1.
PAY OFF DEBTHow to Pay Down Debt Faster
@ZinaKumok

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.
What are ways we can fall into debt?
#CreditChat
Wednesdays | 3 p.m. ET

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.
#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.
#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.
#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.
How can debt impact us?
Financially? Emotionally?
#CreditChat
Wednesdays | 3 p.m. ET

9.
#CreditChat
Wednesday | 3 p.m. ET
“Debt can be overwhelming. It can keep us
from reaching our financial goals as well.”
- @FrogskinU

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.
#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.
#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.
What holds many people back from
getting out of debt?
#CreditChat
Wednesdays | 3 p.m. ET

14.
#CreditChat
Wednesday | 3 p.m. ET
“Existing habits and systems that we
struggle to change can keep us in debt.”
- Bill, @FamZoo

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.
#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.
#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.
How do you choose what debt to pay
off first? Smallest debt? Interest rate?
#CreditChat
Wednesdays | 3 p.m. ET

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.
#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.
#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.
How much should you save (emergency
fund) before tackling debt?
#CreditChat
Wednesdays | 3 p.m. ET

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.
#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.
#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.
How do you track your debt pay-off
strategy?
#CreditChat
Wednesdays | 3 p.m. ET

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.
#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.
#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.
#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.
What are ways to stay motivated to
keep paying down debt?
#CreditChat
Wednesdays | 3 p.m. ET

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.
#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.
#CreditChat
Wednesday | 3 p.m. ET
“Track your progress. Celebrate milestones. Get an
accountability partner who gives you moral support.”
- @AirForceFCU

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.
What do you think about debt
consolidation?
#CreditChat
Wednesdays | 3 p.m. ET

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.
#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.
#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.
What resources of apps can help those
budgeting or paying down debt?
#CreditChat
Wednesdays | 3 p.m. ET

41.
#CreditChat
Wednesday | 3 p.m. ET
“Check out @YNAB for budgeting! And of
course @JustOnePay, so you never miss a
payment.”
- @JustOnePay

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.
#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.
Any final suggestions for those looking
to pay down debt?
#CreditChat
Wednesdays | 3 p.m. ET

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.
#CreditChat
Wednesday | 3 p.m. ET
“First step is to stop spending. Seems obvious but is still
a common mistake.”
- @Rod_Griffin

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.
#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.
#CreditChat
Wednesday | 3 p.m. ET
“Paying off debt will give you more financial
freedom in the future. It’s worth it.”
- @JustOnePay

50.
#CreditChat
Wednesdays | 3 p.m. ET
Check out all the resources and tips shared:
ex.pn/paydebt

51.
#CreditChat
Wednesdays | 3 p.m. ET
Join Us Every Wednesday at 3 p.m. ET.
experian.com/creditchat