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I’m Cancelling!

January 2, 2011

.. my credit cards! Well just two of them. I can’t pay off the other one yet. I have 3.

Sad. I know.

Ever since I got these credit cards they’ve been both a pain and a pleasure. The thrill of having to buy something I can’t afford is exhilarating and addictive, but the debt they beckon is too much.

My first ever purchase using a credit card was on a black-grey-and-white Nike Free 4.0. I bought it for about five thousand Php or roughly $120. Even though the promise of the brand and the shoe was, well, promising, it didn’t last me a year. After about 8 months, my toes could say “hi” from the bottom of the shoe, but this is because I had to use it everyday. I didn’t have enough to buy another pair of shoes because I still had to pay for the other one. But even though I went through that, this was only step #1.

My first ever cash advance was P14,000. Not a very big amount, but 5 years ago, it was. I needed about P10,000, but I decided to flush out the maximum amount thinking it was best because hey, extra cash. Aside from that I could pay monthly, for a year, at 1.4% increase only. I thought it wasn’t a bad deal so I went for it.

Well, the credit concept was good, but since I didn’t know what I was treading on, it became complicated. I missed a few months, thinking that the 1.4% increase was okay.. Buzz WRONG! It was 3.5%, the usual credit card monthly increment. >_< And there’s a penalty if I don’t pay minimum. *facepalm*

Long story short, payment after payment, I lived the rest of my years paying debt. Until today. It’s not a very nice feeling knowing I’m negative.

I remembered what my Lolo said when he left his hometown to do business in Davao: “I came to Davao City with only fourteen pesos.” At the time, the peso still had great value, I remember my brothers telling me that two pesos could get you dollar.. but still, P14? Wow! … and why?

“I paid all my debts and all my obligations so that they don’t have to look for me.” (Not word for word)

I also aspire to be like that too. But before I move on, I want to at least pay off all my debts, with my own money. No help from Mama.

This is gonna be hard.


From → About me, Thoughts

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  1. Should You Get a Credit Card? | The Oaf

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