Credit Cards are convenient, such as being able to purchase a large ticket item without forking out a lump sum of cash. So, for a $5,000 vacation that was charged to your card, you could pay $150 when the bill arrives –the minimum amount payable if you can’t settle in full. What happens when the outstanding amount has ballooned to $50,000? You are still expected to make at least the minimum payment, which is now $1,500. That’s when some borrowers realise that even making the minimum payment has become increasingly difficult.
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Presented by Credit Counselling Singapore.
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