How to Strategically Manage (And Pay Off) Debt
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How to Strategically Manage (And Pay Off) Debt

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In our #CreditChat, we talked with Dr. Scott Rick from the University of Michigan's Ross School of Business and our community about ways to manage and pay down debt. You can find all the resources and ...

In our #CreditChat, we talked with Dr. Scott Rick from the University of Michigan's Ross School of Business and our community about ways to manage and pay down debt. You can find all the resources and tweets here:
http://www.experian.com/blogs/news/about/manage-debts/

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  • Good tips for managing and paying off debt. You could also look into making more money with freelance work to help get more cash to attack your debts.
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How to Strategically Manage (And Pay Off) Debt Presentation Transcript

  • 1. #CreditChat Wednesdays | 3 p.m. ET How to Strategically Manage Debt
  • 2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we discussed how to manage and pay off debt. “ Check out all video and resources shared: bit.ly/manage-debt
  • 3. Featuring: Dr. Scott Rick @scottianrick University of Michigan’s Ross School of Business
  • 4. Wednesdays | 3 p.m. ET #CreditChat Why is it easy to fall into debt? What kinds of debts?
  • 5. Some fall into debt because of an emergency or loss of income, but for many it’s just spending more than they earn. Tweet by @magnify_money #CreditChat
  • 6. A lot of people fall into debt via impulse spending and #CreditChat not having a plan to pay off credit cards. Tweet by @moneycrashers
  • 7. Tweet by @csmithraleigh is a bad recipe for financial progress Instant gratification plus a lack of awareness #CreditChat
  • 8. Tweet by @scottianrick Inability to resist temptation is intuitive response. #CreditChat But there are other sources: medical bills, mismanaging bills.
  • 9. It’s easy to fall into debt without a budget because #CreditChat we don’t know how much we’re spending and if we’re living within our means Tweet by @mymoneycoach_ca
  • 10. Tweet by @ACCC_Helps A lack of education about credit and credit terms #CreditChat can cause serious financial problems.
  • 11. #CreditChat If you don’t establish good financial habits early on, you can fall into debt easily. Tweet by @Quizzle
  • 12. Tweet by @GarrettPlanning “Optimism” is one of the reasons I see people fall into debt. Tomorrow/next year I’ll have extra cash. #CreditChat
  • 13. Tweet by @GraceKvantas #CreditChat Debt issues can occur at all income levels, not just in low income households.
  • 14. Wednesdays | 3 p.m. ET #CreditChat What are pros/cons of using credit cards? Why can cards lead to debt?
  • 15. Tweet by @scottianrick #CreditChat Credit cards are less painful to use than cash, encouraging debt. Repaying debt from forgotten purchases is painful.
  • 16. #CreditChat People need to understand their personality types before getting a credit card. Tweet by @magnify_money Don’t use if you are an impulsive indulger!
  • 17. Tweet by @Quizzle Credit Cards help you establish credit. Good use can increase your score, #CreditChat but if you’re not responsible it will do the opposite.
  • 18. #CreditChat Tweet by @MyMoneyCoach_ca Sticking to cash is a good way to manage your money and ensure you live within your means.
  • 19. Tweet by @GarrettPlanning #CreditChat Credit cards are convenience tools - not for long-term financing.
  • 20. Wednesdays | 3 p.m. ET #CreditChat How to do you choose what credit card or loan to pay down first?
  • 21. Tweet by @ReadyForZero We think focusing on the highest interest (and therefore most costly) #CreditChat debt first. Stick to debt avalanche method.
  • 22. Take into account both the highest interest and highest balance Tweet by @LeslieHTayneEsq when paying off credit cards and loans! #CreditChat
  • 23. #CreditChat Tweet by @GerriDetweiler Pay down debt by having an overall financial game plan. #CreditChat
  • 24. Wednesdays | 3 p.m. ET #CreditChat What advice do you have for paying down credit cards faster?
  • 25. Target one credit card account and pay minimum on others. When paid off, roll over that payment to new target account until debt free. #CreditChat Tweet by @ReadyForZero
  • 26. Tweet by @MomCentsPF If you have a good payment track record, ask for a lower interest rate. #CreditChat
  • 27. I understand the urge to pay off individual debts, Tweet by @scottianrick but you’ll be better off if you can focus on debt with highest APR. #CreditChat
  • 28. Tweet by @YesIamCheap Never pay only the minimum! Look at the payment schedule #CreditChat on your statements to see how long it will take to pay it off.
  • 29. Wednesdays | 3 p.m. ET #CreditChat How can we stay motivated to keep paying off debt?
  • 30. Tweet by @MoneyCrashers Automate credit card payments to coincide with your paycheck. #CreditChat
  • 31. Tweet by @ACCC_helps Reach out to a reputable nonprofit credit counseling agency to get free advice on how to best attack your debt.
  • 32. Tweet by @Frostbe Set goals and check them off as you achieve them. #CreditChat If you got in debt as a couple, work together to get out.
  • 33. Tweet by @GerriDetweiler Don’t be afraid to reach out for help (aka credit counseling agency). #CreditChat
  • 34. Wednesdays | 3 p.m. ET #CreditChat Check out all the resources and tips shared: bit.ly/manage-debt
  • 35. Join Us Every Wednesday at 3 p.m. ET. bit.ly/join-creditchat #CreditChat Wednesdays | 3 p.m. ET
  • 36. Subscribe & Check Out These Slides
  • 37. #CreditChat Wednesdays | 3 p.m. ET