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5 signs you need debt relief before the holidays, according to experts
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.
6 Items That Are Cheaper This Holiday Season
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.”
Is debt forgiveness a good option right now? Here’s what experts say
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.”
Some shoppers are considering making big purchases like cars and iPhones before Trump’s proposed tariffs. Is it necessary?
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.”
Eight Tips for Surviving the Holidays and Sticking to Your Financial Goals
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.”
Should You Use a Credit or Debit Card for Holiday Gifts?
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.”
Nine Tips to Create a Smart Retirement Income Strategy and Gain Peace of Mind
By: Kiplinger Advisor Collective | Source: Kiplinger
“Even if you’re handy with home repair, you probably wouldn’t do a total kitchen renovation by yourself. The same thing goes for building a solid retirement income strategy. This isn’t simply investing in the market. You must balance principal preservation, guaranteed income and growth potential to ward off inflation. You need an expert who does this for a living so you can live the life you want.”
Seven Simple Ways to Improve Your Credit Score (According to Experts)
By: Kiplinger Advisor Collective | Source: Kiplinger
“A lot of your credit score is determined by ‘payment history.’ That just means, ‘Do you pay your bills on time?’ It represents 35% of your score. The second-biggest factor is how much you owe. If you carry hefty credit card balances, your score drops. That’s another 30%. Add them up, and it’s nearly two-thirds of your score. Focus on those two things, and you’ll be just fine.”
Nearly 2 in 5 cardholders have maxed out a credit card or come close, report finds
By: Jessica Dickler | Source: CNBC
Still, “if you have five credit cards [with utilization rates around] 20%, you have a lot of debt out there,” said Howard Dvorkin, a certified public accountant and the chairman of Debt.com. “People are living a life that they can’t afford right now, and they are putting the balance on credit cards.”
Red flags of peer-to-peer lending
By: Emma Woodward | Source: Bankrate
“If you’re fed up with bank fees, you’ll really hate P2P loans,” says Howard Dvorkin, CPA and Chairman of Debt.com. “On top of the interest rate you’ll pay, there’s the origination fee, which can be as low as 1 percent but as high as 8 percent. That’s much more than a bank or credit union will charge you for a personal loan.”
Holiday shoppers plan to spend more while taking on debt this season
By: Jessica Dickler | Source: CNBC
Yet, buy now, pay later loans “are just another form of credit, disguised as something for free,” said Howard Dvorkin, a certified public accountant and the chairman of Debt.com. “This is just another way for financers to put their hands in the pocket of consumers,” Dvorkin said. “It’s a trojan horse.”
Cut off? What to do if your credit card issuer lowered your limit
By: Erica Sandberg | Source: Bankrate
If your card’s limit was reduced due to account dormancy, pick it up and start using it, says Howard Dvorkin, a New Jersey-based CPA and chairman of Debt.com. “After you make a few charges, they may change their mind.” “Remember, it’s not a personal insult,” says Dvorkin. “It’s a business decision.”
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Recent Columns
Mostly Depressing, Occasionally Rewarding: When Your Job Is Helping Americans Get Out Of Debt
By: Howard Dvorkin
I’ve counseled Americans on how to get out of debt and. Over all those years, both credit card debt and student loan debt have surpassed $1 trillion.
How Millennials Handle Their Money Matters To Us All
By: Howard Dvorkin
The media regularly reports on millennials’ financial habits, and it’s typically negative. However, underreported financial studies debunk those myths.
Debt.com’s Latest Poll: Not Paying Attention Means You Overpay
By: Howard Dvorkin
Most Americans know how to save money on credit card interest rates in a variety of ways, but research shows they don’t actually do those things.
Financial News That Looks Bad But Is Actually Good
By: Howard Dvorkin
Financial news often makes it seem like Americans make irresponsible financial decisions, but for the most part people are maing the right money choices.
FREE Credit Freezes For All! It’s Now A Law
By: Howard Dvorkin
Free credit freezes thanks to to the worst data breach ever, we all get an amazing new crime-fighting tool. What once cost up to $30, is now free.
Predicting The Future Of Debt
By: Howard Dvorkin | Source: Forbes
Futurists love to muse about the future of making money, but what about the future of not making money?
Debt.com Scholarship Winner: Tragedy Can Kill You Or Make You Stronger
By: Howard Dvorkin
Debt.com scholarship winner for this month survived the adversity of her mother’s death, and is inspired to use the experience to help others.
Personal Finance News To Motivate And Depress You
By: Howard Dvorkin
Here’s a headline you don’t see every day: “Americans Believe Tech Makes Their Lives Better But Society Worse.” Among other weird financial news.
Back-To-School Shopping List: What NOT To Put On It
By: Howard Dvorkin
Want to save money on your back-to-school shopping list? Look for cuts. Decide what you don’t really need this year, then don’t buy it.
What’s Red And Gray And On The Horizon? A Senior Citizen Debt Crisis
By: Howard Dvorkin
As baby boomers approach retirement age their personal debts continue to rise. As a mass wave stop working, there may be a senior citizen debt crisis soon.
Why You’re Probably Paying Too Much For A New Car
By: Howard Dvorkin
Getting preapproved for a loan can save you time and aggravation, not to mention keep you from paying too much for a new car.
Our Credit Cards Reveal More Than Our Debts
By: Howard Dvorkin
America’s debt problem tells us a thing or two about the state of our mental state. Learn aout recent statistics regarding credit debt and American opinion.