Are you a credit card holder? Or, are you planning on getting one but afraid because of so many alarming stories behind credit cardholders having bills piled up due to expensive fees and high-interest rates?
Probably these credit card stories are true because I recently read an article from moneymax.ph that most Pinoys don’t acquire credit cards because of these reasons. Well, I am one of those credit card holders who once had piled up bills and paid high interest because of my spending habits. But in the long run, I survived this credit card debt crisis and now enjoy the advantage of having a credit card.
What are these credit card advantages that I am enjoying?
I am protected by Law as a Credit Card Holder; it falls under RA 10870: The Philippine Credit Card Industry Regulation Law. After overcoming the credit card debt crisis, it teaches me to be a responsible credit card holder by being in control of making impulsive purchases and paying credit cards before the given due date to avoid additional interest fees. These are just a few of the many perks of having a credit card.
Trapped in credit card debt? Let me help you overcome it. Sharing ways to take on how to get out of credit card debt so you can enjoy the advantages of having one or two credit cards
Here are 2 ways to take on how to get out of credit card debt that I did a long time ago.
1. Credit Card Balance Transfer
How does Credit Balance Transfer work? Simply, by applying and moving your existing credit card debt to a new credit card issuer with a lower interest rate offered than your existing credit card company. This is mostly done by those credit cardholders who don’t have enough cash to pay off the debt.
Can you save some money on taking it this way? Absolutely yes, because most credit card companies offer special introductory interest rates of 0% on balance transfers. Just make sure this time that you’ll be able to pay before the due date given to avoid an increase of interest.
2. Debt Consolidation
This way, you will apply for a new personal loan with a low interest rate through financing agencies like banks, lending companies to pay multiple credit card debts. Then you are going to settle the new loan as agreed in the contract. In the Philippines, debt consolidation is becoming popular and offered in leading banks like Banco de Oro, Security Bank, Maybank Philippines, and lending companies like Vidalia Lending and many more.
Take note, whichever ways on how to get out from credit card debt you prefer to use, always make sure to pay the bill on or before the given due date to avoid additional charges.
Yes, the ways I shared don’t get you out of credit card debt in an instant but, if you will not use your credit card while having a payable balance to settle and budget your finances religiously, little by little you can get out from credit card debt or any existing debt that you have.
Remember this. It’s not your salary or income that makes you debt-free, it’s your way of spending. So always spend your money wisely to live your life completely debt-free.
Ngayon alam ko na ma. Na ito pala ang mga pwedeng mangyari kapag gumamit ng credit card, kaya dapat maging wais talaga sa pag gastos ng pera sa lahat ng bagay, thank you for sharing Mommy Dorry .
Thankyou For sharing Mommy Now iknow na kailangan talaga pag nagcreadit card dapat pag isipan muna natin mabuti, dapat wais thankyou for sharing Mommy
Nice sharing ma minsan talaga naguguluhan ako kung ano pag kakaiba ng debit card sa credit ka ngayon alam ko na dahil dito sa binahagi mo alan ko na ang pagkaiba nilang dalawa pag dating sa usapang pera
Ngayon alam ko na po kung ano ang pinag kaiba ng credit card sa debit card dapat talaga maging maingat din tayo sa pag gamit ng pera at isipin san ba dapat talaga ito gagamitin..
Great read. Kaya talagang never overspend. It’s hard pa naman to get out of debt. We should teach this to our children.
Dapat talaga maging wais talaga sa paggastos sa lahat ng bagay thank you for sharing mommy ngayon alam ko na ❤
Both are great tips. I agree that saving money &/or spending the right way is so important along with growing/investing money
I don’t have a credit card pero this is good to know. Thank you for sharing!
Quite helpful tips to get rid of debts and be financial independent.
Thanks for sharing these tips. It can be hard to get out of debt, but so worth it.
Credit card debt can be so hard. I’ve always made sure to only spend what I can pay off in a month for this reason.
My teenage self needs to read this, thanks for these tips! It’s important to know how to save and spend money in the right way now especially this pandemic.
Great tips! Buti na lang talaga my mom schooled me early on how to properly use (or not use) my credit cards. 😉
These are nice tips. Credit cards are our lifelines in this pandemic.
thanks for sharing sis. nice tip. we might be able to put this to use. recently pa naman i realized how big my bill is just because of my grab food orders. kaya ito nag start na uli ako mag tipid tipid
. hanggang kaya HAHAHA