Owe Bank alot of money because bonk too much.....

[Libra]

Originally Posted by Frankiestine

I AM GREEN....YEAH....

So you file in your statement of affairs every 6 months or 12 months?

[Michael]

Just for info, today there's an article on SUNDAY TIMES, on more and more young people getting into depts. Quite and interesting read too! Do check it out!

[Frankiestine]

Originally Posted by Libra

So you file in your statement of affairs every 6 months or 12 months?

Once a year and travel permit also valid for one year....

[cummy]

Since we're on this topic, wonder if I can ask some questions regarding banks.... Hope I won't get zapped...

Some questions I have :

1) Does any bro here knows what is the timing for the bank to start drastic action ? I mean if I dun pay anything to my cards for 2, 3 months... Or wat's the longest timing I can drag ? I heard from my friend that last time he drag the banks for 1 year without paying and they still did not sue him for bankruptcy. But that was more than 5 years ago where there's no Credit Bureu.

2) Which bank will allow you to convert the CC debts to term loan ? Say 4, 5 years... Or rather, which bank will definitely not and sue your pants off if you don't pay on time...

Hope the bros here can shed some experience on this.

[lesnar]

Originally Posted by Libra

You are really a pervert! Rather pay those leaches who sucks bankrupt like yourself for more money than to trust FOC advise that is 100% trustworthy! Anyway, bad karma for you. Just hope for whatever reasons your OA just don't like you.

You must be siaozz....

[cummy]

Bro. Mai Ani kuan leh...
I'm juz finding out more oni mah...

Originally Posted by lesnar

You must be siaozz....

[sdfr]

Originally Posted by Michael

Brothers, to share my story,

good advice...snip snip. . .

this is one way (excel spreadsheet). but sometime ppl will get lazy to update excel s/s.

there are many other way, but the important thing is DISCIPLINE when dealing with your money!

Here is what i recommend:

1) Keep two accounts. One is spending account (expense). Another is Savings. (Different bank). The Expense Acct bank u will get an ATM card and get a credit card. For the SAV acct, only atm card, DON"T APPLY Credit card. You credit card pay by gyro from the exp acct.

2) for the spending one. Every month your pay goes to this acct. Immediately withdraw at least 20% and put in the SAV acct (the other bank). For the EXPense acct, keep your ATM card with u as per normal. For the SAV acct, KEEP YOUR ATM CARD AT HOME IN A DRAWER.

3) Your monthly espenditure on Credit card should not be > 30% of your pay. Keep all the receipt in your wallet. Every week (say monday evening) go thru and roughly tally in your head the amount you spend for that month. The minute the tally hit 30% of your salary, LOCK AWAY YOUR CREDIT CARD (for that month).

4) rules for SAV acct usage. Is only for emergency. mother urgent op, need to rescue gf from tsunami in thailand, etc etc.. NOTE: anniversary, birthdays, sian charbor, need to BONK is NOT EMERGENCY !
If bros follow this step u will quickly see the SAV account money go up, and no debt.

Now, the major big ticket expense that guys cannot do without is... the CAR

Here is my recommendation:

1) Tally your TOtal worth (CPF + stocks + cash + actual market equity value of your property if any)
2) your car should not >20% of your total worth.
For eg, if ur total worth is 300K, the most u can buy a car worth 60K.

3) for your down, must at least 20% of car price, take minimum loan (5 year or less). example above, car = 60K, must pay d/p 12K (cash).

4) u can use the SAV acct monies for the d/p on car. Which mean, u must save the money first before u buy a car. (like a reward).

With the above, bros should be quite safe.

hope this helps!