamole, tortillas and margaritas, and families can enjoy the lazy river and playground.

Hilton

Hilton Grand Vacations is a vacation ownership (timeshare) company that spun out from Hilton Worldwide. It similarly markets to timeshare members — but like Hyatt, it also allows non-owners to book either using cash or Hilton Honors points. Hilton’s HGV portfolio is currently about 200 resorts worldwide.

In November 2023, HGV expanded its Elara property in Las Vegas to nearly 1,300 units. Like most hotels, there’s a check-in desk plus resort amenities like a pool and restaurant. But because these properties are timeshares, they also have kitchens and spacious dining areas — a rarity at hotels.

What this means for travelers ahead

Travelers already have more properties to choose from when booking large group accommodations. Before travelers head straight to Airbnb or another short-term rental platform for family gatherings or a group trip, they should compare some of the other options.

New vacation rental or timeshare offerings from hotel companies could offer more amenities or services, plus ways to earn and use hotel points. And more competition in the short-term rental space may lead to lower prices for everyone.

Caitlin Mims contributed to this story.

Sally French writes for NerdWallet. Email: sfrench@nerdwallet.com. Twitter: @SAFmedia.

The article Move Over, Airbnb: Big Hotels Target Group Travel originally appeared on NerdWallet.

The end-of-year holidays can be a particularly indulgent time, full of looser schedules, crowded dinner plates and, yes, overextended budgets.

Americans were expected to spend $902 on average on holiday expenses in 2024 — a new record — according to the National Retail Federation, which tracks consumer spending. If any of those expenses ended up on your credit cards, you might be wondering how to get your balances under control in the new year.

Valerie Rivera, a certified financial planner based in Chicago, says it’s normal for her clients to see the start of the year as an opportunity to reign in spending.

“I always equate personal finance to physical health,” she says. “It’s almost like you go on a binge in December and then in January it’s like, ‘Okay, time to detox and get my health right.’”

If tackling debt is at the top of your 2025 resolution list, but you’re not sure where to start, these four steps can help guide the way.

1. Know what you owe

They say you can’t know where you’re going until you know where you’ve been — and by “they,” we mean financial planners.

Before making a plan, it’s important to list debts one-by-one, including the balance and interest rate, so you can get a true idea of what you owe, says Samantha Gorelick, a certified financial planner and accredited financial counselor based in New York City.

Be forewarned, though: This may be the toughest step, because of the emotions in play.

“We’re taught to feel ashamed of our credit card debt almost, and a lot of personal responsibility is layered on it,” Gorelick says. “But it’s often a systemic failure that leads to debt.”

Maybe your wages haven’t kept pace with inflation, or your health insurance wouldn’t cover a big medical bill.

No matter the cause, don’t waste time on shame, even if you just plain overspent. Many people find themselves in debt at some point and can find their way out.

2. Commit to a payoff strategy

Once you have the full picture of your debt, it’s time to decide on a payoff strategy.

Debt consolidation — the process of rolling multiple debts into one payment, usually with the help of a balance transfer card or a debt consolidation loan — is a good option for unsecured debts like credit cards.

Consolidation makes the most sense if you can qualify for an interest rate that’s lower than your current debts.

It can be hard to qualify for a balance transfer card, or a low enough rate on a debt consolidation loan, unless you have good credit. Gorelick works with clients to pay off a few small debts before consolidating, since this can bump their credit score by lowering their credit utilization ratio.

“You get halfway in that process and realize, wow, my credit score is suddenly in the 700s,” Gorelick says. “At that point, you can apply for a personal loan to refinance the rest of those balances and combine them into one.”

If you don’t want to refinance, there are other ways to pay off debt, like the snowball or avalanche method.

With the snowball method, you pay off your smallest debt, then the second-smallest and so on, building momentum as you go. With the avalanche method, you pay off the debt with the highest interest rate first, then the second-highest and so on, freeing up more and more cash to apply to your debts.

3. Don’t ignore your emergency fund

Both Rivera and Gorelick advocate building your emergency fund even as you work to get out of debt. That’s because one unexpected expense could seriously set you back.

Funneling just $20 a month into an emergency fund adds up quicker than you think, Gorelick says, and can be enough to prevent you from putting a minor repair on a credit card. If possible, automate a monthly withdrawal from your checking account to a high-yield savings account that’s “out of sight, out of mind,” she says.

As you pay down debt, you’ll likely free up more cash. You can put this money toward your emergency fund, too, until you’re able to cover a few months of expenses. Patience here is key, Rivera says.

“If the bigger goal is three months worth of expenses, it might take some people two years to get there, and that’s okay.”

4. Know when to ask for help

If you feel like you’re sinking under the weight of your debt, you might need outside help.

Ads for debt relief services are everywhere, and most are for debt settlement, which is when a third-party helps negotiate down your debts, so you pay less than you owe. It sounds good in theory — especially if you think you’ll never be able to repay the full amount — but it’s risky, and settled debts stay on your credit report for up to seven years.

“Those programs do work for some people, but it creates a lot of damage to your credit in the process, which isn’t always disclosed when you sign up for the program,” Gorelick says.

A debt management plan, offered by a nonprofit credit counseling agency, is a safer alternative. When you enroll in a debt management plan, a credit counselor negotiates better terms for your debts, like lower interest rates, then creates a plan for you to pay back the debt over three to five years.

Unlike debt settlement, a debt management plan won’t cause lasting damage to your credit, since you’re paying back the full amount you owe, just with better terms.

Jackie Veling writes for NerdWallet. Email: jveling@nerdwallet.com.

The article 4 Steps to Becoming Debt-Free in 2025 originally appeared on NerdWallet.

With a new year ahead and the holiday fanfare behind, this is a great time to set money goals, especially if you recently spent a lot on gifts and travel and want to get your finances in shape. You’d be in good company, too — according to a January 2024 survey from the Pew Research Center, of the 30% of Americans who made at least one New Year’s resolution, 61% had a goal that was money-related.

Right now, you may be highly motivated to solve every single one of your money issues in the next few months, but daily life is guaranteed to get in the way. Your financial to-do list, once so full of promise, can eventually get stuffed in the back of a drawer while you manage more pressing matters. The vast majority of New Year’s resolutions go unfulfilled.

So how can you improve your odds of success? It comes down to accepting that you won’t have the time or energy to complete every task to perfection. Creating a system where you can prioritize, plan ahead and hold yourself accountable can help.

Consider unexpected high-impact actions

Many start by setting a goal to trim frivolous costs, which can certainly be helpful, but there are other ways to make a big difference. Taylor Schult — a certified financial planner and founder of Define Financial, an advisory firm in San Diego — recommends starting with a few overlooked financial tasks.

Freezing your credit is a quick, easy way to guard yourself against identity theft. It’s free to do, and you can temporarily lift the freeze when you’re applying for a loan or credit card. Schulte also suggests looking into umbrella insurance, which offers additional coverage beyond what your auto, homeowners and other insurance policies provide. This coverage can spare you from massive out-of-pocket costs in the event you get sued.

Basic estate planning, including creating a will, is another thing to put high on your list. Putting off this task can create a major headache for your loved ones if something happens to you unexpectedly. “I know it’s a pain point and it’s often kicked down the road,” Schulte says.

Paying attention to your spending is always important, but don’t neglect taking steps to protect your money, yourself and your loved ones.

Focus on what actually matters to you

So many money goals are born out of social pressure. You “should” want to save up to own a home, even if you’re happily renting. You “should” sacrifice short-term needs and wants to stash away as much as possible for retirement, even though it leaves you feeling deprived. But money goals should be tied to the things that matter most to you. If they aren’t, you’ll quickly lose interest.

“If you don’t know what goals to choose, go back to your values and have them guide the goals you set,” says Eric Roberge, a certified financial planner and founder of Beyond Your Hammock, a financial advisory firm in Boston.

You can combine goal-setting with a little planning, so expenses are less likely to creep up on you throughout the year. Think about what expected costs will be coming up in the next six to 12 months, like recurring bills, vacations, anticipated home or car repairs, and other expenses. This approach allows you to set money aside each month to put toward planned costs, as well as longer-term goals.

Hold yourself accountable

Forgetting your goals can be far too easy, so to make something stick, write it down. It can be as simple as a handwritten list you keep on the fridge, or online calendar reminders that will nudge you every so often.

For time-sensitive goals, set deadlines. One tactic is to make multiple lists based on what you need to complete within the next week, month or three months. As time passes and you check off items, you can update the list.

Enlist others’ help, too. Weekly or monthly household money meetings are useful if you’re completing financial tasks as a group. Or share your goals with a trusted friend or family member who can serve as an accountability partner. Looping in loved ones can help keep you on track. “We don’t mind letting ourselves down,” Schulte says. “But we hate to let other people down.”

Recognize when ‘done’ is better than ‘perfect’

It’s easy to get stuck in decision-making mode when trying to pick a high-yield savings account, credit card or possible investments, but eventually, you need to make a good-enough choice. Taking action now can have more of a positive effect on your life than waiting until you’ve painstakingly considered each option.

Roberge says that though he’d prefer to optimize every financial decision, he doesn’t because if he did, he wouldn’t get things done. “Everything in moderation is one of the things that I live by,” he says. “Going to extremes in any one thing, at the detriment of other things that are important, doesn’t work long-term.”

Sara Rathner writes for NerdWallet. Email: srathner@nerdwallet.com. Twitter: @sarakrathner.

The article Got Money Goals for the New Year? Stay on Track With These Tips originally appeared on NerdWallet.

As of Dec. 16, federal student loan borrowers can once again enroll in two income-driven repayment plans — Paye as You Earn (PAYE) and Income-Contingent Repayment (ICR), according to an Education Department spokesperson.

The department previously closed all new PAYE enrollment (and limited ICR enrollment) in July 2024. Under current Education Department guidance, the plans will accept enrollment until July 1, 2027. Like all income-driven repayment (IDR) options, these two plans base your monthly student loan payments on your income and family size and extend your repayment term from the standard 10 years to 20 or 25 years. After the repayment term, any remaining debt is forgiven.

The move to reopen the repayment plans is in response to lawsuits that blocked the newest income-driven repayment plan, Saving on a Valuable Education (SAVE), and put 8 million borrowers in an indefinite payment pause. During this pause, or administrative forbearance, interest is not growing on borrowers’ balances and no payments are due — but borrowers aren’t earning any credit toward forgiveness.

If you’re on the SAVE plan, switching to PAYE or ICR could allow you to start building credit toward forgiveness again — but your payments could increase compared to what you owed under SAVE. Here’s how to know if you should switch your repayment plan.

Working toward PSLF or IDR forgiveness? Consider PAYE

Eligible SAVE borrowers aren’t building any credit toward the 10-year (120-payment) Public Service Loan Forgiveness (PSLF) finish line right now. Switching to PAYE will resume credit toward forgiveness. This impacts teachers, government workers and many nonprofit employees.

“Especially while their incomes might be lower early on, the longer they wait to make their payments on their loans, they’re making more money, and their payments will be higher, meaning less forgiveness,” she says.

PSLF-eligible SAVE borrowers with close to 120 payments are also stuck in a holding pattern.

“People who are close to Public Service Loan Forgiveness and only have a few payments left might want to consider jumping out of the SAVE program to PAYE. That might be a smart idea to finish,” says Daniel Collier, assistant professor of higher and adult education at the University of Memphis, who focuses on student debt and income-driven repayment.

Also, consider switching plans if you’re counting on income-driven repayment (IDR) forgiveness — especially if you’re close to the forgiveness threshold. This forgiveness is available to all federal student loan borrowers, regardless of profession. You can get IDR forgiveness after 20 years on PAYE, or 25 years on ICR.

Other reasons to switch from SAVE to PAYE

PAYE could also be a good fit if you’re in any of these situations:

• You were enrolled in PAYE before switching to SAVE. If you were on the PAYE plan before, you may already be comfortable with the plan and generally know what to expect.
• You have graduate school debt. You can get forgiveness after 20 years of payments on PAYE if you have any graduate school loans, compared to 25 years on other plans, like SAVE.
• You expect to earn a high income in the future. PAYE payments are capped at 10% of your discretionary income, but even if your earnings grow in the future, payments will never be higher than what they would be under the standard 10-year repayment plan. Most other IDR plans don’t have this payment ceiling, which can give some high-earners very large student loan bills.
• You’re eligible for PAYE. If you had no outstanding direct loan or FFEL Program loan debt as of Oct. 1, 2007, and you took out a direct loan on or after Oct. 1, 2011, you can qualify for PAYE. You also must have a partial financial hardship to get on the plan.
• You’re ineligible for New IBR. The New IBR plan is almost identical to PAYE, but it requires that you originally took out a student loan on or after July 1, 2014.

PAYE is a better choice than ICR for most borrowers, Desjean says. PAYE offers lower monthly payments (10% of income) and a quicker path to IDR forgiveness (20 years), compared to the ICR plan (20% of income and 25 years to forgiveness). However, ICR is the only income-driven repayment plan available to borrowers with parent PLUS loans.

Reasons to stay with SAVE during the payment pause

There are compelling reasons to stay in SAVE, especially if you’re not aiming for any student loan forgiveness. The current interest-free payment pause could allow you to put extra money toward more pressing financial goals or high-interest debt, like credit card bills.

“Borrowers might say, ‘okay, great, I’m saving on my student loans. I’ll put some money toward retirement, or toward my kids’ education, or paying off some other debt’,” Desjean says.

Or, you could take this opportunity to pay off your student debt more quickly. With no interest accruing, lump-sum payments will go farther toward paying off your principal balance. You’ll also pay less money overall.

Use a student loan payoff calculator to find out how fast you can get rid of your loans.

The decision to switch from SAVE is also complicated by unknowns ahead, including:

• To what extent the SAVE plan will survive legal challenges, if at all.
• If the REPAYE plan (SAVE’s predecessor) could return.
• If and how the incoming Trump administration will change student loan repayment, including IDR plans.
• How the Trump administration will manage existing forgiveness programs, including PSLF.

Determine the best option for you

Just because you can switch plans now, doesn’t necessarily mean you should. Evaluate your student loans and overall financial situation to determine your best route forward. You have until July 2027 to enroll in PAYE and ICR, under current guidance.

“Take your time to make an informed decision,” Collier says. “Everyone needs to go get well-informed on what a potential switch would do for their finances, and then make that determination.”

Start with the Education Department’s loan simulator. This tool connects with your studentaid.gov account to estimate your monthly bills, overall repayment costs and potential forgiveness timeline under different repayment plans, including PAYE and ICR. Switching plans could increase your monthly payments, depending on your income. You can also call your federal student loan servicer for guidance.

Desjean suggests reaching out to your college’s financial aid office, even if you left school years ago.

“When I worked in aid offices, past students contacted me all the time about things like, ‘which repayment plan should I pick?’,” Desjean says. “Financial aid administrators know a lot about this. You can describe your exact circumstances. I think it’s probably even better than calling the servicers, sometimes.”

When you’re ready to apply for a new IDR plan, go to studentaid.gov/IDR.

Eliza Haverstock writes for NerdWallet. Email: ehaverstock@nerdwallet.com. Twitter: @elizahaverstock.

The article PAYE and ICR Student Loan Plans Reopen: Should You Enroll? originally appeared on NerdWallet.

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The start of a new year can bring a surge of motivation around setting new goals, including financial resolutions.

One way to help those goals become reality, financial experts say, is to make them as specific as possible. Then, track your progress, while allowing flexibility for unexpected challenges.

“It’s easier to track progress when we know where we are going,” says Sylvie Scowcroft, a certified financial planner and founder of The Financial Grove in Cambridge, Massachusetts.

That’s why she encourages her clients to set clearly defined goals, often related to paying off a specific debt, saving a certain amount per month or improving their credit score.

Here are more tips from financial experts about crafting 2025 financial goals:

Pick your top priorities

Trying to accomplish too much can feel overwhelming. Instead, pick your priorities, says Cathleen Tobin, CFP and owner of Moonbridge Financial Design in Rhinebeck, New York.

She suggests focusing on those big, often emotionally-driven goals to find motivation.

“It’s more compelling than just a number,” she says. For example, do you want to make sure you’re on track for retirement or save money for a house? “Start there.”

Be as specific as possible

Scowcroft says she sees clients get tripped up by selecting overly broad goals, such as “get better with money.” Instead, she encourages people to select specific action items, such as “sign up for a budgeting tool and set aside time each month to learn where my money is going.”

That level of specificity provides direction so you know what steps to take next, she adds. For example, if your top priority is to become debt-free, then your specific goal might be to pay off an extra $200 of your debt balance each month.

Tobin says labeling savings accounts so they correspond with goals can also help. An emergency fund could be named something like “Peace of mind in 2025,” so you remember why you’re saving every time you make a transfer.

“It’s more motivating than just ‘emergency fund,’” Tobin says.

Track your progress

Measuring your progress as the year unfolds is also a critical component of successful goal setting, Tobin says.

She compares it to weight loss. If you want to lose 20 pounds by June, then you need to lose about a pound a week for the first six months of the year. Similarly, she says it helps to break savings goals into microsteps that specify what you need to do each week.

Schedule a weekly or monthly check-in with yourself to make sure you are meeting those smaller goals along the way. You might want to review your debt payoff progress or check your credit score, for example.

“Being able to break it down into steps that can be done each week or twice a month really helps,” Tobin says.

Automate where you can

If your goal is to save more money, then setting up an automatic transfer each month can help turn that goal into reality, as long as you know you have the money in your checking account to spare.

He recommends starting small to ease into the change.

“I wouldn’t jump to double what you’re currently saving,” he says. For example, when it comes to saving in a retirement account, if you’re starting with a 3% contribution, you might want to bump it up to 4%, then slowly increase it from there.

“My number one piece of advice is to start small, but make sure you scale over time,” Hunsberger adds. “Because it’s gradual, you probably won’t notice it impacting your lifestyle.”

Adjust as needed

“Stay flexible,” Scowcroft says. “Part of it is just being kind to yourself and not being too rigid.”

When unexpected challenges come up, such as a big unplanned expense, you might have to pause making progress on your goal and reset.

You might even need to change your goal. Scowcroft says that doesn’t mean you “failed,” just that life changed your plans. Dwelling on any negativity won’t help your forward progress.

Team up with a friend

Sharing your goals with a friend can also make it easier to reach them, Scowcroft says.

“It really helps to have an accountability buddy,” she says.

She suggests putting a regular “money date” with your friend on the calendar so you can ask each other how you’re doing, brainstorm any challenges or even budget together side-by-side.

“It’s a fun excuse to meet up with a friend.”

Kimberly Palmer writes for NerdWallet. Email: kpalmer@nerdwallet.com. Twitter: @kimberlypalmer.

The article The Secret to Making Successful Financial New Year’s Resolutions originally appeared on NerdWallet.