Tag: debt management

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Tips To Maintain a Zero Balance on Credit Cards

While many can’t keep their credit cards at a zero balance, some people can. I’m one of those people who pay their monthly credit card balance in full (but not after experiencing getting neck-deep in credit card debt first which was one of the reasons why I got to appear on a local business and finance TV show last year!). More than learning my lesson the hard way, I think what made me get my acts together was getting drained (financially and emotionally) by this vicious cycle which only I could break. The thought of being credit card debt-free (and the joy that comes with it!) was just a bonus.

Maintaining a zero balance on credit cards is doable. Here are some practices I employ to make sure the hubby and I get to pay our credit card debts in full every month:

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Zero Car Mortgage!

While working in the office last Chinese New Year, I received this photo from the hubby via Viber with a caption that said, “Happy 5th Birthday Nissen :)” (Nissen is the name of our car.) Suddenly, I felt my eyes brightened and my heart swelled with happiness. I knew it was going to be this month but the exact date eluded my memory. Fully-paid na kami sa car, yeeeeees! One major debt down, one more to go (a.k.a. our Bacoor house)!

nissen
the hubby’s FB post with the same photo he showed me on Viber
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Additional Credit Limit from Citibank

Just the other day, I received an email from Citibank informing me that my credit limit has been increased once again. From P55,000, it’s now P80,000. Again, I didn’t ask for it, they just willingly gave it to me like in my previous line increase. Was it because I’m a responsible cardholder now? Yes, probably. Or maybe, they just want to lure me into spending more. Well, good luck to them because that won’t happen!

citibank
email excerpt from Citibank

Ever since I became credit card debt-free, I’ve been paying my credit card dues in full. After learning the hard way how credit card companies make money, I started to take my credit card spending seriously. I want to give them as little profit as possible by being a responsible cardholder now.

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Freedom from Debts

I remember early this year, I told myself (and probably shared in this blog) that I wanted to be debt-free. No, not just me, but my husband as well. We have some credit card debts that need immediate financial attention. I’ve heard of other people’s horrible stories on credit card debts and while we’re far from credit card-related trouble, I can’t imagine ourselves getting into the same situation. It’s like it’s gonna be the end of the world for me.

I noticed that in the past two years, a good chunk of our supposed-to-be savings just went to our credit card obligations. I know there’s nobody else to blame but us. We made a lot of impulsive purchases (I once bought tons of cheap postcards just because they were on sale!) and spent money before it even came. Truly, a bad spending habit that needs to be curbed before it’s too late.

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