Personal Financial Management V3, It's all about managing your $$$
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 Apr 11 2016, 11:03 AM
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#1
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Junior Member
106 posts Joined: Feb 2014 
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Hey folks,
Need some financial advise here. I just received my bonus and net amount is RM11,000 I was thinking to pay some of my credit card debts. Maybank RM20,000 CIMB RM12,000 Citibank RM12,000 Do you think I should just pay off one CC or I pay 40% for MBB, 30% for CIMB, and 30% for CITI? Please advise me on this  |
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Apr 11 2016, 11:20 AM
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#2
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Junior Member
106 posts Joined: Feb 2014
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QUOTE(T231H @ Apr 11 2016, 11:08 AM)  which of the 3 charged you the most interest rate? |
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Apr 11 2016, 04:38 PM
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#3
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Junior Member
106 posts Joined: Feb 2014
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QUOTE(MUM @ Apr 11 2016, 11:28 AM) then why not pay off the one with the highest interest rate first?why do you want to pay partially for the 3 cards instead of paying the one which is charging you the most int rate? may i know why? also, if I take personal loan RM50,000 for 5 or 7 years, how much should I pay monthly to pay back the loan? would it be below 3k? Like for those 3 cc in a month I will spend almost 3k (1000 each card but as for citibank it does not reduce the amount because I have monthly deduction of 1000 each month like insurance, astro, internet)  |
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Apr 15 2016, 10:30 AM
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#4
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Junior Member
106 posts Joined: Feb 2014
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Thank you for all the input. With the help from my wife I will pay off MBB cc and CIMB cc and terminate both cards. Will pay half of outstanding balance and will still be using CITI as it has the lowest credit limit.
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