PALM BEACH COUNTY, Fla. — Living with debt can be a constant source of stress.
“It’s a daily thing. I mean, you wake up thinking about it and you go to bed thinking about it,” shared Denise Phillips, who is managing a debt of approximately $10,000 stemming from medical expenses for a close family member.
WATCH BELOW: 'I've helped 13 million people get out of debt,' Howard Dvorkin says
With her background as a retired mortgage professional, Phillips understands financial options and initially pursued zero-interest offers.
“They’re really not doing a lot of the balance transfers lately,” Phillips said. “Tried some of the bigger companies Capital One, etc.”
Eventually, Phillips explored debt consolidation and settlement firms but felt hesitant about the potential risks.
“They proposed a monthly payment of $270.93. When I asked about the process, they said, ‘We’ll sign you up, you send that amount to us each month, and we’ll put it in an escrow account.’ But then what? They responded, ‘We negotiate with your creditors.’”
Howard Dvorkin, founder of Debt.com based in South Florida, elaborates on the benefits of a settlement solution.
“Due to our size, we’re able to negotiate superior terms with credit card companies, allowing us to effectively resolve outstanding debts," he said. "Over my 32-year career, I've helped 13 million people achieve financial freedom.”
Another approach to managing credit card debt involves strategically targeting specific card balances, whether by amount or interest rate.
"Mathematically, it’s sound to focus on paying down the highest interest rates first," explains Ted Rossman from Bankrate. "However, many people find motivation in knocking out smaller balances first. For example, eliminating a $500 store card debt can boost your confidence to tackle larger debts of $1,000 or $2,000 next."
Tune in to WPTV today from 4 p.m. to 6:30 p.m. for our coverage of navigating credit card debt as we seek solutions for you.
-
Save on your Fourth of July barbecue, despite rising beef prices
The price of beef — especially steak — has risen sharply over the past few years, and even hamburger meat can be expensive. We visited a grocery store to see how to keep those costs down.
Costco begins offering early shopping hours for executive members
Costco’s executive members now have access to exclusive early shopping hours. Starting Monday, the wholesale retailer began opening at 9 a.m. for executive members.
How to avoid appliance tariffs, and save big money this summer
Tariffs in imported appliances kicked in on June 23. But there are still ways to avoid them, if you need a new refrigerator, washer, dryer, or dishwasher this year.
Buy now, pay later loans will soon help determine your credit score
By now, pay later loans have helped many people stretch their budgets by paying off purchases through installments. But soon, you'll see those loans on your credit report.
