Credit Card Debt Solution

[CH_CO]

My 2 cents worth, I have never support the easy credit given to the public as many here though educated but aren't financially savvy and are falling prey to easy credit, like many here say money spent is easy when it is not your money.

 

Just a opinion to anyone with an inflated credit bill, talk to the credit officer and arrange for an installment and stop all credit cards, keep to your trusty debit card if you really need a card.

 

Personally I never see a need for credit cards be it whatever discounts and shit, it doesn't interest me at all.

 

Many of a time, many which fall prey to bad credit has linkages to driving a car other than bad spending habits.

 

To me a car is simply the last luxury item one should get as it simply sucks a lot of money, given the many which gets a car early in their career I am pretty sure they do not have much saving to improve their life's towards their mid life and later life. So if one wants to drive please make sure you are able to repay at least half of the loans in cash before onboard the ownership of a car, else pick a second hand car, it is far lower in cost as compared to owning a new one.

[Thaiyotakamli]

Credit card is good if you know how to use it

[Throttle2]

And most of us are beggers.... hahaha....

 

If you talked like this in real life, I think you have no poor friends or relatives.

I believe, in this forum mostly middle class income / networth, including myself.

Like a bell curve .

 

i am not talking about people outside this forum lah....

[Boringchap]

 

Personally I never see a need for credit cards be it whatever discounts and shit, it doesn't interest me at all.

 

 

 

There are quite some good perks with credit cards, like petrol discounts. However, I agree that with a credit card, there is a temptation to spend and spend, only to get a shock when the bill comes.

 

So better to be very careful. If the person cannot control his spending, then best not to have credit cards.

[Voodooman]

My 2 cents worth, I have never support the easy credit given to the public as many here though educated but aren't financially savvy and are falling prey to easy credit, like many here say money spent is easy when it is not your money.

 

Just a opinion to anyone with an inflated credit bill, talk to the credit officer and arrange for an installment and stop all credit cards, keep to your trusty debit card if you really need a card.

 

Personally I never see a need for credit cards be it whatever discounts and shit, it doesn't interest me at all.

 

Many of a time, many which fall prey to bad credit has linkages to driving a car other than bad spending habits.

 

To me a car is simply the last luxury item one should get as it simply sucks a lot of money, given the many which gets a car early in their career I am pretty sure they do not have much saving to improve their life's towards their mid life and later life. So if one wants to drive please make sure you are able to repay at least half of the loans in cash before onboard the ownership of a car, else pick a second hand car, it is far lower in cost as compared to owning a new one.

Now they don't have to make sure (50% cash), the govt does it these days. But is is true, there are so many with not even 20-30k in savings or liquid assets and they are still thinking of how to evade the 50% DP rule so that they can continue to drive. But then, to each his own lah.

[Chowyunfatt]

Word.

 

CYF.jpg

Ehh 朋友 ... Why you use my Photo ... 😂

[CH_CO]

There is never a "good" way to use a credit card it is merely a gimmick.

 

Anyway that's my personal opinion, I don't really have the time to keep calling the cs to do waivers for credit cards, I usually cut those cards and send them back.

 

I don't see a need for it, I don't go restaurants often and I giro every f**k thing and lazy to manage cards bills so I rather use a debit card if I really need cards.I am more of a cash person.

[CH_CO]

I believe, in this forum mostly middle class income / networth, including myself.

Like a bell curve .

 

i am not talking about people outside this forum lah....

You middle class only hor,I low class ah beng

[RadX]

Big article front page this morning. Looks like they are concerned. Gd tt it is coming to light

 

Thing is, banks survive somewhat on these loans, not the bad ones. It contributes to the bottom line a bit in the consumer division. If all these loans removed would it affect them much? I do not see it impacting them too much but just A Thot. Next the banks gonna kpkb.

[Voodooman]

Big article front page this morning. Looks like they are concerned. Gd tt it is coming to light

 

Thing is, banks survive somewhat on these loans, not the bad ones. It contributes to the bottom line a bit in the consumer division. If all these loans removed would it affect them much? I do not see it impacting them too much but just A Thot. Next the banks gonna kpkb.

Banks love rollers. If people like to be rolled, you can't stop them.

[Kusje]

Big article front page this morning. Looks like they are concerned. Gd tt it is coming to light

 

Thing is, banks survive somewhat on these loans, not the bad ones. It contributes to the bottom line a bit in the consumer division. If all these loans removed would it affect them much? I do not see it impacting them too much but just A Thot. Next the banks gonna kpkb.

 

Not just the banks. Consumers will be one of those to complain soon.

 

Actually I think the best solution is to have a common credit line among all the banks instead of individual ones but I think that's very hard to implement. In such a case, you can have as many credit cards from as many banks as you want but the spending cap (maybe 3x monthly income or whatever it is now) is linked for all the cards.

[RadX]

Downstream gonna be another issue as ppl gonna seek loan sharKs then

[Yeobt]

i was once a victim to this CC saga. in fact, a handful of people at my age experience this in one way or another becos we were the first batch of young people (in our 20s then) who came to this new cashless invention. when it was first started, the banks do not share information of their members. there was no control of total credit to a person. a person can hold several cards and credit lines with multiple banks. hence, we were inexperience (no far sight) to handle the temptation to expense. even our govt also didn't expect the negative domino effect that came to hits many young people into bankruptcy due to bad debt few years after the CC invention. that was when the MAS came out with the centralize credit bureau to share the members info. and put a cap of credit limits to each person. or similar cut off any new credit facility to the bad member if is necessary.

 

the younger gen is luckier than me. there're internet forum to read about how other came out from the dark tunnel some members shared. i am also constantly reminding my teenage son not to fall prey to temptation and gambling. :)

 

enjoy your sunday!

[Voodooman]

i was once a victim to this CC saga. in fact, a handful of people at my age experience this in one way or another becos we were the first batch of young people (in our 20s then) who came to this new cashless invention. when it was first started, the banks do not share information of their members. there was no control of total credit to a person. a person can hold several cards and credit lines with multiple banks. hence, we were inexperience (no far sight) to handle the temptation to expense. even our govt also didn't expect the negative domino effect that came to hits many young people into bankruptcy due to bad debt few years after the CC invention. that was when the MAS came out with the centralize credit bureau to share the members info. and put a cap of credit limits to each person. or similar cut off any new credit facility to the bad member if is necessary.

 

the younger gen is luckier than me. there're internet forum to read about how other came out from the dark tunnel some members shared. i am also constantly reminding my teenage son not to fall prey to temptation and gambling. :)

 

enjoy your sunday!

Yes, education is the best.

 

One of my relatives always money not enough and perpetually in debt (both husband and wife are working) but the kids always have the latest iphone and galaxy, brand new, I asked what values is he imparting to his kids? There are some who just can't see their own blind spot.

 

I never rollover a single credit card bill in my life and I thank my parents for it.

[Thaiyotakamli]

Yes, education is the best.

 

One of my relatives always money not enough and perpetually in debt (both husband and wife are working) but the kids always have the latest iphone and galaxy, brand new, I asked what values is he imparting to his kids? There are some who just can't see their own blind spot.

 

I never rollover a single credit card bill in my life and I thank my parents for it.

Keeping up with gadget trend is wasting a lot of money

 

 

My xperia Z are no different with new xperia Z3

 

My samsung note 2 works better than Note 4

i was once a victim to this CC saga. in fact, a handful of people at my age experience this in one way or another becos we were the first batch of young people (in our 20s then) who came to this new cashless invention. when it was first started, the banks do not share information of their members. there was no control of total credit to a person. a person can hold several cards and credit lines with multiple banks. hence, we were inexperience (no far sight) to handle the temptation to expense. even our govt also didn't expect the negative domino effect that came to hits many young people into bankruptcy due to bad debt few years after the CC invention. that was when the MAS came out with the centralize credit bureau to share the members info. and put a cap of credit limits to each person. or similar cut off any new credit facility to the bad member if is necessary.

 

the younger gen is luckier than me. there're internet forum to read about how other came out from the dark tunnel some members shared. i am also constantly reminding my teenage son not to fall prey to temptation and gambling. :)

 

enjoy your sunday!

Should come with max 4x monthly salary shared credit among banks

 

So no matter how many cards u have, u only have one credit limit.

Edited November 2, 2014 by Thaiyotakamli

[Evillusion]

Keeping up with gadget trend is wasting a lot of money

 

 

My xperia Z are no different with new xperia Z3

 

My samsung note 2 works better than Note 4

 

Should come with max 4x monthly salary shared credit among banks

 

So no matter how many cards u have, u only have one credit limit.

i am using note 3 after 2 yrs of using Ace 2....lucky i am not a tech whore. Actually for cc why should one even charge 4 times their pay....if cant afford on our pay just save up lor....

[CH_CO]

Regardless whatever regulations they impose now , people are going to abuse the credit cards , economy is bad , likely to become worse. You won't be able to stop the banks from issuing these easy credit.

 

Personally , the thing that need to be rein in is the high interest on credit cards , 24% is simply too high. My suggestion to the garmen and is to cut the rate to a more reasonable rate around 10~15% at max.

 

In this way , it make the banks rethink how their strategy would be sustainable in the future. Else , the banks might face a major collapse in the debt industry in 3 to 5 years.

 

Reason why ? Simple economics , if you spend future money , it leave the future with little or zero money , coupled with a 24% interest , think it simply , how can one have a 24% increase in income when you already spent the future money ?? How will the economy grow with ZERO growth in investments/saving? Continue to print $$ ? Is that sustainable?

 

Given the amount of debt floating in the market , it is a time bomb waiting to burst. The ones on top are dumb f**ks surrounded by equally dumb yes man covering this up , i am just waiting for this collapse , see how soon nia.

Edited November 2, 2014 by CH_CO

[CH_CO]

Keeping up with gadget trend is wasting a lot of money

 

 

My xperia Z are no different with new xperia Z3

 

My samsung note 2 works better than Note 4

 

Should come with max 4x monthly salary shared credit among banks

 

So no matter how many cards u have, u only have one credit limit.

 

reason why i don't think it will work is , you will be sharing client data , something banks aren't willing to . you upload some new clients you give others a chance to tap on them, if your marketing dept or offer isn't strong it makes no sense. negative cycle

Edited November 2, 2014 by CH_CO