how to escape scary debt

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?

#CreditChatWednesdays | 3 p.m. ET

Compare Cards@CompareCards

High interest credit cards are the worst. Pay as much as you can.

#CreditChatWednesdays | 3 p.m. ET

FTWCCU @FTWCCU

Once again, never trust a payday loan - interest rates can be 1000 percent.

#CreditChatWednesdays | 3 p.m. ET

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.

#CreditChatWednesdays | 3 p.m. ET

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.

#CreditChatWednesdays | 3 p.m. ET

Melanie Lockert @DearDebtBlog

Don’t avoid them. Talk to them and try to work out a payment plan.

#CreditChatWednesdays | 3 p.m. ET

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!

#CreditChatWednesdays | 3 p.m. ET

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.

#CreditChatWednesdays | 3 p.m. ET

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.

#CreditChatWednesdays | 3 p.m. ET

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.

#CreditChatWednesdays | 3 p.m. ET

MyMoneyCoach.ca @mymoneycoach_ca

#CreditChatWednesdays | 3 p.m. ET

Check out all the resources and tips shared:

ex.pn/scarydebt

#CreditChatWednesdays | 3 p.m. ET

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