Although it is a general rule not to treat credit cards as cash that’s entitled to you, there are still others who somehow manage to screw up and accumulate debt, swiping their cards as if it’s their own cash and as if they would never have to re-pay to the credit card companies they’re indebted to. And when there’s unpaid debt you’re having a hard time re-paying, that’s when things start to get ugly. That’s when collectors try to scare the living hell out of you, accompanied by all those sleepless nights, not knowing where you’ll get the money to repay your debt. That’s when people struggle towards the next payday, hoping to repay their debts. As they say, the struggle is real.
What are the common reasons behind this phenomenon of people who land in extreme debt? I’ve talked to people who’ve been on the same boat before, asking about the deadly sins a credit card holder can make. And with the goal of sharing to you the reasons why they landed in debt, we hope to learn something from their all-too-common experiences and avoid having to repeat the same mistakes. Continue reading →
How does one become a responsible owner of that seemingly infinite ‘good as cash’ card?
To hold on to your credit card is a great responsibility. Yes, it seems most are aware of this and are mindfully taking control of this responsibility, however, why is it all too common for many people to land in extreme debt, just by carrying that piece of card in one’s wallet? Below are 10 Golden Rules credit card holders must abide by if they wish to avoid those sleepless nights. Continue reading →
Stop making the stresses of outrageous annual fee payment an ‘annual’ event. Yeah you can always request your bank to waive your annual fee (their decision outcome varies, you may have to call and make a follow up a few times and they may even require you to make big ticket purchases before they honor your request) and even threat them to cut your card if they don’t give in to your request, but why go through the hassles when there are cards that promise to never charge you annual fee for life?
I’ve written about the things that are never worth your money and unnecessary annual fees are definitely on my list. I’ve only paid for this pointless fee once, and that was the time when I was too young and ignorant. If you’re keen on acquiring a credit card of your own and need help identifying credit cards with no annual fee for life, below list is for you Continue reading →
It’s this time of the year again, and some of us are into making (and trying to stick to) that list again. I’ve seen Facebook posts of friends listing their New Year’s resolutions on my feed, hoping they stick to it this time around, and of course – followed by posts of their new gadgets and latest basketball shoes ;). On the top of that list? Having a debt free life. Why not? If you cannot have a life living on truckloads of cash, at least have a debt free life, eh?
I can confidently say that I am living a debt free life (with some cash stashed in the bank and some forms of investments as well). I abide by some SIMPLE but GUARANTEED rules which help me live a simple life and avoid the debt ridden situation, and also avoid that nasty (not to mention embarrassing) debt collector, if you know what I mean:
1. LIVE WITHIN YOUR MEANS. Period.
2. DO NOT EVER make credit card purchases in which you do not have an equivalent cash amount in hand to pay for. Seriously, guys. If in case you are doing this (ehem, you know who you are), this could be the start of something that will be devastating on your financial end. I personally do not make credit card purchases which I know I do not have money in hand to pay for. Do not even start having that “I’m having that payslip/huge bonus next month anyway” kind of thinking! Those people I know with that kind of thinking are the ones I know of who are struggling financially. You don’t even have the money, so why spend the money you don’t even have? Do you even know what delayed gratification means? Look it up.