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? ?
Cancer the cc first. This will turn off the leak from your income.
Use Excel list down all your monthly spending , all cost and income. This will allow you to know where your $ goes to.
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.
Doing all the above will allow you to squeeze out at least $100 to $200. Use this to repay your 3k faster.
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.
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 ! 😃👍
Reduce expenses if possible.
Direct more of your pay into repaying the debt.
If you canno...
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