Financial News Features

Some of that speculation falls into the eye-opening category.Debt.com Chairman Howard Dvorkin has been tracking BNPL trends since the buy now, pay later revolution broke out. Here's his outlook on what's next with BNPL.

“Medical debt is often the most depressing and stressful kind, because you or a loved one just endured a health scare—only to face huge bills you can’t afford,” said Howard Dvorkin, CPA, chairman of Debt.com. “You’re already fragile, either physically or emotionally, and often both. Pile medical debt on top of that, and it can crush anyone’s resolve.”

And if you feel like it’s professional financial help you need for your money stress rather than a therapist, there are free places to go for that as well, says Howard Dvorkin, a certified public accountant and chairman of the debt education website, Debt.com. “There’s no shortage of free assistance,” Dvorkin says. “Your bank or credit union probably offer free online budgeting tools that can help you squeeze every last dime from your income. Nonprofit credit counseling agencies ... offer you a free, in-depth debt analysis over the phone.”

“Compound interest isn’t a myth,” said Howard Dvorkin, CPA and chairman at Debt.com. “Millennials might feel like they’ve fallen behind where they expected to be or where their parents were at their age, but expectations aren’t tangible. Your dollars are. Invest in a 401(k) if you have access to one [or] a Roth IRA if you don’t. It won’t seem like it matters, and for a while, it won’t. But years from now, you’ll be glad you did.”

One problem is the late payment fees, which can amount to 25% of the total purchase fees. “With any BNPL, you don’t want to be tardy,” said Howard Dvorkin, chairman of Debt.com. “That will eat up any savings.”

According to Howard Dvorkin, CPA and chairman of Debt.com, the first step to tackling debt is to take a full inventory of your debts. "Know how much is owed, to whom and where (you) are with payments," he said.