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Credit Card Debt Solution

offergold

By offergold,
in Investment & Financial Matters

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Doppel

Doppel

Turbocharged

We always pay off all at end of month.

I know some people have difficulty and spread payment over a few months.

 

But my BIL dam stupid.

 

Got a few credit cards all maxed out and only pays minimum each month.

 

So paying what 28% for his loan all year every year.

His head only just above water due to lowish salary and his working kids who live at home not contributing to food or anything.

 

Felt sorry for him so paid all his loans off once.  He had no idea he was paying 28%  Went through all his bills and explained where he might cut down or not require blah blah blah.

A few months later he was maxed out on his credit cards again and back to paying 28%

 

Worse still has got nothing to show for his indebtedness.

No nice home all shoddy furniture.

No nice clothes.

Never goes out to eat.

No holidays.

Nothing.

 

I'm sure he's not the only family in Singapore like that.

But he'll never learn.

 

Of course the banks love him.

Sorry to hear this about your brother-in-law. He doesn't seem to have a lifestyle problem, given what you have described about him.  How much does he own in total, in terms of number of months of his salary?

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Enye

Enye

Hypersonic

 

 

give chance...don't post my story for everyone to see leh

 

[sweatdrop]  :mellow:

Not many positions open for your level of expertise lor.

 

One company only 1 CFO but can have many storeman and asst storeman

 

At @enye and my level, plenty of positions with plenty of people to fight over. That's the advantage of being a mediocre performer.

 

 

 

high flyer, you every few years can change job get obscene pay increment not like me stuck for so long in the same job same salary

 

much higher and atas level than me lah...mai suan me pls

 

[:(]

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Neutrino

Neutrino

Supercharged

He maxed it out cuz you paid it off for him mah.

 

Yeah but we explained to him in detail how he should go about organising his finances.

And the fact that he was wasting so much a year on interest repayments.

Once he was maxed out on his CC he wasn't able to spend any more than if he wasn't using CCs, just paying interest at 28% for nothing.

He just couldn't understand it.

And one of his debts could well have seen him prosecuted.

 

Hopeless case.

 

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Kusje

Kusje

Supersonic

Yeah but we explained to him in detail how he should go about organising his finances.

And the fact that he was wasting so much a year on interest repayments.

Once he was maxed out on his CC he wasn't able to spend any more than if he wasn't using CCs, just paying interest at 28% for nothing.

He just couldn't understand it.

And one of his debts could well have seen him prosecuted.

 

Hopeless case.

 

 

You didn't make sure he cancelled all his cards and promise not to apply again?

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Kusje

Kusje

Supersonic

high flyer, you every few years can change job get obscene pay increment not like me stuck for so long in the same job same salary

 

much higher and atas level than me lah...mai suan me pls

 

[:(]

 

sifu, i changed every single job out of desperation and because I was mediocre. Finally found a boss who can accept my mediocrity

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Throttle2

Throttle2

Supersonic

We always pay off all at end of month.

I know some people have difficulty and spread payment over a few months.

 

But my BIL dam stupid.

 

Got a few credit cards all maxed out and only pays minimum each month.

 

So paying what 28% for his loan all year every year.

His head only just above water due to lowish salary and his working kids who live at home not contributing to food or anything.

 

Felt sorry for him so paid all his loans off once. He had no idea he was paying 28% Went through all his bills and explained where he might cut down or not require blah blah blah.

A few months later he was maxed out on his credit cards again and back to paying 28%

 

Worse still has got nothing to show for his indebtedness.

No nice home all shoddy furniture.

No nice clothes.

Never goes out to eat.

No holidays.

Nothing.

 

I'm sure he's not the only family in Singapore like that.

But he'll never learn.

 

Of course the banks love him.

He is clearly living a life he cant afford.

Hopefully he gets bankrupted soon and start paying his debts

Over spending on credit is like being a drug addict.

It destroys lives and families.

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inlinesix

inlinesix

Hypersonic

Per your own admission, you are a credit defaulter for 2 years leh.

 

Like that called good track record?  [laugh]

 

I juz printed out.  My credit rating is CC with credit score of 1,833.

 

Good or not?

 

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Kusje

Kusje

Supersonic

I juz printed out. My credit rating is CC with credit score of 1,833.

 

Good or not?

 

Compared to who? To the fellow's BIL who didn't pay all his credit card bills then 1833 is good.

 

For someone who doesn't have any issues like forgetting to pay, should be close to 2000.

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Kusje

Kusje

Supersonic
(edited)

Oops. It's in PDF.

I see. Thought you were going to frame it on your office wall once you find a job.

 

Btw, do banks and financial firms check your credit during the hiring process?

Edited by Kusje
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inlinesix

inlinesix

Hypersonic

I see. Thought you were going to frame it on your office wall once you find a job.

 

Btw, do banks and financial firms check your credit during the hiring process?

 

Why do need to check on my credit rating?

 

Anyway, i only got car loan.  Nothing much to see.

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Ysc3

Ysc3

Twincharged

I see. Thought you were going to frame it on your office wall once you find a job.

 

Btw, do banks and financial firms check your credit during the hiring process?

 

my client that we provide 3PL services for does requires us to go through the Blue Umbrella check !!

 

and we are only hired to be drivers or store-men !!

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Kusje

Kusje

Supersonic

Why do need to check on my credit rating?

 

Anyway, i only got car loan. Nothing much to see.

My thinking is... If a guy can't handle his own finances, why should the company trust him to handle theirs?
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Sdf4786k

Sdf4786k

Twincharged

my client that we provide 3PL services for does requires us to go through the Blue Umbrella check !!

 

and we are only hired to be drivers or store-men !!

 

wow.. u guys must be working agents of resident evil and umbrella corporation

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