I’m gonna let you in on a secret, Bingers. Few years ago until just this month, I was living on a debt. Yes, it is due to my credit card debts. But then again, you can’t blame me. I was young, a fresh graduate, new to the workforce, and was excited about earning and shopping with my hard-earned money. Swipe here, swipe there. Next thing I know, I am unable to pay my monthly bills in full. And then it got me: debts.
The Ways to Settle My Debts
Looking back at it, being in debt was one of the worst feelings in the world! It’s like jumping onto a quicksand and there is no way out. Well, unless of course you will pay monthly. But the thing about credit card debts is paying the monthly minimum is simply not enough. One way or another, it will incur interest and you’ll soon notice that you are just throwing away money by “paying” monthly.
And do you know what is the worst in being in debt? THE DEBT COLLECTORS! I swear to god, I have had several anxiety attacks just by receiving calls from banks and collection agencies reminding me to pay for the month. And it was not like I am going to run away! So, if you are also being bugged by debt collectors, see more for ways to avoid them…or better yet take their calls.
With my current salary situation, paying over the monthly minimum is possible, but that is if I will cut off some of my expenses. So, what did I do? I tried several solutions: I took out a salary loan with fixed monthly payments, I looked for a side gig, and lastly, I called one of my card providers to request for debt consolidation.
The Wonders of Debt Consolidation
So, what is this magical word: debt consolidation? Well as the term itself says, you will consolidate all of your credit card balances into one card or bank and have an agreement with the bank for a monthly ammortization. Luckily for me, I mustered up the courage to face my demons (my debts) and called my bank if they are offering it. In 2019, I signed a contract with my bank for a 2-year agreement and just recently, I can freely say that I am debt-free!
Let’s be real, though. It is a nice feeling to have any debts but it is unavoidable. Specially if you are like who are just earning earnestly. There will come a time where we’ll have to sign up for another debt with a bank. Personally for me, after fixing my credit history, I am planning to apply for an auto loan. Really though, debts and loans are not the enemy. They can be useful for us. That is if we are going to pay them on time. As long as we are meeting our agreements then there should not be any problem.
I hope my story inspired you guys, especially if you are undergoing financial problems due to debts and are getting unlimited debt collector calls. Let’s all strive to be financially smarter, yes? Until then, Bingers!