Latest news with #HowardDvorkin
Miami Herald
7 days ago
- Automotive
- Miami Herald
South Floridians spend more on transportation than almost anyone else in U.S.
Driving in South Florida can be harrowing — and costly. Of residents in the 10 largest U.S. metropolitan areas, Miamians tie Houstonians for spending the most on transportation. Roughly 20% of what people residing in Greater Miami spend each year goes toward getting around, according to data from the Bureau of Labor Statistics. On average, that's more than $14,400 per household in the tri-county area of Miami-Dade, Broward and Palm Beach. Americans in general are spending more on cars now than almost ever before. According to Kelley Blue Book, new car buyers paid almost $50,000 per purchase at the end of 2024, just under 2022 highs, when supply chain disruptions led to shortages of new vehicles on the market. And that number doesn't yet take into account the Trump administration's 15% tariffs on auto imports from Japan and the European Union, said Chairman Howard Dvorkin. Those costs hit especially hard in Greater Miami, where residents generally earn less than their counterparts across the country. Tri-county residents' net automobile expenditures — the difference between what they paid for their cars and what they recouped by selling their old ones — accounted for nearly half of Miamians' transportation costs and 9% of their total annual expenses, again tying Houston, according to the Bureau of Labor Statistics. Necessity explains part of that expenditure, said Cathy Dos Santos, director of Transit Alliance Miami, a local nonprofit promoting walkability, bikeability and better public transit. Greater Miami, she noted, offers few practical alternatives to driving. 'We're asking people to choose between paying really high costs for transportation by having to own or lease their car,' Dos Santos said, 'versus spending sometimes twice as long using public transit to get around.' Unsurprisingly, most stick to their cars. And given how far many South Floridians have to travel to get to work, it's hard to blame them. Census data shows that more than half of tri-county workers commute at least 10 miles to get to work. Nearly 15% have a 50-plus mile commute. Compounding those distances is often-grinding traffic. According to INRIX, a traffic-data analytics company, Miami is the 14th most car-congested city on Earth, with local drivers spending the equivalent of nearly three days a year stuck in traffic. And those cars, whether they're actually moving or idling, need fuel — another big line-item for locals. Gas eats up roughly 4% of Greater Miamians' annual household spending, one of the highest shares among major U.S. metro areas, according to the Census Bureau. They also need to be insured. Due largely to the higher risk of severe weather conditions and rates of uninsured drivers, Floridians pay more than $3,200 in car insurance premiums — the second most in the country behind Louisianians — according to MarketWatch. But beyond necessity, culture can explain some of those high costs, says Dvorkin. 'A lot has to do with image,' he said, observing that South Floridians tend to 'like fancy cars,' even if their checking accounts are dwindling. Fancy or not, South Floridians need cars to get around because much of where they live is built for and around automobiles, said Dos Santos. That's something local governments can take steps to correct. Low-density, sprawling housing — a large portion of the tri-county's housing stock — makes it difficult for people to live within walking or biking distance of work, or even regular errands, she said. Denser, multi-use zoning can make it easier for people to meet their needs within a walk or short public transit commute of where they live, Dos Santos noted. That, along with investment in capital projects that can improve public transit across South Florida, could ultimately reduce what residents pay. But they're longer-term projects. In the immediate future, Dos Santos said, local governments can invest in cheaper, high-impact 'small infrastructure' — bike lanes, sidewalks and improved pedestrian street crossings to make non-car transit, which is the cheapest way to get around, more attractive, especially for short trips. But for those who drive dozens of miles just to get to work, as many South Floridians do, their employers can play an important role in reducing transportation costs, said United Way of Florida CEO Melissa Nelson. By providing gas or bus cards — if employees have convenient access to mass transit — for example, employers can help ease their workers' transportation cost burdens. For workers receiving government assistance, those perks can help offset costs without increasing their taxable income. That distinction is crucial. Sometimes, slight increases in income can cost assistance recipients thousands of dollars in lost benefits by pushing them over eligibility thresholds — a phenomenon known as a 'benefits cliff.' But perhaps most critically, offering flexibility — especially for work that doesn't necessarily need to be done in person or at a specific time — is key to reducing time and money spent on transportation, Nelson said. Such adaptability is especially invaluable for families with children that need to be picked up from childcare or school. Ultimately, she said, helping workers remove transportation barriers opens doors to personal and professional development. 'People who are stuck in their car for three hours a day' can't invest in themselves, said Nelson. 'They're not doing any continuing education, which means they're not training for the job that you might like them to move into.' This story was produced with financial support from supporters including The Green Family Foundation Trust and Ken O'Keefe, in partnership with Journalism Funding Partners. The Miami Herald maintains full editorial control of this work.
Yahoo
23-06-2025
- Business
- Yahoo
5 Tips for Millennials Using Personal Loans for Debt Consolidation
With inflation, rising credit card rates and the pressure to 'keep up,' many millennials are turning to personal loans as a way to get out of debt faster. Debt consolidation through a personal loan can offer a clean slate and replace multiple high-interest payments with a single, predictable one. But according to experts, the strategy only works if it's used wisely. See Next: Trending Now: Here are top ways to make sure a personal loan actually helps, not hurts. If you're juggling multiple credit card bills every month, a personal loan could be the reset button you need. By rolling several high-interest debts into a single loan with a fixed term, you'll likely get a lower rate and just one monthly payment to manage. 'Having one predictable monthly payment allows you to simplify your finances and reduce the total interest you pay over time,' said Hallie Kraus, certified financial planner (CFP) and private wealth advisor at Treehouse Wealth Advisors. Check Out: But Kraus cautioned against confusing this strategy with debt relief or credit repair schemes. 'Many of which are predatory or outright scams,' she said. A legitimate personal loan can streamline your debt, but only if the terms work in your favor. In theory, personal loans offer lower interest rates than credit cards. But that's not always the case, especially for borrowers with poor credit. 'The problem is when you have bad credit, you're not getting that super-low 8 to 10% interest rate,' said Howard Dvorkin, chairman of 'In extreme cases, you might not save a dime, because the personal loan might actually charge more than the interest on your existing credit cards.' Before applying, check your credit score and shop around. Compare not just the interest rate but also the origination fee, which can range from 1% to 10% of the loan. And watch for prepayment penalties some lenders charge you for paying the loan off early. A lower payment and zero credit card balances might feel like a reset, but it's only effective if you stay disciplined. 'Consolidating debt doesn't pay it off. You'll still owe the money,' said Natalia Brown, chief compliance and consumer affairs officer at National Debt Relief. 'Meanwhile, you'll find yourself holding a stack of credit cards with no balances. This can be a tempting situation.' To stay out of debt, consider locking your cards, deleting them from digital wallets or even closing them entirely, especially if you're likely to reuse them. Not all consolidation loans are created equal. Two loans might have the same rate, but very different total costs depending on the loan term. 'If one lender offers an especially lower payment, it could be because the loan has a longer term, which means higher costs over time,' Kraus said. Read the fine print, compare total interest paid and prioritize lenders who don't penalize you for early repayment. If your credit score isn't high enough to get a good rate, explore other options. 'There's no one-size-fits-all solution when it comes to debt consolidation,' Brown said. Balance transfer credit cards with a 0% intro APR can help, but only if you qualify and can pay off the balance before the promotional rate expires. Nonprofit credit counseling agencies may offer structured repayment plans with fewer risks than high-interest loans. Whatever option you choose, consistency is key. 'Avoid racking up new debt and follow your repayment plan,' Brown added. More From GOBankingRates 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on 5 Tips for Millennials Using Personal Loans for Debt Consolidation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
Mental Health and Your Credit Cards: A "Sad" and "Hopeless" Situation
A survey finds that big balances and steep interest rates are costing Americans much more than money. FORT LAUDERDALE, Fla., May 29, 2025 /PRNewswire/ -- annual Mental Health & Money Survey reveals dramatic increases in negative emotions and behaviors from 2022 to 2025, despite inflation being significantly lower today (2.3%) compared to three years ago (6.5%). The primary culprit appears to be credit card debt. When asked how credit card debt affects their social life, just over 10% of respondents in 2020 said, "I avoid going out with friends or family." This year, that number more than doubled to over 23%. The impact extends to dating as well. In 2022, only 5% reported avoiding dating due to credit card debt. Today, that figure has climbed to over 13%. "Inflation might have dropped, but the damage is done," said Howard Dvorkin, CPA, chairman of "Credit cards are the most widespread form of debt, which means they leave the deepest scars. You can't always see them, but they can linger for years and affect millions of Americans." Survey results from 1,000 Americans further support Dvorkin's concerns, revealing troubling trends in emotional well-being tied to financial stress. When asked how they feel while reviewing their credit card bills and what emotional triggers prompt them to spend, the responses revealed concerning trends. Emotional Distress Linked to Debt Has Surged Since 2022 In 2022, only 6% reported feeling hopeless — by 2025, that number jumped to nearly 22% Feelings of sadness rose from almost 7% in 2022 to 22% in 2025 Reports of losing sleep over debt more than quadrupled, from just over 2.5% to 13% Majority Link Credit Card Use to Emotional Stress and Anxiety 71% of respondents say the convenience of credit cards negatively impacts their mental health 43% feel stressed after using their cards Nearly 40% avoid reviewing their monthly statements due to anxiety 25% admitted to applying for a credit card while already feeling sad or stressed Credit card debt isn't the only financially motivated mental health issue. This year's survey also asked about lingering inflation and student loan debt. Inflation Stress Spills into the Workplace and Daily Life 74% report feeling anxious 23% say it affects their focus at work 7% report being unable to eat The Weight of Student Loan Default: Fear, Action, and High Balances 88% of borrowers with defaulted student loans worry about wage garnishment or loss of tax refunds 68% have taken proactive steps like enrolling in repayment programs or setting aside money monthly Nearly 1 in 4 borrowers owe more than $50,000 "Our mental health is deeply connected to our financial health," Dvorkin added. "The more we talk about this and give people resources to manage their debt, the more we reduce the emotional burden of money stress." View original content to download multimedia: SOURCE Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
13-05-2025
- Business
- CBS News
These are the most effective debt relief strategies to use right now, experts say
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. There are a few debt relief strategies that could be the financial life preserver you're looking for now, experts say. Getty Images Economic factors, like inflation and potential tariffs, have put financial pressure on Americans, forcing many to turn to credit cards for help. Credit card balances are now at record highs, and with average credit card interest rates nearing 22%, that debt comes with costly consequences. As a result, this type of debt can be overwhelming, to say the least, and even making the minimum monthly payments can leave you stuck in a pricey cycle of debt for years to come. Fortunately, there are debt relief tools that can help. "If there's any silver lining to this economic rollercoaster ride, it's the renewed focus on debt solutions companies. When the economy is roaring, these powerful services tend to get ignored. Now Americans are rediscovering their value," Howard Dvorkin, chairman of says. But not all debt relief options are created equal. If you want to make sure you tackle your debts in the most effective way possible, it's important to know which debt relief strategies make the most sense in today's unique economic climate. Find out how to get help with your high-rate debt today. The most effective debt relief strategies to use now, experts say These are the best routes to explore right now, according to the pros: Debt consolidation Financial pros say that debt consolidation is likely your best option these days, as long as you choose the consolidation product carefully. "With debt consolidation, you consolidate all of your loans into one loan, preferably with a lower interest rate," says Laura Sterling, vice president of marketing at Georgia's Own Credit Union. "Rather than pay multiple loans, you focus on paying one loan, saving money on interest, and streamlining the repayment process." Some lenders offer designated debt consolidation loans you can use for this purpose or, if you're a homeowner, you can use a home equity loan or home equity line of credit (HELOC). HELOCs are one of the best options right now, according to Patti Brennan, president and CEO of Key Financial, as the "interest rates are much lower than credit cards," she says. The average HELOC rate right now is just below 8%. Keep in mind that a new loan will require an application and credit check, so these aren't the best options if you have bad credit. "These can be a good fit if the consumer's credit is fair-to-good, and if they can qualify for decent loan terms," says Natalia Brown, chief compliance officer at National Debt Relief. "The only downside is that it might require collateral and could stretch out the repayment timeline." Explore your debt relief options and start tackling your debt problems today. Balance transfer cards Another option is a balance transfer card. Similar to debt consolidation loans, this strategy involves taking out a new card, paying off your debts and rolling it all into one balance. The new card would ideally be one with a 0% or very low promotional interest rate, allowing you to save money on interest and pay off your debts faster. "If the customer has good credit and can pay off the debt quickly, a balance transfer credit card might help," Brown says. "The catch is that it needs to be paid off before the introductory period ends, or you'll be left dealing with high interest and fees." Debt management plan Debt management plans are another effective option these days. This involves handing your debts over to a debt relief professional or a credit counselor. They will then negotiate with your creditors to try and lower interest rates and fees and come up with a plan for repaying your debts over a specific time period. You'll pay them a monthly fee for this service. "A debt management plan can help the customer stay organized and on track with monthly payments," Brown says. "However, it doesn't actually reduce the total amount owed and usually takes about four to five years to complete." Note, though, that debt management plans typically require you to close out any open credit lines. This ensures you don't rack up more debt while paying down your existing balances. Debt settlement Another option you might explore right now is debt forgiveness, also known as debt settlement. This requires negotiating with your creditors to pay them less than you owe to close out the debt. "Debt settlement is one of the most effective solutions for individuals with $7,500 or more in unsecured debt — such as credit card balances, medical bills, or personal loans," Brown says. The big downside is that debt settlement requires you to stop making payments while your debts are being negotiated. This can put a big dent in your credit score and hurt your financial options moving forward. You should make sure to consider the costs, too. "They charge a high fee for this service," Sterling says. "You will also likely pay taxes on any debt that is forgiven." The bottom line At the end of the day, good financial planning is key if you want to get out of debt. "Create a budget and track your expenses," says Doug Roller, investment advisor representative and owner of Crossroads Financial Group. "You can also call your creditors and see if they can do anything to help you not fall behind on your payments." There are also debt payoff methods you can try, like the avalanche or snowball. With the former, you focus on paying off your highest-interest debt first, making minimum payments on the rest. Once that's paid off, move on to your next highest-interest debt. The snowball method is similar, only it focuses on the smaller-balance debts first. "This method makes the minimum payments to larger debts and puts more money towards the small debt to pay that off faster," Roller says.
Associated Press
28-04-2025
- Health
- Associated Press
Debt.com Survey: 91% of Americans with Medical Debt Say It Shouldn't Hurt Credit Scores - But Political Attacks on CFPB Put New Protections at Risk
FORT LAUDERDALE, Fla., April 28, 2025 /PRNewswire/ -- A new national survey from finds 9 in 10 Americans with medical debt believe it should not appear on credit reports, just months after the Consumer Financial Protection Bureau ( CFPB ) finalized a rule to remove it. But the agency and its rule are under threat, as some lawmakers push to dismantle both. According to the poll of 682 U.S. adults, the vast majority support the CFPB's move, with 91% of those with medical debt agreeing that it should be excluded from credit reports. More than half say medical bills have already damaged their credit, in some cases dropping scores by more than 100 points. 'Medical debt is often unavoidable and doesn't reflect financial responsibility,' say 30% of respondents. Another 10% agreed that the system is too complex and inaccurate to be used in credit scoring. Howard Dvorkin, CPA and Chairman of agrees, 'We don't penalize people for getting sick, but that's exactly what happens when medical debt lowers their credit score. This isn't about dodging responsibility—it's about recognizing that health emergencies shouldn't derail someone's entire financial future.' The survey paints a troubling picture of how deeply medical debt is woven into American lives: Among those with damaged credit: 'Medical debt doesn't just show up on a credit report—it shows up in everyday life,' says Don Silvesti, President of 'It drains savings, delays goals, and forces people to make impossible choices between their health and their finances.' To pay for medical debt, survey respondents took a hit to their financial stability: As inflation continues, 86% say it's become harder to pay off medical debt. The consequences are not only financial but deeply personal with 57% saying debt is delaying major life goals like higher education, marriage, homeownership, or starting a family. Millennials are the most affected, with 62% reporting that medical debt is holding them back. data suggests Americans overwhelmingly oppose the idea of the CFPB medical debt protections ending—and want solutions that reflect financial reality, not punishment for medical emergencies. About is a leading resource for personal finance education and debt solutions. In partnership with certified credit counselors and financial professionals, helps individuals navigate challenges related to credit, budgeting, student loans, and more. View original content to download multimedia: SOURCE
