Dvorkin On Debt

By: John Egan | Source: Bankrate

“CPAs and doctors have one thing in common,” says CPA Howard Dvorkin, chairman of Debt.com. “We see the same symptoms in people. Headaches, ulcers, high blood pressure, chest pain, obesity, anxiety, depression, panic attacks. You name it, I’ve seen it.”

By: Brian O’Connell | Source: The Street

Some of that speculation falls into the eye-opening category.Debt.com Chairman Howard Dvorkin has been tracking BNPL trends since the buy now, pay later revolution broke out. Here’s his outlook on what’s next with BNPL.

By: Deb Gordon | Source: Forbes

“Medical debt is often the most depressing and stressful kind, because you or a loved one just endured a health scare—only to face huge bills you can’t afford,” said Howard Dvorkin, CPA, chairman of Debt.com. “You’re already fragile, either physically or emotionally, and often both. Pile medical debt on top of that, and it can crush anyone’s resolve.”

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

And 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: Brian O’Connell | Source: The Street

One problem is the late payment fees, which can amount to 25% of the total purchase fees. “With any BNPL, you don’t want to be tardy,” said Howard Dvorkin, chairman of Debt.com. “That will eat up any savings.”

By: Nicole Spector | Source: Yahoo!finance

According to Howard Dvorkin, CPA and chairman of Debt.com, the first step to tackling debt is to take a full inventory of your debts. “Know how much is owed, to whom and where (you) are with payments,” he said.

By: Cynthia Measom | Source: GOBankingRates

A 2022 Debt.com survey found that 86% of people track their monthly income and expenses, up from 80% in 2021 and 2020 and roughly 70% pre-pandemic.

By: Brian O’Connell | Source: The Street

“Don’t confuse ‘anxiety’ with ‘insolvency,’” said Howard Dvorkin, chairman of Debt.com and a financial counselor for nearly three decades. “I’ve noticed that the more you earn, the more you worry about the economy.”

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

Howard Dvorkin, a certified public accountant and the chairman of Debt.com, has a completely different take. “Remember, these companies wouldn’t offer BNPL plans if they couldn’t profit from them – at your expense,” he says. “For every perk you salivate over, there’s a catch that will have you spitting angry.”

By: Gabrielle Olya

“The internet is a great tool to find information — the problem is most people don’t know how to use the tool correctly when it comes to financial advice,” said Howard Dvorkin, CPA and chairman of Debt.com. “CPAs like me talk all the time about listening to financial advice from experts with your best interests in mind — not their own — and if you don’t know what red flags to look out for, you may end up taking advice that will end up costing you.”

By: Howard Dvorkin | Source: GOBankingRates

I’ve counseled too many people who bought more house than they could afford because they justified it as an “investment in our future.” Yet, they won’t have much of a financial future if they fall behind on their mortgage, their credit score tanks and they’re fiscally paralyzed because every dollar is going toward this “good debt.”

By: Katie Teague | Source: c|net

If you owe a significant amount of money on your credit card, your minimum payment will likely be around 2-3% of your balance, Debt.com resident expert and certified public accountant Howard Dvorkin told CNET. However, it could also be as low as 1%.