anyone has any idea how to reduce credit card debts? i maxed out 6 credit cards because of a loan to friend (his mother's sick and hospitalized on long term basis) I am finding it tough to pay back the minimum payments. heard of debt consolidation..does it work? thanks!
think you better check with OA (Origin Assignee).. there is a department within, trying to prevent ppl going into insolvency, hence, they will re-structure your min payment with all 6 banks (stopped all the interest, 24%PA - killing)... go internet and check... good luck.
Credit cards are like loan sharks, never ending black hole. First whats this loan to your friend about ? is it legit ? Is it a trap ? Secondly, call the banks and terminate your card, and talk to the guy for any ways to repay your debts via installment or something
the fren's my buddy whom we knew since primary sch... more than 20 years of friendship... but it's kinda scary to have such high debts. i can't terminate the cards without paying back :) and he's seriously got no money to pay me back too..cos of the mounting medical fees.
You can make a trip down to URA Building (East Wing), along Maxwell Road (besides the market), 6th level... ask to speak to the officers for HELP... don't get stress up... it is never the end of the world...you will get back up again...
Always live within means.... living on credit is like roller coaster... Just like the Americans borrow $$ to financial their mortgages loans... (many properties... but no money... property market crashed... Run road also no use ).
Theres a limit i guess to helping, since you are not wealthy also. Financially the solutions are provided. Time for you to go solve it out
Correct !!! Don't even think of getting a 7th Credit Card to finance the min. payment for the 1st-6th cards... no use...
Or
Go buy Toto on Friday and hope for the BEST ~~~~ me also hoping... hehe
debt consolidation wont work in your case cos you are already living beyond your means. better talk to your family members and get some no-interest loans to pay off your CCs. will probably have to cut up the cards to show intent. and give accountability of your finances on a monthly basis.
Is he able to claim from his mother's private or CPF medical insurance for payment to the hospital bills to reimburse you? I dont understand how come you maxed out your credit cards to help a friend in need when possible avenues for him include CPF board, medical insurance or immediate family loan. Unless these have been exhausted, then I would advise you to seek proper legal help for claims in order for you not to be declared for bankrupt as it is harder for you to get proper job next time.