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Getting Out of Credit Card Debt

August 14, 2013

Getting out of the credit card debt mire

Getting out of the credit card debt mireDecades ago,  getting a credit card is for the elite only. Approvals were hard to secure and had to get through stringent credit and character checks. Moreover, there were only a few companies and networks in the credit card business. I remember the first credit card I saw Diner’s Club credit card which was used by my father during our trips to the grocery. 

Fast forward to 1995. I got my very first credit card from Citibank with a credit limit of only Php 20,000. It was perfect timing because I was able to make use of it for my very first leisure trip to Hong Kong. It was fun to shop wth the card: all I had to do is swipe it and the purchase is done! If I remember it right, I spent almost Php 15,000 in shopping which included laser discs which cost around a converted Php 900 per piece (here it is Php 2000).  Back home, I was able to pay back my credit card dues in full.

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