Business and Finance
How to Get Rid of Your Debt From Last Year
NEW YORK (Newswire.com) – iQuanti: With the holidays coming to a close, it’s time to look ahead and make sure you’re paying off those leftover debts from last year. The APR for personal loans is typically lower than that of credit cards, making this an attractive option for consolidating debt: it will cost less interest overall and can reduce your monthly payments considerably. That said, it’s also crucial to remember that repaying debt responsibly requires discipline: you’ll need to stay organized with budgeting, use proper money-management skills, set short- and long-term goals – and yes, commit to them! Successfully taking control of your finances in this way benefits both your financial health and your peace of mind.
In addition to consolidating debt, this article will discuss how to get rid of your debt from last year. Several options exist. All you have to figure out is which of them makes the most sense for your unique situation.
1. Take Out a Personal Loan
You might consider personal loans if you have several outstanding debts from 2022. Credit unions and banks offer personal loans. Either of these can be reputable entities.
You can take the money from a personal loan and pay off all your outstanding debts. By doing so, you make your repayment schedule less complicated.
You can go from owing several different entities to only owing money to a single one. Many times, it’s that simplification of your repayment schedule that will assist you in becoming debt-free during the new year.
2. Hunt for a Job that Pays More
Looking for a job that pays more in the new year can also get you out from under the debts you accumulated in 2022. Maybe you feel that you’ve reached the limit of what you can achieve in your current position. You don’t see a path to a promotion and a raise that can accompany it.
If that’s true, you can update your resume and look for jobs online. You can use sites like Monster, Indeed, and LinkedIn. If you don’t have a LinkedIn profile yet, you should create one.
Getting a job that pays more will free up more money that you can use to pay off your debts from 2022 quicker. Don’t rest until you find a new position that pays you a salary that matches your skill set. Being complacent at your current job isn’t going to help you if you’re sure there’s no raise or promotion in your immediate future.
3. Don’t Accumulate Any More Debt
You can also work on paying off what you owe from last year without accumulating any new debt. Often, debt piles up because you keep accruing new debts before you can pay off your existing ones. If that’s happening, it’s a sure sign you need to curb your spending.
Don’t live an extravagant lifestyle. Limit the number of times you go out to dinner. Instead, buy bulk food items and use them to make low-cost meals. Purchase clothing at second-hand stores like Goodwill instead of buying them brand new. If you can put off shopping for new clothes, do that.
If you need a new vehicle, get a used or certified pre-owned one instead of buying the latest model. Only spend money on home improvements if they’re unavoidable.
Conserving money in all these ways will let you put the cash you’ve saved toward paying off your 2022 debts. If you’re determined and don’t mind living this way for a while, you should see positive results.
You Can Get Rid of Last Year’s Debt
Getting rid of last year’s debt can be challenging, but you can do it if you’re determined. You can save money to put toward debt from 2022 by living frugally. Eating in restaurants less often, shopping for second-hand clothing, and taking similar measures leaves you more money to put toward your outstanding debts.
Hunting for a new job that pays more is another viable option. Spruce up your resume and look for jobs on sites like Indeed, LinkedIn, and Monster. You may also consider taking out a personal loan and using the money from it to pay off all your other outstanding debts. Having one creditor to pay back will simplify the process.
These tips should help you get rid of last year’s debt. It may not be easy, but it’s always possible.
Source: iQuanti
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Lifestyle
A How-To Guide for Participating in Clinical Trials
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(Family Features) Clinical trials help researchers studying chronic conditions answer important questions about the diseases and their treatment options. However, uncertainty about what to expect and a lack of knowledge about how to get started can prevent patients from joining a clinical trial.
Choosing to take part in a clinical trial means helping a study team figure out if a new method of diagnosis, treatment or prevention is effective. If you live with a chronic condition, such as Crohn’s disease or ulcerative colitis, and want to help find answers for others who share your experience, a clinical trial is an option to consider.
Once you identify a study that interests you, you’ll want to talk with the professionals involved in your ongoing treatment, a clinical research coordinator and your family to gather information necessary to determine whether the clinical trial is a good fit.
To find additional information about clinical trials and begin exploring trials in your area, visit crohnscolitisfoundation.org, and consider these steps for participating in a trial.
1. Talking with Your Doctor
Your gastroenterologist and other care providers can help determine whether a clinical trial is right for you and may be able to help point you toward recommended trials. It’s important to ask if or how your doctor will continue to be involved in your care if you participate in a trial.
2. Finding a Study
If you need help beyond your care team in identifying clinical trial opportunities in your area, organizations dedicated to your condition can be a good resource. For example, the Crohn’s & Colitis Foundation offers an online Clinical Trial Finder for individuals with inflammatory bowel disease.
3. Talking with the Research Coordinator
A clinical trial research coordinator can provide details specific to your circumstances and needs. You can discuss potential benefits and risks, why the trial is being conducted and who is involved in the health care team. You can talk about past treatments and how this study may differ from your previous experiences. Other questions you might ask include what your options are if the trial doesn’t work, any costs you might expect and what your personal commitment will be.
4. Evaluating the Fit for You
Once you have the necessary information, you’ll be able to consider whether you’re ready to move forward with registering for the trial. You’ll want to weigh factors like your time commitment, travel distance and whether the trial will affect your personal or professional obligations.
Photos courtesy of Shutterstock
SOURCE:
Crohn’s & Colitis Foundation
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News
A boycott campaign fuels tension between Black shoppers and Black-owned brands – evoking the long struggle for ‘consumer citizenship’
Target’s recent decision to end its diversity programs has sparked backlash among Black consumers and entrepreneurs. While some call for a boycott, others caution that it could harm Black businesses more than the retailer.
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Timeka N. Tounsel, University of Washington
Some Black consumers may be breaking up with Target this February.
It all started late last month, when the retailer announced that it was ending its diversity, equity and inclusion programs. The move drew widespread rebuke from social justice organizers, including New Birth Missionary Baptist Church Pastor Dr. Jamal Bryant. Although Target said one set of its racial-equity initiatives had already been scheduled to conclude, the timing was notable: The move came just days after the White House called for a federal DEI ban, and as several other companies took similar actions.
Beyond renaming its “supplier diversity” team – now called “supplier engagement” – and ending “diversity-focused surveys,” Target hasn’t said what the change will mean for the many Black entrepreneurs who sell everything from coffee to sunscreen on its shelves. The webpage for the retailer’s Black Beyond Measure initiative, which highlights dozens of Black-founded brands and connects business owners to a program designed to “democratize access to retail education,” remains active.
But Target’s critics, including Minneapolis-based civil rights attorney Nekima Levy Armstrong, view the move as a surrender to the new presidential administration’s attack on equity programs. In a news conference outside Target’s Minnesota headquarters on Jan. 30, 2025, Armstrong called for a nationwide boycott of the store to begin on the first day of Black History Month.
While many social media users posted in support of the boycott, some Black founders whose brands are stocked by Target – and there are dozens of them – have been more conflicted. Tabitha Brown, whose products can be found in various aisles, from books to cooking appliances, asked customers to reconsider boycotting Target. Withholding their dollars, Brown insisted, will hurt Black businesses far more than the corporations that sell their products.
This request for restraint garnered a mixed response on social media. Some Black consumers accused Black business owners of selling out the very racial community that contributed to their success.
So, why would a Black business owner ask consumers to patronize a retailer that signaled it doesn’t care about Black customers? And how did something as mundane as where people buy toilet paper and shampoo become a litmus test for racial consciousness in the first place?
Black consumers and the fight for dignity
The marketplace has long been a battleground where Black Americans have sought to assert their citizenship. Most of the nation’s biggest household brands didn’t begin to take African American consumers seriously until after World War II. Before that shift, advertisements and product packaging were more likely to feature degrading Black caricatures to appeal to white shoppers, than to address Black consumers directly.
This segregated commercial landscape reinforced the belief among some community members that Black people would not be taken seriously as citizens until they were taken seriously as consumers. They would need to vote with their dollars, patronizing only those brands and retailers that respected them.
In my research on marketing campaigns aimed at Black women, I’ve examined how the struggle for consumer citizenship complicated the dynamic between Black entrepreneurs and consumers. On the one hand, businesses have long leveraged Black ownership as a unique selling proposition in and of itself, urging shoppers to view Black brand loyalty as a path to collective racial progress.
Unlike their larger competitors, Black entrepreneurs relied on their racial community to stay afloat. Patronizing African American businesses could therefore be framed as a racial duty. Conversely, as African American advertising pioneers made clear, recognition from big brands was a political victory of sorts because it signaled that Black dollars were just as valuable as anyone else’s. https://www.youtube.com/embed/SAFubUnsl3Y?wmode=transparent&start=0 A short documentary from The Advertising Club of New York featuring iconic ads from African American marketer Tom Burrell.
Competing for Black dollars
Corporate attention to Black consumers ebbs and flows in a cycle that is especially noticeable in the beauty and personal care industry. In seasons of limited competition for African American customers, entrepreneurs typically thrive, even while they struggle to meet the capital demands of a growing brand. Their success, however, beckons larger corporations, which then seek to capitalize on consumer niches they previously ignored.
Two common approaches that mass market brands pursue to compete for Black dollars include acquiring smaller, established Black brands and developing their own niche products. Large corporations deployed both strategies during a period of intense expansion into the beauty market of the 1980s.
Black owners tried to stave off their competition by creating a special emblem that alerted shoppers to their authenticity. Then, as now, social justice organizations, such as Rev. Jesse Jackson’s Operation PUSH, also initiated boycotts and urged Black consumers not to choose “lipstick over liberation.”
Nevertheless, many Black entrepreneurs sold their brands, and by 1986 nearly half of the Black hair care market was no longer Black-owned.
A linked fate
Parsing winners and losers within the world of Black enterprise is as difficult now as it was in earlier periods. African American business owners often possess a cultural consciousness that distinguishes their brands, even when they can’t match the resources of larger competitors. And as they figure out how to survive an uneven playing field, Black entrepreneurs sometimes face accusations of betraying their racial community.
In a market governed by the law of supply and demand, Black consumers benefit from increased competition. Yet, racial loyalty sometimes asks that they eschew these benefits for the sake of keeping Black dollars in Black hands.
Four years ago, when Target launched its Black Beyond Measure funding initiative, it seemed that the retailer had struck a rare balance in supporting Black brands and their customers. In addition to curating a collection of products to lure shoppers, Target used the campaign as an opportunity to position entrepreneurs to flourish well beyond Black History Month.
Now, as Black consumers and business owners weigh varying responses to the retailer’s decision to reverse their commitment to DEI values, one question endures: Do Black dollars matter?
Timeka N. Tounsel, Associate Professor of Black Studies in Communication, University of Washington
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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Consumer Corner
Trump’s opening tariff salvo will hurt US consumers − following through on Canada, Mexico threats will increase the price pain
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Jason Reed, University of Notre Dame
If U.S. voters reelected Donald Trump hoping for relief from higher prices, his recent threats to impose tariffs on America’s three largest trade partners might make them think again.
On Saturday, Feb. 1, Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China, which he said would take effect on Tuesday, Feb. 4. While markets braced for the news to some degree, they still saw a steep premarket sell-off on Monday, Feb. 3, followed by morning volatility.
While Canada and Mexico negotiated monthlong reprieves on Monday, the new tariffs on China went into effect as expected Tuesday, Feb. 4. And while the ultimate shape of Trump’s tariff policy remains to be seen, the president warned that American consumers could feel “some pain” as a result.
Given my training as an economist and finance professor, I think Trump could be right on that score. In fact, if the tariffs go into effect, they could spell disaster for the Federal Reserve’s inflation reduction efforts.
From grocery stores to homes
U.S. consumers might be surprised to find out that almost every economic sector could be affected by this opening salvo of tariffs, should they go ahead in March. Imports from Mexico and Canada reached close to US$1 trillion in 2024, almost double the amount the U.S. imports from China.
The U.S. is particularly reliant on Mexico for fresh fruits and vegetables, and on Canada for lumber. So if the tariffs go into effect, Americans who have been waiting for home prices to ease may have to continue waiting, as tariffs on lumber and other building materials could worsen the affordable-housing crunch. And let’s not even talk about avocado prices.
Meanwhile, the 10% tariffs on Chinese goods will likely boost the price of electronics, and China has already imposed retaliatory measures. Trump has also proposed 25% tariffs on Taiwan and its semiconductor industry, in an attempt to push Taiwanese companies to invest more in U.S. manufacturing. If that tariff were to go into effect, prices for U.S. consumers would be even higher.
A tax by any other name …
Tariffs are an import tax. They’re passed through the supply chain in the form of higher prices and are eventually paid by consumers. Traditionally, governments have used tariffs as a fiscal tool to encourage businesses and consumers to move away from foreign-made products and support domestic businesses instead.
In theory, new tariffs could encourage foreign businesses to invest in the U.S. and make more stuff on American soil. Unfortunately, domestic manufacturing has seen a systemic decline since the 1980s, resulting in lower prices for consumers but severely limiting U.S.-produced products. In the short term, at least, import taxes on Canadian, Mexican and Chinese products would ultimately be paid by U.S. consumers.
Although this round of tariff threats may seem arbitrary to some, the Trump administration says it considers tariffs deeply intertwined with national security concerns. Stephen Miran, Trump’s pick to chair the president’s Council of Economic Advisers, has laid out a path for Trump’s tariff plan, which he says is aimed at putting American industry on fairer ground against the rest of the world.
In the long term, it’s unclear whether Trump’s threatened trade war will bring domestic manufacturing back to the U.S. and start a new industrial renaissance. In the meantime, American consumers will likely be stuck holding the bag.
Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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