Financial News Features

“You shouldn’t buy a home until you pay off all, or at least most, of your credit cards. It simply makes no sense to search for the best mortgage rates of 6% to 9% when you’re paying 25% or more on your credit cards. Buying a home is expensive but so is maintaining one. If you can’t pay off those cards, then you can’t, say, fix a leaky sink without adding even more to your balances.”

"I do not believe we will see any immediate changes in the pricing of goods. However, I do anticipate that prices for some imported products from the mentioned countries may rise to some extent after the inauguration," he said.

"Americans are feeling squeezed in the holiday season, and it's not just inflation," said Howard Dvorkin, chairman of Debt.com. Dvorkin said his company has surveyed consumers on debt in past years, and the share who plan to take on holiday debt "used to be under 50%."

“Essentially, you’re buying stuff that you can’t afford,” said Howard Dvorkin, chairman of Debt.com. “The problem is if you default or don’t pay one of those months, all of a sudden … they’re charging you 30% or more interest on this, so that deal you thought was a great idea, it’s not such a great idea.”

"The best people suffer the worst holiday debt," says Howard Dvorkin, CPA and chairman of Debt.com. "They overspend not on themselves, but on others. When I [tell] them to stick to a holiday budget, they fear looking cheap to their friends and family." This well-intentioned generosity leads many to start the new year buried in credit card debt.

"Creditors are generally reluctant to forgive debts, as it results in financial losses for them," says Howard Dvorkin, chairman of Debt.com. "However, in situations where the debtor demonstrates significant financial hardship and the likelihood of full repayment is low, creditors might consider forgiveness as a viable option."