Not really debt free

We finally settled our credit card debt and bid goodbye to the plastic card for good. We have used it for nearly a decade. It was useful in times of sickness and other emergencies. Although we have stopped using the credit card two or three years ago, it doesn’t stop accumulating monthly interest. It reached more than P30,000 and there’s no way we can pay it in cash. We really hope to close the account until an opportunity comes. There is no reason to rejoice though because we have to secure a salary loan from a government agency in order to close our credit card. It’s the only practical step we can think of to avoid falling further into debt. The salary loan is payable in two years. We may be paying another loan but we’re sure of paying our debt in a definite period of time.


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