Are you getting calls from Credit Card companies or debt collectors to the point that you are freaking out when your phone rings? Are you at the point that you already don’t know how to pay off your credit card debt?
I remember getting my first ever credit card in the mail. It was like I won the lottery. The first thing that popped in my mind is, “Now what am I going to buy?”. Be honest now, how many of you had that same feeling when you got your credit card?
Before I even give you some tips on how to pay off your credit card debt, let’s go to the root problem first – your attitude. Change the way you think about credit cards or money, for that matter, then solving this problem will be easy as pie. It’s not going to be immediate but it’s easy.
So here are some tips on how you can pay off your credit card debt:
Do not ignore that call
Yup. You read that right. I know it’s annoying and builds up so much pressure for the day but never ignore or drop that call from your credit card company or collector.
In fact give them all your contact numbers so they will be able to contact you. This is very important in the future because you will be making deals with them (I’ll teach you in a moment). What you are doing is building trust and confidence.
So what are you going to say to them? Just tell them that you are hard up right now but you never plan to evade your responsibility.
They will be tough and sometimes rude but that is their job.
In the Philippines we do not have anti-harassment law when it comes to debt collection but that does not mean that they have the right to harass someone who is not escaping his responsibility. So just tell them nicely.
DO NOT BE AFRAID
Sometimes they will threat you to bring this issue to a lawyer and will file a case against you. Well, I’m going to tell you a secret, no one has been imprisoned because of a credit card debt.
However, this does not mean that you don’t need to pay off your debt. It is always a good thing to pay what you owe. In the first place, if you have records of delinquent accounts, it will be very hard for you to make a loan in the future because those records can be acquired from CMAP (Credit Management Association of the Philippines).
DO NOT ISSUE A CHECK
I know I told you that no one has been imprisoned because of a credit card debt, however, credit card companies can file a case against you – for real – if you issue a check and you are not able to pay or if you keep on having bounced checks. This is called estafa and, according to the law you can be imprisoned to about 5-20 years depending on the amount you placed in the check.
Collectors will tell you to issue a check and they will “never” bother you again. Please do not do this. Never do this.
In my Personal Financial Management Seminar and Workshop, I teach my participants the details on how to be able to pay off their credit card debt and say goodbye to stress forever.
If you are interested, I encourage you to get in touch with us so we can help you out.
Let me know what you think about this article.