Credit Card Debt Solution

[CH_CO]

Nah just curious haha

 

You forgot , i work as a orfit table cleaner , sometimes part time toilet , sometimes i hang out in the credit department , i am lower class than table wiper and i hangs around korean vs car car thread whereas the other swings his rolec around. Though i am almost out , taking a long break.

 

Simi bank ? Local or overseas , which side ? The only bank i know the riverbank at fernvale or the one opposite my house longkang.

Edited November 3, 2014 by CH_CO

[Thaiyotakamli]

 

You forgot , i work as a orfit table cleaner , sometimes part time toilet , sometimes i hang out in the credit department , i am lower class than table wiper and i hangs around korean vs car car thread whereas the other swings his rolec around. Though i am almost out , taking a long break.

 

Simi bank ? Local or overseas , which side ? The only bank i know the riverbank at fernvale or the one opposite my house longkang.

 

Lol i not T2 la, i also stayed sengkang le

[The_Bear]

Keep to the topic and avoid escalating the flame war. Danke.

[CH_CO]

Bear , i am not the one stirring.

 

"On a serious note", one should stay away from credit cards if they have a spending habit problem.

 

Regulations from MAS is unlikely to change anything , as for those having a CC debt issue , it is best to talk to the debt officer.

 

Though it might be wrong to suggest but i don't see why declaring bankrupt isn't an option for those who are really down and out ? If i were deciding to declare insolvency , i will first take one whole load of money before doing it.

 

Since the industry gives out loose credit like no other where one can easily get up to 20 credit cards over various banks and if i multiply by the amount of loans as well as loose credit , one can easily get up to 3 years worth of salary and probably more.

 

That's free money for those which intends to go into hiding overseas , or "work" overseas. One can apply up to the Official Assignee’s permission, stating the reasons for your travel ,your destination of travel ,the period of travel.

 

Effectively , if one plays punk , there is little the assignee can do. Of course ,i might be wrong. Maybe promoting how to play punk on bankruptcy rulings will push the FIs to have a more stringent credit analysis.

Edited November 4, 2014 by CH_CO

[darth_vader_]

spend now and jump later.

life is short, make full use of it.

[Spring]

Actually credit per se is not an issue. The issue is that because credit is invisible and

therefore you don't feel as it's cash n thus you overspend cos you don't feel the pinch.

As such it may be best to draw out a spreadsheet on what you have signed, taken on credit

so that you are able to know at any point of time what's your outstanding debts. This way you

will be able to control your expenditure.

 

Granted there will always be people who no matter what suggestion are not able to manage

their expenses so perhaps for these guys, it's better not to have any credit at all.

In short, credit can be useful if managed wisely.

[RadX]

Actually credit per se is not an issue. The issue is that because credit is invisible and

therefore you don't feel as it's cash n thus you overspend cos you don't feel the pinch.

As such it may be best to draw out a spreadsheet on what you have signed, taken on credit

so that you are able to know at any point of time what's your outstanding debts. This way you

will be able to control your expenditure.

 

Granted there will always be people who no matter what suggestion are not able to manage

their expenses so perhaps for these guys, it's better not to have any credit at all.

In short, credit can be useful if managed wisely.

 

 

yup correct. Use it to your advantage and not let it ruin you

[Kangadrool]

One way is to limit to one month salary or 5K whichever is lesser when you put in your application. Default, the bank will give you 2 months salary credit limit.

Edited November 4, 2014 by Kangadrool

[Mockngbrd]

Or dun up your limit lo. like mine. all same limit as when i first got them.

[Spring]

I give an example of how I use credit to my advantage.

 

2 years back, I sold my apartment and bought another one. The proceeds from my previous

apt was returned roughly half in cash and half in cpf. After paying 20% downpayment for my

new home, I borrowed 80% from the bank even though I don't really need that much as I had

the proceeds from my old home.

 

I did this cos the bank was offering me sibor + 0.7% for first 3 yrs=approx 1.05% thereabouts.

My cash was put in a deposit earning 1.18% and cpf was earning 2.5%. So I'm better off with

a loan ie credit! I pay my instalments in cash instead of cpf to help my money grow faster.

 

Few points to note is that some friends tell me to invest my cash in stocks and better paying

Investments but whilst admittedly this may be true, I dare not take this risk cos stocks are risky

and anyway my intention for this sum of money is to pay off my loan eventually and not actually

for growth. Other friends tell me use cpf to pay your instalments since cpf can't be taken out till

later but the 2.5% they pay is higher than any safe investment I know.

But be careful of the cpf coz once you reach 55, it will be transferred to retirement account if

you do not meet the minimum sum and you can't use it to pay off your loan.

[Alpha78]

One way is to limit to one month salary or 5K whichever is lesser when you put in your application. Default, the bank will give you 2 months salary credit limit.

 

Nowadays, many banks give 4x monthly salary as limit. It can be scary if you use all that limit in one shot.

[Lightbringer]

Haha, thanks. More entertaining to find the silver lining in every cloud -even if its just a puffy fluffy cloud w only hot air inside it. :-)

 

I really enjoy your recent posts.

 

You are the first person I have praised so far since the system started!

[Lightbringer]

On a more serious note, most people are often quick to blame and demonize modern tools for their own shortcomings. They then turn around and start persecuting others who do not conform to their philosophy of life, or refuse to share in their condemnation.

 

Be it credit, the Internet, electricity, the steam engine or fire itself, everything is a double edged sword which offers limitless opportunities or a field of swords upon which one can impale himself on.

 

Its a choice, people make poor choices sometimes, and we learn from our pains and scars and we move on, wiser and all the better for it. Others however feel it is their pejorative to lecture the whole world incessantly on how smart and wise their own choices are and what a fool you are for not accepting and following their gospel. *shrugs*

 

Actually credit per se is not an issue. The issue is that because credit is invisible and

therefore you don't feel as it's cash n thus you overspend cos you don't feel the pinch.

As such it may be best to draw out a spreadsheet on what you have signed, taken on credit

so that you are able to know at any point of time what's your outstanding debts. This way you

will be able to control your expenditure.

 

Granted there will always be people who no matter what suggestion are not able to manage

their expenses so perhaps for these guys, it's better not to have any credit at all.

In short, credit can be useful if managed wisely.

[CH_CO]

There is a difference between loose credit , an investment and pure expenditure. Having loose credit allows one to have money they don't initially have , it is neutral to people which do not need them. As for using credit for an investment , this bears its risk which i will talk about later and lastly expenditure , having spent your future money , one you limit your opportunities as well as load yourself with unnecessary interest repayments which one can do without.

 

For a property investment, it can be positive or negative, depending on timing. In the event of a rate hike , sibor rates are bound to increase, though short term loan rates are good but it is not guaranteed. I had my fair share in property prior to TDSR. I had roughly bought 5 property after 2009 and made used of the easy credit given by banks flushed with cash from QE.

 

I took profit on those 5 by 2013 though i kept those which i bought earlier and i have warned multiple times on the potential drop in properties since 2013. But easy credit doesn't necessary means good for people which intended to "roll" their properties , many i know of are stuck with properties which are going at 10~20% discount of their selling price and i have a friend which is sitting on a buck paper loss on the prime locations in cbd. So timing is important and i do agree easy credit on collateral did help many make money.

 

My view on the difference on a loan repayment or putting money in CPF , if one has spare cash which he can lose , put them in special accounts which earns 4% , but if one intend to depend on his minimum sum for retirement he is as good as gone. I am not sure if the garmen is around in 10 years time , less to say expecting my cpf to be around in 20~30 years time.

 

I have almost zero in my cpf , all have being used to pay for property and in turn en cashed via rental income. I know it is alittle out of topic but to me nothing is real except gold.

Edited November 4, 2014 by CH_CO

[Throttle2]

Keep to the topic and avoid escalating the flame war. Danke.

There are more things more uncool than that finger.

Thanks for the warning.

[CH_CO]

On a more serious note, most people are often quick to blame and demonize modern tools for their own shortcomings. They then turn around and start persecuting others who do not conform to their philosophy of life, or refuse to share in their condemnation.

 

Be it credit, the Internet, electricity, the steam engine or fire itself, everything is a double edged sword which offers limitless opportunities or a field of swords upon which one can impale himself on.

 

Its a choice, people make poor choices sometimes, and we learn from our pains and scars and we move on, wiser and all the better for it. Others however feel it is their pejorative to lecture the whole world incessantly on how smart and wise their own choices are and what a fool you are for not accepting and following their gospel. *shrugs*

 

 

Seriously i don't understand a single word here , is this clown trying to say something ? Can translate into simple english ? Simi gospel , philosophy , pejorative , haha wanna sing opera , go to the theater la

 

Edited November 4, 2014 by CH_CO

[Spring]

There is a difference between loose credit , an investment and pure expenditure.

 

For a property, it can be positive or negative,. In the event of a rate hike , sibor rates are bound to increase, though short term loan rates are good it is not guaranteed. Personally if one intend to depend on his minimum sum for retirement he is as good as gone.

 

As for property I had my fair share in it.

If sibor rates go up which I'm expecting it to do so, I'll pay off firstly with cash which i have

received from my house proceeds and if it goes beyond 2.5%, I'll use my cpf.

But meanwhile I enjoy the credit to my advantage.

 

My illustration was meant to show how we can use credit in a positive manner. Like any man

in the street, I too am vulnerable if I adopted an indiscipline approach to my cash eg instead of

saving in a low paying deposit, I invest in riskier investments and thus my advantage quickly

becomes a disadvantage should my riskier investments tank.

 

The same approach can be applied to Credit Cards, using the credit extended to pay eg

Interest free instalments but always bearing in mind that it has to be paid off on time each

and every time and obviously not to sign beyond your means.

 

Lastly, the point on retirement account was to remind myself and anyone else for that matter

That the cpf money earmarked for the repayment of loan has to be utilised before 55. Afterall

this particular amount of cpf funds was from the previous house proceeds anyway.

[Throttle2]

If sibor rates go up which I'm expecting it to do so, I'll pay off firstly with cash which i have

received from my house proceeds and if it goes beyond 2.5%, I'll use my cpf.

But meanwhile I enjoy the credit to my advantage.

 

My illustration was meant to show how we can use credit in a positive manner. Like any man

in the street, I too am vulnerable if I adopted an indiscipline approach to my cash eg instead of

saving in a low paying deposit, I invest in riskier investments and thus my advantage quickly

becomes a disadvantage should my riskier investments tank.

 

The same approach can be applied to Credit Cards, using the credit extended to pay eg

Interest free instalments but always bearing in mind that it has to be paid off on time each

and every time and obviously not to sign beyond your means.

 

Lastly, the point on retirement account was to remind myself and anyone else for that matter

That the cpf money earmarked for the repayment of loan has to be utilised before 55. Afterall

this particular amount of cpf funds was from the previous house proceeds anyway.

I think your views are fair enough.

Nothing wrong using credit in a prudent way with good backup plans.

Most people in this Forum, i would think are not silly.

Everybody has differing views and it boils down to a personal risk appetite.

 

On the topic, credit cards are but merely a form of convenience and some little discounts in todays world.

 

If one uses it for anything more than that, one is in trouble, simple as that.