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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.”
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.
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Does Debt Lead to an Early Death?
By: Howard Dvorkin
Stress can take years off of your life. Many relate stress to work, but what about debt? Debt-related stress isn’t any different.
You’ll Never Guess How Many Americans Know Budgeting Is Important
By: Howard Dvorkin
Results from one of our recent polls shows most Americans think a budget is important, and even better, most use a budget.
Recession 2018: What We Can Learn from Natural and Man-Made Financial Disasters
By: Howard Dvorkin
What do financial disasters and a man-made recession have in common? Not much, other than they’re both catastrophic to our finances.
What This High Schooler Learned While Applying For 96 Scholarships
By: Howard Dvorkin
“I have put in 250-300 hours to scholarship applications,” he says proudly, almost defiantly. “I have applied for approximately 96 scholarships now, and I plan to keep adding on to that number so that I can increase my chances of winning more money to reduce my college expenses.” Read more.
Here’s Why I Appreciate Debt Collectors
By: Howard Dvorkin
Are debt collectors evil people or a necessary evil? I’ll choose the latter. Debt collectors are just doing their jobs. Of course, some do it too enthusiastically — and even illegally.
You Won’t Believe How Much “Impulse Buying” Really Costs You
By: Howard Dvorkin
Americans love to impulsively buy frivolous items. But the amount we spend in impulse buying could end up tanking the economy – if we don’t slow down.
A Secret Look Into How The Credit Card Companies Try To Separate You From Your Money
By: Howard Dvorkin
When applying for a credit card, more Americans are interested in identity theft protection and keeping more money in their wallet.
How America Can Get Out Of Debt: Pay Everything Monthly
By: Howard Dvorkin
This payment schedule appears to cause several problems for homeowners and local governments; it can create financial challenges for households, increase tax delinquency, foster political opposition to the property tax, and requires governments to deal with irregular revenue inflows.
Buying A New Car? Avoid These Evil And Awful Fees
By: Howard Dvorkin
Buying a new car? Beware of car dealership fees. They’re a sneaky trick most car dealerships try to pull, but you can learn to avoid them.
3 Weird Financial Facts: Too True To Be Good?
By: Howard Dvorkin
A company called First Insight polled 1,000 Americans earning more than $100,000 a year and learned: “42 percent of affluent shoppers now frequently shop at discount retailers versus only 27 percent at full price retailers, with 36 percent saying their discount shopping has increased.”
Why You Should Avoid Bitcoin At All Costs (Hint: Because It Will Cost You)
By: Howard Dvorkin
First, borrowing against your home is risky — and frankly stupid. You’re betting your family’s future on a risky investment you can’t control. As Debt.com has reported before, a home equity line of credit can result in foreclosure if you don’t do it responsibly. Read more.
Debt.com Scholarship Winner Defeated Personal And Financial Demons
By: Howard Dvorkin
Learn how this scholarship winner got rid of her financial problems. Isabella McQueen is the latest winner of the Debt.com Scholarship for Aggressive Scholarship Applicants. McQueen grew up in New York. Her parents were teachers, but they had a lot to learn themselves about finances.