Anonymous
I'm earning about $3000 a month, and have accumulated $5000 in credit card debt, and would like to get the best way to get out of debt!!
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How many people I know are doing:
Don't spend more than your income (duh), use CC only for low to 0% instalment plans or if the product/services have some special sales promo for it. Avoid paying min. you will fall into a debt trap.
Use a Debit card for everything else. Especially if you're someone that don't keep track of your spendings regularly... at least you will start be more aware everytime you see your bank balance get lesser and lesser.
Personally I've never fallen into the trap but from what I observed from my friends and relatives, the only way is to make a lot of sacrifises to increase their income and reduce their lifestyle expenses for the period till they pay it all off, then never to make the same mistake again.
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Gabriel
19 Nov 2018
Undergraduate at National University of Singapore
First and foremost, stop spending using your credit card or even cancel it to prevent yourself from ...
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Snap the credit card, reduce spending on necessities and divert it to financing your debt. Best if you have debit instead of credit card for expenses.