Strategies for Paying Down (And Eliminating) Debt

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High outstanding debt can impact your credit scores so it’s important to reduce and/or eliminate debts on “revolving credit” accounts. In this chat, we discussed strategies for reducing and eliminating debt. Our video panel included: Carey Ransom – CMO of Payoff, Leslie Tayne, Managing Director of Tayne Law Group and Mike Delgado – Community Manager at Experian.

If you’d like to join a future video chat, please let us know by tweeting @MikeDelgado. We would love to meet you.

Questions we discussed:

  • Q1: Why is it easy to fall into debt?
  • Q2: What mistakes do people make when trying to pay off debt?
  • Q3: What type of debt should we focus on tackling first?
  • Q4: What are ways to deal with credit card debt? Any ways to pay off quickly?
  • Q5: What are ways to stay motivated and on track to pay off debt?
  • Q6: When should someone seek help with debt? Who should they talk with?
  • Q7: Should we be more focused on paying down debt or saving money?
  • Q8: What are some favorite online resources or apps to help reduce debt?
  • Q9: What do you think about debt settlement companies?
  • Q10: Any final tips for those struggling with debt?

Featured Highlights on SlideShare:

Tweetable Tips:

When it comes to debt, ignorance is not bliss. @AmericaSaves
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Pay off your high interest debt first to save time and money on interest. @Payoff
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Ignoring your debt won’t make it go away. Tackle it head-on with a realistic action plan. @emergebenefit
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Stick to the basics! Create a mini-repayment plan, make your payments on time, and STOP USING THE CARD while paying it off! @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. @Rod_Griffin
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Your debt does not control you – it’s the other way around. You will make it through! @emergebenefit
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Here is the complete tweetchat Storified:


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