$$$$ Are you in debts? $$$$

[Banban]

Read about $$ thread which struck me..how do people solve their financial problems? how to settle debts?this is another posting I came across from other forum.Maybe we can share how one release himself from debts..

 

I really don't understand why some can spend beyond their means and got into heavy debts.....I have seen friends getting into debts due to extravagant spending.

 

 

copied from other forum

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Help!I desperately need some advice from you all.

 

Problem no. 1:

 

I am married,pregnant and in debt of more than 20k from credit card bills due to extravagant spending in the past.

 

It has been 2 years and the outstanding sum are snowballing with interest adding up every month and I have been struggling very hard to meet the minimum payment.

 

Now I realise my mistake and has not been using my credit cards for the past 2 years but I still cant pay my debts with 24% yearly interests snowballing.

 

To be honest, I am still keeping a car. I know I cant be owning a car at this point of time but I cant sell my car for several reasons:

 

- My job needs a car and w/o a car i would have to give up my current job

 

- I might end up in a job with a lower pay ( as I have no other experience in other fields of work) and yet still got to pay the bank the loss I have incurred (abt 15K) in instalments

 

- I cant quit my job now cos I am pregnant and I have $0 savings.

 

- If i sell my car now,i would be in another debt of 15K

 

Keeping a car is really expensive in Singapore.I pay more than 1K per month to upkeep the car and that is excluding maintenance,half yearly road tax and the yearly expensive insurance.

 

Though I am using my car to work for my company, they only pay for my petrol and carpark fees.

 

To conclude: if i sell my car, i have to settle for a low pay job and end up in bigger debts.

 

Problem no.2:

 

My baby was unplanned and at times I really hope I am not pregnant at all. (I am currently 2 months pregnant).I decided to keep the baby as I am not young anymore.I am 31 and my husband 33 this year.

 

After i give birth,there'll be no one to do confinement and take care of my baby for me.(Mum and MIL are both working full time to make ends meet)I cant afford any confinement lady with my current financial situation.

 

Having a baby is going to add up my monthly expenses and my ability to repay the bank is diminishing and I might just end up in more and more debts with interests and miscellaneous bank fees adding up.

 

Though i am lucky to have a supporting husband who give every cents of his salary to me but he's not making much despite working very hard.I felt guilty that I got him into my debts.

 

We are staying in a resale 4 rm flat and is oso struggling to pay the monthly instalments/household and other miscellaneous bills etc....

 

We cant sell our flat cos we just bought it not long ago. And even if we sell our flat now, it's a negative sale; meaning we wont get a single cent out of the sale cos we bought at quite a high price.

 

I think I seriously have some problems in managing $$$

 

What do u think I should now?

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Edited January 29, 2008 by Banban

[Sabian]

Every step of the way never plan/ calculate.

 

now then seriously think have problem managing $$

 

then go forum and post, asking to be flamed. if not for the baby, maybe go Lim Chu Kang and find a spot to bury herself.

[Ironstarz]

Haiz it happens everywhere, nowadays i am alr changing my lifestyle to start planning for my future retirement alr, tho i am just 23 ,

 

stopped clubbing , stop drinking , seldom go out , spend more time with wife, eat in camp as much as possible ( i'm a regular ) travel at 80km/h to save fuel keep thinking of watys to save $$ anyone can give me more ideals

 

I'm not in any financial difficultly i have no problems with my bills and so on i dun struggle to make end meets but i'm just trying to make sure when i retire i wanna be a man who can live comfortably with my wife

 

To really get out of debt , one must change lifestyle and willing to endure hardship, if i were to be so cash strapped, i will even hold 2 / 3 jobs if i can take it just to make sure i can pay of my debt, its up to one person's determination to live a debt free life

 

 

I read something like this before

 

A frugal man will walk or take bus instead of taxi or by car

A frugal man will buy a Hyundai instead of Mercedes

A frugal man will watch TV , bathe in CC instead of doing it at home

A frugal man will cook a simple meal than spending it on Mac

 

Just my tots, i feel the younger generation need to learn more about saving $$ and plan for the future instead of living a life of spend life to the fullest and not bothering abt the future which would be worrying

[So_nice]

its like owing ah long $$. just tat the one she's in is white while the other black. however the white 1 more powerful as they can get court order to declare u bankrupt and seize all ur valuables while for the black one u can call mata to settle. sigh.

 

maybe she should seek help from MP

[Albeniz]

As mentioned by the woman herself, it is her extravagant spendings which landed her in the current plight.

 

To be honest, I don't sympathize with her.

 

If she is really so repentant, she could choose to sell away her expensive items on ebay or on-line auction sites, at least to retrieve part of the money back.

 

Both husband and wife are working and yet they are in debt.

They should seriously re-examine their life-style.

[Redwood]

Nothing to say. This lady . This serve as a wake up call for many.

How to solve the problem? Wait for 8 more months. After the baby is born, sell car, quit current job, go and stand in geylang.

[Albeniz]

  Quote

A frugal man will walk or take bus instead of taxi or by car

A frugal man will buy a Hyundai instead of Mercedes

 

I find your statement interesting but contradicting.

If I combine your above 2 statements,

So... should a frugal man buy a Hyundai, walk or take bus?

[Meecar]

i believe nearly 99% of people who own property or car are on some kind of loan even if they may have paid off recently

 

 

as for me I am up to my A#s oops.... actually up to my eyeballs with loan

 

[Redwood]

Since you're a regular, you have to think further.

I think officer retired at 45. For Specialist, first contract is 10 years then some may get extended but many will be asked to leave. Correct me if I'm wrong. So which group are you in?

Edited January 29, 2008 by Redwood

[Ironstarz]

Alamak my point is

if must drive car then choose between hyundai /merc ,

 

if considering between car and public transport and have no real need for own car then choose between walk / bus

 

I got this from somewhere wan not ownself compose i not so good yet

[So_nice]

she would need this:

 

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source: http://www.shc-forum.com/viewtopic.php?t=94887

[Ironstarz]

Hi i understand whats you mean, i'm in the first plan which is 10 years thats why i am making more contigency plans if things goes wrong, at least my car is fully paid for and i do not owe any loan to the bank , that is also one of the reason why i am saving as much as possible in any case if i ever leave the service i have at least some money to assist me to start life afresh, yes many people would be asked to leave at the 10th year i've seen many of these cases and i cannot say i am COMFIRM will be put to phase 2 which will allows me to continue to 55 yrs old, at least i am making plans in case things goes wrongs

[Hiphiphoray]

There is no other way round but to learn from it and pay it off slowly.

 

Life will be better if you work hard and keep faith and have hope.

 

I owe some debts during my first few years of working life too .....but slowly i learn the lesson and recover. Recently i even got a double digit xx mth bonus. Wopiiiii !!!!!! hehehe. Can easily pay off this women's debt and still have spare change.

[Freestylers09]

先苦后甜

[Banban]

woah! what industry u are in? can get so much bonus

[Banban]

  Quote

i believe nearly 99% of people who own property or car are on some kind of loan even if they may have paid off recently

 

 

as for me I am up to my A#s oops.... actually up to my eyeballs with loan

 

if can afford to pay off housing loan and auto loan is fine.Almost everyone are on some kind of loan.Worse is those incurring heavy debts and need to borrow from loansharks etc.Worst is hardcore gamblers.In the end bor ciao kia ciao

[UncleWolve]

Chey ...

[UncleWolve]

Those who knows how to make use of loans services available are the happy ones.. those ngeow sai who live life ngeow sai will suffer in the end also die...