I am earning about 4k a month. But I have cc bills up to 6 times my salary now and I want to clear it off asap because the IR is a bit high. Any advise? Should I freeze my credit card? - Seedly
 

Credit Card

Asked by Anonymous

Asked on 04 Mar 2019

I am earning about 4k a month. But I have cc bills up to 6 times my salary now and I want to clear it off asap because the IR is a bit high. Any advise? Should I freeze my credit card?

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Aik Kai
Aik Kai
Level 7. Grand Master
Updated on 17 Jun 2019

To be blunt, you need to relook at the way you use your credit card.

As suggested by Benny, you can consider a debt consolidation plan. Almost all banks offer this service.

After which, you need to look at your spending habits and cut those unnecessary expenses. Draw up a monthly budget and stick to it.

I can go on and on but that will be based on my assumptions so I would say, spend within your means. To me, the golden rule of owning a credit card is that you can pay off the balance every month. If you can't, you are better off sticking to a debit card or NETS.

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Question Poster

14 May 2019

Checked and not eligible for the debts consolidation.
Frank Lim
Frank Lim

17 Jun 2019

Create a list and jod down your monthly expenses, in terms of cash and credit cards. Use the leftover to settle your debt. Download expenses manager for android to keep track of your daily expenses. It really helps alot.
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 16 Dec 2019

I hope you have cleared your credit card bills or entered into a debt consolidation plan by now.

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@OP - Curious on how you resolved your situation before? Did you get a loan to consolidate all the different debts? Which provider you found best?

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Benny Tan
Benny Tan
Level 4. Prodigy
Updated on 07 Jun 2019

You might want to consider a debt consolidation plan with one of the banks on the street.

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佩珊
佩珊

01 Apr 2019

Can foreigners apply