strategies for paying down (and eliminating) debt
TRANSCRIPT
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#CreditChatWednesdays | 3 p.m. ET
Strategies for Paying Down (And Eliminating) Debt
#CreditChat Wednesday | 3 p.m. ET
Featuring: @Payoff and @LeslieHTayneEsq
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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
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When it comes to debt,ignorance is not bliss.
via @AmericaSaves
#CreditChat
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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
Why is it easy to fall into debt?
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Debt, unfortunately, is the only way for most people to acquire the things they need in life.
Tweet by @LeslieHTayneEsq
#CreditChat
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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
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Unexpected costs drive people into debt when they don’t have an emergency fund.
Tweet by @MoneyCrashers
#CreditChat
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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
What mistakes do people make when trying to pay off debt?
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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
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The biggest mistake is to not pay down the credit card with the highest interest rate first.
Tweet by @WelshKristy
#CreditChat
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Paying the bare minimum - consumers should at least try to pay double the minimum payment.
Tweet by @Finovera
#CreditChat
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Ignoring your debt won’t make it go away.Tackle it head-on with a realistic action plan.
via @Emergebenefit
#CreditChat
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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
What type of debt should we focus on first?
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Pay off high interest debt first to save time and money on interest. Tweet by @Payoff
#CreditChat
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If you’re struggling to pay, prioritize secured debts (mortgages or auto loans) so the property can’t be repossessed.
Tweet by @Emergebenefit
#CreditChat
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#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?
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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
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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
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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
What are ways to stay motivated and on track to pay off debt?
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Visualize the end goal: Becoming financially free and developinga better understanding of your lifelong relationship with money.
Tweet by @Payoff
#CreditChat
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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
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Just keep reminding yourself about how you’ll feel with no payments. Also, be sure to budget fun money too.
Tweet by @DadisCheap
#CreditChat
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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
When should someone seek help with debt? Who should they talk with?
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If you find yourself unable to break bad financial habits, it might be time to speak with a professional.
Tweet by @LeslieHTayneEsq
#CreditChat
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Personal finance blogs and podcasts are actually great sources of information and inspiration.
Tweet by @XYPlanning
#CreditChat
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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
Should we be more focused on paying down debt or saving money?
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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
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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
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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET
Any final tips for those struggling with debt?
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Understand that you’re not alone. People from all walks of life struggle with debt. Don’t be ashamed.
Tweet by @LeslieHTayneEsq
#CreditChat
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Your debt does not control you -- it’s the other way around You WILL make it through!
Tweet by @Emergebenefit
#CreditChat
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#CreditChatWednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/cut-debt
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#CreditChatWednesdays | 3 p.m. ET
Join Us Every Wednesday at 3 p.m. ET.
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