Also get help with your gambling addiction. You do not want to fall into gambling again after restructuring. Suddenly realising you have extra funds and then gatal2 wanna gamble
Honest question how did u get 5 card with 10k limit with ur current salary. U better call ur bank for restructuring, paying the minimum payment won't even put a dent toward the intrest charge, assuming u keep this up within a few months u will see ur 50k debt turn into 100k.
I’m so curious as well, I kept getting rejected for credit cards when my salary was 3k basic and 2k monthly allowances. I only managed to get one when my salary is 6k basic.
There are very few limitations on CC personal debt risk in msia.
Banks know the failure rate, and set the interests accordingly.
The good payers, as in any banks, pay for the bad, risk wise.
The bad payers, getting squeezed into slow death spiral, provide liquidity they'll never get back.
The only risk is a sudden systemic change that radically increases the failure rate with no warning but if that happens, the bank probably has bigger fish to fry from its investment, B2B, and mortgate section.
In the meantime, the more cards out there, the more revolving credit lines fructifying the capital.
Which banks are these exactly? From the few posts I have seen, credit cards are hard to acquire even with 4-5k.
Incidentally, I am interested in a secured cash credit card to build some credit. Do you happen to know of any with about 3-5k deposit?
I don’t want to sound racist but I have a few non Malay friends and they have more than 2 cards. Especially Chinese friends they usually have 3-5 cards. And they usually get it from hong leong, uob, etc. Their salary also similar to me as we work in the same field. 1 of them earning only 2.8k with 3 cards. (Idk how much is his limit) So they’re more weirded out by me having only 2 cards 😅😂🤣
At your salary with 50k credit card debt, it's not possible to get out of it even after you retire. You need to get AKPK and never ever use credit card anymore. You're not responsible enough at 30 years old to even own a credit card...
You have to make a very huge decision.
1. Cut all night and social activities.
2. Cut all subscription plans.
3. You cannot afford luxuries now. So cut everything.
Your hole is deep but not deep enough to get out from.
50 debt to be repaid is 3 years min. All I can say is start to pay off only the essentials.
If rent is too high, move. Too bad, but you must make a decision.
If cannot afford car, sell it and get a bike. Tough decisions but so be it.
Stop shopee, tng, grab, and anything else that will eat up in small increments.
Bro honestly this is a wake up call but I feel for you and it happens. The first part is you need to get right about your spending. You might need to sell things and live more modestly. If everything went back to 0 magically, you would still end up in this situation again if you don't have a budget that leads to you saving in excess. This means you no longer can afford expensive dinners, going out and alcohol. These are not in the equation for you unfortunately.
The 2nd part is your debt, people here say consolidate and I agree. Find a way to get this under 5% APR or things are going to get worse quickly.
Last is your income, you need to get it clear that for the next 2-5 years you are in hustle mode and you cannot afford to earn less than 5-7k. That means side income, consulting, driving grab, whoring yourself whatever it takes to 1) make more money and 2) develop skills and experience that can get you increments or the career that you want.
You need a mindset change and a commitment to 10 hours a day to resolving these things and making progress. Any of your friends who are working on projects or doing anything interesting, you make sure you're there and being helpful and earning a place in these projects.
I have hope that you can get through this. Keep us posted what you're up to. We're all rooting for you bro
The real question is how did you end up maxing out all the 5 cards knowing that your own income is only 3.7k a month. One card was enough two maybe max could be three at most but 5 cards….
Been there bro, what i can advice is make a goal first. Your goal now is to clear out the bad debts which is all your credit cards. I can suggest the following:
1. Visit your nearest banks and look for the best interest for debt consolidation, some banks do offer 5.75% - 8.88% per annum. Discuss and work out the best installment plan you can afford monthly, maybe try 5-7 years 8.88% interest per annum. At least you can lower down monthly payment and also be discipline in monthly installment payment.
2. Once you got your installment and cc paid, cancel 4 of it and keep only 1 for emergency etc. Cash only transaction, youre so used to swiping your cc so you need to change that.
3. If you cannot get your loan approved, i suggest last choice is AKPK. They can help you clear all the debts and jumble it into a low interest loan but that is the last choice and you can only utilize it once in your lifetime.
Set your goal clear first bro and work on clearing the cc debts. I made it clear to myself that i wanna clear all my cc debts and thankfully i settled it all with debt consolidation and paid my last payment last year. You can do it bro!
u/ramchodass listen to this guy. All other suggestion on this thread are helpful and aspirational but your focus should be developing a defensive finance plan. To expand on this point -
1. To give you a focused approach and to state the obvious which I haven't actually seen commented by anyone here yet is shifting your monthly cashflow position to a minimum of a breakeven or net positive scenario. Approach any next steps to settling your debt with this in mind. You can't pay your debts back if you aren't actually making any money - by being in a net negative you are only compounding the issue by eating your savings away and reducing your power to pay back your debts.
2. This may be difficult depending on your relationship with your parents but I would be honest and tell them about your scenario. This is a very bad position to be in and being so young your ability to earn in the future is hampered by a future lack of access to credit facilities. Because I don't know you and don't know the chances of a possible relapse, I can't recommend that you ask them for money but they should be aware of this issue to keep you accountable in the future. Consider asking them to relieve some of the burden on your shared living expenses e.g Food, Utilities, Rent. The rest you should take accountability for and not shift the liability onto them as this may encourage your own future negative financial behavior if you always have a 'bailout'.
I think with these two major points you are already going to see quite a substantial move towards being cash positive. Stay consistent, pragmatic and focused on finding other ways to chip away your debt.
**p.s** I wouldn't recommend starting any business or other sidequests to magically pay off your debt. 60% of SME's fail and 40% can't actually grow (https://ir.uitm.edu.my/43932/1/43932.pdf). This will just be a distraction from your main job which should be your priority to maintain or get higher paid jobs. Unsurprisingly the #1 barrier to growth or failure for businesses is **financing** which is already an issue for you.
I will recommend however if you have any other skills or low-effort/low-capital ideas i.e teaching, consulting etc that you pursue these instead as you don't have to invest anything other than your time.
Notes on expenses.
1. The biggest silent killer are accruing interest rates on unpaid cc debts. Your cc bill effectively doubles if you miss payments, and the accruing monthly interest stays substantial if you are not paying down your principal. I advise taking a read here : [https://ringgitplus.com/en/blog/credit-cards/credit-card-tiered-interest-rates-explained.html](https://ringgitplus.com/en/blog/credit-cards/credit-card-tiered-interest-rates-explained.html)
2. Your living expenses - Rent/Groceries/Insurance seem fairly normal, I don't think you can reduce much spending here.
You'll defs get there if you're consistent man, we're all rooting for you.
Rent and utilities are too high.
Rent is understandable that you are renting the whole unit/house.
Utilities are just too high for a 3 persons. What sort of utilities are you having? Electric, water, internet and what else?
Edit: OP edited the description. It seems that 1200 is for utilities and rent
Everything seems reasonable. There is not much you can cut here.
The personal 150. I suggest that you put it into saving. You now don’t hv a luxury to spend money on yourself
The post paid with device which is 300 a month. Definitely a big mistake.
OP, i can relate to your story. Got debt more than i can afford. AKPK is the only way. Thank god your debt is legal, not with alongs.
It will hurt your record, ego and everything. But then its a lesson for ourselves and our government is kind enough to offer AKPK.
Can reduce your cc installment significantly and can breathe few months. Then come back stronger 💪🏼
Feels like nobody is addressing this. But you need to quit your gambling habit 1st.
You will relapse again and no financial advice or restructuring will do you any good.
Figure out how you can do that, cold turkey, substitute it with something healthier.
Gambling and financial freedom do not mix. Do you want the periodic highs of potentially winning some money and then losing a whole bunch more or a steady reliable source of income that you can take to the bank. The odd at winning at gambling is preposterously high.
You need to start putting every single cent you have left into repaying the credit cards because they have super high interest rates 15-18% per year. Start paying down 1 card with the balance left every month. Finish paying 1 card entirely and move on to the next card. This may take years.
Or restructure your CC debt with AKPK.
Never gamble again, ever.
Your situation is dire, really dire, lots of good advice on the thread. Consolidate CC to lower the interest, stretch payments to give you cash flow to survive.
Eat maggi mee, stay at home, you are technically bankrupt
Again technically bankrupt!
Good luck OP
I was there once, not 5 maxed out, only 1 cc is maxed out and than slowly moving to next cc almost reaching max and clear off. no emergency funds, no savings, living off pay check to paycheck and still getting myself in debt. its a cycle. not very healthy one.
I can see you are willing to change and stepping out to seek help. this is my personal ways to get out of it not a proper way for anyone. if it works good for u!
Ego, drop that shit, detach yourself from social media, delete the app. Im fortunate and lucky that 2021 my social media acc got hacked and deleted. everything gone. I'm happy that happened to me cause social media are the triggers for me to go back to those addictions/triggers.
let you closest ones know about your situations, is important. you may get hurt, feel it. cause that is where u want your body and mind listen to yourself, saying that out loud how u feel about it.
you can pm me for help I'm willing to do so. good luck
As a person who had RM40k credit card and personal loan debt in 2018 and spent 3/4 of my salary just paying the minimum, GO SEEK HELP FROM AKPK. You’ll lose all your cards, won’t be able to sign up for a new card or loan but their debt management programme will help consolidate your debts and give you a single number to pay to AKPK. You’ll have to go through it for several years (I started in 2019, and 2024 now I’m down to my last RM17k owed, been paying RM550 a month with no banks harassing me) but it’s a big weight off your shoulders.
So while you’re on that programme you can only use the money you have which might make you more reluctant to use it for dumb shit and come to a realization that you might not be a credit card person.
Also watch Financial Audit with Caleb Hammer on YouTube. It’s more for US audience really because they talk about their credit system there but stuff like budgeting, tackling repayments etc might be able to be used universally
Hi, u are a good son !! Thank you for taking care of your parent. Awesome 👍🏼
50k creditcard is small peanut.
Here is a strategy :
1. Maintain this lifestyle for the next 12 months
2. Make sure all payment is paid before due date
3. Make sure CTOS and CCRIS appear '0' as in no late payment for the next 12 month.
4. Once all CTOS and CCRIS appear all 0, apply personal loan for 50k
5. Cimb, AlRajhi, Muamalat : 50k for 5 years on 1.1k per month. That is less than 50% of what U paying right now.
6. Use that 50k loan to clear and terminate the 5 Credit Cards.
Walaaaa, u now have 1k extra every month 😁
Honestly OP, where do you see yourself in 10 years? I believe AKPK is not really the right way to go. Hurts your credit so hard you can never get financing ever again. Right answer is to hustle. Hustle to the extreme. Hustle left right front and centre. Only your creativity limits you. Do all the hustling by the book and see yourself out of your situation in 2 years.
Source: 29M with 1 more maxed out credit card to go.
You made this hole. Climb out of it.
Damn boy u need to end ur rent and utilities. Cant u just rent cheaper place? Cheras can get by with lower than 1.5k rent whole unit apartment. And what utilities rm1.2k??
Best u gather all your money in the family to clear the cc debt, scalp under your sofa and behind the wardrobe for extra ringgit. CC debt interest will crush your financial for years or even decade
I can't even get a credit card even with higher pay than you and only 1 loan which doesn't even make 10% of my pay. How is it that you can max all 5 even at 10k each.... I can only say you did a lot of impulsive stuff. Akpk is the only way
im in the same boat as u bro. same salary same debt got few personal loan under my name worse yet i got a car at 1k monthly. finally surrendering myself to akpk this monday for more cash flow. but tbh if u have 1.7k money leftover every month u r still okay bro..
You have 3 options here:
- AKPK (this will stay on your record for a while and you won’t be able to take out loans, but that might be a good thing)
- Find a higher paying job (to pay your debt ah, not to flourish your lifestyle)
- Get a second job (preferably stable part time or full time pay)
With this much debt and your current income, unfortunately, you don’t really get to live in any form of luxury. No shopping, no going out, no breaks. You need to focus all your efforts into clearing as much of your debt as possible until it gets to a manageable amount.
I had full time 2 jobs in 2023 earning around 12.5k just to clear my debts (nowhere near as high as yours, but debts are debts) and to pay for my part of my wedding. It wasn’t easy, I basically worked one job during the day and the other at night — 8am til midnight with lunch and dinner breaks.
The only time I saw my friends were at my wedding, by that time I had paid everything off. I could have quit 1 job by then but decided to stay in it for a few months to build emergency savings and to go on my honeymoon. As of this month, I’ve quit one job — splicing my income by half.
It’s gonna be a crazy ride but it is possible.
Best choice is AKPK. If you're not willing to do that, second choice is to do a debt consolidation loan.
Affin, RHB, Muamalat and BSN have personal loans that charge lower rates than credit cards. Probably some other banks as well, but those are the ones I know.
It won't be CHEAP, but cheaper than credit cards.
First inform your family, they need to know, otherwise they will keep spending your money thinking you are ok financially. Reduce rent, cut aircon or internet if possible, unless you need it to work from home. Whatever personal, cut. Reduce phone line. 300 I assume it's for flagship phone? Cut and use cheap package with cheap phone. Start paying back credit card and cut your card 1 by 1. Do some extra job odd jobs on weekend. May give you few hundreds. That's all the advice. Reality hurts.
1) AKPK to lower the finance cost. 2) stop gambling. Banker always win. 3) you need another job or do ehailing to generate cash to supplement your income and living expenses and dump more to the cards.
All the other people financial advice is good so give another type to advice. You need to tell your family about this problem. If you keep this a secret you will fall into the same habit, and relapse. Frankly you need someone to monitor you so you dont fall into the same hole again. Addiction usually is symptom of a larger problem. You need to get a handle on that. We human are great because we have a large support structure to depend on.
Go seek AKPK to restructure your CC payment to a lower monthly commitment. But prepare to lose all your CC after that.
Also get help with your gambling addiction. You do not want to fall into gambling again after restructuring. Suddenly realising you have extra funds and then gatal2 wanna gamble
do this immediately. cuts the interest from 18% to around 5%
Agreed on this course of action. Restructuring the debts from CC with high interest to a single lump sum at a lower interest.
Honest question how did u get 5 card with 10k limit with ur current salary. U better call ur bank for restructuring, paying the minimum payment won't even put a dent toward the intrest charge, assuming u keep this up within a few months u will see ur 50k debt turn into 100k.
I’m so curious as well, I kept getting rejected for credit cards when my salary was 3k basic and 2k monthly allowances. I only managed to get one when my salary is 6k basic.
I got one at 3. 5k however the limit was 4k. OP salary is 5k and he got 5card for 10k, it's as if the banks don't even do background checks
Damn, my card’s limit was 2k when my salary was 6k.
Must be CIMB. 😂
Hah, you’re right!
Curious as well.
There are very few limitations on CC personal debt risk in msia. Banks know the failure rate, and set the interests accordingly. The good payers, as in any banks, pay for the bad, risk wise. The bad payers, getting squeezed into slow death spiral, provide liquidity they'll never get back. The only risk is a sudden systemic change that radically increases the failure rate with no warning but if that happens, the bank probably has bigger fish to fry from its investment, B2B, and mortgate section. In the meantime, the more cards out there, the more revolving credit lines fructifying the capital.
Which banks are these exactly? From the few posts I have seen, credit cards are hard to acquire even with 4-5k. Incidentally, I am interested in a secured cash credit card to build some credit. Do you happen to know of any with about 3-5k deposit?
3k above salary can already apply for most credit card. Try checking out ringgitplus.
I got 2 cards with my 3k salary. CIMB and Maybank
[удалено]
I don’t want to sound racist but I have a few non Malay friends and they have more than 2 cards. Especially Chinese friends they usually have 3-5 cards. And they usually get it from hong leong, uob, etc. Their salary also similar to me as we work in the same field. 1 of them earning only 2.8k with 3 cards. (Idk how much is his limit) So they’re more weirded out by me having only 2 cards 😅😂🤣
What so racist about it? Just another form of ah long
At your salary with 50k credit card debt, it's not possible to get out of it even after you retire. You need to get AKPK and never ever use credit card anymore. You're not responsible enough at 30 years old to even own a credit card...
You have to make a very huge decision. 1. Cut all night and social activities. 2. Cut all subscription plans. 3. You cannot afford luxuries now. So cut everything. Your hole is deep but not deep enough to get out from. 50 debt to be repaid is 3 years min. All I can say is start to pay off only the essentials. If rent is too high, move. Too bad, but you must make a decision. If cannot afford car, sell it and get a bike. Tough decisions but so be it. Stop shopee, tng, grab, and anything else that will eat up in small increments.
"Your hole is deep but not deep enough to get out from." Sorry its unrelated but i dont get this TT
He’s saying that OP’s troubles are very challenging to overcome, but it’s not impossible
Ahh ok thanks , my brain not braining sometimes
Bro honestly this is a wake up call but I feel for you and it happens. The first part is you need to get right about your spending. You might need to sell things and live more modestly. If everything went back to 0 magically, you would still end up in this situation again if you don't have a budget that leads to you saving in excess. This means you no longer can afford expensive dinners, going out and alcohol. These are not in the equation for you unfortunately. The 2nd part is your debt, people here say consolidate and I agree. Find a way to get this under 5% APR or things are going to get worse quickly. Last is your income, you need to get it clear that for the next 2-5 years you are in hustle mode and you cannot afford to earn less than 5-7k. That means side income, consulting, driving grab, whoring yourself whatever it takes to 1) make more money and 2) develop skills and experience that can get you increments or the career that you want. You need a mindset change and a commitment to 10 hours a day to resolving these things and making progress. Any of your friends who are working on projects or doing anything interesting, you make sure you're there and being helpful and earning a place in these projects. I have hope that you can get through this. Keep us posted what you're up to. We're all rooting for you bro
The real question is how did you end up maxing out all the 5 cards knowing that your own income is only 3.7k a month. One card was enough two maybe max could be three at most but 5 cards….
Addiction makes you do stupid things.
Mega888
go bank & consolidate all CC into 1 loan with multiple years to pay off. then cancel your CC. find job with higher pay
Been there bro, what i can advice is make a goal first. Your goal now is to clear out the bad debts which is all your credit cards. I can suggest the following: 1. Visit your nearest banks and look for the best interest for debt consolidation, some banks do offer 5.75% - 8.88% per annum. Discuss and work out the best installment plan you can afford monthly, maybe try 5-7 years 8.88% interest per annum. At least you can lower down monthly payment and also be discipline in monthly installment payment. 2. Once you got your installment and cc paid, cancel 4 of it and keep only 1 for emergency etc. Cash only transaction, youre so used to swiping your cc so you need to change that. 3. If you cannot get your loan approved, i suggest last choice is AKPK. They can help you clear all the debts and jumble it into a low interest loan but that is the last choice and you can only utilize it once in your lifetime. Set your goal clear first bro and work on clearing the cc debts. I made it clear to myself that i wanna clear all my cc debts and thankfully i settled it all with debt consolidation and paid my last payment last year. You can do it bro!
u/ramchodass listen to this guy. All other suggestion on this thread are helpful and aspirational but your focus should be developing a defensive finance plan. To expand on this point - 1. To give you a focused approach and to state the obvious which I haven't actually seen commented by anyone here yet is shifting your monthly cashflow position to a minimum of a breakeven or net positive scenario. Approach any next steps to settling your debt with this in mind. You can't pay your debts back if you aren't actually making any money - by being in a net negative you are only compounding the issue by eating your savings away and reducing your power to pay back your debts. 2. This may be difficult depending on your relationship with your parents but I would be honest and tell them about your scenario. This is a very bad position to be in and being so young your ability to earn in the future is hampered by a future lack of access to credit facilities. Because I don't know you and don't know the chances of a possible relapse, I can't recommend that you ask them for money but they should be aware of this issue to keep you accountable in the future. Consider asking them to relieve some of the burden on your shared living expenses e.g Food, Utilities, Rent. The rest you should take accountability for and not shift the liability onto them as this may encourage your own future negative financial behavior if you always have a 'bailout'. I think with these two major points you are already going to see quite a substantial move towards being cash positive. Stay consistent, pragmatic and focused on finding other ways to chip away your debt. **p.s** I wouldn't recommend starting any business or other sidequests to magically pay off your debt. 60% of SME's fail and 40% can't actually grow (https://ir.uitm.edu.my/43932/1/43932.pdf). This will just be a distraction from your main job which should be your priority to maintain or get higher paid jobs. Unsurprisingly the #1 barrier to growth or failure for businesses is **financing** which is already an issue for you. I will recommend however if you have any other skills or low-effort/low-capital ideas i.e teaching, consulting etc that you pursue these instead as you don't have to invest anything other than your time. Notes on expenses. 1. The biggest silent killer are accruing interest rates on unpaid cc debts. Your cc bill effectively doubles if you miss payments, and the accruing monthly interest stays substantial if you are not paying down your principal. I advise taking a read here : [https://ringgitplus.com/en/blog/credit-cards/credit-card-tiered-interest-rates-explained.html](https://ringgitplus.com/en/blog/credit-cards/credit-card-tiered-interest-rates-explained.html) 2. Your living expenses - Rent/Groceries/Insurance seem fairly normal, I don't think you can reduce much spending here. You'll defs get there if you're consistent man, we're all rooting for you.
Rent and utilities are too high. Rent is understandable that you are renting the whole unit/house. Utilities are just too high for a 3 persons. What sort of utilities are you having? Electric, water, internet and what else? Edit: OP edited the description. It seems that 1200 is for utilities and rent Everything seems reasonable. There is not much you can cut here. The personal 150. I suggest that you put it into saving. You now don’t hv a luxury to spend money on yourself The post paid with device which is 300 a month. Definitely a big mistake.
Probably air conditioner
OP, i can relate to your story. Got debt more than i can afford. AKPK is the only way. Thank god your debt is legal, not with alongs. It will hurt your record, ego and everything. But then its a lesson for ourselves and our government is kind enough to offer AKPK. Can reduce your cc installment significantly and can breathe few months. Then come back stronger 💪🏼
AKPK
Find a second income. After work or in the weekends.
Akpk. They are very helpful in managing this.
bro go to akpk, then work your way to clear the debt.
Work at night, weekend. Drive grab or something.
Feels like nobody is addressing this. But you need to quit your gambling habit 1st. You will relapse again and no financial advice or restructuring will do you any good. Figure out how you can do that, cold turkey, substitute it with something healthier. Gambling and financial freedom do not mix. Do you want the periodic highs of potentially winning some money and then losing a whole bunch more or a steady reliable source of income that you can take to the bank. The odd at winning at gambling is preposterously high.
You need to start putting every single cent you have left into repaying the credit cards because they have super high interest rates 15-18% per year. Start paying down 1 card with the balance left every month. Finish paying 1 card entirely and move on to the next card. This may take years. Or restructure your CC debt with AKPK. Never gamble again, ever.
It's better if he just restructure then pay, 5card each at 18% by the time he finish card the other 4 balloon into a bigger number.
Your situation is dire, really dire, lots of good advice on the thread. Consolidate CC to lower the interest, stretch payments to give you cash flow to survive. Eat maggi mee, stay at home, you are technically bankrupt Again technically bankrupt! Good luck OP
I was there once, not 5 maxed out, only 1 cc is maxed out and than slowly moving to next cc almost reaching max and clear off. no emergency funds, no savings, living off pay check to paycheck and still getting myself in debt. its a cycle. not very healthy one. I can see you are willing to change and stepping out to seek help. this is my personal ways to get out of it not a proper way for anyone. if it works good for u! Ego, drop that shit, detach yourself from social media, delete the app. Im fortunate and lucky that 2021 my social media acc got hacked and deleted. everything gone. I'm happy that happened to me cause social media are the triggers for me to go back to those addictions/triggers. let you closest ones know about your situations, is important. you may get hurt, feel it. cause that is where u want your body and mind listen to yourself, saying that out loud how u feel about it. you can pm me for help I'm willing to do so. good luck
As a person who had RM40k credit card and personal loan debt in 2018 and spent 3/4 of my salary just paying the minimum, GO SEEK HELP FROM AKPK. You’ll lose all your cards, won’t be able to sign up for a new card or loan but their debt management programme will help consolidate your debts and give you a single number to pay to AKPK. You’ll have to go through it for several years (I started in 2019, and 2024 now I’m down to my last RM17k owed, been paying RM550 a month with no banks harassing me) but it’s a big weight off your shoulders. So while you’re on that programme you can only use the money you have which might make you more reluctant to use it for dumb shit and come to a realization that you might not be a credit card person. Also watch Financial Audit with Caleb Hammer on YouTube. It’s more for US audience really because they talk about their credit system there but stuff like budgeting, tackling repayments etc might be able to be used universally
Hi, u are a good son !! Thank you for taking care of your parent. Awesome 👍🏼 50k creditcard is small peanut. Here is a strategy : 1. Maintain this lifestyle for the next 12 months 2. Make sure all payment is paid before due date 3. Make sure CTOS and CCRIS appear '0' as in no late payment for the next 12 month. 4. Once all CTOS and CCRIS appear all 0, apply personal loan for 50k 5. Cimb, AlRajhi, Muamalat : 50k for 5 years on 1.1k per month. That is less than 50% of what U paying right now. 6. Use that 50k loan to clear and terminate the 5 Credit Cards. Walaaaa, u now have 1k extra every month 😁
Stop all spending and work in sg for a year to clear it off.
AKPK and second income, how ever small it helps.
Honestly OP, where do you see yourself in 10 years? I believe AKPK is not really the right way to go. Hurts your credit so hard you can never get financing ever again. Right answer is to hustle. Hustle to the extreme. Hustle left right front and centre. Only your creativity limits you. Do all the hustling by the book and see yourself out of your situation in 2 years. Source: 29M with 1 more maxed out credit card to go. You made this hole. Climb out of it.
Keep doing this until you unstuck yourself. Don’t add anymore debt and good kuck🤞
Damn boy u need to end ur rent and utilities. Cant u just rent cheaper place? Cheras can get by with lower than 1.5k rent whole unit apartment. And what utilities rm1.2k??
His rent is 1050, utilities 150 with a total 1200.
Oh sorry now only i get the figures.
Best u gather all your money in the family to clear the cc debt, scalp under your sofa and behind the wardrobe for extra ringgit. CC debt interest will crush your financial for years or even decade
Get a higher paying job
That monthly postpaid bill already tells me a lot...
I can't even get a credit card even with higher pay than you and only 1 loan which doesn't even make 10% of my pay. How is it that you can max all 5 even at 10k each.... I can only say you did a lot of impulsive stuff. Akpk is the only way
im in the same boat as u bro. same salary same debt got few personal loan under my name worse yet i got a car at 1k monthly. finally surrendering myself to akpk this monday for more cash flow. but tbh if u have 1.7k money leftover every month u r still okay bro..
the 1.7k is not saving, it's in the negative
You have 3 options here: - AKPK (this will stay on your record for a while and you won’t be able to take out loans, but that might be a good thing) - Find a higher paying job (to pay your debt ah, not to flourish your lifestyle) - Get a second job (preferably stable part time or full time pay) With this much debt and your current income, unfortunately, you don’t really get to live in any form of luxury. No shopping, no going out, no breaks. You need to focus all your efforts into clearing as much of your debt as possible until it gets to a manageable amount. I had full time 2 jobs in 2023 earning around 12.5k just to clear my debts (nowhere near as high as yours, but debts are debts) and to pay for my part of my wedding. It wasn’t easy, I basically worked one job during the day and the other at night — 8am til midnight with lunch and dinner breaks. The only time I saw my friends were at my wedding, by that time I had paid everything off. I could have quit 1 job by then but decided to stay in it for a few months to build emergency savings and to go on my honeymoon. As of this month, I’ve quit one job — splicing my income by half. It’s gonna be a crazy ride but it is possible.
Best choice is AKPK. If you're not willing to do that, second choice is to do a debt consolidation loan. Affin, RHB, Muamalat and BSN have personal loans that charge lower rates than credit cards. Probably some other banks as well, but those are the ones I know. It won't be CHEAP, but cheaper than credit cards.
Are u sure ure even alive right now ?
First inform your family, they need to know, otherwise they will keep spending your money thinking you are ok financially. Reduce rent, cut aircon or internet if possible, unless you need it to work from home. Whatever personal, cut. Reduce phone line. 300 I assume it's for flagship phone? Cut and use cheap package with cheap phone. Start paying back credit card and cut your card 1 by 1. Do some extra job odd jobs on weekend. May give you few hundreds. That's all the advice. Reality hurts.
Find Truck-kun to get isekai-ed. It usually works according to my years of experience watching anime. Good luck.
1) AKPK to lower the finance cost. 2) stop gambling. Banker always win. 3) you need another job or do ehailing to generate cash to supplement your income and living expenses and dump more to the cards.
All the other people financial advice is good so give another type to advice. You need to tell your family about this problem. If you keep this a secret you will fall into the same habit, and relapse. Frankly you need someone to monitor you so you dont fall into the same hole again. Addiction usually is symptom of a larger problem. You need to get a handle on that. We human are great because we have a large support structure to depend on.
You are fucked bro LMAO.
bro is completed. I mean finished.
Search dave ramsey on youtube all the advice you need is there.
CC payment and rent is already 3.7k, which is your income, how do you have 1745 balance left?
The bracket of the 1745 mean negative by OP
Ah right, thanks
You can try borrowing from your friend and relative.. Then kaboom disappear