Ano-ano nga ba ang dapat gawin para makabangon sa utang at loans?

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Transcript

00:00Sometimes, we reach a point where we need to add more money.

00:04That's why we are forced to get loans or loans.

00:07But it's not easy to recover from that, especially if you have to pay a lot of money.

00:12Oh, a lot of people can relate to that.

00:14We will be joined by MC Noah, a financial expert

00:18who will give practical tips on how to recover from debts.

00:23Good morning, MC. Welcome back.

00:24Good morning. Happy Love Month.

00:27Happy Love Month.

00:28Here you go, MC. Let's get straight to the point.

00:31What is the first step that a person should do to recover from debts

00:36so that they can start recovering again?

00:38Well, first of all, let's not get into debt.

00:41Because there are people who will get into debt

00:43and then they will have to pay this debt to another friend.

00:46So, it's hard.

00:47We should really stop getting into debt.

00:50What if you still need to pay bills?

00:54Or how do you strategize for that?

00:59So, let's know how much our loans are.

01:03Are we going to pay it monthly without compromising our daily needs or our essentials?

01:10And eventually, if we see that we can pay it,

01:13then let's gradually set aside at least 10% of our income to pay it.

01:20And if not, if it's really not enough,

01:22I think we need to increase our income.

01:25But the income is for paying debts, not to increase our lifestyle.

01:30Right.

01:31Well, MC, how should a person's budget be arranged

01:35with a lot of loans so that you can prioritize paying it?

01:38For me, I would start with, I think, 10% of our income.

01:43Let's pay a loan for that.

01:47And then eventually, if we can increase around 20% of our income,

01:53we will set aside it to pay the loan.

01:56I think that's the start of the strategy that we will work on

02:01so that we can gradually reduce it,

02:03especially the big loans, the interest loans.

02:08So, speaking of strategy,

02:09what should be prioritized first, the small or big loans?

02:17Or the big penalty?

02:18That's a good question.

02:21I think it's best to prioritize the big loans.

02:25So, no matter how small the loan is,

02:28we should prioritize it because it's the one that's floating around,

02:31that we don't notice.

02:33We keep on paying,

02:35but we're only paying the interest.

02:38We haven't been able to reduce the capital.

02:40So, let's prioritize the big interests,

02:45then let's follow the small loans.

02:49You said earlier that you're looking for another source of income

02:53to pay the loan.

02:55It's very important because sometimes,

02:57that's where you get your regular income.

02:59What happens is, you're saving,

03:01you don't have a budget for yourself,

03:03you'll end up in debt again.

03:04Sometimes, it's not enough.

03:05It's like a cycle.

03:08Are there any loan consolidation options here in the Philippines

03:13that can help you pay your debt?

03:16There are many.

03:18For GSIS, for paying members of GSIS,

03:22you can get a loan.

03:24We have what we call a multi-purpose loan

03:26or the enhanced conso loan that we can use.

03:30The consolidation loan is a loan that merges all your debts

03:36and this is what you'll pay monthly

03:38so that you'll only think about one thing.

03:40So, there's that.

03:41For paying members of GSIS,

03:43if you're in private banks,

03:45you can have your loan restructured

03:47so that you'll have a monthly loan

03:51and you'll pay it at a certain period.

03:54MC, how do we know if we should ask for help

03:58from a financial advisor or debt management expert?

04:02Because some people are like,

04:03it's just a small amount.

04:05You can still do it.

04:07One day, you won't be able to do it.

04:09When is the point where we should ask for help from someone like you?

04:14Before we need help,

04:16we should ask for it.

04:17So, before we reach that situation,

04:20we can ask for help.

04:21How do I budget correctly?

04:23How do I save?

04:25Where do I invest?

04:26What do I need to prepare?

04:28So that we won't reach that point.

04:31Can I go last?

04:32What are some practical tips

04:35when we talk about savings, budgeting,

04:39so that we can avoid debt?

04:43Number one,

04:44you need to protect yourself

04:46from things that will put you in debt.

04:49Like what the doctor said earlier,

04:51the number one cause of bankruptcy

04:54is critical illness.

04:56So, we need to protect ourselves

04:58so that we won't owe money to anyone

05:01for medical expenses.

05:03Also, in case of a death of a loved one,

05:05we should be protected.

05:07So, get life insurance or health insurance

05:09so that we can avoid going home in that situation.

05:14Thank you so much, M.C. Noway,

05:16for sharing your tips

05:18so that our fellow Filipinos won't go into debt.

05:21Thank you for the pleasure.

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Transcript

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