Well the title post is kind of popular recently. Everybody wants to get out of debt. So the first thing is to know what the situation you are in.  For me, home mortgage loan or car loan is not include as a debt story.  For me, home mortgage loan and car loan are something that is well planned and it can turn to be big investment in the long run especially in buying home or land. What I consider as a debt story is something out of financial planning. Debt is something worst than having loan and as usual like credit card debt.

Oh I hate to say this. Yes I have credit card debt. I feel really really bad for having this problem. When you read articles cross the internet that people having credit cards debts have more stress then it’s true. Things with credit card debt is it’s not going to be lower every month. Why I said that because if you just make the minimum payment, the credit card issuer will charge you interest (now mine is 17% )base on your card balance. The percentage is getting higher compare to last year. Last year they only charge about 5%. So, even if I pay the minimum payout,you can calculate; the debt will never end. So this is the worst thing if you trap in credit card debt. It was a mistake and I admit.

Why I can trap to this serious problem? Okay, at first I always paying cash when shopping. But I heard one of my friends had a GUESS watch, really nice guess watch after redeem points when using credit card. So, I’m thinking why not using credit card so I can get free branded items in the same time? But it’s getting easy when you use credit card to shop. I do. Just swipe that card and I’m done.  It starts when I pay late for the credit card bills and they started to charge the interest. Then I concentrate to pay on time. But as i said it’s seems so easy to pay using credit card and you don’t even realize that you are overspend. Then I started to pay just the minimum payment every month and that makes my payment seems never end.

Oh I hate citibank. They just increase my credit limit means “you can shop more”. How much did I owe citibank? Total is less then $10,000. I have to admit I have this much debt.

So, what I do? I took a little advice from friend to clear my debt using a personal loan. Yes, finally I can get out of that high interest every month. What I do is I go for personal loan which the interest is less and less payment every month. I’m still waiting for the loan application approval. It’s not done yet. May be it’s though to get loan during recession time but once it’s approve and I will have full settlement with my credit card debt.  No more debt. Debt free. I wish.