Moneylenders in Singapore are currently facing major tough times owing to the countries 112 percent debt. This greatly determines interest rates for the public. The amount you take out is invested in the Central Provident Fund (CPF).
This fund is like an investment rather than it is debt, but the negative aspect is that regular people with bills suffer greatly before they can even access their severance package.
How can you settle your debt with ease?
Using the Snowflake method To Take care of Bills
The snowflake plan is a sequence of small yet repetitive tasks that are done consistently for a given duration to attain a big goal. The debt will creep up on you as you are getting used to enjoying the convenience or luxury that the leased item offers you.
Soon it sets in, this can become rather overwhelming even -causing panic which can make an individual make some irrational decisions, such as changing their mobile numbers, relocating, or worse- taking out more personal loans to repay the existing debt.
What can you do to avoid this? People can go to serious extremes to escape the grip debts have on them.
Micro-Payments impact most Your Repayments
There are many ways that you can use to repay your debt, starting from attacking the existing balance with huge chunks of repayments at once, to snowballing- carrying over into the following month’s installment. This is works when you hold a salary that is not weighed down by many responsibilities.
Debt should be broken down into much smaller manageable portions for some people. This scheme works effectively psychologically.
Is this scheme right for me? The continual savings or cash collected each day goes to settle the debt. Every small amount of profit is meant to create a stack of money to make the goal achievable.
Limit Access to Personal Loan Facilities
Apart from mortgages, a common source of personal loans for most Singaporeans is the cash advance on the credit card facility. When you are dealing with debt, the loan facility can be both great news and bad news.
But, when it is used responsibly, this credit facility can be rewarding and also convenient. Because they are convenient to use, it is probable that you will end up relying so much so on upon beyond the safe point. So, what can you do to avoid digging deeper into debt?
Fortunately, it is very possible for you to decide to briefly stop using your credit cards. This will then help you avoid adding more debt to what you have to date.
How To Come Up With Extra Cash When You Are Running Low
Since you know the snow-flaking plan, how can you come up with extra money to make it work?
The easiest way is by finding cash opportunities all through the day. And before you start scratching your head or start rubbing your chin- and adding unwanted stress and even aging to the pile of issues. To help save you the trouble, there are some ways that you can use to bring in more money.
This way you will not have to keep dreading any phone call from the licensed moneylenders in Singapore. In addition, you will be able to enjoy the money you earn.
Easy ways to generate extra cash include:
#1. For starters, you will need to face your ‘fear’. You will need to look at your bills first. Meaning you stop being avoidant and know the exact amount of you owe. This will offer you some mental relief in being able to face it. Also, you will figure out the actual amount of money you owe your moneylenders.
#2. The second step is to work out how much you will need to have so as to get snow-flaking started. From your calculations, you will be able to determine the actual figure you need to put down each month to eventually manage to clear the debt. The hard part would be that you will be needing that amount consistently. What can you do to cover this amount easily?
#3. Try and Look for ways in which you can bring in this amount and more. At this point, you can consider using one of your skills and offer it to people for a fee. This will help you make some side money.
Ways To Keep The Debt-Collector Off the Caller ID
* Some of the suggestions given online are that you find a skill or make use of the one you currently have to bring in money during your free time. Some of the possible jobs you can online are filling surveys online.
Also if you are good at coding, you can offer your skills for a fee. This will start earning you some more money. When what you make is not sufficient, you can consider finding another job that will pay higher or learn a new skill to help you earn more.
*When you choose to start a second money-making venture, consider one that will not interfere with your regular job, yet it makes you more money. You can find out something that you can offer and people are willing to pay to enjoy the product or service.
For instance, beadwork, you can be making bracelets, necklaces and selling them. This will not cost you much to start but you will need to set some time aside to make the products. With the amount you make from the two venture, will get you started to settle the debt.
Though at first all these efforts you will be making will not seem much, but they will see you settling your entire loan much faster than you anticipated. The good thing is that such ventures will still continue even after you have settled your debt. And certainly, they will offer you some extra cash to supplement your monthly salary and make savings. With huge debts behind you will now be able to lead a debt free, financially stable life.