Financial News Features

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.

“Don’t confuse 'anxiety' with 'insolvency,'” said Howard Dvorkin, chairman of Debt.com and a financial counselor for nearly three decades. “I’ve noticed that the more you earn, the more you worry about the economy.”

Howard Dvorkin, a certified public accountant and the chairman of Debt.com, has a completely different take. “Remember, these companies wouldn’t offer BNPL plans if they couldn’t profit from them – at your expense,” he says. “For every perk you salivate over, there’s a catch that will have you spitting angry.”

"This is definitely a win for consumers,” Dvorkin said. "Consumers need a win right now with crazy prices and things going on in the economy.”

“The internet is a great tool to find information — the problem is most people don’t know how to use the tool correctly when it comes to financial advice,” said Howard Dvorkin, CPA and chairman of Debt.com. “CPAs like me talk all the time about listening to financial advice from experts with your best interests in mind — not their own — and if you don’t know what red flags to look out for, you may end up taking advice that will end up costing you.”