Q: Or baka may mai-advice po kayo sa akin kung anu po puede ko gawin? Gusto ko na po kasi bayaran lahat ng utang ko sa cards eh... Kaka-loan ko po ng pakonti-konti lalo lang po gumulo yung budget ko... Ngayon po 2 cards na po yung di ko mabayaran (tig-95,000) wala pa po ung iba dun...
Actually dun po umikot yung utang ko eh... Kaka-balance transfer tas swipe ulit hanggang sa nag-loan tas swipe ulit. Natuto na po ako sa pagkakamali ko kaso hindi ko po alam kung pano ko pagbabayaran...
Kung meron po kayo kakilala na magtitiwala, babayaran ko po 10K monthly for 3years kung puede po...
Alam ko pong sobrang laki ng hinihiram ko... Pero mas gusto ko na po ng malaki para isang tao na lang iisipin ko pag bayaran na...
Kung malalampasan ko po ito talagang hinding hindi na po ako mag-a-apply ng credit card/loan. Thank you in advance po...
A: May blog post ako about debt pero I can't find it now. So let me help you.
I once owed P 500,000 mixed bank and card debt.
Here's how you solve it:
1. Stop paying a large amount every payday, pay only minimum + 1000.
2. With the "rest" of the money left over, allot money to buy finance/personal finance/investment books like rich dad poor dad or Bo sanchez's 8 secrets of the truly rich.
3. Attend seminars on money too.
4. Automatically pay minimum + P 1000 to all your cards.
5. Ignore the interest computation, even if you know how it's done.
6. Do not compute "when you'll be free".
7. Keep learning about money via books and seminars until you understand that you need to earn more (not simply via a job) to have more money.
8. In a few years time you'll be earning more and paying your huge debt slowly.
9. Meantime, keep your credit cards at home.
That's why I did.
:)
