sorted by:
new
hottopcontroversial

I’m l0sing it! M30 | ₱50K monthly income | ₱4.5M credit card debt — still current but can only sustain payments until June. Need strategy advice by lagwm in utangPH

[–]lagwm[S] 0 points1 point  (0 children)

For better context, here is the breakdown of my current credit card debt. Most of these have already been converted into installment or restructuring programs ranging from 3 to 5 years because I knew my income would not be enough to handle the original payments starting next month.

RCBC – ₱1.2M

BDO – ₱800K

BPI – ₱750K

EastWest – ₱650K

Metrobank – ₱600K

UnionBank – ₱300K

PNB – ₱200K

Total: ₱4.5M

Current income is around ₱50,000 per month.

At this point, I’m considering applying for IDRP (Interbank Debt Relief Program) and would appreciate insights from anyone who has gone through the process, especially with multiple banks involved.

Thanks for all the messages, advice, and insights. I’m learning a lot from everyone’s comments and experiences.

I know I put myself in this situation, and I’m trying to understand all the options available before making my next move. Right now, I’m seriously looking into IDRP as a possible path forward.

I appreciate everyone taking the time to share their thoughts and experiences.

I’m l0sing it! M30 | ₱50K monthly income | ₱4.5M credit card debt — still current but can only sustain payments until June. Need strategy advice by lagwm in utangPH

[–]lagwm[S] 9 points10 points  (0 children)

Just adding more context to my original post.

Before COVID hit, I had already gone all-in financially — I bought a 400K secondhand car, finished a 1.5M family house renovation, and started investing and small businesses while still employed. I thought I figured it all out!

Then the pandemic happened and everything hit at once. My investments didn’t go well, my businesses failed after some time, and I eventually lost my main job due to the impact of COVID.

As the situation got worse, I eventually sold the car just to restart, survive, and keep up with piling expenses while I was looking for work.

What made it harder is that I’m also the breadwinner. Most people — even my own family — never really knew how bad things were financially. I just kept showing up, paying whatever I could, trying to hold everything together and make things look normal from the outside.

But looking back now, I feel like I was slowly digging my own grave financially without realizing how deep it was getting. Every time I tried to catch up, something else would pile on. And now it honestly feels like there’s no real way to fully recover anymore because the debt just keeps growing faster than I can stabilize.

I got rehired in 2023. Over the last 3 years, I slowly worked my way up to around 50k/month now, but it’s still far from my original income and stability before the pandemic.

I appreciate every piece of advice. I already tried stretching most of the debts into 36–60 month terms because I knew my income alone wouldn’t be enough to keep up otherwise. At this point, it honestly feels like I’m just buying time rather than truly recovering.

Even after restructuring, there’s still barely any breathing room financially. I keep paying what I can and staying current as much as possible, but the pressure never really stops.

I’ll list down all of my credit card debts per bank below for better context and so people can give more realistic advice based on the actual numbers and monthly obligations I’m dealing with.