Monday, May 19, 2008

Personal Financial Advice for Filipinos

For those needing some badly wanted credit card debt relief, here are some possible options.
  • Get a low or zero interest salary loan from your office and pay off your loan. I have an officemate who borrowed the maximum allowable amount form the company and deposited the money in high interest paying accounts like the AFP savings and Loans. In a year, she was able to earn a lot.
  • Get a mortgage. A home mortgage allows people to pay their loans at comfortable repayment terms and lower interest rates.
  • Should the above two be inapplicable, get another credit card while your loans haven’t reached past due. Use the new credit card to pay off your exiting loan but this time, carefully plan the repayment of the new loan. Credit cards charge very high rates and repayment should be a top priority.
  • All the above should give you an idea of the other variants.

3 comments:

Francesca said...

Thats a good tip.
And would like to add, that if no money, dont BUY on credit.
Tiis muna until salary arrives.

Also, mga gastos na hindi naman ba importante...
Binyag, bday, kasal.
You can refuse to attend, if you cant afford the costs.
Theres no such shame to people who knows their limit.

jc smith said...

Korek!!!!

Thanks, Francesca!

winlotto said...

Such a nice blog. I hope you will create another post like this.

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