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As Putin heads for North Korea, South fires warning shots at North Korean soldiers who temporarily crossed border
Seoul, South Korea — Russian President Vladimir Putin thanked North Korea for supporting his actions in Ukraine and said their countries will cooperate closely to overcome U.S.-led sanctions as he headed to Pyongyang on Tuesday for a summit with North Korean leader Kim Jong Un.
Putin’s visit comes as tensions on the Korean Peninsula hit their highest point in years, with the pace of both Kim’s weapons tests and the combined military exercises between the United States, South Korea and Japan intensifying in a cycle of tit-for-tat. The Koreas have also engaged in a Cold War-style psychological warfare that involved North Korea dropping tons of trash on the South with balloons and the South broadcasting anti-Korean propaganda broadcasts with its loudspeakers.
South Korea’s military said soldiers fired warning shots to repel North Korean soldiers who temporarily crossed the rivals’ land border Tuesday for the second time this month. The South’s military said North Korea has been increasing construction activity in frontline border areas, such as installing suspected anti-tank barriers, reinforcing roads and planting landmines.
South Korea Defense Ministry via AP
The countries are technically still at war, since the 1950-1953 conflict ended with an armistice. The Demilitarized Zone dividing them is one of the most heavily mined places on Earth.
But, Pyongyang is laying more landmines, reinforcing tactical roads and adding what look like anti-tank barriers, Seoul’s military said, according to Agence France-Presse..
The agency reports that the South’s Joint Chiefs of Staff said it believed Tuesday’s incident — like a previous one earlier this month — was accidental, with some 20 to 30 North Korean troops carrying work tools involved.
Putin’s comments appeared in an op-ed piece in North Korean state media hours before he was expected to arrive in the North for a two-day visit as the countries deepen their alignment in the face of separate, intensifying confrontations with Washington.
Putin, who will be making his first visit to North Korea in 24 years, said he highly appreciates its firm support of his invasion of Ukraine. He said the countries would continue to “resolutely oppose” what he described as Western ambitions to “to hinder the establishment of a multi-polarized world order based on mutual respect for justice.”
Putin also said Russia and North Korea will develop unspecified trade and payment systems “that are not controlled by the West” and jointly oppose sanctions against the countries, which he described as “unilateral and illegal restrictive measures.”
North Korea is under heavy U.N. Security Council economic sanctions over its nuclear weapons and missile programs, while Russia is also grappling with sanctions by the United States and its Western partners over its aggression in Ukraine.
Putin said the countries will also expand cooperation in tourism, culture and education.
Putin’s visit comes amid growing concerns about an arms arrangement in which Pyongyang provides Moscow with badly needed munitions to fuel Putin’s war in Ukraine in exchange for economic assistance and technology transfers that would enhance the threat posed by Kim’s nuclear weapons and missile program.
Military, economic and other exchanges between North Korea and Russia have sharply increased since Kim visited the Russian Far East in September for a meeting with Putin, their first since 2019.
U.S. and South Korean officials have accused the North of providing Russia with artillery, missiles and other military equipment to help prolong its fighting in Ukraine, possibly in return for key military technologies and aid. Both Pyongyang and Moscow have denied accusations about North Korean weapons transfers, which would violate multiple U.N. Security Council sanctions Russia previously endorsed.
Along with China, Russia has provided political cover for Kim’s continuing efforts to advance his nuclear arsenal, repeatedly blocking U.S.-led efforts to impose fresh U.N. sanctions on the North over its weapons tests.
In March, a Russian veto at the United Nations ended monitoring of U.N. sanctions against North Korea over its nuclear program, prompting Western accusations that Moscow is seeking to avoid scrutiny as it buys weapons from Pyongyang for use in Ukraine.
Earlier this year, Putin sent Kim a high-end Aurus Senat limousine, which he had shown to the North Korean leader when they met for a summit in September. Observers said the shipment violated a U.N. resolution banning the supply of luxury items to North Korea.
John Kirby, spokesperson of the U.S. National Security Council, said the deepening relationship between Moscow and Pyongyang is concerning, “not just because of the impacts it’s going to have on the Ukrainian people, because we know North Korean ballistic missiles are still being used to hit Ukrainian targets, but because there could be some reciprocity here that could affect security on the Korean Peninsula.”
“We haven’t seen the parameters of all of that right now, certainly haven’t seen it come to fruition. But we’re certainly going to be watching that very, very closely,” he said.
Lim Soosuk, spokesperson of South Korea’s Foreign Ministry, said Seoul has been stressing to Moscow that any cooperation between Russia and North Korea must not “proceed in a direction that violates U.N. Security Council resolutions or undermines peace and stability in the region.”
Lim also reiterated Seoul’s regret about Russia’s decision to veto a U.N. resolution in March that effectively abolished monitoring by U.N. experts of Security Council sanction enforcement against North Korea. U.S. and South Korean officials have said they’re discussing options for a new mechanism for monitoring the North.
Putin has continuously sought to rebuild ties with Pyongyang as part of efforts to restore his country’s clout and its Soviet-era alliances. Moscow’s ties with North Korea weakened after the 1991 Soviet collapse. Kim Jong Un first met with Putin in 2019 in Russia’s eastern port of Vladivostok.
After North Korea, the Kremlin said Putin will also visit Vietnam on Wednesday and Thursday for talks that are expected to be focused on trade. The United States, which has spent years strengthening ties and accelerating trade with Vietnam, criticized Putin’s planned visit.
“As Russia continues to seek international support to sustain its illegal and brutal war against Ukraine, we reiterate that no country should give Putin a platform to promote his war of aggression and otherwise allow him to normalize his atrocities,” a U.S. Embassy spokesperson in Vietnam said in a statement.
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In the final weeks of the year, many Americans may find themselves doing a retrospective look at their economic health with an eye toward what can be improved in 2025. A variety of economic factors affected Americans this year, ranging from a significant drop in inflation to multiple interest rate cuts to multiple record-breaking days on the stock market. And while these elements, on the surface, are all positive, it will still take some time to recuperate from the inflationary period of recent years. And this will require smart decision-making, particularly for seniors with a limited budget.
This will extend to a review of their insurance protections, both what they require and what they may be able to comfortably eliminate or reduce coverage on. For many, a long-term care insurance plan could be worthwhile. This unique policy can cover costs associated with nursing homes, assisted living facilities and in-home caretakers, among other features. But the timing surrounding an application is critical to get right. And in the final weeks of the year, there’s a compelling case to be made for applying for long-term care insurance now, before 2025. Below, we’ll explain why.
Start exploring your top long-term care insurance options here.
Why seniors should apply for long-term care insurance before 2025
Are you a senior considering a long-term care plan now? Or are you exploring the benefits for a family member or loved one? Here are three reasons why it’s worth applying for before January 1, 2025:
Premiums will rise
Long-term care insurance works similarly to other traditional insurance policies in the sense that it becomes more expensive the older you are. So if you wait for a new calendar year to apply, you’re likely to spend more for a policy than you would have if you started the paperwork in November or December. This is why applicants in their 50s and 60s often secure lower premiums than those in their 70s (among other factors). Waiting for an ideal time to apply, then, could cost you more than you had anticipated (or can afford to budget for). Consider acting promptly, instead.
See what a long-term care insurance policy could cost you now.
Care will become more expensive
The costs of nursing homes and assisted living facilities are only expected to increase over time, underlining the importance of securing a robust insurance plan now, in advance of that rise. According to Genworth’s Cost of Care survey, the monthly median price of a home health aide in 2024 is $6,481 while an assisted living facility is $5,511 while a nursing home with a private room starts at $10,025. Those costs are all predicted to rise in 2025 to $6,675, $5,676, and $10,326, respectively. It makes sense, then, to start exploring insurance options now before the costs of these services become unmanageable.
Unforeseen economic factors could impact your ability to pay for help
You may feel that you have the economic means to pay for this care in the future, rendering a long-term care insurance policy ineffective. But as has been seen in recent years, unforeseen economic factors could impact your ability to pay for help, potentially even in the final weeks of the year.
Inflation rose in October, after all, and if it rises again in November the interest rate cuts once predicted with high certainty for December could be paused – or rates could even rise. This will make everyday borrowing more expensive, reducing your budget to pay for items that a long-term care insurance policy can help cover. So weigh these unknowns carefully versus the benefits of simply locking in protection right now.
The bottom line
The benefits of a long-term care insurance policy are substantial. To make a plan truly cost-effective seniors should time their application carefully. For many, this may mean acting before 2025 to get ahead of policy cost increases. As with all insurance policies, however, it’s critical to weigh the costs versus the benefits to determine the true value, particularly in today’s evolving economic climate. So start by speaking with a long-term care provider who can answer your questions.
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If you aren’t paying off your balance in full each month, it’s easy for your credit card debt to grow and become a crushing burden, especially in today’s economic climate. Not only are Americans racking up a record amount of credit card debt right now — the total is sitting at $1.17 trillion currently, up from $1.14 trillion in the second quarter of the year — but today’s high credit card rates can result in hefty interest charges that make it tough to pay down any balance you’re carrying from one month to the next.
As interest accumulates on your revolving credit card balances, you may be looking for solutions to tackle what you owe. There are lots of debt relief strategies you can consider, but one option that may seem particularly appealing is dipping into your retirement savings through a 401(k) hardship loan. After all, a 401(k) account is a sizable asset that’s already yours, and borrowing from it may seem like an easy way to regain financial stability.
However, tapping into a 401(k) for any purpose is a significant decision, one that can have long-term consequences. So before pursuing this option, it’s essential to understand whether a 401(k) loan can be used to pay off your credit card debt, and if so, whether it’s truly the best solution to do so.
Tackle your credit card debt now with the help of a debt relief expert.
Can you use a 401(k) hardship loan to pay off credit card debt?
It is possible to use a 401(k) loan to pay off credit card debt. Most 401(k) plans allow participants to borrow a portion of their account balance, and the loans are then repaid with interest over a set period. Since you’re borrowing your own money, the interest you pay goes back into your account, which can make this option seem attractive compared to high-rate credit card debt.
However, that doesn’t mean you can use a 401(k) hardship loan, which is a specific type of 401(k) loan, to do so. There are strict rules governing 401(k) hardship loans, and they are generally meant for urgent financial needs. Using the loan to pay off credit card debt may not meet the hardship criteria set by some plan administrators, as hardship withdrawals are generally restricted to specific circumstances defined by the IRS, including:
- Medical expenses
- Costs related to purchasing a primary residence
- Tuition and educational fees
- Expenses to prevent eviction or foreclosure
- Funeral expenses
- Certain expenses for repairing damage to your primary residence
But while paying off your credit card debt with a hardship loan may not be allowed, you do have another option: taking out a regular 401(k) loan to pay off your credit card debt. These loans allow you to borrow up to 50% of your vested account balance or $50,000, whichever is less, for nearly any purpose. The loan must be repaid within a certain number of years through payroll deductions, and interest rates are typically prime rate plus 1%.
It’s important to note, though, that using a 401(k) loan for debt repayment can derail your retirement savings. When you do this, the money you withdraw is no longer earning compound interest, which can significantly impact your nest egg over time. So while paying off credit card debt is important, it’s crucial to weigh the short-term relief against the long-term consequences of borrowing from your retirement funds.
Find out what other credit card debt relief options are available to you.
What are the alternatives to using a 401(k) loan for credit card debt?
If using a 401(k) loan to pay off your debt feels risky, you may want to consider exploring other, more sustainable options. Here are some of the most effective strategies include:
Debt consolidation loans
A debt consolidation loan from a bank or credit union allows you to combine multiple credit card balances into one manageable loan with a lower interest rate. This approach simplifies your payments and can save you money in interest over time.
Balance transfer credit cards
If you have a solid credit score, using a balance transfer credit card to cut down on interest could be a smart move. These cards typically offer a 0% introductory APR for a set period (usually 12–21 months), allowing you to pay off your debt without accruing additional interest.
Debt settlement
Debt settlement (also known as debt forgiveness) involves negotiating with creditors to settle your debt for less than the full amount owed. This can be an effective way to reduce your debt burden, and with the right strategy, you could reduce your credit card debt by 30% to 50% on average. However, the settlement process can hurt your credit score, so it’s typically a last resort for those facing significant financial hardship.
The bottom line
While a regular 401(k) loan can technically be used to pay off credit card debt, you can’t typically use a 401(k) hardship loan for these purposes. But either way, borrowing from your retirement fund to pay off credit card debt is a high-stakes decision with significant risks to your financial future. In many cases, the immediate relief may not outweigh the long-term consequences. So, you may want to consider alternative options instead, many of which can offer more manageable ways to eliminate credit card debt.