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Media Hits

  • How to get cash from a credit card

    March 8, 2024

    “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.”

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  • My wife and I are selling our $1 million rental property. Should we pay off our $7,000 monthly mortgage — or invest the proceeds?

    March 6, 2024

    “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.”

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  • Red flags of peer-to-peer lending

    March 6, 2024

    “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.”

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  • Tips for Couples Talking About Money

    February 14, 2024

    “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.”

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  • How Baby Boomers Stay Free of Credit Card Debt

    February 5, 2024

    “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.”

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  • Are Adjustable-Rate Mortgages a Good Move Right Now?

    February 1, 2024

    “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

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  • 3 questions to ask before pursuing debt relief

    January 31, 2024

    “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.”

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  • Is debt relief the right option for you? Here’s what experts say

    January 22, 2024

    “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.”

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  • Best places to save money and earn interest in 2024

    January 16, 2024

    “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.”

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  • How to cash a check without a bank account

    January 11, 2024

    “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,”

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  • As Loan Default Rates Remain Steady, Many Young Borrowers Are Unaware of What This Means

    January 9, 2024

    “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,”

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  • Can You Pay Off a Personal Loan Early?

    January 5, 2024

    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.”

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  • Have Credit Card Debt? Here’s Why You Should Pay More Than the Minimum Payment

    January 2, 2024

    “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,”

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  • Alternative Ways To Pay If You Don’t Have a Credit Card

    December 30, 2023

    “The downside to prepaid cards is that they have fees for activating and transferring money on to them,” he said. “Generally speaking, they are good to have available as a backup option if you are intending to use cash for your purchases.”

    “But a secured credit card actually builds your credit,” he said. “Of course, you have to make timely payments, but it’s like a set of training wheels for your financial bicycle.”

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  • On the brink of a financial abyss called bankruptcy: the disparities that keep Latinos from their goals

    December 20, 2023

    “Bankruptcy filings are increasing because three costly factors have converged. First, inflation may not be rising as fast as before, but it’s not going down either. The longer inflation persists, the weaker Americans’ finances become,”

    “Second, student loan payments that were frozen for three and a half years were unfrozen in October, meaning 45 million people suddenly owe hundreds of dollars a month. Third, with credit card interest rates at record levels (an average of 25%) it is no longer possible to use plastic to fill income gaps.”

    “Most of your credit score is determined by a simple measurement called ‘payment history.’ All that means is: ‘Do you pay your bills on time?’ ”

    “(This) represents 35% of your score. So the easiest way to improve your credit score is to pay on time. The second most important factor is how much you owe: if you have high balances, your score will go down. This is 30% of your credit score. None of the other factors are more than half of that. So focus on those two things and you will see great results,”

    “I don’t know how we got by without them, because they didn’t exist when I started as a certified public accountant three decades ago. They sound like a debit card: “Make a deposit and you can only collect the amount equal to that deposit. But a secured credit card actually strengthens your credit. Of course, you have to make timely payments, but it’s like a set of training wheels for your financial bike.”

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