In the Media
High interest rates usually mean high-risk borrowers, and this is the reason store credit card APRs are so high, said Howard Dvorkin, CPA and chairman of the website Debt.com.
Set—and stick—to a budget. This one may seem like a no-brainer, but according to a recent Debt.com survey, 20% of Americans don’t use a budget.
Remind yourself, though the calendar year will change, the economy likely won’t. Don’t let the fear of missing out cause overspending,” says Howard Dvorkin, CPA and chairman of Debt.com.
This is going to bankrupt me’: Americans rack up $45B worth of medical debt in collectionsIn The Media Link
A separate survey during the pandemic shows that 56% of U.S. adults had medical debt sent to collections and nearly two-thirds owe under $5,000, while 5% owe more than $50,000, according to a Debt.com survey conducted from June 17 to July 6.
“To reduce financial stress — especially in times like these — it’s best to do what traditionally works. Usually, some exercise and a better diet can start the process, but for people feeling especially overwhelmed, talking to someone or getting professional help is the best action they can take.”
I experience this problem just as deeply as any holiday retailer but in reverse. I run a debt-solutions company, and no one wants to think about their student loans or credit cards from Halloween through New Year’s Eve. I look at these slow times as project time. You have time to improve your skills through training, and you can work ahead on next year’s calendar. – Howard Dvorkin, Debt.com
When it comes to contacting taxpayers, the IRS will almost always use the U.S. Postal Service. “The IRS is old-fashioned,” says Howard Dvorkin, CPA and chairman of financial solutions website Debt.com. “You’ll get a letter first.”
Are you financially stressed right now? What to know about options, from debt negotiation to bankruptcyIn The Media Link
Howard Dvorkin, a certified public accountant who has studied the problem, feels that debt settlement companies have had an “especially bad reputation” in recent years, though he also noted that there are shady lawyers and incompetent nonprofits.