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Pay Off Debt: How to Pay Down Debt Faster

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Pay Off Debt: How to Pay Down Debt Faster

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Join our weekly #CreditChat on Twitter, Periscope, Snapchat & YouTube every Wednesday at 3 p.m. ET. This week, we talked with Zina Kumok about how she paid off $28,000 in debt within 3 years.
The panel included: Zina Kumok: Founder of Debt Free After Three; Rod Griffin– Director of Public Education at Experian and Mike Delgado– Social Media Community Manager at Experian.

This deck features tips from: @FinanceLacey, @LeslieHTayneEsq, @creditscoop, @FrogskinU, @JustOnePay, @saveforgem, @KOFETIME, @FamZoo, @moneyinmy30s, @SavingFreak, @StacySmith0615, @FedChoiceFCU, @Purefy, @AirForceFCU, @care4yourfuture, @kevincswanson, @suddenlyfrugal, @Rod_Griffin, and @debtcom.

Join our weekly #CreditChat on Twitter, Periscope, Snapchat & YouTube every Wednesday at 3 p.m. ET. This week, we talked with Zina Kumok about how she paid off $28,000 in debt within 3 years.
The panel included: Zina Kumok: Founder of Debt Free After Three; Rod Griffin– Director of Public Education at Experian and Mike Delgado– Social Media Community Manager at Experian.

This deck features tips from: @FinanceLacey, @LeslieHTayneEsq, @creditscoop, @FrogskinU, @JustOnePay, @saveforgem, @KOFETIME, @FamZoo, @moneyinmy30s, @SavingFreak, @StacySmith0615, @FedChoiceFCU, @Purefy, @AirForceFCU, @care4yourfuture, @kevincswanson, @suddenlyfrugal, @Rod_Griffin, and @debtcom.

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Pay Off Debt: How to Pay Down Debt Faster

  1. 1. PAY OFF DEBTHow to Pay Down Debt Faster @ZinaKumok
  2. 2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about ways to improve your credit scores. ex.pn/paydebt
  3. 3. What are ways we can fall into debt? #CreditChat Wednesdays | 3 p.m. ET
  4. 4. #CreditChat Wednesday | 3 p.m. ET “You can fall into debt by trying to keep up with others. Be your own financial person!” - @FinanceLacey
  5. 5. #CreditChat Wednesday | 3 p.m. ET “People fall into debt by not planning for unexpected expenses. An unexpected event happens and we use debt to fill the gaps.” - @SavingFreak
  6. 6. #CreditChat Wednesday | 3 p.m. ET “Debt is necessary for most of us (i.e. mortgage, car loan). The problem is when you acquire more debt than you can manage.” - @LeslieHTayneEsq
  7. 7. #CreditChat Wednesday | 3 p.m. ET “Not paying attention to how fast it adds up. Thinking of using the credit card instead of waiting and saving money.” - Jeanne Kelly, @creditscoop
  8. 8. How can debt impact us? Financially? Emotionally? #CreditChat Wednesdays | 3 p.m. ET
  9. 9. #CreditChat Wednesday | 3 p.m. ET “Debt can be overwhelming. It can keep us from reaching our financial goals as well.” - @FrogskinU
  10. 10. #CreditChat Wednesday | 3 p.m. ET “Debt can be a big emotional burden. Stay calm and seek advice when you need it.” - @JustOnePay
  11. 11. #CreditChat Wednesday | 3 p.m. ET “Debt impacts all aspects of our lives; it impacts us emotionally and can create stress that even affects our health!” - @KOFETIME
  12. 12. #CreditChat Wednesday | 3 p.m. ET “If you pay it timely, it can be to your benefit as far as credit goes.” - Ashley Bales, @saveforgem
  13. 13. What holds many people back from getting out of debt? #CreditChat Wednesdays | 3 p.m. ET
  14. 14. #CreditChat Wednesday | 3 p.m. ET “Existing habits and systems that we struggle to change can keep us in debt.” - Bill, @FamZoo
  15. 15. #CreditChat Wednesday | 3 p.m. ET “Many people believe debt is part of life. It’s become so usual to buy now and pay later we don’t see debt as an emergency.” - Andie, @moneyinmy30s
  16. 16. #CreditChat Wednesday | 3 p.m. ET “People are held up from paying off debt by not having a plan. You need to know now how much debt and do monthly budget.” - Paul Moyer, @SavingFreak
  17. 17. #CreditChat Wednesday | 3 p.m. ET “Social pressures can play a big role, which can lead to buying with money you don’t have.” - @KOFETIME
  18. 18. How do you choose what debt to pay off first? Smallest debt? Interest rate? #CreditChat Wednesdays | 3 p.m. ET
  19. 19. #CreditChat Wednesday | 3 p.m. ET “The math says you should pay off the debt with the highest interest rate first because it’s costing you the most.” - @StacySmith0615
  20. 20. #CreditChat Wednesday | 3 p.m. ET “It can feel like a victory to see a debt completely paid, so maybe focus on the smallest one first.” - @FedChoiceFCU
  21. 21. #CreditChat Wednesday | 3 p.m. ET “Psychologically, paying off the smallest debt first then the next smallest debt really pushes people to keep going.” - Paul Moyer, @SavingFreak
  22. 22. How much should you save (emergency fund) before tackling debt? #CreditChat Wednesdays | 3 p.m. ET
  23. 23. #CreditChat Wednesday | 3 p.m. ET “Based on your situation start with 1) savings, or 2) paying off debt, or 3) take the middle road.” - @AirForceFCU
  24. 24. #CreditChat Wednesday | 3 p.m. ET “Experts believe you should have enough money in your emergency fund to cover at least 3-6 months’ worth of living expenses.” - @StacySmith0615
  25. 25. #CreditChat Wednesday | 3 p.m. ET “3-6 months of your expenses is the guideline. Once you have an emergency fund you can focus on paying off debt faster.” - @Purefy
  26. 26. How do you track your debt pay-off strategy? #CreditChat Wednesdays | 3 p.m. ET
  27. 27. #CreditChat Wednesday | 3 p.m. ET “You can use apps or an excel spreadsheet and organize the amounts from smallest to biggest or highest interest to lowest.” - @care4yourfuture
  28. 28. #CreditChat Wednesday | 3 p.m. ET “Programs like Mint help you see everything in one place, or even a simple Excel sheet can keep you organized.” - @LeslieHTayneEsq
  29. 29. #CreditChat Wednesday | 3 p.m. ET “Monitor your accounts online or with statements. Create a plan to pay off debt but don’t be afraid to adjust as needed.” - @Purefy
  30. 30. #CreditChat Wednesday | 3 p.m. ET “Find what works for you to track debt payoff - some people are more comfortable with pen and paper and other like apps.” - @kevincswanson
  31. 31. What are ways to stay motivated to keep paying down debt? #CreditChat Wednesdays | 3 p.m. ET
  32. 32. #CreditChat Wednesday | 3 p.m. ET “Set mini-goals. The success of meeting a small goal can keep you moving forward to the next goal.” - @StacySmith0615
  33. 33. #CreditChat Wednesday | 3 p.m. ET “Find out how much extra money you’ll have a month when debt is gone. That’s a big motivator for me!” - Writer Leah Ingram, @suddenlyfrugal
  34. 34. #CreditChat Wednesday | 3 p.m. ET “Track your progress. Celebrate milestones. Get an accountability partner who gives you moral support.” - @AirForceFCU
  35. 35. #CreditChat Wednesday | 3 p.m. ET “Reward yourself when you reach a debt payoff milestone - something small and meaningful that gives a sense of accomplishment.” - @kevincswanson
  36. 36. What do you think about debt consolidation? #CreditChat Wednesdays | 3 p.m. ET
  37. 37. #CreditChat Wednesday | 3 p.m. ET “Debt consolidation is only useful if you have learned your lesson. Consolidating debt and then taking out more does no good.” - Paul Moyer, @SavingFreak
  38. 38. #CreditChat Wednesday | 3 p.m. ET “Depends on what you mean by ‘consolidation’. Consolidating into one loan at lower rate and all reported paid can be good. ‘Consolidation meaning ‘debt settlement’, will hurt credit and should be a last resort.” - @Rod_Griffin
  39. 39. #CreditChat Wednesday | 3 p.m. ET “Consolidating can simplify payments but doesn’t save money. Refinancing is how to save and often includes consolidation.” - @Purefy
  40. 40. What resources of apps can help those budgeting or paying down debt? #CreditChat Wednesdays | 3 p.m. ET
  41. 41. #CreditChat Wednesday | 3 p.m. ET “Check out @YNAB for budgeting! And of course @JustOnePay, so you never miss a payment.” - @JustOnePay
  42. 42. #CreditChat Wednesday | 3 p.m. ET “I like Mint as well! I think a piece of paper taped to your refrigerator or mirror is a good reminder everyday.” - Ashley Bales @saveforgem
  43. 43. #CreditChat Wednesday | 3 p.m. ET “Mint has a free financial goals section (with your account) on their site to help with paying off debt.” - @kevincswanson
  44. 44. Any final suggestions for those looking to pay down debt? #CreditChat Wednesdays | 3 p.m. ET
  45. 45. #CreditChat Wednesday | 3 p.m. ET “There are numerous ways to get out of debt, figure out the plan and methods best for you and seek out help from others.” - @care4yourfuture
  46. 46. #CreditChat Wednesday | 3 p.m. ET “First step is to stop spending. Seems obvious but is still a common mistake.” - @Rod_Griffin
  47. 47. #CreditChat Wednesday | 3 p.m. ET “The three steps to debt free success are: streamline your budget, make bigger payments and roll in savings!” - @debtcom
  48. 48. #CreditChat Wednesday | 3 p.m. ET “Focus on that end result of financial freedom and the result it will have on the next generation!” - Ashley Bales @saveforgem
  49. 49. #CreditChat Wednesday | 3 p.m. ET “Paying off debt will give you more financial freedom in the future. It’s worth it.” - @JustOnePay
  50. 50. #CreditChat Wednesdays | 3 p.m. ET Check out all the resources and tips shared: ex.pn/paydebt
  51. 51. #CreditChat Wednesdays | 3 p.m. ET Join Us Every Wednesday at 3 p.m. ET. experian.com/creditchat

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