the debt escape plan
TRANSCRIPT
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The Debt Escape Plan
Wednesdays | 3 p.m. ET
Featuring: @BeverlyHarzog and @DebbiKing
#CreditChat
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Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about ways to get out of debt.
ex.pn/debt-escape
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Wednesdays | 3 p.m. ET#CreditChat
Why is it easy to fall into debt?
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Wednesdays | 3 p.m. ET#CreditChat
Some people just don’t have a good understanding of finances and how
much they can afford to spend.
Leslie H Tayne, Esq@LeslieHTayneEsq
“ ”
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Sometimes debt is the only option when facing some of life’s
unexpected situations.
Wednesdays | 3 p.m. ET
Southeast Financial@SFCUNews #CreditChat
“”
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Living beyond your means also lands you in debt. Don’t spend money you don’t have to live a lifestyle you can’t
afford.
“
Wednesdays | 3 p.m. ET
Piggie Banker@PiggieBanker #CreditChat
”
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Wednesdays | 3 p.m. ET#CreditChat
What are some of the most common types of debt?
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Types of Debt:
● Secured Debt: utilizes a form of collateral, like a house or car● Unsecured Debt: has no collateral, like credit cards or
personal loans● Fixed Interest Rate: has the same interest rate for the entire
timeline of the loan, like a mortgage● Variable Interest Rate: the interest rate may change over the
life of the loan, like credit cards● Fixed Payment Term: the loan is set to be paid off by a
certain date, like a mortgage or student loan● Variable Repayment Period: There is no set date by when
the debt must be repaid.
Source: @lifehacker
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Wednesdays | 3 p.m. ET#CreditChat
What are some common mistakes that keep us in debt?
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Not being prepared for a rain storm (emergency) with an umbrella keeps
us in a vicious debt cycle.
“
Wednesdays | 3 p.m. ET
Debbi King@DebbiKing #CreditChat
”
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High interest rates can make it extremely difficult to pay off debt. Put money toward loans or credit
cards twice a month.
“
Wednesdays | 3 p.m. ET
Operation HOPE@OperationHOPE #CreditChat
”
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Common mistake: Just paying the minimum amount due. You have to
knock down that balance.
“
Wednesdays | 3 p.m. ET
Tanya Taylor@ttaylor2u2 #CreditChat
”
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Wednesdays | 3 p.m. ET#CreditChat
What are steps to take to start tackling debt?
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Start tackling debt with a budget plan. You need to know what to cut back on
and how much you can put towards your debt.
“
Wednesdays | 3 p.m. ET
More Than Wheels@MoreThanWheels #CreditChat
”
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Get real with yourself. Know exactly how much debt you have and then
work on a repayment plan.
“
Wednesdays | 3 p.m. ET
Piggie Banker@PiggieBanker #CreditChat
”
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Analyze what you spend a month. Cut out that coffee and use it to
pay a bill.
“
Wednesdays | 3 p.m. ET
Credit Gurl@credit_gurl #CreditChat
”
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Learn the value of money. Set long-term goals and start adjusting your spending habits to cater to them.
“
Wednesdays | 3 p.m. ET
Leslie H. Tayne, Esq@LeslieHTayneEsq #CreditChat
”
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Wednesdays | 3 p.m. ET#CreditChat
How can creating a budget help? Any advice on creating a budget?
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Give all of your money a job. If you know where each dollar needs to go,
it’s harder to spend it without thinking.
“
Wednesdays | 3 p.m. ET
Southeast Financial@SFCUNews #CreditChat
”
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Budgets are simple- income minus expenses. Don’t overcomplicate it.
Write it all out in order to see things clearer.
“
Wednesdays | 3 p.m. ET#CreditChatDebbi King
@DebbiKing
”
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Knowing that you’re spending more than you earn and making up the
difference with credit is a good wake up call.
“
Wednesdays | 3 p.m. ET
Lenda@lenda #CreditChat
”
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Start small and take baby steps. Track your spending. Sticking to a budget
takes time and positive thinking.
“
Wednesdays | 3 p.m. ET
More Than Wheels@MoreThanWheels #CreditChat
”
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Budgets lay out all expenses and incomes, creating a blueprint for how
your money flows.
“
Wednesdays | 3 p.m. ET
Operation HOPE@OperationHOPE #CreditChat
”
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Wednesdays | 3 p.m. ET#CreditChat
What should people know about debt (and how it impacts credit scores)?
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Debt is not inherently bad. To have a good credit score, you need to
borrow money and pay back debt wisely.
“
Wednesdays | 3 p.m. ET
Southeast Financial@SFCUNews #CreditChat
”
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Wednesdays | 3 p.m. ET#CreditChat
Debt doesn’t go away if you ignore it -- it only gets bigger. Amounts
owed and payment history are big credit score factors.
“
Emerge @emergebenefit
”
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Debt limits your creditworthiness.
“
Wednesdays | 3 p.m. ET
Tanya Taylor@ttaylor2u2 #CreditChat
”
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Missing your payments is a BIG knock against your credit score.
“
Wednesdays | 3 p.m. ET#CreditChatLeslie H. Tayne, Esq
@LeslieHTayneEsq
”
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Wednesdays | 3 p.m. ET#CreditChat
What are pros/cons of using credit cards?
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Credit cards can build good credit if paid off every month.
“
Wednesdays | 3 p.m. ET
South State Bank@SouthStateBank #CreditChat
”
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Paying minimums make everything you purchase on a credit card more
expensive because of the high interest rates.
“
Wednesdays | 3 p.m. ET#CreditChatLenda
@lenda
”
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Wednesdays | 3 p.m. ET#CreditChat
How can we stay motivated when we get off track in paying off debt?
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Paying off small debts first helps you to see progress. This is why this
method works for many people and keeps them motivated.
“
Wednesdays | 3 p.m. ET
Debbi King@DebbiKing #CreditChat
”
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Wednesdays | 3 p.m. ET#CreditChat
When you get a little off track, just visualize your debt-free life.
Revisiting that goal can be all the push you need.
“
Emerge @emergebenefit
”
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Stay motivated by setting big goals with smaller milestones to
celebrate. Add a reward system for achieving small goals.
“
Wednesdays | 3 p.m. ET
Operation HOPE@OperationHOPE #CreditChat
”
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Wednesdays | 3 p.m. ET#CreditChat
Where can people go if they are drowning in debt and need extra help?
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Find a qualified credit counselor who can help you budget and, if
necessary, work with your lenders.
“
Wednesdays | 3 p.m. ET
Rod Griffin@Rod_Griffin #CreditChat
”
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Speak to your creditors -- Let that be the first place you go. Negotiate
payments.
“
Wednesdays | 3 p.m. ET
Piggie Banker@PiggieBanker #CreditChat
”
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You can get out of debt all by yourself. You don’t have to pay a
company thousands of dollars to do it for you.
“
Wednesdays | 3 p.m. ET#CreditChatDebbi King
@DebbiKing
”
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Wednesdays | 3 p.m. ET#CreditChat
Any final tips to escape debt for good?
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You didn’t get into debt overnight, it takes time. But once you are out,
stay out!
“
Wednesdays | 3 p.m. ET
Tanya Taylor@ttaylor2u2 #CreditChat
”
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Wednesdays | 3 p.m. ET#CreditChat
So many people struggle with debt at one time or another. There’s no reason to be ashamed. Don’t be
afraid to speak up!
“
Leslie H Tayne, Esq@LeslieHTayneEsq
”
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Track every penny you spend - it’s easier than you think and you’ll be
surprised how much is wasted.
“
Wednesdays | 3 p.m. ET
AJ Borowsky@AskWhatNext #CreditChat
”
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Have a plan. An afternoon with a piece of paper and a pen (maybe a
cold beverage) is all you need to start.
“
Wednesdays | 3 p.m. ET
Lenda@lenda #CreditChat
”
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Check out videos, podcasts, and list of upcoming chats:
experian.com/creditchat
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