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
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Anonymous

Asked on 02 May 2018

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? ?

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Answers (15)

Chen Qijian

Chen Qijian

Level 3. Wonderkid

Answered on 10 Sep 2018

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

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  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 ! 😃👍

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Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

Post

Gabriel Tham

Gabriel Tham

Level 9. God of Wisdom

Answered on 03 May 2018

  1. Reduce expenses if possible.

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

  3. If you canno...

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