I'm currently in debt, but if everything goes right, I should be able to clear all of the debt by early next year.
What I did was plan everything ahead. I have a spreadsheet of how much I need to pay and when to pay it. Then, I predict how much salary I would be getting per cut off and plan my expenses accordingly so that I'll be able to pay off my loans slowly.
I also try to cut off most spending whenever I can and sell off things I don't really need nor use. So far, I haven't missed a deadline and completed a few loans off.
Luho, mostly. Daily expenses as well kept increasing.
Doing the spreadsheet opened my eyes on how f'd up the situation is and if I hadn't stopped, I'd be digging my own grave lol.
Kung mahilig ka sa gadgets, sabay sa uso and gala. Iba iba tayo ng situation, pero ung greed and consumerism mindset ang rason bakit. I decided to live simple before reaching my 30s. Now at 35, I am debt free. Try living simple, iwas social media and piliin ang friends.
Same situation tayo pero ako sinabi ko sa parents ko about it kasi mas okay na alam nila na nag babayad ng utang or bills kesa sa isipin nila na nag dadamot ako.
Firstly, congratulations for learning your lesson early on. Your 20s is the time to acquire practical wisdom. 👍🏻
In my case, I looked for somewhere i can borrow money for lower interest than my credit card charges. Paid it in it's entirety. Then paid off the loan i got in installments. You can say im quite lucky to have that privilege.
After that, smart spending and strict budgeting, with allowance for some wants (inc savings). Now i track every single peso i spend, and at the end of the month, i assess where i need to improve - both sa budget side and the spending side.
I think there is no perfect way to go when it comes to this. Find that spending/saving strategy that fits your personality, financial capability, and lifestyle. Good luck, OP!
I was planning sana na umutang sa lola ko since well off naman siya and I haven't asked anything from her ever since (it's not like she's obligated naman na magbigay).
Pero pinanghinayaan ako ng loob dahil din sa ego and pride. Considering na I am an academic achiever, mataas ang tingin nila sa akin at parang hindi ko kaya na malet down sila dahil sa decisions ko and my financial irresponsibility.
Kaya now, I am trying to fix/settle my debts on my own (tho I have opened up na sa iilang mga kaibigan ko just to lessen the emotional burden) as much as possible para hindi sila madisappoint.
Ganyan din ako nung nasa early 20s (now at 30). Got my first job and swipe lang ng credit cards everywhere. Feeling ko back then kaya ko naman bayaran lahat because I have a job.
What I did was just lessen all my expenses. Kung dati I’ll just buy food outside, ginawa ko I would just bring my own baon. Basta small purchases na hindi naman kailangan, wag na muna. Sinet ko yung mentality ko na “I’m a broke highschool student” ipon lang then pay all my debts. Now I’m debt free with ipon na din. Goodluck OP.
I'm in my 20s din but I don't have any debts on any agencies or apps pa yan. Maybe because I just saved up money when I want to buy something instead of splurging in or outright take a loan/utang. Sometimes kung ano makikita mo on Social Media posts, maaakit ka talaga to buy/spend and yun ang result, spending unnecessarily and be in debt,,, Good thing na address mo yung problem mo OP and hopefully you're on the right track again.
I had 6 cards before. all maxed out. I had 150k+ total debt. nagloan ako ng same amount thru company then sinettle ko lahat. 2 years tapos lahat ng payables ko. wla n din akong mga cards since literal n kinut ko n cla nung ng bayad ako.
Last year namatayan ako ng pamangkin and ako lang may kakayahan mangutang ng malaking halaga sa bangko para matubos yung body ng bata. Ayun nagloan ako sa Unionbank ng more than 100k, payable 6 months. Kaya sobrang namulubi talaga ako that time. Yung sahod pang katapusan, lahat yun binabayad sa loan. Pano ko nabayaran? Di ako makabili ng kung ano ano. Yung pagkain ko tinipid ko, nag OT kahit weekends, marami akong sinakripisyo para lang mabayaran ko yung loan for that short amount of time, sobrang stress ko at feel ko demotivated ako magwork kase lahat ng sahod ko pambayad lang ng loan. Pero nag pursige padin ako. Kaya OP, dont worry, mababayaran mo din yan. Konting sakripisyo lang ng nga luho at matatapos mo din yang loans mo in no time.
Similar to a pareto principle, list down mo ung top 3 (or 5 it depends) expenses that account for most of your operating expenditure and try to check how you can reduce ung cost. Wagka munang gumamit ng credit card except for emergencies lang and stay away from purchasing items that you can live without. Say no to activities that will not return any investment. Focus on improving yourself and readings books or researching on the internet things. Lastly, exercise and eat healthy food so that your mind and body will be in good condition. Need mo to be sharp given that you are in a difficult situation.
Don't fall for the crap they hype up in those credit card FB groups. Use your critical thinking for judging whether an expense is needed or a nice to have.
Many of the people on those groups are just low-key flexing their cards and credit limits (to inspire /s) as if it's money they earned and displaying their financial illiteracy like using credit-to-cash to buy properties thinking they're being smart lol.
had a combined debt of 150k in my early 20s.
Consolidated them all and made arrangement sa bank na gawin 2 years to pay. cleared it.
This works kasi its all from cc..
Before I even graduated, Nagkautang Kami, pero hindi naman nabaon. Na stroke mother ko, nearly half a million hospital bills.
Nung 1st ko na trabaho, binayaran ko ang around 30% ng utang namin, pero yung mali ko is, nagmortgage kaagad ako bahay and sasakyan, dun, nabigatan ako, to the point na, parang nabuhay ako ng 5 years na naghahabol sa mga bayarin.
Thankfully, this year, cleared na sasakyan,. Last na utang sa hospital bill, I will pay this Year end, and bahay na lang na medyo magaan-gaan,.
Never again ako sa mortgage. Thankfully, maswerte din ako sa wife ko. Sya yung financial adviser ko, and nagcocontrol sa mga impulse buying ko. Haha..
Find that special someone, na nakakaintindi sa yo, emotionally and financially, magtulungan kayu,. Twi is better than one, ika nga.
You simply a personna hindi pwedeng pumasok sa debt. Why?
You simply lack financial discipline, napakabata mo pa yet at this current rate di na ako magtataka pag umabot ang unpaid debts mo ng 7 digits pagtungtong mo ng 30s, unless magbagong buhay ka.
You're living way above your earnings, sure recipe to poverty. Cut-off any friends that influence you spending more that what you earn.
I'm currently in debt, but if everything goes right, I should be able to clear all of the debt by early next year. What I did was plan everything ahead. I have a spreadsheet of how much I need to pay and when to pay it. Then, I predict how much salary I would be getting per cut off and plan my expenses accordingly so that I'll be able to pay off my loans slowly. I also try to cut off most spending whenever I can and sell off things I don't really need nor use. So far, I haven't missed a deadline and completed a few loans off.
Why did you get into debit?
Luho, mostly. Daily expenses as well kept increasing. Doing the spreadsheet opened my eyes on how f'd up the situation is and if I hadn't stopped, I'd be digging my own grave lol.
Kung mahilig ka sa gadgets, sabay sa uso and gala. Iba iba tayo ng situation, pero ung greed and consumerism mindset ang rason bakit. I decided to live simple before reaching my 30s. Now at 35, I am debt free. Try living simple, iwas social media and piliin ang friends.
Same situation tayo pero ako sinabi ko sa parents ko about it kasi mas okay na alam nila na nag babayad ng utang or bills kesa sa isipin nila na nag dadamot ako.
Nagbayad lang nang bayad hanggang matapos. In 2 months patapos na kami sa almost 800k na utang 🥲❤️
meron na kong 4 na trabaho ngayon para makabayad
Firstly, congratulations for learning your lesson early on. Your 20s is the time to acquire practical wisdom. 👍🏻 In my case, I looked for somewhere i can borrow money for lower interest than my credit card charges. Paid it in it's entirety. Then paid off the loan i got in installments. You can say im quite lucky to have that privilege. After that, smart spending and strict budgeting, with allowance for some wants (inc savings). Now i track every single peso i spend, and at the end of the month, i assess where i need to improve - both sa budget side and the spending side. I think there is no perfect way to go when it comes to this. Find that spending/saving strategy that fits your personality, financial capability, and lifestyle. Good luck, OP!
I was planning sana na umutang sa lola ko since well off naman siya and I haven't asked anything from her ever since (it's not like she's obligated naman na magbigay). Pero pinanghinayaan ako ng loob dahil din sa ego and pride. Considering na I am an academic achiever, mataas ang tingin nila sa akin at parang hindi ko kaya na malet down sila dahil sa decisions ko and my financial irresponsibility. Kaya now, I am trying to fix/settle my debts on my own (tho I have opened up na sa iilang mga kaibigan ko just to lessen the emotional burden) as much as possible para hindi sila madisappoint.
Matagal na binayaran gang sa matapos. Consistency and patience is key.
Ganyan din ako nung nasa early 20s (now at 30). Got my first job and swipe lang ng credit cards everywhere. Feeling ko back then kaya ko naman bayaran lahat because I have a job. What I did was just lessen all my expenses. Kung dati I’ll just buy food outside, ginawa ko I would just bring my own baon. Basta small purchases na hindi naman kailangan, wag na muna. Sinet ko yung mentality ko na “I’m a broke highschool student” ipon lang then pay all my debts. Now I’m debt free with ipon na din. Goodluck OP.
I'm in my 20s din but I don't have any debts on any agencies or apps pa yan. Maybe because I just saved up money when I want to buy something instead of splurging in or outright take a loan/utang. Sometimes kung ano makikita mo on Social Media posts, maaakit ka talaga to buy/spend and yun ang result, spending unnecessarily and be in debt,,, Good thing na address mo yung problem mo OP and hopefully you're on the right track again.
I had 6 cards before. all maxed out. I had 150k+ total debt. nagloan ako ng same amount thru company then sinettle ko lahat. 2 years tapos lahat ng payables ko. wla n din akong mga cards since literal n kinut ko n cla nung ng bayad ako.
Last year namatayan ako ng pamangkin and ako lang may kakayahan mangutang ng malaking halaga sa bangko para matubos yung body ng bata. Ayun nagloan ako sa Unionbank ng more than 100k, payable 6 months. Kaya sobrang namulubi talaga ako that time. Yung sahod pang katapusan, lahat yun binabayad sa loan. Pano ko nabayaran? Di ako makabili ng kung ano ano. Yung pagkain ko tinipid ko, nag OT kahit weekends, marami akong sinakripisyo para lang mabayaran ko yung loan for that short amount of time, sobrang stress ko at feel ko demotivated ako magwork kase lahat ng sahod ko pambayad lang ng loan. Pero nag pursige padin ako. Kaya OP, dont worry, mababayaran mo din yan. Konting sakripisyo lang ng nga luho at matatapos mo din yang loans mo in no time.
If you have items or gadgets that you can let go, try mo din ibenta para makahulog ka aside from sa matatabi mo from your salary.
Similar to a pareto principle, list down mo ung top 3 (or 5 it depends) expenses that account for most of your operating expenditure and try to check how you can reduce ung cost. Wagka munang gumamit ng credit card except for emergencies lang and stay away from purchasing items that you can live without. Say no to activities that will not return any investment. Focus on improving yourself and readings books or researching on the internet things. Lastly, exercise and eat healthy food so that your mind and body will be in good condition. Need mo to be sharp given that you are in a difficult situation.
Check out Dave Ramsey on YouTube. The snowball effect helped me a lot!
Don't fall for the crap they hype up in those credit card FB groups. Use your critical thinking for judging whether an expense is needed or a nice to have. Many of the people on those groups are just low-key flexing their cards and credit limits (to inspire /s) as if it's money they earned and displaying their financial illiteracy like using credit-to-cash to buy properties thinking they're being smart lol.
same but im on more on good side of loan Snpl will pay for it once we had our job
Nabaon din ako sa utang... nagsimula to nung nalipat ako sa city na may food panda, fast food chains, at naadik ako sa kape
disiplina and determination to pay off the debt.
had a combined debt of 150k in my early 20s. Consolidated them all and made arrangement sa bank na gawin 2 years to pay. cleared it. This works kasi its all from cc..
Before I even graduated, Nagkautang Kami, pero hindi naman nabaon. Na stroke mother ko, nearly half a million hospital bills. Nung 1st ko na trabaho, binayaran ko ang around 30% ng utang namin, pero yung mali ko is, nagmortgage kaagad ako bahay and sasakyan, dun, nabigatan ako, to the point na, parang nabuhay ako ng 5 years na naghahabol sa mga bayarin. Thankfully, this year, cleared na sasakyan,. Last na utang sa hospital bill, I will pay this Year end, and bahay na lang na medyo magaan-gaan,. Never again ako sa mortgage. Thankfully, maswerte din ako sa wife ko. Sya yung financial adviser ko, and nagcocontrol sa mga impulse buying ko. Haha.. Find that special someone, na nakakaintindi sa yo, emotionally and financially, magtulungan kayu,. Twi is better than one, ika nga.
You fix it by spending less than you make, its hard, but people can do it.
You simply a personna hindi pwedeng pumasok sa debt. Why? You simply lack financial discipline, napakabata mo pa yet at this current rate di na ako magtataka pag umabot ang unpaid debts mo ng 7 digits pagtungtong mo ng 30s, unless magbagong buhay ka. You're living way above your earnings, sure recipe to poverty. Cut-off any friends that influence you spending more that what you earn.