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29 Questions Answered





I have around $20k in debt spread over 5-6 credit cards. Is it better to pay them off one at a time, slowly, or take a credit consolidation loan, pay them all off, and have one payment a month?
The barrier to getting approved for debt consolidation is pretty high - your total consumer debt needs to be 12 months or more of your pay. That's the reason most people can't get out of debt easily using consolidation plan. So unless your monthly salary is around 20k/12 ~ 1.7k, the banks won't approve your debt consolidation plan unless they are very very nice. For really practical advice... you probably have credit cards from different banks. I would suggest 1) if you can live without the cards, cut them up, so you stop charging on them, and focus on paying them down. 2) if you think you just need to rein in control, pick one card, and fill up form to lower your credit limit (with that card issuing bank) to 50% or 1/3 of your monthly pay. That way, the upper limit of what you can charge is pre-determined, and keeps the debt from growing exponential. Cut up all other cards. 3) most credit cards in Singapore charge between 24% to 27% interest rates, so I find it just more practical to target clearing off the smallest balance (except on the card you want to keep). That way you see more progress, and keeps you motivated to stay on course. 4) once you cleared off one card, keep paying minimums on all, and apply all your efforts to clearing the next smallest balance. Stay cool and focused. Paying off credit card balances is like making a 26% return per year (in terms of interest you didn't have to pay).


For those of you who studied overseas for a degree, what was the cost and how did you fund it?
Hey OP, Though I didn't study overseas, I was considering it at one point and did up a financial projection of my spending if I were to take up an overseas degree. The cost of your overseas degree can really vary, depending on factors including: - Location of study - whether its in the US, UK, Australia, China, Japan etc.. - Length of study - Course of study - specialised courses (eg Medicine) tend to cost more - Lifestyle habits - do you want to live a frugal lifestyle or spend freely as you wish - Overseas exchange - exchange programs would incur more costs I was looking to enrol into a university in the UK, more specifically in London. Even by living a basic lifestyle, a 3-year degree there would easily cost approximately SGD$200-250k (~$130k for course fees, and the rest for living expenses such as accomodation, food, clothing, books, transport etcetc). It may differ based on location (For instance, London is known to have a high cost of living), so do your own due diligence! Funding typically comes from either scholarships, student loans or parents loan. As for whether it was "worth the money", it may be worthwhile for you to consider both tangible and intangible aspects, such as the connections made, type of exposure received etc. Weigh the costs and benefits before deciding which would be a better option for yourself. Hope it helps! Cheers!


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The dangers of BNPL services and what you can do to make the most out of them



5 more comments

Andrea Koh
Andrea Koh

3w ago

Good informative article 👍🏻looking forward to reading more from you

3w ago

Ohhh interesting read! nice one!
Difference between Credit Card Statement Balance vs Outstanding Amount due?
Https:// Looks like you may need to pay both.


What are your thoughts on buy now, pay later (BNPL) services? How do BNPL services differ from credit cards?
Using future $$$ always not good to consumer, impluse buy. But always good for the merchant.


How many here have been in a credit card debt before or are currently in such debt? Any advice on how to get out of debt in a sustainable way?

Shaun WQ Lim

Level 8. Wizard

Answered on 07 Dec 2020

Not sure how big is your debt. And not sure what you mean by sustainable. The interest runs every month. Please understand what is compound interest. Take responsibility and have a plan to clear the debt early if you can. Blaming yourself doesn’t help to clear the debt. 1. Seek help from CCS. They will advise you. 2. Look at your expenses and see what you can cut to free up cash for repayments. 3. Sell whatever assets/items you have at home to generate cash to do repayments.


I’m planning to get a degree in New Zealand, what is the probability of me getting hired in Singapore after I return?
Depends on the employer, government sector might be hard. but normal companies or startups should be no issue