Credit card debt is one of the fastest growing types of debt in Singapore. It’s so easy to sign up for one to make cashless spending effortless and convenient. It gives one the illusion of spending power to fund a lifestyle they can’t afford. It’s easy to forget that every swipe adds onto your debt and could eventually cripple your finances. Yes, you can spiral and fall into a debt trap if you are not mindful.
If you are already in debt, read on to find out some tips on how money loans and short term cash loans can help effectively settle your debts.
Set a realistic goal
Setting realistic goals makes a huge difference especially when it comes to money matters. Paying off high interest credit cards and other types of consumer debts takes a lot of time and self-discipline. Setting realistic goals should help you visualize the financial outcome you want and make it easier for you to figure out what you should do or sacrifice to get there.
Sometimes we can all use a little help to achieve our goals. If you need financial advice or access to instant cash loans, you have come to the right place. Personal Loan Finder is a trusted platform for our consumers to find Singapore cash loans and legal money lenders at their fingertips. Our network of money lenders are licensed and certified, and will be able to advise you on personal loan matters to suit your needs.
Prioritise your debts & pay off your bills in full
Make a list and assess your existing bills and debts, listing them in order of importance and urgency. For instance, monthly expenses such as utility bills and food should be at the top of your list as they provide you with shelter and sustenance. You might want to consider paying off bigger debts such as credit card bills or those with higher interest rates to avoid accruing late payment or penalty fees that can add onto your financial stress.
The goal is to pay off your bills in full every month so you don’t accumulate extra interest rates. If you’re unable to do so, making the minimum repayments every month is the next best thing to do. If you are in need of cash, you can consider short term cash loans that come with lower interest rates.
Bid your credit cards goodbye
The allure of cashbacks and gifts makes it hard for people to resist signing up for multiple credit cards. This is where your self-discipline should come knocking. Do you really need that many credit cards? Why not be cash rich instead? Take charge of your finances and set aside a monthly budget for your leisure and avoid spending money you don’t have so you won’t end up neck-deep in debts.
Having multiple credit cards can also damage your credit score. It can make it more difficult to apply for instant cash loans in times of need. If you really have to, limit yourself to 1 or 2 credit cards with the lowest interest rates. Don’t apply for more than what you need just because you can.
Apply for a debt consolidation loan
Debt consolidation loans are one of the best money loans to help individuals effectively settle their debts as it eliminates excess interest rates. You can apply for a debt consolidation loan from a bank or licensed money lender in Singapore to combine your existing credit card debts into one. The biggest benefit is that you’ll only have to pay 1 affordable instalment per month with a lower interest rate.
With a debt consolidation loan in place, use it wisely to clear off your debts and not accumulate more debt on the side. Be disciplined and stick to your budget to make sure that you are able to pay off your loan on time.
Are you ready to take charge of your finances with a Singapore cash loan? Apply for instant cash loans here at Personal Loan Finder.