Credit Card Debt Solution

[Chucky2007]

Credit debt is scary.. In the mid 2000s.. I speculate too much that's out of what I could afford to hold.. Draw down on credit lines and super stressed for close to two years. Lucky thing is over years have joint investment with wife and she also very prudent and healthy cash savings so she bailed me out partially andthe shares became all hers, plus just stopped using the credits and work hard to pay off ASAP.

 

One thing I learn is that if the credit record for a bank is bad, even after pay off everything, Never close the account immediately and close after 6 months to one year. I got a B rating with one of the bank so when I close the account, the B rating stays for 2 YEARS with my credit history and when I apply housing loans, car loans, always have to explain

[Chucky2007]

Nowadays i always entrust my wife with my earnings..

 

If i screw up again.. At least the family has enough savings.. The only money i have in my single name I spend or invest and only keep 1 year of emergency fund for myself.. All my other earnings extra of that one-year buffer its in wife control..

 

That's why she very secured.. I go out late or travel for work she never worry.

[Thaiyotakamli]

Ur wife dunno ur one year emergency fund is enough to build few new kitchens in China

[Yewheng]

http://business.asiaone.com/personal-finance/investments-and-savings/one-person-owed-1552000?utm_campaign=Echobox&utm_medium=Social&utm_source=Facebook#xtor=CS1-2

 

This is a very scary figure, about 1 in 3 credit card holders pay only minimum sum and rollover to next month statement.

 

1 in 3 is a lot sia... Can't imagine if they lose their job or change to a lower paying job.

 

Though about 100plus k credit card holders paying less then minimum sum or zero and less then about 3% of these people seek help. I can only forsee the number of people who pay less then minimum sum or zero to rise sharply in near future due to very high number of them is paying only minimum sum to rollover to next month bill.

 

Minister should put more pressure to bank and for bank to do the right thing and not to give credit to these people too loosely. For me, it's consider that banks are very reckless in just wanting figure without thinking of future consequences. Do we want the credit card debt to be out of control then start taking action? By then it is too late.

 

Wondering why minister never put very fierce pressure on the bank to do the right thing since they have these figure. The situation now is like these people are now balancing on a thick rope, once the thick rope snap, all of these people will fall off the cliff.

Edited November 23, 2015 by Yewheng

[Angcheek]

  On 11/23/2015 at 10:28 AM, Yewheng said:

http://business.asiaone.com/personal-finance/investments-and-savings/one-person-owed-1552000?utm_campaign=Echobox&utm_medium=Social&utm_source=Facebook#xtor=CS1-2

 

 

 

His credit card debt snowballed to $103,000

 

CCS very good lel ...  clear his dept in next 3 years ... on ave paying back 26k a year  with 42k salary.

[Yewheng]

  On 11/23/2015 at 10:49 AM, Angcheek said:

His credit card debt snowballed to $103,000

 

CCS very good lel ...  clear his dept in next 3 years ... on ave paying back 26k a year  with 42k salary.

​It does not make economical sense to have so many people who are paying minimum sum as in the near future if 1/2 of those people falls to the one that is paying less then minimum sum or zero, bank will be making a big loss . Plus don't forget there is also bankruptcy figure to consider. Wondering is it because of intense competition that banks only cares about figure NOW and neglect on what will happen in the near future. If this is the case, all the banks have no foresight and are heading for trouble in the near future.

[Leinad8919]

  On 11/23/2015 at 10:28 AM, Yewheng said:

http://business.asiaone.com/personal-finance/investments-and-savings/one-person-owed-1552000?utm_campaign=Echobox&utm_medium=Social&utm_source=Facebook#xtor=CS1-2

 

This is a very scary figure, about 1 in 3 credit card holders pay only minimum sum and rollover to next month statement.

 

1 in 3 is a lot sia... Can't imagine if they lose their job or change to a lower paying job.

 

Though about 100plus k credit card holders paying less then minimum sum or zero and less then about 3% of these people seek help. I can only forsee the number of people who pay less then minimum sum or zero to rise sharply in near future due to very high number of them is paying only minimum sum to rollover to next month bill.

 

Minister should put more pressure to bank and for bank to do the right thing and not to give credit to these people too loosely. For me, it's consider that banks are very reckless in just wanting figure without thinking of future consequences. Do we want the credit card debt to be out of control then start taking action? By then it is too late.

 

Wondering why minister never put very fierce pressure on the bank to do the right thing since they have these figure. The situation now is like these people are now balancing on a thick rope, once the thick rope snap, all of these people will fall off the cliff.

They can't control the bank. These debtors are qualified to subscribe to the cards......its just that they earn as much as they spent.....or spend as much as they earned. In this case "Vice Visa"

[lausai88]

  On 11/23/2015 at 10:28 AM, Yewheng said:

http://business.asiaone.com/personal-finance/investments-and-savings/one-person-owed-1552000?utm_campaign=Echobox&utm_medium=Social&utm_source=Facebook#xtor=CS1-2

 

 

 

The 1st line of this article states that:

He had a good job that paid him $7,500 a month

 

that means my job is really bad       

[Voodooman]

  On 11/23/2015 at 10:28 AM, Yewheng said:

http://business.asiaone.com/personal-finance/investments-and-savings/one-person-owed-1552000?utm_campaign=Echobox&utm_medium=Social&utm_source=Facebook#xtor=CS1-2

 

This is a very scary figure, about 1 in 3 credit card holders pay only minimum sum and rollover to next month statement.

 

1 in 3 is a lot sia... Can't imagine if they lose their job or change to a lower paying job.

 

Though about 100plus k credit card holders paying less then minimum sum or zero and less then about 3% of these people seek help. I can only forsee the number of people who pay less then minimum sum or zero to rise sharply in near future due to very high number of them is paying only minimum sum to rollover to next month bill.

 

Minister should put more pressure to bank and for bank to do the right thing and not to give credit to these people too loosely. For me, it's consider that banks are very reckless in just wanting figure without thinking of future consequences. Do we want the credit card debt to be out of control then start taking action? By then it is too late.

 

Wondering why minister never put very fierce pressure on the bank to do the right thing since they have these figure. The situation now is like these people are now balancing on a thick rope, once the thick rope snap, all of these people will fall off the cliff.

HK is 50% min roll.

 

Singapore a lot of overdue payments are term out via unsecured credit lines, so 1 in 3 cannot pay in full may be understating the situation.

 

Never had this issue, even when I was making just 1600 a month. Just don't spend money you don't have. Period.

[Yewheng]

  On 11/23/2015 at 12:32 PM, Leinad8919 said:

They can't control the bank. These debtors are qualified to subscribe to the cards......its just that they earn as much as they spent.....or spend as much as they earned. In this case "Vice Visa"

Edited November 23, 2015 by Yewheng

[Yewheng]

  On 11/23/2015 at 12:35 PM, Voodooman said:

HK is 50% min roll.

 

Singapore a lot of overdue payments are term out via unsecured credit lines, so 1 in 3 cannot pay in full may be understating the situation.

 

Never had this issue, even when I was making just 1600 a month. Just don't spend money you don't have. Period.

 If you read again, REVOLVING DEBTORS (ROLLING DEBT BY COVERING ONLY MINIMUM SUM) . It is different from those who cannot pay In full, cannot pay in full can mean, pay half of it and the other half pay next month, it can also mean, pay 25% of it and the rest spread out for next few months. 

 

If 1 in 3 cannot pay full for credit card still not bad, but then it is not. Its 1 out of 3 rollover debt by covering only min sum. That's very scary.

[Angcheek]

  On 11/23/2015 at 12:33 PM, lausai88 said:

The 1st line of this article states that:

He had a good job that paid him $7,500 a month

 

that means my job is really bad       

 

why ? u got 1 more zero than him hur hahaa

  On 11/23/2015 at 12:35 PM, Voodooman said:

HK is 50% min roll.

 

Singapore a lot of overdue payments are term out via unsecured credit lines, so 1 in 3 cannot pay in full may be understating the situation.

 

Never had this issue, even when I was making just 1600 a month. Just don't spend money you don't have. Period.

 

some people dont hvae that kind of discipline ma kekeke.

[Icedbs]

The only way to solve this problem is to to have this subject called "Financial Investment and Planning" incorporated into the education system for all secondary schools.

 

But they won't do it. And neither will any country in the world.

 

Because if they do, worldwide banks will suffer, economy will also grow slower albeit much more sustainable. Every banker wants immediate success and bonuses, who cares what happen 10 years down the road.

 

This situation on credit card will only get worse. It will never get better,  because financial system is designed to squeeze money out of everyone on the street.

[Yewheng]

  On 11/23/2015 at 12:58 PM, Icedbs said:

The only way to solve this problem is to to have this subject called "Financial Investment and Planning" incorporated into the education system for all secondary schools.

 

But they won't do it. And neither will any country in the world.

 

Because if they do, worldwide banks will suffer, economy will also grow slower albeit much more sustainable. Every banker wants immediate success and bonuses, who cares what happen 10 years down the road.

 

This situation on credit card will only get worse. It will never get better,  because financial system is designed to squeeze money out of everyone on the street.

That is the shit we are in now, like the housing bubble, banks, property developer and etc all keep want to do the wrong thing. They keep want government to remove loan curb.

 

Credit card debt is going to be out of control and yet bank do not care, as long as there is figure to show NOW, they are good to go. So this time, government must step in very fierce to stop it from going out of control due to how reckless the bank is doing now.

Edited November 23, 2015 by Yewheng

[Solar]

  On 11/23/2015 at 12:35 PM, Voodooman said:

HK is 50% min roll.

 

Singapore a lot of overdue payments are term out via unsecured credit lines, so 1 in 3 cannot pay in full may be understating the situation.

 

Never had this issue, even when I was making just 1600 a month. Just don't spend money you don't have. Period.

 

should go check out the EDMW credit card threads... they are showing people how to 'exploit' banks' promotion to the max 

i just got $80 from dbs. free money 

 

but yes.. need to have self-control to manage these given credits.. they are after all, your own future money that need to be paid back with ah-long kind of interest rate. 

[The_Bear]

  On 11/23/2015 at 12:35 PM, Yewheng said:

They are policy maker, surely can come out with policy that government on the credit card and the limit.

You cannot help stupid. Period.

[Yewheng]

  On 11/23/2015 at 1:03 PM, Bavarian said:

You cannot help stupid. Period.

Then when the time comes all suffer together. Collapse of bank is very serious thing.

[Solar]

  On 11/23/2015 at 1:02 PM, Yewheng said:

That is the shit we are in now, like the housing bubble, banks, property developer and etc all keep want to do the wrong thing. They keep want government to remove loan curb.

 

Credit card debt is going to be out of control and yet bank do not care, as long as there is figure to show NOW, they are good to go. So this time, government must step in very fierce to stop it from going out of control due to how reckless the bank is now doing.

 

thought that some time back they already implemented the kind of individual financial profiling to sieve out people that should not be loaned money...

apparently, it don't really work, or they use it to aim those people in order to earn their interests.