Credit Card Debt Solution

[Ktglfc]

@Motorcar,

There is nothing evil or bad about credit cards; just that if someone doesn't know how to budget his expenses, credit card seems a very "easy" option to tide things over, while not solving the fundamental problem of overspending.

 

Even if you make $1 million a year but spend $1.2 million, you'd still be mired in debt.

 

The key point is: spend within your means, and don't go broke trying to look rich.

 

Well-said :)

 

Just don't envy others... and live within one's means and be happy and contented :)

[Spring]

There is nothing evil or bad about credit cards; just that if someone doesn't know how to budget his expenses, credit card seems a very "easy" option to tide things over, while not solving the fundamental problem of overspending.

 

Even if you make $1 million a year but spend $1.2 million, you'd still be mired in debt.

 

The key point is: spend within your means, and don't go broke trying to look rich.

Good points n a really simple and achievable rule to follow but yet lots of people just can't seem to able to budget themselves accordingly. A sensible man would though and will live to see his wise actions bear fruit later to lead a comfortable life esp in his later years!! Edited December 13, 2015 by Spring

[Jamesc]

I think interest is evil

 

and should be banned.

 

Oh but the devil is evil

 

and I should encourage

 

it. That's makes banks

 

that charge 24% the most

 

evil after loan sharks but

 

banks are legal. So we should

 

all invest in banks.

 

[Enye]

At least you not jobless

You jobless with cash

 

I employed with a lot of debt

 

Who is better off?

 

 

[The_Bear]

You jobless with cash

 

I employed with a lot of debt

 

Who is better off?

 

 

[Throttle2]

You jobless with cash

 

I employed with a lot of debt

 

Who is better off?

 

 

[Kusje]

@adrianli

[Adrianli]

Why me?

 

I not interested lah.

[Fuelsaver]

here all belong to the 66.7% gang

 

Please give chance to the 33.3% minority like me who pay only the min sum every month lah

 

Got young and old to feed and take care you know

 

 

[RadX]

SINGAPORE: From January next year, borrowing rules will be tightened for those heavily in debt, the Monetary Authority of Singapore (MAS) announced on Friday (Dec 15).

A borrower with outstanding unsecured debts exceeding six times his monthly income will not be able to tap on new credit lines. This means he cannot get an increase in his existing credit limit, or obtain new unsecured borrowing facilities.

Unsecured credit involves loans that are not backed by collateral, like debts arising from the use of credit cards for instance.

Secured or exempted loans, such as loans for business, education or medical purposes and mortgages, will not be affected. 

Under the new measure, borrowers can still use their existing credit facilities, and they will not be required to reduce the limit of those facilities as well.

The move aims to help borrowers with outstanding unsecured debts of between six and 12 months of their monthly income. There are an estimated 60,000 borrowers in this pool, making up around 4 per cent of the total number of unsecured credit users.

 

CURRENT LIMITS INTRODUCED IN 2015

Currently, the industry-wide borrowing limit prevents an individual from getting new unsecured credit and drawing upon existing loan facilities once interest-bearing unsecured debts exceed the prevailing borrowing limit for three consecutive months.

This was introduced in 2015 to help people avoid accumulating excessive debt.

The limit stands at 18 times a person’s monthly income, and will be brought down to 12 times that in June 2019.

Since the limit was introduced, the number of those with outstanding unsecured debts exceeding their annual income has come down by about 21,000, MAS said.

The new credit limit management measure that kicks in from 2018 is a pre-emptive move to help borrowers cap their total credit limit before being affected by the industry-wide borrowing limit, it added.

Ms Loo Siew Yee, MAS' assistant managing director for policy, risk and surveillance, said the central bank is "making steady progress" in helping borrowers manage their unsecured debts.

Several assistance schemes and repayment plans, such as the Debt Consolidation Plan, are available to help these borrowers work down their existing debts, she said.

"The measure announced today is pre-emptive in nature – it will help borrowers manage their unsecured debts early and avoid becoming highly indebted."

Source: CNA/ms
Read more at https://www.channelnewsasia.com/news/singapore/borrowing-rules-unsecured-credit-debt-mas-9500890

Edited December 15, 2017 by RadX

[Throttle2]

Good. The tighter the better

[Sotong07]

Learn to make more money loh.  

[Friendstar]

Agree with the rest. The tighter the better.

 

I'm a victim too.

 

People keep trying to borrow money from me.

 

Meanwhile. Ah long huat ah!!!

Edited December 16, 2017 by Friendstar

[Enye]

Good. The tighter the better

boss pang chance can?

 

you want peasant to declare chap 11 or 7?

 

 

[Kb27]

Good initiative.

Unfortunately, it will push more to ah long.

[Evillusion]

I owe 1/4 of my monthly salary i oredy sweat! Why do people need to borrow more than their monthly salary? Kinda like digging their own grave!

[Throttle2]

boss pang chance can?

 

you want peasant to declare chap 11 or 7?

 

 

[Ash2017]

sometimes i think banks and credit card companies are partly to blame

 

they advertise like borrow so easy like brushing teeth and paying is not a problem like changing underwear

 

but reality is all too different