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“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.

“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.”

“Debt relief is a broad term, encompassing a number of solutions,” says Howard Dvorkin, chairman of Debt.com. “It’s kind of like asking, ‘What is a diet?’ There are as many ways to shed debt as there are to shed weight.”

“If you have access to a 401(k),” said Howard Dvorkin, chairman at Debt.com, “then that’s easily the most lucrative safe space for your hard-earned cash.”

“Start with the check’s issuing bank — the name of the bank printed on the check — if you need to cash a check without a bank account. For example, a check from someone who banks at Chase could be cashed at your local Chase branch, if one is available,”

“The account needs to have enough money in the payer’s account to cover it, and the payee will need to show a government-issued ID to cash the check,”

“I can only speculate why defaults are suddenly up in this age group, but I wonder if student loans play a part,”
“After three years of frozen payments due to the pandemic, October marked the thaw. Coupled with inflation, that could be the one-two punch that drove up defaults,”

However, you should review the fine print of any loan you already have or plan to get to see if it includes a prepayment penalty. If it does, you could see the fee in one of three ways, said Howard Dvorkin, chairman of Debt.com.

“First, [the lender] can charge you a percentage of your loan balance. That’s usually around 2%,” he said. “Second, they can charge you a flat fee. Or third — and worst of all — they can actually charge you all the interest you’re saving by paying early.”

Dvorkin said, “You don’t have to think so big. You can also pay off your loan early by nibbling away at it every month.”

“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,”

“Every credit card company is mandated by law to give you the credit card agreement,”

“When you pay late, credit card companies can hit you with higher interest rates that won’t drop,”