Life of debt...
By akotalagato
@akotalagato (1334)
Philippines
October 12, 2009 11:29pm CST
I am sure many people out there have debts like credit cards, loans, mortgages and other kinds of debts. these debts have high interest rates and are often times very hard to pay off. i had multiple credit cards and bank loans that it took me years and years to pay them off. so now, i dont own even a single credit card. it is sometimes very hard to control your spending if you have a credit card and before you know it, you are in way over your head in debt.
how do you manage to debts? what measures have you taken to pay off your debts?
1 person likes this
1 response
@dorannmwin (36392)
• United States
13 Oct 09
Unfortunately this year, my husband and I found ourselves in over our heads, and the really sad thing about it is that we were too proud to admit it for a while. He lost all of his overtime for the majority of the year and then I was babysitting my nieces and lost that income as well when my brother found himself without a job. That meant that we were very short from where we were accustomed to being. We started using our credit cards just to try to get by. However, we've recently enrolled in debt management whereby we'll be able to pay off our credit card debt in just 3.5 years (or sooner) and we aren't going to be using the credit cards again. We are getting rid of them, cutting them up, gone for good. After we live a life of a tight budget for three years, it is going to be very easy for us to live within our means.
@akotalagato (1334)
• Philippines
17 Oct 09
this is exactly what happened to us before. we thought that having credits cards would be a great thing to use because if we needed money for an emergency it would be a great help. but when we lost our jobs, the credit cards became the primary source to meet our daily needs. its a good thing that banks do have payments schemes that allow you to pay them little by little for a prolonged period of time just to get them paid off although the interest fees are astromomical. well it is a lesson learned!
