When major media outlets need the perspective of a personal finance expert, they call Howard.
By: Katie Teague | Source: CNET
“Credit card companies make more money when the minimum payment is lower, so more money goes towards the interest rate and less towards the principal,”
By: Yael Bizouati-Kennedy | Source: Go Banking Rates
“Don’t apply for them,” he said. “The interest rates are scandalous — up to 30%. That’s understandable, because the card issuers are taking a risk. But you’ll be better off doing something much more modest: Getting a secured credit card.”
By: Aly Yale | Source: CBS News MoneyWatch
“A debt consolidation loan works best if your debts are stubborn but reasonable,” says Howard Dvorkin, chairman of Debt.com. “That’s because you need a strong credit score and history to secure a low interest rate. Otherwise, what’s the point?” “The downside is that it can take a few years to see results,” he says.
By: Kate Underwood | Source: Consumer Affairs
“if you don’t address your debts, your credit score will plummet even faster and longer.” If you proceed with debt settlement, the debt will appear on your credit report as settled. It’s possible you could negotiate with the creditor to list it as “paid in full” instead of simply settled, which would improve your optics when future lenders view your credit report. “Taking a temporary hit to get out of debt is always better than slowly sinking into oblivion.” If you’re already in a risky financial situation, seek out the least damaging solution that helps you get back on the right track.
By: Ben Luthi, Melanie Pincus & Jasmin Baron | Source: CNN Underscored
“Sometimes, these offers only apply if you use the check to transfer a balance to that particular card,” “If you deposit the check into your bank account, you could be paying upwards of 20% interest plus fees.”
By: Heather Taylor | Source: Go Banking Rates
“They’re not usually the type to download the latest hot app, but they have become more comfortable with online budgeting programs that safely do the heavy lifting for you,” said Dvorkin. “Many banks and credit unions are also getting in on the act, offering many budgeting tools on their websites. There’s literally no excuse for not budgeting — because a computer will do the math for you.”
By: Holly Johnson, Ali Cybulski & Adam McFadden | Source: CNN Underscored
“Start with the check’s issuing bank — the name of the bank printed on the check — if you need to cash a check without a bank account. For example, a check from someone who banks at Chase could be cashed at your local Chase branch, if one is available,” “The account needs to have enough money in the payer’s account to cover it, and the payee will need to show a government-issued ID to cash the check,”
By: Katie Teague | Source: CNET
“Credit card companies make more money when the minimum payment is lower, so more money goes towards the interest rate and less towards the principal,” “Every credit card company is mandated by law to give you the credit card agreement,” “When you pay late, credit card companies can hit you with higher interest rates that won’t drop,”
By: Jordan Rosenfeld | Source: Yahoo Finance
“The downside to prepaid cards is that they have fees for activating and transferring money on to them,” he said. “Generally speaking, they are good to have available as a backup option if you are intending to use cash for your purchases.” “But a secured credit card actually builds your credit,” he said. “Of course, you have to make timely payments, but it’s like a set of training wheels for your financial bicycle.”
By: Sam Bourgi | Source: Credit News
You can’t get out of debt if you don’t understand what’s keeping you there,” Debt.com’s chairman Howard Dvorkin told Fox Business.
By: Nicole Spector | Source: Yahoo Finance
“I hate store credit cards the way the Grinch hates children’s gifts,” said Howard Dvorkin, CPA, chairman of Debt.com. “They’re so costly, they should be classified as a weapon of financial destruction.”
By: Adam Shell | Source: AARP
“These cards come with expensive offers in order to get the card into people’s hands, and that’s not by accident,” said Howard Dvorkin, a CPA and chairman of Debt.com. “It’s very enticing when you’re standing at the register and the clerk says, ‘Can I interest you in a credit card you don’t have to make payments on for a year?’ ”