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Paying Off Holiday Debt
Shay Olivarria
Financial Education Speaker & Author
Bigger Than Your Block
What We’ll Cover:
• What credit is
• Credit card myths
• The two most important strategies to pay
down debt
• How the CARD...
Who is Shay Olivarria?

• Started Bigger Than Your Block in 2007
• Has written 3 books on personal finance
• Speaks about ...
What Credit Is
There are 3 major credit bureaus in the US. Each one of them has a report and
score for you. Those 3 report...
What Credit Is
Have you paid your bills on
time in the past?

How much credit have you
used vs. how much credit do
you hav...
Credit Myths
• Checking your credit reports/scores lowers
No. Giving permission for potential lenders to
your credit score...
Debt Payment Strategies
• Smallest Debt
– List all debts
– Pay smallest debt off first
– Pay next smallest

• Largest Inte...
How the CARD Act Helps
• Decline is back – no over-limit charges unless you agree
• More than minimum – goes to highest in...
Credit Cards As a Tool
• Build credit – don’t use more than 30%
• Earn points – pay off balance every month and spend the
...
Tips - Overspending
•
•
•
•
•
•
•
•

Make a realistic spending plan
Take information off line
Put everything in your cart
...
Tips – Getting Loved Ones on Board
•
•
•
•
•
•

Have “the talk”
Agree on parameters
Give everyone a job
Post goals where e...
Where to Turn for Help
• The Consumer Financial Protection
Bureau http://www.consumerfinance.gov/
• Federal Fair Trade Com...
Where to Turn for Help cont ..
• How to choose a credit counselor
http://www.consumer.ftc.gov/articles/0153choosing-credit...
Questions?

Shay Olivarria

Bigger Than Your Block
Thank You Gifts
•

Sign up to get email updates receive my
eBook “You Can’t Take It With You”
50,000+ have read it so far!...
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Pay Off Holiday Debt: Credit, the CARD Act and Debt Repayment Strategies

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In this informative webinar from financial education speaker Shay Olivarria, you'll discover the two most important strategies to pay down debt, how the CARD Act helps you pay down debt faster than ever before and how to make your credit card work for you!

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Pay Off Holiday Debt: Credit, the CARD Act and Debt Repayment Strategies

  1. 1. Paying Off Holiday Debt Shay Olivarria Financial Education Speaker & Author Bigger Than Your Block
  2. 2. What We’ll Cover: • What credit is • Credit card myths • The two most important strategies to pay down debt • How the CARD Act helps you pay down debt faster than ever before • How to make your credit card work for you Shay Olivarria Bigger Than Your Block
  3. 3. Who is Shay Olivarria? • Started Bigger Than Your Block in 2007 • Has written 3 books on personal finance • Speaks about personal finance at schools, non-profits and businesses • Has traveled to 9 countries on 3 continents Shay Olivarria Bigger Than Your Block
  4. 4. What Credit Is There are 3 major credit bureaus in the US. Each one of them has a report and score for you. Those 3 reports and scores may not be the same. Experian TransUnion Equifax A credit score and a credit report are two different things. www.AnnualCreditReport.com Reports are free. Scores are NOT free. Shay Olivarria Bigger Than Your Block
  5. 5. What Credit Is Have you paid your bills on time in the past? How much credit have you used vs. how much credit do you have available? How long have you used credit? How often have you applied for new credit? Do you have revolving or installment payments? Shay Olivarria Bigger Than Your Block
  6. 6. Credit Myths • Checking your credit reports/scores lowers No. Giving permission for potential lenders to your credit scores check your reports/scores lowers your scores. • Using a company to settle debts is always Nope. Not every lender wants to deal with a middleperson and not all best companies are the same. Use a non-profit credit counseling organization if you must. • Paying off debts will remove it from my report that the debt has credit history Yourmentionwill notedebt will remain. been paid off. The of the • Debts like library fines and parking tickets is a section don’t count Thereof debts. of the credit report explicitly for these kinds Shay Olivarria Bigger Than Your Block
  7. 7. Debt Payment Strategies • Smallest Debt – List all debts – Pay smallest debt off first – Pay next smallest • Largest Interest Rate – List all debts – Pay debt with highest interest rate first – Pay debt with next highest interest rate Shay Olivarria Bigger Than Your Block
  8. 8. How the CARD Act Helps • Decline is back – no over-limit charges unless you agree • More than minimum – goes to highest interest rate debt • Anchored dates – no more “floating due dates” • Snazzy statements – how long it will take you to finish paying • Under 21 – may not have a card Shay Olivarria Bigger Than Your Block
  9. 9. Credit Cards As a Tool • Build credit – don’t use more than 30% • Earn points – pay off balance every month and spend the rewards • Manage spending plan – keep all spending in one place, if you pay off balance every month • Provides safety – provides insurance against scams Shay Olivarria Bigger Than Your Block
  10. 10. Tips - Overspending • • • • • • • • Make a realistic spending plan Take information off line Put everything in your cart ROI sales Stick to a list Keep a Post-It Note on your card(s) Use the envelope system Leave the card(s) at home Shay Olivarria Bigger Than Your Block
  11. 11. Tips – Getting Loved Ones on Board • • • • • • Have “the talk” Agree on parameters Give everyone a job Post goals where everyone can see them Talk about progress Reward yourselves Shay Olivarria Bigger Than Your Block
  12. 12. Where to Turn for Help • The Consumer Financial Protection Bureau http://www.consumerfinance.gov/ • Federal Fair Trade Commission http://www.ftc.gov/ • National Foundation for Credit Counseling https://www.nfcc.org/ Shay Olivarria Bigger Than Your Block
  13. 13. Where to Turn for Help cont .. • How to choose a credit counselor http://www.consumer.ftc.gov/articles/0153choosing-credit-counselor • Approved credit counselors by state and language http://www.justice.gov/ust/eo/bapcpa/ccde/ cc_approved.htm Shay Olivarria Bigger Than Your Block
  14. 14. Questions? Shay Olivarria Bigger Than Your Block
  15. 15. Thank You Gifts • Sign up to get email updates receive my eBook “You Can’t Take It With You” 50,000+ have read it so far! • Register for an EMPOWERED Series event and get a $14 savings + a free copy of my Amazon.com best seller, “Money Matters: The Get It Done in 1 Minute Workbook Only 15 in each city. Register now! http://www.eventbrite.com/o/shay-olivarria5633136853 Shay Olivarria Bigger Than Your Block

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