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Media Hits

  • Kevin O’Leary Warns of Rate Hike ‘Crisis’ — Who’s Suffering Most?

    August 25, 2023

    The only way a small business can truly protect itself from these rate hikes is to go into “turtle mode,” said Howard Dvorkin, CPA and chairman of Debt.com.

    “Shelve plans to expand your business unless you’re damned sure you can outrun these rate hikes. Focus on efficiency instead of growth. Lock down your current client base so your numbers become predictable enough to weather the storm — and hope like hell the storm passes quickly.”

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  • Biden’s Inflation Reduction Act One Year Later — Has It Impacted Americans’ Wallets So Far?

    August 21, 2023

    “The IRA isn’t open-heart surgery for inflation,” said Howard Dvorkin, CPA, founder and chairman of Debt.com. “It’s not that dramatic. Think of it like taking a daily baby aspirin to prevent a heart attack. Many IRA provisions won’t show up in your wallet after one year, but they probably stopped your finances from getting worse.”

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  • Growing Debt in America: Credit Card Debt Hits $1 Trillion for the First Time

    August 9, 2023

    People are subsidizing their normal costs, their normal living expenses, using the credit cards. So maybe things were great three years ago. But now with the inflated expenses for groceries and fuel, and all the other expenses – and travel I have to say because the airports are very busy – they’re using credit cards to pay for it.

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  • Some consumers max out credit cards without knowing how much they pay to borrow: Survey

    August 7, 2023

    “You can’t get out of debt if you don’t understand what’s keeping you there,” Debt.com’s chairman Howard Dvorkin said. “And you certainly can’t get out of debt if you don’t even know the options you have.”

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  • Stuck with a big medical bill? Here’s what to know about paying it off.

    August 3, 2023

    “A lot of times, medical providers’ prices are wacky,” Howard Dvorkin, a certified public accountant and chairman of Debt.com, told CBS MoneyWatch.

    Dvorkin recalls receiving a bill for a medical incident that required his daughter to be airlifted for treatment. The initial total? $18,000.

    He asked the treatment provider what rate they would have billed his insurance company and said: “That’s the rate I’ll pay.”

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  • What are credit repair companies and how do they work?

    July 30, 2023

    “Think of a credit repair company like you’d think of a tax preparer. Sure, you can do your own income taxes, but sometimes it’s worth the money to hire a professional,” says Howard Dvorkin, CPA and chairman of Debt.com.

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  • 5 hacks to get the best deals on Amazon Prime Day — and other summer sales

    July 11, 2023

    But before signing up for an Amazon credit card, think carefully about how often you’ll actually use it, and whether you’ll be able to pay off the entire balance every month, said Howard Dvorkin, a financial advisor and chairman of Debt.com.

    “On paper, getting an Amazon credit card for Prime Day makes dollars and sense. In practice, it’s dangerous unless you’re super-disciplined,” he told MarketWatch in an email. “You need to be honest with yourself before making this decision,” he added.

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  • 5 Popular Strategies People Are Using to Escape Credit Card Debt

    June 27, 2023

    As inflation spiked over the last two years, almost half of Americans have taken to relying more on credit cards to make ends meet.

    A survey of 1,000 U.S. adults conducted by consumer website Debt.com finds 45% of Americans have been pushed by inflation to use their credit cards far more frequently.

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  • Lost Your Job? Here’s What You Need to do Right Now

    June 7, 2023

    “I’m always amazed at what embarrasses people,” said Howard Dvorkin, CPA and chairman of Debt.com. I’ve counseled rational adults who feel ashamed that they’ve been laid off from their job — even though they had nothing to do with the decision. It was market forces or business priorities. Yet these same people weren’t embarrassed running up five-figure credit card bills when they were employed, then paying huge interest charges and other fees because they couldn’t pay them off.”

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  • 8 Ways to Manage Money Stress

    May 22, 2023

    But if you feel like it’s professional financial help you need for your money stress rather than a therapist, there are free places to go for that as well, says Howard Dvorkin, a certified public accountant and chairman of the debt education website, Debt.com.

    “There’s no shortage of free assistance,” Dvorkin says. “Your bank or credit union probably offer free online budgeting tools that can help you squeeze every last dime from your income. Nonprofit credit counseling agencies … offer you a free, in-depth debt analysis over the phone.”

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  • A New Survey Links Credit Card Usage and Stress. Here Are 4 Tips to Stay Calm

    May 17, 2023

    But while credit cards might make it easier and even more financially rewarding to shop, they also have the potential to wreak havoc on your mental health. A recent survey by Debt.com found that 34% of credit card users feel stressed. That’s up from 21% who said the same in 2022.

    Also, this year, 43% of credit card users said that the simple act of looking at their monthly statements was a source of stress. Last year, only 39% said the same.

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  • Medical Credit Cards and Loans Carry a Heavy Burden

    May 9, 2023

    When it comes to medical bills, you aren’t alone. Debt.com’s Medical Debt Survey found that close to 6 in 10 consumers are having a hard time paying medical bills in the face of inflation. The good news is that there are ways to pay. for it without racking up expensive debt. For starters, if you’re offered a medical credit card with an interest-free period, make sure you can pay off the bills within that time frame. If that’s not realistic, request a payment plan directly with the provider instead. Some doctors will offer interest-free plans for multiple years. Make sure to get the payment plan in writing to avoid any of the doctor bills being sent to collections, says Howard Dvorkin, CPA, and chairman of Debt.com. ​

    If you have insurance and your provider declines to cover a procedure, Dvorkin says to appeal the decision. It also behooves you to go over the bill to spot any errors that may have added to the cost. Even saving a couple of thousand dollars can go a long way. “Health insurers make mistakes, too, so consumers should ask their insurance company about what they do and don’t cover. People with gap insurance should also check with their providers to see if their bills will be covered,” says Dvorkin.

    If all else fails and you have multiple medical debts, you can try to consolidate them into one loan. This will give you one monthly payment and potentially a lower interest rate. You can also try to settle the debt, although this will negatively impact your credit score. To settle, Dvorkin says to negotiate directly with the collection agency. “Consumers who find themselves with medical bills they can’t pay should prioritize keeping their bills out of collections — all while fighting to receive a reasonable price or payment plan,” says Dvorkin.

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  • Stretching Your Dollar: What to Do If You Can’t Make Mortgage Payments

    April 25, 2023

    Howard Dvorkin tells Cheddar News Americans should contact their lenders when struggling to make mortgage payments. “People are struggling out there, they’re going to continue to struggle until probably we see this inflation disappear,” Dvorkin says. “The fact of the matter is banks want to work with the people they’ve given money to. So the best tactic is to contact your bank or your mortgage lender.”

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  • 7 Things That Are Finally Getting Cheaper

    April 17, 2023

    Bank of America found in a recent report that U.S. credit and debit card spending was at its weakest pace in two years. “This is most likely a response to prices being higher overall and Americans tightening their belts to lessen the blow of inflation,” says Howard Dvorkin, CPA, who is the chairman of Debt.com.

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  • How To Protect Your Savings: 9 Top Questions Answered by Experts

    March 22, 2023

    “As long as the financial institution is insured, consumers are safe; and, if they are not insured, then they face possible risk,” said Howard Dvorkin, CPA and chairman of Debt.com. “People need to verify that their bank is FDIC insured and that they understand what happens with different types of accounts like joint accounts and retirement accounts.

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