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“One big advantage is that secured cards are relatively easy to get. Another is that parents can be assured their children aren’t overspending,” says Dvorkin. “Otherwise, it’s like learning how to be a trapeze artist without a net.”

“Don’t blend everything. To keep a healthy marriage, keep some money for yourself. If your partner craves the latest iPhone and you collect rare comic books, you don’t need to fight. Instead, budget for both. Agree on how much ‘fun money’ you two will set aside, whether it’s a percentage of salary or a dollar figure. That won’t stop each of you from being judgy, but it will stop you from arguing.”

“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,”

“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.”

“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.

“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.”

“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.

“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,”

“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.”

“In general, you should have zero-tolerance for paying interest rates. Why pay someone else for the privilege of using their money? Especially if you have that same sum available,”

“If you don’t have an emergency fund that can cover at least three months of your household expenses, you should build that up first,” he added. “Life is unpredictable, and the last thing you need is an accident, illness, or layoff that month after you pay off your home.”

“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.”

“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.”

“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.”

“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

“If you have less than $5,000 in debt and a steady income, you should consider whether you can try to pay that off with a little discipline and mild sacrifice,” says Howard Dvorkin, chairman of Debt.com. “Debt relief programs aren’t free, because those experts you’re consulting need to earn a salary, too. So, it only makes sense if you have significant debt, you just can’t pay down on your own.”