So In Debt... sounds Like Death

We conduct Financial Coaching all over Asia, and all over the Philippines. Fely and I always ask the question, "Who among you don't have debts?” More often than not, no hands are raised. When we were asked the same question five years ago, we also did not raise our hands. But when the question was re-phrased "Who among you have debts?" we have to raise both hands and feet! For we indeed were buried in debt. Seven figure debts, from seven credit cards. Perfect financial disaster!

It was a harrowing, unpleasant, and painful experience! Fely and I had sleepless nights thinking how to pay up the next payment dues. We don’t even have money for minimum payments. Credit card companies temporarily declined our credit facility. We received more frequent calls reminding us of our payment obligations. Every time the phone rings, my (Fely’s) heart beats faster, and worries caused headache. We had so much tension. I (Fely) felt that we were in a dark pit and could not get out. Coupled with this problem with our debts, the problems and issues we faced in our jobs, we were like a walking bomb always ready to explode. So beware, do not get into the debt trap. It is dangerous to your health... And to your hair (check Benj’s hairline)! Every payment due dates for each of the seven cards, Fely and I are always short of cash that we even had to swallow our pride and resort to borrowing money from friends. For me (Benj), it was the most humiliating experience.

We also had to make cash advances from one credit card to pay off another credit card. And more often than not, we missed payments on due dates causing us to pay more in view of the additional late payment penalty charges ballooning further our debts on credit cards from 3.5% to 5% per month. The most difficult months comes when it was due also for our children’s tuition fees. We got ourselves into a dark cave where we couldn’t see any light.

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