OFW’s and debt management
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I’ve written a lot about Overseas Filipino Workers having the opportunity to be in the middle class or even in the upper middle class level of the Philippine society. We all have that opportunity given the fact that we earn more than our counterparts in our country and have much more choices with the monies that we have. However, we are also bombarded with a lot of marketing and advertising campaigns not only from what get get in our email inboxes but also from a lot of real estate companies in Manila. We also get bombarded with advertising campaigns from other companies for us to buy their products. The fact that we’re Overseas Filipino Workers, it seemed to me that easy credit is readily available to us. Heck, there’s several pre-approved credit cards that I received recently ranging from $300 to $6,000!
If we’re not careful about all of these incessant inbox and mailbox offers, pretty soon you’d be do deep in debt that you’d have a hard time wading through all the plastics sorrounding you. This is actually one of the sad realities on some of the OFW’s that I know. Debt indeed is becoming a major problem not only to OFW’s but to many people not taking care of their finances. We tend to be easily influenced by all these tube ads that we forget how important debt management is.
Now, if you’ve fallen into all of these debt traps and you’ve realized your mistakes, consider debt consolidation to lower your monthly payments. But bear in mind, the idea is to eliminate or at least keep your debts to a manageable level and not to create more debts. Now, there’s another thing that you can do. Call your credit card companies and request to lower your rate or make a voluntary arrangement with them. Learn more about IVAÂ Â and see if this will work for you. Some of them are very responsive to responsible credit card holders and you might just get lucky. Remember, you’ve worked so hard for your money only to waste them on unnecessary expenses!
So, the next time another plastic offer comes into your mailbox, be careful - it’s so easy to create debt.
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