Please some one give me a solution on my CC debit?

Question

I am in SG. I have 40K debit in Credit Card. I try to work out in many ways but end up nothing just pay every month S$2000. I tried work from home or other pay program, but nothing can work. I payed promptly all the banks every month. is there any way in singapore to get a good solution.

Answer 1

Negotiate for lower interest rates or no interest if you continue to make the payments. Sell all the stuff you bought with credit cards and put the money toward the payments.

Answer 2

I used to have more than S$60,000 credit cards bill 2 years ago. I tried called up all the Banks and explained to them my situation with documental proof (such as bills and pay slip). Almost all Banks allow to cancell all my cards and pay them back by instalment. Some even allow me to pay at a lower interest rate. I would ask them for a composite full settlement whenever I had a lump sum of money such as bonus.

I used about 2 years to clear almost 95% of my debt.

You will have to stop using all cards, best is to cancel them immediately. If not, you will just be ended up paying them the interest and late charges.

Answer 3

Do they have any free non-profit credit counseling programs there? In the U.S. there are people who will help you consolidate debts and budget. Also try cutting out other expenses (get a roommate, don't eat out, etc.) if you can.

Answer 4

You must have bought a lot of stuff that you didn't need, and can't pay for it. You were stealing. Shame on you.