Credit card debt consolidation

[onelustyboy]

Hi guys,

Just checking what other ways to consolidate your CC debts. Snowballing now for my case so thinking of ways to re finance or consolidate. My debts are not enough to qualify for banks debt consolidation plan and and cant seem to borrow any more due to credit limit. Not thinking of borrowing from those licensed money lenders as it will only get worst.

Plan to borrow lump sum to pay off all outstanding credit card bills and 'reset' so i can borrow from bank at a lower interest , personal loan at est. 4%. Can repay over 3 to 5 yrs..

My income ard 90k p.a. CC debts of ard 60k. CC interest of 24% n all the finance charge is really no joke. Need to turn around fast.

Any advice or suggestion will be deeply appreciated.

Thanks in advance ..

[szczesny]

U should check with your friends buying car or home renovation with cash. U can take up the loan installments on their behalf whereas your friend pay in cash to u?

[onelustyboy]

U should check with your friends buying car or home renovation with cash. U can take up the loan installments on their behalf whereas your friend pay in cash to u?

So far no friends doing both. Most of them don hv so much cash. Is there any p2p lending platform or conpanies that do short term personal loan and no need to have a good credit rating? Cant seem to find one online.

[Xgenre]

Contact https://www.ccs.org.sg/. Let them go talk to the banks.

Your debt is big enough to make you a bankrupt if you don't handle it well.

[onelustyboy]

Contact https://www.ccs.org.sg/. Let them go talk to the banks.

Your debt is big enough to make you a bankrupt if you don't handle it well.

Hi

I have gone thru the websites n relevant info. However this will be the last last resort. For my case most prob will be under debt management programme. Hope i don have to go there as i believe the bad record will not be good for me.

I still have a healthy income, just that the credit cards bills r getting a bit too much for me.

Still trying to find a way out of this hole.

[ilpink]

if you have outstanding 60k CC bill based on 2% per month interest is already $1,200. Based on your salary $7.5k a month i suggest you just cut to minimal spending but i would assume maybe you own a condo and a car which sets you back $5k ? 2.5k to spend on food etc. You're pretty much screwed the best bet is to go to your parents for a loan.

[chaoslord]

Try to see if you can get an advance from your company on your salary. Sign a bond if you need to. This depends on your track record within your organisation.

Family and friends are an option of course. Other options would be selling assets like car etc if you do have one.

Payoff CC debt in full going forward. The interest is akin to loan shark rates and if not careful it would snowball into uncontrollable amounts.

[onelustyboy]

if you have outstanding 60k CC bill based on 2% per month interest is already $1,200. Based on your salary $7.5k a month i suggest you just cut to minimal spending but i would assume maybe you own a condo and a car which sets you back $5k ? 2.5k to spend on food etc. You're pretty much screwed the best bet is to go to your parents for a loan.

Yes the interest is gonna kill me. No OS loan for the house i am staying now. Car yes. Nowadays spending is really min. Haha. Just need a short term loan say 2 to 3mth to clear CC debt n get a personal bank loan n spread for 3 to 4 yrs. That shou be more manageable. Learnt my lesson.

[fallen11]

Hi guys,

Just checking what other ways to consolidate your CC debts. Snowballing now for my case so thinking of ways to re finance or consolidate. My debts are not enough to qualify for banks debt consolidation plan and and cant seem to borrow any more due to credit limit. Not thinking of borrowing from those licensed money lenders as it will only get worst.

Plan to borrow lump sum to pay off all outstanding credit card bills and 'reset' so i can borrow from bank at a lower interest , personal loan at est. 4%. Can repay over 3 to 5 yrs..

My income ard 90k p.a. CC debts of ard 60k. CC interest of 24% n all the finance charge is really no joke. Need to turn around fast.

Any advice or suggestion will be deeply appreciated.

Thanks in advance ..

90k income, 60k debt.
Thats not bad already really. Just slowly pay off. U set aside 50% of income towards paying it, should be able to clear it within 2 years.

I got a friend who is the reverse of u.
60k income, 90k CC debt.
Yes got limit cant borrow so much so how he end up debt > annual income?
Accumulated over the years, never pay only pay min amount every mth and kept spending. Snowball till no banks want give him CC or loan him money.
Now he paying 60% of salary every month towards clearing the debt. paid off 20k in 2 years liao. Long way to go but a good start.

U have car? Best thing is to lose the car.
Can always buy another car after u cleared your debts. U know the interest is killing u so best to cut off excessive spending and pay off as much as u can first to cut the interest.
A car is no asset.

[Xgenre]

I have gone thru the websites n relevant info. However this will be the last last resort. For my case most prob will be under debt management programme.

Why not talk to them and voice your concern? See what they say. now is really not the time to think about face or be reluctant to try such avenues. Bad credit record is not a death sentence. Pay off the loan, build up a big balance in your bank account. Whoever check your credit rating... if they see you have healthy reserves, you will be ok

[onelustyboy]

Why not talk to them and voice your concern? See what they say. now is really not the time to think about face or be reluctant to try such avenues. Bad credit record is not a death sentence. Pay off the loan, build up a big balance in your bank account. Whoever check your credit rating... if they see you have healthy reserves, you will be ok

Actually i have already gone thru the mandatory course on the debt management program. So next step will be to call them up n go drink kopi with them.

I am trying for some other avenues b4 i really to go them .. if really no choice, really not abt face saving or worry abt bad records as i hv other considerations...

All these cc bills.. well... i had 2 good yrs to build it up.. car, marriage, house n renov, all in within 2 yrs. No choice have to suck it up.

Not that i sign card to go shopping or gambling etc.

[Greendevil]

TS, aside working to pay off your dbt, you need to increase your income.

what you have is time. to be a PT taxi driver, delivery man or anything. increase your income and at the same time stop you from spending more. if you have no time, you wont get to spend.

[onelustyboy]

TS, aside working to pay off your dbt, you need to increase your income.

what you have is time. to be a PT taxi driver, delivery man or anything. increase your income and at the same time stop you from spending more. if you have no time, you wont get to spend.


Yes currently doing some other sideline..but the side income fluctuates greatly ... but not driving grab etc.. actually i don hv much free time other than work n family.

[MoJoe313]

Why not talk to a licenced money lender? They charge 4% interest. Definitely better than CC interest. Perhaps you have some negative preconceived notions abt them. No harm exploring to correct your views, right?

https://comparesing.com/money-lenders/?utm_term=loan&utm_campaign=New+Audiences+(Personal+loans,+credit +%26+lending+only)&utm_source=adwords&utm_medium=ppc&hsa_acc=4072782334&hsa_cam=6511038204&hsa_grp=78467587576&hsa_ad=387964559665&hsa_src=g&hsa_tgt=kwd-10033251&hsa_kw=loan&hsa_mt=b&hsa_net=adwords&hsa_ver=3&gclid=Cj0KCQiAq97uBRCwARIsADTziyYRle1NjIU-GgqhRRku2IKG5BBiDDNaP-bZFQNi4zFrnIn8nukfO0YaAs_GEALw_wcB

[MoJoe313]

I got a friend who is the reverse of u.
60k income, 90k CC debt.


I can identify. Years ago, I was in the exact same situation. 60k income. 90k debt. It was the worst period of my life. Every month earn money just to pay all CCs min sum. The debt was used to get married, housing , reno, car etc. Fortunately, I am now past it. Accumulated a large savings. Never borrowed again from any source. Own only 1 CC. Low limit. Paid in full every month. Everything else use cash. No money no buy.

TS, you need to be mentally strong this period. Once you recognise you cannot continue down the same road, you will make the necessary changes / plans. All the best!

[onelustyboy]

I can identify. Years ago, I was in the exact same situation. 60k income. 90k debt. It was the worst period of my life. Every month earn money just to pay all CCs min sum. The debt was used to get married, housing , reno, car etc. Fortunately, I am now past it. Accumulated a large savings. Never borrowed again from any source. Own only 1 CC. Low limit. Paid in full every month. Everything else use cash. No money no buy.

TS, you need to be mentally strong this period. Once you recognise you cannot continue down the same road, you will make the necessary changes / plans. All the best!


Wow, how did u survive that period without help ?

[MoJoe313]

Wow, how did u survive that period without help ?

I was so desperate I was willing to do anything short of robbing or stealing. A friend told me go church, I went church. They told me pray for a miracle, I prayed for a miracle. A miracle came. Miraculously. I had enough to pay off my debts and extra left over. I wont reveal the details in public. But an event happened out of nowhere. Divine intervention.

Of course, I had to learn financial wisdom along the way. What I can do without, I did without. Eg ditch the car. Eat out less. Dun buy branded. So when the financial miracle came, after paying off the debt, I knew how to conserve the extra cash.

[enzyme]

Very happy for you that you manage to get out of it.

[fallen11]

Wow, how did u survive that period without help ?

Keywords: Mentally strong, discipline.
My friend paying 2/3 of his income every month for the debt + interest now. After 1 yr finally managed to pay off 20k of the amount owned. And he told me he didnt know it was this fast. I told him "from here on, it can only be faster".
He did all these without any help.

Less amount owed = less interest incurred every month. Paying the same amount every month will wipe out even more outstanding amount owed.
U need to start taking the first step.
Any spending u dont need to spend (dont spend wont die one), u have to cut it.
hp plan downgrade is possible, use more wifi.
pay tv can cancel if possible, tv fucks your mind anyway. use the time to read instead and enrich yourself.
dont buy anything new if still able to use.
i'm using a 15 yr old backpack, 7 yr old pair of jeans, 6 yr old hp. dont have any watches, wearing 100-200 baht t shirts & shorts when not working. nobody is able to tell the price tags of what i wear and use (except for my hp because its an iphone, everyone will know).
Strongly advise u to keep a record of all your income and spending every month. From there u are able to see where u spend your money on & from where u can cut spending from. Categorize properly, then prioritize. The lowest priority ones can stop spending on first. 1 by 1 eliminate those unnecessary spending.

[pakpak2001]

[QUOTE=onelustyboy;19461466]Hi guys,
soem earn only $2k a month but save 10% = small $200 a month, but 1 year later save $2,400/-
some earn $7k mth but 1 year later owe credit cards $30k
story : save little by little, cut down on cheong, drink, fashion, woman
my personal experience lah

[England1966]

I was so desperate I was willing to do anything short of robbing or stealing. A friend told me go church, I went church. They told me pray for a miracle, I prayed for a miracle. A miracle came. Miraculously. I had enough to pay off my debts and extra left over. I wont reveal the details in public. But an event happened out of nowhere. Divine intervention.

Of course, I had to learn financial wisdom along the way. What I can do without, I did without. Eg ditch the car. Eat out less. Dun buy branded. So when the financial miracle came, after paying off the debt, I knew how to conserve the extra cash.

Miracle is Toto group 1 ? :D

[centvin]

A man can self control. But how many issues in marriage are due to financial issue. How many are able to go thru the financial discipline together. Worse thing is discontentment was not communicated. Accumulated 心病 then declare divorce

[williamtan8056]

I got a friend before owe 30k. After 2 years now owe 35k. He did return but with 2 kids, is not easy.

[Pinkyfantasy]

Contact https://www.ccs.org.sg/. Let them go talk to the banks.

Your debt is big enough to make you a bankrupt if you don't handle it well.
Have to go their workshop/seminar then fill up form. Mail form to them, they will get back to you about 2 weeks time. Pay $30 fee to meet up when they fix appointment. All these can settle in a month. Interest rate as low as 3%.
But bad thing is no longer can use credit cards.

For banks debts consolidated plans, if the amount owing too Hugh, they will not accept. E.g. Uob.
CITI bank, DBS can..
Good thing is they will issue u 1 new credit card to use.

Alternative, if you don't want go CCS. Call the banks yourself and say u are unable to pay. The credit dept will offer u another lower interest rates plan for you to pay off debts. But the interest is still higher than CCS.

[Aaroo]

You can try those car workshop that help their customer to renew COE. Their interest can be very low too. They do loan too. But the admin fee is roughly 500. Just sharing

[legharry]

I used to owe a lot too. I take me about 3 years to clear all debts.

I am single, so maybe easy for me.

Basically, i isolated myself from everyone. Life is simple, work home. Dinner and lunch all is at home cook by parents.

sometime i bring bread and instant noodle.

every month almost all my paid go back into the debt. No saving at all.

Glad that all ended

[FittyPartner]

I used to owe a lot too. I take me about 3 years to clear all debts.

I am single, so maybe easy for me.

Basically, i isolated myself from everyone. Life is simple, work home. Dinner and lunch all is at home cook by parents.

sometime i bring bread and instant noodle.

every month almost all my paid go back into the debt. No saving at all.

Glad that all ended

Well done bro, lots of discipline required!

[kelvintea]

I used to owe a lot too. I take me about 3 years to clear all debts.

I am single, so maybe easy for me.

Basically, i isolated myself from everyone. Life is simple, work home. Dinner and lunch all is at home cook by parents.

sometime i bring bread and instant noodle.

every month almost all my paid go back into the debt. No saving at all.

Glad that all ended

Well done bro, lots of discipline required!

Agreed with both of you. Talk is easy, but when doing, may not be

[fallen11]

I used to owe a lot too. I take me about 3 years to clear all debts.

I am single, so maybe easy for me.

Basically, i isolated myself from everyone. Life is simple, work home. Dinner and lunch all is at home cook by parents.

sometime i bring bread and instant noodle.

every month almost all my paid go back into the debt. No saving at all.

Glad that all ended

welcome back to the debt-less club :)

[pakpak2001]

I used to owe a lot too. I take me about 3 years to clear all debts.
Glad that all ended-----------------------------------------------
good. don't be tempt by tthose cc promoters anymore
they offer u big luggage, shopping coupons, cc points that can redeem air tkt -
just say NO NO NO
cc is a big shit hole if u take it up again

me - now only cash, no cc.
at times ll but to use my debit card to pay insurance on axa.

[blackerfaceDEAD]

-----------------------------------------------
good. don't be tempt by tthose cc promoters anymore
they offer u big luggage, shopping coupons, cc points that can redeem air tkt -
just say NO NO NO
cc is a big shit hole if u take it up again

me - now only cash, no cc.
at times ll but to use my debit card to pay insurance on axa.

Like your signature bro :D

[Uncleleong]

Agreed. Many friends all in debts. They may look good and well dressed. But all are negative (-)

[pakpak2001]

Agreed. Many friends all in debts. They may look good and well dressed. But all are negative (-)
---------------------------------------------------------------------------
if u look at those young punks wearing all branded stuff like belt, watch, shoes, cloths, handphone, office bag, specs, wax hair, luggage bag, eat at restaurants, always fly holiday although they boast their cc points earn them free holidays -
- u know they call credit card FATHER at month end

[Taffy83]

Hi

I have gone thru the websites n relevant info. However this will be the last last resort. For my case most prob will be under debt management programme. Hope i don have to go there as i believe the bad record will not be good for me.

I still have a healthy income, just that the credit cards bills r getting a bit too much for me.

Still trying to find a way out of this hole.

Hi Bro, CCS DMP will not leave u a bad record, they will not even contact your employer like the banks. Do attend their seminar 1st then subsequently they will call you up for an appointment to talk to the debt counsellor who will teach you how to manage the debt. DMP only charge you 3% per annum compared to the rest of the loans, money lender etc. I was on CCS DMP, 60k and repaid everything in 8yrs. Impt is stop whatever spending habit with CC and make payment promptly. Gd Luck Bro.

[forgetful]

if you don't really have a need (ie medical condition) for the car, just sell off the car and go without for a few months... at least that lump sum can lower your principal debt and the expenses that was to be used for the car can now be used to further service the remainder of your debt

if wanna save face can always give excuse that want to buy new car or looking out for good deal, problem with delivery and what not.

[vazie]

sigh sigh sigh. Must have discipline.