facebookHow can I efficiently pay of my credit card debts? I’m a fresh grad, 6 months into my first job, average pay. And I’ve already accumulated $3k worth of debts that I can’t pay. Should I cancel my credit card? ? - Seedly
Seedly logo
Seedly logo
 

Advertisement

Anonymous

28 Jun 2021

How can I efficiently pay of my credit card debts? I’m a fresh grad, 6 months into my first job, average pay. And I’ve already accumulated $3k worth of debts that I can’t pay. Should I cancel my credit card? ?

16

    Discussion (16)

    What are your thoughts?

    Dude... if you have average pay then at least paying off those 3k should be easy.

    And its apparent you dont have control over your spending so... harsh words from me - Cancel those cards until you have a better grasp of yourself

    Reply

    Save

    Share

      HC Tang

      HC Tang

      16 Sep 2018

      Level 13·Financial Enthusiast, Budgeting at The Society

      1. Cancer the cc first. This will turn off the leak from your income.

      2. Use Excel list down all your monthly spending , all cost and income. This will allow you to know where your $ goes to.

      3. Reduce your other non mandatory expenses such as restaurant , reduce cigarettes cost if you smoke, skip grab and take all public transport. If you have no contract with Telco then switch to a no sim lower monthly subscription plan. Reduce daily food expenses.

      4. Doing all the above will allow you to squeeze out at least $100 to $200. Use this to repay your 3k faster.

      5. Do part-time job such as delivery for the food apps (foodpanda, honest bee etc) or any other part time. With the extra income , it can help reduce your 3k faster.

      6. All in all doing the above will help repay your 3k debts within a year or even faster like 6 months , depends on how desperate you're willing to do to quickly repay the debts.

      All the best ! Debts free soon ! 😃👍

      Reply

      Save

      Share

        Gabriel Tham

        Gabriel Tham

        03 May 2018

        Level 14·Tag Team Member at Kenichi Tag Team

        1. Reduce expenses if possible.

        2. Direct more of your pay into repaying the debt.

        3. If you canno...

        Read 14 other comments with a Seedly account

        You will also enjoy exclusive benefits and get access to members only features.

        Continue with Facebook
        Sign in with Apple

        Sign up or login with an email here

        Write your thoughts

        Advertisement