Asking for Support
I’m so thankful to have very supportive parents. My mom has a talent for investing into promising businesses. Right now, they have a new business and it’s really booming. I seeked help from them with regard to my debts and they agreed to help me get out of it hoping that this will also inspire my shopaholic sister to stop her vice and consider seeking my parent’s help with her financial problems. I really hope that by the end of this year or two, I’d be able to pay up all my debts.
I might receive some money at the end of this month (insurance thingy) and I asked their opinion if I’d use it to pay off on one of my credit cards or if I’d just give the money to them and let them grow it. I only pay the minimum balance on the card which is P500 a month (half amount is for the interest). So I was wondering if it will do good to pay the whole balance of 10k or just give the money to my parents and ask them to give me a portion of the money’s earnings on a monthly basis till I pay off the card. As of now, the plan was for my mom to give me at least 1k per month for the next 10 months to pay off the card. Then I plan to use the P500 I allocated for that card to pay off the other card I have. This way, I’ll be finished paying off both cards after 10 months, or less. I hope this works. Coz I still have other cards to settle.
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