Dvorkin On Debt

By: Yaёl Bizouati-Kennedy | Source: yahoo!finance

The only way a small business can truly protect itself from these rate hikes is to go into “turtle mode,” said Howard Dvorkin, CPA and chairman of Debt.com. “Shelve plans to expand your business unless you’re damned sure you can outrun these rate hikes. Focus on efficiency instead of growth. Lock down your current client base so your numbers become predictable enough to weather the storm — and hope like hell the storm passes quickly.”

By: Yaёl Bizouati-Kennedy | Source: yahoo!finance

“The IRA isn’t open-heart surgery for inflation,” said Howard Dvorkin, CPA, founder and chairman of Debt.com. “It’s not that dramatic. Think of it like taking a daily baby aspirin to prevent a heart attack. Many IRA provisions won’t show up in your wallet after one year, but they probably stopped your finances from getting worse.”

By: Hilary Powell | Source: CBN

People are subsidizing their normal costs, their normal living expenses, using the credit cards. So maybe things were great three years ago. But now with the inflated expenses for groceries and fuel, and all the other expenses – and travel I have to say because the airports are very busy – they’re using credit cards to pay for it.

By: Nora Colomer | Source: Fox Business

“You can’t get out of debt if you don’t understand what’s keeping you there,” Debt.com’s chairman Howard Dvorkin said. “And you certainly can’t get out of debt if you don’t even know the options you have.”

By: Megan Cerullo | Source: CBS News

“A lot of times, medical providers’ prices are wacky,” Howard Dvorkin, a certified public accountant and chairman of Debt.com, told CBS MoneyWatch. Dvorkin recalls receiving a bill for a medical incident that required his daughter to be airlifted for treatment. The initial total? $18,000. He asked the treatment provider what rate they would have billed his insurance company and said: “That’s the rate I’ll pay.”

By: Emma Woodward | Source: Yahoo! Finance

“Think of a credit repair company like you’d think of a tax preparer. Sure, you can do your own income taxes, but sometimes it’s worth the money to hire a professional,” says Howard Dvorkin, CPA and chairman of Debt.com.

By: Zoe Han | Source: MorningStar

But before signing up for an Amazon credit card, think carefully about how often you’ll actually use it, and whether you’ll be able to pay off the entire balance every month, said Howard Dvorkin, a financial advisor and chairman of Debt.com. “On paper, getting an Amazon credit card for Prime Day makes dollars and sense. In practice, it’s dangerous unless you’re super-disciplined,” he told MarketWatch in an email. “You need to be honest with yourself before making this decision,” he added.

By: Geoff Williams | Source: U.S. News & World Report

But 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.”

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: Donna Fuscaldo | Source: AARP

Bank of America found in a recent report that U.S. credit and debit card spending was at its weakest pace in two years. “This is most likely a response to prices being higher overall and Americans tightening their belts to lessen the blow of inflation,” says Howard Dvorkin, CPA, who is the chairman of Debt.com.

By: Nicole Spector | Source: GOBankingRates

“As long as the financial institution is insured, consumers are safe; and, if they are not insured, then they face possible risk,” said Howard Dvorkin, CPA and chairman of Debt.com. “People need to verify that their bank is FDIC insured and that they understand what happens with different types of accounts like joint accounts and retirement accounts.

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.”