IQ Debt Solutions

20/08/2024

Be cautious when looking for loans online. Many people are being targeted by illegal money lenders. Below in the link are 9 signs of illegal money lenders.

Share this information with your family and friends to help them avoid falling victim to these Illegal Money lenders!

There are many signs that'll show that you're dealing with illegal moneylenders in Singapore. Find out what they are and steer clear of such lenders.

26/08/2023

Another debt issue in Singapore.

The 33-year-old man's parents protected him from loan sharks by helping him clear thousands of dollars in debt. In return, he went back to loan sharks and borrowed more money before disappearing. The couple, 57-year-old Madam Huang and 68-year-old Mr...

24/08/2023

All debts can be resolved. Just a matter of reaching out and finding the best solutions for it. Do get in touch with us if you know of anyone who needs help with their debt issues. We do not judge.

There are many reasons people rack up serious debt, from illness to overspending, but the problem transcends education and income level, says an expert.

29/07/2023

Bubble tea, online gaming and travel. And Credit Cards. Need to keep it in check.

Cardholders spent money on bubble tea drinks, online gaming and travel, bank data showed. Read more at straitstimes.com.

27/07/2023

Debt Avalanche. Goals is to cut down time to pay your debts back and save $$ in interests. Sounds like a good plan. 😊

25/07/2023

All that glitters is not gold (card)

The above sounds familiar yes ?
By the time you read this, you might have already spent quite a bit of money shopping for great deals.

Before you login to put even more items into your online cart, ask yourself if you have any outstanding debts that you have not cleared for the past few months. If your answer is ‘yes’ , you shouldn’t be engaging in non-essential purchases.

Many do not realize that the No. 1 cause for people falling into serious financial trouble here is not gambling or bad investments but the seemingly harmless act of overspending to indulge themselves.

What makes it worse is that those who overspend usually do not realize they are in trouble until the debt is big enough to choke the life out of their financial well-being.

By then, it will usually be too late for them to do anything to help themselves.
If your debts are mounting, asking banks for another quick loan is not going to make the problem go away. Indeed, doing so can put you deeper in the red.

Here’s a quick 5 steps to get you out of debts.

1- Understand your debt situation
* Before you can plan on the best course of action to tackle your debts, you want to know exactly how much you owe each creditor.
* You can purchase a copy of your current credit report to understand how much exactly do you owe.

2- Talk to your creditor
* Despite their reputation for being cold, uncaring institutions (especially when you owe them money), banks may offer alternative options for you to settle your outstanding credit card bills and unsecured debts through instalments.

3- Pay off your higher interest debts with a lower interest loan
* The effective interest rate for personal loans is around 8 to 10% p.a. This is lower than the one your credit card debts, which is much higher (over 20%).
* Also, personal loans have a duration of between 1 year to 5 years, which means you get a longer runway to pay off your debt and have a more reasonable monthly repayment amount.

4- Pay off higher interest debt first
* If managing your debts with a balance transfer, debt installment plan, or a personal loan is not possible, then the next thing you can do is to plan the order and amounts in which you will make your debt repayments. With limited funds each month, you want to ensure you deploy them as effectively as possible.
* While you want to clear off debts as fast as you have cash, you should also look out for any early-repayment penalties (for certain loans).

5- Seek Credit Counselling
* If all of the above debt management tools fail, you can approach us or call in at 8784 0344 and seek help and advise in resolving your debt problems.
* We can provide advice, encouragement, and link you up to resources that can help you on your journey to becoming debt-free.

As you can see above, there are multiple tools available to help you tackle your debt problem. This journey will span over months and even years, so once you have worked out a plan, be patient and live as best you can with the knowledge that you are on top of things.

See you on the other (debt-free) side!

18/07/2023

Debt becoming too much to bear? Worried about what to do next? You're not alone.

The good news is that there is hope. The first step to getting out of debt is to create a budget. Once you know where your money is going, you can start to make a plan to pay off your debt.

Here are some tips for creating a budget:
- Track your spending for a month. This will help you to see where your money is going.

- Set realistic goals. Don't try to cut your spending too drastically, or you'll be more likely to give up.

- Make a plan to pay off your debt. Start by paying off your highest-interest debt first.

- Be patient. It takes time to get out of debt, but it's worth it.
If you need help creating a budget or making a debt repayment plan, there are many resources available. You can talk to a debt advisor, or you can find free resources online.

Call/Whatsapp us at 8784 0344 to speak with a debt advisor.