When Should You Seek Credit Counselling in Singapore?

Debt Problems Are Not Hard To Identify

Credit Counselling helps in any situation involving out-of-control debt. A debt problem is not hard to identify. The general rule is that you are in serious financial trouble when your monthly debt payments - not counting mortgage or rent - exceed 20 per cent of your income.

There are also rules of common sense. Just look at how you live. Do your money problems never seem to end? Do you often spend too much? Is it hard to pay bills? Do you have trouble saving money and keeping track of it?

If yes is the answer to any of these questions, then you should seek credit counselling. Just remember that most financial problems involve more than facts and figures. Debt problems often stem from bad attitudes towards money.

Credit counselling helps you deal with those attitudes, as well as all the facts and figures. You may have to change your attitude towards money. That may mean waking up to signs that you have a debt problem.

Watch For Warning Signs Of Credit Problems

Debt help only comes if you ask for it. Usually, before that happens, you need to be aware of how you are mishandling your money. Face up to bad behavior that creates money problems. Look for warning signs of debt trouble that may include:

  • When you are only paying or not able to cope with your credit facilities minimum payments.
  • When your credit cards are nearing or over credit limits and you cannot lower the outstanding amounts already.
  • When some of your facilities have been cancelled or gone into collection department.
  • When more than half of your salary goes to repaying your credit facilities’ minimum payments or creditors.
  • When you are dependent on credit facilities to support your lifestyle.
  • When you are hiding bills and credit facilities statements from your family members.
  • When you are dependent on cash advance or need to do cash advance every month.
  • When new credit facilities’ applications are decline by banks.
  • You can take charge of your life. If you are having debt problems that you feel are too much to handle, then it may be time to consider what debt counselling can do for you.

    Don’t Worry About Being Qualified For Personal Debt Management

    Debt help is available to anyone who is stressed about credit card bills, personal loans, payroll loans – or any other kind of debt that isn’t backed up by collateral (like a house or a car).

    At , we welcome anyone who needs advice about how to handle money and reduce or eliminate debt. Our clients come from all walks of life. You are eligible for help regardless of age, sex, race, creed or income level. There’s no pressure or judgment. And everything we do for you is confidential.

    Once we understand your situation, you can enter a Debt Management Program, or we will help you through alternative measures that suit your finances, needs, hopes and dreams.