Understanding the repercussion of delayed payments for credit cards and lines.

Do you get more calls from banks these days, reminding you of overdued payments and demanding for more and more payment each time? Are you asking yourself: “BUT I JUST PAID $500 2 WEEKS AGO?!?” So why are you overdue again?

The 30 days payment cycle from the banks seem to be shorter than menstrual cycle for some ladies and for guys, PAY DAY!! I have to wait so long for my monthly salary but in no time, my monthly credit cards bills are due. After I pay the banks, I do not even have enough to survive. Then I have to use the credit cards again. This is a vicious cycle if you do not know how to use credit cards. These are what our clients shared with SG Debtbuster’s counsellors during every counselling session.


1.Do you know that by delaying one month’s payment you will incur $80 late charge, interest of at least $116 (based on 28% per annum) for an outstanding of $5000? So you lost $196 to banks just like that.
2.If you missed 2 months of payments, you will incur an ADDITIONAL late charge of $80, interest charge of $116 AGAIN. So you will lose another $196.
3.By the 3rd month, you will likely to face legal charge of at least $50 and above.

So if you owe more than $5000, you can imagine the amount of money lost to banks for missing payments. Hence if you are facing such a situation and banks’ calls are getting more frequent, do seek professional help early to solve this problem. If you encounter delays by unprofessional help due to longer waiting time, no privacy, and rejection due to debt size (debt amount too big / too small) and irregular pay, do not forget there is still other alternative, SG Debtbuster.

Our clients also often told us that they should have come to SG Debtbuster earlier. They always told us: “If only we know about SG Debtbuster earlier.” It never too late and the most important thing is not to delay. We know the banks can be very annoying but do not ignore them as it will only make the matters worse. Since you have the courage to take their money and use it, then you must have the courage to face the consequences.

All these issues can be resolved as fast as 1 MONTH if you are willing to handle it with our help and by the 3rd month, you will be having fixed repayment plans that ease your financial burden. Payment due dates will be made according to your payday and not at different times of the month. By having a fixed payment on a fixed date will allow you to control your finances better. Hence do not procrastinate, act fast to resolve it and save more money for you and your family.

There is an illustration below to show the repercussion of delay caused by waiting or procrastinating.

Debt Snow Chart