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Strategies For Paying Down (and Eliminating) Debt

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Join our #CreditChat every Wednesday at 3 p.m. ET on Twitter and YouTube. In this week's chat with @Payoff and @LeslieHTayneEsq, we talked about ways to eliminate debt. This deck features highlights from our chat with tips from: @LeslieHTayneEsq, @Payoff, @MoneyCrashers, @WelshKristy, @Finovera, @Emergebenefit, @Rod_Griffin, @AmericaSaves, @XYPlanning and @DadisCheap

Published in: Economy & Finance, Lifestyle

Strategies For Paying Down (and Eliminating) Debt

  1. #CreditChat Wednesdays | 3 p.m. ET Strategies for Paying Down (And Eliminating) Debt #CreditChat Wednesday | 3 p.m. ET Featuring: @Payoff and @LeslieHTayneEsq
  2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about ways to eliminate debt . “ Check Out All the Tweets and Resources: ex.pn/cut-debt
  3. When it comes to debt, ignorance is not bliss. via @AmericaSaves #CreditChat
  4. #CreditChat Wednesdays | 3 p.m. ET #CreditChat Wednesdays | 3 p.m. ET Why is it easy to fall into debt?
  5. Debt, unfortunately, is the only way for most people to acquire the things they need in life. Tweet by @LeslieHTayneEsq #CreditChat
  6. Tweet by @Payoff or if you don’t have a saving/spending plan. It’s easy to fall into debt when you spend more than you make #CreditChat
  7. Unexpected costs drive people into debt when they don’t have an emergency fund. Tweet by @MoneyCrashers #CreditChat
  8. #CreditChat Wednesdays | 3 p.m. ET #CreditChat Wednesdays | 3 p.m. ET What mistakes do people make when trying to pay off debt?
  9. Dipping into their savings to pay off their debt. This is a HUGE no-no. Your 401(k) is NOT an ATM. Tweet by @LeslieHTayneEsq #CreditChat
  10. The biggest mistake is to not pay down the credit card with the highest interest rate first. Tweet by @WelshKristy #CreditChat
  11. Paying the bare minimum - consumers should at least try to pay double the minimum payment. Tweet by @Finovera #CreditChat
  12. Ignoring your debt won’t make it go away. Tackle it head-on with a realistic action plan. via @Emergebenefit #CreditChat
  13. #CreditChat Wednesdays | 3 p.m. ET #CreditChat Wednesdays | 3 p.m. ET What type of debt should we focus on first?
  14. Pay off high interest debt first to save time and money on interest. Tweet by @Payoff #CreditChat
  15. If you’re struggling to pay, prioritize secured debts (mortgages or auto loans) so the property can’t be repossessed. Tweet by @Emergebenefit #CreditChat
  16. #CreditChat Wednesdays | 3 p.m. ET #CreditChat Wednesdays | 3 p.m. ET What are ways to deal with credit card debt? Any ways to pay off quickly?
  17. Stick to the basics! Create a mini-repayment plan, make your payments on time, and STOP USING THE CARD while paying it off! Tweet by @LeslieHTayneEsq #CreditChat
  18. Sometimes there is no quick payoff. It takes time to get into debt and takes time to get out of debt. Tweet by @Rod_Griffin #CreditChat
  19. #CreditChat Wednesdays | 3 p.m. ET #CreditChat Wednesdays | 3 p.m. ET What are ways to stay motivated and on track to pay off debt?
  20. Visualize the end goal: Becoming financially free and developing a better understanding of your lifelong relationship with money. Tweet by @Payoff #CreditChat
  21. Make your goal visible! Put it somewhere you’re going to encounter it over and over- password, note on the fridge, etc. #CreditChat Tweet by @AmericaSaves
  22. Just keep reminding yourself about how you’ll feel with no payments. Also, be sure to budget fun money too. Tweet by @DadisCheap #CreditChat
  23. #CreditChat Wednesdays | 3 p.m. ET #CreditChat Wednesdays | 3 p.m. ET When should someone seek help with debt? Who should they talk with?
  24. If you find yourself unable to break bad financial habits, it might be time to speak with a professional. Tweet by @LeslieHTayneEsq #CreditChat
  25. Personal finance blogs and podcasts are actually great sources of information and inspiration. Tweet by @XYPlanning #CreditChat
  26. #CreditChat Wednesdays | 3 p.m. ET #CreditChat Wednesdays | 3 p.m. ET Should we be more focused on paying down debt or saving money?
  27. Do both. NO question. Building a savings, however small it might be at first, can mean not getting into debt again! Tweet by @AmericaSaves #CreditChat
  28. When you pay down debt, you’ll ultimately save money that you would have been spending on interest charges and fees. Tweet by @Payoff #CreditChat
  29. #CreditChat Wednesdays | 3 p.m. ET #CreditChat Wednesdays | 3 p.m. ET Any final tips for those struggling with debt?
  30. Understand that you’re not alone. People from all walks of life struggle with debt. Don’t be ashamed. Tweet by @LeslieHTayneEsq #CreditChat
  31. Your debt does not control you -- it’s the other way around You WILL make it through! Tweet by @Emergebenefit #CreditChat
  32. #CreditChat Wednesdays | 3 p.m. ET Check out all the resources and tips shared: ex.pn/cut-debt
  33. #CreditChat Wednesdays | 3 p.m. ET Join Us Every Wednesday at 3 p.m. ET. bit.ly/join-creditchat
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