Strategies for Paying Down (And Eliminating) Debt
Join our #CreditChat on Twitter and YouTube every Wednesday at 3 p.m. ET.
High outstanding debt can impact your credit scores so it’s important to reduce and/or eliminate debts on “revolving credit” accounts. In this chat, we discussed strategies for reducing and eliminating debt. Our video panel included: Carey Ransom – CMO of Payoff, Leslie Tayne, Managing Director of Tayne Law Group and Mike Delgado – Community Manager at Experian.
If you’d like to join a future video chat, please let us know by tweeting @MikeDelgado. We would love to meet you.
Questions we discussed:
- Q1: Why is it easy to fall into debt?
- Q2: What mistakes do people make when trying to pay off debt?
- Q3: What type of debt should we focus on tackling first?
- Q4: What are ways to deal with credit card debt? Any ways to pay off quickly?
- Q5: What are ways to stay motivated and on track to pay off debt?
- Q6: When should someone seek help with debt? Who should they talk with?
- Q7: Should we be more focused on paying down debt or saving money?
- Q8: What are some favorite online resources or apps to help reduce debt?
- Q9: What do you think about debt settlement companies?
- Q10: Any final tips for those struggling with debt?
Featured Highlights on SlideShare:
Tweetable Tips:
When it comes to debt, ignorance is not bliss. @AmericaSaves
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Pay off your high interest debt first to save time and money on interest. @Payoff
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Ignoring your debt won’t make it go away. Tackle it head-on with a realistic action plan. @emergebenefit
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Stick to the basics! Create a mini-repayment plan, make your payments on time, and STOP USING THE CARD while paying it off! @LeslieHTayneEsq
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Sometimes there is no quick payoff. It takes time to get into debt and takes time to get out of debt. @Rod_Griffin
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Your debt does not control you – it’s the other way around. You will make it through! @emergebenefit
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Here is the complete tweetchat Storified:
Resources
- Paying credit card debt with an installment loan
- The difference between credit counseling and debt settlement
- Debt can still be collected after it is removed from a credit report
- Debt consolidation might help, but could hurt your credit
- Ask Experian Blog
- Experian Credit Report FAQs