Between car payments, getting married, buying property, having children, dealing with deaths, most people walk a very tight rope with debt. They make the huge mistake of only making minimum payments. Once something goes wrong in their lives and they need money fast they are at a major loss.
More Quotes from Howard Dvorkin:
The reality is consumers are going to be able to pay their bills off faster. But in the short run, it's going to hurt like hell. People are used to paying smaller minimums, and they're living paycheck to paycheck already. They don't have the extra cash.Howard Dvorkin
You'll see creditors get more aggressive at collecting debt, the reason being that they can.
Howard Dvorkin
The average debt per household is 9,000. The rate now is 180. It will be 360.
Howard Dvorkin
It's going to be huge. You'll see a massive amount of advertising from bankruptcy mills. Beat the deadline, etc..
Howard Dvorkin
There's no pain involved when you pay with plastic. But there is some pain when you go out and you have to part with cash. You worked hard for that green stuff, and you aren't as apt to spend it.
Howard Dvorkin
Sit down, collect all your information, all your bills and write out exactly what you owe. Then, you need to put yourself on a budget.
Howard Dvorkin
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