If I can’t pay my bills what penalties will be directed out to me?
What if I am having financial problems and can’t quite get to pay my outstanding credit card bills or I make overdue payments, what will be done to me and how can I better manage the situation?
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Non-repayments or overdue repayments of credit card bills will be reflected in your credit report and could adversely affect you when you apply for a new loan. A credit report contains records of an individual’s credit payment history (including bankruptcy records) and is issued by a credit bureau gazetted by the Monetary Authority of Singapore to members of the credit bureau when they make enquires about an individual applying for credit. A credit report that shows defaults or late payments – even 30 days late - might lower your chances of getting a loan or require you to pay a higher interest rate for a loan. You can take the following steps if you have problems managing your debt; contact your creditors immediately and request to work out a payment plan that can help reduce your payments to manageable levels, pay off high interest rates debts first, transfer debts with high interest rates to cheaper alternatives, reduce credit card expenses and cash advances