Do you roll over Credit Card Debts or Personal Credit Lines?

lifeafter41 · Jun 2, 2014

Paying the minimum sum of any credit card debts would take many years to clear the principal and interest as the interest is exorbitant.
But I still see people doing it, some of my friends does that, drawing cash advance to pay for the other credit cards debt.

Have ever ask them if they are aware of the high interest, and surprisingly, they are aware of it but still does it.
Have also asked they why don't the used their savings to pay it of first, but all I got was a blank stare. :confused:

Maybe they are really tight on their finances......

Leongsam · Jun 2, 2014

Many people are financially illiterate and irresponsible and live well beyond their means driven by their desire to show off.

It is for this very reason that the CPF minimum sum scheme has to be maintained indefinitely. Thank goodness we have a responsible government like the PAP that knows what is good for Singaporeans and implements policies that may be unpopular but are very necessary.

McDonaldsKid · Jun 2, 2014

lifeafter41 said:
Paying the minimum sum of any credit card debts would take many years to clear the principal and interest as the interest is exorbitant.
But I still see people doing it, some of my friends does that, drawing cash advance to pay for the other credit cards debt.

Have ever ask them if they are aware of the high interest, and surprisingly, they are aware of it but still does it.
Have also asked they why don't the used their savings to pay it of first, but all I got was a blank stare.

Maybe they are really tight on their finances......

I think rolling over credit card bills is one of the silliest things ever.

I know of people who roll over every month and wait for their bonuses to cover the balance.

Very risky.

Leongsam · Jun 2, 2014

McDonaldsKid said:
I think rolling over credit card bills is one of the silliest things ever.

I know of people who roll over every month and wait for their bonuses to cover the balance.

Very risky.

These are to sort of people who, if given all their CPF funds in one lump sum at 55, would spend it all within a week.

chootchiew · Jun 2, 2014

lifeafter41 said:
Paying the minimum sum of any credit card debts would take many years to clear the principal and interest as the interest is exorbitant.
But I still see people doing it, some of my friends does that, drawing cash advance to pay for the other credit cards debt.

Have ever ask them if they are aware of the high interest, and surprisingly, they are aware of it but still does it.
Have also asked they why don't the used their savings to pay it of first, but all I got was a blank stare.

Maybe they are really tight on their finances......

Some people who do this are really tight every month. But most of it i know are the hardcore gamblers. Even they have enough money to pay the bill they would pay min sum so that they have more cash to fight.

soIsee · Jun 2, 2014

Leongsam said:
Many people are financially illiterate and irresponsible and live well beyond their means driven by their desire to show off.

It is for this very reason that the CPF minimum sum scheme has to be maintained indefinitely. Thank goodness we have a responsible government like the PAP that knows what is good for Singaporeans and implements policies that may be unpopular but are very necessary.

Heard of the phrase, if you are poor , you get poorer when you get cheated by those who are richer.

And I would add to the above words ..those who are richer and in control of your money, by NOT giving it back to you when you turned 55!LoL

soIsee · Jun 2, 2014

chootchiew said:
Some people who do this are really tight every month. But most of it i know are the hardcore gamblers. Even they have enough money to pay the bill they would pay min sum so that they have more cash to fight.

You need to change your circle of 'friends'! LoL

Thick Face Black Heart · Jun 2, 2014

lifeafter41 said:
Paying the minimum sum of any credit card debts would take many years to clear the principal and interest as the interest is exorbitant.
But I still see people doing it, some of my friends does that, drawing cash advance to pay for the other credit cards debt.

Have ever ask them if they are aware of the high interest, and surprisingly, they are aware of it but still does it.
Have also asked they why don't the used their savings to pay it of first, but all I got was a blank stare.

Maybe they are really tight on their finances......

If you keep on rolling over your unsecured debt, you won't have a life after 41.

zhihau · Jun 2, 2014

lifeafter41 said:
Maybe they are really tight on their finances......

CCs are just a tool of convenience not to carry around a large sum of money, akin to a cheque book. as long as they learn not to spend more than what they can earn, they should be fine.

Income - (Savings & Investments) = Expenditure

ask them to do their sums, if they're lazy, don't blame anyone else :o:o:o

Fishypie · Jun 2, 2014

Once you roLL Over too much; sureLy you wiLL RoLL under sooner in No time... :wink:

laksaboy · Jun 2, 2014

Roll over the ocean, roll over the sea.

Go and do your part to build community.

[video=youtube;WSUJszkv_DU]http://www.youtube.com/watch?v=WSUJszkv_DU[/video]

Cerebral · Jun 2, 2014

I guess it depends on the readon to do so. I have known of 2 person with very separate reasons. 1 was quite stupid, where he did it for lifestyle reasons and the other, although did not roll over, but maxed all his accounts to fund his business because he did not come from money and he needed the funds to expand when the opportunity aries. He does clear, but when opportunity comes along, he will maxed out again. Its his way of gearing without a fixed asset I suppose. So far he has been quite successful.

chootchiew · Jun 2, 2014

soIsee said:
You need to change your circle of 'friends'! LoL

Sometime we need to have losers friend to compare then will feel good about ourselves, of course not all losers lah, need winner friend also to have a balance :smile:

Cestbon · Jun 2, 2014

lifeafter41 said:
Paying the minimum sum of any credit card debts would take many years to clear the principal and interest as the interest is exorbitant.
But I still see people doing it, some of my friends does that, drawing cash advance to pay for the other credit cards debt.

Have ever ask them if they are aware of the high interest, and surprisingly, they are aware of it but still does it.
Have also asked they why don't the used their savings to pay it of first, but all I got was a blank stare.
Maybe they are really tight on their finances......

That already give u the answer. They don't have cash saving or extra cash in bank. Meaning they live on future salary.

SAMMMYBOY · Jun 2, 2014

Seems any query, etc, any subject about money,
and the reply would prefix/suffix with "the CPF min.sum"!

jw5 · Jun 2, 2014

Neither and Never. :eek:

Runifyouhaveto · Jun 2, 2014

lifeafter41 said:
Paying the minimum sum of any credit card debts would take many years to clear the principal and interest as the interest is exorbitant.
But I still see people doing it, some of my friends does that, drawing cash advance to pay for the other credit cards debt.

Have ever ask them if they are aware of the high interest, and surprisingly, they are aware of it but still does it.
Have also asked they why don't the used their savings to pay it of first, but all I got was a blank stare.

Maybe they are really tight on their finances......

You know bro, if you got bankrupt for credit card debts or $100K+, you really got ruined and drained dried - This is attrition warfare.

On the other hand, the big boys default multi-millions with hundreds of thousand or million warm in their pocket - This is a glorious exit/defeat.
Many rich listed companies towkays are former bankruptees themselves.

pocoyo · Jun 3, 2014

"Many people are financially illiterate and irresponsible and live well beyond their means driven by their desire to show off.

It is for this very reason that the CPF minimum sum scheme has to be maintained indefinitely. Thank goodness we have a responsible government like the PAP that knows what is good for Singaporeans and implements policies that may be unpopular but are very necessary."

Many people live in debt due to their monies locked up in CPF.

I'm not talking about those overspender for luxurious things but those who really need the money for basic and important necessity.

SadPlumpGal · Jun 3, 2014

Lots of weak, spineless, useless Singaporean men roll their credit card to feed fox spirits.

I am thankful that the government holds back the CPF and give them instalments.

Otherwise they spend the lump sum on some fox spirits and taxpayers have to welfare them.

congo9 · Jun 3, 2014

It the most stupid thing to do to roll over your credit line.

Do you roll over Credit Card Debts or Personal Credit Lines?

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