BT Money Hacks S1E179: Ways to get out of debt: BT Money Hacks (Ep 179)
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Aug 11, 2024 In this enlightening discussion, Tan Huey Min, the General Manager of Credit Counselling Singapore, brings her expertise on navigating debt crises. She shares the cheapest ways to get out of debt and emphasizes the importance of recognizing financial issues early. Tan discusses creative strategies like selling unused items for quick cash and the significance of seeking professional help. Listeners will find reassurance that overcoming debt is achievable with the right support and actionable steps!
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Higher Rates Raise Debt Pain
- Higher interest rates have increased the burden on people carrying variable-interest debt like credit cards.
- This has pushed many households to pinch spending and seek help to manage repayments.
Debt Often Accumulates Slowly
- Debt problems usually build over time due to factors like pay cuts, retrenchment or reduced overtime.
- People with little savings may rely on credit during unemployment and later struggle to service those debts.
Cut Frivolous Spending First
- Stop the bleed by cutting frivolous expenses and budgeting to free up cash for repayments.
- Avoid buying non-essentials like holidays or new gadgets while repaying debt.