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The COVID-19 pandemic has disrupted all aspects of our lives, most especially our livelihood.

It is not surprising that many of our Kababayans who lost their jobs or suffered reduced income due to cost-cutting measures implemented by their companies have begun accumulating debt just to make ends meet.

And some rely heavily on their credit cards to pay for their groceries, utilities, and other essentials.

In the pilot episode of Susan Enriquez's Pera Paraan on GMA News TV, she helped out Jessica Balagtas, a seafarer working in a cruise line, who has accumulated at least Php 170,000 worth of debt.

Aside from that, she owns at least 17 credit cards!

During her interview via video conferencing with Pera Paraan, Jessica admitted that she can only pay the minimum monthly dues that she owes from the credit card companies.

“As of now minimun due lang mababayaran ko sa mga credit card ko. I know magkakaroon siya ng mga interes.”

She was quick to point out that those same credit cards were her lifesaver during this pandemic.

“Sobrang thankful ako nagkaroon ako noon, kasi mga installment sa groceries that time lalo na sa pandemic."

To save Jessica from drowning in so much debt, financial expert Peter Sing enumerated ways how she can effectively deal with her enormous Php 170,000 credit.

Stopping the interest

In Jessica Balagtas's case, the first thing she should do according to Mr. Sing is that she must talk to her creditors and reach an agreement to stop the accumulation of interest.

He stressed, “Kailangan niyang hilingin na itigil ang pagtakbo ng interes. Maki-usap siya, magkaroon ng agreement kelan niya sisimulan ito bayaran at magkano.

“Kasi, ang karaniwang sakit na nangyayari sa marami kong nakitang mga kababayan natin na kapag may utang sila, lalo na sa credit 'yung bang hindi sila mahanap sa bahay.

“Pagtatawagan, sasabihin wala, pero hindi mo matatakasan 'yung problema nandun pa rin 'yun.”

Face your debts head on

No more hiding from your creditors, since it will not resolve anything.

According to Peter, it is better to sit down with your creditors rather than wish for the problem with your debts to magically disappear one day.

“At habang hindi mo hinaharap nagpapatong-patong ang iyong interes.

“Kung wala kang pambayad sa ngayon, harapin mo 'yung creditor, tumawag ka. 'Pag tinawagan ka, kausapin mo at hilingin mo ng pormal na itigil ang patuloy na interes sapagkat wala kang ibabayad lalo kamong mababaon.”

Payment scheme

After talking to your banks or creditors, you must lay out a concrete plan, when you can realistically pay off your debts.

Peter Sing said, “Kailangan ka puwedeng magsimula uli magbayad ng realistically at magkano kaya mong ibayad, kasi doon nakasalalay 'yung maganda n'yo na usapan.”

You don't have to live in fear when it comes to your credit card bills.

Follow these tips from financial expert Peter Sing and in a couple of months you will be able to free yourself from debt trap.