Wednesday, July 04, 2007

Credit Card - friend, or foe

From the last week of June to the first week of July, this week,

I’ve been paying full the balance on my existing credit cards.

I’ve discontinued one, but I’m keeping the card intact as a memorial.

2 others, I have got the cap limit reduced to about a fraction of the

original max credit allowed. The last one, I’ve paid a considerable portion.

Since I have other matters to settle, the least that I can do is to reduce the

principal. With this, I’m breathing new life – praise God!


I did say that I’m keeping the old cards as a memorial of how I’ve been

lifted up from the terrible mire of credit card loans that can’t be paid up,

and if paid, the amount paid only goes to the interest, month after month,

for years. I’ve been given a new start by the Lord, and I know that if I don’t

learn my lessons, for sure, I will be in a bigger mess next time.


That next time I’m not looking forward to. That next time is not a welcome day.

That next time is a dreaded date. So I’ve done what I can to keep that occasion

from happening. Please God!


After having done what we needed to do, my wife and I are happy that

we can again be thankful givers, in gratitude to what God has done.

It is a promise that we will keep, in remembrance of God’s faithfulness.

As God clears our debts, He doesn’t completely remove the scars and pain.

He doesn’t take away the responsibility as well. But He does impart the

lesson and grace, to rejoice momentarily at the victory and triumph

over deliverance from long-standing credits already posing as giants,

and becoming imposing threats that endangers our daily financial resources.

With the load taken away, we can again walk straight, live free, but not

to commit the same mistake again. Especially with the upcoming task

of buying a house, an option we understand to be better than to keep on

renting flats year after year. And buying a car? I’ve asked ‘why?’ before.

But now, I’m asking, ‘why not?’. It just needs to be done at the right time

and in the proper perspective, that it will be of practical and common use.

Nothing else. And I deem that, with growing kids, soon to be ladies,

we’d definitely need one, sending and collecting here and there, time to time.


I know that in all of these dealings, whether buying a house, or buying a car,

one area that will be investigated is the credit card usage. As one colleague

stressed one time, it is not a foe. It all depends on how you manage it.

At many times, it can actually be to your advantage. It is only the issue of

mismanagement, and one quick erroneous transaction – you’re done for.


Not to mention the scams… some people in this supposedly safe-as-a-vault

country just seem to be free and licensed to extort money from unsuspecting

locals and foreigners. Does the police know? Does the government know?

Who can tell?


Is credit card bad? From some point of view, yes; from others, no. It is up to you.

Altogether, having no credit is the best alternative. But in most cases, it is

unavoidable. The solution? Manage it well – it will be a friend, not a foe.

Use it wisely, it will be your servant, not your master.



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