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Who’s running for president in 2024? Meet the candidates
Chris Christie
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Former New Jersey Gov. Chris Christie dropped out of the race on Jan. 10, 2024, bringing to a close a bid that focused almost exclusively on him criticizing former President Trump and pressing his Republican opponents to do the same.
His exit came a week before the Iowa caucuses and just over six months after Christie launched his second presidential campaign on June 6, 2023.
Christie has called Trump “a bitter, angry man who wants power back for himself” and framed his decision to run for president on his belief that the country is at a pivotal moment of having to choose between “big and small.”
The former New Jersey governor argued that in recent years the country has been helmed by people who have “led us to being small — small by their example, small by the way they conduct themselves, small by the things they tells us we should care about … They’re making us smaller by dividing us into smaller and smaller groups.”
“All throughout our history, there have been moments where we’ve had to choose between big and small,” he said. “I will tell you, the reason I’m here tonight is because this is one of those moments.”
Christie filed paperwork with the Federal Election Commission formalizing his candidacy June 6 and made his announcement in New Hampshire.
Doug Burgum
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North Dakota Gov. Doug Burgum jumped into the 2024 presidential race on June 7, 2023, the same day former Vice President Mike Pence officially launched his campaign.
“We need a change in the White House. We need a new leader for a changing economy. That’s why I’m announcing my run for president today,” Burgum wrote in an op-ed in The Wall Street Journal.
Burgum has served as North Dakota’s governor since 2016 and was reelected in 2020. A former software company CEO, he grew Great Plains Software into a $1 billion company that was acquired by Microsoft.
He ended his campaign on Dec. 4 after struggling to get name recognition from voters and failing to qualify for the third and fourth primary debate. Burgum endorsed Trump on the eve of the Iowa caucuses, becoming the first of his former GOP opponents to throw their support behind the former president’s White House bid.
“Four years ago, I was speaking on behalf of President Trump at the Iowa caucuses in Sioux City, and today, I’m here to do something that none of the other presidential primary candidates have done,” Burgum, who joined Trump at a campaign rally, said Jan. 14. “And that’s endorse Donald J. Trump for the president of the United States of America.”
Tim Scott
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Sen. Tim Scott, of South Carolina, announced in an interview with Fox News on Nov. 12, 2023, that he would be dropping out of the race for the GOP presidential nomination.
“I think the voters, who have been the most remarkable people on the planet, have been really clear. They’re telling me not now, Tim,” Scott said.
The South Carolina Republican said that he would not be endorsing another candidate and wasn’t interested in becoming a running mate, as “being vice president has never been on my to-do list for this campaign.”
Scott jumped into the presidential race in mid-May when he filed a statement of his candidacy with the Federal Election Commission. He formally launched his presidential campaign at an event in his hometown of North Charleston on May 22, 2023.
“We live in the land of opportunity. We live in the land where it is absolutely possible for a kid raised in poverty, in a single-parent household, in a small apartment to one day serve in the people’s House and maybe even the White House,” Scott said in his campaign announcement.
Mike Pence
John Locher / AP
The former vice president and Indiana governor filed the relevant paperwork with the Federal Election Commission on June 5, 2023, cementing his place in the GOP field. He launched his presidential campaign with a campaign video, and attended a kickoff event in Des Moines, Iowa.
“Different times call for different leadership,” Pence said in the video. “Today our party and our country need a leader that’ll appeal, as Lincoln said, to the better angels of our nature.”
The former vice president said it would be “easy to stay on the sidelines, but that’s not how I was raised. That’s why today, before God and my family, I’m announcing I’m running for president of the United States.”
Pence, who has been visiting early voting states while he mulled entering the race, has suggested he believes it’s time for the GOP to move on from Trump.
“I think we’re going to have new leadership in this party and in this country,” he told CBS News in January 2023.
Pence also has declined to commit to supporting Trump if he is the Republican nominee, instead saying that he believes GOP voters will choose “wisely again” in 2024 and thinks “different times call for different leadership.”
While Pence has promoted the policies of the Trump administration, he has also criticized the former president for his actions on Jan. 6, 2021, saying that Trump’s words were “reckless” and put him and his family, who were on Capitol Hill that day for the joint session of Congress, in danger.
After languishing in the polls and struggling to fundraise, Pence suspended his campaign on Oct. 28, 2023, during a speech at the Republican Jewish Coalition in Las Vegas.
“We always knew this would be an uphill battle, but I have no regrets,” Pence said. “To the American people, I say this is not my time, but this is your time. I urge you to hold fast to what matters most, faith, family, and the constitution of the United States of America.”
Francis Suarez
Alex Brandon / AP
Miami Mayor Francis Suarez announced his decision to suspend his campaign in late August 2023, just two months after hopping into the 2024 race in mid-June. The move came after Suarez failed to qualify for the first Republican presidential primary debate, held in Milwaukee on Aug. 23.
“Running for president of the United States has been one of the greatest honors of my life,” he said. “This country has given so much to my family and me. The prospect of giving back at the highest levels of public service is a motivator if not a calling. Throughout this process, I have met so many freedom-loving Americans who care deeply about our nation, her people, and its future. It was a privilege to come so close to appearing on stage with the other candidates at last week’s first debate.”
Suarez, who is Cuban American, was the only Latino GOP candidate in the 2024 field. He was the second Florida politician to enter the race and has been critical of certain aspects of Florida Gov. Ron DeSantis’ policies and personality. He called DeSantis’ ongoing feud with Disney a “personal vendetta,” and told Fox News that the governor “seems to struggle with relationships, generally.”
Will Hurd
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Former Rep. Will Hurd of Texas announced on Oct. 9, 2023, that he would be suspending his campaign and endorsing Haley for the Republican presidential nominee.
“While I appreciate all the time and energy our supporters have given, it is important to recognize the realities of the political landscape and the need to consolidate our party around one person to defeat both Donald Trump and President Biden,” Hurd said in a statement.
The former congressman said Haley has “shown a willingness to articulate a different vision for the country than Donald Trump,” and called her knowledge of foreign policy “unmatched.”
Hurd’s decision to leave the race came less than four months after he announced his bid for the 2024 Republican presidential nomination in an interview with “CBS Mornings.”
Hurd, 46, worked as an officer in the CIA for nearly a decade and ran to represent Texas’s 23rd Congressional District in 2014. He defeated the incumbent Democrat by just 2,500 votes and went on to win reelection twice before declining to seek another term in 2020.
Hurd has not shied away from criticizing Trump, including over his handing of classified records and immigration policies, as well as his incendiary tweets. The former congressman authored an op-ed in 2018 that declared Trump is being manipulated by Russian President Vladimir Putin.
Larry Elder
Ashley Landis / AP
Conservative talk radio host Larry Elder suspended his long-shot presidential campaign on Oct. 26, 2023. He tweeted that he had met with Trump “to lend him my endorsement for President.”
He added, “I am grateful for the support I received from so many of you across the country.”
Elder was a gubernatorial candidate during California’s failed 2021 effort to recall Gov. Gavin Newsom. He kept his post, but Elder received the most votes — nearly 3.6 million — out of a large field trying to replace Newsom.
Elder announced his bid for president the previous April.
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Both home equity loans and home equity lines of credit (HELOCs) offer homeowners access to their accumulated home equity at a much cheaper price point than many alternative credit options. While credit card interest rates sit just under 24% now – a record high – and personal loan interest rates hover around 12%, qualified homeowners can secure a home equity loan with a rate of 8.38% now and a HELOC at 8.53%. That equates to significant savings each month – and over the typical 10 or 15-year repayment period home equity loans typically come with.
Still, borrowing from your home equity isn’t risk-free, either. If you fail to repay all that you’ve borrowed (with interest), you could risk losing your home in the exchange. But even if you can comfortably manage your home equity loan payments, there are some other notable risks to avoid, particularly in today’s evolving economic climate with inflation rising and interest rates being reduced. Below, we’ll break down three home equity loan risks to know going into 2025.
Start by seeing what home equity loan rate you could lock in here now.
3 home equity loan risks to know going into 2025
Borrowing with a home equity loan can be both smart and effective, especially in today’s unique economic climate. To make it more valuable, homeowners should be aware of these risks (and take steps to avoid them):
Interest rates could rise
The hope that inflation would cool in a straight line downward – and that interest rates would follow – hasn’t played out in recent months. Inflation rose in October and again in November and now sits at 2.7%, almost a full percentage point above the Fed’s 2% goal. So waiting for a lower home equity loan rate to materialize in 2025 is risky when you can secure one close to 8% right now.
Unlike mortgage interest rates, which are driven by a variety of factors, home equity loan rates track closely alongside the federal funds rate. So if rate cuts are paused or hiked again next year, interest rates on home equity loans could rise. And they will rise on HELOCs, which have variable interest rates that change each month. Understanding this dynamic, then, prospective borrowers can avoid this risk altogether by locking in a low home equity loan interest rate now – and refinancing it should rates fall by a considerable degree in the future.
Get started with a home equity loan online today.
Home values could change
Your home equity is calculated by deducting your current mortgage balance from your estimated home value at the time of application. But home prices can change and what your home is worth now may not be what it’s worth in six months or in December 2025. That’s a positive if your home value is on the rise as it could allow you to borrow even more money (the average home equity amount currently sits at around $320,000) but it’s a major risk if your home value drops.
A significant value decrease could lead you to be “underwater” by owing more to the lender than your home is worth. This is particularly risky with home equity loans, which offer borrowers a lump sum of money versus a HELOC that functions as a revolving line of credit. So, before applying, make sure that your home value is secure and, preferably, on the rise.
Your debt could increase
If you use your home equity loan to pay off or to consolidate high-interest rate debt, like credit cards, then you could make strides toward boosting your financial health. But if you use it for the wrong reasons, like paying for depreciating assets such as cars or one-time expenses like weddings, you could put yourself into a growing debt spiral that will be difficult to get out of. So make sure you’re using your home equity loan for safe and effective purposes (like home repairs and renovations, which come with potential tax benefits) and avoiding using it in ways that could lead to your debt becoming harder to pay down than it already is.
The bottom line
A home equity loan offers borrowers access to a large, potentially six-figure sum of money, at an interest rate much lower than some popular alternatives. But it does come with risks that homeowners will need to navigate around, too. By being aware of these risks going into 2025 and by utilizing your funds for the most appropriate and secure reasons, you can position yourself for sustained home equity borrowing success both in the new year and in the years that follow.
Learn more about borrowing with a home equity loan here now.
