Whoever is free from credit card debts raise your right hand? I'd like to let you know that I am envious of you and I applaud you!!! Credit cards are invented to give people financial problems - my opinion, if not yet the majority's opinion. Fact is, I didn't know somebody who is not stuck on just paying the minimum monthly bill because the principal debt amount has ballooned already and it is almost impossible to pay it off, thus settling for the minimum monthly bills which make the banks get even more richer! Credit card companies, mostly banks, leave us card holders almost no room to resolve our credit card debt. Unfortunate.
I first had my credit card, as an extension to my aunt's credit card, that was six years ago and back then I knew my limits. I was earning this much so I'll spend this much.I was also careful on my spending because my aunt could actually see the bill and would critique on my spending. I eventually freed myself from the principal card holder's bondage when some bank sent me a credit card that I did not even apply for. I started losing control since then. This is the story of my credit card demise in the Philippines. I woke up one day and realized I spent for majority of things that are not really needed as compared to the things that are important. Things at home and with the family were the things I considered important because I was the breadwinner in an instant. I went broke, and I didn't like it. I wasn't able to resolve my credit card debt when I left the Philippines, and there goes my mom being bombarded with phone calls from banks and credit card companies almost everyday of her life. Poor mom. She has to learn to switch off her phone during day time just to get rid of the phone calls she has no idea about.
Here in the United States though, there is a need for people to build their credit history, that, owning a credit card is more likely to be a necessity than a luxury. Days ago Honey decided he'd make me an extension to his card so I could build my credit history, and the card came this morning. Honey himself is not free from credit card debt. He has to put it on his goal to be debt free in a year's time from four different credit card companies. Tough life! With the recession and I being jobless for a moment, even reducing these credit card debts is already a very big challenge to overcome! I am glad that I was able to marry a man who knows what to do with money or else I do not know how to manage everything financially.
If there is one thing that I really want to happen right now, it is to kiss credit card debts goodbye. For good.
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