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
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5. Sometimes debt is the only option
when facing some of life’s
unexpected situations.
Wednesdays | 3 p.m. ET
Southeast Financial
@SFCUNews
#CreditChat
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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.
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Wednesdays | 3 p.m. ET
Piggie Banker
@PiggieBanker
#CreditChat
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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.
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Wednesdays | 3 p.m. ET
Debbi King
@DebbiKing
#CreditChat
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11. High interest rates can make it
extremely difficult to pay off debt.
Put money toward loans or credit
cards twice a month.
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Wednesdays | 3 p.m. ET
Operation HOPE
@OperationHOPE
#CreditChat
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12. Common mistake: Just paying the
minimum amount due. You have to
knock down that balance.
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Wednesdays | 3 p.m. ET
Tanya Taylor
@ttaylor2u2
#CreditChat
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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.
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Wednesdays | 3 p.m. ET
More Than Wheels
@MoreThanWheels
#CreditChat
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15. Get real with yourself. Know exactly
how much debt you have and then
work on a repayment plan.
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Wednesdays | 3 p.m. ET
Piggie Banker
@PiggieBanker
#CreditChat
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16. Analyze what you spend a month.
Cut out that coffee and use it to
pay a bill.
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Wednesdays | 3 p.m. ET
Credit Gurl
@credit_gurl
#CreditChat
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17. Learn the value of money. Set long-
term goals and start adjusting your
spending habits to cater to them.
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Wednesdays | 3 p.m. ET
Leslie H. Tayne, Esq
@LeslieHTayneEsq
#CreditChat
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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
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20. Budgets are simple- income minus
expenses. Don’t overcomplicate it.
Write it all out in order to see things
clearer.
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Wednesdays | 3 p.m. ET
#CreditChatDebbi King
@DebbiKing
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21. Knowing that you’re spending more
than you earn and making up the
difference with credit is a good wake
up call.
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Wednesdays | 3 p.m. ET
Lenda
@lenda
#CreditChat
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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
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23. Budgets lay out all expenses and
incomes, creating a blueprint for how
your money flows.
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Wednesdays | 3 p.m. ET
Operation HOPE
@OperationHOPE
#CreditChat
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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.
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Wednesdays | 3 p.m. ET
Southeast Financial
@SFCUNews
#CreditChat
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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
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27. Debt limits your creditworthiness.“
Wednesdays | 3 p.m. ET
Tanya Taylor
@ttaylor2u2
#CreditChat
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28. Missing your payments is a BIG
knock against your credit score.
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Wednesdays | 3 p.m. ET
#CreditChatLeslie H. Tayne, Esq
@LeslieHTayneEsq
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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.
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Wednesdays | 3 p.m. ET
South State Bank
@SouthStateBank
#CreditChat
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31. Paying minimums make everything
you purchase on a credit card more
expensive because of the high
interest rates.
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Wednesdays | 3 p.m. ET
#CreditChatLenda
@lenda
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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.
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Wednesdays | 3 p.m. ET
Debbi King
@DebbiKing
#CreditChat
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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
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35. Stay motivated by setting big goals
with smaller milestones to
celebrate. Add a reward system for
achieving small goals.
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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.
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Wednesdays | 3 p.m. ET
Rod Griffin
@Rod_Griffin
#CreditChat
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38. Speak to your creditors -- Let that be
the first place you go. Negotiate
payments.
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Wednesdays | 3 p.m. ET
Piggie Banker
@PiggieBanker
#CreditChat
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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
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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
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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
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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
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44. Have a plan. An afternoon with a
piece of paper and a pen (maybe a
cold beverage) is all you need to
start.
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Wednesdays | 3 p.m. ET
Lenda
@lenda
#CreditChat
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45. Check out videos, podcasts, and list of upcoming chats:
experian.com/creditchat