Credit Card

73% of Singaporeans own at least one credit card, while over half (56%) own more than one. With just one in every eleven (9%) paying off off their debt partially, most credit card debtors in Singapore do not know how much debt they owe as they pay off only the minimum amount of $50 or 3% of their balance, whichever higher.

Unfortunately, not all consumers understand the concept of minimum payment.

When put in layman, an individual making just the minimum payments on S$5,000 of balance would pay about S$2,020 in interest charges over 2 years. In short, it would take about 10 years or more for someone to pay off S$5,000 in credit card bill by only making the minimum payment.  And that is while under the assumption that you do not incur any additional financial charges from late payments, etc.

If you need solutions to clearing your credit card debts, come attend a private Debt Relief session with us today for free.