Debt Slavery #PlsSaveMe #FinancialLiteracy

What are the scariest horror stories you have in your lifetime? I guess your response will be a ghost experience or a psychopathic killer encounter while watching a movie.

Not all horror stories are about the ghost or killer. The scariest horror stories usually happened in actual life. One heart-stopping and horrifying moment is being screwed up for a large of money.

The common phrase we usually hear is "walang nakukulong sa utang", I really don't agree with this. Here is my financial horror story and I hope you learn from my mistakes.


I was studying that time, although my parents are both teachers, and they can sustain my daily needs, I opt to be independent, and so I applied for work and become a working student at age 18.

I work as a Customer Representative in a popular Telegram company and that was the time were analogue mobile phone was introduced onto the Philippine market. The love affair between Filipinos and the mobile phone become a hype that everyone a must have. And because I was working in a telegram company and believed I was financially stable, I decided to apply for a plan using my credit card.

I'm a simple person, not too lavish in terms of material things. Yes, I'm the only child, and I am contented with what I have, that's why I work because I want to earn and at the same time determined to learn how to budget.

I do my grocery two times in a month, and I pay through credit card in installments, thus I can properly balance my financial expenses. I don't have a house loan because I'm blessed to dwell in my parents house.


What really shock me is my mobile plan and credit card accounts.

At age 18, I was very afraid looking at my bills in that huge amount of money: My monthly salary that time is P15, 000. And my bills are amounting to P50, 000+++ for my Mobile Plan and P25, 000 for my Credit Card plus interest.

What happened? I am very innocent that time that even if I do my financial planning  revenues and expenses, I didn't know that what I am paying is just the amount given and I need to pay the surcharges and the interests. That's when you miss to pay on time there is a recurring interest added to your bills. Hey! I don't know that. And yes, I am too innocent!

The lawsuit was sent to our house that I have to pay the remaining surcharges and interests in my bills. Phone calls from a customer services are coming in reminding me to pay my bills. And to get my story short, I was subpoenaed for the case ESTAFA. Yes, too young indeed to bear this kind of burden.

And what added to my scariest horror nightmare, is that my contract ended because the company I am working with was closing down. The stable inflow of money was shut down and I'm bleeding out of cash. The one I dependent for to help me suddenly disappear and that's where my cycle of debt started.

Imagine, I am a student with a debt of almost P80, 000+++. No work. No money. But I need to pay or else I will be put in jail.

I went to the fiscal together with my parents and ask for consideration, an agreement was made. My parents settled with the two companies I indebted to. And I said to myself even how hard you attempt to pay bills (on time) or how you do finances well, there will come a time that you mess up!

Lesson learned is to do some tracks on what is credit card all about and that you have to read the contract you've signed in with the mobile company and plan you get (read all the details especially the payment part) Before signing up a contract with them.

I really have a hard time to put finances back on track. I am a slave with the debts I made. And yes, I am truly blessed to have my parents who help me pay my bills. My advice is, not to spend too much   AVOID applying for credit card and mobile phone if your wage is below your expenses. Don't FAKE your PAYROLL (everyone is doing this in order to get a credit card).  Must SAVE enough cash to last till the end of your job contract.

Remember, I live in a frugal lifestyle for me simple living makes me happy. And living, less is not enough, you should be prepared for the unexpected.

Pay your bills on time, it's your responsibility.
But never mess with your money!

This is my Financial Literacy Advocacy Post #1 for #PlsSaveMe campaign. Not just helping to tell stories, but to informed individuals to make effective financial management with their money. 


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