Loans

Credit Card

Asked by Anonymous

Updated 3w ago

Is it better to get a loan from the bank to pay off the credit card debt knowing loan interest rate is lower than credit card interest rate?

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Kunxiang Chia
Kunxiang Chia,
Level 2. Rookie
Answered on 18 Apr 2018

Both are equally bad, it's a vicious cycle. So cut the credit cards and work on a repayment with the bank's!

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Aik Kai
Aik Kai,
Level 5. Genius
Answered on 29 Apr 2019

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.

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佩珊
佩珊,
Level 1. Freshie
Updated 3w ago

If Foreigner get any easy loan at Singapore

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Ganga Ganga
Ganga Ganga

26 Apr 2019

Yes you can get a loan , just contact us now via email or whatsapp :Email:[email protected] Whatsapp:(+151)86286514
佩珊
佩珊

06 May 2019

I from where y the contact different
Brandan Chen
Brandan Chen,
Level 5. Genius
Updated 3w ago

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

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佩珊
佩珊

01 Apr 2019

Can if bank borrow that money to me but my annual income only $28000 oso foreigner only.the banker chit my money until now 2 years ready my savings acc all buy to investment insurance plan
Yeap Ming Feng
Yeap Ming Feng,
Level 5. Genius
Answered on 15 Apr 2018

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/

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Kenneth Lou
Kenneth Lou,
Level 8. Wizard
Answered on 13 Apr 2018

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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