Take stock: List all your cards, the debt on each and the minimum payment amount per card, said Ms Tan Huey Min, assistant director at Credit Counselling Singapore.
Draw up a monthly budget: Make provisions for debt repayment, covering necessities such as utility bills, town council fees and income tax, then spend within the balance amount.
Pay more than the minimum payment sum: Be more disciplined in your spending so as to increase available money for debt repayment, said Citibank.
Make extra payment: If you earn a higher commission or receive a bonus, use the 'windfall' to make an extra payment to clear the outstanding balance faster, said Ms Tan.
Avoid using credit cards: Stop using credit cards until the debts are paid off, Financial Planning Association of Singapore president James Sin said. Leave your cards at home.
Approach your bank: Work out a mutually agreeable arrangement with the bank, such as an instalment plan to pay off the debt, said Maybank Singapore's Helen Neo.
Seek professional help: You can seek advice on spending habits as well as reconstructing your financial plan to focus on debt management and cash flow planning, added Mr Sin.
