EDUdebt Revive

21/01/2023

Wherever you go, may prosperity and good fortune always be with you.
Wishing you a prosperous Rabbit year!

Xīn nián kuài lè! Huat Ah!!!!

19/04/2022

The 3 leading causes of Credit Card Debt

1 - Overspending. As the economy has steadily improved since the Great Recession of 2008, consumers are more comfortable spending. Many turn to credit cards for things like vacations, shopping and daily living expenses, feeling confident that they’ll be able to repay the balance.

2 - Lack of an emergency fund. Unexpected expenses, like a home or car repair, can break the bank. A pay cut, job loss or temporary disability can also lead to an income loss, which would be easier to survive with a financial safety net. However, without an emergency fund in place, many people have no choice but to turn to a credit card to cover these expenses.

3 - Making only the minimum payment. When interest is factored in, the minimum payment only lowers the outstanding credit card balance by a small amount each month. Continuing to make purchases while only paying the minimum worsens the problem and creates the perfect storm for credit card debt.

Adopting good financial habits, like budgeting and saving, not only helps you avoid more credit card debt, but also gives you the ability to pay off your current outstanding debt for good.

If you have a huge debt burden and need a fast solution, please do not hesitate to reach out to us.
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19/04/2022

Revive is defined as to bring something or someone back or make something or someone come back to life. To revive something is to provide it with new energy or life - like when you revive a drooping plant by watering it. 🌱

29/03/2022

Spot the signs of debt stress. Talk to someone you trust. Get in touch with us for debt advice. Give yourself a second chance.

27/03/2022

Getting more money and borrowing more money will not solve the root of the problem. Well, many are still not aware that there is a way out - A programme which is run by the Government that will stop your interest and your monthly repayment will be based on your affordability.

Take action today before it's too late.

"Helping one person might not change the whole world, but it could change the world for one person."

Till debt do us part: S'pore woman granted divorce due to husband's bad money habits

While money problems are common in a relationship, a landmark case illustrates how such behaviour can have far-reaching consequences. . Read more at straitstimes.com.

09/03/2022

How to know if a moneylender is licensed or not?
Verify that a moneylender is licensed by checking the list of licensed moneylenders.
☟
https://rom.mlaw.gov.sg/files/ML%20Lists/ML%20Listing%20as%20at%2001_Jan_22.pdf
Notwithstanding that the moneylenders are licensed, be mindful if they:
▲ Use abusive language, or behave in a threatening manner towards you.
▲ Ask for your SingPass user ID and/or password.
▲ Retain your NRIC card or any other personal ID documents (e.g. driver’s licence, passport, work permit, employment pass or ATM card).
▲ Ask you to sign on a blank or incomplete Note of Contract for the loan.
▲ Grant you a loan without giving you a copy of the Note of contract for the loan and/or without properly explaining to you all the terms and conditions.
▲ Grant you a loan without exercising due diligence (e.g. approving a loan over the phone, SMS or email before even receiving your loan application form and supporting documents, such as the income tax assessment and payslips).
▲ Withhold any part of your principal loan amount for any reason.
Such practices are not acceptable. If you encounter them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender’s business name, licence and contact numbers. Please see Question 10 for more details.

08/03/2022

If you constantly find yourself with credit card debt, they may not be for you and that's totally ok. Paying 20% interest on everything you buy for the next 20 years isn't worth 2% cash back.

01/03/2022

What does principal mean on a loan?
Principal is the money that you originally agreed to pay back. Interest is the cost of borrowing the principal. Generally, any payment made on an auto loan will be applied first to any fees that are due (for example, late fees).

28/02/2022

Not sure how much is your current outstanding with the banks? Purchase your credit report ($6.42), via the link below.

WHY CREDIT REPORT IS IMPORTANT

Your credit report is a record of your credit payment history compiled from different credit providers (Banks).

By reviewing your credit report regularly, it allows you to be aware of any information that is uploaded on your credit file.

The other advantage of monitoring your credit file is that it protects against possible fraudulent use of your personal details to obtain credit.

For any enquiries, feel free to drop us a message.

Your access to www.creditbureau.com.sg is being denied due to restriction of foreign internet protocol (IP) address used.

26/02/2022

A letter of demand is a letter issued by a lawyer demanding the performance of some act on your part, usually with a warning that legal proceedings will be commenced against you if you fail to comply.
You SHOULD NOT IGNORE a lawyer's letter as doing so may result in the party instructing the lawyer, to start legalities against you.

Drop us a message to find out on how we can assist you.

03/02/2022

The first step to taking control of your finances is doing a budget.

It will take a little effort, but it’s a great way to get a quick snapshot of the money you have coming in and going out.

Setting up a budget means you’re:

🙂 Less likely to end up in debt
🙂 Less likely to get caught out by unexpected costs
🙂 More likely to have a good credit rating
🙂 More likely to be accepted for a mortgage or loan
🙂 In a great position to save up for a holiday, a new car, or another treat.

01/02/2022

Edudebt Revive wishes you and your family, a happy and prosperous year of the tiger! May this New Year brings lots of happiness and prosperity!