Is your debt haunting you? It’s time to look it in the face and create a plan of action. This week’s panelists have already escaped the grip of debt and they shared some great tips with the community.
Our panel included: Kelby Green- Financial Services Veteran and ‘Chief Frugality Officer’ at TheFRUGALennial.com, Melanie Lockert- Personal Finance Writer and Founder of DearDebt.com, Rod Griffin- Director of Public Education at Experian, and Mike Delgado- Social Media Community Manager at Experian.
This deck features tips from: @SavingFreak, @AndreaWoroch, @mymoneycoach_ca, @Kasasa, @DadIsCheap, @SFCUNews, @FrogskinU, @SavingThousands, @DearDebtBlog, @Payoff, @HomesteadWitch, @MiriamSCross, @CompareCards, @FTWCCU, @wisebread, @WelshKristy, and @kevincswanson.
4. It feels like climbing a mountain
without knowledge of how to get to
the top.
#CreditChat
Wednesdays | 3 p.m. ET
Paul Moyer
@SavingFreak
5. Getting out of debt feels
impossible; wasting money and
interest and never feeling secure.
#CreditChat
Wednesdays | 3 p.m. ET
Andrea Woroch
@AndreaWoroch
6. Debt is frightening because you
may have to put some of your dreams
on hold in order to pay it off.
#CreditChat
Wednesdays | 3 p.m. ET
MyMoneyCoach.ca
@mymoneycoach_ca
7. Debt can give you the feeling that
you’re trapped.
#CreditChat
Wednesdays | 3 p.m. ET
Kasasa
@Kasasa
8. Debt makes it harder to achieve your
goals by making you focus your money
on the past rather than the future.
#CreditChat
Wednesdays | 3 p.m. ET
Vic L.
@DadisCheap
10. Foreclosures, tax liens, unpaid
consumer debt, late payments, and
bankruptcy all stay on your report
for seven years.
#CreditChat
Wednesdays | 3 p.m. ET
Southeast Financial
@SFCUNews
11. Non payment of utility bills, credit
cards, loans. Those zombies can carry
forward and hang on for years.
#CreditChat
Wednesdays | 3 p.m. ET
FrogskinU
@FrogskinU
12. Missing payments is very
common. It’s a small item that can
cause major damage.
#CreditChat
Wednesdays | 3 p.m. ET
Saving Thousands
@SavingThousands
13. Debt zombies can
be late payments,
bankruptcy, anything
that’s still haunting
your credit score.
#CreditChat
Wednesdays | 3 p.m. ET
Melanie Lockert
@DearDebtBlog
14. It’s important to check your credit
report. If you have unpaid debts
you’re not aware of, it really affects
your credit.
#CreditChat
Wednesdays | 3 p.m. ET
MyMoneyCoach.ca
@mymoneycoach_ca
16. Don’t make YOU the nightmare.
Breathe and find a way to chip away at
debt. Worry does not make it go away!
#CreditChat
Wednesdays | 3 p.m. ET
FrogskinU
@FrogskinU
17. If you don’t pay your debt, you’ll
encounter the worst nightmare
ever: not being financially free to
live how you desire.
#CreditChat
Wednesdays | 3 p.m. ET
MyMoneyCoach.ca
@mymoneycoach_ca
18. The ultimate debt nightmare
would be bankruptcy. Face your
fears and don’t ignore debt!
#CreditChat
Wednesdays | 3 p.m. ET
Southeast Financial
@SFCUNews
19. Nightmares can be a drop in
credit, high interest, collections. You
have the power to not let your
nightmare become reality!
#CreditChat
Wednesdays | 3 p.m. ET
Payoff
@Payoff
20. You will always be haunted by
your debt. Debt collectors will come
after you.
#CreditChat
Wednesdays | 3 p.m. ET
Saving Thousands
@SavingThousands
22. They can put you into an ugly
path of spending more than you
make month after month.
#CreditChat
Wednesdays | 3 p.m. ET
Samantha D.
@HomesteadWitch
23. Failing to pay your balance in time
triggers interest, which just adds
more to the amount you need to
pay.
#CreditChat
Wednesdays | 3 p.m. ET
Miriam Cross
@MiriamSCross
24. Credit cards seem like free
money. You can forget you have to
pay it back plus interest.
#CreditChat
Wednesdays | 3 p.m. ET
Southeast Financial
@SFCUNews
25. Credit cards create instant
gratification and delayed pain. It is
easy to continue gratification until
the pain gets painful.
#CreditChat
Wednesdays | 3 p.m. ET
Paul Moyer
@SavingFreak
27. As a millennial, one of the worst
debts is student loan debt. I just want
to buy a house! But, how do I save?
#CreditChat
Wednesdays | 3 p.m. ET
Compare Cards
@CompareCards
28. High interest credit cards are the
worst. Pay as much as you can.
#CreditChat
Wednesdays | 3 p.m. ET
FTWCCU
@FTWCCU
29. Once again, never trust a payday loan
- interest rates can be 1000 percent.
#CreditChat
Wednesdays | 3 p.m. ET
Kasasa
@Kasasa
30. In my opinion, all debt. I don’t
believe in “good” debt or “bad” debt.
As long as you owe money to someone
else, your money is not yours.
#CreditChat
Wednesdays | 3 p.m. ET
Melanie Lockert
@DearDebtBlog
31. Getting a cash advance on your
credit card can be a nightmare,
especially with the high interest and
the service fees.
#CreditChat
Wednesdays | 3 p.m. ET
MyMoneyCoach.ca
@mymoneycoach_ca
33. Know your rights. Talk to your
lender about repayment options.
#CreditChat
Wednesdays | 3 p.m. ET
Melanie Lockert
@DearDebtBlog
34. Don’t avoid them. Talk to them
and try to work out a payment plan.
#CreditChat
Wednesdays | 3 p.m. ET
Ashley Jacobs
@wisebread
35. If debt collectors are hounding
you, reach out to a non-profit credit
counseling agency. They can help
you, often for free.
#CreditChat
Wednesdays | 3 p.m. ET
MyMoneyCoach.ca
@mymoneycoach_ca
36. If it’s a valid debt, make a
documented plan with them.
#CreditChat
Wednesdays | 3 p.m. ET
Southeast Financial
@SFCUNews
37. #CreditChat
Wednesdays | 3 p.m. ET
What types of financial services are
tricks more than they are treats?
38. Getting a cash advance or a
payday loan isn’t a treat, especially
when you see how much you’ll pay
in interest and fees!
#CreditChat
Wednesdays | 3 p.m. ET
MyMoneyCoach.ca
@mymoneycoach_ca
39. Any time you see something in
the financial realm that is too good
to be true, it almost always is.
#CreditChat
Wednesdays | 3 p.m. ET
Paul Moyer
@SavingFreak
41. Debt consolidation companies are
the worst. Payday lenders are a
close second.
#CreditChat
Wednesdays | 3 p.m. ET
Kristy Welsh
@WelshKristy
42. Overdraft protection: if you don’t
have money in the bank to pay, you
shouldn’t be able to swipe your card.
#CreditChat
Wednesdays | 3 p.m. ET
Kevin C. Swanson
@kevincswanson
44. Cut back and earn more. I really enjoy
the earning part - it’s a fun challenge!
#CreditChat
Wednesdays | 3 p.m. ET
Melanie Lockert
@DearDebtBlog
45. Pay off your high interest debts first.
#CreditChat
Wednesdays | 3 p.m. ET
Ashley Jacobs
@wisebread
46. Pretend that you’re poor until you pay
off your debt. Don’t go out for fancy
dinners and shopping sprees when you
owe! Only spend what you have!
#CreditChat
Wednesdays | 3 p.m. ET
FTWCCU
@FTWCCU
47. Be informed, become savvy, save,
and slowly put your debt into the
financial wood chipper!
#CreditChat
Wednesdays | 3 p.m. ET
FrogskinU
@FrogskinU
48. Don’t accept debt as part of life!
Most assume they’ll always have a
car payment, credit card balance, etc.
#CreditChat
Wednesdays | 3 p.m. ET
Vic L.
@DadisCheap
49. Start adopting new (more frugal)
habits. If you change how you spend
and save, you’ll change your
financial situation too.
#CreditChat
Wednesdays | 3 p.m. ET
MyMoneyCoach.ca
@mymoneycoach_ca