Save Money or Pay Off Debt? Why Not Both!

On Wednesday, July 30th, Experian invited America Saves to be a guest in their weekly #CreditChat, which focused on the great debate of saving money vs. paying down debt.

The chat covered a range of topics that we as savers address each and every day: What am I saving for? What has been stopping me from saving? How do I keep myself motivated to pay down debts? What should I be looking for in a financial counselor? What are warning signs to watch out for?  

Lumped together, these questions can seem daunting. Fortunately, the steps to begin saving money or to begin paying down debt start the same way – set a goal and make a plan. Getting out of debt is the #3 goal Savers select when they pledge to save. With planning, discipline, patience – and perhaps some outside help! –anyone can reduce their debts and build their savings. And if paying down debt is the goal you reach towards, it doesn’t mean that you can’t also put some money away for a rainy day. A little extra savings can go a long way, after all.

 

The National Foundation for Credit Counseling (NFCC), a fellow guest of the #CreditChat, shared a great deal of information about the ways in which Consumer Credit Counseling Services can work with you to develop your budget, find out what your financial options are, and even negotiate with creditors to repay your debts. Be wary of the product-pushers or those without the proper credentials!

 

The chat unearthed resources, tools, and advice available to savers and future savers. To see our contributions, as well as our chat friends’ and partners’, check out the full tweetchat at https://storify.com/Experian_US/full-recap-save-money-or-pay-off-debt. Highlights of the tweetchat are also available through Experian’s SlideShare presentation, which was one of the most popular slide decks in the Economy/Finance Section of SlideShare’s site:

 

Let us not forget to mention that, along with the tweetchat, Experian’s Mike Delgado hosted a Google+ Hangout with Katie Bryan (America Saves), Gail Cunningham (National Foundation for Credit Counseling), and Maxine Sweet (Experian). Check out the video of the Google Hangout hosted by Experian:

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  • Written by Administrator2 | January 12, 2014

    Keep track of your spending. At least once a month, use credit card, checking, and other records to review what you've purchased. Then, ask yourself if it makes sense to reallocate some of this spending to an emergency savings account. http://ow.ly/sj972

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