Asked on 29 Sep 2018
That's basically what they do with debt consolidation. Before that, you could try tapping interest free options IF you're disciplined enough to not just snowball your debts.
Sorry to go into a bit of a lecture mode, but if you are unable to pay off your credit card balance in full each month, perhaps you should not be holding credit cards in the first place. The interest can kill you if you are not careful. You need to be more disciplined in your spending (strong reminder to myself as well). Someone in my family was banned from applying for credit cards for a number of years due to snowballing of interest..
That said, if you are indeed in credit card debt, try calling the bank to see if there's any way to put together a plan to restructure the debt. It will be a painful episode while you pay down the debt but I believe you will be stronger at the end of it.
All the best.
No. Also please evaluate how deep in debt you are right now.
If you are having credits and unable to pay off; stop looking for ways to pay it off first. Start looking at ways to cut your spendings first.
If you're 1-3months of your salary in debt right now; immediate cut out unnecessary everyday luxuries + review monthly expenses (telcos etc.) to pay off the debt now. Don't bother looking at taking out loan for lower % interests; because they would have a one-time processing fee which would equate to your interest rates anyway (or a little more.. which the costs is insignificant considering you might snowball your debts anyway.)
If you're 4-6 months of your salary in debt right now; do the above; switch to a loan ONLY after evaluation. By evaluation I don't mean speaking to bankers who benefits from your business. I mean comparing different loans and speaking to bankers only to understand the product; not sign-on immediately. Ask Seedly community if you must; but by this time you should also be looking at discussion with family members to see if they could help out & 2nd income source to speed up your repayment.
If you're 7months of your salary and in debt. Contact CCS and register for an infotalk. You urgently need it and do not think about getting another loan to pay the first one. You will never cover the hole without getting proper knowledge of where you went wrong. Also in the talk you will hear more about the different types of options for you.
All the best!
Agree with Jonathan. Otherwise, you can look at debt consolidation services provided by the banks. Almost all has it. Just do a quick google search.
This has been answered before.
MY take, you should not even need to look into this.
You can try getting a loan since interest is lesser but subjected to approval. Alternatively, try getting from families/friends. But do remember to pay them back. Best to start clearing it ASAP before the interest kills you alone.
You can try to use those letter with cheque that bank always mail to their credit card user or call them to ask for fund transfer offer with lower interest.
It usually comes with admin charge and lower interest or some just admin charge and zero interest.
If you calculate the admin charge and interest total is lower than your current cc debts plus interest ,and confidence to repay the total loan in time, then is worth taking it.
Call up the bank and see what they can offer you.
Either way , have to try to repay ASAP as the interest always snowball fast and high. Try to repay credit card debts always before or at the point of bill comes.
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