Our Chicago: Personal Finances & Job Outlook For 2025
CHICAGO (WLS) -- At the start of a New Year, Americans think of resolutions and most of the time, they have to do with money.
ABC7 Chicago is now streaming 24/7. Click here to watch
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.
"The Fed has 'mission accomplished' in terms of raising interest rates to try to really bring inflation under control," Wise explained. "I think we've seen some progress over the past year in terms of rates coming down a bit. But it is still a historically expensive time to borrow."
He added that there might be some lower interest rates in 2025.
"I think really, right now, the market is expecting that the rate improvements, the rate reductions are going to be pretty moderate over the next year," he said.
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.
"If you have additional funds in the first quarter, if you get that tax refund check, don't go out splurge and buy something nice for yourself or your family, pay down that credit card as quickly as you can," he advised.
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.
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."
