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The Debt Escape Plan

Join our #CreditChat every Wednesday at 3 p.m. ET on Twitter and YouTube. This week, we were joined by Beverly Harzog- author of "The Debt Escape Plan" and Debbi King- Personal Finance and Life Coach and Founder of the ABCs of Personal Finance. We discussed ways to tackle and eliminate debt, and we were joined by several influencers in the Personal Finance community. This deck features tips from: @DebbiKing, @LeslieHTayneEsq, @PiggieBanker, @SFCUNews, @OperationHOPE, @ttaylor2u2, @MoreThanWheels, @credit_gurl, @lenda, @emergebenefit, @SouthStateBank, @Rod_Griffin and @AskWhatNext

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The Debt Escape Plan

  1. The Debt Escape Plan Wednesdays | 3 p.m. ET Featuring: @BeverlyHarzog and @DebbiKing #CreditChat
  2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about ways to get out of debt. ex.pn/debt-escape
  3. Wednesdays | 3 p.m. ET #CreditChat Why is it easy to fall into debt?
  4. Wednesdays | 3 p.m. ET #CreditChat Some people just don’t have a good understanding of finances and how much they can afford to spend. Leslie H Tayne, Esq @LeslieHTayneEsq “ ”
  5. Sometimes debt is the only option when facing some of life’s unexpected situations. Wednesdays | 3 p.m. ET Southeast Financial @SFCUNews #CreditChat “ ”
  6. Living beyond your means also lands you in debt. Don’t spend money you don’t have to live a lifestyle you can’t afford. “ Wednesdays | 3 p.m. ET Piggie Banker @PiggieBanker #CreditChat ”
  7. Wednesdays | 3 p.m. ET #CreditChat What are some of the most common types of debt?
  8. Types of Debt: ● Secured Debt: utilizes a form of collateral, like a house or car ● Unsecured Debt: has no collateral, like credit cards or personal loans ● Fixed Interest Rate: has the same interest rate for the entire timeline of the loan, like a mortgage ● Variable Interest Rate: the interest rate may change over the life of the loan, like credit cards ● Fixed Payment Term: the loan is set to be paid off by a certain date, like a mortgage or student loan ● Variable Repayment Period: There is no set date by when the debt must be repaid. Source: @lifehacker
  9. Wednesdays | 3 p.m. ET #CreditChat What are some common mistakes that keep us in debt?
  10. Not being prepared for a rain storm (emergency) with an umbrella keeps us in a vicious debt cycle. “ Wednesdays | 3 p.m. ET Debbi King @DebbiKing #CreditChat ”
  11. High interest rates can make it extremely difficult to pay off debt. Put money toward loans or credit cards twice a month. “ Wednesdays | 3 p.m. ET Operation HOPE @OperationHOPE #CreditChat ”
  12. Common mistake: Just paying the minimum amount due. You have to knock down that balance. “ Wednesdays | 3 p.m. ET Tanya Taylor @ttaylor2u2 #CreditChat ”
  13. Wednesdays | 3 p.m. ET #CreditChat What are steps to take to start tackling debt?
  14. Start tackling debt with a budget plan. You need to know what to cut back on and how much you can put towards your debt. “ Wednesdays | 3 p.m. ET More Than Wheels @MoreThanWheels #CreditChat ”
  15. Get real with yourself. Know exactly how much debt you have and then work on a repayment plan. “ Wednesdays | 3 p.m. ET Piggie Banker @PiggieBanker #CreditChat ”
  16. Analyze what you spend a month. Cut out that coffee and use it to pay a bill. “ Wednesdays | 3 p.m. ET Credit Gurl @credit_gurl #CreditChat ”
  17. Learn the value of money. Set long- term goals and start adjusting your spending habits to cater to them. “ Wednesdays | 3 p.m. ET Leslie H. Tayne, Esq @LeslieHTayneEsq #CreditChat ”
  18. Wednesdays | 3 p.m. ET #CreditChat How can creating a budget help? Any advice on creating a budget?
  19. Give all of your money a job. If you know where each dollar needs to go, it’s harder to spend it without thinking. “ Wednesdays | 3 p.m. ET Southeast Financial @SFCUNews #CreditChat ”
  20. Budgets are simple- income minus expenses. Don’t overcomplicate it. Write it all out in order to see things clearer. “ Wednesdays | 3 p.m. ET #CreditChatDebbi King @DebbiKing ”
  21. Knowing that you’re spending more than you earn and making up the difference with credit is a good wake up call. “ Wednesdays | 3 p.m. ET Lenda @lenda #CreditChat ”
  22. Start small and take baby steps. Track your spending. Sticking to a budget takes time and positive thinking. “ Wednesdays | 3 p.m. ET More Than Wheels @MoreThanWheels #CreditChat ”
  23. Budgets lay out all expenses and incomes, creating a blueprint for how your money flows. “ Wednesdays | 3 p.m. ET Operation HOPE @OperationHOPE #CreditChat ”
  24. Wednesdays | 3 p.m. ET #CreditChat What should people know about debt (and how it impacts credit scores)?
  25. Debt is not inherently bad. To have a good credit score, you need to borrow money and pay back debt wisely. “ Wednesdays | 3 p.m. ET Southeast Financial @SFCUNews #CreditChat ”
  26. Wednesdays | 3 p.m. ET #CreditChat Debt doesn’t go away if you ignore it -- it only gets bigger. Amounts owed and payment history are big credit score factors. “ Emerge @emergebenefit ”
  27. Debt limits your creditworthiness.“ Wednesdays | 3 p.m. ET Tanya Taylor @ttaylor2u2 #CreditChat ”
  28. Missing your payments is a BIG knock against your credit score. “ Wednesdays | 3 p.m. ET #CreditChatLeslie H. Tayne, Esq @LeslieHTayneEsq ”
  29. Wednesdays | 3 p.m. ET #CreditChat What are pros/cons of using credit cards?
  30. Credit cards can build good credit if paid off every month. “ Wednesdays | 3 p.m. ET South State Bank @SouthStateBank #CreditChat ”
  31. Paying minimums make everything you purchase on a credit card more expensive because of the high interest rates. “ Wednesdays | 3 p.m. ET #CreditChatLenda @lenda ”
  32. Wednesdays | 3 p.m. ET #CreditChat How can we stay motivated when we get off track in paying off debt?
  33. Paying off small debts first helps you to see progress. This is why this method works for many people and keeps them motivated. “ Wednesdays | 3 p.m. ET Debbi King @DebbiKing #CreditChat ”
  34. Wednesdays | 3 p.m. ET #CreditChat When you get a little off track, just visualize your debt-free life. Revisiting that goal can be all the push you need. “ Emerge @emergebenefit ”
  35. Stay motivated by setting big goals with smaller milestones to celebrate. Add a reward system for achieving small goals. “ Wednesdays | 3 p.m. ET Operation HOPE @OperationHOPE #CreditChat ”
  36. Wednesdays | 3 p.m. ET #CreditChat Where can people go if they are drowning in debt and need extra help?
  37. Find a qualified credit counselor who can help you budget and, if necessary, work with your lenders. “ Wednesdays | 3 p.m. ET Rod Griffin @Rod_Griffin #CreditChat ”
  38. Speak to your creditors -- Let that be the first place you go. Negotiate payments. “ Wednesdays | 3 p.m. ET Piggie Banker @PiggieBanker #CreditChat ”
  39. You can get out of debt all by yourself. You don’t have to pay a company thousands of dollars to do it for you. “ Wednesdays | 3 p.m. ET #CreditChatDebbi King @DebbiKing ”
  40. Wednesdays | 3 p.m. ET #CreditChat Any final tips to escape debt for good?
  41. You didn’t get into debt overnight, it takes time. But once you are out, stay out! “ Wednesdays | 3 p.m. ET Tanya Taylor @ttaylor2u2 #CreditChat ”
  42. Wednesdays | 3 p.m. ET #CreditChat So many people struggle with debt at one time or another. There’s no reason to be ashamed. Don’t be afraid to speak up! “ Leslie H Tayne, Esq @LeslieHTayneEsq ”
  43. Track every penny you spend - it’s easier than you think and you’ll be surprised how much is wasted. “ Wednesdays | 3 p.m. ET AJ Borowsky @AskWhatNext #CreditChat ”
  44. Have a plan. An afternoon with a piece of paper and a pen (maybe a cold beverage) is all you need to start. “ Wednesdays | 3 p.m. ET Lenda @lenda #CreditChat ”
  45. Check out videos, podcasts, and list of upcoming chats: experian.com/creditchat
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