When major media outlets need the perspective of a personal finance expert, they call Howard.
By: Gabriel Vito | Source: GOBankingRates
“The problem is when you have bad credit, you’re not getting that super-low 8 to 10% interest rate,” said Howard Dvorkin, chairman of Debt.com. “In extreme cases, you might not save a dime, because the personal loan might actually charge more than the interest on your existing credit cards.”
By: Sharonn Wu | Source: Money Watch
“[Consult] a professional [at] a credit counseling agency or debt solutions company,” Howard Dvorkin, chairman of Debt.com, says. “They’ve seen the worst payday loan emergencies you could imagine, so they know how to deal with them.”
By: Jamie Johnson | Source: CBS News MoneyWatch
“A debt consolidation loan is ideal for someone whose debts are annoying but not scary,” says Howard Dvorkin, a personal finance expert and chairman of Debt.com. “For instance, if you earn a good income but run up your credit cards during the holidays, a debt consolidation loan can save you a lot on interest. Instead of paying 20% on several credit cards, you take out a personal loan at 10%.”
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.”
By: Hanneh Bareham | Source: Bankrate
Rewrite your budget to include the monthly loan payments. If your debt-to-income ratio is too high with the loan, reconsider taking out a personal loan. “On-time payments, a good credit history and other factors like this can help in this process,” Dvorkin says.
By: KIPLINGER ADVISOR COLLECTIVE | Source: Kiplinger
“Don’t blend everything. To keep a healthy marriage, keep some money for yourself. If your partner craves the latest iPhone and you collect rare comic books, you don’t need to fight. Instead, budget for both. Agree on how much ‘fun money’ you two will set aside, whether it’s a percentage of salary or a dollar figure. That won’t stop each of you from being judgy, but it will stop you from arguing.”
By: Emma Woodward | Source: Bankrate
“If you’re fed up with bank fees, you’ll really hate P2P loans,” “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.”
By: Hanneh Bareham | Source: Bankrate
“I can only speculate why defaults are suddenly up in this age group, but I wonder if student loans play a part,” “After three years of frozen payments due to the pandemic, October marked the thaw. Coupled with inflation, that could be the one-two punch that drove up defaults,”
By: Laura Gariepy | Source: Credible
“First, [the lender] can charge you a percentage of your loan balance. That’s usually around 2%,” he said. “Second, they can charge you a flat fee. Or third — and worst of all — they can actually charge you all the interest you’re saving by paying early.” “You don’t have to think so big. You can also pay off your loan early by nibbling away at it every month.”
By: Donna Fuscaldo | Source: AARP
When it comes to medical bills, you aren’t alone. Debt.com’s Medical Debt Survey found that close to 6 in 10 consumers are having a hard time paying medical bills in the face of inflation. The good news is that there are ways to pay. for it without racking up expensive debt. For starters, if you’re offered a medical credit card with an interest-free period, make sure you can pay off the bills within that time frame. If that’s not realistic, request a payment plan directly with the provider instead. Some doctors will offer interest-free plans for multiple years. Make sure to get the payment plan in writing to avoid any of the doctor bills being sent to collections, says Howard Dvorkin, CPA, and chairman of Debt.com. If you have insurance and your provider declines to cover a procedure, Dvorkin says to appeal the decision. It also behooves you to go over the bill to spot any errors that may have added to the cost. Even saving a couple of thousand dollars can go a long way. “Health insurers make mistakes, too, so consumers should ask their insurance company about what they do and don’t cover. People with gap insurance should also check with their providers to see if their bills will be covered,” says Dvorkin. If all else fails and you have multiple medical debts, you can try to consolidate them into one loan. This will give you one monthly payment and potentially a lower interest rate. You can also try to settle the debt, although this will negatively impact your credit score. To settle, Dvorkin says to negotiate directly with the collection agency. “Consumers who find themselves with medical bills they can’t pay should prioritize keeping their bills out of collections — all while fighting to receive a reasonable price or payment plan,” says Dvorkin.
By: Eleanor Pringle | Source: Fortune
He was echoed by author Howard Dvorkin, chairman of Debt.com, who advises people to help their friends with work such as setting up the venue for a social gathering, instead of leaving money: “There are ways to meet your social obligations without ruining your bottom line.” “Financial boundaries resemble personal boundaries,” he added. “If you don’t set them early, everyone will cross them often. The problem is, crossing personal boundaries is uncomfortable. Crossing financial boundaries is costly.”
By: Emma Woodward
“Rewrite your budget to include the monthly loan payments. If your debt-to-income ratio is too high with the loan, reconsider taking out a personal loan,” recommends Howard Dvorkin, CPA and Chairman of Debt.com.