Tag Archives: credit card

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 failed 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 immediately. 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 have 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 see to it to save for the education of our son.

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, is if you own a credit card, make sure to use it wisely and do not use it on impulse.

Enrolment woes

Opening of classes is the time of the year when parents normally get excited and apprehensive at the same time. They get excited because their kids will be entering a new phase in their lives as a student. They feel anxious if there are reports of tuition hike and increase in prices of school supplies. All these things happen beyond are control. So in instances that an additional financial support is needed, some parents resort to using their prepaid visa. In our case, if push comes to shove we’ll just have to use our credit card. (Like what I wrote in my previous posts we maintain the card for emergency purposes only.)

Use credit card wisely

Every now and then, hubby would receive letters from credit card companies inviting him to apply for a credit card. These companies usually offer  zero-interest rate, rebates and credit card debt consolidation as marketing strategy to attract more clients. They would even offer easy credit card processing where you can get an activated card within a few days. We already own a credit card and hubby opted to maintain only one credit card account. Our credit card has been very useful to us during emergency situation. I don’t want to sound like encouraging other people to get a credit card, but during urgent situation it will surely help you cope. One thing though, if you own a credit card make sure to use it wisely and don’t use it on impulse.

Art books for Naomi


My daughter is looking for contemporary art books on the Internet.  She wants to get some tips on how to properly apply water color to her drawing. The last time we were at the mall she was checking an art book. It’s a bit pricey so she looked for other less expensive art books. She saw two practical guides to drawing animals and portraits. Hubby used his credit card to pay for the items that also include a few pieces of art materials. My daughter was excited to have her first set of art books. When we have extra cash we might buy her guide book to drawing still life and another book that teaches step-by-step exercises to apply water color to drawing. By the way, she is celebrating her 13th birthday on Monday. One of her wishes is to enroll in art classes this summer.


Naomi’s latest drawings