how to escape scary debt
TRANSCRIPT
How to Escape Scary Debt
#CreditChatWednesdays | 3 p.m. ET
Join our #CreditChat every Wednesday at 3 p.m. ET. This week, the community shared some great tips to help escape
scary debt.
ex.pn/scarydebt
#CreditChatWednesdays | 3 p.m. ET
Why is debt so frightening?
It feels like climbing a mountain without knowledge of how to get to
the top.
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Paul Moyer@SavingFreak
Getting out of debt feels impossible; wasting money and
interest and never feeling secure.
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Andrea Woroch@AndreaWoroch
Debt is frightening because you may have to put some of your dreams
on hold in order to pay it off.
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MyMoneyCoach.ca@mymoneycoach_ca
Debt can give you the feeling that you’re trapped.
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Kasasa@Kasasa
Debt makes it harder to achieve your goals by making you focus your money
on the past rather than the future.
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Vic L. @DadisCheap
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What debt zombies can linger in your credit report?
Foreclosures, tax liens, unpaid consumer debt, late payments, and bankruptcy all stay on your report
for seven years.
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Southeast Financial @SFCUNews
Non payment of utility bills, credit cards, loans. Those zombies can carry
forward and hang on for years.
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FrogskinU @FrogskinU
Missing payments is very common. It’s a small item that can
cause major damage.
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Saving Thousands @SavingThousands
Debt zombies can be late payments,
bankruptcy, anything that’s still haunting your credit score.
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Melanie Lockert @DearDebtBlog
It’s important to check your credit report. If you have unpaid debts
you’re not aware of, it really affects your credit.
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MyMoneyCoach.ca @mymoneycoach_ca
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What nightmares can you encounter if you don’t pay your debt?
Don’t make YOU the nightmare. Breathe and find a way to chip away at debt. Worry does not make it go away!
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FrogskinU@FrogskinU
If you don’t pay your debt, you’ll encounter the worst nightmare
ever: not being financially free to live how you desire.
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MyMoneyCoach.ca @mymoneycoach_ca
The ultimate debt nightmare would be bankruptcy. Face your
fears and don’t ignore debt!
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Southeast Financial @SFCUNews
Nightmares can be a drop in credit, high interest, collections. You
have the power to not let your nightmare become reality!
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Payoff@Payoff
You will always be haunted by your debt. Debt collectors will come
after you.
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Saving Thousands@SavingThousands
#CreditChat
How can credit cards put
Wednesdays | 3 p.m. ET
you into a debt spell?
They can put you into an ugly path of spending more than you
make month after month.
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Samantha D.@HomesteadWitch
Failing to pay your balance in time triggers interest, which just adds more to the amount you need to
pay.
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Miriam Cross@MiriamSCross
Credit cards seem like free money. You can forget you have to
pay it back plus interest.
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Southeast Financial @SFCUNews
Credit cards create instant gratification and delayed pain. It is easy to continue gratification until
the pain gets painful.
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Paul Moyer @SavingFreak
#CreditChatWednesdays | 3 p.m. ET
What hair-raising debt can leave you screaming for help?
As a millennial, one of the worst debts is student loan debt. I just want
to buy a house! But, how do I save?
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Compare Cards@CompareCards
High interest credit cards are the worst. Pay as much as you can.
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FTWCCU @FTWCCU
Once again, never trust a payday loan - interest rates can be 1000 percent.
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Kasasa@Kasasa
In my opinion, all debt. I don’t believe in “good” debt or “bad” debt.
As long as you owe money to someone else, your money is not yours.
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Melanie Lockert @DearDebtBlog
Getting a cash advance on your credit card can be a nightmare,
especially with the high interest and the service fees.
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MyMoneyCoach.ca @mymoneycoach_ca
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What should you do if debtcollectors are haunting you?
Know your rights. Talk to your lender about repayment options.
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Melanie Lockert @DearDebtBlog
Don’t avoid them. Talk to them and try to work out a payment plan.
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Ashley Jacobs @wisebread
If debt collectors are hounding you, reach out to a non-profit credit
counseling agency. They can help you, often for free.
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MyMoneyCoach.ca @mymoneycoach_ca
If it’s a valid debt, make a documented plan with them.
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Southeast Financial @SFCUNews
#CreditChatWednesdays | 3 p.m. ET
What types of financial services are tricks more than they are treats?
Getting a cash advance or a payday loan isn’t a treat, especially when you see how much you’ll pay
in interest and fees!
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MyMoneyCoach.ca @mymoneycoach_ca
Any time you see something in the financial realm that is too good
to be true, it almost always is.
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Paul Moyer @SavingFreak
Trick: Get-out-of-debt-quick programs that promise to help
you become debt free in no time.
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Melanie Lockert @DearDebtBlog
Debt consolidation companies are the worst. Payday lenders are a
close second.
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Kristy Welsh @WelshKristy
Overdraft protection: if you don’t have money in the bank to pay, you
shouldn’t be able to swipe your card.
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Kevin C. Swanson @kevincswanson
#CreditChatWednesdays | 3 p.m. ET
How can you send debt to an early grave?
Cut back and earn more. I really enjoy the earning part - it’s a fun challenge!
#CreditChatWednesdays | 3 p.m. ET
Melanie Lockert @DearDebtBlog
Pay off your high interest debts first.
#CreditChatWednesdays | 3 p.m. ET
Ashley Jacobs @wisebread
Pretend that you’re poor until you pay off your debt. Don’t go out for fancy
dinners and shopping sprees when you owe! Only spend what you have!
#CreditChatWednesdays | 3 p.m. ET
FTWCCU @FTWCCU
Be informed, become savvy, save, and slowly put your debt into the
financial wood chipper!
#CreditChatWednesdays | 3 p.m. ET
FrogskinU @FrogskinU
Don’t accept debt as part of life! Most assume they’ll always have a
car payment, credit card balance, etc.
#CreditChatWednesdays | 3 p.m. ET
Vic L. @DadisCheap
Start adopting new (more frugal) habits. If you change how you spend
and save, you’ll change your financial situation too.
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MyMoneyCoach.ca @mymoneycoach_ca
#CreditChatWednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/scarydebt
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