Dvorkin On Debt

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.”

By: Donna Fuscaldo | Source: AARP

“Between labor and ingredient shortages, coupled with the unpredictability of transportation, it has led to rising consumer costs,” says Howard Dvorkin, chairman of Debt.com. “Food manufacturers are experiencing delays waiting for ingredients and in the end they are paying higher prices, so they are charging higher prices. It’s hard to tell if food costs will go down,” he notes. “More times than not, when costs rise they stay that way.”​

By: Yaёl Bizouati-Kennedy | Source: GOBankingRates

“I like to tell people that they should save enough money so that once they retire they don’t have to cut back their lifestyle,” said Howard Dvorkin, CPA and chairman of Debt.com. “Today, many people retire with debt that eats up their retirement income.”

By: Gary Guthrie | Source: ConsumerAffairs

ConsumerAffairs asked Howard Dvorkin, CPA and chairman of Debt.com, for the ugly truth anyone considering BNPL needs to know. “All BNPL providers are not the same. They offer very different terms, and you need to closely review the agreement,” Dvorkin said, noting that like credit cards, BNPL arrangements have varying terms on payback, interest rates, and fees. “This definitely isn’t like paper towels, where both Bounty and Brawny will wipe up a spill.”

By: Yaёl Bizouati-Kennedy | Source: Yahoo! Finance

“People hear the phrase ‘death and taxes’ and think neither can change. While death doesn’t change, taxes certainly do. Or rather, the rules governing them change all the time,” said Howard Dvorkin, CPA and chairman of Debt.com. “The most important fact to know is that deductions come in two flavors: standard and itemized. Each reduces your taxable income. Sadly, you can’t use both at the same time. You must choose.”

By: Jessica Dickler | Source: CNBC

“There’s a great deal of economic risk right now, and if you’re borrowing from your future or someone else to cover expenses, an economic slowdown could be worse for you than it has to be,” said Howard Dvorkin, CPA and chairman of Debt.com.