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How does ‘buy now, pay later’ affect your credit score?
By: Beth Deyo | Source: Bankrate
“If they report and you go out and get five of these loans, it looks like you’re desperate for credit,” says Howard Dvorkin, CPA and chairman of Debt.com. “You have to be very careful.” “If you can’t afford it, don’t buy it,” he advises.
15 creative ways to save money
By: Brittany Wren | Source: Bankrate
“When people think about do-it-yourself (DIY) gifts, their minds often wander to something underwhelming: a homemade card and an ugly knitted sweater,” says Howard Dvorkin, CPA and chairman of Debt.com. “But DIY can also be more valuable than any store-bought present. These can include a home-cooked meal and a total house or car cleaning.”
How to avoid debt relief scams, according to the experts
By: Aly Yale | Source: Money Watch – CBS News
“Reputable debt-solving companies will always give you a free, in-depth debt analysis,” says Howard Dvorkin, chairman of Debt.com. “Never believe ads that guarantee to get rid of all your debts.” “Have they been around for at least a decade?” Dvorkin asks. “The longer they’ve been in business, the more likely they’ve done a good job.”
The best way to pay off a personal loan: Our tips
By: Hanneh Bareham | Source: Bankrate
Rewrite your budget to include the monthly loan payments. If your debt-to-income ratio is too high with the loan, reconsider taking out a personal loan. “On-time payments, a good credit history and other factors like this can help in this process,” Dvorkin says.
Do you know how deeply in debt you really are?
By: Gary Guthrie | Source: Consumer Affairs
“Most of us have pretty good gut feelings about our own lives,” Dvorkin said. “We know when we’re in trouble, even if we don’t admit it to others. Debt isn’t just a number; it’s a disease that ruins your quality of life. It is like any other addiction. If you drink socially, even if you overdo it every so often, it’s a problem you can handle on your own.”
8 Eye-Opening Truths About Closing Your Credit Card While You Still Owe Money
By: Brian O’Connell | Source: Wealth of Geeks
“Closing a credit card with an outstanding balance is the worst thing you can do,” says Howard Dvorkin, a certified public accountant and chairman at Debt.com in Ft. Lauderdale, Florida. “It hurts you in so many ways and helps you in none.”
8 Signs of a Money Pit House
By: Maurie Backman | Source: US News & World Report
“You could be hit with a five-figure charge for street regrading or landscape replacement,” he says. “It can still be a money pit even if the home is sound, but the HOA is not.”
U.S. Credit Card Debt Reaches $1.14 Trillion High: Find Out 4 Reasons Why and What To Do Next
By: Melanie Lockert | Source: Newsweek Vault
“With credit card interest rates hovering around 20%, that means you’re handing $1 to someone else for every $5 you charge. That’s a huge hit to your income for zero benefit. Unlike a mortgage or car loan, that interest isn’t putting a roof over your head or driving you to work,” says Howard Dvorkin, CPA and chairman of Debt.com.
15 Money Moves You’ll Be Thankful For
By: Maryalene LaPonsie | Source: US News & World Report
“Everyone knows what they make gross, but what ends up in your paycheck could be very different,” says Howard Dvorkin, a CPA and chairman of Debt.com. Review your earnings statements to determine your net pay after taxes and deductions, then create your spending plan based on that figure.
‘It’s a chance to make a difference in my life.’ I live below the poverty line, but am about to be gifted some money. Now what?
By: Alisa Wolfson | Source: Market Watch
“Investigate nonprofit organizations and community centers like the United Way or Legal Aid that may offer free counseling to low-income individuals. Start by researching local nonprofits that focus on financial literacy and assistance and even government agencies like the Department of Housing and Urban Development that offer free or low-cost financial counseling services,”
Why medical debt is the most damaging part of our $17 trillion problem
By: Megan DeMatteo | Source: Sherwood News
“Most medical debt results from a single serious illness or condition,” Dvorkin said. For someone who normally pays bills on time and has disposable income, medical debt on their record could be “distorting their actual creditworthiness.”
5 Cities Where Millennials Have the Most Credit Card Debt
By: Yael Bizouati-Kennedy | Source: Yahoo Finance
“Many people might not have heard of Poughkeepsie, but it’s 12% more expensive to live there than the national average,” he said, citing ERI Economic Research Institute data. “Most of our money goes to food and shelter, so where you live determines how much you spend — and if you save,” Dvorkin said. “So, there’s no mystery here. But don’t forget peer pressure. If you live in an expensive city, you’ll feel compelled to look successful so you can fit in. S
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Debt.com Scholarship Winner: Nursing Her Way To Financial Health
By: Howard Dvorkin
This month’s Debt.com scholarship winner for aggressive scholarship applicants plans to work as a nurse after she graduates from college.
Back-To-School Shopping Advice For Parents: Ignore Your Kids
By: Howard Dvorkin
Don’t give in to your kids’ demands. Use back to school shopping as an opportunity to teach them about the value of money.
When You Were Born Might Reveal Whether You Have Money
By: Howard Dvorkin
Research from The Federal Reserve suggests it can determine your income and wealth by age. Its report found a correlation between the economic climate of the decade you were born, and the wealth you have accrued to date.
What Young People Don’t Know About Money Is Hurting Them
By: Howard Dvorkin
If they’re not careful, what millennials don’t know about money might also kill them. They underestimate the need for health insurance, keeping housing costs down, and financial planning for the loss of their parents.
The Future Of Credit Cards: Bad For Business, Bad For You
By: Howard Dvorkin
Where will credit cards be in 5-10 years? Probably nowhere good. Credit cards have become so important to our daily lives that we might as well consider them like a cell phone. Can you imagine living without either? Yet both are more confusing than they need to be.
Amazon Prime Day: Do It Wrong, And It’ll Cost You
By: Howard Dvorkin
You can save a lot of money online shopping on Amazon Prime Day. However, Amazon makes it a little tricky. The date isn’t the same every year and the deals change rapidly. Be careful and only buy what you need.
Why You Should Care About The Fed’s Latest Rate Hike
By: Howard Dvorkin
The Federal Reserve rate hike sounds intimidating and confusing, but here is the bottom line: If you don’t pay off your credit cards every month, you’ll probably pay more.
Does Debt Cause Brain Damage?
By: Howard Dvorkin
A new study says the lower your socioeconomic status, the greater the changes in your brain. It’s yet more evidence of a link between debt and mental health.
How Does Being Lonely Affect Your Financial Health?
By: Howard Dvorkin
Financial experts have long known that mental health and financial health are tightly linked. Money may not buy happiness but being happy is fiscally good
The Solution To The Student Loan Crisis? Implement New Rules
By: Howard S. Dvorkin | Source: Forbes
A few years ago, I interviewed a candidate for an entry-level accountant. The job paid $50,000, but she wanted $90,000. When I asked why I should pay almost double when she had little experience, she replied, “I have six master’s degrees.”
Will Entrepreneurs Reinvent Banks In The Future?
By: Howard S. Dvorkin | Source: Forbes
I remember a time when the boldest entrepreneurs would cringe in horror if you suggested they try to build a car. In the last century, that was a very expensive way to fail. Elon Musk has succeeded with Tesla because he took a technological leap when the major automakers weren’t willing to.
5 Good Reasons for Being Frugal Entrepreneurs Need to Remember When They Succeed
By: Howard S. Dvorkin | Source: Entrepreneur
Over the past two decades, the companies I have run have helped tens of thousands of entrepreneurs pay off their credit cards, pay down their student loans and in total have saved them millions of dollars empowering them to have the financial freedom to create amazing business.