First Asian Marvel Superhero Shares His Story of Avoiding Credit Card Debt

"Ten years ago, I was called into my managing partner's office at Deloitte, where they told me they would terminate my employment contract.

Looking back after 10 years - which means now - I want to thank my former boss at Deloitte for firing me from my accounting job a decade ago. Because I realized that accounting wasn't the right path for me."

He added: "The entire office was so quiet you could hear a pin drop. No one asked how I was doing, whispered words of encouragement, or even looked in my direction. I tried hard to hold back my emotions, didn't shed a single tear, and never looked back."

He once thought his life was over, reflecting: "I had wasted so much of my time and my family's money. At that moment, everything felt like it was falling apart completely."

This experience taught him valuable lessons about how to pay off credit card debt and manage finances better. Today, as a successful actor, he often shares his story to encourage others who might be facing similar financial challenges, especially young professionals and students trying to build their careers while managing their debts responsibly.

He spent four years tirelessly pursuing his dream of entering the entertainment industry while struggling with credit card debt. To survive, he took any job he could find.

Fortunately, his risks eventually paid off, and things started falling back into place with more positive arrangements. However, reality isn't always as romantic as it seems. Wrestling with credit card debt and burning through all your life savings are truly harmful ways of managing money.

Here are some tips he shared on how to pay off credit card debt and avoid similar struggles:

When used responsibly, credit cards can offer many gifts, rewards, and promotions while helping you save money. For example, you can get cashback on your spending or participate in various promotional programs.

However, problems arise when you become too dependent on credit cards and spend beyond your credit limit. The interest rates for missed credit card payments are calculated at very high rates, making it difficult to catch up once you fall behind.

A poor credit history can negatively impact your credit score, making it challenging to get any loans in the future.

Here are some effective ways to manage your credit card spending:

- First, limit the number of credit cards you have. It's best to own just 1 or 2 cards and use each one for different purposes.

- Calculate how much you can spend on your credit card each month by creating a personal financial plan. This should include all your income and daily expenses. This way, you'll have a better understanding of your spending habits.

- And of course, the most important rule is to pay your debts on time!

- Financial institutions often offer monthly promotions for credit card users. Don't forget to take advantage of these offers!

Most people feel pressured by the thought of having to earn a lot of money, and figuring out how to invest can feel overwhelming. Perhaps this is why some people rely on winning the lottery to achieve their financial goals. However, it's important to understand that there are many different ways to build wealth through various investment strategies.

Additionally, investing doesn't mean you need to spend a lot of energy or brainpower.

There are safer investment options where all you need to do is deposit your money and wait for it to grow in value.

Another popular and cost-effective form of investment is Real Estate Investment Trusts (REITs). With REITs, you can invest in real estate without spending a large amount of money to buy property, while still receiving passive income through dividends. Moreover, the average return on REITs is typically 5 to 6% - which is 2% higher than traditional real estate investments.

Investing money is an excellent way to build your wealth and help you deal with inflation. In unfortunate situations (such as losing your job), investments can help reduce financial pressure and provide a safety net when learning how to pay off credit card debt.

Life is full of unexpected situations that are hard to control. That's why saving money for emergencies is very important. Most financial experts recommend saving between 3 to 6 months of your family's living expenses for your emergency fund. This money can help you handle unexpected situations without having to rely on credit cards or loans. Having an emergency fund is especially important for international students and those studying abroad, as they might face additional challenges like medical expenses or sudden travel needs.

Although that amount might seem overwhelming, you can achieve it if you set clear goals and stay committed. Start by calculating your monthly expenses to determine how much you need to save and work diligently towards your target.

To make it easier, you can set up automatic transfers to a high-interest savings account  each month. This can help you stay consistent with your savings goals while learning how to pay off credit card debt effectively.

While earning large amounts of money would be wonderful, what's more important is maximizing the value of the money you currently have. No matter how much you earn, it will never be enough if you don't know how to manage your spending wisely.

To manage your expenses effectively, group them into needs and wants. This approach helps you set realistic savings goals and find ways to reduce your spending. Many international students find this method particularly helpful in managing their finances while studying abroad. Make an effort to track your expenses regularly - you'll be surprised to find that you can save more than you thought possible! Remember, good money management skills are essential for financial success.