#PlsSaveMe – Using Your Credit Cards Responsibly
Paying Your Debts and Learning Valuable Lessons in the Process
Sometimes unexpected things happen just when we least expect it. We think that bad things happen only to other people and not us and that too dramatic scenarios can only be seen on TV or the movies. When we’re faced with challenges, that’s when we realize how strong we are. Some may fold but others will come out triumphant.
Marilou at Campuestohan Highland Resort (Bacolod)
Marilou, a 44-year old former OFW in Abu Dhabi and now a housewife with 2 children living in Bacolod City, shares her story and how her family helped her immensely during her time of need and how we should always keep in mind to use our credit cards wisely.
“I was born in an economically-challenged family. I was adopted by my aunt and uncle when I was a baby to lessen one mouth to be fed. I was fortunate enough to have finished college and land a job in Abu Dhabi. While I was working there, I met someone and got married. I decided to stop working and return home for good with my kids. My husband worked as a mechanic in Abu Dhabi Airline but he resigned to look for greener pasture. He then landed a job with Ferrari in Italy. He comes home every year for a vacation. But in July 10, 2010, he wasn’t able to do so because he was intercepted by the Interpol in the airline on his way to the Philippines and was arrested. He was then imprisoned in Germany to stand trial for credit card debt.
We didn’t know what happened to him because all of his belongings were confiscated including his mobile phone. After two weeks, somebody called and informed us that my husband is in prison because of credit card debt which amounted to Php 1.8 million. I got so depressed upon hearing the news and didn’t really know what to do. I asked my siblings for help. I feel so blessed and am thankful to God for giving me siblings who are always willing to lend a hand and help me as much as they can (they are my biological siblings and not the children of my aunt and uncle who adopted me). One sister even mortgaged her house just so she can give me money to pay for the debt. We were able to raise the money within one week and send it to the bank to finally pay the debts. After paying the huge amount, my husband was released. We started to pay the mortgaged property of my sister for 18 months until it’s fully paid.”
The life-size replica of the giant gorilla, KingKong, at Campuestohan Highland Resort (Bacolod)
Marilou’s story opens our eyes to the “dangers” of credit card use. I know that it’s convenient to have them around since it’s impossible to have a lot of money all the time (unless you’re very rich). It’s something that you can use for emergencies and when you need to buy things that you really need. You can also use your credit cards to pay for electricity, water, cable, etc. and pay for your children’s tuition fee as well. If used properly, they can be of great help financially. Let’s be responsible when using our credit cards and only use them when we really need to. It’s also important that we pay our monthly dues. It’s better if we pay more than the minimum amount so that the interest will not pile up. Let’s take our credit card debts seriously. If banks here in the Philippines aren’t too strict in demanding credit card payments, it’s a different story when you’re in another country. Case in point is Marilou’s husband.
Another lesson that we can learn from this story is that we should save more so that we have money to spend for the future and not rely on others. Furthermore, if we have enough money, we don’t have to use our credit cards too much and instead pay cash.
