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How to Escape Scary Debt

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.

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How to Escape Scary Debt

  1. 1. How to Escape Scary Debt #CreditChat Wednesdays | 3 p.m. ET
  2. 2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week, the community shared some great tips to help escape scary debt. ex.pn/scarydebt
  3. 3. #CreditChat Wednesdays | 3 p.m. ET Why is debt so frightening?
  4. 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. 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. 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. 7. Debt can give you the feeling that you’re trapped. #CreditChat Wednesdays | 3 p.m. ET Kasasa @Kasasa
  8. 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
  9. 9. #CreditChat Wednesdays | 3 p.m. ET What debt zombies can linger in your credit report?
  10. 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. 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. 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. 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. 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
  15. 15. #CreditChat Wednesdays | 3 p.m. ET What nightmares can you encounter if you don’t pay your debt?
  16. 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. 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. 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. 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. 20. You will always be haunted by your debt. Debt collectors will come after you. #CreditChat Wednesdays | 3 p.m. ET Saving Thousands @SavingThousands
  21. 21. #CreditChat How can credit cards put Wednesdays | 3 p.m. ET you into a debt spell?
  22. 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. 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. 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. 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
  26. 26. #CreditChat Wednesdays | 3 p.m. ET What hair-raising debt can leave you screaming for help?
  27. 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. 28. High interest credit cards are the worst. Pay as much as you can. #CreditChat Wednesdays | 3 p.m. ET FTWCCU @FTWCCU
  29. 29. Once again, never trust a payday loan - interest rates can be 1000 percent. #CreditChat Wednesdays | 3 p.m. ET Kasasa @Kasasa
  30. 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. 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
  32. 32. #CreditChat Wednesdays | 3 p.m. ET What should you do if debt collectors are haunting you?
  33. 33. Know your rights. Talk to your lender about repayment options. #CreditChat Wednesdays | 3 p.m. ET Melanie Lockert @DearDebtBlog
  34. 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. 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. 36. If it’s a valid debt, make a documented plan with them. #CreditChat Wednesdays | 3 p.m. ET Southeast Financial @SFCUNews
  37. 37. #CreditChat Wednesdays | 3 p.m. ET What types of financial services are tricks more than they are treats?
  38. 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. 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
  40. 40. Trick: Get-out-of- debt-quick programs that promise to help you become debt free in no time. #CreditChat Wednesdays | 3 p.m. ET Melanie Lockert @DearDebtBlog
  41. 41. Debt consolidation companies are the worst. Payday lenders are a close second. #CreditChat Wednesdays | 3 p.m. ET Kristy Welsh @WelshKristy
  42. 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
  43. 43. #CreditChat Wednesdays | 3 p.m. ET How can you send debt to an early grave?
  44. 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. 45. Pay off your high interest debts first. #CreditChat Wednesdays | 3 p.m. ET Ashley Jacobs @wisebread
  46. 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. 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. 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. 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
  50. 50. #CreditChat Wednesdays | 3 p.m. ET Check out all the resources and tips shared: ex.pn/scarydebt
  51. 51. #CreditChat Wednesdays | 3 p.m. ET Join Us Every Wednesday at 3 p.m. ET. experian.com/creditchat
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