Dvorkin On Debt

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: 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: Yngrid Fuentes | Source: Noticias Telemundo

“Bankruptcy filings are increasing because three costly factors have converged. First, inflation may not be rising as fast as before, but it’s not going down either. The longer inflation persists, the weaker Americans’ finances become,” “Second, student loan payments that were frozen for three and a half years were unfrozen in October, meaning 45 million people suddenly owe hundreds of dollars a month. Third, with credit card interest rates at record levels (an average of 25%) it is no longer possible to use plastic to fill income gaps.” “Most of your credit score is determined by a simple measurement called ‘payment history.’ All that means is: ‘Do you pay your bills on time?’ ”

By: Rachel Morgan Cautero | Source: What To Expect

“You’ll need to look over your budget — if you already have debt, you will need to be prepared to take on the additional debt of a mortgage, explains Howard Dvorkin, CPA and chairman of Debt.com. You will also want to monitor your credit score, which will help you secure a mortgage loan, and educate yourself on the overall costs of homeownership. This will include insurance, property taxes, utilities and maintenance.”

By: Jean Chatzky | Source: SavvyMoney

“Extended warranties are intentionally confusing and limiting,” he explains. “If that washing machine breaks? It might be chalked up to ‘regular wear and tear,’ which is rarely covered.” If extended warranties were such great deals, he reasons, why do salespeople push them so hard? “Obviously, they’re cash cows for everyone but you.”

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?’ ”

By: Jessica Dickler | Source: CNBC

“Americans are addicted to credit cards, no question,” said Howard Dvorkin, a certified public accountant and the chairman of Debt.com.

By: Donna Freedman | Source: Surviving and Thriving

Howard Dvorkin, chairman of Debt.com, points out that the annual percentage rate for retail credit cards is now 28.93% on average. Some retailers go higher; for example, Michael’s and Burlington charge an APR of 33.24% on their store cards. Used correctly, though, promotions use can “be part of a smart strategy to save money on large purchases like home appliances, furniture or a new computer,” according to Dvorkin.

By: Jessica Dickler | Source: CNBC

Now, “consumers are maintaining and supporting their lifestyles using credit card debt,” said Howard Dvorkin, a certified public accountant and the chairman of Debt.com.