Getting Out of Debt

Yesterday I was shocked to see my credit card statement of account, with the usual 40k due it is now 91k! No problem, I am gonna pay 50k later but how about the other 41k? Maybe next payday, the day I am gonna be sad again because my income would be siphoned again.

Well I actually don’t wanna be sad and powerless (purchasing power), I wanted to stay strong and able to buy anything I want. I wanted Starbucks coffee everyday I am at work doing things happily with caffeine. I wanted to ocassionally grab some cheese floss or spicy chicken floss at Bread Talk. But at the end of the day I wanted to be really worry-free and become able to venture out to any business I’d like to join with.

Anyway back to Chinkee Tan’s video again Get Out Of Debt, it was a click bait to me, to see a self-relating topic discussed. It is not really a question of mine because I thought I really had the solution: pay the debt! But I learn so much that I realized that there is more to that, paying your debts and making it not happen again are two different things and sometimes I wish I can hibernate like a bear if I could to not incur debts.

  1. Change of lifestyle – As I said above I love Starbucks and Bread talk and I buy from them every other day or twice a week now, during Christmas season I buy frappe everyday! But this has brought me to more debt in credit card, more withdrawals from my payroll ATM card. If I consume 1k per week times 52 weeks per year then that is 52k! That is more than the amount I have to pay for my amortized newly bought motorcycle. Or a thousand US dollars that I can use to invest in Forex Trading! Paying that amount to my credit card could have saved me with the hassle of looking for 41k more due in credit card.
  2. Always be open minded – Looking for extra money like what I planned with 51Talk (teaching English online) would enable me to earn income outside of my real day job. It’s time consuming and probably would imbalance my life in social, enjoyment, comfort, etc. Buy hey I can get money here to pay my debt and that’s what matters. There’s also MyOutDesk which was looking for work from home people to take office assistance jobs from real estate broker abroad, $750 per month is not that bad in here I guess.
  3. Pay debt – Well assuming I got all the side jobs or any other income generating stuff I can do and earn from it then I guess it’s time to pay the debt itself now. No matter how much I pay for instance what matter most if the consistency to eradicate debt! I did that to my credit card before but because I wasn’t that consistent, I got back to where I started.
  4. Prioritize debt – Most often than not, I usually thinking about buying somthing from Lazada than paying my credit card, because Lazada is fun and having new things is fun. However at the end of the day I sill have debts to pay and this is stressful. So here’s what I am gonna do just in case I completed my payment next month, I am gonna hate debt as if it’s my nemesis, like it’s rude to me and I don’t like it, like it’s a curse, or the name that cannot be spoken (Voldemort) 🙂

So here, I shared with you the very essence of debt itself as I am experience one. I really hope that I can pay them all and never had to go back to it forever or at least in very minimal terms. I wish you a debt-less year and good luck!

Leave a Reply