What better ideas to lessen my debts?

July 27, 2012 | By Fitz | Filed in: Loans, Debts & Credit Cards, Personal Finance.

I have a 25K credit in a bank. Due to my emergency CS. I have already budgeted both our income and all is accounted for, meaning, we have no extra to pay for that debt. However, everytime i get extra income, i see to it that i pay it to lessen the principal amount. But as of now, im paying the minimum due amount. I need better idea on how i can lessen my debt. Thanks!

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2 Responses to “What better ideas to lessen my debts?”

  1. ka edong says:

    hi Jorayma,
    I was in your situation once upon a time.
    I discussed with my bank: BPI Credit. I asked them to restructure my credit card debt.

    They were open to this only when I failed to pay 1 month. (They did not entertain restructuring at the time when I was still paying each month).

    In essence, they converted my debt to a regular fixed-amount monthly payment (instead of a debt that has monthly interest).
    Good side of this — you are not marked in the “blacklist” database among the banks/creditors.

    Part of the arrangement is that the credit card is “suspended” — you can no longer use it for future (and any current recurring) payments.
    You have the option to apply for another credit card — use this option wisely.

    Hope this helps.

  2. Ma. rachel L. Fabian says:

    Nag apply na ko for bpi resctructuring last jan 19 sabi nila bayaran ko muna ng 10k tapos succeeding mo eh nasa 16t plus ang babayaran ko pero ng duamting ang bil ng feb andon pa din ang amount ng babayran ko ang existing amount kc eh 531t plus eh d madadagdagan pa uli yon o dpa ako na aaprobahan sa restructuring kc tumawag na uli ko bpi pero ang sabi tatawagan nalang ako o dapat b wag ko muna bayaran this month para ma aprobahan ang debt restructring ko ko sa bpi. Please answer i need help thanks

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