Aside from COVID-19, there's one more thing that we're all worried about: ang due date ng mga bills ng kuryente, tubig, credit card. The upside is that nagbigay ng grace period ang mga utility companies due to the enhanced community quarantine.
As for your credit card bill, did you ever notice that there are two "amount dues" listed? These are your Total amount due and your Minimum amount due. (Hindi 'yon "pick the lower number," ha?) If you're not sure about the difference, here's a quick explanation to help you avoid getting buried in debt.
The Total Amount Due is the full amount that you need to pay by the due date. Yes, buong bayad siya para wala ka nang babayarang interes.
The Minimum Amount Due is the minimum amount that you have to pay by the due date, which is usually two or three percent of your total bill. Marami tao ang ito lang ang binabayaran, pero may catch: paying only the minimum amount and not your full bill means you'll be charged interest for the remaining amount. Kahit maliit sa tingin mo ang perang inilalabas mo kada buwan, malaki ang interes na babayaran mo sa kalaunan.
Kasi, nagbayad ka nga ng minimum (three percent ng total bill) pero alam mo ba kung ano ang mangyayari sa natitirang 97% na hindi mo binayaran? Papatungan ang natirang halaga ng interes na kailangan mo ring bayaran sa susunod na buwan. This will go on every month you pay the minimum interest until you get sucked into debt.
What you should do to avoid bloating your credit card bill
1. Use your credit card wisely.
Whatever you swipe should be an amount that you know you have and you can pay for.
2. Pay the Total Amount Due every month.
Tandaan, lalaki nang lalaki ang utang mo kapag hindi mo ito binabayaran nang buo—sayang yung perang napupunta sa interes!
According to Investopedia, you're saving 10% up to 29% of credit card interest if you pay above your Minimum Amount Due.
3. Talk to your credit card company if you're having trouble paying your bills.
If you can't pay your bill in full (and you didn't avail of any zero-interest scheme), speak with your credit card company nicely. Huwag mo silang pagtaguan. Of course, they'll want you to pay so they'll help you find ways on how to do just that.