Dvorkin On Debt

By: Katie Teague | Source: CNET

“Credit card companies make more money when the minimum payment is lower, so more money goes towards the interest rate and less towards the principal,”

By: Yael Bizouati-Kennedy | Source: Go Banking Rates

“Don’t apply for them,” he said. “The interest rates are scandalous — up to 30%. That’s understandable, because the card issuers are taking a risk. But you’ll be better off doing something much more modest: Getting a secured credit card.”

By: Aly Yale | Source: CBS News MoneyWatch

“A debt consolidation loan works best if your debts are stubborn but reasonable,” says Howard Dvorkin, chairman of Debt.com. “That’s because you need a strong credit score and history to secure a low interest rate. Otherwise, what’s the point?” “The downside is that it can take a few years to see results,” he says.

By: KIPLINGER ADVISOR COLLECTIVE | Source: Kiplinger

“Many Americans are carrying balances on high-interest credit cards. This harmful money mindset can lead to long-term financial struggles. When individuals consistently carry balances, they accrue high-interest debt, making it harder to achieve financial stability. This not only drains resources but also perpetuates a cycle of dependency on credit, hindering savings and investments for the future.”

By: Kate Underwood | Source: Consumer Affairs

“if you don’t address your debts, your credit score will plummet even faster and longer.” If you proceed with debt settlement, the debt will appear on your credit report as settled. It’s possible you could negotiate with the creditor to list it as “paid in full” instead of simply settled, which would improve your optics when future lenders view your credit report. “Taking a temporary hit to get out of debt is always better than slowly sinking into oblivion.” If you’re already in a risky financial situation, seek out the least damaging solution that helps you get back on the right track.

By: Donna Fuscaldo | Source: AARP

“Stocking up on non-perishable items like canned goods, dry goods, cleaning supplies, and household staples can save a lot of money. These items typically have a longer shelf life and will last,”

By: Ben Luthi, Melanie Pincus & Jasmin Baron | Source: CNN Underscored

“Sometimes, these offers only apply if you use the check to transfer a balance to that particular card,” “If you deposit the check into your bank account, you could be paying upwards of 20% interest plus fees.”

By: Emma Woodward | Source: Bankrate

“If you’re fed up with bank fees, you’ll really hate P2P loans,” “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.”

By: Adriana Morga | Source: Florida Realtors

“You should talk about money, lifestyle, goals and dreams,” he said. “Because (money) affects your dreams, and if you go into a relationship with debt, your dreams may be altered.”

By: Heather Taylor | Source: Go Banking Rates

“They’re not usually the type to download the latest hot app, but they have become more comfortable with online budgeting programs that safely do the heavy lifting for you,” said Dvorkin. “Many banks and credit unions are also getting in on the act, offering many budgeting tools on their websites. There’s literally no excuse for not budgeting — because a computer will do the math for you.”

By: Pete Grieve | Source: Money

“If you’re forced to take a loan out right now, it probably should be a variable, in my opinion,” says Howard Dvorkin, founder of Debt.com.