Christmas season here in Philippines always goes hand-in-hand with shopping. First, because of the gift-giving custom of the Filipinos during Christmas. Second, because this is the season when the nth month pay and bonuses are released. Unfortunately, this is also the time when most Filipinos failed to watch their expenses. The result, overspending. And those who have their credit cards who used their credit cards to shop are oftentimes
shocked surprised when their billing arrived.
Many Filipinos start to feel the result of the overspending after the merriment of the season. Those who used their credit cards unwisely for their purchases started to feel the burden when they could not pay the balance in full. They will feel more burdened when the interest and financial charges pile on the next billing period. Some would convert the balance to monthly deferred payment plan to avoid the continuous piling of interest. But some who want to evade a month’s interest easily grab the 0% Balance Transfer Credit Cards offered by other credit card company without doing their homework.
0% Balance Transfer Credit Cards plan is one strategy of credit card companies to persuade credit card holders of other banks to avail their credit cards. But transferring to another credit card provider is not always a good solution. Some credit card companies just offer this plan to entice clients but in the long run, these credit card companies impose hidden charges. So those who want to avail this program should really do their homework and search how the credit card companies calculate their charges.
Unnecessary financial woes can be avoided through proper financial management. The saying “living below your means” is always an effective rule in spending.