Asked on 13 Apr 2018
On theory, it sounds like a sound plan. Clear the higher interest loan then clear the lower interest loan.
In reality, nah. Getting more loans to pay off loans is a bad idea. Talk to the bank, get a debt consolidation plan and pay it off before getting new cards or loans.
Fundamentally, you have to watch your spending habits. Spend within your means.
26 Apr 2019
You may consider balance transfer. It's a scheme whereby they charge 0% interest for up to 6 months. This may give you some leeway if you are able to pay off the debt in about 6 months
As mentioned by Kenneth, there are definitely a few of such schemes to help you out.
But on a personal level, taking another loan to pay off a loan is not that good a solution. Best is to bite the bullet and clear the loan ASAP.
Here are some methods that can help you clear your debt fast: https://blog.seedly.sg/hacks-to-clear-your-debts-fast-and-effectively/
There are very interesting solutions and ways around this. A link found here at this post should be able to address all your queries with 3 different schemes to allow you to clear your debt: https://blog.seedly.sg/pay-off-your-debts-schemes-that-help-you-get-out-of-debt-singapore/
"Only Singaporeans and Permanent Residents with outstanding balances that amount to at least 12 times your monthly income are eligible to apply for debt consolidation plans (DCP). In addition, you must be a salaried employee with an annual income of at least S$30,000 and a maximum of S$120,000."
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