prime gods

Debt, as defined by WordNet, is the state of owing something (money or goods or services). With the readily available access to credit both offline and online, a lot of people are easily enticed with buying goods and services that they don’t actually need. Consequently, it creates and piles up their debt.

I used to be that way. My usual line of thought back then was, “That’s what credit cards are for. I can always pay for them later or in installment.” Then the bills arrived. I fainted. What I kept telling myself was just small stuff accumulated into huge amounts that was way beyond my monthly budget.

This prompted me to start trimming down on my unnecessary expenses and reading online for some debt help and tips. After all, burying your head in a sack when financial problems arise will not erase the fact that you have debts. For people like me who are struggling to repay my debts, it is important to learn about the different options available for unsecured debts.

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Disclosure: This post features a paid link.

My parents, who recently retired in the Armed Forces got a lump sum of their retirement pay to build our own house (we used to live in military provided housing). The money they got weren’t enough to finish the structure so they availed of a home equity loan. A home equity loan is sometimes referred to as a second mortgages or borrowing against your home.

Since we have to wait for another two years for their retirement pay to resume, we’re currently having some financial problems. Consequently, my mom is planning to remortgage (a mortgage which replaces a previous mortgage) to help us get through until their retirement pay resumes.

My family was hesitant about this at first. But when she informed us about also availing of a mortgage insurance, which covers your mortgage if you were ever in an accident, if you become unemployed or if you suddenly became ill and wouldn’t be able to work, we gave her our go signal.

Hopefully, with the remortgage, we’ll be able to survive the coming months.

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Disclosure: This post features a paid link.

I’m on the brink of resigning from my company and putting up my own. I already have most of it planned out - except for the money part. I have no idea how to survive with my meager, almost nil savings.

I’m considering availing of a personal loan from a renowned bank that offers very little interest so that I will have some money to pay off my bills for the next few months once I start my own company. That way, I won’t have to worry much about my bills and concentrate fully on making myself rich. According to my friend, with my current status and the fact that I don’t have any bad credit loans record, I’m sure to get my personal loan approved asap. I’m keeping my fingers crossed on this one. I’d hate to ask my friends and relatives for some dough to help me pay off my bills after I resign from my current job.

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Disclosure: This post features a paid link.