3 Tips on How to Get Rid of Your Piling Personal Debt and Credit Card Balance
This article originally appeared on ValuePenguin Personal debt is a growing problem for Singapore’s consumers. According to ValuePenguin’s study, unpaid credit card debt and personal loans represent 46% of S$55,000 household debt per capita of an average person in Singapore. Sure, having loans for your home or your car is a reasonable cost of living that you can’t avoid, but if you have S$20,000 to S$30,000 of credit card debt or personal loan, you really need to be looking for ways to become debt-free quickly. These loans can easily cost you 15-25% in interest every year, which can add up to thousands of dollars. But what are the best ways to actually repay these high cost loans quickly? Our team at ValuePenguin has investigated the best financing options to help guide you back to financial health and happiness. If You Have A Small Amount Of Debt that You Can Repay In 12 Months: Balance Transfer Loans If you have a growing balance of unpaid credit card bills, you might want to consider getting a balance transfer loan from bank. Basically, you can transfer your credit card balance to a different bank, and get a “grace period” of 3 to 12 [...]
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