New Journey Series : Debt, Credit Cards and a Dream

I realized that I should have named this series as my roadmap to financial independence. However, I admit that I was ashamed to directly relate my self- imposed financial misfortune.

In my previous New Journey post, I mentioned that I’m in the process of settling my obligations from all the shopaholic attacks and swipes I made over the past years. While the feeling of owning that pair of shoes, smell of a new leather bag and the comfort of a new blouse all brought a heaven of happiness, the payback period were never worth the happiness. To those who recently owned a credit card, mark my words. It’s better to leave your card at home. Treat these devices as your crisis card instead.

I should however clarify that I’m not in the stage of playing catch-me-if-you-can with the collection group of my cards. Dear God, Please don’t allow it to happen too.  The least and last thing I could be proud of myself is that I’m trying my best to honestly settle all my dues.

One of the credit card debt settlement technique I learned from a colleague is the Balance Transfer Program. This service allows credit card holders to transfer their outstanding balance to another credit card company. Once the transfer is approved, the card holder’s remaining credit card balance can be converted to installment at a lower interest rate and longer terms. I believe this option is better than enduring the monthly finance charges and interest rates.

While I have yet to discover which company offers the best balance transfer program, one of my credit cards’ balance was already converted to installment. I didn’t avail of any balance transfer offered by another company, because I discovered that my current credit card offers convert-to-installment all previous balances. I availed of the program’s convenience, without doing some math and analyses. While I can already escape the monthly finance charges, I overlooked the add on rates which gave me some feeling of regrets.  To my biggest surprise, the credit card company can profit from my convert-to-installment decision by as much as Php 20k. (Fine,slap me now!)

When I discovered my stupidity, my knees weakened and it felt like 10 more years were added to my age. Sigh….

The only thing I could wish for now is for more freelance works to come or at the very least, my monthly salary as a rank and file employee and part time educator will remain secured over the next years.

While I was contemplating on the bitter pill I have to endure for the next three years, I can’t help but think of the easiest means for me to escape my own trouble.

Should I file for final settlement with my credit card company to resolve everything? This is the last thing I would do… I wouldn’t want my financial reputation to suffer as well.

Should I file for a cash loan to settle everything? I think this will place in a more burdening position.

Should I finally place my bet on the local lottery? I haven’t tried the Philippine lotto. However, I wouldn’t deny the fact at some point, I dreamt of winning even a half-a-million. If that happens, you bet! The first thing I will do is to proceed to the nearest payment center and zero out my remaining balances.  Never again will I live with these cards. It’s a dream but to some extent, it gave me some seconds of relief and happiness … especially when I talk about it with my equally ambitious and debt suffering  friends. LOL

As of my latest estimate, it would take me three years to settle or remove a huge chunk of my debts. I can’t wait for that day! Aside from a stable job and salary, another wish I have to ask is for good health for me and my family. While, I will honestly work hard to settle my obligations, my only wish is that someone out there will indeed take care of the rest. Amen.

UPDATE : After hitting the publish button for this post, WordPress gave me this random quote

The scariest moment is always just before you start. Stephen King

I admit that part of me is scared of the things to come over the next years. But then again, I’m keeping my trust and faith. No matter what happens, I will do my best to make things happen.


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