In the News

By: Michael Tedder | Source: The Street

But here’s the thing, it’s entirely possible that we’re already in a recession, and just don’t know it yet, according to Howard Dvorkin, CPA and Chairman of Debt.com. Economists define a recession as two consecutive quarters of negative growth – which means production drops and unemployment rises. There’s a problem baked into that definition: You can’t know for sure if you’re in a recession for almost six months,” says Dvorkin. “We can read the tea leaves and make educated guesses, but we can’t confirm those until two quarters are nearly over. By then, of course, it’s too late to prepare.”

By: Elizabeth Gravier | Source: CNBC

Howard Dvorkin of Debt.com recommends looking at recurring charges such as unused gym memberships or subscriptions.

By: Rebecca Lake | Source: Creditcards.com

Credit scores help determine the interest rates and fees credit card companies charge you, says Howard Dvorkin, personal finance expert and chairman of Debt.com.

By: Maryalene LaPonsie | Source: US News and World Report

“The envelope method is a great tool for budgeting because it forces people to take control of their spending with cash in hand,” says Howard Dvorkin, CPA and chairman of Debt.com.

By: Aimee Bohn | Source: Investment U

The CPA and chairman of Debt.com, Howard Dvorkin, warned of carrying credit card debt into retirement… Right now, [credit card] interest rates are hovering around 20%. That means you’re paying a dollar for every five you borrowed.

By: Art Raymond | Source: DeseretNews

“People are buying ‘wants’ not ‘needs,’” Howard Dvorkin, CPA and chairperson of Debt.com, told CNBC.

By: Casey Bond | Source: U.S. News & World Report

“Credit utilization makes up such a significant part of your score because if you’re maxing out credit cards, lenders may assume that you are living beyond your means, ultimately deeming you as a credit risk,” says Howard Dvorkin, a CPA, author, columnist and chairman of personal finance site Debt.com.

By: Jared Lindzon | Source: Time

Having a budget is always the best way to keep costs under control, and in recent years inflation has caused many Americans to take up the practice. According to a survey by debt.com, 80% budgeted their expenses in 2021, compared with only 68% in 2019.

By: Mark Huffman | Source: Consumer Affairs

For would-be buyers, it may also turn out to be an opportunity if the market softens. Howard Dvorkin, a CPA and chairman of Florida-based Debt.com, says this is no time for buyers to take on a debt that may prove to be unmanageable. “If you find yourself saying out loud, ‘I think I can stretch my budget to buy this home,’ don’t do it,” Dvorkin told ConsumerAffairs. “Your budget will be stretched after you buy a home. Don’t forget all the background expenses that go into a just-bought home – from taxes to furnishings, from repairs to maintenance.”

By: Dan Clarendon | Source: Market Realist

Howard Dvorkin, CPA and chairman of Debt.com, says in a Q&A on that website that most scholarships don’t check how recipients use the money. However, he adds that scholarships usually don’t help pay off student loans, since you have to be enrolled in college to get a scholarship.

By: E. Napoletano, Korrena Bailie | Source: Forbes

“These sound like boring answers to the heavy question of financial security during scary times,” says Howard Dvorkin, CPA and chairman of Debt.com, “but too many people overreact and take big risks instead of checking first to see if they’ve done all the basics.”

By: Emma Woodward | Source: Bankrate

“If you’re fed up with bank fees, you’ll really hate P2P loans,” says Howard Dvorkin, CPA and Chairman of Debt.com. “On top of the interest rate you’ll pay, there’s the origination fee, which can be as low as 1 percent but as high as 8 percent. That’s much more than a bank or credit union will charge you for a personal loan.”