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Debts / Loans / Credit Card

While waiting for my macros to complete running, I am strike with the thoughts of debts and loans.

In this modern world, more and more people having problems in settling their debts or loans. Most of this debts are from:
- Bank loans
- Study loans
- Car loans
- House loans
- Credit cards

As we gets more and more debts, the bankers get richer and richer. When thinking about the debts, it makes us wonder and keep thinking "When can I be free from debts?".. I asked this questions almost everyday.

When I watched TV, it seems to me that there are a lot of advertisement that attracts us to have credit cards. After being strike with some credit card issue and debts, I felt that we should be wise in handling our financial.

Credit cards is something that we needs to have BUT not necessary to be use. It is just a temporary solution when we are out of cash. Any debts with our credit cards should be settle ASAP.

Well, after being strike few times financially, here are some of my solution in settling the debts.

Let say you have credit cards debts, study loans (PTPTN), car loan, house loan and even personal loans.. My suggestion is:
1. Settle credit cards first. Once settled, AVOID using credit cards and only use when there is emergency. Remember.. EMERGENCY!!
2. Once this settled, second focus should be PTPTN. Why? Well, personal loan is something like car loan in which the interest is fix and not dynamic at all. PTPTN, on the other hand have a dynamic interest charge (which they called it as admin fees). Give a timeline to yourself in settling the debts.
3. When PTPTN is paid, focus on personal loans. Negotiate with your banks on any benefits if you paid the sum in shorter time than the agreement. With this, we may reduce the interest charges (only my opinion)
4. By the time you have settled this, I guess your car loans is finished as well (since maximum loan years are 9 years).
5. Then, focus on the house loans.

Well, there are some items which we, the consumer always thinking of changing/buying which are SURE LOST investment:
- Car
- Handphones

Some of us would think of changing car after few years using the same car. Well, .. one question.. WHY? When you purchased a car, you are already losing your money so why change car and tied yourself with another longer debts? Car value depletes (even after 1wk of purchase) very fast.

Yeah, all of us knows that the makers is pretty rich and consistently come out with new models of handphones. Like cars, when we purchase it, the value depletes. WHY change handphones while the previous one is still very good??? Is it because of ego?

For those that acts based on ego, no matter how rich you are, one day the ego will get you into real deep trouble. So, be humble....

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