My credit card bill came today and well, I owe the bank a lot thanks to the purchase of my LCD monitor (which I totally am loving). Got me to thinking again about credit and loans and making sure I am up to date with payments. I so do not want to be called by card collectors in the future just because I've failed to pay on time.
There's no credit rating system here in the Philippines and the only reason why I'm aware of such a system is because my brother works at a credit card company. He was also a finance major in college so I guess he really kinda knows about stuff like that. If there was such a system here, I think I'd get a good rating.
Boyfriend, on the other hand, would not be so lucky. He currently has no active credit cards because there was a time when he wasn't using all three of them wisely. So rather than run up to more bad credit loans, he decided to just cancel them all and slowly pay off whatever was left of his previous charges.
I told him that there are credit card companies who would take your balance from your bad credit credit cards and give you a reasonable plan to be able to pay it off. I guess for some who have bad credit, it can seem as if there's no hope, specially if no institution to give them another chance, how would they bounce back? It's always a comfort to know that they actually have options available to them now.
I've been trying so hard to spend wisely, specially since I started amortization on the housing loan that I got for this walk-up condominium unit last year. It still amazes me that had I started managing my finances better a year and a half ago, I'd have far more savings in the bank plus I could have already bought a new oven. Boyfriend is also getting the hang of the concept of saving up for the future because he's been setting aside a specific amount each month and he takes comfort in knowing that he has that buffer, no matter how small it still is at this point.
0 thoUght(s).
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