A lot of people are now suffering from growing and overdue debt because of their credit cards. I want to share that this problem can actually be overcome.
My wife and I have been battling with credit card debt for almost 8 years.
We accumulated our debt while we were still single. It continued to pile up when we got married. Since we were so excited with having money (electronic), aba, swipe dito at swipe doon!
It was only later on that I realized that we were so deep in debt!
Our combined debt was almost P90,000, excluding interests and other charges. For a starting family like us, this is big!
We eventually tried to minimize the use of cards. For “emergency use” na lang talaga siya. But we just paid the monthly minimum. Sometimes, I would even forget to pay. With the high interest rate, almost wala din nababawas sa total amount.
I needed help. I needed support. I really wanted to get out of debt!
Fortunately, I just joined a coaching program. Together with my coach and my team, one of the goals I set was to eradicate debt from my life.
I was determined that I was going to solve an 8 year problem in less than 3 months!
I looked at our budget, saved some money here and there, raised some more with a little creativity (legal and moral, of course).
Then I called the hotline of the credit card company, looking at closing my wife’s credit card first.
“Gusto ko na bayaran lahat ng utang ko sa credit card ng asawa ko pero kaya ba na babaan yung total? Kaya bang tanggalin o waive yung interest charges at penalties?” I asked the agent.
After several minutes of clarification and waiting, the credit card company agreed to lower the total!
With some reasonable conditions:
1. It had to be a one-time (full) payment.
2. If I pay immediately (the next day), I get an additional 10% off my debt.
I agreed to everything.
Because of that, they gladly made some changes and lowered my total from P51,000 to…P35,400!
Not bad for a simple phone negotiation with someone I didn’t know.
It was a victory indeed!
With 6 weeks to go in my coaching program, I knew, marami pang pwedeng gawin!
So my wife and I continued to work on saving more money and getting more clients to help increase our income.
As my coaching program was about to end, I was so happy and proud to announce that we got to pay for my own credit card debt as well!
By that time, my credit card debt amounted to around P51,000 including interest and penalties. Of course, coming from my earlier experience with the credit card company, I called them again to explain the situation and negotiated for a lower amount.
And would you believe it?
The credit card company agreed to lower the amount!
Under the same conditions as my wife’s, we only had to pay…P42,400!
In two months, I closed not one but two credit cards!
After 8 years, we are proud to say that “we are credit card debt free!”
If you are asking me if it is possible, I say yes, it is possible!
Let us all be credit card debt free!