Howard Dvorkin Quotes (9 Quotes)

The average debt per household is 9,000. The rate now is 180. It will be 360.

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.

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.

You'll see creditors get more aggressive at collecting debt, the reason being that they can.

Obviously, this is theory and easier said than done. Tracking every nickel is a big process and a lot of people don't do it. You can make the best budget, but if you don't track it, what good does it do In my house, every month, we compare the actual to the budget. It's not fun. My wife hates me for it. But you have to track what you're spending.

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.

For many of these people, this could represent the most time they've ever spent in their lives focused on their personal finances.

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.

It's going to be huge. You'll see a massive amount of advertising from bankruptcy mills. Beat the deadline, etc..