Yet they can’t afford the right home for the right reasons, either. Here’s how to fix both problems.
Dvorkin on Debt
Expert debt advice and money tips for the real world
Not sure what to think about the latest trending financial news? Just ask Debt.com founder and CPA Howard Dvorkin!Where you get your financial advice matters! Asking your favorite search engine works for many things, but search results aren’t exactly the best place for qualified advice. When it comes to finance, relying on anecdotal situations and personal money tips can be a recipe for disaster. That’s why Debt.com created Dvorkin on Debt. Each week, our founder Howard Dvorkin focuses on a trending financial topic and offers his advice. He explains how to avoid common money traps, get out of debt, achieve financial stability and built better credit. It’s practical financial advice about today’s hottest financial topics that you can trust because it comes from a certified expert. And remember, if you have a specific question that you’d like answered, Howard also answers weekly Ask the Expert questions. Just ask your question, give us some juicy details to provide some backstory and Howard could answer your question next!
I care less about the Pulitzer Prize than I do about the Personal Finance Reporting Awards.
A new high-end credit card picked the right time to make a name for itself – and force all other cards to innovate.
When your credit cards and student loans are deferred, it’s just like being frozen in time. But there’s also a monster sneaking up behind you…
I’m no doctor, but I know all about financial ailments. After three decades, I can spot the symptoms of money woes. This pandemic will destroy lives in more ways than you think – and some of it is our fault.
A new Debt.com poll shows we feel strongly about debt resolutions – about making them and NOT making them.
Recession talk is hot right now, but I’m more worried about individuals than markets.
I ask 5 experts, and the answers seldom have to do with money.
The next holiday is coming up: Panic Day. Here’s how not to celebrate.
Brianna Gilner triumphed over a brain tumor. What she decided to do afterward is amazing and inspiring.
Here’s what you can learn from a traveling couple with no debt.
Are you a victim of identity theft? It might be partly your fault.
There’s one cutting-edge, high-tech tool you’re probably not using the right way.
The answer will shock you.
5 financial coaches tell embarrassing stories – and what they learned from them
And how she created a phenomenon.
Isena Norgaisse wants to become a doctor, but first she must pay for med school.
Don’t get stiffed by the overbiffers.
It’s no longer in the headlines, but it’s still in our heads.
Long answer: It just might save you hundreds of dollars next year.
They’re actually awesome, except when they destroy you.
I talk to Jack Phan, CEO of one of the nation’s best and oldest personal finance websites.
When Forbes recently defended millennials’ money choices, I rejoiced — because I was proven right.
If you spend just a few minutes, you can save a lot of money.
The headlines scream DANGER, but I see an upside.
Thanks to the worst data breach ever, we all get an amazing new crime-fighting tool.
When you ask Americans about their money, you get some amazing and contradictory responses.
The oldest Americans are the most vulnerable to out-of-control personal debt.
Getting preapproved for a loan can save you time, money, and aggravation.
You can learn a lot about people from their plastic.
Elizabeth Parrish is going to school for one of the toughest careers there is.
It has nothing to do with astrology. It has everything to do with economics.
If they’re not careful, it might also kill them.
Where will credit cards be in 5-10 years? Probably nowhere good.
One of the biggest shopping days of the year is coming soon. Here’s how to do it right.
If you don’t pay off your credit cards every month, you’ll probably pay more.
A new study says the lower your socioeconomic status, the greater the changes in your brain.
Your money might multiply with your friends, but it depends who you hang out with.
Katie Waples wants to be a nurse for the underprivileged.
They both hear stories about sex and money.
We’re on the edge of financial failure. Will we fall over?
I don’t know when the next recession will hit, but I know exactly what will happen when it does.
It doesn’t work because it’s not year.
Money can’t buy you happiness, but it might buy you a few years.
And you’ll never guess how many are doing it wrong.
Money crises aren’t rare. So why do we pretend they are?
Mostly, he learned never to give up.
I’m fine with the professional ones. I despise the unethical ones.
Seriously, you won’t believe it. This is NOT a click-bait headline.
And what you can do to outsmart them. (Hint: Ignore their rewards.)
More about Debt.com Founder, Howard Dvorkin, CPA
Howard Dvorkin, CPA, is a wealth of financial knowledge. He built a financial empire out of nothing. He started one of the largest credit counseling firms out of an office roughly the size of a closet. He’s helped thousands of people get out of debt. And he’s even written two books:
This is Howard’s first book, written in 2010 during the recovery after the Great Recession. Howard saw that the crash had left millions of Americans financial vulnerable. Debts from medical bills and credit cards to upside down mortgages had wreaked havoc with consumer credit scores. This book helps you work your way out of debt and achieve the credit you always wanted.
Howard published a follow up to Credit Hell in 2013. This new book focuses on energizing the reader to achieve lasting financial stability. If Credit Hell is a financial cure, Power Up is preventative medicine. It teaches you that with the right financial strategy and mindset, you can maintain a healthy financial life despite what life throws your way.
Our 10 Favorite Quotes from Howard’s Books
- Howard explains after the crash how lenders will react to financial reforms… “You see, the banks and other lenders won’t be able to accumulate as much profit as they did before, because the industry will have to be more transparent. So, in the future, they will probably spend an inordinate amount of time and brainpower on discovering new and wildly creative methods, probably devious, to extract more money from their customers.”
- Howard’s thoughts on personal clichés… “Phrases like live for today, tomorrow may never come; live every day like it’s your last make great movie lines, but they aren’t realistic. At a primal level, I think we would all like to live every day like it’s out last, but that’s probably not a good idea, at least in the way that many people comprehend those words.”
- Where Howard believes that true value exists… “Place value in the people around you and yourself, because when opulence disappears, the only things left are people. The values of a family manifest themselves in the use of teamwork; it’s the job of picking one another up, supporting one another through the good times and the bad.”
- Howard explains the grift of cash-back credit cards… “It’s brilliant. Spend a bunch of money that you probably don’t have and we’ll give a small fraction of that money back. It’s a deal that you can’t afford not to take – even if you can’t afford it.”
- On the concept of giving credit cards to teens… “For the record, I am not a fan of handing out credit cards to children, regardless of their age. Children should be taught the lesson of saving, not spending.”
- Howard explains why should educate yourself instead of just relying on the advice of others… “You be the boss. As I’ve said before, you are usually on your own when making choices regarding your money. There will be other professionals who say they are there to guide and assist you, and in all fairness, they could be. But in the end if something goes wrong it will be your money lost, not theirs.
- An example of how experts like Howard negotiate… “I let the vendor negotiate against himself to get the price I was comfortable paying. I initially threw out a low price… He lowered his price three times. I never countered any of his price reductions until we got to a price that I felt was reasonable. Then I slammed in another piece of merchandise to finish off the deal in my favor. If I wasn’t comfortable or satisfied with the price, I would have never spent the money. I could have easily walked away from the deal if I chose to.”
- Howard’s thoughts on how friends can help with finances… “Friends can help you regain your financial independence, not by lending you money but by offering support and understanding as you discover your financial power.”
- Howard compares the feeling of making purchases in cash versus credit… “If you paid cash for everything then you would understand and appreciate the value of money. Think about what it would take to save $1,000 for an item you really want. A lot of time and effort would be invested before you could finally purchase it. The purchase would feel like an accomplishment. It doesn’t feel that way with a credit card. You don’t achieve a sense of satisfaction; there is no triumph. There is the instant gratification and then the feeling of sheer doom when you receive the credit card bill.”
- Wisdom from Howard on what to do if you fall behind on loan payments… “As I’ve stated before, educate yourself; be a smart consumer… Talk to your lender and try, even if you are fed up, to be respectful. Losing your temper won’t help; bad behavior usually begets bad behavior, and it’s better to keep on the good side of your lender while you are struggling through this calamity.”