Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

How to Escape Scary Debt

2,541 views

Published on

Is your debt haunting you? It’s time to look it in the face and create a plan of action. This week’s panelists have already escaped the grip of debt and they shared some great tips with the community.

Our panel included: Kelby Green- Financial Services Veteran and ‘Chief Frugality Officer’ at TheFRUGALennial.com, Melanie Lockert- Personal Finance Writer and Founder of DearDebt.com, Rod Griffin- Director of Public Education at Experian, and Mike Delgado- Social Media Community Manager at Experian.

This deck features tips from: @SavingFreak, @AndreaWoroch, @mymoneycoach_ca, @Kasasa, @DadIsCheap, @SFCUNews, @FrogskinU, @SavingThousands, @DearDebtBlog, @Payoff, @HomesteadWitch, @MiriamSCross, @CompareCards, @FTWCCU, @wisebread, @WelshKristy, and @kevincswanson.

Published in: Economy & Finance

How to Escape Scary Debt

  1. 1. How to Escape Scary Debt #CreditChat Wednesdays | 3 p.m. ET
  2. 2. 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
  3. 3. #CreditChat Wednesdays | 3 p.m. ET Why is debt so frightening?
  4. 4. It feels like climbing a mountain without knowledge of how to get to the top. #CreditChat Wednesdays | 3 p.m. ET Paul Moyer @SavingFreak
  5. 5. Getting out of debt feels impossible; wasting money and interest and never feeling secure. #CreditChat Wednesdays | 3 p.m. ET Andrea Woroch @AndreaWoroch
  6. 6. Debt is frightening because you may have to put some of your dreams on hold in order to pay it off. #CreditChat Wednesdays | 3 p.m. ET MyMoneyCoach.ca @mymoneycoach_ca
  7. 7. Debt can give you the feeling that you’re trapped. #CreditChat Wednesdays | 3 p.m. ET Kasasa @Kasasa
  8. 8. Debt makes it harder to achieve your goals by making you focus your money on the past rather than the future. #CreditChat Wednesdays | 3 p.m. ET Vic L. @DadisCheap
  9. 9. #CreditChat Wednesdays | 3 p.m. ET What debt zombies can linger in your credit report?
  10. 10. Foreclosures, tax liens, unpaid consumer debt, late payments, and bankruptcy all stay on your report for seven years. #CreditChat Wednesdays | 3 p.m. ET Southeast Financial @SFCUNews
  11. 11. Non payment of utility bills, credit cards, loans. Those zombies can carry forward and hang on for years. #CreditChat Wednesdays | 3 p.m. ET FrogskinU @FrogskinU
  12. 12. Missing payments is very common. It’s a small item that can cause major damage. #CreditChat Wednesdays | 3 p.m. ET Saving Thousands @SavingThousands
  13. 13. Debt zombies can be late payments, bankruptcy, anything that’s still haunting your credit score. #CreditChat Wednesdays | 3 p.m. ET Melanie Lockert @DearDebtBlog
  14. 14. It’s important to check your credit report. If you have unpaid debts you’re not aware of, it really affects your credit. #CreditChat Wednesdays | 3 p.m. ET MyMoneyCoach.ca @mymoneycoach_ca
  15. 15. #CreditChat Wednesdays | 3 p.m. ET What nightmares can you encounter if you don’t pay your debt?
  16. 16. Don’t make YOU the nightmare. Breathe and find a way to chip away at debt. Worry does not make it go away! #CreditChat Wednesdays | 3 p.m. ET FrogskinU @FrogskinU
  17. 17. If you don’t pay your debt, you’ll encounter the worst nightmare ever: not being financially free to live how you desire. #CreditChat Wednesdays | 3 p.m. ET MyMoneyCoach.ca @mymoneycoach_ca
  18. 18. The ultimate debt nightmare would be bankruptcy. Face your fears and don’t ignore debt! #CreditChat Wednesdays | 3 p.m. ET Southeast Financial @SFCUNews
  19. 19. Nightmares can be a drop in credit, high interest, collections. You have the power to not let your nightmare become reality! #CreditChat Wednesdays | 3 p.m. ET Payoff @Payoff
  20. 20. You will always be haunted by your debt. Debt collectors will come after you. #CreditChat Wednesdays | 3 p.m. ET Saving Thousands @SavingThousands
  21. 21. #CreditChat How can credit cards put Wednesdays | 3 p.m. ET you into a debt spell?
  22. 22. They can put you into an ugly path of spending more than you make month after month. #CreditChat Wednesdays | 3 p.m. ET Samantha D. @HomesteadWitch
  23. 23. Failing to pay your balance in time triggers interest, which just adds more to the amount you need to pay. #CreditChat Wednesdays | 3 p.m. ET Miriam Cross @MiriamSCross
  24. 24. Credit cards seem like free money. You can forget you have to pay it back plus interest. #CreditChat Wednesdays | 3 p.m. ET Southeast Financial @SFCUNews
  25. 25. Credit cards create instant gratification and delayed pain. It is easy to continue gratification until the pain gets painful. #CreditChat Wednesdays | 3 p.m. ET Paul Moyer @SavingFreak
  26. 26. #CreditChat Wednesdays | 3 p.m. ET What hair-raising debt can leave you screaming for help?
  27. 27. As a millennial, one of the worst debts is student loan debt. I just want to buy a house! But, how do I save? #CreditChat Wednesdays | 3 p.m. ET Compare Cards @CompareCards
  28. 28. High interest credit cards are the worst. Pay as much as you can. #CreditChat Wednesdays | 3 p.m. ET FTWCCU @FTWCCU
  29. 29. Once again, never trust a payday loan - interest rates can be 1000 percent. #CreditChat Wednesdays | 3 p.m. ET Kasasa @Kasasa
  30. 30. 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. #CreditChat Wednesdays | 3 p.m. ET Melanie Lockert @DearDebtBlog
  31. 31. Getting a cash advance on your credit card can be a nightmare, especially with the high interest and the service fees. #CreditChat Wednesdays | 3 p.m. ET MyMoneyCoach.ca @mymoneycoach_ca
  32. 32. #CreditChat Wednesdays | 3 p.m. ET What should you do if debt collectors are haunting you?
  33. 33. Know your rights. Talk to your lender about repayment options. #CreditChat Wednesdays | 3 p.m. ET Melanie Lockert @DearDebtBlog
  34. 34. Don’t avoid them. Talk to them and try to work out a payment plan. #CreditChat Wednesdays | 3 p.m. ET Ashley Jacobs @wisebread
  35. 35. If debt collectors are hounding you, reach out to a non-profit credit counseling agency. They can help you, often for free. #CreditChat Wednesdays | 3 p.m. ET MyMoneyCoach.ca @mymoneycoach_ca
  36. 36. If it’s a valid debt, make a documented plan with them. #CreditChat Wednesdays | 3 p.m. ET Southeast Financial @SFCUNews
  37. 37. #CreditChat Wednesdays | 3 p.m. ET What types of financial services are tricks more than they are treats?
  38. 38. 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! #CreditChat Wednesdays | 3 p.m. ET MyMoneyCoach.ca @mymoneycoach_ca
  39. 39. Any time you see something in the financial realm that is too good to be true, it almost always is. #CreditChat Wednesdays | 3 p.m. ET Paul Moyer @SavingFreak
  40. 40. Trick: Get-out-of- debt-quick programs that promise to help you become debt free in no time. #CreditChat Wednesdays | 3 p.m. ET Melanie Lockert @DearDebtBlog
  41. 41. Debt consolidation companies are the worst. Payday lenders are a close second. #CreditChat Wednesdays | 3 p.m. ET Kristy Welsh @WelshKristy
  42. 42. Overdraft protection: if you don’t have money in the bank to pay, you shouldn’t be able to swipe your card. #CreditChat Wednesdays | 3 p.m. ET Kevin C. Swanson @kevincswanson
  43. 43. #CreditChat Wednesdays | 3 p.m. ET How can you send debt to an early grave?
  44. 44. Cut back and earn more. I really enjoy the earning part - it’s a fun challenge! #CreditChat Wednesdays | 3 p.m. ET Melanie Lockert @DearDebtBlog
  45. 45. Pay off your high interest debts first. #CreditChat Wednesdays | 3 p.m. ET Ashley Jacobs @wisebread
  46. 46. 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! #CreditChat Wednesdays | 3 p.m. ET FTWCCU @FTWCCU
  47. 47. Be informed, become savvy, save, and slowly put your debt into the financial wood chipper! #CreditChat Wednesdays | 3 p.m. ET FrogskinU @FrogskinU
  48. 48. Don’t accept debt as part of life! Most assume they’ll always have a car payment, credit card balance, etc. #CreditChat Wednesdays | 3 p.m. ET Vic L. @DadisCheap
  49. 49. Start adopting new (more frugal) habits. If you change how you spend and save, you’ll change your financial situation too. #CreditChat Wednesdays | 3 p.m. ET MyMoneyCoach.ca @mymoneycoach_ca
  50. 50. #CreditChat Wednesdays | 3 p.m. ET Check out all the resources and tips shared: ex.pn/scarydebt
  51. 51. #CreditChat Wednesdays | 3 p.m. ET Join Us Every Wednesday at 3 p.m. ET. experian.com/creditchat
  52. 52. Subscribe & Check Out:

×