#CreditChatWednesdays | 3 p.m. ET

Strategies for Paying Down (And Eliminating) Debt

#CreditChat Wednesday | 3 p.m. ET

Featuring: @Payoff and @LeslieHTayneEsq

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about ways to eliminate debt .“

Check Out All the Tweets and Resources:

ex.pn/cut-debt

When it comes to debt,ignorance is not bliss.

via @AmericaSaves

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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET

Why is it easy to fall into debt?

Debt, unfortunately, is the only way for most people to acquire the things they need in life.

Tweet by @LeslieHTayneEsq

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Tweet by @Payoff

or if you don’t have a saving/spending plan.

It’s easy to fall into debt when you spend more than you make

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Unexpected costs drive people into debt when they don’t have an emergency fund.

Tweet by @MoneyCrashers

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What mistakes do people make when trying to pay off debt?

Dipping into their savings to pay off their debt. This is a HUGE no-no. Your 401(k) is NOT an ATM.

Tweet by @LeslieHTayneEsq

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The biggest mistake is to not pay down the credit card with the highest interest rate first.

Tweet by @WelshKristy

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Paying the bare minimum - consumers should at least try to pay double the minimum payment.

Tweet by @Finovera

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Ignoring your debt won’t make it go away.Tackle it head-on with a realistic action plan.

via @Emergebenefit

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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET

What type of debt should we focus on first?

Pay off high interest debt first to save time and money on interest. Tweet by @Payoff

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If you’re struggling to pay, prioritize secured debts (mortgages or auto loans) so the property can’t be repossessed.

Tweet by @Emergebenefit

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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET

What are ways to deal with credit card debt? Any ways to pay off quickly?

Stick to the basics! Create a mini-repayment plan, make your payments on time, and STOP USING THE CARD while paying it off!

Tweet by @LeslieHTayneEsq

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Sometimes there is no quick payoff. It takes time to get into debt and takes time to get out of debt.

Tweet by @Rod_Griffin

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What are ways to stay motivated and on track to pay off debt?

Visualize the end goal: Becoming financially free and developinga better understanding of your lifelong relationship with money.

Tweet by @Payoff

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Make your goal visible! Put it somewhere you’re going to encounter it over and over- password, note on the fridge, etc.

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Tweet by @AmericaSaves

Just keep reminding yourself about how you’ll feel with no payments. Also, be sure to budget fun money too.

Tweet by @DadisCheap

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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET

When should someone seek help with debt? Who should they talk with?

If you find yourself unable to break bad financial habits, it might be time to speak with a professional.

Tweet by @LeslieHTayneEsq

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Personal finance blogs and podcasts are actually great sources of information and inspiration.

Tweet by @XYPlanning

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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET

Should we be more focused on paying down debt or saving money?

Do both. NO question. Building a savings, however small it might be at first, can mean not getting into debt again!

Tweet by @AmericaSaves

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When you pay down debt, you’ll ultimately save money that you would have been spending on interest charges and fees.

Tweet by @Payoff

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#CreditChatWednesdays | 3 p.m. ET#CreditChatWednesdays | 3 p.m. ET

Any final tips for those struggling with debt?

Understand that you’re not alone. People from all walks of life struggle with debt. Don’t be ashamed.

Tweet by @LeslieHTayneEsq

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Your debt does not control you -- it’s the other way around You WILL make it through!

Tweet by @Emergebenefit

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#CreditChatWednesdays | 3 p.m. ET

Check out all the resources and tips shared:

ex.pn/cut-debt

#CreditChatWednesdays | 3 p.m. ET

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