Hi guys,

Been going through the thread from pg 1 (well, i skip here and there a bit )

Anyway, just want to share with you possible other alternative that you can consider to help you through financial difficult times

Warning : If you are already in deep hole or going into it, you must first tell yourself that you want to really want and be disciplined and committed to get out of this hole. If you are not and if you exhausted the options i recommended below, you are going to be in deeper hole than where you are now. Pls be warned

Some of what i suggested maybe have been recommended by other forumers. So sorry if these suggestions are duplicates

P.S. Don't flame me if i hurt anyone, ok? just trying to help a bit

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1) You can consider to balance transfer (BT). I am maintaining the BT thread below with spoilers on pg #1 that easily let you refer to those banks offering zero or good interest rates. This will help you to reduce your cost of borrowing but again, you must be discipline to clear your debts

http://forum.lowyat.net/index.php?showtopic=2275275&hl=

2) Consider to refinance your house (if you have). your house should have appreciated in value and if you refinance it, you can gain extra cash to sustain you for a while. Eg. my house when buy worth 300k. loan 270k, after repaying a few years roughly left 250k. my house value according to banks is 450k. so if i want, i can refinance and get 100k++ cash back. for those who have flexi home loan, you can let the extra cash sit on the housing loan acc to reduce interest and withdraw only when needed to pay your bills

Note : bear in mind, there are legal fees involved which can amount to a few k

3) Consider to withdraw your EPF to pay for your house monthly installment. i don't remember which acc is that but this can be done. at least EPF settled partly your debt commitment

4) Housing loan rate adjustment. You can ask ur bank to adjust the rate after certain years (like mine must at least 2 yrs only can do this). if the current housing rate offered is more competitive than what you have originally, you can consider this option. as i know, there are no legal fees involved (was told that but never tried, so can't confirm)

5) consider to sell in mudah / lowyat all those stuff sitting at your home that you seldom use. yeah i know won't generate much cash but better than nothing

6) if you have a home, consider to sublet your extra rooms. my mum last time very pandai. rent the whole apartment (i think got like 4 rooms). rent out 3 small rooms but take master room for ourselves. End up we stay for free + got extra money left to pay for utilities

7) car pool where you can. save your petrol

8) etc

This post has been edited by brotan: Jul 12 2012, 03:55 PM