Isaac Evans Resources How to Deal With Credit Card Debt in Singapore With EDUDebt

How to Deal With Credit Card Debt in Singapore With EDUDebt

Credit card debt Singapore with EDUdebt is one of the fastest-growing types of debt in Singapore. Whether it is due to poor spending habits or irresponsible borrowing, the accumulation of credit card balances can quickly spiral out of control. If left unattended, this type of debt can cause financial ruin and even lead to bankruptcy.

However, there are several strategic ways to deal with credit card debt. One option is to seek professional help from a trusted credit counselling service. They will conduct a private and confidential session with you to create a personalized debt management plan. Another option is to consolidate your debts into a single loan with lower interest charges. This strategy is commonly used for managing unsecured consumer debts such as credit card balances and personal loans.

Overcoming Credit Card Debt in Singapore with EDUdebt

Regardless of which solution you choose, it is crucial to act promptly. Ignoring your debt problem will only make it worse. You should also avoid taking on more debt in the future, if possible. Lastly, you should not be tempted to use credit cards as a source of emergency cash.

To apply for a Debt Repayment Scheme, you will need to furnish various supporting documents including your Notice of Assessment, payslips, and various bills. Contact Debt Aid for a complete list of requirements. Unlike bankruptcy, you will be allowed to maintain your bank accounts while under the DRP as long as you adhere to the Official Assignee’s instructions diligently and without delay.

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