Category Archives: Money matters

How We Cope with Our Credit Card Debt for Good

Paying our credit card debt was one of the financial burdens we thought we could not cope with eight years ago. 

The payment obligation was just too difficult to bear for a single-earning family like ours. 

Image by Clker-Free-Vector-Images from Pixabay

Useful Plastic Card

Initially, our credit card saved us from distress. It was beneficial to us during emergencies and when paying for our daughter’s tuition. If I remember correctly, it was the last transaction we have made using the credit card.

It was even easier to buy school supplies and grocery shopping, anytime.

Our son’s hospitalization in 2004 drove us to use the credit card offered to us. It was a suitable time for us because we have spent all of our savings, including the ones saved in a time deposit account, to purchase the expensive medicine for our son to ensure his fast recovery.

With the existence of credit card(s), we felt at ease because we know we have something to fall back on in times of need.

Debt Woes  

The problem with our credit card began to affect us when we were unable to pay the monthly bill in full. We have no problem paying at first because we know how to budget our finances.

But the credit card company knew nothing about your personal struggle; they would charge interest on your unpaid balance and adds that charge to your balance.

We live within our means and do not spend beyond our limit. However, the unexpected event at hubby’s company took a heavy toll on our finances. We make do with a budget enough to pay for groceries and utility bills. 

Although we have stopped using the credit card, it does not stop accumulating monthly interest. It reached a staggering amount, and there’s no way we can pay it in cash even if we apply for debt relief

Image by Augusto Ordóñez from Pixabay

Leap of Faith 

When the opportunity came, we tried our best to pay our credit card debt in full right away. We wanted to start with a clean slate. We do not want this debt to be an added concern by the time our daughter enters college. 

We finally settled our credit card debt and bid goodbye to the plastic card for good. We have used it for nearly a decade. We never applied for a new one since then. 

Simple Saving Tips

There is no guaranteed way to save money. Ours just happened out of necessity. When projects came one after another, we ensure to put our hard-earned money to good use. We purchased things based on what we need and not what we want (sometimes). 

Despite our minimum combined income, we make it a point to save for our son’s college fund.

We may be far from claiming financial stability, but in two years, we hope to achieve something more secure such as getting health and life insurance. And, eventually, save for our retirement.

Maintain Good Standing

I do not want to sound like I’m encouraging other people to get a credit card, but it might help you during an urgent situation. One thing to remember, though, if you own a credit card, make sure to use it wisely and do not use it on impulse.

Thankful for the Online Source of Income

I wrote about my source of passive income ten years ago. It was the time when most mom bloggers that I knew earn from their blogs. Those were the good old days of blogging.

I’m a stay-at-home parent since 2009. The passive income I’m getting from blogging, sponsored posts, and link ads have helped me in several ways such as, buying essential items at home, paying utility bills, and even contribute to my kids’ tuition.

I was and still thankful for all the blessings that come my way through my blogs. This year will be my ninth or 10th year in the blogging business. I’m still maintaining several blogs and still on the lookout for new opportunities.

Photo by Pro Church Media on Unsplash

I’m currently receiving opportunities or assignments from the following companies:

Valued Voice, Payu2Blog, Linkworth

If you love writing and want to earn from it, you can start creating a blog.

Know the niche you will specialize in. You can start by writing a personal, lifestyle, or a general blog.   

Photo by Christin Hume on Unsplash

If you already own a blog or a YouTube channel and want to monetize your site, you may sign up with Valued Voice and Payu2blog to start working and receiving tasks from them.

I’ll be receiving a small commission if you signed up through this referral link.

Valued Voice can also help you reach a wide range of audiences if you are a business owner.

I’ll appreciate it big time if you sign up through the referral link.

I wish you good luck in your future endeavor online. Please check on the links provided in the post to help you earn your first income online. I hope you’ll receive your first assignment soon. Cheers!

3 Main Differences in Chapter 7 and 13 Bankruptcy

Finding yourself suffocated in a mountain of debt is never easy. Admitting that the problem lies in your poor spending habits can take years, and by then, you may only be faced with a few choices.

Photo by Melinda Gimpel on Unsplash

One of those ways out may be filing bankruptcy. A chapter 7 lawyer orlando fl is one person who may be able to help you shed some of the weight that pulls you down. Chapter 7 and Chapter 13 bankruptcy filings are the two most popular means for individuals and couples to get a resolution to the suffocating problem. Find out three of the key differences between the two, so you can decide if one will work better for you.

1. Chapter 7 Liquidates Some Assets 

When you think of bankruptcy, you probably envision someone telling you what you can and can’t keep. Chapter 7 filing, is as close to this vision as any other route. A trustee is appointed who will help you put your debts in order from secured to unsecured. The trustee will also review all of your assets and suggest the things that should be liquidated or given back to the lienholder in the case of secured debt. Some states allow you to keep your home and a vehicle under Chapter 7.

2. Chapter 13 Creates a Payment Plan

Chapter 13 may work for those who have enough income to pay off some of their debt in installments. Again the trustee puts obligations in order and then helps negotiate a reasonable sum for each. All of the debts are added and split into monthly payments which last from three to five years. Once the payment plan is fulfilled, the remaining debt is discharged from the credit.

3. Chapter 7 Stays on Your Credit Longer

Chapter 7 bankruptcy may be helpful to take care of sizeable debt; however, since you are not paying everything off, it can linger on your credit longer. A typical Chapter 7 remains ten years after discharge. Chapter 13 is usually gone after seven years.

Speaking with someone about your options is the best way to go when facing an uncertain future.