lieck,

Maybe can try ask any of the banks to convert to personal loan. Then keep all CC in locked drawers. Use cash for all transactions until your debt is fully settle and you are back in control of your financial.

Then pay the loan amount monthly, the more you pay, the faster you can finish paying the debt.

lieck,

you have to sort out your finance,

1) list down how much you are earning

2) list down your monthly expenses

2) is where is can control, where as 1) is not.

So, if you got 8k debts, try to do BT as a last resort, i dont really believe in BT, maybe because i always pay in time. but in your case, you have to cut down your monthly expenses,

P/S: paying debts in your case is saving for future, if you do not clear as soon as possible, you will have to pay more at the end. and the fastest way is always turn to your parents. make a deal with them, get a loan from them to pay off your cc, and pay them back the money, i dont think your parents will ask you for interest...

I slightly disagree with depending on parents to bail you out. As much as possible, allow them to enjoy their retirement & learn to be independant in solving your own problems. Taking a loan from the bank, you need to clear it off soon/on time or get into more trouble. With parents loan, you can take forever to pay with (sometimes) little motivation to clear it off.

worst come to worst, you still have to turn to your parents for help. besides, they might give better scolding to lieck than we advising him how to get it done. seriously, if you cant even handle cc just cancel the card and convert it into loan with the bank, lower interest. no point having cc if you end up in debts. start asking from your parents and get good lecture from them. worth it sometimes...

This post has been edited by inuyasha88: Jun 11 2009, 03:02 PM

I have a friend's brother who keep borrow from parents, RM200 until 5-digits. Even the parents coffin-money also borrow. No joke. Initial few times got return. Now no news. Everytime come visit parents, sure is hint of asking for money. Citibank call that day to the home phone. I pick up their phone since they ask me to answer the phone. A guy chasing for payment.

His mother got p!ssed off and start to open his son letters nowadays, whether is citibank, maxis, etc. Who cares, she says. Even now, her coffin + burial money = Zero. Found out he got big debts with several bank's CC, even use CC cash-advance.

Now his parents say no money each time he comes. Cause is really no money.

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Added on June 11, 2009, 3:26 pmAdded: Even CC monthly minimal payment also didn't pay sometimes

This post has been edited by cute_boboi: Jun 11 2009, 03:26 PM

family education issue... no comment, ordinary people can think 1 la, this guy is useless. doesnt deserve help.

Ya ... that's why better don't give such optimistic advise la to borrow money from parents. I mean the person is a grown up and should learn to handle problems like a grown up. No such thing using parents as a rescue option. It is always best to learn from mistakes but I don't anyone will learn if there's always an easy way out.

I agreed too , it just something like if you are able to qualify for Amex Platinum , you wouldn't mind their AF charged. It doesn't make sense at all, at least for me i wouldn't want to pay RM 2k++ since i can opt for other card with similar benefits.

It is good that you acknowledge you have a debt problem that have gotten out of hand and now taking the necessary actions to overcome it and hopefully be wiser from now on.

Yes BT is one option to lower your interest payment. The lowest interest rate mentioned in one of the posts is by Maybank at 0.375% per month. Click link below:

http://www.maybank2u.com.my/maybank_gif/pe...ave_bt_plan.gif

Banks like UOB, HLB and HSBC offer same interest rate compared to Maybank for 6months, 9 months and 1 year plan at 0.5% 0.75% and 1% respectively. From the table it looks like Maybank offer for 24 months is very competitive and the interest savings is more compared to the 1 year plan (Why is this so? What is Maybank strategy here?).

Not sure what card you have, but previously I mentioned above HLB BT where they transfer funds into you bank account and a member here had a great solution of lowering his interest charges on his outstanding balance with HLB where he asked for BT (i.e. fund transferred into bank account) where the interest is lower and used the same money to pay his outstanding balance in his main HLB card.


Agree with you, but it is more like why pay if one won't be using the benefits that comes with AMEX Plat (charged card where other platinum cards benefits cannot compare to it).

This post has been edited by Gen-X: Jun 11 2009, 05:33 PM

yeah , another words for it would be forking out RM 2k for the AF , maybe it's peanut to me but i would rather use it on other things which is more realistic

jaz received bank rakyat cc..will terminate maybank cc in the future..no problem with compounded interest anymore..

I have been using Alliance Younique cc since end February’09. Monthly cash rebate for Plat (max RM68.75 or 1.375%) is higher than Younique (max RM68.25 or 1.365%) by a mere margin only. After I submitted my application for Younique, the bank also called to offer me a Plat cc, but I insisted applying for Younique because I wanted to have my favourite picture on the cc and the cash rebates for both Plat and Younique have no much difference. The cc looks cool as you feature your own picture. However, when I received the monthly statements together with promotion catalogues from Alliance, I noticed that reward points for retail purchases in overseas for Plat is x2 points compared to Younique (1 point).

Besides, as mentioned by other forummers too, it’s confirmed that Alliance doesn’t charge service fee for overseas transactions. Last month I used my Younique in Shanghai and no extra fee was charged, as opposed to my Citi which charged an additional 1%. I hope Alliance will continue with this policy.

Oh yeah…I’ve received an SMS saying my SCB Just1 acc has been approved. It’s time to enjoy the 2% cash rebate and temporarily put all my other cards in cold storage!

Envying you all can get SBC Just1 and enjoy the 2% cash rebate. They rejected me. KNS

Don’t worry. Getting SCB Titanium doesn’t mean I can fully enjoy the 2% cash rebate. I’m sure there are some stringent T&Cs attached to it. In addition, I have no experience with SCB before. It’s still premature to conclude the level of their service. Btw, I look forward to receiving the cc next week.

so far I've confirmed 2% for petronas (non Friday)
and 5% for myeg online (friday)

will pump at shell to find out whether has rebate

all my online transaction will be on Friday now

http://www.mmail.com.my/content/consumer-v...st-credit-cards

WHEN Diana Chee braved the potential clients wanting to pick up cheap fares at last year's Matta Fair, she was hoping to to supplement her income as a part-time travel salesperson .

Little did she bargain for a legal journey that would take her to the courts - but one which yesterday ended with a victory. Not just for her but also for millions of other credit card holders in the country.

In a landmark decision, the Kuala Lumpur High Court declared that the terms and conditions of Citibank credit cards that allowed it to charge the card holder more than RM250 in cases where the card was stolen, were illegal.

Chee's credit card was stolen when her handbag was pickpocketed during her visit to the Matta Fair and she only discovered the theft the next day. She then promptly reported the loss to the bank.

The bank, however, debited her account by RM1,859.01 for charges made to the card. Despite her request, the bank refused to waive the charges and relied upon the terms and conditions on their printed form.

Justice Datuk Mohamed Apandi Ali held that Bank Negara Guidelines on Credit Cards issued to all such companies in Malaysia "had the force of law".He also held that the guidelines limited the liability of the cardholder to only RM250 where loss is reported promptly.

Apandi held that "the bank's attempt to modify these guidelines and to remove this protection was contrary to law and public policy".

The decision of the High Court also declared the bank to be in contravention of the Payments Systems Act that could subject the organisation to a maximum penalty of RM500,000 and a further fine of RM1,000 per day as long as the offence continues.

Datuk Vijay Kumar Natarajan appeared for Chee while the bank was represented by Robin Lim.

Chee, 25, said she was relieved and grateful that her ordeal was over as the charges would have amounted to almost her entire month's salary.

She was also thankful that a senior counsel had agreed to take up her case and refer the matter to the High Court for a ruling.

"I lodged a complaint with Bank Negara but no action was taken by the Central Bank to enforce the guidelines it had issued," Chee told Malay Mail. "I also didn't receive any conclusive reply to my complaint."

Chee said she was adamant not to give in and had no alternative but to seek redress from the court. However, legal cost was a worry for her. "I am thankful that my counsel agreed to take up the case. I sincerely hope that Bank Negara will now ensure that card issuers follow the guidelines and take all necessary action to protect consumers like me.

"There are many cases one can read about over the Internet - and many have been made to pay thousands
when they should not have paid more than RM250."

Consumer activists such as the Consumer Association of Penang long abeen pushing for the enforcement of the guidelines since they were issued in March 2003.

There had been numerous reports of cardholders being penalised and facing hardship in having to pay for
goods that had been bought on their stolen cards. Many were forced into paying, sometimes discounted amounts which were much more than RM250.

With yesterday's ruling, the general public can breathe a sigh of relief as there have been hundreds of such cases brought up in the past. Efforts to obtain a more sympathetic approach from the banks, especially in cases where the cards were stolen, had not achieved much success.

This is great news. Thanks for sharing.

So the govt is going to sue Citibank now? RM500,000.

Does the 0% overseas transaction charge applies to the Ikea Friends Visa also ?

I don't depend on them but they're nice little bonuses. My insurance premiums are already RM300+ each month, then there's Digi, Streamyx, electricity, water, petrol, dinners, groceries... yeah they go into thousands. Even if they don't, like someone else said, some money saved is some money saved

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Added on June 12, 2009, 9:57 amhello alexwsk, what's the T&C for getting the 2% rebates and 5% rebates on Friday?

This post has been edited by Dannyl: Jun 12 2009, 09:57 AM