Financial News Features

You can't get out of debt if you don't understand what's keeping you there,” Debt.com's chairman Howard Dvorkin told Fox Business.

“I hate store credit cards the way the Grinch hates children’s gifts,” said Howard Dvorkin, CPA, chairman of Debt.com. “They’re so costly, they should be classified as a weapon of financial destruction.”

“These cards come with expensive offers in order to get the card into people’s hands, and that’s not by accident,” said Howard Dvorkin, a CPA and chairman of Debt.com. “It’s very enticing when you’re standing at the register and the clerk says, ‘Can I interest you in a credit card you don’t have to make payments on for a year?’ ”

Howard Dvorkin, chairman of Debt.com, points out that the annual percentage rate for retail credit cards is now 28.93% on average. Some retailers go higher; for example, Michael’s and Burlington charge an APR of 33.24% on their store cards. Used correctly, though, promotions use can “be part of a smart strategy to save money on large purchases like home appliances, furniture or a new computer,” according to Dvorkin.

"Americans are addicted to credit cards, no question," said Howard Dvorkin, a certified public accountant and the chairman of Debt.com.

Now, "consumers are maintaining and supporting their lifestyles using credit card debt," said Howard Dvorkin, a certified public accountant and the chairman of Debt.com.