1. Divide which one will make u money (investments) and lose you money (liability) and rank them

Housing Loan - RM 133k (Interest 2.85%) --> Staff Loan. - Good debt (less than ASB)
Credit Card O/S - RM 14k (Interest 15%) - VERY BAD
Credit Card O/S - RM 1.6k (Interest 12.90%) --> Convert CC into PL. - BAD
PTPTN - RM 9k (Interest 4%) - Good debt (less than ASB)
ASB Loan - RM 104k (Interest 4.85%) --> Staff Rate. - Good debt (less than ASB)
ASB - RM 30k (Total RM 130k include ASB Loan) - ~8% PA
Extra savings per month around RM500 - RM800.

14k debt @ 15% will cost u ~175 extra a month, which is really bad. I SERIOUSLY urge you to consider using the ASB to clear it.
@800 a month, you'll need about 19 months to get back to 30k. If a true emergency comes (which it rarely does), you can always get a personal loan or credit card quick cash.

U should really consider to pay your credit card outstanding..

The interest is so high, not worth for you to even drag it

Total of credit card outstanding is about RM15.6k so why not settle it.. Not worth to compensate the interest for the outstanding just to use ASB  as your emergency fund.

My suggestion is to clear it all. This debt is not worth having. It's losing you money for no reason.

A true (normal) emergency rarely requires 30k instantly. If not instant, you can easily obtain loans.

Of course, we seeing this from the POV that u have a decent credit score.

IMHO, on the emergency - it may not be too smart to rely on loans when in an emergency itself.
a. one's CCRIS or credit worthiness may be problematic during the emergency.
b. >=RM30K needed instantly is possible. Thus far, i've seen it happening to me 3 to 4 times already.
Pls note - i'm not a big-shot with lifeSTYLE but generally a worker like most folks.
Thus, if it can happen several times to me... (maybe i'm UNluckier than most )

Just a thought 

Hello Navink,
So you're in the forum seeking advise again. 

No need to wait the dividend la... just clear the 14k debt out of the 30k in ASB. Still got balance of 16k. Then re-built the savings again...

But to be careful, you got to know how you got into the cc debt in the first place. Among the top rules or advise in personal financial management is paying the credit cards in full. If not able to do so, this means living above the monthly paycheck.

If it was a one-time big purchase/expense, this is what the savings are for. No point having savings, but using credit card instead of the savings.

Yape.. that was what i am wondering.. a balance of RM16K should be sufficient to be noted as emergency fund.

I was shaking my head, because I read that reply (in blue) to me first.... and then need to edit and re-write this post after reading the first sentence. 

I wonder how much interest the cc debt had compounded over the years. 
============
FOLKS,
The first rule of using credit card is ALWAYS PAY THE BALANCE IN FULL.

Dreamer
(Dreamer-style)
LOL. 

Congrats!  I hope you will enjoy ur lack of high interest debts which can allow u to focus on ur savings and investments. Don't forget to spend time with your family and friends and try not to be Uncle Scrooge hehe. =)

remember to cut up your card! or stash them far far away.

All CC and banks can waive annual fees if you are a good pay master with 0 outstanding monthly

There are some good personal loans out there offer cash at a much lower rate than credit card. Why don't you try that?

14k is not a lot.

So what's the normal PL, higher than the 10% flat rate I shown as an example?

Had never taken any personal loan (yet)... but always got calls from the bank people offering to credit cash into my account, and the offers were getting lower and lower from about 6% down to less than 5%.

===============

Okay, let's say you can pay on time every month... and the interest rate is 15%
Again using the online calculate, we need to hit 8.2% to get 15.01% effective interest.
I think the person you reply to was on another topic already... 

yes..best reduce any outstanding loan.
I dont mean to ask you Nett INCome- which is PnC.

best try to reduce nt necessary expenses monthly.
Made a goal yourself to solve your PTPTN withing 1-2year.

IF you keep dragging the outstanding- LOAN interest still charging you.

this mine opinion said.

Look for the loan with highest incurr interest and timefram able to settle asap.

The less Debt then the less interest your will burden.

All the loans you never mention monthly payment.
With that extra rm1-1.2k savings, I'll settle PTPTN loan first, follow by ASB loan, last your housing loan.
When you are 0 loan, then you will have more savings and you will know better where your money is going.

If all these are effective rates, then u dun need to settle anything unless u have certain reasons to do so.

E.g. Applying for 3rd house loan and wanna get 90% loan.

If not, rejoice for ur ultra low interest rates. ASB will be the best investment without any likely risk.

Mine opinion...other ppl can hv different from mine 

Do you need to hv ASTRO?
2ndly - what your INCOME - becoz every month your debts repayment is RM1568 montly.
I doubt you can buy hse at KL except your salary monhtly is above rm5.4K monthly.
A) I presume rm500k condo for 35year; monthly repayment minimum rm2.2k.
If you take Total Debt = RM2.2K +rm1.5K = rm3.7k
Which Bank will use 1/3 as debt ratio servicing;

in summary you need to hv SALRY rm8.1k in order to buy rm500k
Formula
Z= you salary
( z - rm1.5k ) x 1/3 = rm2.2k
B)Maybe we scrap rm500k condo= we take rm300k condo
Loan monthly repayment minimum will be rm 1.3k
If you take Total Debt = RM1.3k +rm1.5K = rm2.8k

Which Bank will use 1/3 as debt ratio servicing;

in summary you need to hv SALRY rm5.4k in order to buy rm300k
Formula
Z= you salary
( z - rm1.5k ) x 1/3 = rm1.3k

Just another question, what is the total %(rm1568) from your net income?
As far as possible, don't use EPF's money but settle either ASB or housing first, after PTPTN. Astro I will cut also, Streamyx/Unifi will be better.
Again, is depending to your life style.

Congrats... you are all set for the rest of your life!

I would not touch anything further to reduce those cheap loans...

1. Don't touch EPF to reduce the housing loan.
2. Just continue paying 100/mth to the student loan.

ASB is paying you more than what you would lose in PTPTN. Like-wise,  EPF is paying you more than what you would lose in the house loan in interest. So, don't withdraw from the former to pay the latter. Pay them out of your monthly salary.

3. Save at least 100/mth into ASB.
By my calculations, you would incur about 1,700 in total interest paying the student loan, clearing it in 107 months.

If you put 100/mth into ASB at the same time, there will be about 4,000 in total interest, and total amount of 14.8k.

4. Continue with the ASB loan. Complete whatever financial objective you have initially started. Change the method only if you have a alternate method to reach the objective... you don't change objective without considering why you need to change the objective. (You don't move the goal posts nearer simply because you can't kick the ball hard enough.)

Lastly, the loans help to reduce your discretionary income... pay the installments first thing upon getting salary...

With your recent experiences, you are now a sifu too in your own right... and can share with newbies what you have learnt...

hey guys,

i'm not sure whether this is the right place to ask..or to tempat merayu..

i need some advice regarding my debt issue and how to manage it ,all this debt i've accumulated because i was having family problems, since a few years ago. 3 months ago my mother passed away.

i started working in this company for almost 4 years as fresh graduates. With starting salary of rm2k, what i can say, thank god, i got increment every 6 month. fast forward middle of last year my salary was revised to 4k from 3.3k,2.9k,2.7k,2.5k and 2k. last jan my salary was 4.3k and now during mid year appraisal on July, i had my increment to 5k basic, and my director promised me to increase more on this january appraisal, provided i'm working hard and subject to all other management approval.

it was just a few months ago that i used up all my saving,pl money,and cc maxed out. that time i dunno what to do, and all i wanted was going back hometown to be with my mother and support my family.. i was about to default all my payments,resign from my company and just balik kampung. i told my boss my situation, he asked me not to resign. he asked me to take unpaid leave, and do whatever i have to do.

fast forward, here i am still working in the company, and thinking how to pay all this debt... and sometimes i fell kinda regret, why i didn't change job much earlier, when all my colleagues who left getting minimum 7k only for 2 years experience. and I've been here for almost 4 years but i'm happy with what i'm doing in this company.

so, the breakdown for now and coming forward, since my father told me not send give him money as nowadays he can manage things with his pension( i still give him btw, just lower)

as far as i remember, i do not have any late payment, and as for cc, normally i will pay more than minimum everymonth.
easyrhb pl = monthly 1028, normally i will pay 1.1 or 1.2k tenure left 51 month with 35k to clear
maybank cc  = 4.5k limit 5k
citibank cc= 4k limit 12
aeon cc = 4k limit 6k
standard chart cc = 197 p.m balance transfer of 6k, still 32 from 36 months
ptptn = 40k left, last year paid 10k,,which i regret why i didn't save the money. now pay only when i have excess money

now my monthly other payment
car persona = 539 - SI still have 70 months to go
motor = 225 - SI - still have 2 years to go.
rental = 250
unifi  = 169 another one year contract left(claimed from office rm50 another 40 from housemate)
allianz insurance = 179  -
gym = 179 contract one year left

misc like top up, etc.. around rm 200
bike fuel, minimum rm25 for 300km..nowadyas i refill once a week, so like rm100 or so
the rest is for my living expenses.
car is only used for balik kampung.. like 4 full tank(rm75) everytime i balik kampung. i had to because i still have my grandmother in hometown.. and i will go on balik kampung every 2 months starting this month.

so, after i paid all of thees, will have around 600 left for my monthly expenses, not including fuel. if i had to go hometown i had to use cc..

and i just paid 500 for this coming raya qurban for my late mother.

oh ya, i forgot to tell, i'm 27 and single working in private sdn bhd SAP Consulting company. now i only have rm1k left as my savings and i use gym and fasting as to reduce my weight since i'm fat. .
i really need some advice as i dunt really know what to do..and i don't want to go akpk too..