The use of credit card has been utilized by the consumers very well today where they’re able to purchase items that they want but having a credit card also comes with great responsibility. It is common for credit card holders to encounter financial problems from banks or licensed
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Usual reasons for credit cards holders to have issues with their finances are when they miss a credit card repayment deadline, paying the primary card debt using the supplementary card and when they regularly transfer balances.

On November 2015, there have been over 9 million credit cards that were issued in Singapore with a credit card debt from these consumers which accumulated over the worth of S$5 billion that is in the form of balances and was rolled over to the consumers’ next statements.

5 Credit Card Guides

Aren’t these numbers scary to know about this it is very important to look after your credit card? So, here are some tips on how you can keep track on your credit card:

1.    Determine the balances and interest rates

Before anything else, you first have to check your balances on all of your credit cards. This way, you would know how much you owe the banks and could make a repayment plan. You should also check the interest rates of these cards. There are credit card companies who offer a lower interest rate thus you may opt to transfer your debts to that card.

2.    Request a credit report

You can make sure that you can compute the right amount of your credit card balance by asking for a credit report. You may check your repayments through the credit report too, and if you can see any mistakes, you will have the chance to correct this take to the credit card company or bank.

3.    Consider a debt repayment plan

If you are having difficulties in paying your credit card balances, you may talk to the bank or credit card company and have your balance be converted into a repayment plan where you can pay it through installment.

But if you have the means to pay your credit card balance, make sure that you will pay those debts that have higher interest rate then followed by those that have a lower interest rate.

4.    Pay more than the minimum

There are many benefits if you are going to pay your debts on time such as avoiding a higher interest rate and you can also finish your debt repayments earlier if you are going to pay them fast.

The interest rate of debts are being charged annually thus if you can pay your debt a year earlier, then you can save a lot from the interest already which is indeed very practical and money wise.

5.    Seek Professional help

If you are still having problems handling your debts, you may find professional help. Singapore has several organizations who offer financial assistance and counseling to those who are having troubles managing their obligations such as the Credit Counseling Singapore which you can contact anytime for a consultation.