Advice Needed - In Debt

[emeraldbride]

I too once was saddled with debts of more than $40K. It was a long story. Can only blame me for being naive and too trusting. I went into depression at one time, having to deal with the debt and retrenchment at the same time.
Anyway, after nearly 5years of paying nearly 50% of my pay into cards, I finally cleared them this year! It was really a burden lifted off my shoulder. I cancelled those cards leaving only 2 cards which is necessary.
Now I realise that CASH is KING. Credit card is just future money. If we cannot foresee the future money, wise not to spend it.
I usually plan where my salary will go before it was even in my account. Then I will know how much I am left with every month for my personal expenses. My family do not know as I still gave my parents the same allowance all these while. When increment is given, the xtra money will be used to pay off debts. Bonus as well.
Good luck gals!!

 

[adrian7818]

Hi,

I believe most of us would encounter such an issue with credit cards.

Just some suggestions for those would are foreseeing themselves plunging into the world of credit card debt.

1. Whenever you signed any bills with the credit card, be sure to draw out the amount from your bank account to set aside for your credit card bill. Alternatively, you can make the payment straight away.

2. Set a limit to the amount to be signed with each card. For example, if you have credit cards from 3 different banks, and your repayment ability is about $1500. Then you should cap your per card usage to about $700. Once you know that you have signed about $700 worth of bills to this card, take it out from your wallet, and leave it at home. Never use it again, until the bill is cleared. Thus you won't find yourself overspending beyond your capability.

I'm quite a spendthrift myself, and I understand it's difficult to curb the spending urge. Just try to reduce bit by bit, eventually you will be able to succeed!

Good Luck!

Adrian

 

[green_tranquility]

"1. Whenever you signed any bills with the credit card, be sure to draw out the amount from your bank account to set aside for your credit card bill. Alternatively, you can make the payment straight away. "

Then just use Debit cards instead of Credit cards.

 

[kenbubblez]

Hi,

My little suggestion would be to find some unused items in your home and sell them away to at least reduce the debt amount and at the same time find other means.

Take care.

 

[pinkdewy]

Set your own "credit limit" per month.
Keep all charge slips and total up how much liable per month so you know how much to expect before receiving the bill.
For more drastic measures, request for bank to lower your credit limit so there is no way you can overspend.

I realised this does help in a way to prevent overspending.

Cheers

 

[ngfifi]

Hi starstar

Borrowing $ frm GE is nt as simple as wat u tink as they tend to do a credit check on ur background etc etc

Thou their brochures state ur min income muz be $1.6/8K n above then u r qualified but its all bullshit

Also note tat GE interest in nt cheap thou its 1 time n compared to loan frm bank, their interest is sky rocking

If ur 1st application wif GE was nt successful, u will ve to wait for another 6 mths b4 u apply again

Pros n cons to borrow frm GE

Well, i cant sd much coz me myself oso in debt of $3.5K n waiting to borrow frm GE. Juz count myself lucky that im able to repay the debt wif my mthly income n oso hubby income

 

[starmed]

Jen
=) thanks for the info...I'm not well versed wif the credit companies..cos so far, I dun have a need to get a loan.. wif the exceptions of HDB housing loan. Else, my reno n wedding expenses are our own $$. I'm being brought up by my parents of the value of living within my own means.. me contented wif what I have. that's y to me, having loan is something I really avoided.

 

[tomasulu]

first thing first, bite the bullet and sell the car. otherwise, you won't have any money left over each month to service your debt. transfer more expensive cc debts to less expensive ones, even if they are time-limited sign-up rates. then clear the most expensive ones. if you can borrow from parents/friends, do so. i am sure they don't want to see you bankrupt.

like trying to lose weight, it is not enough to exercise, you have to eat less. so spend less. ruthlessly cut ALL unnecessary expenses. you can live a VERY inexpensive lifestyle in sg if you so choose.

 

[remarry]

JOcelyn, I am a single mum. Was in huge debts a few months back until I found this way to get some spare cash. Not much..just a little more to buy extras for me and baby.

PM me. I will share this with you.

 

[rofthelper]

Hi seth k, any fees involve when engaging debtfreelife.biz services?

 

[calla83]

can try to rent out extra room in ur hse... the income is really not bad

 

[pink_sapphire]

- try borrowing $$ from friends and relatives
- jolt down all your daily expenses (that will give u a very clear view of which expenses u can still cut down on)
- try staying at home as much as possible to avoid unnecessary expenditure when u go out
- if u really need the car for your work then use it only for work, when going out on other occasions besides work perhaps u can take the public transport.. that might save u some money on petrol, parking and erp
- try asking your parents or relatives if u could stay with them so at least perhaps u can rent your house out that will give u at least 1.2K a month to repay debt

 

[miloice]

hi people,

who are you responding to? Care to notice that she was pregnant and in debt in Sept 2005. Now its 2009.

 

[pink_sapphire]

oh thats way back ! Joycelyn hope that u hav managed to repay all your debt by now and happy living

 

[pink_sapphire]

Gosh ! the baby must have been at least 3yrs old by now

 

[gin]

Milo...lol...so funny your msg...cos I also notice this msg posted in Sep 05...I remembered reading this ages back too...