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How to Get Out of Debt

What is debt?

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Linda Stroman
Financial Education Coordinator, Capital Area Asset Builders
www.caab.org  
202-419-1440

Linda Stroman is the Financial Education Coordinator at CAAB. She provides instruction and one-on-one counseling to groups and individuals on money management and credit education. In addition, she coordinates program seminars and other events regarding CAAB's financial programs. Before joining CAAB, Linda worked for The Training Source, Inc. She provided life, professional, financial, and technical training to Maryland and DC residents and organizations.

What is debt?

In this video, Vikki Frank, Kandance Beamon, and Linda Stroman, financial education providers describe several key areas to address regarding debt reduction and elimination. This video is designed to deliver basic financial information to assist individuals and families to be able to identify goals and process strategies for their specific financial needs. The topics included in this video cover are: self-evaluation of debt load, budgeting strategies, understanding the effects on your credit and scores, why savings is important, how to develop a debt elimination plan, and the importance of financial education and how financial counseling may be useful.

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This series: 4,528 views

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Transcripts

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""L$:hVEqg0L|@"&>RLDHi, my name is Linda Stroman and I work for Capital Area Asset Builders. I am a financial education coordinator and what that means is basically, I help individuals in the District of Columbia in the Tri - State area with getting out of debt or increase in the credit, scores and things on those minds. For this video, we are going to talk about how to get out of debt, what is debt and some of the ways that we can save money in order to make that happen.

Host: What is Debt?

Linda Stroman: Debt is based an expense that has occurred by individuals. Basically, when we want to have a periodical service to a creditor and it is an agreement that we make with them to pay for this periodical service and debt comes in different forms. We have high debt, low debt, long-term debt, short-term debt. Basically, everyone in America has some types of debt load. The whole idea was to make sure that we do not have excessive debt and that we can try to pay as much with cash as we can do versus credit card. GHNP'=>BFa''()*29AC-.

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