No Free $$, Loans & Credit Cards!

I am in a bad mood.

I don’t feel like blogging about my credit card debts or writing articles for my multiple niche blogs.

I feel like venting out my anger on someone.

What causes me to be so pissed off? My guess is that it has got to do with the exorbitant late payment charges.

There have been changes on late payment and penalty charges. The move by Bank Negara Malaysia is to instill prompt repayment behaviour and prudent spending.

Previously, the late payment charge was RM5 or 0.5% of the 5% minimum payment, whichever was higher.

Now is RM10 or 1% of the outstanding balance (NOT the 5% minimum payment) subject to a maximum of RM100.

Previously I paid RM5 for the late payment charge. Now I have to pay RM46 because of the outstanding balance of RM4,697.

I am in a bad mood because I am stressed out.

Some of my credit card repayments are made on time because they carry low interest charges ranging from 9% to 12%. Only 2 or 3 credit card repayments that I will delay in paying. Why? Guys, I don’t have enough money to make all the credit card repayments on time.

This really makes my paying off credit card debt more difficult. Not fair! I have been paying down my credit card debt dutifully.

Dave Ramsey on How to be Financially Successful

I know Dave Ramsey. In fact, I have been using his Debt Snowball method to pay down my credit card debt.

Look, if the traditional approach way of paying off credit card debt doesn’t work, give this Debt Snowball method a try. You will be amazed by how simple you can systematically clear your debt in no time.

You won’t see any long blog post here telling you how to get out of debt.

I have written enough about my credit card debt on other credit card blogs that I will only watch free video clips on money, loans and credit cards here.

There are simply too many credit gurus out there who can give you good debt free tips.