Card Debt Tips
Interest expenses from card debts not only roll into to larger and larger amounts, but will also affect your credit score!
Interest expenses from card debts not only roll into to larger and larger amounts, but will also affect your credit score!

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Hidden Terms on Card Debt
Credit card spending is increasingly convenient these days, with perks like cash rebates and mileage points making it even more attractive. However, many people also agree that these benefits may lead to overspending, and coupled with hidden terms, may result in unaffordable levels of financial burden. Here are 4 hidden terms on card debt:
Hidden Term 1
A lot of people prefer to repay their card debt with minimum repayment amount only, but neglect the fact that this amount bears compounding interest. This can amount to interest rates as high as APR 36% and an accumulation of even more card debt over time! For example, a $20K card debt could charge up to $117,832 of interest over 5 years!
Hidden Term 2
Due to its compounding nature, monthly interest expenses can roll over and accumulate into larger card debt overtime if only the minimum repayment amount is settled! For example, a $20K card debt can incur an interest expense charge of $49,550, which is even higher than the principal loan amount!
Hidden Term 3
As long as your current outstanding card debts are not fully paid, interest is charged on your current outstanding amount as well as any new spending.
Hidden Term 4
Many people prefer repaying by interest-free-hire-purchase programmes instead of full upfront product payment, but these programmes may not be interest free all the time! Interest may be charged if there are any outstanding amounts on your card. Apart from hire purchase, insurance payment and Octopus card auto top-up can also charge interest too – even your transportation expenses are interest-charging!
Avoid these hidden terms and calculate now to see how much interest that you need to pay
Ways to Revive your credit score
Over-due card debts not only tumble your interest expenses but also impacts your credit score. What should you do? Let us share ways to revive your credit score.
Approach 1
Should you use up the entire limit on all of your credit cards? Actually, you shouldn’t spend more than 70% of your card limit, as this would reduce your credit score.
Approach 2
Prolonging your credit card debt payment, does not just incur interest expenses, creating doubt in your repayment ability but also impact your credit score. Best thing to do is to settle all your credit card debt each month.
Approach 3
Your repayment record is one of the key factors in impacting your credit score. It does not just reflect your financial management ways. Regardless of how punctual your regular repayment schedule is, only 1 day late in repayment, can corrupt your credit score. Therefore when it comes to credit card repayment, 1 day late is too late.
Approach 4
Concurrent multiple applications of credit cards will result simultaneous credit score checking by numerous card-issuing bank. This will create an image of desperate need of credit limit, which may wreak your credit score. So avoid applying too many credit cards collectively.
Improve your credit score with clearing all your credit card debt first!
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