I am so excited to share with you our progress as our family takes this journey to debt-freedom. It is now 7 months since we made that decision to eliminate our debt completely.
So we had a total of PHP 1,065,000 non-mortgage debt which we acquired last year from a series of bad decisions. I can’t believe that I did most of them but it’s true! But God is good and He is giving us the wisdom and the discipline on how to handle our finances well. He is continually blessing all our hard work. Good news is, at the end of this month our balance is now only PHP 543,085 and we paid off one out of our six debts.
Below is our updated debt list and their balances at the end of May 2018. We use Undebtit to track all of them.
- BDO Car Loan – completely paid off ( Total remaining loan amount was PHP 65,000 not including interest)
- BPI Personal Loan – completely paid off ( Total loan amount is PHP 100,000 not including interest)
- BPI Credit Card (Mine) – PHP 55,335.93 remaining
- Citibank Credit Card – PHP 65,698.00 remaining
- Citibank Personal Loan 1- PHP 69,377.53 remaining
- BPI Credit Card (Hubby)- PHP 82,549.14 remaining
- Citibank Personal Loan 2 – PHP 270,124.07 remaining
As a family, we are so happy that even though not that fast, but we know we are getting there! We are going to be debt-free in no time. Is it easy? NO! It’s hard. It takes a lot of patience, discipline , sacrifice and determination. Is it worth it? YES! Why? Just by thinking about the future and the way of life that we are passing on to our children, it makes us so excited . We want our family , our children and our children’s children live the life that Jesus died for to give us an abundant life. God wants us to put our trust in Him for all of our needs and not on loans and credit cards.
Give to everyone what you owe them: Pay your taxes and government fees to those who collect them, and give respect and honor to those who are in authority. – Romans 13:7
How about you? Do you have some tips on how to eliminate debt completely? Share them to us by writing them in the comment box.