How to settle credit card debt?
There are few ways to settle your credit card debt/outstanding balance.
Let’s say, outstanding balance is RM5000.
1. Pay 5% of outstanding balance or RM50 whichever is higher:
*Total of months to settle outstanding amount = 69 months
*Paid for interest = RM1875.87
2. Pay fixed RM 250:
*Total of months to settle outstanding amount = 24 months
*Paid for interest = RM987.60
3. Apply personal loan (2 yrs / 6.8% per annum by Bank Islam), and make full settlement on credit card:
*Total of months to settle personal loan = 24 months
*Paid for interest = RM680
4. Balance Transfer with other bank (Fixed 24-Month Instalment Plan / 6.88% per annum by Alliance Bank)
*Total of months to settle Alliance’s credit card = 24 months
*Paid for interest = RM688
5. EZ Payment 0%
You can found about this from several website or blog. They call it 0% but I think they will charged you one time fee and its up to 20%. So be careful and check properly the term before you decide.
Note: All calculation above is just an example and I won’t guaranty if you don’t get exactly amount as above.Â Banks selected above doesn’t mean a suggestion.
Click here to see details with calculation table => Credit Card settlement
Selesaikan hutang kad kredit