How our health can affect our financial status
Date: Jun 25th, 2010 10:27:02 pm - Subscribe
Mood: helpful

The fitness and health phenomenon that’s sweeping the nation is great news to all of us and our financial stability! What was once a practice limited to the elite and rich (and has now led us to the obesity crisis in the country) has now been made more available to all of us. Not only does taking care of our health make us live longer and happier lives, it turns out that it also makes sure we do not bankrupt.

One of the top reasons people file for bankruptcy when they can no longer afford to pay off their credit card balances is medical incapacity. Even the most responsible user will not be able to keep up with the mounting expenses when we have to pay just more than what we can afford to stay alive and relatively healthy.

It’s a ridiculous link the first time we hear about it but in fact it’s a reality that has been very prevalent today. So the next time you grab for that extra chicken leg or slice of pizza, think again. Better yet, get off your butt and start playing with your kids!

Trust me. It’s a better alternative to the possibility of losing the financial battle against the credit card companies.

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Top 3 reasons we can go bankrupt
Date: Jun 25th, 2010 10:24:27 pm - Subscribe
Mood: troubled

Credit cards are a wonderful financial convenience. It’s such a blast to get that new iPhone so we could fit in. But if we can’t afford it yet, then just charge it and pay it off later. Last week, I saw this amazing new Chanel boots I had to have. I know that it was a luxury splurge but I didn’t have to worry because I knew that I could always pay the debt when I get my pay at the end of the month. It’s absolutely a perfect experience to spend the money I don’t have yet.

But this is the kind of mentality that has lead so many to lose control, not be able to find the money to pay off our balance, it starts piling up, and eventually they can’t handle it anymore and have to file for bankruptcy.

Job loss is the top reason identified by experts for bankruptcy filing. This has been particularly evident with the recent recession that has rocked the entire America. The other two reasons identified are family separation and medical problems.

So even if I give in to certain luxury purchases, I still make sure that I always have more than enough cash in case of a personal emergency. We should all do.

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Why credit card users end up filing for bankruptcy
Date: Jun 25th, 2010 10:19:35 pm - Subscribe
Mood: enlightened

Over lunch yesterday, I found out that one of my colleagues at work had to file for bankruptcy because she could no longer handle the outrageous debt of her credit balance. I felt so bad for her because she has always been very responsible at paying her balance until her expenses mounted because of a medical problem.

It’s interesting how our personal lives could take a toll on our capacity to pay our dues on time. It’s even more upsetting that credit card companies do not take into consideration your positive credit history as soon as you start lagging on your bills.

Sarah, my friend, couldn’t meet the expenses of her medications and ended up getting late in her payments. Automatically, the interest rates sky rocketed! When she inquired and complained about it, the company responded that she has become a risky client and it was stated in the contract that they had the freedom to increase the interest rates.

Most of us, like Sarah, aren’t given any slack even if we’ve been responsible in the past. It seems like credit card issuers are just waiting around the corner to pounce us as soon as we miss out.

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The Life Saving Plus of Owning a Credit Card
Date: Jun 20th, 2010 8:31:57 am - Subscribe
Mood: delighted

One of the staple contents of anyone’s wallet should be a credit card. It can come in very handy during emergencies or sticky situations but may also end up squeezing you dry when you are not able to control your shopping urges. Here are some wonderful advantages to owning one.

It is way easier to carry around just one small card instead of a bunch of cash. And when on a rush purchase, you don’t have to stress about counting bills or ever running out of cash to pay.

When travelling, it saves you from the hassle (and danger) of exchanging rates. A more wonderful plus is the card’s ability to transcend language and cultural differences. Anyone around the world knows a credit card. And when you flash it, you will surely be entertained.

Finally, it’s a savior when you’re in a pinch. Got a life and death emergency but don’t have the cash to pay? Instead of running to the ATM or searching for someone to lend you money which can cause delays, using the card can save your life or that of your loved one.

A credit card is definitely a necessity for everyone when it comes to emergencies. As long as you know how to control those unnecessary shopping urges, you will surely have a great experience with one.
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