28 Jun 2021
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Yeap Ming Feng
07 Jun 2019
Head of Seedly at Seedly
21 Sep 2018
nᴉʍ oʇ dǝnᴉʇsǝd 不能说的秘密 at Tag Team with Gabriel Tham
Yes. Cancel your credit card and use a debit card instead if you are really into saving with spending when the debit card offers cash back.
Making money as you spend is better then paying more when you spend due to late payment or interest from credit card debt.
$3k is still a manageable sum so is better to clear it asap and work towards savings.
You need savings to propel toward your future and not just striking or rich.
Hope my reply helps.
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First off, read the budgeting articles in seedly, and set up your spending budget
This is a bad example, but if your parents are well off, can consider getting a loan off them for this credit card loan, but have to be discipline to pay them off monthly at a smaller interest then what the bank is charging. You need to agree with them the monthly amount and how long you'll take to pay them back (This is purely to lower the interest charge). Key Word, LOAN, INTEREST, PAY THEM BACK
wow 3k cannot pay?
u need to stop ur lavish spending
3k debts in credit cards, every month you will need to pay off your credit monthly financial charge....
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Where is this $3K worth of debts from?
I personally had credit cards when I first started working (just so I can enter Zouk for free). It wasn't long before I realised it is a huge mistake.
This is mainly because:
1) Having just entered workforce, our salary will not be able to handle possible late payments
2) Having just entered the workforce, we tend to have a shopping spree mentality, purchasing things we cannot afford when we are schooling.
These contributes to us spending recklessly. Cancelling all the credit card was the best thing that happened to me then. Of course, when you form a good habit of budgeting, get your preferred credit card for Cashbacks or Miles!
Now, priority will be to clear those debts.
Here's are two methods to help you:
Snowball Method and Avalanche Method, both proven to work.
Read about it here: https://blog.seedly.sg/hacks-to-clear-your-debt...