Forum
Last updated: 

I'm currently in a lot of debt. and I need it to stop

I've been in debt from a previous loan that I had, every month it keeps increasing as long as it remains unpaid, fortunately I have credit cards that I haven't used but would this be a good idea? Wouldn't this just come back to bite me? Can someone give me advice regarding the matter? Any help would be appreciated

User comments

  • user image

    No Name

    As long as you are able to pay your credit balance as soon as possible, I don't see the harm in paying of a loan with your credit cards, since it would obviously be better for you to pay the loan that you had before, since every month it will increase in interest and would cost more, while the credit card that you posses only needs to be paid monthly and will be unaccesible only if you exceed the credit limit but mind you, as long as it remains unpaid credit can also increase in interest so exercise this with caution

    2020.03.24 15:44

Please leave your knowledge and opinion!

Related Forums

Debt

Is borrowing money from a loan shark legal?

Debt

I owe my boss

Debt

Is being a guarantor a practical job?

Debt

I need assistance with my debts.

Debt

Can civil suit be taken regardless of private settlement?

Debt

What happens after one has declared bankruptcy?

Related Reviews

Debt

An all in one card which provides the convenience of a combined credit and membership card

This is yet another awesome all in one card which provides you with the convenience of a combined credit and membership card with the features that allow you to auto-charge NUSS bills to your Card. It comes with a pleasant complimentary annual fee waiver as long as you’re a NUSS Member. You also earn 2 DBS Rewards Points for every S$5 spend at any of the NUSS F&B outlets, earn 1 DBS Rewards Point for every S$5 you charge to your card island wide.

DBS NUSSU Debit Card / DBS Bank

Debt

Cash rebate is capped at a maximum of S$10 per calendar month.

The Bank of China is now officially part of the atm5 shared network and in effect you can now check your account balance and enjoy cash withdrawals with your BOC Great Wall International MasterCard Debit Card at over 230 ATMs with atm5 Logo Island wide without any transaction fees. You should know that cash rebate is capped at a maximum of S$10 per calendar month.

Bank of China Great Wall International Debit Card / Bank of China

Debt

3% cashback for contactless payments like Visa PayWave, Apple Pay transactions

The DBS Visa Debit Card has my vote for being the one of the best debit cards in Singapore. You get 3% cashback for contactless payments like Visa PayWave, Apple Pay transactions with a few conditions to be met like spend at least $400 a month on your debit card and limit cash withdrawals to $400 or less a month. Cashback is capped at $50 a month while you should note that PayWave transactions are capped at $200 per transaction. You should also know that the card can be used overseas with no foreign transaction fee if paired with a DBS Multi-Currency Account

DBS Visa Debit Card / DBS Bank

Debt

For people who buys groceries at NTUC Fairprice

I recommend the OCBC Plus! Visa Debit Card, for people who buys groceries at NTUC Fairprice (practically every Singaporean who’s not on RedMart). The OCBC Plus! Visa Debit Card offers a decent 4% rebate at NTUC FairPrice, Unity and Warehouse Club if you spend $200 outside of the “NTUC network” that month. If you spend $500, and your rebate goes up to 7%, you also get 3% link points when shopping on FaiPrice On. The downside is that the OCBC Plus! Visa Debit Card has an annual fee of $24. This is waived for the first year and subsequently takes $1,200 of spending per year (avg. $100 a month) to waive.

OCBC Plus! VISA Debit Card / Oversea-Chinese Banking Corporation

Debt

1% cashback with participating retail and transport merchants

This card is well known for their youth centred marketing campaigns and having a wide array of attractive card designs for you to choose from, this FRANK debit card is another popular choice amongst tertiary students. This card offers a 1% cashback with participating retail and transport merchants such as ZALORA, Lazada and Grab. Good enough, there is no minimum income and annual fee required for this card. You only need to be 16 years or older with an OCBE FRANK savings account.

OCBC FRANK Debit Card / Oversea-Chinese Banking Corporation

Debt

7% cashback on petrol even in Malaysia

Standard Chartered has several debit cards, and the one you’ll get depends on which bank account you choose. If you plan to bank with StanChart, consider the Standard Chartered XtraSaver Debit Card which is linked to the XtraSaver account. With this card, as long as you maintain a minimum balance of $6,000 in that account, you can get a very respectable 7% cashback on petrol (including in Malaysia), capped at $40 a month. If you have an account balance of at least $200,000, you can get up to 15% but the cap doesn’t change.

Standard Chartered XtraSaver Debit Card / Standard Chartered Bank Singapore