Credit Card

Most of the credit card companies now offer 0% interest for 6-12 months if you did not pay up in full for the month. Please take note that its stated very clearly that it will only last you for 6-12 months and not always 0% interest.

So if you are not careful, you will end up paying interest and if you are not able to pay in full at the end of the 12 month period, this will become your credit card debt.

Credit Card Debt Interest.

Anyone know what is the interest charged by the credit card company when you don't pay in full for the month bill? In Singapore, it 24% per annum.

That means if you owed them $1000 after paying the min amt, you will have to pay them a interest $19.72. It going to compound till you pay off in full. Call the credit card company up and you will get the formula, as not all company will use the same formula.

So pls use the credit card wisely. Don't spend on things you can't afford and thinking that you can sign and pay by using next month salary.

Credit Card Debt

I have talked about this topic in one of my post but still I have friends who still having credit card debt.

Why is this still happening? The only reason I can think of is that this friend of mine doesn't have self-discipline and self-control.

He did clear the credit card debt once but due to him having at least two credit cards, after clearing the temptation came back and he couldn't resist it.

So how can this friend of mine clear this credit card debt and not having it again?

The only way out is to terminate all the credit card, since he doesn't have self-discipline and self-control, then do a debt consolidation. Look for a financial company and talk to them about your problem. They will be able to advise you according.

Alternatively, leave me a comment and I try my best to help.