strategies for paying down (and eliminating) debt
TRANSCRIPT
#CreditChatWednesdays | 3 p.m. ET
Strategies for Paying Down (And Eliminating) Debt
#CreditChat Wednesday | 3 p.m. ET
Featuring: @Payoff and @LeslieHTayneEsq
Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about ways to eliminate debt .“
Check Out All the Tweets and Resources:
ex.pn/cut-debt
When it comes to debt,ignorance is not bliss.
via @AmericaSaves
#CreditChat
#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
Why is it easy to fall into debt?
Debt, unfortunately, is the only way for most people to acquire the things they need in life.
Tweet by @LeslieHTayneEsq
#CreditChat
Tweet by @Payoff
or if you don’t have a saving/spending plan.
It’s easy to fall into debt when you spend more than you make
#CreditChat
Unexpected costs drive people into debt when they don’t have an emergency fund.
Tweet by @MoneyCrashers
#CreditChat
#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
What mistakes do people make when trying to pay off debt?
Dipping into their savings to pay off their debt. This is a HUGE no-no. Your 401(k) is NOT an ATM.
Tweet by @LeslieHTayneEsq
#CreditChat
The biggest mistake is to not pay down the credit card with the highest interest rate first.
Tweet by @WelshKristy
#CreditChat
Paying the bare minimum - consumers should at least try to pay double the minimum payment.
Tweet by @Finovera
#CreditChat
Ignoring your debt won’t make it go away.Tackle it head-on with a realistic action plan.
via @Emergebenefit
#CreditChat
#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
What type of debt should we focus on first?
Pay off high interest debt first to save time and money on interest. Tweet by @Payoff
#CreditChat
If you’re struggling to pay, prioritize secured debts (mortgages or auto loans) so the property can’t be repossessed.
Tweet by @Emergebenefit
#CreditChat
#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
What are ways to deal with credit card debt? Any ways to pay off quickly?
Stick to the basics! Create a mini-repayment plan, make your payments on time, and STOP USING THE CARD while paying it off!
Tweet by @LeslieHTayneEsq
#CreditChat
Sometimes there is no quick payoff. It takes time to get into debt and takes time to get out of debt.
Tweet by @Rod_Griffin
#CreditChat
#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
What are ways to stay motivated and on track to pay off debt?
Visualize the end goal: Becoming financially free and developinga better understanding of your lifelong relationship with money.
Tweet by @Payoff
#CreditChat
Make your goal visible! Put it somewhere you’re going to encounter it over and over- password, note on the fridge, etc.
#CreditChat
Tweet by @AmericaSaves
Just keep reminding yourself about how you’ll feel with no payments. Also, be sure to budget fun money too.
Tweet by @DadisCheap
#CreditChat
#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
When should someone seek help with debt? Who should they talk with?
If you find yourself unable to break bad financial habits, it might be time to speak with a professional.
Tweet by @LeslieHTayneEsq
#CreditChat
Personal finance blogs and podcasts are actually great sources of information and inspiration.
Tweet by @XYPlanning
#CreditChat
#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
Should we be more focused on paying down debt or saving money?
Do both. NO question. Building a savings, however small it might be at first, can mean not getting into debt again!
Tweet by @AmericaSaves
#CreditChat
When you pay down debt, you’ll ultimately save money that you would have been spending on interest charges and fees.
Tweet by @Payoff
#CreditChat
#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
Any final tips for those struggling with debt?
Understand that you’re not alone. People from all walks of life struggle with debt. Don’t be ashamed.
Tweet by @LeslieHTayneEsq
#CreditChat
Your debt does not control you -- it’s the other way around You WILL make it through!
Tweet by @Emergebenefit
#CreditChat
#CreditChatWednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/cut-debt
#CreditChatWednesdays | 3 p.m. ET
Join Us Every Wednesday at 3 p.m. ET.
bit.ly/join-creditchat
Subscribe & Check Out: