Hi everyone, I’m hoping to get some advice on paying off my P100,000 credit card debt. It’s spread across three cards and includes everyday expenses, a carried balance, and some installment payments. The amount went up recently due to big moving expenses.
I earn P70,000 net each month, and my regular expenses (rent, utilities, food, transport, laundry) total about P40,000. Any practical tips or strategies to tackle this would be really helpful. Thanks!
You got this! Start with a solid plan and stick to it.
If you can, pay it in full to avoid interest. Your salary is decent enough for this.
Stop using your credit card for now. Leave it at home until the debt is paid.
If I had an extra P30,000 every month, I’d pay P30,000 monthly and clear the debt in 4 months. Don’t overthink it, just start.
Prioritize paying off your debt first and stop using your cards for now.
Stop using your cards and call customer service to convert your balance into installments. Once that’s done, focus on saving and cutting down your expenses.
Zuri said:
Stop using your cards and call customer service to convert your balance into installments. Once that’s done, focus on saving and cutting down your expenses.
How do I call customer service for this?
@Parrish
You can call your bank’s hotline, talk to a live agent, and ask about converting your balance into installments.
With P30,000 savings each month, you should easily clear this debt in a few months. Just do the math.
Make a budget on an Excel sheet and stick to it. This is pretty straightforward.
Convert your balance into installments for 3–6 months, depending on how much you owe. Don’t use your cards until everything is paid off.
With your salary, maybe look into cutting costs and finding cheaper alternatives for now.
Start by paying off the smallest balance first. Once that’s out of the way, use your extra P30,000 to clear the rest.
Just convert your debt to installments.
Installments are a good option. It’s better than paying huge finance charges. If you can’t pay in full, at least pay a large portion to minimize the interest.
If you have P30,000 extra every month, this debt could be cleared in 3–4 months. What’s stopping you?
Pippin said:
If you have P30,000 extra every month, this debt could be cleared in 3–4 months. What’s stopping you?
Exactly. Stick to no unnecessary spending for a few months, and it’s done. Focus on paying the lowest balance first to reduce interest.
@Remy
To reduce charges faster, pay off the card with the highest interest rate first. Paying the smallest balance works more for peace of mind.
Emory said:
@Remy
To reduce charges faster, pay off the card with the highest interest rate first. Paying the smallest balance works more for peace of mind.
True, but if paying the smallest balance feels more manageable, that’s also fine. It depends on what works best for OP.