I've been introduced to credit cards 2 years ago. First, I got a Citibank credit card without any reason - just plain curiosity. Then, months later, I get an HSBC for the craving of that free Times Sports watch. But the agent also enrolled me for Equitable PCI, and since there is no obligation if I don't use it for the first year, I just accepted it.
I am a young blood then, working on my first employment, and I have many things to buy. I even availed of the cash advances promo with waived cash advance fee. The idea of spending a thousand worth and only pay P35 as interest for it every month is not really a pain at first look. I feel so liquid, I have the spending power most people of my age don't have...
Then, come collection of annual fees. It was quite a pain to be billed P5,000 for yearly membership for those three credit cards. And with my bills slowly going up, I thought I would avail of EastWest's 0% balance transfer promo. That was my fourth card.
But instead of helping me, my cards seemed to ruin my finances. I exhaust myself to work everyday, at least 16 hours a day, with at least two clients, one local. I grab every local freelance job opportunity, yet, it seemed all my earnings were simply drained out of me.
Now, MetroBank promotes their credit cards with free P3,000 adidas voucher. And guess what, I am wearing a ~P3,000 adidas shoes now, with debts piling roughly equal to a year of my salary. Seriously, and I'm paying more than 4 grands a month for the interest alone. Add to that my salary is greatly damaged by Company loans, lates, and absences I have accumulated...
I thought I was already doomed. Wifey is still an intern without pay, our son still needs diapers, I pay for the monthly apartment rent, electric bills, water bill, phone and internet bills, yaya... luckily we have no cable tv... all that payments, if it's possible, I charge it for I'm always short of cash...
Month by month, passes my family like a miracle. You have no idea how it feels like to be a breadwinner in this situation. Only bread winner. My sister is schooling in the city and she's living with us. For food alone, I got five mouths to feed. Mom doesn't know of my financial situation, at least she's thinking I'm a better earner than her. I am just not yet that desperate to seek parental support. ;))
But I never lose hope, I pray everyday that somehow I could see a "way out" for this pit I dug myself. Miraculously, I saw the light - in months I am experimenting what could be the sideline which could help me find extra cash, I tried tutorials, working project based with local clients, being a real estate agent, direct selling, etc...
All of them aren't a good alternative. They're not efficient when it comes to earnings vs time spent. Last week, when I received my very first commission on referring loans & credit cards ONLINE, I know I have found an answer...
It is credit cards that took me down, it will also be the one to lift me up. I trust that.
--
googling for PS Bank Money Card or Standard Chartered EZ loan will bring you to my blog ;))
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posted by
muffin, 3 months ago
jeezus christ. cut up your credit cards! really, and start learning to pay with money you ACTUALLY have.
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posted by
Chrisangelo, 3 months ago
^ What he said. Can't you just cut 'em off and live a normal life like everyone else? :))
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posted by
rafnex, 3 months ago
^never had a credit card ever....does that mean I'm actually normal after all?
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posted by
norreggy, 3 months ago
He can't. It's not that simple anymore. I assume all the cards have loads of unpaid borrowings and he's paying just the interest (and maybe a small part of the principal) in all of them. If he cuts the cards he may have to pay all the loans in full. The only way out is to stop borrowing until you pay everything off, then cancel the cards.
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posted by
seth, 3 months ago
Project mayhem is the answer
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posted by
spidamang, 3 months ago
Kaya nga, if you're a new earner, DON'T GET A CREDIT CARD right away.
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posted by
Quentin, 3 months ago
looks like a hole dug too deep.
try using the mantra, "If I can live without it, then I probably don't need it" :D
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posted by
gridlock, 3 months ago
i know how you feel bugshing. i got around $7+ debts spread across my credit cards. credit cards are the devil i tell ya!!!!!!
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posted by
tipcking, 3 months ago
it's better to have no savings than to be in debt, i think.
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posted by
darthjesus, 3 months ago
swipe it where you most need it, bro.
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posted by
Quentin, 3 months ago
seven dollars aint so bad grid >:D
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posted by
minor, 3 months ago
no credit card? ok.. no cable tv? no way!
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posted by
Harley_Quinn, 3 months ago
Got any credit card debt consolidation company operating there?
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posted by
acer3ya1, 3 months ago
4 grand a month lang pala e... ako more than 10k per month \m/
money is invented for people to spend it
though you need to add wisely at the end
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posted by
bugshing, 3 months ago
^ 10K for interests alone? so, you mean, that's nearly half a million debt? darn
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posted by
Harley_Quinn, 3 months ago
Time to distinguish between need and want. Time to distinguish between need and want. Time to distinguish between need and want.
I sounded like a Swiss teacher back there.
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posted by
musikero, 3 months ago
totally agree with harley... me and wifey is actually planning to cut off our citi bank credit card, were just going to stick in BPI and BANCO de ORO only.
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posted by
jmg_up, 3 months ago
Credit cards are very useful when you know the work around.
First and formost, don't spend too much on things you really don't need. I use my card for gas and groceries, and I see to it that I have my regular credit limit lower than my SIP limit (this is only applicable to BPI ---> I do have gas rebates, I get to eat free because of their promos, I have great discounts for my car insurance and lastly, I could request to waived my annual membership fee).
Lastly, do not use Citibank and HSBC cards....they do have hidden interests....and their customer service sucks!!! And their collections sucks as well...
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posted by
acer3ya1, 3 months ago
^^^^
goodness!! hindi interest!! am just saying, i'm paying atleast 10k a month for my credit card bills :P
^ i'm using my citibank mercury, best for buying my meds and my vitamins.
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posted by
chelsea, 3 months ago
^ oo nga naman, he needs his crazy pills. lol.
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posted by
bugshing, 3 months ago
^ ;)) I thought you were saying 10K for revolving interests alone.
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posted by
sorenkant, 3 months ago
get a loan. a two year personal loan, or if you can beg the bank, try to stretch it for 5 years. that's enough time already, to slowly pay your debts. unlike, plastics you can opt to pay your loan for a greater stretch of time.
also, take advantage if they're offering fixed interest rates. or if they have other loan 'promos'. better ask, usually it's only open to 'preferred' clients. personal loan can be granted as long as you have a job to pay the interests and the principal.
if you aren't able to get one, since you're not financially credible, beg your bro, sis, mom, dad, gf/bf or fb to get one for you. then pre-pay all your card debts and save some of the money you loaned for kid-raising. and please, cut your cards as soon as you have paid everything. or at least keep one for emergency purposes, since you have a baby.
btw, PS Bank offered me a good loan plan lately. try opening an account in your nearest branch and establish a good rapport with their accounts department, even if it means you have to flirt with a 50-something. hey, you need the money right?
sometimes, you have to wonder if plastics are really meant to give you more purchasing power and widen your purchasing decisions.
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posted by
arteo, 3 months ago
just trust your instinct, mehn! Go for it! You can do it!
acer3y1: better to try chinese alternative herbs medicine than those synthetic western drugs. you can even ask doctors why if you know 1.
Dare to fail!
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posted by
darthjesus, 3 months ago
got my card when i was 18, the only thing i've spent on them were online gaming charges. i don't have a student loan but my insurance sends a financial adviser every two months, for free. just to ensure students are debt free by the time they graduate. i have a meager income as a working stude, just enough to pay for my tuition fees, rental, basic bills and food. i don't spend beyond my means, i use my bank debit card for purchases (interest free), it keeps an accurate monthly list of my expenditures. i haven't really found a need to use the visa/mastercard. i think it's a culture thing here, people use their debit cards almost everywhere instead of credit cards which tells your date you are in the red and opting to spend more on interest for paying dinner. that would be very un-swiss for them. hahahaha.
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posted by
spidamang, 3 months ago
you need a financial strategy
to counter your financial tragedy,
for if you consider the situational gravity,
your creditors are having a party...
on you. ;)
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posted by
bugshing, 3 months ago
"It is credit cards that took me down, it will also be the one to lift me up. I trust that."
-- I have found the answer to my dim situation through it's here.
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posted by
bugshing, 3 months ago
here www.theorygame.com/apply-online i need more practice on comment posting
there are some people applying online on my blog for loans (PS Bank Money Card or Standard Chartered EZ loan) and credit cards. Perhaps, there are lot others on same shoes as me, or worse they are on slippers.
Minimum commissions for an approved credit card is 500, 2% for the loans (minus the cut of the agency), so - if I complete 8 approved referrals on credit cards or a total of P200,000 for loans within a month, I could feel better. That's enough to hang my cards on a good standing, yet I need to do better to finally become afloat.
I'll appreciate if you could help me refer the online application link to others. Cards, as I see it, aren't this dangerous if not misused, or you're not forced to use it.
In my case, wifey's tuition on med school was in full strength of cash advance. I charged the card for our wedding reception and the rings. My kid's medicines and supplies too, and everything else bought from malls for I my major card was a cash back type, the more you spend, the more cash back. Yet, it's maximized now. Four of them almost maximized now. I just made enough allowance for not not to overflow everytime interest charges are added. to visit my secret blog about the stories, it's here.
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posted by
sorenkant, 3 months ago
uy pare, i feel for you. it's really REALLY hard raising a med-intern, and a kid to boot. hehe
sabi ko nga try getting a personal loan, that you can pay for much much longer time than cards. then pay those cards and keep some of the cash for your kid and wifey.
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posted by
lakerfan, 3 months ago
i don't pay for credit card annual fees. :P
if it's time for me to pay, i'll just call customer support and ask them to cut my account because i don't want to pay for the annual fees. voila, they'll just grant me a waiver not to pay the fee. but to do this, you must not have existing credit or tell them that you'll pay all of your debts and close the freaking account.
by the way, i only use my credit cards for cashless transaction. i immediately pay up once i use it. as muffin puts, use actual cash. but in my case, i guess it's the same. i just paid electronically. :)
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posted by
gridlock, 3 months ago
seven dollars aint so bad grid >:D
ooops, i meant $7k+ in debt. *starts laughing manically*
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posted by
spidamang, 3 months ago
^putcheks second hand car na yan dito... wow
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