Frugal Honey

Debt Management

How To Waive Credit Card Annual Fees

A few days ago, I asked for the reversal of my credit card’s annual fee of Php2,250. Yesterday, I received a text message saying that my request for reversal was not approved but that they hoped I would still continue using the credit card so that I can qualify for waiver next year.

In your dreams.

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So Near Yet So Far!

Maybe it’s wrong to equate getting my first paycheck and my commuted leaves as the finish line, but that’s how it really feels like at this point. It’s as if I’ve been running this financial marathon these past two months, making do with what we have without touching my investments. Unexpected expenses like our car’s battery dying and the resurrection of a headache which I honestly thought had long been dealt with, felt like punches to the gut. Let me reiterate again for the nth time how important it is to have a healthy stash in your emergency funds and believe you me that building up my emergency funds is the second thing I’ll be doing, next to paying off my credit card bills, once my cash inflow becomes regular.

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Debt and Depression

There’s no denying that debt is debilitating and has ruined one too many lives, but the effect of debt on a person’s psyche was once again brought to the spotlight with the recent news of the suicide/ murder of the Hsieh family.

The news outlets say that the family’s business went bankrupt and with their mounting debts with loan sharks and the knowledge that under Taiwanese law their children will inherit their debt, the parents deemed it best to just kill their children and themselves.

I’ve heard people ranting about how death was not the only solution that they could have pared down their belongings and sent their children to less expensive schools in order to pay their debts down. And those are very valid solutions, but the thing is, you don’t really think rationally when crippling debt gets a hold of you and drags you down into deep depression.

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Guest Post: The Merits and Demerits of Buy Now Pay Later

*Buy now pay later schemes are still not that popular in the Philippines, but they’re slowly making their presence felt, particularly in appliance stores. This post from Catalogues 247 should give us the lowdown on what to expect with such schemes, to see if this is something that we can use to our advantage.

Today, Buy Now Pay Later schemes, as well as other types of in- store credit managements, are on the increase in the UK. Simply put, in-store credit refers to the arrangement of buying goods or services in credit and then paying for them later. This facility is only available in certain stores or groups of stores. However, not many people think adequately about these schemes before opting for them. This kind of arrangement has both its advantages and disadvantages. Read on to find out about them:

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The Truth About Credit Card Interest Rates

The thing about credit cards is that they make your daily life so convenient. Swiping for anything is so easy and the banks make it look so fun and glamorous, that before you know it, you’re way above your head in debt.

But here’s one thing the banks don’t want you to know. You know those interest rates, penalties and charges in your credit card Terms and Conditions? Those penalties they slap on your account whenever you miss out on a payment? Those are illegal.

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