Asked by Anonymous
Updated 2w ago
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.
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.
If you have not begun accumulating credit card debt, don't even start. The stress of snowballing interest is not worth it.
Definitely, if u can get one. They are sometimes referred to as debt consolidation plans
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.