Finance

How to eliminate credit card debt: Finance expert weighs in on what steps you should take

Published

1 year ago

January 14, 2025

How to eliminate credit card debt: Finance expert weighs in on what steps you should take

January can be a tough time financially, especially if holiday spending leaves you with some debt. If you’re struggling financially following the holiday season, you’re not alone.

Eastgate resident, Atiana Anderson said she’s focusing on improving her financial fitness in 2025.

“My financial resolution this year is to save money. I’m hoping to save about 10 grand by the end of the year,” she said.

She said she plans to cut back on frivolous spending and pay off her credit card debt, but trying to build savings in today’s economy is no easy feat. Wilmington mother, Lindsay Clepper agrees.

“I’m a single mother, so I only have one income in the house, so it’s been really, really rough this year,” she said. “We’ve been in financial ruin. I’m just staying afloat.”

I went to financial wellness coach, Al Riddick to help find a solution. Here’s some of his advice for getting out of debt this year.

Start an emergency savings

Riddick said before you start paying down debt, you should set aside some money for emergencies.

“Hopefully people can set up an account where they can put at least $1,000 to the side,” he said. “Because something is always going to happen that’s going to impact cash flow that you don’t expect.”

Start with the smallest debt

Credit card debt can feel overwhelming. Regardless of interest rate, Riddick recommends paying down the debt with the smallest balance first.

“Because as human beings, we want to experience success as fast as possible, right? So, if you can attack that small debt, get rid of it as quickly as possible just by human nature, your self-esteem is going to go up,” Riddick said. “Your commitment to the process is going to go up as well, and the probability that you will consistently implement these behaviors is going to continue in the future.”

Keep track of your money

Riddick said it’s important to know how much money is coming in and out each month.

“A lot of people don’t even know what they get paid on a weekly or biweekly basis,” Riddick said. “Most people have no idea regarding how much their monthly expenses are because we don’t count money anymore. Everything is on direct deposit or automatic draft.”

Riddick said automatic payments do not mean you should ignore them. He said there’s no way to create an effective plan to get out of debt if you don’t understand where your money is going each month.

“When you implement a budget every month, you can almost see where you will be a year from now, five years from now, or even 10 years from now because it is really that simple,” Riddick said.

Once you determine your budget, you may decide the need for a secondary source of income. To better her finances this year, in addition to her current job, Lindsay Clepper said she’s considering enrolling in night school. “To start something else on the side, just to make the extra money to be able to get debt-free,” she said.

Pay your bill frequently

Riddick said you can take control of your finances by paying your credit card bill regularly.

“You know, there’s nothing wrong with paying your bill every week. You don’t have to wait, like, 30 days until the company sends you the bill,” Riddick said. “If you pay your bill every week, what that typically does, it heightens your level of awareness regarding what you’re doing with your money.”

When you’re paying more attention to your money, you start to notice trends or habits you may have otherwise missed.

“When you are paying more attention, more than likely, you’re like, wait a minute. I didn’t know I was spending that much money eating out or having food delivered to my home or paying this type of money on all these various subscription services,” he said. “But you know, at the end of the day, you are in control of every aspect of your financial life, but this is a power that only works when you unleash it.”

Plan for next year

Instead of repeating the cycle each year, Riddick said you should plan and save for the 2025 holiday season now.

“We know that on December 25, what’s going to happen, Christmas is coming, right?” he said.

He recommends setting up an automatic transfer from your checking to a savings account. He said for example, if you set aside $100 every month, you will have $1,200 by December set aside for holiday spending.

“Doing it that way is a lot easier than waiting around until November and then trying to come up with $1,200 that you don’t have, and that’s how people end up getting into debt,” he said. “If we know a certain event is coming up in the future, why not do yourself a favor and go ahead and plan in advance.”

Atiana Anderson had some words of encouragement for anyone experiencing credit card debt.

“Don’t be intimidated. Everything will work out for the best, even if you are struggling financially,” she said. “If you get a game plan, write it down in the notebook, and discuss it with financial planners, family members or an organization. Believe that you will get out of credit card debt or whatever situations that you have.”

“Don’t Waste Your Money” is a registered trademark of Scripps Media, Inc. (“Scripps”).

Follow John:

Follow Taylor:

For more consumer news and money saving advice, go to www.dontwasteyourmoney.com

More Don’t Waste Your Money news:

Finance

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

Published

4 hours ago

April 20, 2026

Press Room

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

As conflict continues to destabilise the Middle East, the Gulf States elite are seeking solace in European alternatives that offer comparable financial benefits with a far lower risk of war on the doorstep. One such destination is the small Swiss town of Zug, which is becoming a “bolt-hole” for Gulf-based wealth, said the Financial Times.

‘Swiss Monaco’

Switzerland’s reputation as a magnet for the world’s financial elite is nothing new. In 2025, the country recorded the “densest concentration of millionaires” with an estimated 146 per 1,000 adults last year, said The Times. Now home to around 135,000 people, Zug’s canton – also named Zug – used to be the “poorest corner of Switzerland” until it lowered its tax rates in the 1950s. “Now it has corporate tax rates of 16.2% compared with 40% in the US and 33.3% in France.”

“In almost all ways Zug is unremarkable”, with its traditional Swiss architecture and cobbled waterfront lanes. But if its “Alpine lake water is clear”, the financial scene is more “murky”. Many credit Marc Rich and Pincus “Pinky” Green, founders of metals and minerals trading firm Glencore, with the transformation of Zug from a “Swiss backwater” to its status as the “Swiss Monaco”. The multinational is headquartered just outside Zug, and has made the town a “global powerhouse for trading crude and refined oil products”. It should be “no surprise” that the “1% of the world’s 1%” are taking shelter there, and at the same time, hoping to still “keep a hand in the oil business”.

Article continues below

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week’s Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

“Industry estimates suggest that tens of billions of dollars could flow into Switzerland depending on how the current conflict evolves,” said the Outbound Investment Group. The “immediate trigger” for the “surge in interest” from Gulf-based investors is the war in the Middle East. However, Switzerland’s underlying appeal is its unwavering “Swissness”: “political neutrality”, “strong legal frameworks”, and reputation for wealth preservation. It’s a safe bet with no sign of slowing.

‘Availability tightening’

There are some drawbacks, said the FT. For “would-be arrivals”, the appeal of the region for Middle Eastern residents comes with “practical constraints”. Those outside the EU “face a higher bar”. Usually, the condition of residency is “tied” to employment or company formation. For the “very wealthy”, there is the added option of “negotiated lump-sum taxation agreements with cantonal authorities” that allow individuals to “pay a flat annual tax based on living expenses rather than global income”.

Even if they are holders of EU passports, the “main bottleneck” is the availability of property. Competition is “intense” and “rental supply is extremely limited, with properties often snapped up within days”. With Zug’s “availability tightening”, other cantons in the region with similar tax arrangements could benefit, such as Lugano, an Italian-speaking city in the Ticino region.

The uncertainty of the duration of the conflict is one of the most pressing concerns, said Bloomberg. The recent breakdown of ceasefire talks risks “forcing a reckoning for the professional and expat classes considering options after putting down roots in the Middle East”.

The short-term benefits of physical safety from leaving the Gulf are clear, but changing tax residency “takes time” and practicalities such as finding schools and “conforming to national requirements such as opening local bank accounts” is often “complicated and time-consuming”. The region’s ultra-wealthy are facing “uncomfortable decisions on whether to make the move permanent, especially with the end of the school year in sight”.

Explore More

Finance

How much will Social Security go up next year? See latest forecast

Published

17 hours ago

April 20, 2026

Press Room

How much will Social Security go up next year? See latest forecast

Before Social Security payments are posted this week, many retirees are looking ahead at the potential Cost of Living Adjustment for 2027 with an advocacy group predicting a similar increase to 2026.

On April 10, The Senior Citizens League — a nongovernmental advocacy group for seniors — released its monthly COLA forecast for 2027, saying data showed a 2.8% increase is likely.

“Over the last seven weeks, crude oil prices have soared, and fuel prices have followed suit. Consumers are getting pinched at the pump as gas prices soar, while businesses are paying more for transportation and/or production costs. This energy price shock is beginning to show up in the monthly U.S. inflation report, and it’s having a tangible impact on 2027 COLA forecasts,” The Motley Fool, a financial and investing advice company, and USA TODAY content partner, reported on April 18.

The official announcement will come in October, as it’s based on third-quarter inflation data.

According to Consumer Price Index data published last week, the annual inflation rate reached a two-year high of 3.3%, up 0.9% over the last month. This is largely due to soaring oil prices caused by the war in Iran.

Social Security payments are always scheduled on Wednesdays, with the final wave of this month scheduled for April 22, according to the Social Security Administration. The schedule is based on the birth dates of the recipients — retired, disabled workers or survivors.

Here’s who will get a Social Security check this week and more on the 2027 COLA forecast:

When is the final Social Security in April 2026?

Social Security benefits are sent out based on the recipients’ birth dates. Wednesday, April 22, is the final wave of payments for those with birth dates between the 21st and the 31st of April.

What is the 2027 COLA forecast?

The 2027 COLA increase is forecast to be 2.8% due to continuing inflation prices, according to The Senior Citizens League’s April 10 press release. If the SSA approves that rate of increase, average payment for retired workers would go up by $56 per month in January 2027.

The SCL releases a COLA prediction each month based on the Consumer Price Index, Federal Reserve interest rate and the National Unemployment rate from the U.S. Bureau of Labor Statistics.

Beneficiaries who want to stay updated with the monthly predictions may visit the SCL’s “COLA Watch” webpage that includes the forecast, calculations, historical trends and more.

The official COLA increase for 2027 will be announced in October 2026.

What were the big Social Security changes in 2026?

At the beginning of 2026 recipients received a 2.8% COLA for Social Security and Supplemental Security Income (SSI) payments, according to the SSA’s COLA Fact Sheet and American Association of Retired Persons, increasing payments about $56 per month.

Here are more details on the 2026 COLA increase, per the SSA:

The maximum amount of earnings subject to the Social Security tax increased to $184,500.
The earnings limit for workers who are younger than full retirement age (67 years old) increased to $24,480. (There will be a $1 deduction for each $2 earned over $24,480.)
The earnings limit for people reaching their full retirement age in 2026 increased to $65,160. (There will be a $1 deduction for each $3 earned over $65,160, until the month the worker turns full retirement age.)
There is no limit on earnings for workers who are at full retirement age or older for the entire year.

What should I do if I don’t get my Social Security payment?

According to the SSA, if you don’t receive your payment on the scheduled date, wait three days additional days, then call their office.

Where are the Social Security offices in Michigan?

There are 48 offices in Michigan, and to find an office near you, recipients may use the office locator via the Social Security’s website by entering your zip code for office hours, numbers, available services and more.

How can I replace my Social Security card?

The personal account, “my Social Security” allows recipients to manage their personal records, including a request for a replacement Social Security card and benefit statements for taxes and more. New accounts are created using ID.me or Login.gov as a multifactor authentication.

When will I get my checks in May? Full 2026 schedule

USA TODAY Contributed

Contact Sarah Moore @ smoore@lsj.com

Finance

Hong Kong reasserts role as safe haven in global finance amid Iran conflict

Published

1 day ago

April 19, 2026

Press Room

Hong Kong reasserts role as safe haven in global finance amid Iran conflict

The US-Israeli war on Iran has unleashed sharp swings across global energy and financial markets, fuelling demand for safe-haven assets, with Hong Kong emerging as a potential beneficiary across gold, property and capital markets. In the third of a three-part series, we look at Hong Kong’s position as a stable base where demand for property has held firm despite the global turmoil.

The seven-week military conflict in the Middle East will redefine Hong Kong’s role as a global financial centre, positioning the city as a safe harbour for capital and investments.

Anecdotal evidence suggested that more banks had turned to Hong Kong to protect their businesses and committed themselves to expanding their presence in the city. At the same time, inquiries about adding allocations of mainland Chinese assets among global investors had recently increased, potentially enlarging the customer base for the city’s asset-management industry and family offices and driving demand for offshore yuan-linked financial products.

For years, Hong Kong’s status as a financial centre in the Asia-Pacific region has been challenged by Dubai, which has risen to prominence as a gateway linking Asia and Europe in capital flows, transport and logistics. With the war destabilising the Middle East – at one point forcing the closure of the Dubai International Airport and sending stocks in the Gulf region plunging – Hong Kong has re-emerged due to its geographical location, a pegged exchange rate, free capital flows and support from China’s economic strength.

“In that context, China and Hong Kong are attracting renewed attention,” said Gary Dugan, CEO of The Global CIO Office in Dubai, which advises family offices and ultra-high-net-worth individuals globally. “There is growing interest among some clients in increasing exposure to China and Hong Kong. It is less a simple flight to safety and more a reassessment of where investors see relative value, policy consistency and long-term strategic opportunity.”

Dubai now relies on trade, tourism and finance as the pillars of its economy, reflecting the success of its four-decade diversification away from oil for sustained growth. The United Arab Emirates city is home to Jebel Ali Free Zone, the biggest free-trade zone in the Middle East, and the second-largest stock market in the region, with combined market values of US$1.01 trillion. The city, also a global hub for gold trading, has a population of 4 million, about 80 per cent of which are foreign expatriates. Dubai’s economy grew by 4.7 per cent in the January-to-September period last year.