Dvorkin On Debt

By: Pete Grieve | Source: Money

“Can they get the money out of you? Not really. Is it annoying? Yes,” Dvorkin says.

By: Aly Yale | Source: CBS News MoneyWatch

Waiting it out could also allow you to better “focus on your debts without distraction” in the new year, says Howard Dvorkin, chairman of Debt.com. “It’s hard to deal with debt during the holidays,” Dvorkin says. “That’s like saying you’ll start your diet on Thanksgiving day. Most Americans deal with their weight and their debt in January. That’s when they step on the scale and get their credit card statements. In both cases, they’re horrified by how big the number is. That’s when they get serious.”

By: Kiplinger Advisor Collective | Source: Kiplinger

“You shouldn’t buy a home until you pay off all, or at least most, of your credit cards. It simply makes no sense to search for the best mortgage rates of 6% to 9% when you’re paying 25% or more on your credit cards. Buying a home is expensive but so is maintaining one. If you can’t pay off those cards, then you can’t, say, fix a leaky sink without adding even more to your balances.”

By: Jesus Mesa | Source: Newsweek

“I do not believe we will see any immediate changes in the pricing of goods. However, I do anticipate that prices for some imported products from the mentioned countries may rise to some extent after the inauguration,” he said.

By: Daniel de Visé | Source: USA Today

“Americans are feeling squeezed in the holiday season, and it’s not just inflation,” said Howard Dvorkin, chairman of Debt.com. Dvorkin said his company has surveyed consumers on debt in past years, and the share who plan to take on holiday debt “used to be under 50%.”

By: Alina Machado | Source: NBC6

“Essentially, you’re buying stuff that you can’t afford,” said Howard Dvorkin, chairman of Debt.com. “The problem is if you default or don’t pay one of those months, all of a sudden … they’re charging you 30% or more interest on this, so that deal you thought was a great idea, it’s not such a great idea.”

By: Sharon Wu | Source: CBS News MoneyWatch

“The best people suffer the worst holiday debt,” says Howard Dvorkin, CPA and chairman of Debt.com. “They overspend not on themselves, but on others. When I [tell] them to stick to a holiday budget, they fear looking cheap to their friends and family.” This well-intentioned generosity leads many to start the new year buried in credit card debt.

By: Beth Braverman | Source: AARP

“Everyone went out and bought a big, new TV during Covid,” he says,” so they don’t need another new one yet.”

By: Aly Yale | Source: CBS News MoneyWatch

“Creditors are generally reluctant to forgive debts, as it results in financial losses for them,” says Howard Dvorkin, chairman of Debt.com. “However, in situations where the debtor demonstrates significant financial hardship and the likelihood of full repayment is low, creditors might consider forgiveness as a viable option.”

By: Emily Bloch | Source: The Philadelphia Inquirer

“Even on big-ticket items like cars and computers, it’s nearly impossible to predict how prices will be affected,” said Howard Dvorkin, CPA and chairman of Debt.com. “In our global economy, almost everything with moving parts has components sourced from multiple countries. Cars and computers aren’t like cookies and crackers — they don’t come with a list of ingredients. Good luck trying to figure out how those overseas components will raise the overall price of that laptop you want.”

By: Kiplinger Advisor Collective | Source: Kiplinger

“The holidays are the one time of year when your children might be motivated to think about budgeting. Kids love holiday parties and trips, so show them your holiday budget and ask for their input. How would they spend this limited amount of money on gifts for the family? On a party? On travel? Not only can you save a few bucks, but you’ll also teach your children lessons that are literally invaluable.”

By: Martin Dasko | Source: GOBankingRates

“Go to an ATM and withdraw cold, hard cash. Use that instead,” he elaborated. “You won’t have to worry about identity theft, and you’ll save way more than you would earn in credit card reward points. “The reason is simple: It’s really, really hard to hand over cash. You’ll spend much less if you have to hand over multiple bills instead of a single piece of plastic.”