Advertisement
Anonymous
Is it better to get a loan from the bank to pay off the credit card debt knowing loan interest rate is lower than credit card interest rate?
9
Discussion (9)
Learn how to style your text
Victor
10 Jun 2021
Financial Service Consultant at AIA
Reply
Save
佩珊
07 Jun 2019
Sport N Social at Seletar Country Club
If Foreigner get any easy loan at Singapore
Reply
Save
Brandan Chen
07 Jun 2019
Financial Planner at Manulife Singapore
You may consider balance transfer. It's a scheme whereby they charge 0% interest for up to 6 months. This may give you some leeway if you are able to pay off the debt in about 6 months
Reply
Save
On theory, it sounds like a sound plan. Clear the higher interest loan then clear the lower interest loan.
In reality, nah. Getting more loans to pay off loans is a bad idea. Talk to the bank, get a debt consolidation plan and pay it off before getting new cards or loans.
Fundamentally, you have to watch your spending habits. Spend within your means.
Reply
Save
Both are equally bad, it's a vicious cycle. So cut the credit cards and work on a repayment with the...
Read 3 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Products
Standard Chartered Simply Cash Credit Card
4.1
176 Reviews
Standard Chartered Simply Cash Credit Card
Up to 1.5% on eligible spend
CASHBACK
Unlimited
CASHBACK CAP
$30,000
MINIMUM ANNUAL INCOME
UOB One Card
4.1
163 Reviews
DBS Altitude Visa Signature Card
4.3
98 Reviews
Related Posts
Advertisement
It will be the lesser of the 2 evils