How to Strategically Manage Debt

We had a #CreditChat with Dr. Scott Rick – Marketing Professor at the University of Michigan – Ross School of Business. Dr. Rick studies consumer financial decision making and shared his insights on how we can manage and eliminate debt.

During this tweetchat, we also had a Google+ hangout to discuss this topic and highlight favorite tweets. The video panel included: Gerri Detweiler – Director of Consumer Education, Credit.comDeacon Hayes –,  Maxine Sweet, Vice President of Public Education,  Rod Griffin, Experian’s Director of Public Education, Claire Murdough (ReadyForZero), and Mike Delgado (Experian).

Questions we discussed:

Q1: Why is it easy to fall into debt? What types of debts?
Q2: What are the pros/cons of using credit cards? Why can CC lead to debt?
Q3: How do you choose what credit card or loan to pay down first?
Q4: What advice do you have for paying down credit cards faster?
Q5: How can we stay motivated to keep paying off debt?
Q6: Any advice for those drowning in debt? Where can they go for help?
Q7: What resources or apps can help those with budgeting or paying down debt?
Q8: Any final suggestions for those looking to pay down debt?


Resources Shared:

Tweetable Tips:

A lack of education about credit and credit terms can cause serious financial problems. [Retweet]

Debt issues can occur at all income levels, not just in low income households. [Retweet]

Credit cards are less painful to use than cash, encouraging debt. [Retweet]

Know your personality type. Don’t use a credit card if you are an impulsive indulger. [Retweet]

Focus on the highest interest (and most costly) debt  first. Stick to debt avalanche method. [Retweet]

Never pay only the minimum! Look at the payment schedule to see how long it will take to pay off. [Retweet]

 Automate credit card payments to coincide with your paycheck. [Retweet]

If you have a good payment track record, ask for a lower interest rate. [Retweet]

Here is the complete tweetchat storified:

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