Save Money or Pay Off Debt?


We had a #CreditChat on Twitter with Gail Cunningham from The National Foundation for Credit Counseling (NFCC) to discuss ways to save money (while paying down debt). Gail Cunningham  is a financial expert for the nation’s top media outlets and chief spokesperson for the NFCC.

During this tweetchat, we also had a Google+ video hangout to discuss this topic. The video panel included: Gail Cunningham – NFCC, Katie Bryan – AmericaSaves, and Maxine Sweet – Vice President, Consumer Education – Experian. The video chat was hosted by Mike Delgado – Experian.

Questions we discussed:

Q1: What are you saving for? Any big financial goals?
Q2: Why is it difficult for many people to save? What are common roadblocks?
Q3: What are simple ways to save more money while still enjoying life?
Q4: Do you have any big debts you’re paying down? How do you stay motivated to pay it off?
Q5: How do you decide on how much you should save vs. pay down debt?
Q6: Where can people go if they need help reducing debt – while saving money?
Q7: What should you look for in a financial counselor? Any warning signs to watch for?
Q8: What are some great tools, resources or books to help us use money wisely?
Q9: Any final tips for those looking to save money and pay down debt?

Join our #CreditChat every Wednesday at 3 p.m. ET.

Highlights

Tweetable Tips:

51% of Americans don’t have extra funds available to pay for an unexpected expense of $1k [Retweet]

Less than 1/3 of low-income households have a savings account. [Retweet]

50% of household decision-makers believe they “just don’t earn enough money to save regularly” [Retweet]

The NFCC is the largest and longest-serving network of community based, nonprofit credit counseling agencies in the nation. [Retweet]

 Creating a budget shows you where your hard-earned money is going. [Retweet]

Three keys to successful savings: set a goal, make a plan, and save automatically. [Retweet]

It doesn’t matter which method you choose to pay off your debt, pick one that motivates you and keep at it. [Retweet]

It’s a good idea to have an emergency fund on hand before you decide to pay down debt. [Retweet]

Look for a certified counselor at a nonprofit agency that is accredited by an independent third party. [Retweet]

Take charge of your financial situation and take the first step. [Retweet]

Check out the complete tweetchat:

Experian Blog

Experian is the leading global information services company, providing data and analytical tools to clients in more than 90 countries. This news blog provides our perspective on issues and trends affecting our businesses and our constituents in North America, while occasionally touching on Experian global news. Learn more.

Subscribe by Email:

Delivered by FeedBurner

Snaps

snapbox

Latest Tweets