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How to Escape Scary Debt

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#CreditChat Wednesdays | 3 p.m. ET How to Escape Scary Debt


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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


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#CreditChat Wednesdays | 3 p.m. ET Why is debt so frightening?


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It feels like climbing a mountain without knowledge of how to get to the top. Paul Moyer @SavingFreak #CreditChat Wednesdays | 3 p.m. ET


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Getting out of debt feels impossible; wasting money and interest and never feeling secure. Andrea Woroch @AndreaWoroch #CreditChat Wednesdays | 3 p.m. ET


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Debt is frightening because you may have to put some of your dreams on hold in order to pay it off. MyMoneyCoach.ca @mymoneycoach_ca #CreditChat Wednesdays | 3 p.m. ET


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Debt can give you the feeling that you’re trapped. Kasasa @Kasasa #CreditChat Wednesdays | 3 p.m. ET


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Debt makes it harder to achieve your goals by making you focus your money on the past rather than the future. Vic L. @DadisCheap #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET What debt zombies can linger in your credit report?


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Foreclosures, tax liens, unpaid consumer debt, late payments, and bankruptcy all stay on your report for seven years. Southeast Financial @SFCUNews #CreditChat Wednesdays | 3 p.m. ET


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Non payment of utility bills, credit cards, loans. Those zombies can carry forward and hang on for years. FrogskinU @FrogskinU #CreditChat Wednesdays | 3 p.m. ET


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Missing payments is very common. It’s a small item that can cause major damage. Saving Thousands @SavingThousands #CreditChat Wednesdays | 3 p.m. ET


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Debt zombies can be late payments, bankruptcy, anything that’s still haunting your credit score. Melanie Lockert @DearDebtBlog #CreditChat Wednesdays | 3 p.m. ET


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It’s important to check your credit report. If you have unpaid debts you’re not aware of, it really affects your credit. MyMoneyCoach.ca @mymoneycoach_ca #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET What nightmares can you encounter if you don’t pay your debt?


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Don’t make YOU the nightmare. Breathe and find a way to chip away at debt. Worry does not make it go away! FrogskinU @FrogskinU #CreditChat Wednesdays | 3 p.m. ET


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If you don’t pay your debt, you’ll encounter the worst nightmare ever: not being financially free to live how you desire. MyMoneyCoach.ca @mymoneycoach_ca #CreditChat Wednesdays | 3 p.m. ET


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The ultimate debt nightmare would be bankruptcy. Face your fears and don’t ignore debt! Southeast Financial @SFCUNews #CreditChat Wednesdays | 3 p.m. ET


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Nightmares can be a drop in credit, high interest, collections. You have the power to not let your nightmare become reality! Payoff @Payoff #CreditChat Wednesdays | 3 p.m. ET


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You will always be haunted by your debt. Debt collectors will come after you. Saving Thousands @SavingThousands #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET How can credit cards put you into a debt spell?


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They can put you into an ugly path of spending more than you make month after month. Samantha D. @HomesteadWitch #CreditChat Wednesdays | 3 p.m. ET


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Failing to pay your balance in time triggers interest, which just adds more to the amount you need to pay. Miriam Cross @MiriamSCross #CreditChat Wednesdays | 3 p.m. ET


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Credit cards seem like free money. You can forget you have to pay it back plus interest. Southeast Financial @SFCUNews #CreditChat Wednesdays | 3 p.m. ET


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Credit cards create instant gratification and delayed pain. It is easy to continue gratification until the pain gets painful. Paul Moyer @SavingFreak #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET What hair-raising debt can leave you screaming for help?


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As a millennial, one of the worst debts is student loan debt. I just want to buy a house! But, how do I save? Compare Cards @CompareCards #CreditChat Wednesdays | 3 p.m. ET


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High interest credit cards are the worst. Pay as much as you can. FTWCCU @FTWCCU #CreditChat Wednesdays | 3 p.m. ET


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Once again, never trust a payday loan - interest rates can be 1000 percent. Kasasa @Kasasa #CreditChat Wednesdays | 3 p.m. ET


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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. Melanie Lockert @DearDebtBlog #CreditChat Wednesdays | 3 p.m. ET


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Getting a cash advance on your credit card can be a nightmare, especially with the high interest and the service fees. MyMoneyCoach.ca @mymoneycoach_ca #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET What should you do if debt collectors are haunting you?


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Know your rights. Talk to your lender about repayment options. Melanie Lockert @DearDebtBlog #CreditChat Wednesdays | 3 p.m. ET


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Don’t avoid them. Talk to them and try to work out a payment plan. Ashley Jacobs @wisebread #CreditChat Wednesdays | 3 p.m. ET


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If debt collectors are hounding you, reach out to a non-profit credit counseling agency. They can help you, often for free. MyMoneyCoach.ca @mymoneycoach_ca #CreditChat Wednesdays | 3 p.m. ET


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If it’s a valid debt, make a documented plan with them. Southeast Financial @SFCUNews #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET What types of financial services are tricks more than they are treats?


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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! MyMoneyCoach.ca @mymoneycoach_ca #CreditChat Wednesdays | 3 p.m. ET


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Any time you see something in the financial realm that is too good to be true, it almost always is. Paul Moyer @SavingFreak #CreditChat Wednesdays | 3 p.m. ET


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Trick: Get-out-ofdebt-quick programs that promise to help you become debt free in no time. Melanie Lockert @DearDebtBlog #CreditChat Wednesdays | 3 p.m. ET


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Debt consolidation companies are the worst. Payday lenders are a close second. Kristy Welsh @WelshKristy #CreditChat Wednesdays | 3 p.m. ET


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Overdraft protection: if you don’t have money in the bank to pay, you shouldn’t be able to swipe your card. Kevin C. Swanson @kevincswanson #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET How can you send debt to an early grave?


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Cut back and earn more. I really enjoy the earning part - it’s a fun challenge! Melanie Lockert @DearDebtBlog #CreditChat Wednesdays | 3 p.m. ET


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Pay off your high interest debts first. Ashley Jacobs @wisebread #CreditChat Wednesdays | 3 p.m. ET


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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! FTWCCU @FTWCCU #CreditChat Wednesdays | 3 p.m. ET


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Be informed, become savvy, save, and slowly put your debt into the financial wood chipper! FrogskinU @FrogskinU #CreditChat Wednesdays | 3 p.m. ET


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Don’t accept debt as part of life! Most assume they’ll always have a car payment, credit card balance, etc. Vic L. @DadisCheap #CreditChat Wednesdays | 3 p.m. ET


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Start adopting new (more frugal) habits. If you change how you spend and save, you’ll change your financial situation too. MyMoneyCoach.ca @mymoneycoach_ca #CreditChat Wednesdays | 3 p.m. ET


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


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


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