Advertisement

Anonymous

18 Apr 2019

∙

What's the best way to clear a $20K credit card family debt with only a ~$3.5K take home salary? Is a personal loan a good idea?

1

Discussion (1)

What are your thoughts?

Learn how to style your text

Loo Cheng Chuan

07 Nov 2018

Founder at 1M65 Movement

The best way to clear a $20,000 credit card is to work very, very hard. If you need to, take up 2 or 3 jobs to clear it. The high interest rate of credit card debt works strongly against you.
There are free social services out there that can help with debt counselling and negotiate with credit card companies to lower the charges and you should quickly leverage on these services.
In short,I will try to clear this debt as soon as I can.
I also do not think that taking a personal loan is a good idea.

Reply

Save

Write your thoughts

Related Posts

Should I clear my study loan first or accumulate wealth from my monthly salary? Currently my take home pay is around 2.6k and I have a 18k of study loan (left 14k now) with an 3% interest. ?

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?

Is it a good idea if seedly blog also have credit card analysis section? What I suggest is to breakdown all the credit card benefits, promos, best use case, hacks for each credit card

Hi All, I have debt of 49k, my annual income is 55k, i am a PR, half of my debt is credit card, the rest are personal loans. PLoans debt are fine and is reducing, my cc loan is worrying me.?

I have been working for 3 years (27 this year). My take home pay is about 3.5k. How much should all my insurance cost? Is 10% of 3.5k a good gauge?

Related Posts

Should I clear my study loan first or accumulate wealth from my monthly salary? Currently my take home pay is around 2.6k and I have a 18k of study loan (left 14k now) with an 3% interest. ?

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?

Is it a good idea if seedly blog also have credit card analysis section? What I suggest is to breakdown all the credit card benefits, promos, best use case, hacks for each credit card

Hi All, I have debt of 49k, my annual income is 55k, i am a PR, half of my debt is credit card, the rest are personal loans. PLoans debt are fine and is reducing, my cc loan is worrying me.?

I have been working for 3 years (27 this year). My take home pay is about 3.5k. How much should all my insurance cost? Is 10% of 3.5k a good gauge?

Advertisement