Hubby and I are paying our own share of obligations to a credit card company (who isnâ€™t these days?). The card came in handy during emergencies. It helps us pay my daughter’s tuition fee when all our savings were used up to pay for my son’s hospitalization in 2004 due to Kawasaki Syndrome.
Iâ€™m not encouraging others to get a credit card here; Iâ€™m just sharing how our credit card (we only have one fortunately) allowed us to withdraw emergency loans to pay for unpaid bills. In paying for annual taxes, my husband need not worry about it because their office is already deducting the withholding tax from his monthly earnings. But if you are running your own business you really have to secure and pay on time the necessary taxes due to the Bureau of Internal Revenue office. Somehow, if you run out of cash to pay for your taxes on time, a good credit card company could help you solve your problem right away. But the loans should be paid on time to make sure you are not digging yourself a deeper hole for debts. Helpful tax information can help you go about your tax queries if you have any.
In our case, we really plan on paying in full our obligations to the credit card company if only husband got the P200 million jackpot prize to the lottery last night LOL. Seriously, we are religiously paying our monthly dues to keep the debt manageable to pay.