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/
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
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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
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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
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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
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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
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.
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
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
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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?