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SINGAPORE: A 25-year-old Singaporean shared on social media that he is now struggling with a $21,244 debt after prioritizing his mum’s medical bills over his credit card loans.
Considering that he only earns $3,400 monthly and has no savings, the man said he has no idea how to pay off his enormous debt.
“The credit card company and banks are sending lawyer letters to my home demanding immediate payment. I can’t apply for a Debt Consolidation Plan (DCP) because my outstanding balance is not above 12 months,” he wrote on r/askSingapore, a Reddit forum, on Tuesday (Dec 24).
“No other banks or institutions are willing to provide me with any loans due to my bad credit score,” he added.
Seeking help from the Reddit community, he wrote, “I do not wish to engage with ah longs or places like Lending Bee as they charge exorbitant rates. What other options do I have?”
“It’s better to like medical bills pile up than your bank loans.”
In the discussion thread, several Singaporean Redditors advised the man to keep his monthly expenses below $1,000 and assure the credit card company that he would pay at least $2,000 each month.
Regarding his mum’s medical bills, one Redditor suggested, “If your family per capita income is low, go speak to their medical social worker and apply for Medifund for your mum.
At the same time, just let the medical bills pile up if needed and call up the hosp/polyclinic’s business office to work out an instalment repayment plan. Then focus on clearing your other debts first.”
Another echoed this sentiment, commenting, “It’s better to like medical bills pile up than your bank loans.
Technically, they can’t treat your mom even if you stop paying the bills. They’ll have to refer you to a medical social worker (there’s one department at every hospital). Then they’ll sit you down and discuss a payment plan or if you qualify for medifund.”
Meanwhile, others suggested that the man could consider borrowing money from his other family members to settle his credit card debts. By doing this, he could pay off the loans in full and avoid the high interest rates that come with carrying a credit card balance.
Another recommended, “Negotiate a repayment plan with the bank. You can also reach out to Credit Counselling Singapore, a charity, to see if they have any advice.”
More at https://theindependent.sg/singapore...er-prioritizing-mums-medical-bills-over-loans
