Financial News Features

“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.”

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.

A 2022 Debt.com survey found that 86% of people track their monthly income and expenses, up from 80% in 2021 and 2020 and roughly 70% pre-pandemic.

“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.”