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:

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