+65 6737 3392

How to tackle credit card debt problem

Looking for a solution to your Credit card debt problem?

First of all, you can take comfort in the fact that you are not the only one fighting the credit card debt problem. There are hordes of people who might have an even worse credit card debt problem compared to you; all of them seeking to eliminate the credit card debt problem. So what is the solution to credit card debt problem?

Well, the solution really is to smash the credit card debt problem with full force and eliminate it completely. Now how do you do that?

There are many ways in which you can tackle credit card debt problem. Different people suggest different ways of tackling credit card debt problem.
However, here is a simple step by step account of what you can do to get rid of credit card debt problem.

1.    Take stock of the situation i.e. draw up a table with the following fields with Credit card name, balance, payment due day (the day of the month by which you are required to make payment of your credit card bill), interest rate, reward points earned, redemption offers applicable for your reward points balance, remarks.
2.    Fill the table up with data from your various credit cards.
3.    Figure out which credit card is contributing the most to the credit card debt problem i.e. interest rate and highest balance.
4.    Check if reward points can be used to make partial payments or cover any kind of fees or if the points can be bartered for something you need (spending less means preventing the credit card debt problem from getting worse).
5.    Draw a comparison table of offers available for eliminating credit card debt problem (i.e. consolidating credit card debt).
6.    First eliminate debt on the credit card that is contributing the most to the credit card debt problem.
7.    Practice controlled and healthy spending habits (after all you are looking to get rid of credit card debt problem and not aggravate the credit card debt problem).
8.    Look for alternative means of adding to your income (more money means earlier termination of credit card debt problem)
9.    See your debt reduce with time and celebrate the day when you finally put an end to your credit card debt problem.

Remember this is just one of the ways of tackling credit card debt problem; you might devise your approach for doing away with credit card debt problem.
Any and every approach is good if it fulfills the objective i.e. eliminates credit card debt problem.

5 ways to Raise Capital for your Business

Raising capital to start a new business may seem like a daunting task, but it need not be overwhelming if you follow a few basic business practices.

If you have a viable idea that will net a return for your investors and prepare a compelling business plan the chances are good that you can find investors to join you.

If you’re thinking about getting outside or equity capital to help fund your business, there are some things you need to do first, that can make your business more attractive to investors. Follow these simple ideas, and you’ll be well on your way to raising the money you need.
First, always talk to a qualified business attorney (not your family lawyer). There are a lot of laws pertaining to how equity capital can be raised from the public, and the laws change often. You need someone who understands not only these laws, but also how to make sure that any business contracts are written to protect you and your business, especially the fine print.
1. Taking your company public. Although security laws in Singapore have made it easier for companies to go public, and offer stock as a way to raise needed funds, this is still probably the most risky choice. It is usually not a recommended option for very new or very small companies. Because of the number of legal issues involved, consulting with a knowledgeable attorney beforehand is vital. There is also a lot of stress involved in running a public company, and a considerable loss of autonomy and control. Before making this choice, be absolutely sure that this is the wisest course of action for your business.
2. Getting money from relatives. Yes, it can seem like begging, and it’s a difficult thing to have to swallow your pride. Surprisingly, in a recent survey, almost 30% of entrepreneurs said that they raised all or part of the capital they needed through family members. If this is your choice, make sure that you have your attorney draw up a regular business contract. When approaching family members, talk to them about their investment the same way you would any other outside investor. Tell them about how much money they can make, not about how much you need their help. And make sure that you keep to your end of the agreement.
3. Using your savings or credit cards. This is the most common way for entrepreneurs to raise needed business capital. Before choosing this method however, talk with your financial advisor. You want to look at the long-term consequences of using your savings, life insurance or credit cards, especially in the event that your business venture fails, or does not bring in the projected return on investment (ROI). If you do end up financing your project using credit cards, make sure that you shop around first, and find the card that will offer you the best rate and gives you the most “bang” for your buck.
4. Venture Capital and Angel Investors. Before even looking for venture capital, look at your company from an outsider’s point of view. Ask yourself these questions: Does your company have a solid track record? (Most venture capitalists don’t invest in start up companies). Does your company have the potential of becoming very large in the next five to seven years? (People don’t invest in your company out of the goodness of their hearts. They’re looking for a return on their investment — the larger the better.) Does your company own a good percentage of its market, or does it stand to gain a large percentage in the next 12 to 18 months? (Contrary to popular belief, your company doesn’t have to be involved in high tech to attract venture capital). If you can answer yes to the above questions, your next step is to find a venture capital firm whose ideals and goals are in line with yours. Your next step should be to look at your “circle of influence” and see if you know someone who can give you a personal introduction to someone at the venture capital firm. (People invest in people, not just companies.)
5. Potential or Current Employees. Surprisingly, one of the most common ways (especially for new companies) to raise equity capital, is by inviting your potential or current employees the opportunity to become investors. With this method, not only do you get a really committed workforce, but many equity employees are also willing to accept a below-market wage in the beginning (especially if you do the same). There are other benefits, but this choice is not without its pitfalls as well. Again, before going this route, talk to your business attorney, and put policies into place that plan for potential problems. For example, what do you do if an employee’s work becomes substandard? Or an employee quits and goes into competition with you after learning all of the company secrets? Putting a risk management plan into place and considering all contingencies is your best bet for this option.
No matter which choice you make in looking for equity capital, by planning ahead, doing your homework and following the advice of your attorney, you’ll increase the probability of raising the money you need and making the relationship between you and your investors a profitable one.

Tips To Avoid Bankruptcy

When individuals or businesses cannot meet with their financial obligations, many make the assumption that the only solution is bankruptcy.
That is not always the case though.

If the right steps are taken from the beginning, you can keep yourself and your family out of financial trouble and away from bankruptcy.

First off, start by educating your children. Many of us growing up werenít presented with the tools and knowledge to establish and maintain good credit and keep away from the scare of bankruptcy.

Parents need to be honest with their children about finances. Teaching children that hard work, no matter the job, has its rewards and if you spend on a budget, there will never be a fear of bankruptcy.

Establishing a budget is also key in the prevention of bankruptcy. You cannot spend what you donít have. Many people today have multiple credit cards and are in essence spending money they donít actually have, plus more for interest.

So much so that people are paying off credit cards with credit cards and causing a terrible chain reaction. Spend what you can afford, after the bills are paid.

But you will want to make sure you have something socked away for an emergency. Something along the lines of two thousand dollars is a good base to have stored away for an emergency.

It is another step to take to keep out of financial trouble. Probably the most important thing though is to watch your bank account. Don’t get yourself into a
situation where you are overdrawn.

The fact is more than a third of adults rely on their banks overdraft to keep them going on a month-to-month basis.
Such actions are ones that lead individuals on a path to bankruptcy.

Data Protection Policy

Data Protection Policy

The Personal Data Protection Act (PDPA) establishes a data protection law that governs the collection, use, disclosure and care of personal data. It recognizes both the rights of individuals to protect their personal data, including rights of access and correction, and the needs of organizations to collect, use or disclose personal data for legitimate and reasonable purposes.

ABM Creditz  respects your privacy and recognises that your personal data is important to you. We conduct our business in compliance with the Personal Data Protection Act (PDPA) and have implemented additional measures to protect your personal information.

We ask that you read this data protection policy carefully as it contains important information about what to expect when we collect, use, disclose, store and/or process your personal data and how we will treat it. By continuing to visit and use this website, you confirm that you understand and consent to the terms of this policy.

 

Collection of Personal Data

Generally, we collect Personal Data in the following ways:

  • when you submit an application form, online application form or other forms relating to any of our services.
  • when you interact with our customer service officers, for example, via telephone calls, letters, face-to-face meetings and emails.
  • when you visits our websites and other websites which we own or manage, using technologies such as cookies. We do not at our website automatically collect Personal Data unless you provide such information
  • we obtain it from other sources, such as employers, credit agencies, law enforcement agencies and/or other Public Agency;
  • when you provide us with any Personal Data relating to a third party (e.g. information of your spouse, children, parents, and/or employees), by submitting such information to us, you represent to us that you have obtained the consent of the third party to provide us with their Personal Data for the respective purposes.

Purposes for the Collection, Use and Disclosure of Your Personal Data

We may, in the future, use your personal data for any purpose not prohibited by applicable law. This includes, but not limited to:

  • verifying your identity (including matching Personal Data with other data collected for other purposes and from other sources (including third parties and credit information companies)
  • to carry out credit checks and for the evaluation of creditworthiness
  • processing of payment instructions, direct debit facilities and/or credit facilities requested by you
  • to conduct investigations or take action in relation to bad debts, crime and fraud prevention, detection or prosecution, risk management, or to prevent you or the company from harm, illegal or unlawful activities;
  • to third parties who perform Services on our behalf (including but not limited to debt collection agencies, filing of claims and retrieval of payments from losses made by service partners)
  • any data intermediaries
  • any purposes which are reasonably related to the aforesaid.

Disclosure of Personal Data

We will take reasonable steps to protect your Personal Data against unauthorised disclosure. Subject to the provisions of any applicable law, your Personal Data may be disclosed, for the purposes listed above (where applicable), to the following:

  • financial institutions for purposes such as facilitating GIRO payments
  • collection and repossession agencies in relation to the enforcement of repayment obligations for debts;
  • advisors, including auditors and lawyers who advise us
  • relevant government regulators, statutory boards or authorities or law enforcement agencies to comply with any laws, rules, guidelines and regulations or schemes imposed by any governmental authority; and
  • any other party to whom you authorise us to disclose your Personal Data to.

Deemed Consent

You have deemed to have given their consent for the collection, use and disclosure of Personal Data in the following circumstances:

  • when you voluntarily provides your Personal Data to us;
  • when you are aware of the purposes for which you are providing your Personal Data to us;
  • it is reasonable for you to have provided the Personal Data to us in the circumstances; and
  • in any other circumstances where consent is deemed under the Act.

Contacting Us

Withdrawal of Consent, Access and Correction of your Personal Data,  if you:

  • have any questions or feedback relating to your Personal Data or our Data Protection Policy;
  • would like to withdraw your consent to any use of your Personal Data as set out in this Data Protection Policy; or
  • would like to obtain access and make corrections to your Personal Data records, please contact ABM Creditz as follows:

Email: alvin@abmcreditz.com.sg
Write in: Data Protection Officer
1 Park Road
People’s Park Complex #01-12
Singapore 059108
Tel: 6737 3392

This Data Protection Policy and your use of this website shall be governed in all respects by the laws of Singapore.

Techniques For Mastering The Topic Of Debt Consolidation

It is virtually impossible to describe the pain and suffering that extreme debt levels have on individuals and their families alike. For that reason, it is important for anyone dealing with that reality to gain some education on the topic of debt consolidation. The information presented below is intended to help such individuals assess their options with eyes wide open.

Don’t fall victim to companies claiming to cut your monthly payments in half with just one phone call. It is understandable that you want a quick solution to your problems, however, you can just be making your situation worse. Sit down and consider the different debt consolidation options that are available to you and decide on the pros and cons.

When consolidating debt, consider doing the footwork yourself. Consolidation companies may have fees associated with their services. However, you can easily make the same phone calls to your creditors and negotiate with them. There is no special consideration from the creditor about who calls, whether a service or you, the customer.

Find out whether or not the counselors at a debt consolidation company work on commission. Those that do often have ulterior motives. You may be advised to get a certain type of service that is not necessarily in your best interest. Someone who is not working on a commission is more likely to look at the whole picture and figure out what is best for your needs.

Before choosing a debt consolidation company, ask how the counselors of the company are paid. If the answer is “on a commission basis”, then you may be best to look elsewhere. Someone working for commission will say or do many things that are less of a help for you and more of a help to their overall income.

Examine how the interest rate for your consolidated debt is calculated. Fixed interest rates are an ideal option. Throughout the course of the loan, you know precisely how much you have to pay. Look out for debt consolidation plans with adjustable interest rates. Eventually, you will be paying more interest than you did in the beginning.

If you are struggling with debt and have a free and clear title to a car, boat or other motorized vehicle, consider a title loan. A title loan allows you to keep your motorized vehicle as long as you make your payments on time. Many times, you can lower your overall interest rate using this type of service.

Do you own a house but have debt? Refinance it and use the money to pay off your debts. When mortgage rates are low, you can use this method to consolidate your debt. Also, you may find that the payment on your mortgage is lower than before.

Debt has the ability to cripple life decisions and ruin relationships like almost nothing else. Therefore, when debt levels become truly unmanageable, it makes sense to explore debt consolidation as a potential solution. We hope the guidance provided above helps individuals from all walks of life make wise choices for their own financial futures.

How You Can Decide To File For Bankruptcy

If you are facing repossession from the Internal Revenue Service, you may feel like you should panic. Don’t worry because you will not be homeless or penniless, just because you file for personal bankruptcy. Read the tips in this article, if you would like to learn more about how to file a claim.

Do not get an attorney for your bankruptcy when you are feeling overwhelmed. You have got to be levelheaded when you hire a lawyer. After all, you will be expected to pay him/her for services. Find out upfront what you will have to pay any lawyer before you hire one.

As tempting as it may be, do not run up credit cards right before filing for bankruptcy. Many times, people purchase expensive items, like jewelry, appliances and furniture right before they know they are going to file for bankruptcy. Most of the time, they are still going to be responsible for paying back this debt.

If you have filed for Chapter 13 bankruptcy, but realize that you are unable to meet your payment obligations, you may be able to convert to a Chapter 7 bankruptcy instead. To qualify for the conversion, you must never have converted your bankruptcy before and also undergo a financial evaluation. The laws surrounding this process are always changing, so be sure to talk with an attorney who can help you navigate this process.

Do not feel embarrassed or guilty about filling for bankruptcy. Many people fear that they will be treated as second class citizens after they declare themselves bankrupt. However, this is not the case. The option to ‘declare yourself bankrupt’ was developed by the government to enable assistance to be given to people who find themselves overwhelmed with debt and in need of a fresh start. Last year, over 1.4 million people filed bankruptcy and the majority of them are now living a happy, debt-free life. So, there is no need for you to be afraid of bankruptcy stigma.

Make sure that you have all of your essential financial information and documentation in hand before you file for bankruptcy. Your bankruptcy attorney will need access to your financial information and other important documents, in order to complete your petition. This information will include: a detailed list of your monthly expenses, information about any real estate that you own, bank statements and any documentations pertaining to the ownership of a house or automobile.

After the completion of filing for bankruptcy, get to work reestablishing your credit score. Keep in mind that thirty-five percent of the credit score is calculated using payment history. Keep your payments on time, because you will have to battle the bankruptcy on your report for the next ten years.

There are bankruptcy attorneys that are solely responsible for finding out laws associated with this sort of claim. Not everyone who files for bankruptcy is irresponsible or poor, so do not feel bad! Remember the tips in this article, so you know how to handle this situation with your head held high.

Change Your Life

If you are going through a financial hardship and are afraid of losing your vehicle or even your home, you must search for all available options immediately. Some people can get instant financial relief through loans from financial institution or licensed moneylender. This article covers these loans and will help you with answers.

Those of you considering a loan must understand when the loan must be pay back. Loans from private institution or licensed moneylender can have high interest rates; if you are unable to pay promptly, you will be responsible for higher costs and additional fees incurred due to late charges.

Firstly, call around and find out interest rates and fees. Most credit companies have similar fees and interest rates, but not all. You may be able to save ten or twenty dollars on your loan if one company offers a lower interest rate. If you often get these loans, the savings will add up.

Be sure you understand any hidden fees that may be involved. You have no way of knowing what you’re being charged if you do not ask. Make sure your questions are clear and direct. It is not uncommon for people to sign the contract, only to realize they are going to have to repay more than they expected. You can avoid issues like this if you read the fine print and question anything you do not understand.

One way to make sure that you are getting a loan from a trusted moneylender is to seek out reviews for various credit companies. Doing this will help you differentiate legal lenders from scams that are just trying to steal your money. Make sure you do adequate research.

There are some credit companies that are fair to their borrowers. Take the time to investigate the company that you want to take a loan out with before you sign anything. Many of these companies do not have your best interest in mind like ABM Creditz. You have to look out for yourself.

Whenever considering a loan, try to locate a lender that provides flexibility in payments just in case unforeseen financial troubles should arise. Some moneylenders will work with you, and provide you with an extension if your funds happen to fall short at repayment time.

When you need to get your budget in line after an emergency, it’s best to set yourself up to avoid any further emergencies. Never assume that just because you have your finances covered at the moment that everything will naturally work itself out. You’ll have to pay your bills sooner or later.

Always read the fine print for a payday loan. Some companies charge fees or a penalty if you pay the loan back early. Others charge a fee if you have to roll the loan over to your next pay period. These are the most common, but they may charge other hidden fees or even increase the interest rate if you do not pay on time.

You may be able to borrow more cash than the amount you originally applied for. You shouldn’t do that, though. These companies will offer you more because they know they will make more back in the process. Always borrow the lowest amount of money that will meet your needs.

Make sure you understand loans are just a solution for the short run. If you continually rely on loans, you may need learn to budget your money better.

Financial problems can be hard to solve, and hopefully you were able to get some help from this article that can help you through some of the financial stress. Before getting a loan, make sure you know what is in store for you.
For More information about ABM Credit Loan Services, call us at 6737 3392

Implement These Tips To Raise Your Credit Score

AS more and more people face foreclosures, layoffs, and repossession, maintaining a favorable credit score becomes increasingly difficult. Many adults have had to fall back on credit cards or payday loans just to support themselves and their families from day to day. If this sounds similar to your own financial situation, follow these useful tips for repairing your credit.

Be careful about which collection accounts you pay off. With the current way the credit reporting system is structured, paying off a collection agency may actually lower your score because the date of last activity will be reset. A paid collection has no less of an impact on your score than an open collection. This resetting of the date of last activity also means the seven year reporting clock will restart. If you can wait out a collection agency, do it.

When deciding to repair your credit, get a copy of your credit report from all three major credit bureaus, TransUnion, Experian and EquiFax. These reports will show you where you stand with each debtor you have worked with. Once you know what is wrong, you can start working to fix it.

If you wish to contest a credit bureau’s decision, you should organize yourself. Submit your claim within the deadlines and make sure to follow up in case they do not react quickly. Hire a lawyer to help you through this process if you can afford it. You should actively contact the credit bureau regularly about your dispute.

Whether you are faced with credit card debt, bankruptcy, or student loans, there is still hope that with patience and diligence, you can raise your credit score to a satisfactory rating. By following these basic guidelines, you can start the process of repairing your credit and making yourself less of a risk in the eyes of lenders.

Great Advice For Picking A Credit Card

Today’s smart consumer knows how beneficial the use of credit cards can be, but is also aware of the pitfalls associated with excessive use. Even the most frugal of people use their credit cards sometimes, and we all have lessons to learn from them! Keep reading for valuable advice on using credit cards wisely.

If you receive a credit card offer in the mail, make sure you read all the information carefully before accepting. If there are offers that allow you to be pre-approved for a card or if the person is saying you can be helped to get a card, you have to know the details before signing up. It is important to know the interest rate on a credit card, as well as the payment terms. Remember to check out any grace periods and finance charges involved, too.

Try your best to stay within 30 percent of the credit limit that is set on your card. Part of your credit score is made up of assessing the amount of debt that you have. By staying far under your limit, you will help your rating and make sure it does not start to dip.

Make sure that you pore over your credit card statement each and every month, to make sure that every single charge on your bill has been authorized by you. Many people fail to do this and it is much harder to fight fraudulent charges after a lot of time has passed.

As noted earlier, you have to think on your feet to make really good use of the services that credit cards provide, without getting into debt or hooked by high interest rates. Hopefully, this article has taught you a lot about the best ways to use your credit cards and the best ways not to!

Practical Ways On How To Save Money

Whether you’re struggling with debt or you’d just like to improve an already-decent financial situation, you could use some help. The more you learn about financial management, the more likely you are to be able to improve your finances. Read on for some tips about improving your financial situation.

Consider using a re-loadable check card. If the thought of your credit or debit cards getting lost or stolen on your trip makes you too nervous, you can always use re-loadable check cards. You can find them at most retail stores. It is arguably safer and easier than carrying around cash.

To avoid debt, you should keep your credit balance as low as possible. You might be tempted to accept the offer you qualify for, but you should borrow only as much money as you actually need. Spend some time to determine this exact amount before you accept a loan offer.

When writing checks or using your debit card, always write down your purchase in your check ledger. You don’t have to do your subtracting at the very moment you make the purchase, but do make note of it. Calculate your expenses at least once a day. In this way, you will never be overdrawn.

Don’t buy extended warranties on products. If your product already comes with a warranty that is more than likely when something is going to break. Extended warranties are basically just a huge profit making tool for a business. Don’t give them more of your money for no reason.

Again, learning about financial management really helps you improve your finances. No matter what your financial situation is, you should have a better handle on it after reading this article. Try some of the tips that you have just read to help you save money, pay off debt and improve your finances.