Credit card debt and other debt

[floofilla]

hi all, just want to share my situation...and how to improve it...would be glad other forumers can share their debt situation as well...

my debt as of 21 Nov 07

DBS - 5047.65

Citibank - 4645.21

CPF Repayment (my poly sch fees) - 2853.17

total debt - 12546.03

i have no savings...and on top of them i have my regular hp, internet bill, and house hold contribution to be given (400 pm to my mom)...and i also study part time in SIM..

dun ask me how i spend...i regreted ...so now just wana clear it off soon...

[Thai_Rak_Thai]

just don't default on minimum payment, and cut down few expenses...eventually will clear :)

ps: cut your cards up too....

pps: you should have a monthly income currently sufficient to see you through...unless you are out of job. This may mean stop your current studies awhile until debt is cleared.

[madcampus]

How much is your monthly income or take home pay?

[Ew_pOOh_]

go out dont bring credit cards when u go out, cash will do as this may help a lot when u are outside and can control ur spendings.

Only spend wat is necessary, can try to cut down spendings on entertainment and leisure.

Transport try to take bus rather than taxi or car.

Or u can do some part time work.

Hope this will help!

[Maikeru]

1. The CUT UP YOUR CARDS advice is good. It forces you not to take in more credits.
2. Downgrade your Internet Speed to a much cheaper alternative.
3. Downgrade you phone plan. Or get Pre-paid!
4. Sell the stuffs you bought (the ones you DON'T need), and use it to pay part of your debts.

My POSB Credit card is already at around $900 debt and I am already worried. So I stopped using it until fully paid.

The longer it takes you to pay your card, the higher it gets due to interests.

[coffeeSG]

go out dont bring credit cards when u go out
i only bring credit card when i plan to buy something in bigger amount. no card then you feel reluctant to spend :)

[aa4f4fsd47]

hi all, just want to share my situation...and how to improve it...would be glad other forumers can share their debt situation as well...

my debt as of 21 Nov 07

DBS - 5047.65

Citibank - 4645.21

CPF Repayment (my poly sch fees) - 2853.17

total debt - 12546.03

i have no savings...and on top of them i have my regular hp, internet bill, and house hold contribution to be given (400 pm to my mom)...and i also study part time in SIM..

dun ask me how i spend...i regreted ...so now just wana clear it off soon...

Wah.. your credit limit so much ah? Your monthly pay got 3500sg? Assuming that you didnt incur any interest yet. If your pay is really so high, you really no need to scare.
Eat grass for 3 months lor.

Anyway if i am not wrong too, your citibank $4645.21 is for SIM school fee right? Just ask for 12 months interest free loan lor.. Each month $387 lor.. Then your poly fee ask for installment lor.. each month 100sg or something lor.. It can be done too.

For your DBS 5047.65, Go take UOB credit card and ask for cash advance for 12 months, only 5% interest = $252, so each month you just pay back $442.
So for the next 12 months, each month just pay up, 442+100+387+400= $1350.

So if we assume that your pay is 3500, you still have 3500-1350 = $2150 to spend each month lor.
With $2150, eat grass for one month, then use 2150sg to pay ur poly chool fee once and for all lor !!!

Problem SOLVED.

[aloysius]

eh...if citibank debt is really education loan...i think u can request to do repayment after ur studies rite?

Problem solved for citibank debt!!!! :D

[ironman4672]

"good" example who had not managed his wealth well.....

[Thai_Rak_Thai]

1. The CUT UP YOUR CARDS advice is good. It forces you not to take in more credits. thank u...that's EXACTLY what i did when i was there!

TS - it's not as bad yet...just make some sacrifices and spend within our means. Easier said than done...but if we spend prudently..sure can :)

[epigram]

apply for a credit line if you can and do a balance transfer. their interest rate is usually much lower than the rollover interest rate of 24% of the credit cards.

[quekky]

i think it's best you talk to someone professional enough to advice you

1800 CALL CCS (Credit Counselling Singapore (http://www.ccs.org.sg/home.html))

[Inix]

If you wanna do it yourself, cut up your cards, and in between, do balance transfers. Call up the various banks and use your credit line to do balance transfers. Interest rates of 4 - 6%PA for 6 months should be pretty easy to get. Just be discipline in switching when times up. That will at least help you to ensure that your interest is not that high.

[kyma]

For your DBS 5047.65, Go take UOB credit card and ask for cash advance for 12 months, only 5% interest = $252, so each month you just pay back $442.
So for the next 12 months, each month just pay up, 442+100+387+400= $1350.


For this, I suggest applying for FPP credit card and ask for advance cash for 12 months. Also 5% upfront fee but they are having a promotion currently and you can earn an extra 2888 Linkpoints that you can redeem about S$20 free dining vouchers. The catch is you must borrow at least S$8000. =:p

Alternatively, you can also try SpeedCash from SingPost. They are also having some promotions, which I forget exactly what it is. You can try to flip the last few days newspaper for more information. I only remember quite a while ago, they are giving free DVD players to borrowers. :)

BTW, I am not related to FPP, but I just happened to be a FPP debit card user only. I am also not related to SingPost, but I just happened to read that they are having promotions too. ;)

[Inix]

For this, I suggest applying for FPP credit card and ask for advance cash for 12 months. Also 5% upfront fee but they are having a promotion currently and you can earn an extra 2888 Linkpoints that you can redeem about S$20 free dining vouchers. The catch is you must borrow at least S$8000. =:p

Alternatively, you can also try SpeedCash from SingPost. They are also having some promotions, which I forget exactly what it is. You can try to flip the last few days newspaper for more information. I only remember quite a while ago, they are giving free DVD players to borrowers. :)

BTW, I am not related to FPP, but I just happened to be a FPP debit card user only. I am also not related to SingPost, but I just happened to read that they are having promotions too. ;)
SpeedCash from SingPost is fantastically expensive leh...

[applefreak]

like what the others had advised

1. go get a credit line. Amex Line of Credit is good as they have promo of 2.88% + $70 rate for a year. That's the cheapest you can find anywhere liao. Esp since the 2.88% works on reducing principal.

2. take a good hard look at your finances. what is your disposable income vs your expenses? is your income higher than your expenses? if you can't cut-down your expenses much, then you'll have to work on weekends to earn more.

3. discuss with your mum and tell her that you'd like to decrease the amount for the time being. better that than to pay high interest to the bank.

personally, the only debt I have is my housing loan
i've bought some things on 0% IPP but that's when i already have the money sitting elsewhere earning interest.
really hope that you can get out of this debt trap soon. cheers

[spreerabbit]

hi all, just want to share my situation...and how to improve it...would be glad other forumers can share their debt situation as well...

my debt as of 21 Nov 07

DBS - 5047.65

Citibank - 4645.21

CPF Repayment (my poly sch fees) - 2853.17

total debt - 12546.03

i have no savings...and on top of them i have my regular hp, internet bill, and house hold contribution to be given (400 pm to my mom)...and i also study part time in SIM..

dun ask me how i spend...i regreted ...so now just wana clear it off soon...

WOW! That's a huge sum!
1. You may need to talk to you family and reduce the allowance for time being till you get over this period.
2. Talk to the bank, sincerely tell them you wish to pay by way of installment, but request them to waive off the penalty (late payment or partial payment interest). Don't use or cut your credit cards until you settlement the money that you owe.
3. Change you life styles: stop or reduce clubbing, cut down phone usage or change phone/internet plan, don't spend unless is necessary.
4. One of the Hardware Buddy did provide a hotline - call them & ask for advise.

Most importantly: Remember the lesson you learn now and DO NOT repeat again!!

Please continue the link. Let us know what they have done/say. I believe that's a lot of people out there facing the similar situation. Please share with us and GOOD LUCK to you pal..........

:)

[floofilla]

i am very touched by all the reply that i have got...thanks everyone...

i am working as a civil servant...my pay is not that high as one of the forummer...definitely not 3500...

rite now i am waiting for the 13 month bonus..so that i can laid off some of my debt...i intend to pay 3 k next month inclusive of my salary...

yes...the debt is inclusive of my SIM installment payment...but that already coming to the last installment le...i also have three other hp installment plan to served...that explains why the big sum in my citibank debt...

as for the CPF repayment plan...every month i am paying 100 (i opt for the minimal)...i started paying since i started work 5 yrs ago...but seems like never ending leh...i hope i can pay in one lump sum next year..as it is really a burden...

thanks...i learn my lesson...i shall be prudent with my spending in the future...

for those with similar predicarment ..feel free to post it here...we can lend each other moral support...

thanks to all who replied.

[lyknah]

hi all, just want to share my situation...and how to improve it...would be glad other forumers can share their debt situation as well...

my debt as of 21 Nov 07

DBS - 5047.65

Citibank - 4645.21

CPF Repayment (my poly sch fees) - 2853.17

total debt - 12546.03

i have no savings...and on top of them i have my regular hp, internet bill, and house hold contribution to be given (400 pm to my mom)...and i also study part time in SIM..

dun ask me how i spend...i regreted ...so now just wana clear it off soon...
At least you have regretted.

My personal advice will be:
(1) Try not to owe CC bills.
(2) Pay the debt that charges you a higher interest rate so that you pay less on interest.
(3) Embrassing but if possible, discuss with your mum whether you can pay less to her and make it up after you have cleared yr debts.
(4) Do a spreadsheet of your expenses and check which expense can be reduced or avoided. Change to a lower amount plan for your hp or internet bill. An extra amount of $30 to $50 can make a lot of difference.

[lihong82]

i am very touched by all the reply that i have got...thanks everyone...

i am working as a civil servant...my pay is not that high as one of the forummer...definitely not 3500...

rite now i am waiting for the 13 month bonus..so that i can laid off some of my debt...i intend to pay 3 k next month inclusive of my salary...

yes...the debt is inclusive of my SIM installment payment...but that already coming to the last installment le...i also have three other hp installment plan to served...that explains why the big sum in my citibank debt...

as for the CPF repayment plan...every month i am paying 100 (i opt for the minimal)...i started paying since i started work 5 yrs ago...but seems like never ending leh...i hope i can pay in one lump sum next year..as it is really a burden...

thanks...i learn my lesson...i shall be prudent with my spending in the future...

for those with similar predicarment ..feel free to post it here...we can lend each other moral support...

thanks to all who replied.

Bro u under Prenium Plan?

[applefreak]

think the first thing you should do is do all the balance transfer to stop paying 24% interest
after that then think about how to settle the debt
you'd be surprised by how much interest you'll save within the short 1 month

another thing, as a civil servant
your year end bonus should be 1mth plus AWS
i think you should use all of the bonus sum to pay off your debt
cheers :)

[seeseelooklook]

1) Cut up all your credit cards cs you don't have the discipline. (Apply for 1 card only, after you have paid up all your debts.)

2) Get a personal loan at a lower interest rates (which some forummers have already gave their recommendations) to pay up all your debts first. Firstly because of the lower interest rate. Secondly, it's easier to repay 1 party than to repay a few parties in case you forget.

3) Spend less on entertainment, food, hp.

4) After you have finish repaying your debts, please start to save and keep at least 3 months of cash available for emergenccy use.

[tomicaguy]

I applaud you for turning back.

Some people never realise their own dire straits till they have to declare themselves bankrupt. Or even worse, borrow money here n there from people.

[heavenkid]

it is rather easy for civil servant to apply for credit cards, so the more cards u have, the higher chance of excess spending and thus bigger debts.

u might wan to apply UOB cashplus account which i believe u can get a 5k credit limit with no problem and do a balance transfer of 5k at 0% interest for 6 months (the processing fee is 2% now if u apply by 31 dec 07) and also DBS cashline account to do balance transfer (the processing fee is 2.5% now, sometimes it offers 2% too)

i round up ur debt to 13k, if u pay off 3k next month still got 10k. u should have no problem at 5k credit limit for both cashplus and cashline. do a balance transfer to clear off the credit cards as their interest is too high.

this way, u jus need to concentrate on repaying the 10k interest free for the next 6 months. ur take home pay should be ard 2k+++, so i recommend u paying 1k (or more if u can) per month for 6 months, like that u should have roughly 4k left if u pay 1k for 6months. by then, look out for offers like 2% processing fee balance transfer from uob or dbs and do another round of balance transfer.

for the time being, just fill up a big bowl with water and put all your credit cards in it and put it in the freezer. :D

[spreerabbit]

hi all, just want to share my situation...and how to improve it...would be glad other forumers can share their debt situation as well...

my debt as of 21 Nov 07

DBS - 5047.65

Citibank - 4645.21

CPF Repayment (my poly sch fees) - 2853.17

total debt - 12546.03

i have no savings...and on top of them i have my regular hp, internet bill, and house hold contribution to be given (400 pm to my mom)...and i also study part time in SIM..

dun ask me how i spend...i regreted ...so now just wana clear it off soon...

My "shi fu" recommanded the book "The Richest Man in Babylon". He said read it and implement it, you should be able to get out of the debt situation before you know it.

I've not read this book, therefore have nothing to comments; but I will read this book.
:o

[rustybullet]

actually its really about discipline...

just stop allowance for home for a while (IMO family members should understand) and call up citibank to take up balance transfer... i got a call from them some time ago on 1.99%pa for 3 months(not sure still have, can neg with them). use that to clear other debts.

Then work out a monthly amount need for..."survival" bills, hp, food and transport etc.

rest is targeted to clear the debt.

1 cents worth.

[nicinstyle]

hey there. dun worry.. this is very easy to handle.. yr sums are not huge.. yrs is actually comparatively low form what i hear everyday.. dealin with personal loans last time.. actually it will be better to plan things for u if we know yr monthly income.. yr monthly FIXED EXPENSES.. and then yr available credit facilities.. and it will be okie if u can pm me if u want to keep it private.. can find a way to fix yr interests at its lowest for u using yr available credit facilities bcos i guess mayb with yr outstandin balances.. u might or might not be able to get new credit lines bcos of yr credit rating..

will also be using all yr avaiable credit facilities and teach u how to make use of them so u can make payment and not be caught up with the PREVAILING interests..

NEVER EVER EVER TAKE MONEZY FROM SINGPOST OR GE MONEY OR EZYCASH !!!! the interest is crazy !!!!!! might as well dun take !! its only fro ppl incoem above 1600 below 2500 and desperate.. PLS PLS DUN.. the rates is the highest in spore!!

lastly.. its not the end of the world.. if u can get a card .. u shld be earning ard 2.5k to 3k.. its okie la.. mayb with yr high fixed expense.. it will take mayb ard a year or a year half max to 2 years to clear it.. but it can be done..

btw i know all the rates in spore la.. so if u want to know what to apply for jus ask in main will do.. dun bother goin to find out..

[floofilla]

dear all,

here is an update of my debt condition as at 12122007

Citibank - 2891.57

ready credit - 3556.75

BOC - 1500

CPF repayment (poly study) - 2653.17

total debt - 10601.49

hope can clear the debt asap.

forgot to add that i have an FD of 2k with DBS.

[ironman4672]

dear all,

here is an update of my debt condition as at 12122007

Citibank - 2891.57

ready credit - 3556.75

BOC - 1500

CPF repayment (poly study) - 2653.17

total debt - 10601.49

hope can clear the debt asap.

forgot to add that i have an FD of 2k with DBS.

i dun think there is anyone who are interested on ur debt status....;);););)

[uwa_cs]

i think it's best you talk to someone professional enough to advice you

1800 CALL CCS (Credit Counselling Singapore (http://www.ccs.org.sg/home.html))

I attended their talk before on financial planning. The people there are really helpful. Since they are a non profit org., they should be able to give you an objective view on how to settle your debt. :)

[applefreak]

dear floofilla, why didn't you take out the FD to pay off your debt?
it's like earning that miserable 3% but paying 24% to the bank :o

since you are a civil service, you should have gotten a month bonus and AWS
i'd suggest using that to clear all your debts and have a debt-free christmas :D

[JUNNIE247]

I will suggest some pointers below:

1. If you wish to engage on a professional counselor to assist you in planning for your debt repayments, you may wish to look for Credit Counselling Singapore (www.ccs.org.sg). Give them a call, make an appointment with them and they should be able to advise you on which debts to clear first and assist you in making arrangements for you to negotiate a repayment plan of a lower interest rate with the bank.

2. If you do not want to engage them, and wish to do it by yourself, be honest, approach the bank and talk to them directly that you need to have a repayment plan drawn up. In this case, you should take note which credit facility you owe has the highest interest rate, work harder on the one that has the highest rate and higher debt amount and clear it with a bigger amount every month and the one with a smaller rate at a smaller amount.

Once you have cleared the one with the highest interest, you'll have more breathing space to clear the ones with lower interest.

Do take note that if your outstanding amount you owe is more than $10,000, and should you lose the capacity to clear the debt, the bank may file a bankrupt status upon you. Once you are labeled with a bankrupt status, you will have a harder time obtaining loans or credit cards.

Last advice, if you are unable to cope on your own, be honest. You should look for either a trained debt counselor or the bank to work out on a repayment plan. Always remember, they are there to HELP you.

Regards.

[floofilla]

DBS - 4875.84

Citibank - 6283.54

BOC -1450

total - (12609.38)

this is my total cc debt as of now... the increase of my debt is due to i paid my sch fee of $3700 recently using my card. i opt for 6 month interest free installment plan.

seems i can nv get out of this hole...:s27:

[beast]

DBS - 4875.84

Citibank - 6283.54

BOC -1450

total - (12609.38)

this is my total cc debt as of now... the increase of my debt is due to i paid my sch fee of $3700 recently using my card. i opt for 6 month interest free installment plan.

seems i can nv get out of this hole...:s27:


Dont worry, you will clear eventually as long you have income. But i cant say for some whose CC debts accumlated are abt 5x of yours. They are deciding on which mrt station
:s8:

[Raffles88]

They are deciding on which mrt station
:s8:

:eek::s22::s31:

[abc___]

:s16:Haloo,
I am oweing $35000, how you compare wif me......
I oso like tat, still paying..... Wat to do.....

With all the temptations....., you will see, more to come when you start to work. !

Best thing,

Dun take any credit card, if you really really need one, Go for those only have credit of $500 only.

Tat is the best !



DBS - 4875.84

Citibank - 6283.54

BOC -1450

total - (12609.38)

this is my total cc debt as of now... the increase of my debt is due to i paid my sch fee of $3700 recently using my card. i opt for 6 month interest free installment plan.

seems i can nv get out of this hole...:s27:

[abc___]

Aiyoo, CCS haw seow wan lah,

I try liao, See ask you for this document and tat document, then somemore must be latest one. if not they cannot help. then you have to declare to them how much you earn per month, then they start to calculate for you, then in the end you only left alittle bit for yourself, somemore huh, they will show the banks how they restructure your money, and somemore they have to negotiate with the banks, then you see huh, some bank management people very bird wan, they will want to see if they can still get back their principle money you owe them plus the interest leh, so CCS only can try to talk or pacify the banks, in the end, we the debtor, will have to Pay and Pay lor.
No use one, some more you have to give them a small amount ( I forget how much,) but I think is $30 to $50 plus, for their service to help you negotiate with the banks,
Liao gang, dun waste your time, better think solution yourself instead of asking others a favour to help, CCS cannot ask the bank to let you lower your principle amount, but they can only try to ask bank to loer your interest only.

If you dun believe, you can try lor.
Juz kpo to tell my own feelings only sigh


I will suggest some pointers below:

1. If you wish to engage on a professional counselor to assist you in planning for your debt repayments, you may wish to look for Credit Counselling Singapore (www.ccs.org.sg).

[abc___]

You know why ppl say better dun go bankrupt?

it is because, if you declare bankrupt, then bank cannot chase you for money, then they will be loogi mah. Wait become their bad debt liao.

then they dun want to be such tat they loogi, so they also combine with MAS, saying if the person want to bankrupt, can, then let him/her very difficult to find job lor !

See, this is simple, bank juz dun want us to declare bankrupt.
If you daring enuf, juz declare bankrupt then fly to other country and stay lor.
ha ha
joking lah




I applaud you for turning back.

Some people never realise their own dire straits till they have to declare themselves bankrupt. Or even worse, borrow money here n there from people.

[Inix]

Aiyoo, CCS haw seow wan lah,

I try liao, See ask you for this document and tat document, then somemore must be latest one. if not they cannot help. then you have to declare to them how much you earn per month, then they start to calculate for you, then in the end you only left alittle bit for yourself, somemore huh, they will show the banks how they restructure your money, and somemore they have to negotiate with the banks, then you see huh, some bank management people very bird wan, they will want to see if they can still get back their principle money you owe them plus the interest leh, so CCS only can try to talk or pacify the banks, in the end, we the debtor, will have to Pay and Pay lor.
No use one, some more you have to give them a small amount ( I forget how much,) but I think is $30 to $50 plus, for their service to help you negotiate with the banks,
Liao gang, dun waste your time, better think solution yourself instead of asking others a favour to help, CCS cannot ask the bank to let you lower your principle amount, but they can only try to ask bank to loer your interest only.

If you dun believe, you can try lor.
Juz kpo to tell my own feelings only sigh
With your attitude, I'm surprised you not bankrupt yet. Come back and let us know when you are. Ungrateful idiots.

[woodbed1122]

actually i can teach u methods to minimise damage but ultimately, ONCE YOU USE, PAY! I mean I don't wish to rub it in. but this is a simple logic. now it's not the interest tat's killing you. YOU did not even pay off e basic amount.

The only way to pay off is to work and earn money. no other methods. Don't sit there and just feel depressed. Stop charging ur cards. cut them up. and just concentrate on paying. else u will end urself in bankruptcy.