Last evening, a fellow blogger confided in me that she has a huge credit card debt. I thought to myself that this is NOT GOOD at all but she is not alone.
She said that she would need at least another six months to clear her debt, with both her husband and herself working extra hard to settle her outstanding credit card balances every month end.
Yes, BALANCES because they have more than one credit card debt! I was shocked because she always tells me how much she earns from her various ventures yet she is still feeling the financial pinch now that gas prices have risen so drastically overnight.
I asked if she had checked out the various balance transfer cards which could perhaps help her reduce her debt. By getting a 0% balance transfer credit card, she could move her credit card balances to it, saving on interests and at the same time enjoy better rates on new purchases. That would certainly make her debt more manageable.
She said that is a good idea and was surprised that she did not think of it first. She will be discussing it with her husband so let's hope that they would be able to look for a suitable 0% balance transfer credit card and successfully apply for it!
She said that she would need at least another six months to clear her debt, with both her husband and herself working extra hard to settle her outstanding credit card balances every month end.
Yes, BALANCES because they have more than one credit card debt! I was shocked because she always tells me how much she earns from her various ventures yet she is still feeling the financial pinch now that gas prices have risen so drastically overnight.
I asked if she had checked out the various balance transfer cards which could perhaps help her reduce her debt. By getting a 0% balance transfer credit card, she could move her credit card balances to it, saving on interests and at the same time enjoy better rates on new purchases. That would certainly make her debt more manageable.
She said that is a good idea and was surprised that she did not think of it first. She will be discussing it with her husband so let's hope that they would be able to look for a suitable 0% balance transfer credit card and successfully apply for it!
3 comments:
Credit card debt is on its all time high with today's economy. Hopefully people can obtain the help they need to get out of debt. Thanks for the article!
O% balance transfer...never knew that..I heard Bank Negara got new ruling where they will reduce the current interest if you make consistent payment...
Hi Sofia Kim,
I fully agree that more and more people are getting into credit card debt. I guess it's because of the temptation of "use now, pay later."
Hi Falcon,
The new credit card ruling encourages credit card users to settle their balance in full each month.
If the have an outstanding balance, they will not be able to enjoy the 20-day interest free grace period on purchases made in the following month.
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